MOULTRIE, Ga., July 24, 2015 /PRNewswire/ -- AMERIS BANCORP
(NASDAQ-GS: ABCB), today reported operating net income of
$12.3 million, or $0.38 per diluted share, for the quarter ended
June 30, 2015, compared with
$10.0 million, or $0.39 per diluted share, for the quarter ended
June 30, 2014. For the
year-to-date period ending June 30,
2015, the Company reported operating net income of
$22.1 million, or $0.70 per diluted share, compared with
$18.4 million, or $0.72 per share, for the same period in
2014. The earnings per share results for 2015 reflect an
additional 5.3 million common shares outstanding. These
shares were issued early in the first quarter of 2015 in the
Company's private placement, which was completed for the purposes
of capitalizing the Company's acquisitions that closed late in the
second quarter of 2015.
Operating net income for the second quarter of 2015 excluded
after-tax merger-related charges totaling approximately
$3.7 million, or $0.11 per share, and a non-recurring after tax
charge of $7.3 million, or
$0.23 per share, related to an
aggressive write-down on remaining non-performing assets.
Commenting on the rationale for this credit charge, Edwin W. Hortman, Jr., President and CEO said,
"Lingering credit costs have overshadowed the improvements we have
made in our operating results for too long and depressed our
earnings valuation. The charge we recorded in the second
quarter will allow us to manage the disposition of non-performing
assets in an accelerated fashion with credit costs that are
commensurate with our peer group. Deploying the liquidity
from the recent deals and achieving the cost savings we have
projected will further improve our return on assets and return on
equity and I do not want that overshadowed by outsized credit
related costs."
Including the merger and non-recurring credit charges, the
Company reported net income of $1.3
million, or $0.04 per share,
in the second quarter of 2015, compared with $8.1 million, or $0.32 per share, in the same quarter in 2014, and
for the year-to-date period in 2015, the Company's earnings totaled
$11.1 million, or $0.35 per share, compared with $16.2 million, or $0.63 per share, in 2014.
Highlights of the Company's performance and results for the
second quarter of 2015 include the following:
- Successful purchase and data conversion of 18 retail branches,
including approximately $644.7
million in deposits, in South
Georgia and North
Florida
- Completion of the acquisition of Merchants and Southern Bank
("M&S") in Gainesville,
Florida, with assets totaling $505.1
million
- Total loan growth (including mortgage loans held for sale) of
$605.3 million in the second quarter
of 2015
- Organic loan growth of $125.1
million, or 15.4% (annualized), during the second quarter of
2015
- Return on assets and return on average tangible equity, on an
operating basis, of 1.11% and 12.83%, respectively
- Increase in total revenue to $64.9
million in the second quarter of 2015, compared with
$54.4 million in the same quarter in
2014
- Tangible common equity to tangible assets of 7.46% at
June 30, 2015, compared with 7.42% at
December 31, 2014
- Noninterest income of $20.6
million, compared with $15.8
million in the second quarter of 2014
- Increase in net income from the Company's total mortgage
operations to $3.2 million, compared
with $1.6 million in the same quarter
in 2014
- Closed loan production of $9.5
million and total revenue of $2.6
million in the second quarter from the Company's SBA
division
Acquisition Activity
The Company closed the acquisition of M&S on May 22, 2015 and the branch acquisition on
June 12, 2015. These
acquisitions increased the Company's total assets and earning
assets by approximately 28% and the Company's total deposits by
approximately 30%. Initially, the acquisitions are
detrimental to the Company's mix of earning assets and net interest
margin because the majority of the assets acquired were
short-term. The following chart outlines the balances
acquired at closing and the Company's target mix of these earning
assets over the coming quarters:
|
Balances at closing
(in millions)
|
|
|
|
|
|
|
|
M&S
Acquisition
|
Branch
Acquisition
|
Total
|
Initial E/A
mix
|
|
Actual
6/30/15
|
|
Target
9/30/15
|
|
Target
12/31/15
|
Cash and short term
assets
|
55
|
630
|
686
|
65.6%
|
|
31.8%
|
|
17.4%
|
|
5.5%
|
Investments
|
164
|
-
|
164
|
15.7%
|
|
24.1%
|
|
21.8%
|
|
19.4%
|
Loans
|
192
|
4
|
196
|
18.7%
|
|
44.1%
|
|
60.8%
|
|
75.1%
|
Earning
Assets
|
411
|
635
|
1,046
|
100.0%
|
|
100.0%
|
|
100.0%
|
|
100.0%
|
The Company is initially concentrating the deployment of the
funds in areas with little to no incremental overhead burden to
effectively improve the efficiency ratio and maximize the earnings
effect of the two acquisitions. Retention of some of the
Company's mortgage and SBA production, a more aggressive push for
municipal lending assets and purchases of higher quality,
adjustable-rate mortgage loan pools are the most likely strategies
the Company will use to deploy this liquidity.
Fee income associated with the branch acquisition was a material
part of the initial assumptions. Total deposits acquired
declined by 24% from the announcement date to the closing date, but
indications reflect that fee income will not decline at that high
of a level. Management's current estimate of fee income
associated with the acquisition is approximately $16.0 million per year, slightly less than the
Company's initial expectation of $16.8
million per year.
Net Interest Income and Net Interest Margin
Net interest income (taxable equivalent) for the second quarter
of 2015 totaled $41.3 million, an
increase of $5.6 million, or 15.8%,
compared with the $35.3 million
reported for the second quarter of 2014. Impacts of the
recently closed acquisitions in the second quarter were minimal at
$1.4 million because of the timing of
closing and due to 66% of the initial growth in earning assets
being in lower yielding federal funds sold or short-term
assets. By the end of the second quarter, the Company had
improved the incremental asset mix, and management is confident
that the net interest income targets originally projected can be
achieved given better than expected yields and quicker deployment
of the funds acquired.
Excluding the impact of accretion, net interest income (taxable
equivalent) was $38.6 million, an
increase of 6.64% compared with the first quarter of 2015 and
16.88% compared with the second quarter of 2014. Accretion
income in the current quarter declined to $2.6 million, compared with $3.1 million in the first quarter of 2015, but
was slightly higher as compared with the $2.5 million recorded in the second quarter of
2014. Higher levels of non-interest income resulted mostly
from growth in average loans outstanding of approximately
$199.9 million when compared to the
first quarter of 2015. Average balances of covered loans
continued to decline, falling by $16.3
million from the first quarter of 2015.
Yields on all loans (including purchased non-covered and covered
loans and excluding accretion income) declined in the second
quarter of 2015 to 4.86%, compared with 5.19% in the same quarter
in 2014. Higher yielding covered loans as a percentage of
total loans has declined from 13.9% in the second quarter of 2014
to only 7.9% for the current quarter of 2015. Additionally,
some of the growth in the legacy portfolio has been in both
municipal and adjustable mortgages that have a significantly better
risk profile but lower yields than consolidated levels seen in the
past.
Loan production in the second quarter of 2015 totaled
$282.6 million, with weighted average
yields of 4.47%, compared with $254.0
million and 4.55%, respectively, in the first quarter of
2015. Investment securities yields during the second quarter
of 2015 were 2.61%, compared with 2.89% in the same quarter in
2014.
Total interest expense for the second quarter of 2015 was
$3.5 million, compared with
$3.3 million in the same quarter of
2014. Increases in total interest expense were driven
primarily by increases in total deposits and other borrowings
resulting from both acquisition activity and organic growth.
Deposit costs of funds were only slightly lower during the second
quarter of 2015 at 0.24%, compared with 0.29% during the second
quarter of 2014. Yields on each deposit class were
substantially unchanged over the past year except for MMDAs, which
fell from 0.38% during the second quarter of 2014 to 0.31% in the
second quarter of 2015. Management does not expect deposit
costs or overall funding costs to decrease materially in the coming
quarters given tightening liquidity and increasingly stronger
forecasts for asset growth.
Non-interest Income
Non-interest income in the second quarter of 2015 improved to
$20.6 million, an increase of
$4.8 million, or 30.4%, compared with
the same quarter in 2014. Continued growth and profitability
in the Company's mortgage operations provided most of the
improvement, with revenue from mortgage operations increasing to
$9.7 million, an increase of 40%
compared with the same quarter of 2014. Total loan production
increased to $285.6 million in the
quarter, compared with $184.3 million
in the second quarter of 2014, while spreads (gain on sale) were
relatively unchanged at 3.67% in the current quarter compared with
3.56% in the same quarter of 2014.
Service charges on deposit accounts increased by $1.3 million to $7.2
million during the quarter, an increase of 22.3% compared
with the same quarter in 2014. Because of the late-quarter
close of the recent acquisitions, increases in service charges
related to the Company's recent acquisitions totaled only
$742,000 during the quarter.
Going forward, management estimates approximately $4.0 million of additional fee income on the two
acquisitions.
Revenues from the Company's SBA division totaled $2.6 million, compared with $1.9 million in the second quarter of 2014.
Due to the excess liquidity obtained in the acquisitions as well as
the preferential duration and yields, management decided to retain
a portion of its SBA production, which resulted in unrecognized
gains on guaranteed portions of new production of $675,000 during the current quarter. Total
principal of closed loans in the second quarter of 2015 totaled
$9.5 million, and the Company
projects an additional $22.0 million
of production for the third quarter of 2015.
Non-interest Expense
Excluding merger- and credit-related costs, non-interest
expenses totaled $39.9 million in the
second quarter of 2015, compared with $37.7
million in the first quarter of 2015 and $31.6 million in the second quarter of
2014. Substantially all of the increase in operating expenses
in the second quarter of 2015 over the first quarter of the year
relates to increases associated with higher revenues in the
mortgage and SBA divisions, which totaled $1.9 million. Against the second quarter of
2014 and on the same basis, operating expenses have increased
$8.3 million, which includes
$2.1 million of higher costs in the
mortgage and SBA divisions, $2.4
million associated with the additional branches acquired in
the Company's acquisition of The Coastal Bank on June 30, 2014 and approximately $1.4 million related to increased costs in
information technology and customer support centers in anticipation
of the acquisitions completed in the second quarter.
Impacts to overall operating expenses in the second quarter of
2015 associated with the recently closed acquisitions were limited
to only $1.1 million. Five
overlapping branches have been identified for consolidation, which
is expected to save approximately $2.8
million per year. An additional $2.9 million of annual savings is anticipated to
be in place shortly after the conversion of M&S late in the
third quarter of 2015.
Salaries and benefits increased to $22.5
million in the current quarter of 2015, compared with
$20.6 million in the first quarter of
2015 and $16.9 million in the same
quarter in 2014. Increases in compensation costs against the
first quarter reflect an increase of $889,000 in higher levels of commissions for
mortgage and SBA personnel and the impact of staffing additions
from the acquisition of The Coastal Bank in June 2014 and the acquisitions completed in
2015.
Non-provision credit resolution-related costs increased from
$2.8 million in the second quarter of
2014 to $11.2 million in the second
quarter of 2015. During the quarter, the Company recorded a
non-recurring, after-tax charge of $7.3
million to aggressively mark certain non-performing assets
in a manner that would facilitate quick disposition. The
Company believes that normal credit costs for the Company are
closer to $2.5 million going forward
and that levels of non-performing and substandard assets should
decline materially before year end.
Occupancy and equipment costs increased from $4.1 million in the second quarter of 2014 to
$4.8 million in the second quarter of
2015, due to the increased number of branches that are now operated
by the Company. Data processing and telecommunications
expenses increased from $3.9 million
in the second quarter of 2014 to $4.2
million in the second quarter of 2015.
Balance Sheet Trends
Total assets at June 30, 2015 were
$5.21 billion, compared with
$4.04 billion reported at
December 31, 2014. The growth
in total assets was driven by the acquisitions of M&S and 18
additional retail branches during the second quarter of
2015.
Loans, including loans held for sale, totaled $3.57 billion at June 30,
2015, compared with $2.90
billion at December 31,
2014. During the second quarter, organic growth in
non-covered, non-purchased loans amounted to $172.2 million, or 34.5% on an annualized
basis. Purchased, non-covered loans increased $434.2 million during the quarter, to
$1.08 billion from $643.1 million at March
31, 2015. In addition to the loans acquired through
the M&S and branch acquisitions, the Company purchased
approximately $269.0 million of
whole-loan, adjustable rate mortgage pools to deploy the excess
cash received in the acquisitions.
Investment securities at the end of the quarter amounted to
$871.5 million, or 19.8% of earning
assets, compared with $552.1 million,
or 15.5% of earning assets, at December
31, 2014.
At June 30, 2015, total deposits
amounted to $4.51 billion, or 97.5%
of total funding, compared with $3.43
billion and 95.8%, respectively, at December 31, 2014. Non-interest bearing
deposits at the end of the current quarter were $1.28 billion, or 28.4% of total deposits,
compared with $839.4 million, or
24.5%, at December 31, 2014.
Stockholders' equity at June 30,
2015 totaled $486.8 million,
compared with $366.0 million reported
at December 31, 2014. The
increase in stockholders' equity was the result of the issuance of
$114.9 million of common shares in
the first quarter of 2015 and earnings of $11.1 million during the first six months of
2015. Tangible book value increased during the first six
months of 2015, from $10.99 per share
at December 31, 2014 to $11.81 per share at June
30, 2015. Tangible common equity as a percentage of
tangible assets increased to 7.46% at the end of the second quarter
of 2015, compared with 7.42% at the end of 2014.
Conference Call
The Company will host a teleconference at 10:00 a.m. EDT today (July
24, 2015) to discuss the Company's results and answer
appropriate questions. The conference call can be accessed by
dialing 1-877-504-1190 or 1-412-902-6630 for international
participants and 1-855-669-9657 for Canada. The conference ID name is Ameris
Bancorp. A replay of the call will be available one hour
after the end of the conference call until August 7, 2015. To listen to the replay, dial
1-877-344-7529 or 1-412-317-0088 for international participants and
1-855-669-9658 for Canada. The
conference replay access code is 10069080. 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.
Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most
recent quarter had 103 locations in Georgia, Alabama, northern Florida and South Carolina.
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.
|
|
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Available
to Common Shareholders
|
$
1,308
|
|
$
9,764
|
|
$
10,580
|
|
$
11,663
|
|
$
8,130
|
|
$
11,072
|
|
$
16,194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
available to common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.04
|
|
$
0.32
|
|
$
0.40
|
|
$
0.44
|
|
$
0.32
|
|
$
0.35
|
|
$
0.64
|
|
|
Diluted
|
$
0.04
|
|
$
0.32
|
|
$
0.39
|
|
$
0.43
|
|
$
0.32
|
|
$
0.35
|
|
$
0.63
|
|
Cash Dividends per
share
|
$
0.05
|
|
$
0.05
|
|
$
0.05
|
|
$
0.05
|
|
$
-
|
|
$
0.10
|
|
$
0.05
|
|
Book value per share
(period end)
|
$
15.12
|
|
$
15.22
|
|
$
13.67
|
|
$
13.22
|
|
$
12.83
|
|
$
15.12
|
|
$
12.83
|
|
Tangible book value
per share (period end)
|
$
11.81
|
|
$
13.01
|
|
$
10.99
|
|
$
10.68
|
|
$
10.26
|
|
$
11.81
|
|
$
10.26
|
|
Weighted average
number of shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
32,184,355
|
|
30,442,998
|
|
26,771,636
|
|
26,773,033
|
|
25,180,665
|
|
31,318,487
|
|
25,162,604
|
|
|
Diluted
|
32,520,453
|
|
30,796,148
|
|
27,090,293
|
|
27,160,886
|
|
25,633,130
|
|
31,652,557
|
|
25,615,069
|
|
Period-end number of
shares
|
32,195,089
|
|
32,182,143
|
|
26,773,863
|
|
26,774,402
|
|
26,771,821
|
|
32,195,089
|
|
26,771,821
|
|
Market
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High closing
price
|
$
26.87
|
|
$
26.55
|
|
$
26.48
|
|
$
24.04
|
|
$
23.90
|
|
$
26.87
|
|
$
24.00
|
|
|
Low closing
price
|
$
24.73
|
|
$
22.75
|
|
$
21.95
|
|
$
21.00
|
|
$
19.73
|
|
$
22.75
|
|
$
19.73
|
|
|
Period end closing
price
|
$
25.29
|
|
$
26.39
|
|
$
25.64
|
|
$
21.95
|
|
$
21.56
|
|
$
25.29
|
|
$
21.56
|
|
|
Average daily
volume
|
107,413
|
|
105,152
|
|
111,473
|
|
79,377
|
|
79,038
|
|
106,301
|
|
90,963
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.12%
|
|
0.97%
|
|
1.05%
|
|
1.17%
|
|
0.93%
|
|
0.52%
|
|
0.95%
|
|
Return on average
common equity
|
1.07%
|
|
8.76%
|
|
11.57%
|
|
13.19%
|
|
10.53%
|
|
4.54%
|
|
10.73%
|
|
Earning asset yield
(TE)
|
4.49%
|
|
4.79%
|
|
5.08%
|
|
4.96%
|
|
5.08%
|
|
4.63%
|
|
5.05%
|
|
Total cost of
funds
|
0.36%
|
|
0.40%
|
|
0.43%
|
|
0.45%
|
|
0.42%
|
|
0.38%
|
|
0.43%
|
|
Net interest margin
(TE)
|
4.14%
|
|
4.39%
|
|
4.64%
|
|
4.50%
|
|
4.65%
|
|
4.26%
|
|
4.61%
|
|
Non-interest income
excluding securities transactions,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as a percent of total
revenue (TE)
|
31.51%
|
|
29.06%
|
|
26.50%
|
|
28.86%
|
|
28.87%
|
|
30.33%
|
|
27.02%
|
|
Efficiency
ratio
|
92.74%
|
|
72.38%
|
|
72.75%
|
|
67.64%
|
|
73.05%
|
|
82.99%
|
|
71.76%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY
(period end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
to assets
|
9.35%
|
|
11.79%
|
|
9.07%
|
|
8.85%
|
|
8.64%
|
|
9.35%
|
|
8.64%
|
|
Tangible common
equity to tangible assets
|
7.46%
|
|
10.26%
|
|
7.42%
|
|
7.27%
|
|
7.04%
|
|
7.46%
|
|
7.04%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY TO ASSETS
RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets
|
7.46%
|
|
10.26%
|
|
7.42%
|
|
7.27%
|
|
7.04%
|
|
7.46%
|
|
7.04%
|
|
Effect of goodwill
and other intangibles
|
1.89%
|
|
1.54%
|
|
1.65%
|
|
1.58%
|
|
1.61%
|
|
1.89%
|
|
1.61%
|
|
|
Equity to assets
(GAAP)
|
9.35%
|
|
11.79%
|
|
9.07%
|
|
8.85%
|
|
8.64%
|
|
9.35%
|
|
8.64%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER PERIOD-END
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking Division
FTE
|
1,122
|
|
852
|
|
853
|
|
867
|
|
888
|
|
1,122
|
|
888
|
|
Mortgage Division
FTE
|
191
|
|
170
|
|
174
|
|
176
|
|
175
|
|
191
|
|
175
|
|
|
Total Ameris Bancorp
FTE Headcount
|
1,313
|
|
1,022
|
|
1,027
|
|
1,043
|
|
1,063
|
|
1,313
|
|
1,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets per Banking
Division FTE
|
$
4,640
|
|
$
4,874
|
|
$
4,733
|
|
$
4,613
|
|
$
4,474
|
|
$
4,640
|
|
$
4,474
|
|
Branch
locations
|
103
|
|
73
|
|
73
|
|
74
|
|
74
|
|
103
|
|
74
|
|
Deposits per branch
location
|
$
43,801
|
|
$
47,674
|
|
$
47,002
|
|
$
45,583
|
|
$
45,798
|
|
$
43,801
|
|
$
45,798
|
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.
|
|
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
39,838
|
|
$
38,618
|
|
$
41,235
|
|
$
39,610
|
|
$
35,297
|
|
$
78,456
|
|
$
69,766
|
|
Interest on taxable
securities
|
3,747
|
|
3,153
|
|
3,114
|
|
3,034
|
|
2,953
|
|
6,900
|
|
5,938
|
|
Interest on
nontaxable securities
|
462
|
|
469
|
|
483
|
|
496
|
|
312
|
|
931
|
|
647
|
|
Interest on deposits
in other banks
|
177
|
|
124
|
|
66
|
|
46
|
|
45
|
|
301
|
|
124
|
|
Interest on federal
funds sold
|
5
|
|
4
|
|
2
|
|
-
|
|
-
|
|
9
|
|
5
|
|
|
Total interest
income
|
44,229
|
|
42,368
|
|
44,900
|
|
43,186
|
|
38,607
|
|
86,597
|
|
76,480
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
$
2,264
|
|
$
2,280
|
|
$
2,560
|
|
$
2,540
|
|
$
2,205
|
|
$
4,544
|
|
$
4,388
|
|
Interest on other
borrowings
|
1,277
|
|
1,256
|
|
1,334
|
|
1,514
|
|
1,138
|
|
2,533
|
|
2,344
|
|
|
Total interest
expense
|
3,541
|
|
3,536
|
|
3,894
|
|
4,054
|
|
3,343
|
|
7,077
|
|
6,732
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
40,688
|
|
38,832
|
|
41,006
|
|
39,132
|
|
35,264
|
|
79,520
|
|
69,748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
2,656
|
|
1,069
|
|
888
|
|
1,669
|
|
1,365
|
|
3,725
|
|
3,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
$
38,032
|
|
$
37,763
|
|
$
40,118
|
|
$
37,463
|
|
$
33,899
|
|
$
75,795
|
|
$
66,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
$
7,151
|
|
$
6,429
|
|
$
6,522
|
|
$
6,659
|
|
$
5,847
|
|
$
13,580
|
|
$
11,433
|
|
Mortgage banking
activity
|
9,727
|
|
8,083
|
|
6,476
|
|
7,498
|
|
6,944
|
|
17,810
|
|
12,012
|
|
Other service
charges, commissions and fees
|
829
|
|
668
|
|
643
|
|
690
|
|
662
|
|
1,497
|
|
1,314
|
|
Gain(loss) on sale of
securities
|
10
|
|
12
|
|
-
|
|
132
|
|
-
|
|
22
|
|
6
|
|
Other non-interest
income
|
2,909
|
|
2,383
|
|
2,721
|
|
2,922
|
|
2,366
|
|
5,292
|
|
3,808
|
|
|
Total noninterest
income
|
20,626
|
|
17,575
|
|
16,362
|
|
17,901
|
|
15,819
|
|
38,201
|
|
28,573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
22,465
|
|
20,632
|
|
19,316
|
|
20,226
|
|
16,942
|
|
43,097
|
|
34,336
|
|
Occupancy and
equipment expenses
|
4,809
|
|
4,554
|
|
4,717
|
|
4,669
|
|
4,071
|
|
9,363
|
|
8,135
|
|
Data processing and
telecommunications expenses
|
4,214
|
|
4,260
|
|
4,229
|
|
3,928
|
|
3,940
|
|
8,474
|
|
7,394
|
|
Credit resolution
related expenses (1)
|
11,240
|
|
3,161
|
|
5,290
|
|
3,186
|
|
2,840
|
|
14,401
|
|
5,030
|
|
Advertising and
marketing expenses
|
833
|
|
641
|
|
847
|
|
594
|
|
718
|
|
1,474
|
|
1,428
|
|
Amortization of
intangible assets
|
630
|
|
630
|
|
662
|
|
698
|
|
437
|
|
1,260
|
|
970
|
|
Merger and conversion
charges
|
5,712
|
|
15
|
|
67
|
|
551
|
|
2,872
|
|
5,727
|
|
3,322
|
|
Other non-interest
expenses
|
6,961
|
|
6,934
|
|
6,605
|
|
4,727
|
|
5,498
|
|
13,895
|
|
9,942
|
|
|
Total noninterest
expense
|
56,864
|
|
40,827
|
|
41,733
|
|
38,579
|
|
37,318
|
|
97,691
|
|
70,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
$
1,794
|
|
$
14,511
|
|
$
14,747
|
|
$
16,785
|
|
$
12,400
|
|
$
16,305
|
|
$
24,673
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
486
|
|
4,747
|
|
4,167
|
|
5,122
|
|
4,270
|
|
5,233
|
|
8,193
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
1,308
|
|
$
9,764
|
|
$
10,580
|
|
$
11,663
|
|
$
8,130
|
|
$
11,072
|
|
$
16,480
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
dividends
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
available to common shareholders
|
$
1,308
|
|
$
9,764
|
|
$
10,580
|
|
$
11,663
|
|
$
8,130
|
|
$
11,072
|
|
$
16,194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
available to common shareholders
|
0.04
|
|
0.32
|
|
0.39
|
|
0.43
|
|
0.32
|
|
0.35
|
|
0.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
PERIOD-END BALANCE
SHEET
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
115,413
|
|
$
80,142
|
|
$
78,036
|
|
$
69,421
|
|
$
80,986
|
|
Federal funds sold
and interest bearing balances
|
239,804
|
|
126,157
|
|
92,323
|
|
40,165
|
|
44,800
|
|
Investment securities
available for sale, at fair value
|
862,154
|
|
610,330
|
|
541,805
|
|
529,509
|
|
535,630
|
|
Other
investments
|
9,322
|
|
8,636
|
|
10,275
|
|
12,687
|
|
10,971
|
|
Mortgage loans held
for sale
|
108,829
|
|
73,796
|
|
94,759
|
|
110,059
|
|
81,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of
unearned income
|
2,171,600
|
|
1,999,420
|
|
1,889,881
|
|
1,848,759
|
|
1,770,059
|
|
Purchased,
non-covered loans (excluding loan pools)
|
808,313
|
|
643,092
|
|
674,239
|
|
673,724
|
|
702,131
|
|
Purchased,
non-covered loan pools
|
268,984
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Covered
loans
|
209,598
|
|
245,745
|
|
271,279
|
|
313,589
|
|
331,250
|
|
Less allowance for
loan losses
|
(21,658)
|
|
(21,852)
|
|
(21,157)
|
|
(22,212)
|
|
(22,254)
|
|
|
Loans, net
|
3,436,837
|
|
2,866,405
|
|
2,814,242
|
|
2,813,860
|
|
2,781,186
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
22,567
|
|
32,339
|
|
33,160
|
|
35,320
|
|
35,373
|
|
Purchased,
non-covered other real estate owned
|
13,112
|
|
13,818
|
|
15,585
|
|
13,660
|
|
16,598
|
|
Covered other real
estate owned
|
12,626
|
|
16,089
|
|
19,907
|
|
28,883
|
|
38,426
|
|
|
Total other real
estate owned
|
48,305
|
|
62,246
|
|
68,652
|
|
77,863
|
|
90,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and
equipment, net
|
124,916
|
|
98,292
|
|
97,251
|
|
98,752
|
|
99,495
|
|
Goodwill
|
87,367
|
|
63,547
|
|
63,547
|
|
58,879
|
|
58,903
|
|
Other intangibles,
net
|
19,189
|
|
7,591
|
|
8,221
|
|
9,114
|
|
9,812
|
|
FDIC loss sharing
receivable
|
14,957
|
|
23,312
|
|
31,351
|
|
38,233
|
|
49,180
|
|
Cash value of bank
owned life insurance
|
59,552
|
|
59,212
|
|
58,867
|
|
58,217
|
|
57,864
|
|
Other
assets
|
79,089
|
|
73,238
|
|
77,748
|
|
82,649
|
|
72,420
|
|
|
Total
assets
|
$
5,205,734
|
|
$
4,152,904
|
|
$
4,037,077
|
|
$
3,999,408
|
|
$
3,973,135
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
1,280,174
|
|
$
967,015
|
|
$
839,377
|
|
$
816,517
|
|
$
790,798
|
|
|
Interest-bearing
|
3,231,373
|
|
2,513,216
|
|
2,591,772
|
|
2,556,602
|
|
2,598,237
|
|
Total
deposits
|
4,511,547
|
|
3,480,231
|
|
3,431,149
|
|
3,373,119
|
|
3,389,035
|
|
Federal funds
purchased & securities sold under
|
|
|
|
|
|
|
|
|
|
|
|
agreements to
repurchase
|
75,066
|
|
55,520
|
|
73,310
|
|
32,351
|
|
51,109
|
|
Other
borrowings
|
39,000
|
|
43,851
|
|
78,881
|
|
147,409
|
|
100,293
|
|
Other
liabilities
|
24,026
|
|
17,952
|
|
22,384
|
|
27,615
|
|
24,457
|
|
Subordinated
deferrable interest debentures
|
69,325
|
|
65,567
|
|
65,325
|
|
65,084
|
|
64,842
|
|
|
Total
liabilities
|
4,718,964
|
|
3,663,121
|
|
3,671,049
|
|
3,645,578
|
|
3,629,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
Common
stock
|
33,609
|
|
33,593
|
|
28,159
|
|
28,158
|
|
28,155
|
Capital
surplus
|
336,212
|
|
335,578
|
|
225,015
|
|
224,142
|
|
222,550
|
Retained
earnings
|
126,265
|
|
126,566
|
|
118,412
|
|
109,170
|
|
100,185
|
Accumulated
other comprehensive income/(loss)
|
3,072
|
|
6,353
|
|
6,098
|
|
3,974
|
|
4,123
|
Less treasury
stock
|
(12,388)
|
|
(12,307)
|
|
(11,656)
|
|
(11,614)
|
|
(11,614)
|
|
|
Total stockholders'
equity
|
486,770
|
|
489,783
|
|
366,028
|
|
353,830
|
|
343,399
|
|
|
Total liabilities and
stockholders' equity
|
$
5,205,734
|
|
$
4,152,904
|
|
$
4,037,077
|
|
$
3,999,408
|
|
$
3,973,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
Earning
Assets
|
4,400,298
|
|
3,698,540
|
|
3,564,286
|
|
3,515,805
|
|
3,465,361
|
Intangible
Assets
|
106,556
|
|
71,138
|
|
71,768
|
|
67,993
|
|
68,715
|
Interest Bearing
Liabilities
|
3,414,764
|
|
2,678,154
|
|
2,809,288
|
|
2,801,446
|
|
2,814,481
|
Average
Assets
|
4,464,558
|
|
4,079,750
|
|
4,011,128
|
|
3,969,893
|
|
3,494,466
|
Average Common
Stockholders' Equity
|
491,967
|
|
452,132
|
|
362,659
|
|
350,733
|
|
309,696
|
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.
|
|
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
INFORMATION(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
21,852
|
|
$
21,157
|
|
$
22,212
|
|
$
22,254
|
|
$
22,744
|
|
$
21,157
|
|
$
22,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
loss (2)
|
1,800
|
|
1,100
|
|
650
|
|
1,573
|
|
997
|
|
2,900
|
|
2,498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
2,452
|
|
855
|
|
2,071
|
|
1,975
|
|
1,973
|
|
3,307
|
|
3,579
|
|
|
Recoveries
|
458
|
|
450
|
|
366
|
|
360
|
|
486
|
|
908
|
|
958
|
|
Net charge-offs
(recoveries)
|
1,994
|
|
405
|
|
1,705
|
|
1,615
|
|
1,487
|
|
2,399
|
|
2,621
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending
balance
|
$
21,658
|
|
$
21,852
|
|
$
21,157
|
|
$
22,212
|
|
$
22,254
|
|
$
21,658
|
|
$
22,254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a percentage of
loans
|
1.00%
|
|
1.09%
|
|
1.12%
|
|
1.20%
|
|
1.26%
|
|
1.00%
|
|
1.26%
|
|
As a percentage of
nonperforming loans
|
104.43%
|
|
104.85%
|
|
97.37%
|
|
97.38%
|
|
100.65%
|
|
104.43%
|
|
100.65%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-off
information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
410
|
|
$
392
|
|
$
468
|
|
$
191
|
|
$
165
|
|
$
802
|
|
$
908
|
|
Real estate -
residential
|
464
|
|
268
|
|
368
|
|
406
|
|
752
|
|
732
|
|
933
|
|
Real estate -
commercial & farmland
|
1,162
|
|
12
|
|
1,033
|
|
953
|
|
769
|
|
1,174
|
|
1,302
|
|
Real estate -
construction & development
|
263
|
|
97
|
|
74
|
|
296
|
|
157
|
|
360
|
|
222
|
|
Consumer
installment
|
153
|
|
86
|
|
128
|
|
129
|
|
130
|
|
239
|
|
214
|
|
|
Total
charge-offs
|
2,452
|
|
855
|
|
2,071
|
|
1,975
|
|
1,973
|
|
3,307
|
|
3,579
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
115
|
|
285
|
|
91
|
|
47
|
|
134
|
|
400
|
|
183
|
|
Real estate -
residential
|
27
|
|
57
|
|
71
|
|
52
|
|
48
|
|
84
|
|
131
|
|
Real estate -
commercial & farmland
|
17
|
|
15
|
|
91
|
|
31
|
|
9
|
|
32
|
|
152
|
|
Real estate -
construction & development
|
277
|
|
31
|
|
49
|
|
96
|
|
96
|
|
308
|
|
204
|
|
Consumer
installment
|
22
|
|
62
|
|
64
|
|
134
|
|
199
|
|
84
|
|
288
|
|
|
Total
recoveries
|
458
|
|
450
|
|
366
|
|
360
|
|
486
|
|
908
|
|
958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries)
|
$
1,994
|
|
$
405
|
|
$
1,705
|
|
$
1,615
|
|
$
1,487
|
|
$
2,399
|
|
$
2,621
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
(excluding purchased non-covered
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and covered loans)
|
20,740
|
|
20,841
|
|
21,728
|
|
22,810
|
|
22,111
|
|
20,740
|
|
22,111
|
Non-accrual purchased
non-covered loans
|
17,444
|
|
17,308
|
|
18,249
|
|
17,007
|
|
15,770
|
|
17,444
|
|
15,770
|
Foreclosed assets
(excluding purchased assets)
|
22,567
|
|
32,339
|
|
33,160
|
|
35,320
|
|
35,373
|
|
22,567
|
|
35,373
|
Purchased,
non-covered other real estate owned
|
13,112
|
|
13,818
|
|
15,585
|
|
13,660
|
|
16,598
|
|
13,112
|
|
16,598
|
Accruing loans
delinquent 90 days or more
|
-
|
|
-
|
|
1
|
|
-
|
|
-
|
|
-
|
|
-
|
Total
non-performing assets, excluding covered assets
|
73,863
|
|
84,306
|
|
88,723
|
|
88,797
|
|
89,852
|
|
73,863
|
|
89,852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
as a percent of total assets
|
1.42%
|
|
2.03%
|
|
2.20%
|
|
2.22%
|
|
2.26%
|
|
1.42%
|
|
2.26%
|
Net charge offs as a
percent of loans (Annualized)
|
0.37%
|
|
0.08%
|
|
0.36%
|
|
0.35%
|
|
0.34%
|
|
0.22%
|
|
0.30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Asset quality
information is presented net of covered assets where the Company's
risk exposure is limited substantially by loss sharing agreements
with the FDIC.
|
|
|
(2) During 2014 and
2015, the Company recorded provision for loan loss expense to
account for losses where the initial estimate of cash flows was
found to be excessive on loans
|
|
|
acquired in FDIC
assisted acquisitions. These amounts are excluded from the
calculation above but reflected in the Company's Consolidated
Statement of Operations.
|
|
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the quarter
ended:
|
|
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
|
Loans by
Type
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
|
Commercial, financial
& agricultural
|
$
373,202
|
|
$
334,917
|
|
$
319,654
|
|
$
334,783
|
|
$
304,588
|
|
|
Real estate -
construction & development
|
205,019
|
|
178,568
|
|
161,507
|
|
154,315
|
|
149,346
|
|
|
Real estate -
commercial & farmland
|
1,010,195
|
|
947,274
|
|
907,524
|
|
882,160
|
|
850,000
|
|
|
Real estate -
residential
|
537,201
|
|
496,043
|
|
456,106
|
|
436,515
|
|
422,731
|
|
|
Consumer
installment
|
30,080
|
|
29,113
|
|
30,782
|
|
31,403
|
|
31,902
|
|
|
Other
|
15,903
|
|
13,505
|
|
14,308
|
|
9,583
|
|
11,492
|
|
|
Total Legacy (excluding purchased
|
|
|
|
|
|
|
|
|
|
|
|
non-covered and covered)
|
$
2,171,600
|
|
$
1,999,420
|
|
$
1,889,881
|
|
$
1,848,759
|
|
$
1,770,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
45,337
|
|
$
36,258
|
|
$
38,041
|
|
$
38,077
|
|
$
41,583
|
|
|
Real estate -
construction & development
|
75,302
|
|
53,668
|
|
58,362
|
|
60,262
|
|
64,084
|
|
|
Real estate -
commercial & farmland
|
404,588
|
|
291,760
|
|
306,706
|
|
296,790
|
|
311,748
|
|
|
Real estate -
residential
|
276,798
|
|
257,216
|
|
266,342
|
|
273,347
|
|
278,451
|
|
|
Consumer
installment
|
6,288
|
|
4,190
|
|
4,788
|
|
5,248
|
|
6,265
|
|
|
Total Purchased non-covered (net of discounts)
|
$
808,313
|
|
$
643,092
|
|
$
674,239
|
|
$
673,724
|
|
$
702,131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
Real estate -
construction & development
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Real estate -
commercial & farmland
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Real estate -
residential
|
268,984
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Consumer
installment
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total Purchased non-covered loan pools
|
$
268,984
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
17,666
|
|
$
20,905
|
|
$
21,467
|
|
$
22,545
|
|
$
25,209
|
|
|
Real estate -
construction & development
|
15,002
|
|
19,519
|
|
23,447
|
|
27,756
|
|
31,600
|
|
|
Real estate -
commercial & farmland
|
111,772
|
|
130,290
|
|
147,627
|
|
180,566
|
|
188,643
|
|
|
Real estate -
residential
|
64,982
|
|
74,847
|
|
78,520
|
|
82,445
|
|
85,518
|
|
|
Consumer
installment
|
176
|
|
184
|
|
218
|
|
277
|
|
280
|
|
|
Total Covered (net of discounts)
|
$
209,598
|
|
$
245,745
|
|
$
271,279
|
|
$
313,589
|
|
$
331,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loan
Portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
436,205
|
|
$
392,080
|
|
$
379,162
|
|
$
395,405
|
|
$
371,380
|
|
|
Real estate -
construction & development
|
295,323
|
|
251,755
|
|
243,316
|
|
242,333
|
|
245,030
|
|
|
Real estate -
commercial & farmland
|
1,526,555
|
|
1,369,324
|
|
1,361,857
|
|
1,359,516
|
|
1,350,391
|
|
|
Real estate -
residential
|
1,147,965
|
|
828,106
|
|
800,968
|
|
792,307
|
|
786,700
|
|
|
Consumer
installment
|
36,544
|
|
33,487
|
|
35,788
|
|
36,928
|
|
38,447
|
|
|
Other
|
15,903
|
|
13,505
|
|
14,308
|
|
9,583
|
|
11,492
|
|
|
Total Loans
|
$
3,458,495
|
|
$
2,888,257
|
|
$
2,835,399
|
|
$
2,836,072
|
|
$
2,803,440
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt
Restructurings, excluding purchased non-covered and covered
loans:
|
|
|
|
|
|
|
|
|
Accruing loan
types:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
278
|
|
$
277
|
|
$
290
|
|
$
257
|
|
$
257
|
|
|
Real estate -
construction & development
|
821
|
|
789
|
|
679
|
|
1,917
|
|
2,080
|
|
|
Real estate -
commercial & farmland
|
6,617
|
|
7,309
|
|
6,477
|
|
7,080
|
|
7,590
|
|
|
Real estate -
residential
|
4,702
|
|
4,513
|
|
5,258
|
|
7,973
|
|
7,335
|
|
|
Consumer
installment
|
49
|
|
47
|
|
55
|
|
34
|
|
75
|
|
|
Total Accruing TDRs
|
$
12,467
|
|
$
12,935
|
|
$
12,759
|
|
$
17,261
|
|
$
17,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accruing loan
types:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
29
|
|
$
17
|
|
$
13
|
|
$
507
|
|
$
465
|
|
|
Real estate -
construction & development
|
57
|
|
90
|
|
228
|
|
196
|
|
32
|
|
|
Real estate -
commercial & farmland
|
598
|
|
64
|
|
724
|
|
1,672
|
|
2,151
|
|
|
Real estate -
residential
|
783
|
|
736
|
|
1,485
|
|
759
|
|
1,044
|
|
|
Consumer
installment
|
82
|
|
90
|
|
73
|
|
93
|
|
51
|
|
|
Total Non-accrual TDRs
|
$
1,549
|
|
$
997
|
|
$
2,523
|
|
$
3,227
|
|
$
3,743
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Troubled
Debt Restructurings
|
$
14,016
|
|
$
13,932
|
|
$
15,282
|
|
$
20,488
|
|
$
21,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following
table presents the loan portfolio by risk grade, excluding
purchased non-covered and covered loans:
|
|
|
|
|
|
|
Grade 10 - Prime
credit
|
$
181,933
|
|
$
157,462
|
|
$
128,577
|
|
$
121,486
|
|
$
110,842
|
|
|
Grade 15 - Good
credit
|
243,070
|
|
205,929
|
|
217,804
|
|
222,714
|
|
226,652
|
|
|
Grade 20 -
Satisfactory credit
|
1,104,747
|
|
1,012,733
|
|
947,948
|
|
908,054
|
|
866,356
|
|
|
Grade 23 -
Performing, under-collateralized credit
|
27,400
|
|
28,643
|
|
29,205
|
|
28,826
|
|
28,429
|
|
|
Grade 25 - Minimum
acceptable credit
|
544,664
|
|
513,009
|
|
488,187
|
|
484,200
|
|
450,363
|
|
|
Grade 30 - Other
asset especially mentioned
|
25,020
|
|
25,461
|
|
25,983
|
|
31,750
|
|
33,360
|
|
|
Grade 40 -
Substandard
|
44,766
|
|
56,179
|
|
52,176
|
|
51,640
|
|
54,047
|
|
|
Grade 50 -
Doubtful
|
-
|
|
4
|
|
1
|
|
88
|
|
10
|
|
|
Grade 60 -
Loss
|
-
|
|
-
|
|
-
|
|
1
|
|
-
|
|
|
Total
|
$
2,171,600
|
|
$
1,999,420
|
|
$
1,889,881
|
|
$
1,848,759
|
|
$
1,770,059
|
|
|
|
|
|
|
|
|
|
|
|
|
The following
table presents the purchased, non-covered loan portfolio by risk
grade:
|
|
|
|
|
|
|
|
|
Grade 10 - Prime
credit
|
$
10,123
|
|
$
7,444
|
|
$
7,394
|
|
$
3,965
|
|
$
4,344
|
|
|
Grade 15 - Good
credit
|
53,220
|
|
23,640
|
|
29,727
|
|
35,461
|
|
35,540
|
|
|
Grade 20 -
Satisfactory credit
|
362,304
|
|
206,480
|
|
208,686
|
|
180,702
|
|
186,690
|
|
|
Grade 23 -
Performing, under-collateralized credit
|
10,537
|
|
10,024
|
|
6,578
|
|
1,216
|
|
165
|
|
|
Grade 25 - Minimum
acceptable credit
|
300,411
|
|
337,386
|
|
361,155
|
|
399,729
|
|
416,671
|
|
|
Grade 30 - Other
asset especially mentioned
|
34,779
|
|
22,323
|
|
25,747
|
|
20,048
|
|
32,309
|
|
|
Grade 40 -
Substandard
|
36,887
|
|
35,743
|
|
34,889
|
|
32,565
|
|
26,412
|
|
|
Grade 50 -
Doubtful
|
52
|
|
52
|
|
63
|
|
38
|
|
-
|
|
|
Grade 60 -
Loss
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total
|
$
808,313
|
|
$
643,092
|
|
$
674,239
|
|
$
673,724
|
|
$
702,131
|
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.
|
|
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
5,500
|
|
$
5,500
|
|
$
3,163
|
|
$
500
|
|
$
500
|
|
$
5,500
|
|
$
3,958
|
|
|
Interest bearing
deposits in banks
|
201,765
|
|
158,286
|
|
69,772
|
|
63,355
|
|
50,850
|
|
180,146
|
|
75,165
|
|
|
Investment securities
- taxable
|
600,176
|
|
485,922
|
|
461,800
|
|
451,563
|
|
418,498
|
|
543,365
|
|
414,895
|
|
|
Investment securities
- nontaxable
|
70,653
|
|
71,229
|
|
72,072
|
|
74,176
|
|
49,631
|
|
70,939
|
|
50,357
|
|
|
Other
investments
|
9,597
|
|
9,450
|
|
9,804
|
|
8,209
|
|
6,629
|
|
9,524
|
|
8,044
|
|
|
Mortgage loans held
for sale
|
81,823
|
|
75,831
|
|
97,406
|
|
83,751
|
|
54,517
|
|
75,281
|
|
51,884
|
|
|
Loans
|
2,111,507
|
|
1,911,601
|
|
1,871,618
|
|
1,795,059
|
|
1,706,564
|
|
2,007,914
|
|
1,673,493
|
|
|
Purchased non-covered
loans
|
654,397
|
|
650,331
|
|
659,472
|
|
688,452
|
|
433,249
|
|
655,485
|
|
437,068
|
|
|
Purchased non-covered
loan pools
|
17,308
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8,702
|
|
-
|
|
|
Covered
loans
|
246,422
|
|
262,693
|
|
299,981
|
|
324,498
|
|
354,766
|
|
259,157
|
|
367,045
|
|
|
Total
Earning Assets
|
$
3,999,148
|
|
3,630,843
|
|
3,545,088
|
|
3,489,563
|
|
$
3,075,204
|
|
$
3,816,013
|
|
$
3,081,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
deposits
|
$
1,088,249
|
|
$
897,937
|
|
$
850,879
|
|
$
807,416
|
|
$
680,058
|
|
$
993,619
|
|
$
673,313
|
|
|
NOW
accounts
|
745,709
|
|
756,795
|
|
786,511
|
|
743,352
|
|
691,353
|
|
751,221
|
|
683,321
|
|
|
MMDA
|
981,143
|
|
857,346
|
|
840,397
|
|
861,197
|
|
770,047
|
|
919,586
|
|
759,657
|
|
|
Savings
accounts
|
188,767
|
|
163,624
|
|
156,663
|
|
155,559
|
|
145,528
|
|
176,265
|
|
144,325
|
|
|
Retail CDs <
$100,000
|
388,248
|
|
372,463
|
|
386,844
|
|
439,150
|
|
356,483
|
|
380,399
|
|
364,956
|
|
|
Retail CDs >
$100,000
|
378,137
|
|
383,962
|
|
401,934
|
|
370,166
|
|
360,703
|
|
381,033
|
|
361,279
|
|
|
Brokered
CDs
|
-
|
|
-
|
|
4,023
|
|
5,970
|
|
5,970
|
|
-
|
|
5,970
|
|
|
Total
Deposits
|
3,770,253
|
|
3,432,127
|
|
3,427,251
|
|
3,382,810
|
|
3,010,142
|
|
3,602,123
|
|
2,992,821
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB
advances
|
17,275
|
|
16,778
|
|
35,815
|
|
55,435
|
|
28,626
|
|
17,028
|
|
48,370
|
|
|
Other
borrowings
|
41,930
|
|
43,871
|
|
46,508
|
|
47,346
|
|
35,280
|
|
42,895
|
|
32,657
|
|
|
Subordinated
debentures
|
67,180
|
|
65,436
|
|
65,195
|
|
64,953
|
|
55,789
|
|
66,313
|
|
55,442
|
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to
repurchase
|
58,722
|
|
52,707
|
|
47,247
|
|
44,316
|
|
40,008
|
|
55,731
|
|
48,513
|
|
|
Total
Non-Deposit Funding
|
185,107
|
|
178,792
|
|
194,765
|
|
212,050
|
|
159,703
|
|
181,967
|
|
184,982
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Funding
|
$
3,955,360
|
|
$
3,610,919
|
|
$
3,622,016
|
|
$
3,594,860
|
|
$
3,169,845
|
|
$
3,784,090
|
|
$
3,177,803
|
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.
|
|
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME/EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
5
|
|
$
4
|
|
$
2
|
|
$
-
|
|
$
-
|
|
$
9
|
|
$
5
|
|
|
Interest bearing
deposits in banks
|
177
|
|
124
|
|
66
|
|
47
|
|
45
|
|
301
|
|
124
|
|
|
Investment securities
- taxable
|
3,747
|
|
3,153
|
|
3,114
|
|
3,034
|
|
2,953
|
|
6,900
|
|
5,938
|
|
|
Investment securities
- nontaxable (TE)
|
624
|
|
633
|
|
652
|
|
670
|
|
421
|
|
1,257
|
|
873
|
|
|
Mortgage loans held
for sale
|
764
|
|
692
|
|
947
|
|
787
|
|
457
|
|
1,456
|
|
860
|
|
|
Loans (TE)
|
25,629
|
|
22,418
|
|
23,294
|
|
21,790
|
|
21,996
|
|
48,047
|
|
42,643
|
|
|
Purchased non-covered
loans
|
10,328
|
|
11,840
|
|
12,612
|
|
12,610
|
|
7,933
|
|
22,168
|
|
14,798
|
|
|
Purchased non-covered
loan pools
|
149
|
|
-
|
|
-
|
|
-
|
|
-
|
|
149
|
|
-
|
|
|
Covered
loans
|
3,385
|
|
3,995
|
|
4,704
|
|
4,726
|
|
5,164
|
|
7,380
|
|
11,925
|
|
|
Total Earning
Assets
|
$
44,808
|
|
$
42,859
|
|
$
45,391
|
|
$
43,663
|
|
$
38,969
|
|
$
87,667
|
|
$
77,166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion Income (included above)
|
2,635
|
|
3,097
|
|
4,280
|
|
2,964
|
|
2,572
|
|
5,732
|
|
5,299
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
NOW
accounts
|
318
|
|
376
|
|
414
|
|
324
|
|
291
|
|
694
|
|
579
|
|
|
MMDA
|
760
|
|
663
|
|
768
|
|
783
|
|
722
|
|
1,423
|
|
1,403
|
|
|
Savings
accounts
|
37
|
|
37
|
|
45
|
|
42
|
|
40
|
|
74
|
|
77
|
|
|
Retail CDs <
$100,000
|
488
|
|
513
|
|
553
|
|
596
|
|
478
|
|
1,001
|
|
967
|
|
|
Retail CDs >
$100,000
|
662
|
|
691
|
|
746
|
|
749
|
|
626
|
|
1,353
|
|
1,266
|
|
|
Brokered
CDs
|
-
|
|
-
|
|
34
|
|
47
|
|
48
|
|
-
|
|
96
|
|
|
Total
Deposits
|
2,265
|
|
2,280
|
|
2,560
|
|
2,541
|
|
2,205
|
|
4,545
|
|
4,388
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB
advances
|
16
|
|
15
|
|
26
|
|
51
|
|
26
|
|
31
|
|
63
|
|
|
Other
borrowings
|
346
|
|
366
|
|
379
|
|
558
|
|
415
|
|
712
|
|
823
|
|
|
Subordinated
debentures
|
866
|
|
832
|
|
887
|
|
866
|
|
666
|
|
1,698
|
|
1,374
|
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to
repurchase
|
48
|
|
43
|
|
41
|
|
39
|
|
31
|
|
91
|
|
84
|
|
|
Total
Non-Deposit Funding
|
1,276
|
|
1,256
|
|
1,333
|
|
1,514
|
|
1,138
|
|
2,532
|
|
2,344
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Funding
|
$
3,541
|
|
$
3,536
|
|
$
3,893
|
|
$
4,055
|
|
$
3,343
|
|
$
7,077
|
|
$
6,732
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income (TE)
|
$
41,267
|
|
$
39,323
|
|
$
41,498
|
|
$
39,608
|
|
$
35,626
|
|
$
80,590
|
|
$
70,434
|
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.
|
|
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
YIELDS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
0.36%
|
|
0.29%
|
|
0.25%
|
|
0.00%
|
|
0.00%
|
|
0.33%
|
|
0.25%
|
|
|
Interest
bearing deposits in banks
|
0.35%
|
|
0.32%
|
|
0.38%
|
|
0.29%
|
|
0.35%
|
|
0.34%
|
|
0.33%
|
|
|
Investment securities
- taxable
|
2.50%
|
|
2.63%
|
|
2.68%
|
|
2.67%
|
|
2.83%
|
|
2.56%
|
|
2.89%
|
|
|
Investment securities
- nontaxable
|
3.54%
|
|
3.60%
|
|
3.59%
|
|
3.58%
|
|
3.40%
|
|
3.57%
|
|
3.50%
|
|
|
Mortgage loans held
for sale
|
3.75%
|
|
3.70%
|
|
3.86%
|
|
3.73%
|
|
3.36%
|
|
3.90%
|
|
3.34%
|
|
|
Loans
|
4.87%
|
|
4.76%
|
|
4.94%
|
|
4.82%
|
|
5.17%
|
|
4.83%
|
|
5.14%
|
|
|
Purchased non-covered
loans
|
6.33%
|
|
7.38%
|
|
7.59%
|
|
7.27%
|
|
7.34%
|
|
6.82%
|
|
6.83%
|
|
|
Purchased non-covered
loan pools
|
3.45%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
3.45%
|
|
0.00%
|
|
|
Covered
loans
|
5.51%
|
|
6.17%
|
|
6.22%
|
|
5.78%
|
|
5.84%
|
|
5.74%
|
|
6.55%
|
|
|
Total
Earning Assets
|
4.49%
|
|
4.79%
|
|
5.08%
|
|
4.96%
|
|
5.08%
|
|
4.63%
|
|
5.05%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
deposits
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
|
NOW
accounts
|
0.17%
|
|
0.20%
|
|
0.21%
|
|
0.17%
|
|
0.17%
|
|
0.19%
|
|
0.17%
|
|
|
MMDA
|
0.31%
|
|
0.31%
|
|
0.36%
|
|
0.36%
|
|
0.38%
|
|
0.31%
|
|
0.37%
|
|
|
Savings
accounts
|
0.08%
|
|
0.09%
|
|
0.11%
|
|
0.11%
|
|
0.11%
|
|
0.08%
|
|
0.11%
|
|
|
Retail CDs <
$100,000
|
0.50%
|
|
0.56%
|
|
0.57%
|
|
0.54%
|
|
0.54%
|
|
0.53%
|
|
0.53%
|
|
|
Retail CDs >
$100,000
|
0.70%
|
|
0.73%
|
|
0.74%
|
|
0.80%
|
|
0.70%
|
|
0.72%
|
|
0.71%
|
|
|
Brokered
CDs
|
0.00%
|
|
0.00%
|
|
3.35%
|
|
3.12%
|
|
3.22%
|
|
0.00%
|
|
3.24%
|
|
|
Total
Deposits
|
0.24%
|
|
0.27%
|
|
0.30%
|
|
0.30%
|
|
0.29%
|
|
0.25%
|
|
0.30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB
advances
|
0.37%
|
|
0.36%
|
|
0.29%
|
|
0.36%
|
|
0.36%
|
|
0.37%
|
|
0.26%
|
|
|
Other
borrowings
|
3.31%
|
|
3.38%
|
|
3.23%
|
|
4.68%
|
|
4.72%
|
|
3.35%
|
|
5.08%
|
|
|
Subordinated
debentures
|
5.17%
|
|
5.16%
|
|
5.40%
|
|
5.29%
|
|
4.79%
|
|
5.16%
|
|
5.00%
|
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to
repurchase
|
0.33%
|
|
0.33%
|
|
0.34%
|
|
0.35%
|
|
0.31%
|
|
0.33%
|
|
0.35%
|
|
|
Total
Non-Deposit Funding
|
2.76%
|
|
2.85%
|
|
2.72%
|
|
2.83%
|
|
2.86%
|
|
2.81%
|
|
2.56%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total funding
(3)
|
0.36%
|
|
0.40%
|
|
0.43%
|
|
0.45%
|
|
0.42%
|
|
0.38%
|
|
0.43%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread
|
4.13%
|
|
4.39%
|
|
4.65%
|
|
4.52%
|
|
4.66%
|
|
4.26%
|
|
4.62%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
4.14%
|
|
4.39%
|
|
4.64%
|
|
4.50%
|
|
4.65%
|
|
4.26%
|
|
4.61%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
Six Months
Ended
|
|
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Jun.
|
|
Jun.
|
|
|
Operating Net
Income Reconciliation
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders
|
$
1,308
|
|
$
9,764
|
|
$
10,580
|
|
$
11,663
|
|
$
8,130
|
|
$
11,072
|
|
$
16,194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
5,712
|
|
15
|
|
67
|
|
551
|
|
2,872
|
|
5,727
|
|
3,322
|
|
|
Non-recurring credit
resolution related expenses
|
11,241
|
|
-
|
|
-
|
|
-
|
|
-
|
|
11,241
|
|
-
|
|
|
Tax effect of
non-recurring charges
|
(5,934)
|
|
(5)
|
|
(23)
|
|
(193)
|
|
(1,005)
|
|
(5,939)
|
|
(1,163)
|
|
|
Plus: After tax
non-recurring charges
|
11,019
|
|
10
|
|
44
|
|
358
|
|
1,867
|
|
11,029
|
|
2,159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Net
income
|
12,327
|
|
9,774
|
|
10,624
|
|
12,021
|
|
9,997
|
|
22,101
|
|
18,353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating net income
per diluted share:
|
$
0.38
|
|
$
0.32
|
|
$
0.39
|
|
$
0.44
|
|
$
0.39
|
|
$
0.70
|
|
$
0.72
|
|
|
Return on average
assets
|
1.11%
|
|
0.97%
|
|
1.05%
|
|
1.20%
|
|
1.15%
|
|
1.04%
|
|
1.06%
|
|
|
Return on average
common tangible equity
|
12.83%
|
|
10.40%
|
|
14.49%
|
|
16.87%
|
|
16.64%
|
|
11.46%
|
|
14.81%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Jun.
|
|
Jun.
|
|
|
Net Interest
Margin and Yields on Total Loans
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
|
|
Excluding Accretion Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest Income
(TE)
|
$
44,808
|
|
$
42,859
|
|
$
45,391
|
|
$
43,663
|
|
$
38,969
|
|
$
87,667
|
|
$
77,166
|
|
|
Accretion Income
|
2,635
|
|
3,097
|
|
4,280
|
|
2,964
|
|
2,572
|
|
5,732
|
|
5,299
|
|
|
Total Interest Income
(TE) Excluding Accretion
|
$
42,173
|
|
$
39,762
|
|
$
41,111
|
|
$
40,699
|
|
$
36,397
|
|
$
81,935
|
|
$
71,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest
Expense
|
$
3,541
|
|
$
3,536
|
|
$
3,894
|
|
$
4,054
|
|
$
3,343
|
|
$
7,077
|
|
$
6,732
|
|
|
Net Interest Income
(TE) Excluding Accretion
|
$
38,632
|
|
$
36,226
|
|
$
37,217
|
|
$
36,645
|
|
$
33,054
|
|
$
74,858
|
|
$
65,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on Total Loans
Excluding Accretion
|
4.86%
|
|
5.01%
|
|
5.05%
|
|
5.07%
|
|
5.19%
|
|
4.93%
|
|
5.18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin
Excluding Accretion
|
3.87%
|
|
4.05%
|
|
4.17%
|
|
4.17%
|
|
4.31%
|
|
3.96%
|
|
4.26%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Jun.
|
|
Jun.
|
|
|
Core Earnings
Reconciliation
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax operating
profit/(loss)
|
$
1,794
|
|
$
14,511
|
|
$
14,747
|
|
$
16,785
|
|
$
12,400
|
|
$
16,305
|
|
$
24,673
|
|
|
Plus: Credit Related
Costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses
|
2,656
|
|
1,069
|
|
888
|
|
1,669
|
|
1,365
|
|
3,725
|
|
3,091
|
|
|
(Gains)/Losses on the sale of legacy OREO
|
436
|
|
110
|
|
(228)
|
|
(3)
|
|
283
|
|
546
|
|
228
|
|
|
Gains/(Losses) on the sale of covered OREO
|
194
|
|
20
|
|
344
|
|
(184)
|
|
249
|
|
214
|
|
367
|
|
|
Problem loan and OREO expense
|
10,632
|
|
3,031
|
|
5,175
|
|
3,373
|
|
2,309
|
|
13,663
|
|
4,436
|
|
|
Interest reversed (received) on non-accrual loans
|
413
|
|
156
|
|
(6)
|
|
94
|
|
71
|
|
569
|
|
317
|
|
|
Total
Credit-Related Costs
|
14,331
|
|
4,386
|
|
6,173
|
|
4,949
|
|
4,277
|
|
18,717
|
|
8,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: Cconversion
charges
|
5,712
|
|
15
|
|
67
|
|
551
|
|
2,872
|
|
5,727
|
|
3,322
|
|
|
Less: Non-recurring
gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on sales of securities
|
(10)
|
|
(12)
|
|
-
|
|
(132)
|
|
-
|
|
(22)
|
|
(6)
|
|
|
Gains on sales
of bank premises
|
-
|
|
-
|
|
-
|
|
(616)
|
|
-
|
|
-
|
|
-
|
|
|
Other non-recurring adjustments
|
-
|
|
-
|
|
188
|
|
-
|
|
(870)
|
|
-
|
|
(870)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pretax, Pre-provision
earnings
|
$
21,827
|
|
$
18,900
|
|
$
21,175
|
|
$
21,537
|
|
$
18,679
|
|
$
40,727
|
|
$
35,558
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As percentage of
average assets, annualized
|
1.96%
|
|
1.88%
|
|
2.09%
|
|
2.15%
|
|
2.14%
|
|
1.84%
|
|
2.05%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Jun.
|
|
Jun.
|
|
|
Recurring
Operating Expenses
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Expenses
|
56,864
|
|
40,827
|
|
41,733
|
|
38,579
|
|
37,318
|
|
97,691
|
|
70,557
|
|
|
Less: Credit costs
& non-recurring charges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains/(Losses) on the sale of legacy OREO
|
(436)
|
|
(110)
|
|
228
|
|
3
|
|
(283)
|
|
(546)
|
|
(228)
|
|
|
Gains/(Losses) on the sale of covered OREO
|
(194)
|
|
(20)
|
|
(344)
|
|
184
|
|
(249)
|
|
(214)
|
|
(367)
|
|
|
Problem loan and OREO expense
|
(10,632)
|
|
(3,031)
|
|
(5,175)
|
|
(3,373)
|
|
(2,309)
|
|
(13,663)
|
|
(4,436)
|
|
|
Severance payments
|
-
|
|
-
|
|
(188)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Conversion
expenses
|
(5,712)
|
|
(15)
|
|
(67)
|
|
(551)
|
|
(2,872)
|
|
(5,727)
|
|
(3,322)
|
|
|
Gains/(Losses) on the sale of premises
|
-
|
|
-
|
|
-
|
|
616
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring operating
expenses
|
$
39,890
|
|
$
37,651
|
|
$
36,187
|
|
$
35,458
|
|
$
31,605
|
|
$
77,541
|
|
$
62,204
|
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
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
36,806
|
|
$
35,839
|
|
$
38,045
|
|
$
36,142
|
|
$
33,345
|
|
$
72,645
|
|
$
66,273
|
|
|
Provision for loan losses
|
2,456
|
|
927
|
|
737
|
|
994
|
|
1,365
|
|
3,383
|
|
3,091
|
|
|
Noninterest income
|
9,262
|
|
8,780
|
|
8,595
|
|
8,932
|
|
7,449
|
|
18,042
|
|
14,810
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
15,675
|
|
15,362
|
|
14,196
|
|
14,819
|
|
12,509
|
|
31,037
|
|
26,086
|
|
|
Occupancy
|
4,376
|
|
4,144
|
|
4,319
|
|
4,277
|
|
3,752
|
|
8,520
|
|
7,501
|
|
|
Data
Processing
|
3,913
|
|
4,011
|
|
3,901
|
|
3,619
|
|
3,590
|
|
7,924
|
|
6,916
|
|
|
Other
expenses
|
24,048
|
|
10,356
|
|
12,320
|
|
8,722
|
|
10,753
|
|
34,404
|
|
18,133
|
|
|
Total noninterest expense
|
48,012
|
|
33,873
|
|
34,736
|
|
31,437
|
|
30,604
|
|
81,885
|
|
58,636
|
|
|
Income before income
taxes
|
(4,400)
|
|
9,819
|
|
11,167
|
|
12,643
|
|
8,825
|
|
5,419
|
|
19,356
|
|
|
Income
Tax
|
(1,682)
|
|
3,105
|
|
2,914
|
|
3,672
|
|
3,019
|
|
1,423
|
|
6,332
|
|
|
Net
income
|
(2,718)
|
|
6,714
|
|
8,253
|
|
8,971
|
|
5,806
|
|
3,996
|
|
13,024
|
|
|
Preferred stock dividends
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
286
|
|
|
Net income available
to common shareholders
|
$
(2,718)
|
|
$
6,714
|
|
$
8,253
|
|
$
8,971
|
|
$
5,806
|
|
$
3,996
|
|
$
12,738
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Mortgage
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
1,979
|
|
$
1,545
|
|
$
1,822
|
|
$
1,636
|
|
$
972
|
|
$
3,524
|
|
$
1,886
|
|
|
Provision for loan losses
|
200
|
|
142
|
|
151
|
|
675
|
|
-
|
|
342
|
|
-
|
|
|
Noninterest income
|
9,095
|
|
7,610
|
|
6,076
|
|
6,967
|
|
6,836
|
|
16,705
|
|
11,916
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
5,592
|
|
4,527
|
|
4,175
|
|
4,340
|
|
3,881
|
|
10,119
|
|
7,403
|
|
|
Occupancy
|
396
|
|
380
|
|
373
|
|
368
|
|
300
|
|
776
|
|
601
|
|
|
Data
Processing
|
279
|
|
212
|
|
315
|
|
285
|
|
329
|
|
491
|
|
443
|
|
|
Other
expenses
|
1,150
|
|
932
|
|
828
|
|
735
|
|
1,233
|
|
2,082
|
|
2,008
|
|
|
Total noninterest expense
|
7,417
|
|
6,051
|
|
5,691
|
|
5,728
|
|
5,743
|
|
13,468
|
|
10,455
|
|
|
Income before income
taxes
|
3,457
|
|
2,962
|
|
2,056
|
|
2,200
|
|
2,065
|
|
6,419
|
|
3,347
|
|
|
Income
Tax
|
1,210
|
|
1,037
|
|
720
|
|
770
|
|
723
|
|
2,247
|
|
1,171
|
|
|
Net
income
|
2,247
|
|
1,925
|
|
1,336
|
|
1,430
|
|
1,342
|
|
4,172
|
|
2,176
|
|
|
Preferred stock dividends
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Net income available
to common shareholders
|
$
2,247
|
|
$
1,925
|
|
$
1,336
|
|
$
1,430
|
|
$
1,342
|
|
$
4,172
|
|
$
2,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse
Lending:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
1,179
|
|
$
835
|
|
$
752
|
|
$
711
|
|
$
367
|
|
$
2,014
|
|
$
553
|
|
|
Provision for loan losses
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Noninterest income
|
383
|
|
273
|
|
237
|
|
168
|
|
166
|
|
656
|
|
250
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
99
|
|
127
|
|
84
|
|
69
|
|
56
|
|
226
|
|
102
|
|
|
Occupancy
|
1
|
|
2
|
|
-
|
|
-
|
|
-
|
|
3
|
|
1
|
|
|
Data
Processing
|
20
|
|
33
|
|
11
|
|
21
|
|
14
|
|
53
|
|
22
|
|
|
Other
expenses
|
19
|
|
36
|
|
171
|
|
134
|
|
79
|
|
55
|
|
119
|
|
|
Total noninterest expense
|
139
|
|
198
|
|
266
|
|
224
|
|
149
|
|
337
|
|
244
|
|
|
Income before income
taxes
|
1,423
|
|
910
|
|
723
|
|
655
|
|
384
|
|
2,333
|
|
559
|
|
|
Income
Tax
|
498
|
|
319
|
|
253
|
|
229
|
|
134
|
|
817
|
|
196
|
|
|
Net
income
|
925
|
|
592
|
|
470
|
|
426
|
|
250
|
|
1,516
|
|
363
|
|
|
Preferred stock dividends
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Net income available
to common shareholders
|
$
925
|
|
$
592
|
|
$
470
|
|
$
426
|
|
$
250
|
|
$
1,516
|
|
$
363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
724
|
|
$
613
|
|
$
387
|
|
$
643
|
|
$
580
|
|
$
1,337
|
|
$
1,036
|
|
|
Provision for loan losses
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Noninterest income
|
1,886
|
|
912
|
|
1,454
|
|
1,834
|
|
1,368
|
|
2,798
|
|
1,597
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
1,099
|
|
616
|
|
861
|
|
998
|
|
496
|
|
1,715
|
|
745
|
|
|
Occupancy
|
36
|
|
28
|
|
25
|
|
24
|
|
19
|
|
64
|
|
32
|
|
|
Data
Processing
|
2
|
|
4
|
|
2
|
|
3
|
|
7
|
|
6
|
|
13
|
|
|
Other
expenses
|
159
|
|
57
|
|
152
|
|
165
|
|
300
|
|
216
|
|
432
|
|
|
Total noninterest expense
|
1,296
|
|
705
|
|
1,040
|
|
1,190
|
|
822
|
|
2,001
|
|
1,222
|
|
|
Income before income
taxes
|
1,314
|
|
820
|
|
801
|
|
1,287
|
|
1,126
|
|
2,134
|
|
1,411
|
|
|
Income
Tax
|
460
|
|
287
|
|
280
|
|
450
|
|
394
|
|
747
|
|
494
|
|
|
Net
income
|
854
|
|
533
|
|
521
|
|
837
|
|
732
|
|
1,387
|
|
917
|
|
|
Preferred stock dividends
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Net income available
to common shareholders
|
$
854
|
|
$
533
|
|
$
521
|
|
$
837
|
|
$
732
|
|
$
1,387
|
|
$
917
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Consolidated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
40,688
|
|
$
38,832
|
|
$
41,006
|
|
$
39,132
|
|
$
35,264
|
|
$
79,520
|
|
$
69,748
|
|
|
Provision for loan losses
|
2,656
|
|
1,069
|
|
888
|
|
1,669
|
|
1,365
|
|
3,725
|
|
3,091
|
|
|
Noninterest income
|
20,626
|
|
17,575
|
|
16,362
|
|
17,901
|
|
15,819
|
|
38,201
|
|
28,573
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
22,465
|
|
20,632
|
|
19,316
|
|
20,226
|
|
16,942
|
|
43,097
|
|
34,336
|
|
|
Occupancy
|
4,809
|
|
4,554
|
|
4,717
|
|
4,669
|
|
4,071
|
|
9,363
|
|
8,135
|
|
|
Data
Processing
|
4,214
|
|
4,260
|
|
4,229
|
|
3,928
|
|
3,940
|
|
8,474
|
|
7,394
|
|
|
Other
expenses
|
25,376
|
|
11,381
|
|
13,471
|
|
9,756
|
|
12,365
|
|
36,757
|
|
20,692
|
|
|
Total noninterest expense
|
56,864
|
|
40,827
|
|
41,733
|
|
38,579
|
|
37,318
|
|
97,691
|
|
70,557
|
|
|
Income before income
taxes
|
1,794
|
|
14,511
|
|
14,747
|
|
16,785
|
|
12,400
|
|
16,305
|
|
24,673
|
|
|
Income
Tax
|
486
|
|
4,747
|
|
4,167
|
|
5,122
|
|
4,270
|
|
5,233
|
|
8,193
|
|
|
Net
income
|
1,308
|
|
9,764
|
|
10,580
|
|
11,663
|
|
8,130
|
|
11,072
|
|
16,480
|
|
|
Preferred stock dividends
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
286
|
|
|
Net income available
to common shareholders
|
$
1,308
|
|
$
9,764
|
|
$
10,580
|
|
$
11,663
|
|
$
8,130
|
|
$
11,072
|
|
$
16,194
|
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SOURCE Ameris Bancorp