MOULTRIE, Ga., July 22, 2016 /PRNewswire/ -- Ameris
Bancorp (Nasdaq: ABCB) (the "Company") today reported operating
net income of $20.0 million, or
$0.57 per diluted share, for the
quarter ended June 30, 2016, compared
with $12.3 million, or $0.38 per diluted share, for the quarter ended
June 30, 2015. For the
year-to-date period ending June 30,
2016, the Company reported operating net income of
$36.5 million, or $1.07 per diluted share, compared with
$22.1 million, or $0.70 per share, for the same period in
2015.
Commenting on the Company's quarterly results, Edwin W. Hortman, Jr., the Company's President
and Chief Executive Officer, said, "We indicated earlier in the
year that we were operating with more momentum around our key
metrics than I had seen in the past few years. That momentum
carried us to an outstanding quarter in virtually every part of the
Company. Organic growth has been increasingly reliable and
with our improved efficiency ratios, we expect more profits to hit
the bottom line. Our lines of business continue to grow net
earnings and credit quality is trending back to levels we have not
seen in a decade. I am proud of the work our Company has done
to achieve these results."
Although the second quarter of 2016 contained no merger or
non-recurring items, the same quarter of 2015 and the year to-date
periods include non-operating amounts. Reported earnings,
including merger and credit charges totaled $20.0 million, or $0.57 per share, for the second quarter of 2016,
compared with $1.3 million, or
$0.04 per share, for the same quarter
in 2015. For the year to-date period ending June 30, 2016, the Company reported earnings of
$32.4 million, or $0.95 per share, compared with $11.1 million, or $0.35 per share, for the quarter ending June,
2015.
Highlights of the Company's performance and results for the
second quarter of 2016 include the following:
- Operating return on average assets of 1.31%, compared with
1.11% in the same quarter in 2015
- Operating return on tangible common equity of 17.03%, compared
with 12.83% in the second quarter of 2015
- Operating efficiency ratio (excluding intangible amortization)
of 61.52% in the second quarter of 2016, down from 64.07% in the
same quarter of 2015
- Organic loan growth of $233.4
million, reflecting an annualized growth rate of 25.5%
- Successful system and data conversion of the eight retail
offices acquired in the Company's acquisition of Jacksonville
Bancorp, Inc. ("JAXB")
- Total revenue (FTE) of $83.9
million, an increase of 35.5% from the same quarter in
2015
- Tangible book value per share of $13.89 at June 30,
2016, compared with $11.81 per
share at June 30, 2015
- Tangible common equity to tangible assets increased to 7.96% at
June 30, 2016, compared with 7.68% at
March 31, 2016
- Net income from mortgage and SBA lines of businesses totaling
$6.2 million in the second quarter,
compared with $4.0 million in the
same quarter of 2015.
Operating Performance
For the quarter ending
June 30, 2016, the Company reported
operating return on assets of 1.31%, compared with 1.11% in the
same quarter of 2015. Return on tangible common equity during
the quarter rose to 17.03%, compared with 12.83% in the second
quarter of 2015, despite higher capital levels.
The improved operating ratios result primarily from
significantly improved efficiency and overhead ratios. During
the second quarter, the Company's operating efficiency ratio net of
intangible amortization was 61.52%, compared with 64.07% in the
same quarter of 2015. The Company's net overhead ratio has
improved as well to 1.57% in the second quarter of 2016, compared
with 1.86% in the second quarter of 2015. Initiatives
designed to reallocate resources to needed areas versus incremental
spending has been sufficient to hold total expenses steady while
revenue has continued to grow.
Net Interest Income and Net Interest Margin
Net
interest income (taxable equivalent) for the second quarter of 2016
totaled $55.5 million, an increase of
$14.3 million, or 34.6%, compared
with $41.3 million for the second
quarter of 2015. Strong growth in the spread income resulted
primarily from higher levels of earning assets, funded almost
entirely with growth in very low cost deposits. Additionally,
loans have increased as a percentage of earning assets from 77.8%
during the second quarter of 2015 to 82.8% in the current quarter,
with the majority of the increase coming from short-term
assets.
The Company's net interest margin decreased slightly during the
quarter to 4.01%, compared with 4.03% during the first quarter of
2016. Higher levels of accretion income on purchased assets
were offset by lower yields on the purchased mortgage pools.
Accretion income was impacted in the quarter from certain
prepayments that increased accretion by $1.1
million over scheduled amounts. The Company's mortgage
pools were negatively affected by approximately $900,000 relating to accelerated prepayments and
an adjustment on the remaining life of the pools and associated
premiums. Because of the shorter estimated life, management
expects the yields on these assets to trend closer to 2.85%-3.00%
than the 3.00%-3.25% previously recorded.
Yields on earning assets in the second quarter of 2016 were
4.35%, compared with 4.36% in the first quarter of 2016 and 4.49%
in the second quarter of 2015. Interest income on loans on a
tax-equivalent basis increased during the second quarter of 2016 to
$54.9 million, compared with
$49.8 million in the first quarter of
2016 and $40.2 million in the second
quarter of 2015. Excluding accretion income, yields on all
loans were 4.42% in the second quarter of 2016, reflecting a
decline of 0.43% from the second quarter of 2015. Excluding
the effect of purchased mortgage pools, the Company's loan yields
declined by only 0.11% from the second quarter of 2015, reflecting
success in the Company's pricing efforts on new and renewed credits
in the current rate environment.
Total interest expense for the second quarter of 2016 was
$4.8 million, compared with
$3.5 million in the same quarter of
2015. 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 2016 at 0.22%, compared with 0.23% during the first
quarter of 2016 and 0.24% during the second quarter of 2015.
Continued improvement in the Company's mix of deposits, primarily
toward non-interest bearing deposits, has allowed for more
aggressive retention efforts on MMDA and CDs without negatively
impacting overall deposit costs. Non-interest bearing
deposits were 30.0% of the total average deposits during the second
quarter of 2016, compared with 28.9% for the second quarter of
2015. Management does not expect deposit costs or overall
funding costs to decrease materially in the coming quarters despite
tightening liquidity ratios and stronger forecasts for asset
growth.
Non-interest Income
Non-interest income in the
second quarter of 2016 improved to $28.4
million, an increase of $7.8
million, or 37.6%, compared with the same quarter in
2015. Service charges on deposit accounts increased by
$3.3 million to $10.4 million during the quarter, an increase of
45.9% compared with the same quarter in 2015. Stronger growth
in commercial and treasury management accounts contributed to the
growth in income, as did growth in balances that resulted from the
Company's acquisitions during 2015 and the first quarter of
2016.
Levels of non-interest income benefited from continued growth
and profitability in the Company's mortgage operations.
Revenue from mortgage operations increased to $14.1 million, an increase of 45.4% compared with
the same quarter in 2015. Net income for the Company's retail
mortgage division increased 82.6% during the second quarter of 2016
to $4.1 million, compared with
$2.2 million in the second quarter of
2015. Total retail production increased to $375.7 million in the quarter, compared with
$285.6 million in the second quarter
of 2015, while spreads (gain on sale) increased to 3.90% in the
current quarter compared with 3.67% in the same quarter of
2015. Open pipelines at the end of the quarter were
$162.6 million, compared with
$161.5 million at the beginning of
the second quarter of 2016 and $115.9
million at the end of the second quarter of 2015.
Net income for the Company's SBA division increased 3.0% during
the second quarter of 2016 to $880,000, compared with $854,000 during the second quarter of 2015.
SBA pipelines improved significantly at the end of the second
quarter of 2016, growing to $65.4
million, compared with $49.4
million at the beginning of the quarter. Total
principal of closed loans in the second quarter of 2016 amounted to
$17.9 million, an increase of
$7.9 million from the first quarter
of 2016 and an increase of $8.3
million compared with the second quarter of 2015.
Non-interest Expense
Operating expenses,
excluding merger and non-recurring credit charges, increased
$12.5 million during the second
quarter of 2016, from $39.9 million
in the second quarter of 2015 to $52.4
million in the second quarter of 2016. The growth in
operating expenses that resulted from the Company's two
acquisitions that were completed late in the second quarter of
2015, as well as the JAXB acquisition completed in the first
quarter of 2016, account for almost all of the increase in total
operating expenses.
During the second quarter, operating expenses increased
$3.1 million from the first quarter
of 2016. The acquisition of JAXB at the end of the first
quarter of 2016 was the primary driver of the additional operating
expenses. The conversion and substantially all of the
integration for the JAXB transaction have been completed, and the
Company expects to see a reduction of approximately $500,000 in operating expenses in the coming
quarter as a result.
Salaries and benefits increased to $27.5
million in the current quarter of 2016, compared with
$26.2 million in the first quarter of
2016 and $22.5 million in the same
quarter in 2015. Increases in compensation costs from the
first quarter reflect an increase of $2.0
million in higher levels of commissions for mortgage and SBA
personnel, as well as the impact of staffing additions from the
acquisition of JAXB in March
2016.
Occupancy and equipment costs increased from $5.7 million in the first quarter of 2015 to
$6.4 million in the second quarter of
2016 due to the additional JAXB branches acquired in March.
Data processing and telecommunications costs decreased
slightly to $6.0 million in the
second quarter of 2016, compared with $6.1
million for the first quarter of 2016.
Total credit costs (provision and non-provision credit
resolution-related costs) totaled $2.7
million in the second quarter of 2016, compared with
$2.5 million in the first quarter of
2016 and $13.9 million in the same
quarter in 2015. During the second quarter of 2015, the
Company recorded a non-recurring charge of $11.2 million to aggressively mark certain
non-performing assets in a manner that would facilitate quick
disposition. Excluding that charge, total credit costs would
have been consistent at $2.7 million
for the second quarter of 2015.
Balance Sheet Trends
Total assets at
June 30, 2016 were $6.22 billion, compared with $5.59 billion reported at December 31, 2015 and $6.10 billion reported at March 31, 2016.
Loans, including loans held for sale, totaled $4.73 billion at June 30,
2016, compared with $3.57
billion at June 30,
2015. During the quarter, growth in legacy loans (loans and
purchased non-covered loans) amounted to $233.4 million, or 25.5% on an annualized
basis. Growth in loans was diversified across product type,
with CRE at 28% of incremental growth, municipal at 35%, C&I
and agriculture at 12% and mortgage lending, including warehouse
lines, at 25% of the total.
Purchased non-covered loan pools declined during the current
quarter to $610.4 million, compared
with $656.7 million at March 31, 2016. No additional purchases of
mortgage loan pools were made during the quarter, although
management anticipates maintaining purchased loan pool balances
between $600 million and $700
million.
Investment securities at the end of the quarter amounted to
$862.8 million, or 17.2% of earning
assets, compared with $792.5 million,
or 15.6% of earning assets, at December
31, 2015.
At June 30, 2016, total deposits
amounted to $5.18 billion, or 93.1%
of total funding, compared with $4.88
billion and 96.6%, respectively, at December 31, 2015. Non-interest bearing
deposits at the end of the current quarter were $1.55 billion, or 30.0% of total deposits,
compared with $1.33 billion, or
27.3%, at December 31, 2015.
Non-rate sensitive deposits (including NIB, NOW and savings)
totaled $2.90 billion at June 30, 2016, compared with $2.71 billion at the end of 2015. These
funds represented 56.0% of the Company's total deposits at
June 30, 2016, compared with 55.6% at
the end of 2015.
Stockholders' equity at June 30,
2016 totaled $625.9 million,
compared with $514.8 million reported
at December 31, 2015. The
increase in stockholders' equity was the result of the issuance of
shares of common stock in the JAXB acquisition during the first
quarter of 2016, plus earnings of $32.4
million during the first six months of 2016. Tangible
book value at June 30, 2016 was
$13.89 per share, up 9.8% from
$12.65 per share at the end of
2015. Tangible common equity as a percentage of tangible
assets increased to 7.96% at the end of the second quarter of 2016,
compared with 7.44% at the end of 2015.
Conference Call
The Company will host a
teleconference at 11:00 a.m. EDT
today (July 22, 2016) to discuss the
Company's results and answer appropriate questions. The conference
call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657
for participants in Canada and
1-412-902-6630 for other international participants). The
conference ID name is Ameris Bancorp ABCB. A replay of the
call will be available one hour after the end of the conference
call until August 6, 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 10089110. 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 102 locations in Georgia, Alabama, northern Florida and South
Carolina at the end of the most recent quarter.
This news release contains certain performance measures
determined by methods other than in accordance with accounting
principles generally accepted in the
United States of America ("GAAP"). Management of Ameris
Bancorp (the "Company") uses these non-GAAP measures in its
analysis of the Company's performance. These measures are useful
when evaluating the underlying performance and efficiency of the
Company's operations and balance sheet. The Company's management
believes that these non-GAAP measures provide a greater
understanding of ongoing operations, enhance comparability of
results with prior periods and demonstrate the effects of
significant gains and charges in the current period. The Company's
management believes that investors may use these non-GAAP financial
measures to evaluate the Company's financial performance without
the impact of unusual items that may obscure trends in the
Company's underlying performance. These disclosures should not be
viewed as a substitute for financial measures determined in
accordance with GAAP, nor are they necessarily comparable to
non-GAAP performance measures that may be presented by other
companies.
This news release contains statements that constitute
"forward-looking statements" within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. The words
"believe", "estimate", "expect", "intend", "anticipate" and similar
expressions and variations thereof identify certain of such
forward-looking statements, which speak only as of the dates which
they were made. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Readers are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties and that actual results may differ materially from
those indicated in the forward-looking statements as a result of
various factors. Readers are cautioned not to place undue reliance
on these forward-looking statements and are referred to the
Company's periodic filings with the Securities and Exchange
Commission for a summary of certain factors that may impact the
Company's results of operations and financial condition.
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Jun.
|
|
Jun.
|
|
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
$
20,049
|
|
$
12,317
|
|
$
14,148
|
|
$
15,627
|
|
$
1,308
|
|
$
32,366
|
|
$
11,072
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Net
Income
|
$
20,049
|
|
$
16,450
|
|
$
15,323
|
|
$
15,917
|
|
$
12,327
|
|
$
36,499
|
|
$
22,101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
available to common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.58
|
|
$
0.38
|
|
$
0.44
|
|
$
0.49
|
|
$
0.04
|
|
$
0.96
|
|
$
0.35
|
|
|
Diluted
|
$
0.57
|
|
$
0.37
|
|
$
0.43
|
|
$
0.48
|
|
$
0.04
|
|
$
0.95
|
|
$
0.35
|
|
Cash Dividends per
share
|
$
0.05
|
|
$
0.05
|
|
$
0.05
|
|
$
0.05
|
|
$
0.05
|
|
$
0.10
|
|
$
0.10
|
|
Book value per share
(period end)
|
$
17.96
|
|
$
17.25
|
|
$
15.98
|
|
$
15.60
|
|
$
15.12
|
|
$
17.96
|
|
$
15.12
|
|
Tangible book value
per share (period end)
|
$
13.89
|
|
$
13.13
|
|
$
12.65
|
|
$
12.31
|
|
$
11.81
|
|
$
13.89
|
|
$
11.81
|
|
Weighted average
number of shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
34,832,621
|
|
32,752,063
|
|
32,199,632
|
|
32,195,435
|
|
32,184,355
|
|
33,792,343
|
|
31,318,487
|
|
|
Diluted
|
35,153,311
|
|
33,053,554
|
|
32,594,929
|
|
32,553,167
|
|
32,520,453
|
|
34,107,298
|
|
31,652,557
|
|
Period-end number of
shares
|
34,847,311
|
|
34,837,454
|
|
32,211,385
|
|
32,196,117
|
|
32,195,089
|
|
34,847,311
|
|
32,195,089
|
|
Market
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High closing
price
|
$
32.39
|
|
$
32.68
|
|
$
34.90
|
|
$
28.75
|
|
$
26.87
|
|
$
32.68
|
|
$
26.87
|
|
|
Low closing
price
|
$
27.89
|
|
$
25.09
|
|
$
27.65
|
|
$
24.97
|
|
$
24.73
|
|
$
25.09
|
|
$
22.75
|
|
|
Period end closing
price
|
$
29.70
|
|
$
29.58
|
|
$
33.99
|
|
$
28.75
|
|
$
25.29
|
|
$
29.70
|
|
$
25.29
|
|
|
Average daily
volume
|
215,409
|
|
253,779
|
|
301,775
|
|
174,900
|
|
107,413
|
|
234,141
|
|
106,301
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.31%
|
|
0.88%
|
|
1.03%
|
|
1.19%
|
|
0.12%
|
|
1.11%
|
|
0.52%
|
|
Return on average
common equity
|
13.08%
|
|
9.14%
|
|
10.94%
|
|
12.53%
|
|
1.07%
|
|
11.24%
|
|
4.54%
|
|
Earning asset yield
(TE)
|
4.35%
|
|
4.36%
|
|
4.30%
|
|
4.39%
|
|
4.49%
|
|
4.35%
|
|
4.63%
|
|
Total cost of
funds
|
0.35%
|
|
0.33%
|
|
0.32%
|
|
0.32%
|
|
0.36%
|
|
0.34%
|
|
0.38%
|
|
Net interest margin
(TE)
|
4.01%
|
|
4.03%
|
|
3.98%
|
|
4.07%
|
|
4.14%
|
|
4.02%
|
|
4.26%
|
|
Non-interest income
excluding securities transactions,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as a percent of total
revenue (TE)
|
32.01%
|
|
30.40%
|
|
29.56%
|
|
32.33%
|
|
31.51%
|
|
31.25%
|
|
30.33%
|
|
Efficiency
ratio
|
63.11%
|
|
74.41%
|
|
74.66%
|
|
66.87%
|
|
92.74%
|
|
68.46%
|
|
82.99%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY
(period end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
to assets
|
10.06%
|
|
9.85%
|
|
9.21%
|
|
9.63%
|
|
9.35%
|
|
10.06%
|
|
9.35%
|
|
Tangible common
equity to tangible assets
|
7.96%
|
|
7.68%
|
|
7.44%
|
|
7.76%
|
|
7.46%
|
|
7.96%
|
|
7.46%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY TO ASSETS
RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets
|
7.96%
|
|
7.68%
|
|
7.44%
|
|
7.76%
|
|
7.46%
|
|
7.96%
|
|
7.46%
|
|
Effect of goodwill
and other intangibles
|
2.10%
|
|
2.17%
|
|
1.77%
|
|
1.87%
|
|
1.89%
|
|
2.10%
|
|
1.89%
|
|
|
Equity to assets
(GAAP)
|
10.06%
|
|
9.85%
|
|
9.21%
|
|
9.63%
|
|
9.35%
|
|
10.06%
|
|
9.35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER PERIOD-END
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking Division
FTE
|
1,023
|
|
1,085
|
|
1,075
|
|
1,110
|
|
1,122
|
|
1,023
|
|
1,122
|
|
Mortgage Division
FTE
|
245
|
|
233
|
|
229
|
|
218
|
|
191
|
|
245
|
|
191
|
|
|
Total Ameris Bancorp
FTE Headcount
|
1,268
|
|
1,318
|
|
1,304
|
|
1,328
|
|
1,313
|
|
1,268
|
|
1,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets per Banking
Division FTE
|
$
6,081
|
|
$
5,620
|
|
$
5,199
|
|
$
4,699
|
|
$
4,640
|
|
$
6,081
|
|
$
4,640
|
|
Branch
locations
|
102
|
|
103
|
|
101
|
|
103
|
|
103
|
|
102
|
|
103
|
|
Deposits per branch
location
|
$
50,780
|
|
$
50,784
|
|
$
48,310
|
|
$
43,986
|
|
$
43,801
|
|
$
50,780
|
|
$
43,801
|
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.
|
|
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
54,164
|
|
$
49,191
|
|
$
47,336
|
|
$
45,775
|
|
$
39,838
|
|
$
103,355
|
|
$
78,456
|
|
Interest on taxable
securities
|
4,554
|
|
4,586
|
|
4,540
|
|
4,694
|
|
3,747
|
|
9,140
|
|
6,900
|
|
Interest on
nontaxable securities
|
454
|
|
446
|
|
458
|
|
480
|
|
462
|
|
900
|
|
931
|
|
Interest on deposits
in other banks
|
159
|
|
328
|
|
262
|
|
227
|
|
177
|
|
487
|
|
301
|
|
Interest on federal
funds sold
|
9
|
|
8
|
|
5
|
|
19
|
|
5
|
|
17
|
|
9
|
|
|
Total interest
income
|
59,340
|
|
54,559
|
|
52,601
|
|
51,195
|
|
44,229
|
|
113,899
|
|
86,597
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
$
2,915
|
|
$
2,741
|
|
$
2,687
|
|
$
2,521
|
|
$
2,264
|
|
$
5,656
|
|
$
4,544
|
|
Interest on other
borrowings
|
1,836
|
|
1,382
|
|
1,296
|
|
1,275
|
|
1,277
|
|
3,218
|
|
2,533
|
|
|
Total interest
expense
|
4,751
|
|
4,123
|
|
3,983
|
|
3,796
|
|
3,541
|
|
8,874
|
|
7,077
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
54,589
|
|
50,436
|
|
48,618
|
|
47,399
|
|
40,688
|
|
105,025
|
|
79,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
889
|
|
681
|
|
553
|
|
986
|
|
2,656
|
|
1,570
|
|
3,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
$
53,700
|
|
$
49,755
|
|
$
48,065
|
|
$
46,413
|
|
$
38,032
|
|
$
103,455
|
|
$
75,795
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
$
10,436
|
|
$
9,915
|
|
$
10,119
|
|
$
10,766
|
|
$
7,151
|
|
$
20,351
|
|
$
13,580
|
|
Mortgage banking
activity
|
14,142
|
|
10,211
|
|
8,586
|
|
10,404
|
|
9,727
|
|
24,353
|
|
17,810
|
|
Other service
charges, commissions and fees
|
967
|
|
1,111
|
|
1,112
|
|
1,145
|
|
829
|
|
2,078
|
|
1,497
|
|
Gain(loss) on sale of
securities
|
-
|
|
94
|
|
-
|
|
115
|
|
10
|
|
94
|
|
22
|
|
Other non-interest
income
|
2,834
|
|
2,955
|
|
2,590
|
|
2,548
|
|
2,909
|
|
5,789
|
|
5,292
|
|
|
Total noninterest
income
|
28,379
|
|
24,286
|
|
22,407
|
|
24,978
|
|
20,626
|
|
52,665
|
|
38,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
27,531
|
|
26,187
|
|
25,972
|
|
24,934
|
|
22,465
|
|
53,718
|
|
43,097
|
|
Occupancy and
equipment expenses
|
6,371
|
|
5,700
|
|
5,917
|
|
5,915
|
|
4,809
|
|
12,071
|
|
9,363
|
|
Data processing and
telecommunications expenses
|
6,049
|
|
6,113
|
|
6,046
|
|
5,329
|
|
4,214
|
|
12,162
|
|
8,474
|
|
Credit resolution
related expenses (1)
|
1,764
|
|
1,799
|
|
2,223
|
|
1,083
|
|
11,240
|
|
3,563
|
|
14,401
|
|
Advertising and
marketing expenses
|
854
|
|
805
|
|
1,171
|
|
667
|
|
833
|
|
1,659
|
|
1,474
|
|
Amortization of
intangible assets
|
1,319
|
|
1,020
|
|
1,160
|
|
1,321
|
|
630
|
|
2,339
|
|
1,260
|
|
Merger and conversion
charges
|
-
|
|
6,359
|
|
1,807
|
|
446
|
|
5,712
|
|
6,359
|
|
5,727
|
|
Other non-interest
expenses
|
8,471
|
|
7,617
|
|
8,732
|
|
8,701
|
|
6,961
|
|
16,088
|
|
13,895
|
|
|
Total noninterest
expense
|
52,359
|
|
55,600
|
|
53,028
|
|
48,396
|
|
56,864
|
|
107,959
|
|
97,691
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
$
29,720
|
|
$
18,441
|
|
$
17,444
|
|
$
22,995
|
|
$
1,794
|
|
$
48,161
|
|
$
16,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
9,671
|
|
6,124
|
|
3,296
|
|
7,368
|
|
486
|
|
15,795
|
|
5,233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
20,049
|
|
$
12,317
|
|
$
14,148
|
|
$
15,627
|
|
$
1,308
|
|
$
32,366
|
|
$
11,072
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
available to common shareholders
|
0.57
|
|
0.37
|
|
0.43
|
|
0.48
|
|
0.04
|
|
0.95
|
|
0.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
PERIOD-END BALANCE
SHEET
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
116,255
|
|
$
146,863
|
|
$
118,518
|
|
$
114,396
|
|
$
115,413
|
|
Federal funds sold
and interest bearing balances
|
68,273
|
|
107,373
|
|
272,045
|
|
120,925
|
|
239,804
|
|
Investment securities
available for sale, at fair value
|
843,646
|
|
837,103
|
|
783,185
|
|
811,385
|
|
862,154
|
|
Other
investments
|
19,125
|
|
12,802
|
|
9,323
|
|
9,322
|
|
9,322
|
|
Mortgage loans held
for sale
|
102,757
|
|
97,439
|
|
111,182
|
|
111,807
|
|
108,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of
unearned income
|
2,819,071
|
|
2,528,007
|
|
2,406,877
|
|
2,290,649
|
|
2,171,600
|
|
Purchased,
non-covered loans (excluding loan pools)
|
1,072,217
|
|
1,129,919
|
|
771,554
|
|
767,494
|
|
808,313
|
|
Purchased,
non-covered loan pools
|
610,425
|
|
656,734
|
|
592,963
|
|
410,072
|
|
268,984
|
|
Covered
loans
|
121,418
|
|
130,279
|
|
137,529
|
|
191,021
|
|
209,598
|
|
Less allowance for
loan losses
|
(21,734)
|
|
(21,482)
|
|
(21,062)
|
|
(22,471)
|
|
(21,658)
|
|
|
Loans, net
|
4,601,397
|
|
4,423,457
|
|
3,887,861
|
|
3,636,765
|
|
3,436,837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
13,765
|
|
14,967
|
|
16,147
|
|
20,730
|
|
22,567
|
|
Purchased,
non-covered other real estate owned
|
13,928
|
|
15,048
|
|
14,333
|
|
11,538
|
|
13,112
|
|
Covered other real
estate owned
|
2,742
|
|
3,764
|
|
5,011
|
|
12,203
|
|
12,626
|
|
|
Total other real
estate owned
|
30,435
|
|
33,779
|
|
35,491
|
|
44,471
|
|
48,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and
equipment, net
|
123,978
|
|
124,747
|
|
121,639
|
|
124,756
|
|
124,916
|
|
Goodwill
|
121,422
|
|
121,512
|
|
90,082
|
|
87,701
|
|
87,367
|
|
Other intangibles,
net
|
20,574
|
|
21,892
|
|
17,058
|
|
18,218
|
|
19,189
|
|
FDIC loss sharing
receivable
|
-
|
|
1,197
|
|
6,301
|
|
4,506
|
|
14,957
|
|
Cash value of bank
owned life insurance
|
77,095
|
|
76,676
|
|
64,251
|
|
59,894
|
|
59,552
|
|
Other
assets
|
96,337
|
|
92,931
|
|
72,004
|
|
72,154
|
|
79,089
|
|
|
Total
assets
|
$
6,221,294
|
|
$
6,097,771
|
|
$
5,588,940
|
|
$
5,216,300
|
|
$
5,205,734
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
1,553,972
|
|
$
1,529,037
|
|
$
1,329,857
|
|
$
1,275,800
|
|
$
1,280,174
|
|
|
Interest-bearing
|
3,625,560
|
|
3,701,750
|
|
3,549,433
|
|
3,254,723
|
|
3,231,373
|
|
Total
deposits
|
5,179,532
|
|
5,230,787
|
|
4,879,290
|
|
4,530,523
|
|
4,511,547
|
|
Federal funds
purchased & securities sold under
|
|
|
|
|
|
|
|
|
|
|
|
agreements to
repurchase
|
37,139
|
|
43,741
|
|
63,585
|
|
51,506
|
|
75,066
|
|
Other
borrowings
|
260,191
|
|
110,531
|
|
39,000
|
|
39,000
|
|
39,000
|
|
Other
liabilities
|
34,947
|
|
28,647
|
|
22,432
|
|
23,371
|
|
24,026
|
|
Subordinated
deferrable interest debentures
|
83,570
|
|
83,237
|
|
69,874
|
|
69,600
|
|
69,325
|
|
|
Total
liabilities
|
5,595,379
|
|
5,496,943
|
|
5,074,181
|
|
4,714,000
|
|
4,718,964
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
Common
stock
|
36,303
|
|
36,272
|
|
33,625
|
|
33,610
|
|
33,609
|
Capital
surplus
|
408,549
|
|
407,726
|
|
337,349
|
|
336,599
|
|
336,212
|
Retained
earnings
|
181,701
|
|
163,395
|
|
152,820
|
|
140,282
|
|
126,265
|
Accumulated
other comprehensive income/(loss)
|
12,960
|
|
6,411
|
|
3,353
|
|
4,197
|
|
3,072
|
Less treasury
stock
|
(13,598)
|
|
(12,976)
|
|
(12,388)
|
|
(12,388)
|
|
(12,388)
|
|
|
Total stockholders'
equity
|
625,915
|
|
600,828
|
|
514,759
|
|
502,300
|
|
486,770
|
|
|
Total liabilities and
stockholders' equity
|
$
6,221,294
|
|
$
6,097,771
|
|
$
5,588,940
|
|
$
5,216,300
|
|
$
5,205,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
Earning
Assets
|
5,027,382
|
|
5,486,854
|
|
5,075,335
|
|
4,703,353
|
|
4,669,282
|
Intangible
Assets
|
141,996
|
|
143,404
|
|
107,140
|
|
105,919
|
|
106,556
|
Interest Bearing
Liabilities
|
4,006,460
|
|
3,939,259
|
|
3,721,892
|
|
3,414,829
|
|
3,414,764
|
Average
Assets
|
6,138,757
|
|
5,618,397
|
|
5,427,367
|
|
5,213,275
|
|
4,464,558
|
Average Common
Stockholders' Equity
|
616,361
|
|
542,264
|
|
513,098
|
|
494,957
|
|
491,967
|
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.
|
|
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
INFORMATION(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
21,482
|
|
$
21,062
|
|
$
22,471
|
|
$
21,658
|
|
$
21,852
|
|
$
21,062
|
|
$
21,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
loss (2)
|
1,050
|
|
1,200
|
|
800
|
|
1,050
|
|
1,800
|
|
2,250
|
|
2,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
1,193
|
|
1,435
|
|
2,398
|
|
719
|
|
2,452
|
|
2,628
|
|
3,307
|
|
|
Recoveries
|
395
|
|
655
|
|
189
|
|
482
|
|
458
|
|
1,050
|
|
908
|
|
Net charge-offs
(recoveries)
|
798
|
|
780
|
|
2,209
|
|
237
|
|
1,994
|
|
1,578
|
|
2,399
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending
balance
|
$
21,734
|
|
$
21,482
|
|
$
21,062
|
|
$
22,471
|
|
$
21,658
|
|
$
21,734
|
|
$
21,658
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a percentage of
loans
|
0.77%
|
|
0.85%
|
|
0.88%
|
|
0.98%
|
|
1.00%
|
|
0.77%
|
|
1.00%
|
|
As a percentage of
nonperforming loans
|
135.81%
|
|
136.83%
|
|
124.92%
|
|
109.31%
|
|
104.43%
|
|
135.81%
|
|
104.43%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-off
information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
541
|
|
$
406
|
|
$
501
|
|
$
135
|
|
$
410
|
|
$
947
|
|
$
802
|
|
Real estate -
residential
|
123
|
|
468
|
|
621
|
|
234
|
|
464
|
|
591
|
|
732
|
|
Real estate -
commercial & farmland
|
361
|
|
347
|
|
1,009
|
|
184
|
|
1,162
|
|
708
|
|
1,174
|
|
Real estate -
construction & development
|
109
|
|
155
|
|
157
|
|
105
|
|
263
|
|
264
|
|
360
|
|
Consumer
installment
|
59
|
|
59
|
|
110
|
|
61
|
|
153
|
|
118
|
|
239
|
|
|
Total
charge-offs
|
1,193
|
|
1,435
|
|
2,398
|
|
719
|
|
2,452
|
|
2,628
|
|
3,307
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
87
|
|
73
|
|
134
|
|
117
|
|
115
|
|
160
|
|
400
|
|
Real estate -
residential
|
14
|
|
314
|
|
13
|
|
54
|
|
27
|
|
328
|
|
84
|
|
Real estate -
commercial & farmland
|
57
|
|
121
|
|
13
|
|
272
|
|
17
|
|
178
|
|
32
|
|
Real estate -
construction & development
|
221
|
|
122
|
|
9
|
|
6
|
|
277
|
|
343
|
|
308
|
|
Consumer
installment
|
16
|
|
25
|
|
20
|
|
33
|
|
22
|
|
41
|
|
84
|
|
|
Total
recoveries
|
395
|
|
655
|
|
189
|
|
482
|
|
458
|
|
1,050
|
|
908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries)
|
$
798
|
|
$
780
|
|
$
2,209
|
|
$
237
|
|
$
1,994
|
|
$
1,578
|
|
$
2,399
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
(excluding purchased non-covered
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and covered loans)
|
16,003
|
|
15,700
|
|
16,860
|
|
20,558
|
|
20,740
|
|
16,003
|
|
20,740
|
Non-accrual purchased
non-covered loans
|
15,767
|
|
19,187
|
|
13,330
|
|
11,374
|
|
17,444
|
|
15,767
|
|
17,444
|
Foreclosed assets
(excluding purchased assets)
|
13,765
|
|
14,967
|
|
16,147
|
|
20,730
|
|
22,567
|
|
13,765
|
|
22,567
|
Purchased,
non-covered other real estate owned
|
13,928
|
|
15,048
|
|
14,333
|
|
11,538
|
|
13,112
|
|
13,928
|
|
13,112
|
Accruing loans
delinquent 90 days or more
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total
non-performing assets, excluding covered assets
|
59,463
|
|
64,902
|
|
60,670
|
|
64,200
|
|
73,863
|
|
59,463
|
|
73,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
as a percent of total assets
|
0.96%
|
|
1.06%
|
|
1.09%
|
|
1.23%
|
|
1.42%
|
|
0.96%
|
|
1.42%
|
Net charge offs as a
percent of loans (Annualized)
|
0.11%
|
|
0.12%
|
|
0.36%
|
|
0.04%
|
|
0.37%
|
|
0.11%
|
|
0.22%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Asset quality
information is presented net of covered assets where the Company's
risk exposure is limited substantially by loss sharing agreements
with the FDIC.
|
(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
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
|
Commercial, financial
& agricultural
|
$
564,343
|
|
$
434,073
|
|
$
449,623
|
|
$
427,747
|
|
$
373,202
|
|
|
Real estate -
construction & development
|
274,717
|
|
264,820
|
|
244,693
|
|
220,798
|
|
205,019
|
|
|
Real estate -
commercial & farmland
|
1,248,580
|
|
1,154,887
|
|
1,104,991
|
|
1,067,828
|
|
1,010,195
|
|
|
Real estate -
residential
|
680,233
|
|
629,138
|
|
570,430
|
|
532,285
|
|
537,201
|
|
|
Consumer
installment
|
33,245
|
|
31,901
|
|
31,125
|
|
31,299
|
|
30,080
|
|
|
Other
|
17,953
|
|
13,188
|
|
6,015
|
|
10,692
|
|
15,903
|
|
|
Total Legacy (excluding purchased
|
|
|
|
|
|
|
|
|
|
|
|
non-covered and covered)
|
$
2,819,071
|
|
$
2,528,007
|
|
$
2,406,877
|
|
$
2,290,649
|
|
$
2,171,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
101,803
|
|
$
111,537
|
|
$
45,462
|
|
$
42,350
|
|
$
45,337
|
|
|
Real estate -
construction & development
|
89,096
|
|
103,753
|
|
72,080
|
|
71,109
|
|
75,302
|
|
|
Real estate -
commercial & farmland
|
574,830
|
|
598,935
|
|
390,755
|
|
385,032
|
|
404,588
|
|
|
Real estate -
residential
|
300,898
|
|
309,770
|
|
258,153
|
|
263,312
|
|
276,798
|
|
|
Consumer
installment
|
5,590
|
|
5,924
|
|
5,104
|
|
5,691
|
|
6,288
|
|
|
Total Purchased non-covered (net of discounts)
|
$
1,072,217
|
|
$
1,129,919
|
|
$
771,554
|
|
$
767,494
|
|
$
808,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
Real estate -
construction & development
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Real estate -
commercial & farmland
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Real estate -
residential
|
610,425
|
|
656,734
|
|
592,963
|
|
410,072
|
|
268,984
|
|
|
Consumer
installment
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total Purchased non-covered loan pools
|
$
610,425
|
|
$
656,734
|
|
$
592,963
|
|
$
410,072
|
|
$
268,984
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
1,604
|
|
$
4,739
|
|
$
5,546
|
|
$
13,349
|
|
$
17,666
|
|
|
Real estate -
construction & development
|
7,168
|
|
7,205
|
|
7,612
|
|
14,266
|
|
15,002
|
|
|
Real estate -
commercial & farmland
|
65,091
|
|
67,055
|
|
71,226
|
|
103,399
|
|
111,772
|
|
|
Real estate -
residential
|
47,455
|
|
51,176
|
|
53,038
|
|
59,835
|
|
64,982
|
|
|
Consumer
installment
|
100
|
|
104
|
|
107
|
|
172
|
|
176
|
|
|
Total Covered (net of discounts)
|
$
121,418
|
|
$
130,279
|
|
$
137,529
|
|
$
191,021
|
|
$
209,598
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loan
Portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
667,750
|
|
$
550,349
|
|
$
500,631
|
|
$
483,446
|
|
$
436,205
|
|
|
Real estate -
construction & development
|
370,981
|
|
375,778
|
|
324,385
|
|
306,173
|
|
295,323
|
|
|
Real estate -
commercial & farmland
|
1,888,501
|
|
1,820,877
|
|
1,566,972
|
|
1,556,259
|
|
1,526,555
|
|
|
Real estate -
residential
|
1,639,011
|
|
1,646,818
|
|
1,474,584
|
|
1,265,504
|
|
1,147,965
|
|
|
Consumer
installment
|
38,935
|
|
37,929
|
|
36,336
|
|
37,162
|
|
36,544
|
|
|
Other
|
17,953
|
|
13,188
|
|
6,015
|
|
10,692
|
|
15,903
|
|
|
Total Loans
|
$
4,623,131
|
|
$
4,444,939
|
|
$
3,908,923
|
|
$
3,659,236
|
|
$
3,458,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt
Restructurings, excluding purchased non-covered and covered
loans:
|
|
|
|
|
|
|
|
|
Accruing loan
types:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
275
|
|
$
279
|
|
$
240
|
|
$
238
|
|
$
278
|
|
|
Real estate -
construction & development
|
468
|
|
476
|
|
792
|
|
838
|
|
821
|
|
|
Real estate -
commercial & farmland
|
5,802
|
|
5,945
|
|
5,766
|
|
5,719
|
|
6,617
|
|
|
Real estate -
residential
|
8,226
|
|
7,648
|
|
7,574
|
|
5,209
|
|
4,702
|
|
|
Consumer
installment
|
24
|
|
37
|
|
46
|
|
71
|
|
49
|
|
|
Total Accruing TDRs
|
$
14,795
|
|
$
14,385
|
|
$
14,418
|
|
$
12,075
|
|
$
12,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accruing loan
types:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
86
|
|
$
75
|
|
$
110
|
|
$
68
|
|
$
29
|
|
|
Real estate -
construction & development
|
36
|
|
30
|
|
63
|
|
30
|
|
57
|
|
|
Real estate -
commercial & farmland
|
1,832
|
|
1,871
|
|
596
|
|
942
|
|
598
|
|
|
Real estate -
residential
|
899
|
|
1,040
|
|
1,123
|
|
759
|
|
783
|
|
|
Consumer
installment
|
113
|
|
87
|
|
94
|
|
64
|
|
82
|
|
|
Total Non-accrual TDRs
|
$
2,966
|
|
$
3,103
|
|
$
1,986
|
|
$
1,863
|
|
$
1,549
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Troubled
Debt Restructurings
|
$
17,761
|
|
$
17,488
|
|
$
16,404
|
|
$
13,938
|
|
$
14,016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following
table presents the loan portfolio by risk grade, excluding
purchased non-covered and covered loans:
|
|
|
|
|
|
|
Grade 10 - Prime
credit
|
$
349,725
|
|
$
254,203
|
|
$
250,609
|
|
$
231,281
|
|
$
181,933
|
|
|
Grade 15 - Good
credit
|
191,574
|
|
213,510
|
|
227,730
|
|
234,185
|
|
243,070
|
|
|
Grade 20 -
Satisfactory credit
|
1,493,561
|
|
1,346,050
|
|
1,224,320
|
|
1,148,024
|
|
1,104,747
|
|
|
Grade 23 -
Performing, under-collateralized credit
|
23,665
|
|
25,047
|
|
27,607
|
|
26,477
|
|
27,400
|
|
|
Grade 25 - Minimum
acceptable credit
|
687,817
|
|
628,042
|
|
609,413
|
|
579,642
|
|
544,664
|
|
|
Grade 30 - Other
asset especially mentioned
|
32,468
|
|
22,141
|
|
24,423
|
|
22,190
|
|
25,020
|
|
|
Grade 40 -
Substandard
|
40,261
|
|
39,013
|
|
42,773
|
|
48,848
|
|
44,766
|
|
|
Grade 50 -
Doubtful
|
-
|
|
-
|
|
-
|
|
2
|
|
-
|
|
|
Grade 60 -
Loss
|
-
|
|
1
|
|
2
|
|
-
|
|
-
|
|
|
Total
|
$
2,819,071
|
|
$
2,528,007
|
|
$
2,406,877
|
|
$
2,290,649
|
|
$
2,171,600
|
|
|
|
|
|
|
|
|
|
|
|
|
The following
table presents the purchased, non-covered loan portfolio by risk
grade:
|
|
|
|
|
|
|
|
|
Grade 10 - Prime
credit
|
$
6,899
|
|
$
10,505
|
|
$
9,602
|
|
$
9,801
|
|
$
10,123
|
|
|
Grade 15 - Good
credit
|
45,245
|
|
48,229
|
|
51,168
|
|
50,906
|
|
53,220
|
|
|
Grade 20 -
Satisfactory credit
|
345,480
|
|
344,479
|
|
336,990
|
|
348,034
|
|
362,304
|
|
|
Grade 23 -
Performing, under-collateralized credit
|
27,387
|
|
27,445
|
|
12,029
|
|
10,612
|
|
10,537
|
|
|
Grade 25 - Minimum
acceptable credit
|
557,221
|
|
607,838
|
|
294,829
|
|
290,272
|
|
300,411
|
|
|
Grade 30 - Other
asset especially mentioned
|
52,536
|
|
50,517
|
|
30,693
|
|
26,458
|
|
34,779
|
|
|
Grade 40 -
Substandard
|
37,417
|
|
40,874
|
|
36,211
|
|
31,381
|
|
36,887
|
|
|
Grade 50 -
Doubtful
|
30
|
|
30
|
|
30
|
|
30
|
|
52
|
|
|
Grade 60 -
Loss
|
2
|
|
2
|
|
2
|
|
-
|
|
-
|
|
|
Total
|
$
1,072,217
|
|
$
1,129,919
|
|
$
771,554
|
|
$
767,494
|
|
$
808,313
|
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.
|
|
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
7,186
|
|
$
6,200
|
|
$
5,500
|
|
$
5,500
|
|
$
5,500
|
|
$
6,693
|
|
$
5,500
|
|
|
Interest bearing
deposits in banks
|
96,906
|
|
201,814
|
|
291,303
|
|
199,057
|
|
201,765
|
|
149,360
|
|
180,146
|
|
|
Investment securities
- taxable
|
766,006
|
|
728,269
|
|
730,608
|
|
772,252
|
|
600,176
|
|
747,137
|
|
543,365
|
|
|
Investment securities
- nontaxable
|
69,664
|
|
68,824
|
|
69,711
|
|
72,549
|
|
70,653
|
|
69,244
|
|
70,939
|
|
|
Other
investments
|
14,765
|
|
9,606
|
|
9,322
|
|
9,322
|
|
9,597
|
|
12,185
|
|
9,524
|
|
|
Mortgage loans held
for sale
|
96,998
|
|
82,803
|
|
98,765
|
|
102,961
|
|
81,823
|
|
91,528
|
|
75,281
|
|
|
Loans
|
2,653,171
|
|
2,410,747
|
|
2,333,577
|
|
2,224,490
|
|
2,111,507
|
|
2,536,566
|
|
2,007,914
|
|
|
Purchased non-covered
loans
|
1,111,814
|
|
836,187
|
|
752,508
|
|
788,351
|
|
654,397
|
|
967,546
|
|
655,485
|
|
|
Purchased non-covered
loan pools
|
630,503
|
|
627,178
|
|
454,884
|
|
323,258
|
|
17,308
|
|
628,840
|
|
8,702
|
|
|
Covered
loans
|
127,595
|
|
134,383
|
|
180,493
|
|
195,175
|
|
246,422
|
|
131,209
|
|
259,157
|
|
|
Total
Earning Assets
|
$
5,574,608
|
|
$
5,106,011
|
|
$
4,926,671
|
|
$
4,692,915
|
|
$
3,999,148
|
|
$
5,340,308
|
|
$
3,816,013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
deposits
|
$
1,561,621
|
|
$
1,362,007
|
|
$
1,324,999
|
|
$
1,300,870
|
|
$
1,088,249
|
|
$
1,461,814
|
|
$
993,619
|
|
|
NOW
accounts
|
1,087,442
|
|
1,137,076
|
|
1,100,972
|
|
907,618
|
|
745,709
|
|
1,112,259
|
|
751,221
|
|
|
MMDA
|
1,413,503
|
|
1,278,199
|
|
1,212,087
|
|
1,219,736
|
|
981,143
|
|
1,345,851
|
|
919,586
|
|
|
Savings
accounts
|
265,936
|
|
251,108
|
|
241,337
|
|
239,999
|
|
188,767
|
|
258,522
|
|
176,265
|
|
|
Retail CDs <
$100,000
|
437,899
|
|
438,122
|
|
449,158
|
|
484,007
|
|
388,248
|
|
436,580
|
|
380,399
|
|
|
Retail CDs >
$100,000
|
439,954
|
|
406,699
|
|
395,978
|
|
387,485
|
|
378,137
|
|
424,757
|
|
381,033
|
|
|
Brokered
CDs
|
5,000
|
|
1,099
|
|
-
|
|
-
|
|
-
|
|
3,049
|
|
-
|
|
|
Total
Deposits
|
5,211,355
|
|
4,874,310
|
|
4,724,531
|
|
4,539,715
|
|
3,770,253
|
|
5,042,832
|
|
3,602,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB
advances
|
104,195
|
|
9,648
|
|
-
|
|
-
|
|
17,275
|
|
56,922
|
|
17,028
|
|
|
Other
borrowings
|
51,970
|
|
42,096
|
|
39,000
|
|
39,000
|
|
41,930
|
|
47,033
|
|
42,895
|
|
|
Subordinated
debentures
|
83,386
|
|
72,589
|
|
69,723
|
|
69,448
|
|
67,180
|
|
77,988
|
|
66,313
|
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to
repurchase
|
43,286
|
|
52,787
|
|
61,986
|
|
44,480
|
|
58,722
|
|
48,037
|
|
55,731
|
|
|
Total
Non-Deposit Funding
|
282,837
|
|
177,120
|
|
170,709
|
|
152,928
|
|
185,107
|
|
229,980
|
|
181,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Funding
|
$
5,494,192
|
|
$
5,051,430
|
|
$
4,895,240
|
|
$
4,692,643
|
|
$
3,955,360
|
|
$
5,272,812
|
|
$
3,784,090
|
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.
|
|
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME/EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
9
|
|
$
8
|
|
$
5
|
|
$
19
|
|
$
5
|
|
$
17
|
|
$
9
|
|
|
Interest bearing
deposits in banks
|
159
|
|
328
|
|
262
|
|
227
|
|
177
|
|
487
|
|
301
|
|
|
Investment securities
- taxable
|
4,554
|
|
4,586
|
|
4,540
|
|
4,694
|
|
3,747
|
|
9,140
|
|
6,900
|
|
|
Investment securities
- nontaxable (TE)
|
613
|
|
602
|
|
618
|
|
648
|
|
624
|
|
1,215
|
|
1,257
|
|
|
Mortgage loans held
for sale
|
821
|
|
755
|
|
1,040
|
|
970
|
|
764
|
|
1,576
|
|
1,456
|
|
|
Loans (TE)
|
31,531
|
|
28,684
|
|
27,901
|
|
27,258
|
|
25,629
|
|
60,215
|
|
48,047
|
|
|
Purchased non-covered
loans
|
17,062
|
|
13,133
|
|
12,129
|
|
11,911
|
|
10,328
|
|
30,195
|
|
22,168
|
|
|
Purchased non-covered
loan pools
|
3,730
|
|
5,144
|
|
3,335
|
|
2,997
|
|
149
|
|
8,874
|
|
149
|
|
|
Covered
loans
|
1,797
|
|
2,060
|
|
3,556
|
|
3,192
|
|
3,385
|
|
3,857
|
|
7,380
|
|
|
Total Earning
Assets
|
$
60,276
|
|
$
55,300
|
|
$
53,386
|
|
$
51,916
|
|
$
44,808
|
|
$
115,576
|
|
$
87,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion Income (included above)
|
4,196
|
|
2,942
|
|
2,912
|
|
3,037
|
|
2,635
|
|
7,138
|
|
5,732
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
NOW
accounts
|
439
|
|
468
|
|
463
|
|
304
|
|
318
|
|
907
|
|
694
|
|
|
MMDA
|
1,168
|
|
1,040
|
|
929
|
|
877
|
|
760
|
|
2,208
|
|
1,423
|
|
|
Savings
accounts
|
45
|
|
43
|
|
42
|
|
42
|
|
37
|
|
88
|
|
74
|
|
|
Retail CDs <
$100,000
|
476
|
|
512
|
|
594
|
|
607
|
|
488
|
|
988
|
|
1,001
|
|
|
Retail CDs >
$100,000
|
779
|
|
676
|
|
659
|
|
691
|
|
662
|
|
1,455
|
|
1,353
|
|
|
Brokered
CDs
|
8
|
|
2
|
|
-
|
|
-
|
|
-
|
|
10
|
|
0
|
|
|
Total
Deposits
|
2,915
|
|
2,741
|
|
2,687
|
|
2,521
|
|
2,265
|
|
5,656
|
|
4,545
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB
advances
|
155
|
|
23
|
|
-
|
|
-
|
|
16
|
|
178
|
|
31
|
|
|
Other
borrowings
|
484
|
|
370
|
|
328
|
|
322
|
|
346
|
|
854
|
|
712
|
|
|
Subordinated
debentures
|
1,173
|
|
954
|
|
924
|
|
914
|
|
866
|
|
2,127
|
|
1,698
|
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to
repurchase
|
24
|
|
35
|
|
44
|
|
39
|
|
48
|
|
59
|
|
91
|
|
|
Total
Non-Deposit Funding
|
1,836
|
|
1,382
|
|
1,296
|
|
1,275
|
|
1,276
|
|
3,218
|
|
2,532
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Funding
|
$
4,751
|
|
$
4,123
|
|
$
3,983
|
|
$
3,796
|
|
$
3,541
|
|
$
8,874
|
|
$
7,077
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income (TE)
|
$
55,525
|
|
$
51,177
|
|
$
49,403
|
|
$
48,120
|
|
$
41,267
|
|
$
106,702
|
|
$
80,590
|
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.
|
|
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
YIELDS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
0.50%
|
|
0.52%
|
|
0.36%
|
|
1.37%
|
|
0.36%
|
|
0.51%
|
|
0.33%
|
|
|
Interest bearing
deposits in banks
|
0.66%
|
|
0.65%
|
|
0.36%
|
|
0.45%
|
|
0.35%
|
|
0.66%
|
|
0.34%
|
|
|
Investment securities
- taxable
|
2.39%
|
|
2.53%
|
|
2.47%
|
|
2.41%
|
|
2.50%
|
|
2.46%
|
|
2.56%
|
|
|
Investment securities
- nontaxable
|
3.54%
|
|
3.52%
|
|
3.52%
|
|
3.54%
|
|
3.54%
|
|
3.53%
|
|
3.57%
|
|
|
Mortgage loans held
for sale
|
3.40%
|
|
3.67%
|
|
4.18%
|
|
3.74%
|
|
3.75%
|
|
3.46%
|
|
3.90%
|
|
|
Loans
|
4.78%
|
|
4.79%
|
|
4.74%
|
|
4.86%
|
|
4.87%
|
|
4.77%
|
|
4.83%
|
|
|
Purchased non-covered
loans
|
6.17%
|
|
6.32%
|
|
6.39%
|
|
5.99%
|
|
6.33%
|
|
6.28%
|
|
6.82%
|
|
|
Purchased non-covered
loan pools
|
2.38%
|
|
3.30%
|
|
2.91%
|
|
3.68%
|
|
3.45%
|
|
2.84%
|
|
3.45%
|
|
|
Covered
loans
|
5.66%
|
|
6.17%
|
|
7.82%
|
|
6.49%
|
|
5.51%
|
|
5.91%
|
|
5.74%
|
|
|
Total
Earning Assets
|
4.35%
|
|
4.36%
|
|
4.30%
|
|
4.39%
|
|
4.49%
|
|
4.35%
|
|
4.63%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
deposits
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
|
NOW
accounts
|
0.16%
|
|
0.17%
|
|
0.17%
|
|
0.13%
|
|
0.17%
|
|
0.16%
|
|
0.19%
|
|
|
MMDA
|
0.33%
|
|
0.33%
|
|
0.30%
|
|
0.29%
|
|
0.31%
|
|
0.33%
|
|
0.31%
|
|
|
Savings
accounts
|
0.07%
|
|
0.07%
|
|
0.07%
|
|
0.07%
|
|
0.08%
|
|
0.07%
|
|
0.08%
|
|
|
Retail CDs <
$100,000
|
0.44%
|
|
0.47%
|
|
0.52%
|
|
0.50%
|
|
0.50%
|
|
0.46%
|
|
0.53%
|
|
|
Retail CDs >
$100,000
|
0.71%
|
|
0.67%
|
|
0.66%
|
|
0.71%
|
|
0.70%
|
|
0.69%
|
|
0.72%
|
|
|
Brokered
CDs
|
0.64%
|
|
0.73%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.66%
|
|
0.00%
|
|
|
Total
Deposits
|
0.22%
|
|
0.23%
|
|
0.23%
|
|
0.22%
|
|
0.24%
|
|
0.23%
|
|
0.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB
advances
|
0.60%
|
|
0.96%
|
|
0.00%
|
|
0.00%
|
|
0.37%
|
|
0.63%
|
|
0.37%
|
|
|
Other
borrowings
|
3.75%
|
|
3.54%
|
|
3.34%
|
|
3.28%
|
|
3.31%
|
|
3.65%
|
|
3.35%
|
|
|
Subordinated
debentures
|
5.66%
|
|
5.29%
|
|
5.26%
|
|
5.22%
|
|
5.17%
|
|
5.48%
|
|
5.16%
|
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to
repurchase
|
0.22%
|
|
0.27%
|
|
0.28%
|
|
0.35%
|
|
0.33%
|
|
0.25%
|
|
0.33%
|
|
|
Total
Non-Deposit Funding
|
2.61%
|
|
3.14%
|
|
3.01%
|
|
3.31%
|
|
2.76%
|
|
2.81%
|
|
2.81%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total funding
(3)
|
0.35%
|
|
0.33%
|
|
0.32%
|
|
0.32%
|
|
0.36%
|
|
0.34%
|
|
0.38%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread
|
4.00%
|
|
4.03%
|
|
3.98%
|
|
4.07%
|
|
4.13%
|
|
4.01%
|
|
4.26%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
4.01%
|
|
4.03%
|
|
3.98%
|
|
4.07%
|
|
4.14%
|
|
4.02%
|
|
4.26%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders
|
$
20,049
|
|
$
12,317
|
|
$
14,148
|
|
$
15,627
|
|
$
1,308
|
|
$
32,366
|
|
$
11,072
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
-
|
|
6,359
|
|
1,807
|
|
446
|
|
5,712
|
|
6,359
|
|
5,727
|
|
|
Non-recurring credit
resolution related expenses
|
-
|
|
-
|
|
-
|
|
-
|
|
11,241
|
|
-
|
|
11,241
|
|
|
Tax effect of
non-recurring charges
|
-
|
|
(2,226)
|
|
(632)
|
|
(156)
|
|
(5,934)
|
|
(2,226)
|
|
(5,939)
|
|
|
Plus: After tax
non-recurring charges
|
-
|
|
4,133
|
|
1,175
|
|
290
|
|
11,019
|
|
4,133
|
|
11,029
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Net
income
|
20,049
|
|
16,450
|
|
15,323
|
|
15,917
|
|
12,327
|
|
36,499
|
|
22,101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating net income
per diluted share:
|
$
0.57
|
|
$
0.50
|
|
$
0.47
|
|
$
0.49
|
|
$
0.38
|
|
$
1.07
|
|
$
0.70
|
|
|
Return on average
assets
|
1.31%
|
|
1.18%
|
|
1.12%
|
|
1.21%
|
|
1.11%
|
|
1.25%
|
|
1.04%
|
|
|
Return on average
common tangible equity
|
17.03%
|
|
15.42%
|
|
14.97%
|
|
16.23%
|
|
12.83%
|
|
16.37%
|
|
11.46%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Jun.
|
|
Jun.
|
|
|
Net Interest
Margin and Yields on Total Loans
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
|
|
Excluding Accretion Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest Income
(TE)
|
$
60,276
|
|
$
55,300
|
|
$
53,386
|
|
$
51,916
|
|
$
44,808
|
|
$
115,576
|
|
$
87,667
|
|
|
Accretion Income
|
4,196
|
|
2,942
|
|
2,912
|
|
3,037
|
|
2,635
|
|
7,138
|
|
5,732
|
|
|
Total Interest Income
(TE) Excluding Accretion
|
$
56,080
|
|
$
52,358
|
|
$
50,474
|
|
$
48,879
|
|
$
42,173
|
|
$
108,438
|
|
$
81,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest
Expense
|
$
4,751
|
|
$
4,123
|
|
$
3,983
|
|
$
3,796
|
|
$
3,541
|
|
$
8,874
|
|
$
7,077
|
|
|
Net Interest Income
(TE) Excluding Accretion
|
$
51,329
|
|
$
48,235
|
|
$
46,491
|
|
$
45,083
|
|
$
38,632
|
|
$
99,564
|
|
$
74,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on Total Loans
Excluding Accretion
|
4.74%
|
|
4.84%
|
|
4.92%
|
|
4.83%
|
|
4.86%
|
|
4.79%
|
|
4.93%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin
Excluding Accretion
|
3.70%
|
|
3.80%
|
|
3.74%
|
|
3.81%
|
|
3.87%
|
|
3.75%
|
|
3.96%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Jun.
|
|
Jun.
|
|
|
Core Earnings
Reconciliation
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax operating
profit/(loss)
|
$
29,720
|
|
$
18,441
|
|
$
17,444
|
|
$
22,995
|
|
$
1,794
|
|
$
48,161
|
|
$
16,305
|
|
|
Plus: Credit Related
Costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses
|
889
|
|
681
|
|
553
|
|
986
|
|
2,656
|
|
1,570
|
|
3,725
|
|
|
(Gains)/Losses on the sale of legacy OREO
|
447
|
|
753
|
|
535
|
|
36
|
|
436
|
|
1,200
|
|
546
|
|
|
Gains/(Losses) on the sale of covered OREO
|
28
|
|
166
|
|
610
|
|
56
|
|
194
|
|
194
|
|
214
|
|
|
Problem loan and OREO expense
|
1,289
|
|
880
|
|
1,078
|
|
991
|
|
10,632
|
|
2,169
|
|
13,663
|
|
|
Interest reversed (received) on non-accrual loans
|
35
|
|
34
|
|
58
|
|
17
|
|
413
|
|
69
|
|
569
|
|
|
Total
Credit-Related Costs
|
2,688
|
|
2,514
|
|
2,834
|
|
2,086
|
|
14,331
|
|
5,202
|
|
18,717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: Conversion
charges
|
-
|
|
6,359
|
|
1,807
|
|
446
|
|
5,712
|
|
6,359
|
|
5,727
|
|
|
Less: Non-recurring
gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on sales of securities
|
-
|
|
(94)
|
|
-
|
|
(115)
|
|
(10)
|
|
(94)
|
|
(22)
|
|
|
Gains/(Losses) on sales of
bank premises
|
401
|
|
(77)
|
|
(267)
|
|
-
|
|
-
|
|
324
|
|
-
|
|
|
Other non-recurring adjustments
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pretax, Pre-provision
earnings
|
$
32,809
|
|
$
27,143
|
|
$
21,818
|
|
$
25,412
|
|
$
21,827
|
|
$
59,952
|
|
$
40,727
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As percentage of
average assets, annualized
|
2.15%
|
|
1.94%
|
|
1.59%
|
|
1.93%
|
|
1.96%
|
|
1.96%
|
|
1.84%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Jun.
|
|
Jun.
|
|
|
Recurring
Operating Expenses
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Expenses
|
52,359
|
|
55,600
|
|
53,028
|
|
48,396
|
|
56,864
|
|
107,959
|
|
97,691
|
|
|
Less: Credit costs
& non-recurring charges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains/(Losses) on the sale of legacy OREO
|
(447)
|
|
(753)
|
|
(535)
|
|
(36)
|
|
(436)
|
|
(1,200)
|
|
(546)
|
|
|
Gains/(Losses) on the sale of covered OREO
|
(28)
|
|
(166)
|
|
(610)
|
|
(56)
|
|
(194)
|
|
(194)
|
|
(214)
|
|
|
Problem loan and OREO expense
|
(1,289)
|
|
(880)
|
|
(1,078)
|
|
(991)
|
|
(10,632)
|
|
(2,169)
|
|
(13,663)
|
|
|
Severance payments
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Conversion expenses
|
-
|
|
(6,359)
|
|
(1,807)
|
|
(446)
|
|
(5,712)
|
|
(6,359)
|
|
(5,727)
|
|
|
Gains/(Losses) on the sale of premises
|
(401)
|
|
77
|
|
267
|
|
-
|
|
-
|
|
(324)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring operating
expenses
|
$
50,194
|
|
$
47,519
|
|
$
49,265
|
|
$
46,867
|
|
$
39,890
|
|
$
97,713
|
|
$
77,541
|
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
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
48,940
|
|
$
45,801
|
|
$
44,088
|
|
$
43,044
|
|
$
36,806
|
|
$
94,741
|
|
$
72,645
|
|
|
Provision for loan losses
|
733
|
|
681
|
|
504
|
|
960
|
|
2,456
|
|
1,414
|
|
3,383
|
|
|
Noninterest income
|
13,018
|
|
12,735
|
|
12,739
|
|
13,470
|
|
9,262
|
|
25,753
|
|
18,042
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
18,428
|
|
18,989
|
|
19,225
|
|
17,921
|
|
15,675
|
|
37,417
|
|
31,037
|
|
|
Occupancy
|
5,901
|
|
5,150
|
|
5,356
|
|
5,444
|
|
4,376
|
|
11,051
|
|
8,520
|
|
|
Data
Processing
|
5,685
|
|
5,820
|
|
5,759
|
|
4,998
|
|
3,913
|
|
11,505
|
|
7,924
|
|
|
Other
expenses
|
11,071
|
|
16,436
|
|
13,853
|
|
11,379
|
|
24,048
|
|
27,507
|
|
34,404
|
|
|
Total noninterest expense
|
41,085
|
|
46,395
|
|
44,193
|
|
39,742
|
|
48,012
|
|
87,480
|
|
81,885
|
|
|
Income before income
taxes
|
20,140
|
|
11,460
|
|
12,130
|
|
15,812
|
|
(4,400)
|
|
31,600
|
|
5,419
|
|
|
Income
Tax
|
6,318
|
|
3,681
|
|
1,436
|
|
4,854
|
|
(1,682)
|
|
9,999
|
|
1,423
|
|
|
Net
income
|
$
13,822
|
|
$
7,779
|
|
$
10,694
|
|
$
10,958
|
|
$
(2,718)
|
|
$
21,601
|
|
$
3,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Mortgage
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
3,293
|
|
$
3,020
|
|
$
2,812
|
|
$
2,485
|
|
$
1,979
|
|
$
6,313
|
|
$
3,524
|
|
|
Provision for loan losses
|
93
|
|
-
|
|
49
|
|
26
|
|
200
|
|
93
|
|
342
|
|
|
Noninterest income
|
13,304
|
|
9,624
|
|
7,966
|
|
9,827
|
|
9,095
|
|
22,928
|
|
16,705
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
8,304
|
|
6,347
|
|
5,855
|
|
6,138
|
|
5,592
|
|
14,651
|
|
10,119
|
|
|
Occupancy
|
405
|
|
488
|
|
501
|
|
397
|
|
396
|
|
893
|
|
776
|
|
|
Data
Processing
|
338
|
|
272
|
|
266
|
|
308
|
|
279
|
|
610
|
|
491
|
|
|
Other
expenses
|
1,133
|
|
956
|
|
1,043
|
|
662
|
|
1,150
|
|
2,089
|
|
2,082
|
|
|
Total noninterest expense
|
10,180
|
|
8,063
|
|
7,665
|
|
7,505
|
|
7,417
|
|
18,243
|
|
13,468
|
|
|
Income before income
taxes
|
6,324
|
|
4,581
|
|
3,064
|
|
4,781
|
|
3,457
|
|
10,905
|
|
6,419
|
|
|
Income
Tax
|
2,213
|
|
1,603
|
|
1,072
|
|
1,673
|
|
1,210
|
|
3,817
|
|
2,247
|
|
|
Net
income
|
$
4,111
|
|
$
2,978
|
|
$
1,992
|
|
$
3,108
|
|
$
2,247
|
|
$
7,088
|
|
$
4,172
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse
Lending:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
1,622
|
|
$
1,019
|
|
$
995
|
|
$
1,128
|
|
$
1,179
|
|
$
2,641
|
|
$
2,014
|
|
|
Provision for loan losses
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Noninterest income
|
440
|
|
333
|
|
336
|
|
372
|
|
383
|
|
773
|
|
656
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
108
|
|
188
|
|
156
|
|
137
|
|
99
|
|
296
|
|
226
|
|
|
Occupancy
|
1
|
|
1
|
|
3
|
|
1
|
|
1
|
|
2
|
|
3
|
|
|
Data
Processing
|
25
|
|
20
|
|
20
|
|
22
|
|
20
|
|
45
|
|
53
|
|
|
Other
expenses
|
26
|
|
25
|
|
28
|
|
40
|
|
19
|
|
51
|
|
55
|
|
|
Total noninterest expense
|
160
|
|
234
|
|
207
|
|
200
|
|
139
|
|
394
|
|
337
|
|
|
Income before income
taxes
|
1,902
|
|
1,118
|
|
1,124
|
|
1,300
|
|
1,423
|
|
3,020
|
|
2,333
|
|
|
Income
Tax
|
666
|
|
391
|
|
393
|
|
455
|
|
498
|
|
1,057
|
|
817
|
|
|
Net
income
|
$
1,236
|
|
$
727
|
|
$
731
|
|
$
845
|
|
$
925
|
|
$
1,963
|
|
$
1,516
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
734
|
|
$
596
|
|
$
723
|
|
$
742
|
|
$
724
|
|
$
1,330
|
|
$
1,337
|
|
|
Provision for loan losses
|
63
|
|
-
|
|
-
|
|
-
|
|
-
|
|
63
|
|
-
|
|
|
Noninterest income
|
1,617
|
|
1,594
|
|
1,366
|
|
1,309
|
|
1,886
|
|
3,211
|
|
2,798
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
691
|
|
663
|
|
736
|
|
738
|
|
1,099
|
|
1,354
|
|
1,715
|
|
|
Occupancy
|
64
|
|
61
|
|
57
|
|
73
|
|
36
|
|
125
|
|
64
|
|
|
Data
Processing
|
1
|
|
1
|
|
1
|
|
1
|
|
2
|
|
2
|
|
6
|
|
|
Other
expenses
|
178
|
|
183
|
|
169
|
|
137
|
|
159
|
|
361
|
|
216
|
|
|
Total noninterest expense
|
934
|
|
908
|
|
963
|
|
949
|
|
1,296
|
|
1,842
|
|
2,001
|
|
|
Income before income
taxes
|
1,354
|
|
1,282
|
|
1,126
|
|
1,102
|
|
1,314
|
|
2,636
|
|
2,134
|
|
|
Income
Tax
|
474
|
|
449
|
|
394
|
|
386
|
|
460
|
|
923
|
|
747
|
|
|
Net
income
|
$
880
|
|
$
833
|
|
$
732
|
|
$
716
|
|
$
854
|
|
$
1,713
|
|
$
1,387
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Consolidated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
54,589
|
|
$
50,436
|
|
$
48,618
|
|
$
47,399
|
|
$
40,688
|
|
$
105,025
|
|
$
79,520
|
|
|
Provision for loan losses
|
889
|
|
681
|
|
553
|
|
986
|
|
2,656
|
|
1,570
|
|
3,725
|
|
|
Noninterest income
|
28,379
|
|
24,286
|
|
22,407
|
|
24,978
|
|
20,626
|
|
52,665
|
|
38,201
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
27,531
|
|
26,187
|
|
25,972
|
|
24,934
|
|
22,465
|
|
53,718
|
|
43,097
|
|
|
Occupancy
|
6,371
|
|
5,700
|
|
5,917
|
|
5,915
|
|
4,809
|
|
12,071
|
|
9,363
|
|
|
Data
Processing
|
6,049
|
|
6,113
|
|
6,046
|
|
5,329
|
|
4,214
|
|
12,162
|
|
8,474
|
|
|
Other
expenses
|
12,408
|
|
17,600
|
|
15,093
|
|
12,218
|
|
25,376
|
|
30,008
|
|
36,757
|
|
|
Total noninterest expense
|
52,359
|
|
55,600
|
|
53,028
|
|
48,396
|
|
56,864
|
|
107,959
|
|
97,691
|
|
|
Income before income
taxes
|
29,720
|
|
18,441
|
|
17,444
|
|
22,995
|
|
1,794
|
|
48,161
|
|
16,305
|
|
|
Income
Tax
|
9,671
|
|
6,124
|
|
3,296
|
|
7,368
|
|
486
|
|
15,795
|
|
5,233
|
|
|
Net
income
|
$
20,049
|
|
$
12,317
|
|
$
14,148
|
|
$
15,627
|
|
$
1,308
|
|
$
32,366
|
|
$
11,072
|
Logo -
http://photos.prnewswire.com/prnh/20051117/CLTH039LOGO
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SOURCE Ameris Bancorp