MOULTRIE, Ga., Oct. 23, 2015 /PRNewswire/ -- AMERIS
BANCORP (NASDAQ-GS: ABCB) (the "Company"), today reported
operating net income of $15.9
million, or $0.49 per diluted
share, for the quarter ended September 30,
2015, compared with $12.0
million, or $0.44 per diluted
share, for the quarter ended September
30, 2014. Operating earnings for the quarter exclude
$75,000 of after-tax gains on the
sale of securities and $283,000 of
after-tax costs associated with the conversion of the Company's
recently completed acquisitions. For the year-to-date period
ending September 30, 2015, the
Company reported operating net income of $38.0 million, or $1.19 per diluted share, compared with
$30.4 million, or $1.16 per share, for the same period in
2014. Earnings per share for 2015 reflect an additional 5.3
million common shares issued in the Company's private placement
completed in January 2015. Commenting on the Company's
quarterly results, Edwin W. Hortman,
Jr., the Company's President and Chief Executive Officer,
said, "We had a great third quarter at Ameris Bank highlighted by
solid loan growth, higher revenue than our target numbers, credit
quality expenses greatly reduced from past quarters and several
expense initiatives that are in place that should help continue
moving earnings higher. The integration of our two recent
acquisitions has been completed, and we look forward to completing
the acquisition of Jacksonville Bancorp, Inc. early in 2016."
Including the recently announced acquisition, non-recurring
credit charges and gains on the sale of securities, the Company
reported net income of $15.6 million,
or $0.48 per share, in the third
quarter of 2015, compared with $11.7
million, or $0.43 per share,
in the same quarter in 2014, and for the year-to-date period in
2015, the Company's earnings totaled $26.7
million, or $0.84 per share,
compared with $27.9 million, or
$1.07 per share, in 2014.
Highlights of the Company's performance and results for the
third quarter of 2015 include the following:
- Announcement of an agreement to acquire Jacksonville Bancorp,
Inc., which will add $502 million in
total assets and eight additional locations within the Jacksonville
MSA
- Operating return on average assets and operating return on
average tangible equity of 1.21% and 16.23%, respectively
- Successful data conversion of the 13 branches acquired in the
acquisition of Merchants and Southern Bank in Gainesville, Florida
- Total loan growth (including mortgage loans held for sale) of
$203.7 million in the third quarter
of 2015, or 22.7% annualized
- Organic loan growth of $78.2
million, or 10.4% (annualized), during the third quarter of
2015
- 27% increase in total recurring revenue to $72.3 million in the third quarter of 2015 as
compared with the same quarter in 2014, with recurring revenue
defined as net interest income plus noninterest income, but
excluding gain on sale of securities
- 15.3% increase in tangible book value per share to $12.31, compared with $10.68 per share at September 30, 2014
- 39.5% increase in noninterest income to $25.0 million, compared with $17.9 million in the third quarter of 2014
- 73.4% increase in profitability from mortgage, SBA and
warehouse lines of business to $4.7
million, compared with $2.7
million in the same quarter in 2014.
Pending Acquisition
During the third quarter of 2015, the Company announced its
intent to acquire Jacksonville Bancorp, Inc., the parent company of
The Jacksonville Bank. Upon completion of the transaction,
the combined company will have approximately $5.7 billion in assets, $4.0 billion in loans and $4.9 billion in deposits. The acquisition
will further expand Ameris's existing Southeastern footprint in the
attractive Jacksonville, Florida
market. The Jacksonville Bank currently operates eight
banking locations, all of which are located within the Jacksonville
MSA. After the acquisition, Ameris will become the largest
community bank by deposit market share in the Jacksonville, Florida market. The transaction
is expected to close in the first quarter of 2016 and is subject to
customary closing conditions, regulatory approvals and approval by
Jacksonville Bancorp shareholders.
Net Interest Income and Net Interest Margin
Net interest income (taxable equivalent) for the third quarter
of 2015 totaled $48.1 million, an
increase of $8.5 million, or 21.5%,
compared with $39.6 million reported
for the third quarter of 2014. Accretion income in the
current quarter increased to $3.0
million, compared with $2.6
million in the second quarter of 2015, and was consistent
with the $3.0 million recorded in the
third quarter of 2014. Higher levels of interest income
resulted mostly from growth in average loans outstanding of
approximately $742.5 million as
compared with the third quarter of 2014.
The Company's net interest margin decreased during the quarter
to 4.07%, compared with 4.50% during the third quarter of
2014. This decline in net interest margin was expected and
resulted from the excess liquidity and short-term investment
strategy for the funds in the second and third quarters.
Excluding accretion on purchased loans, the Company's net interest
margin was 3.81% in the third quarter of 2015, compared with 4.17%
in the third quarter of 2014.
Yields on earning assets in the third quarter of 2015 were
4.39%, compared with 4.96% in the third quarter of 2014. The
decline in earning asset yields relates almost entirely to the
short-term investment strategy associated with the Company's recent
acquisitions. Current yields on the invested funds were
approximately 2.80%, consisting of shorter duration mortgage pools,
investment securities and some federal funds sold. Current
yields on all loans (including purchased non-covered and covered
loans and excluding accretion income) declined in the third quarter
of 2015 to 4.75%, compared with 5.11% in the same quarter in
2014. Higher yielding covered loans as a percentage of total
loans has declined from 11.2% in the third quarter of 2014 to only
6.2% for the current quarter of 2015. Additionally, some of
the growth in the legacy portfolio has been in both municipal loans
and adjustable rate mortgages that have a significantly better risk
profile but lower yields than consolidated levels seen in the
past.
Total interest expense for the third quarter of 2015 was
$3.8 million, compared with
$4.1 million in the same quarter of
2014. Decreases in total interest expense were driven
primarily by the deposit mix in the portfolio, both from
acquisition activity and organic growth. Noninterest bearing
deposits were 28.7% of the total average deposits in the third
quarter of 2015, compared with 23.9% in the same period in
2014. Deposit costs of funds were lower during the third
quarter of 2015 at 0.22%, compared with 0.30% during the third
quarter of 2014. Management does not expect deposit costs or
overall funding costs to change materially in the coming quarters
despite tightening liquidity and increasingly stronger forecasts
for asset growth.
Non-interest Income
Non-interest income in the third quarter of 2015 improved to
$25.0 million, an increase of
$7.1 million, or 39.5%, 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
$10.4 million, an increase of 38.8%
compared with the same quarter of 2014. Total mortgage loan
production increased to $311.0
million in the quarter, compared with $217.7 million in the third quarter of 2014,
while spreads (gain on sale) were relatively unchanged at 3.51% in
the current quarter compared with 3.46% in the same quarter of
2014.
Service charges on deposit accounts increased by $4.1 million to $10.8
million during the quarter, an increase of 61.7% compared
with the same quarter in 2014. Service charge increases
associated with the recently closed acquisitions totaled
$2.7 million in the third quarter of
2015, or $10.9 million
annually.
Non-interest Expense
Non-interest expenses totaled $48.4
million in the third quarter of 2015, compared with
$38.6 million in the third quarter of
2014. Substantially all of the increase in operating expenses
in the third quarter of 2015 over the third quarter of 2014 relates
to additional expenses associated with recently acquired branches,
as well as increased expenses in the Company's non-interest lines
of business. Line of business operating expenses increased
$1.5 million during the current
quarter as compared with the same quarter in 2014. Growth in
line of business revenue more than eclipsed the growth in related
operating expenses, contributing to a measurable increase in
profitability.
Salaries and benefits increased to $24.9
million in the current quarter of 2015, compared with
$22.5 million in the second quarter
of 2015 and $20.2 million in the same
quarter in 2014. Increases in compensation costs derive from
the staffing additions resulting from the acquisition of Merchants
and Southern Bank and 18 Bank of America branches in the second
quarter of 2015.
Non-provision credit resolution-related costs decreased from
$3.2 million in the third quarter of
2014 to $1.1 million in the third
quarter of 2015. Occupancy and equipment costs increased from
$4.7 million in the third quarter of
2014 to $5.9 million in the third
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 third quarter of 2014 to
$5.3 million in the third quarter of
2015 for the same reason.
Balance Sheet Trends
Total assets at September 30, 2015
were $5.22 billion, compared with
$4.04 billion reported at
December 31, 2014. The growth
in total assets was driven by the acquisitions of Merchants and
Southern Bank and 18 additional retail branches during the second
quarter of 2015.
Loans, including loans held for sale, totaled $3.77 billion at September
30, 2015, compared with $2.90
billion at December 31,
2014. During the third quarter, organic growth in loans
amounted to $78.2 million, or 10.4%
on an annualized basis. Purchased, non-covered loans
(excluding loan pools) decreased $40.8
million during the quarter to $767.5
million, down from $808.3
million at June 30,
2015. Purchased, non-covered loan pools increased
$141.1 million during the quarter, to
$410.1 million, as the Company
purchased additional whole-loan, adjustable rate mortgage pools to
invest its excess cash. Covered loans continued to decline
and ended the quarter at $191.0
million, a decrease of $18.6
million during the quarter.
Investment securities at the end of the quarter amounted to
$820.7 million, or 19.1% of earning
assets, compared with $552.1 million,
or 15.5% of earning assets, at December
31, 2014.
At September 30, 2015, total
deposits amounted to $4.53 billion,
or 98.0% 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 28.2% of total
deposits, compared with $839.4
million, or 24.5%, at December 31,
2014.
Stockholders' equity at September 30,
2015 totaled $502.3 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 $26.7 million during the first nine months of
2015. Tangible book value increased during the first nine
months of 2015, from $10.99 per share
at December 31, 2014 to $12.31 per share at September 30, 2015.
Tangible common equity as a percentage of tangible assets
increased to 7.76% at the end of the third 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 (October 23, 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 November 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 10074804. 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, with ten of those locations announced to be
consolidated within the coming months.
This news release contains certain performance measures
determined by methods other than in accordance with accounting
principles generally accepted in the
United States of America ("GAAP"). Management of Ameris
Bancorp (the "Company") uses these non-GAAP measures in its
analysis of the Company's performance. These measures are useful
when evaluating the underlying performance and efficiency of the
Company's operations and balance sheet. The Company's management
believes that these non-GAAP measures provide a greater
understanding of ongoing operations, enhance comparability of
results with prior periods and demonstrate the effects of
significant gains and charges in the current period. The Company's
management believes that investors may use these non-GAAP financial
measures to evaluate the Company's financial performance without
the impact of unusual items that may obscure trends in the
Company's underlying performance. These disclosures should not be
viewed as a substitute for financial measures determined in
accordance with GAAP, nor are they necessarily comparable to
non-GAAP performance measures that may be presented by other
companies.
This news release contains statements that constitute
"forward-looking statements" within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. The words
"believe", "estimate", "expect", "intend", "anticipate" and similar
expressions and variations thereof identify certain of such
forward-looking statements, which speak only as of the dates which
they were made. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Readers are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties and that actual results may differ materially from
those indicated in the forward-looking statements as a result of
various factors. Readers are cautioned not to place undue reliance
on these forward-looking statements and are referred to the
Company's periodic filings with the Securities and Exchange
Commission for a summary of certain factors that may impact the
Company's results of operations and financial condition.
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
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|
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|
|
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|
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|
|
|
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|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
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|
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|
|
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|
EARNINGS
|
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|
|
|
|
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|
|
|
|
|
|
Net Income Available
to Common Shareholders
|
$
15,627
|
|
$
1,308
|
|
$
9,764
|
|
$
10,580
|
|
$
11,663
|
|
$
26,699
|
|
$
27,857
|
|
|
|
|
|
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|
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|
PER COMMON SHARE
DATA
|
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Earnings per share
available to common shareholders:
|
|
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|
|
Basic
|
$
0.49
|
|
$
0.04
|
|
$
0.32
|
|
$
0.40
|
|
$
0.44
|
|
$
0.84
|
|
$
1.08
|
|
|
Diluted
|
$
0.48
|
|
$
0.04
|
|
$
0.32
|
|
$
0.39
|
|
$
0.43
|
|
$
0.84
|
|
$
1.07
|
|
Cash Dividends per
share
|
$
0.05
|
|
$
0.05
|
|
$
0.05
|
|
$
0.05
|
|
$
0.05
|
|
$
0.15
|
|
$
0.10
|
|
Book value per share
(period end)
|
$
15.60
|
|
$
15.12
|
|
$
15.22
|
|
$
13.67
|
|
$
13.22
|
|
$
15.60
|
|
$
13.22
|
|
Tangible book value
per share (period end)
|
$
12.31
|
|
$
11.81
|
|
$
13.01
|
|
$
10.99
|
|
$
10.68
|
|
$
12.31
|
|
$
10.68
|
|
Weighted average
number of shares:
|
|
|
|
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|
|
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|
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|
|
Basic
|
32,195,435
|
|
32,184,355
|
|
30,442,998
|
|
26,771,636
|
|
26,773,033
|
|
31,614,015
|
|
25,705,313
|
|
|
Diluted
|
32,553,167
|
|
32,520,453
|
|
30,796,148
|
|
27,090,293
|
|
27,160,886
|
|
31,961,969
|
|
26,099,413
|
|
Period-end number of
shares
|
32,196,117
|
|
32,195,089
|
|
32,182,143
|
|
26,773,863
|
|
26,774,402
|
|
32,196,117
|
|
26,774,402
|
|
Market
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High closing
price
|
$
28.75
|
|
$
26.87
|
|
$
26.55
|
|
$
26.48
|
|
$
24.04
|
|
$
28.75
|
|
$
24.04
|
|
|
Low closing
price
|
$
24.97
|
|
$
24.73
|
|
$
22.75
|
|
$
21.95
|
|
$
21.00
|
|
$
22.75
|
|
$
19.73
|
|
|
Period end closing
price
|
$
28.75
|
|
$
25.29
|
|
$
26.39
|
|
$
25.64
|
|
$
21.95
|
|
$
28.75
|
|
$
21.95
|
|
|
Average daily
volume
|
174,900
|
|
107,413
|
|
105,152
|
|
111,473
|
|
79,377
|
|
129,678
|
|
87,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.19%
|
|
0.12%
|
|
0.97%
|
|
1.05%
|
|
1.17%
|
|
0.74%
|
|
1.01%
|
|
Return on average
common equity
|
12.53%
|
|
1.07%
|
|
8.76%
|
|
11.57%
|
|
13.19%
|
|
7.21%
|
|
10.73%
|
|
Earning asset yield
(TE)
|
4.39%
|
|
4.49%
|
|
4.79%
|
|
5.08%
|
|
4.96%
|
|
4.54%
|
|
5.02%
|
|
Total cost of
funds
|
0.32%
|
|
0.36%
|
|
0.40%
|
|
0.43%
|
|
0.45%
|
|
0.36%
|
|
0.43%
|
|
Net interest margin
(TE)
|
4.07%
|
|
4.14%
|
|
4.39%
|
|
4.64%
|
|
4.50%
|
|
4.18%
|
|
4.57%
|
|
Non-interest income
excluding securities transactions,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as a percent of total
revenue (TE)
|
32.33%
|
|
31.51%
|
|
29.06%
|
|
26.50%
|
|
28.86%
|
|
31.09%
|
|
27.70%
|
|
Efficiency
ratio
|
66.87%
|
|
92.74%
|
|
72.38%
|
|
72.75%
|
|
67.64%
|
|
76.85%
|
|
70.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY
(period end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
to assets
|
9.63%
|
|
9.35%
|
|
11.79%
|
|
9.07%
|
|
8.85%
|
|
9.63%
|
|
8.85%
|
|
Tangible common
equity to tangible assets
|
7.76%
|
|
7.46%
|
|
10.26%
|
|
7.42%
|
|
7.27%
|
|
7.76%
|
|
7.27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY TO ASSETS
RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets
|
7.76%
|
|
7.46%
|
|
10.26%
|
|
7.42%
|
|
7.27%
|
|
7.76%
|
|
7.27%
|
|
Effect of goodwill
and other intangibles
|
1.87%
|
|
1.89%
|
|
1.54%
|
|
1.65%
|
|
1.58%
|
|
1.87%
|
|
1.58%
|
|
|
Equity to assets
(GAAP)
|
9.63%
|
|
9.35%
|
|
11.79%
|
|
9.07%
|
|
8.85%
|
|
9.63%
|
|
8.85%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER PERIOD-END
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking Division
FTE
|
1,110
|
|
1,122
|
|
852
|
|
853
|
|
867
|
|
1,110
|
|
867
|
|
Mortgage Division
FTE
|
218
|
|
191
|
|
170
|
|
174
|
|
176
|
|
218
|
|
176
|
|
|
Total Ameris Bancorp
FTE Headcount
|
1,328
|
|
1,313
|
|
1,022
|
|
1,027
|
|
1,043
|
|
1,328
|
|
1,043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets per Banking
Division FTE
|
$
4,699
|
|
$
4,640
|
|
$
4,874
|
|
$
4,733
|
|
$
4,613
|
|
$
4,699
|
|
$
4,613
|
|
Branch
locations
|
103
|
|
103
|
|
73
|
|
73
|
|
74
|
|
103
|
|
74
|
|
Deposits per branch
location
|
$
43,986
|
|
$
43,801
|
|
$
47,674
|
|
$
47,002
|
|
$
45,583
|
|
$
43,986
|
|
$
45,583
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
45,775
|
|
$
39,838
|
|
$
38,618
|
|
$
41,235
|
|
$
39,610
|
|
$
124,231
|
|
$
109,376
|
|
Interest on taxable
securities
|
4,694
|
|
3,747
|
|
3,153
|
|
3,114
|
|
3,034
|
|
11,594
|
|
8,972
|
|
Interest on
nontaxable securities
|
480
|
|
462
|
|
469
|
|
483
|
|
496
|
|
1,411
|
|
1,143
|
|
Interest
on deposits in other banks
|
227
|
|
177
|
|
124
|
|
66
|
|
46
|
|
528
|
|
170
|
|
Interest on federal
funds sold
|
19
|
|
5
|
|
4
|
|
2
|
|
-
|
|
28
|
|
5
|
|
|
Total interest
income
|
51,195
|
|
44,229
|
|
42,368
|
|
44,900
|
|
43,186
|
|
137,792
|
|
119,666
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
$
2,521
|
|
$
2,264
|
|
$
2,280
|
|
$
2,560
|
|
$
2,540
|
|
$
7,065
|
|
$
6,928
|
|
Interest on other
borrowings
|
1,275
|
|
1,277
|
|
1,256
|
|
1,334
|
|
1,514
|
|
3,808
|
|
3,858
|
|
|
Total interest
expense
|
3,796
|
|
3,541
|
|
3,536
|
|
3,894
|
|
4,054
|
|
10,873
|
|
10,786
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
47,399
|
|
40,688
|
|
38,832
|
|
41,006
|
|
39,132
|
|
126,919
|
|
108,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
986
|
|
2,656
|
|
1,069
|
|
888
|
|
1,669
|
|
4,711
|
|
4,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
$
46,413
|
|
$
38,032
|
|
$
37,763
|
|
$
40,118
|
|
$
37,463
|
|
$
122,208
|
|
$
104,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
$
10,766
|
|
$
7,151
|
|
$
6,429
|
|
$
6,522
|
|
$
6,659
|
|
$
24,346
|
|
$
18,092
|
|
Mortgage banking
activity
|
10,404
|
|
9,727
|
|
8,083
|
|
6,476
|
|
7,498
|
|
28,214
|
|
19,510
|
|
Other service
charges, commissions and fees
|
1,145
|
|
829
|
|
668
|
|
643
|
|
690
|
|
2,642
|
|
2,004
|
|
Gain(loss) on sale of
securities
|
115
|
|
10
|
|
12
|
|
-
|
|
132
|
|
137
|
|
138
|
|
Other non-interest
income
|
2,548
|
|
2,909
|
|
2,383
|
|
2,721
|
|
2,922
|
|
7,840
|
|
6,730
|
|
|
Total noninterest
income
|
24,978
|
|
20,626
|
|
17,575
|
|
16,362
|
|
17,901
|
|
63,179
|
|
46,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
24,934
|
|
22,465
|
|
20,632
|
|
19,316
|
|
20,226
|
|
68,031
|
|
54,562
|
|
Occupancy and
equipment expenses
|
5,915
|
|
4,809
|
|
4,554
|
|
4,717
|
|
4,669
|
|
15,278
|
|
12,804
|
|
Data processing and
telecommunications expenses
|
5,329
|
|
4,214
|
|
4,260
|
|
4,229
|
|
3,928
|
|
13,803
|
|
11,322
|
|
Credit resolution
related expenses (1)
|
1,083
|
|
11,240
|
|
3,161
|
|
5,290
|
|
3,186
|
|
15,484
|
|
8,216
|
|
Advertising and
marketing expenses
|
667
|
|
833
|
|
641
|
|
847
|
|
594
|
|
2,141
|
|
2,022
|
|
Amortization of
intangible assets
|
1,321
|
|
630
|
|
630
|
|
662
|
|
698
|
|
2,581
|
|
1,668
|
|
Merger and conversion
charges
|
446
|
|
5,712
|
|
15
|
|
67
|
|
551
|
|
6,173
|
|
3,873
|
|
Other non-interest
expenses
|
8,701
|
|
6,961
|
|
6,934
|
|
6,605
|
|
4,727
|
|
22,596
|
|
14,669
|
|
|
Total noninterest
expense
|
48,396
|
|
56,864
|
|
40,827
|
|
41,733
|
|
38,579
|
|
146,087
|
|
109,136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
$
22,995
|
|
$
1,794
|
|
$
14,511
|
|
$
14,747
|
|
$
16,785
|
|
$
39,300
|
|
$
41,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
7,368
|
|
486
|
|
4,747
|
|
4,167
|
|
5,122
|
|
12,601
|
|
13,315
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
15,627
|
|
$
1,308
|
|
$
9,764
|
|
$
10,580
|
|
$
11,663
|
|
$
26,699
|
|
$
28,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
dividends
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
available to common shareholders
|
$
15,627
|
|
$
1,308
|
|
$
9,764
|
|
$
10,580
|
|
$
11,663
|
|
$
26,699
|
|
$
27,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
available to common shareholders
|
0.48
|
|
0.04
|
|
0.32
|
|
0.39
|
|
0.43
|
|
0.84
|
|
1.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes expenses
associated with problem loans and OREO, as well as OREO losses and
writedowns.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
PERIOD-END BALANCE
SHEET
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
114,396
|
|
$
115,413
|
|
$
80,142
|
|
$
78,036
|
|
$
69,421
|
|
Federal funds sold
and interest bearing balances
|
120,925
|
|
239,804
|
|
126,157
|
|
92,323
|
|
40,165
|
|
Investment securities
available for sale, at fair value
|
811,385
|
|
862,154
|
|
610,330
|
|
541,805
|
|
529,509
|
|
Other
investments
|
9,322
|
|
9,322
|
|
8,636
|
|
10,275
|
|
12,687
|
|
Mortgage loans held
for sale
|
111,807
|
|
108,829
|
|
73,796
|
|
94,759
|
|
110,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of
unearned income
|
2,290,649
|
|
2,171,600
|
|
1,999,420
|
|
1,889,881
|
|
1,848,759
|
|
Purchased,
non-covered loans (excluding loan pools)
|
767,494
|
|
808,313
|
|
643,092
|
|
674,239
|
|
673,724
|
|
Purchased,
non-covered loan pools
|
410,072
|
|
268,984
|
|
-
|
|
-
|
|
-
|
|
Covered
loans
|
191,021
|
|
209,598
|
|
245,745
|
|
271,279
|
|
313,589
|
|
Less allowance for
loan losses
|
(22,471)
|
|
(21,658)
|
|
(21,852)
|
|
(21,157)
|
|
(22,212)
|
|
|
Loans, net
|
3,636,765
|
|
3,436,837
|
|
2,866,405
|
|
2,814,242
|
|
2,813,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
20,730
|
|
22,567
|
|
32,339
|
|
33,160
|
|
35,320
|
|
Purchased,
non-covered other real estate owned
|
11,538
|
|
13,112
|
|
13,818
|
|
15,585
|
|
13,660
|
|
Covered other real
estate owned
|
12,203
|
|
12,626
|
|
16,089
|
|
19,907
|
|
28,883
|
|
|
Total other real
estate owned
|
44,471
|
|
48,305
|
|
62,246
|
|
68,652
|
|
77,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and
equipment, net
|
124,756
|
|
124,916
|
|
98,292
|
|
97,251
|
|
98,752
|
|
Goodwill
|
87,701
|
|
87,367
|
|
63,547
|
|
63,547
|
|
58,879
|
|
Other intangibles,
net
|
18,218
|
|
19,189
|
|
7,591
|
|
8,221
|
|
9,114
|
|
FDIC loss sharing
receivable
|
4,506
|
|
14,957
|
|
23,312
|
|
31,351
|
|
38,233
|
|
Cash value of bank
owned life insurance
|
59,894
|
|
59,552
|
|
59,212
|
|
58,867
|
|
58,217
|
|
Other
assets
|
72,154
|
|
79,089
|
|
73,238
|
|
77,748
|
|
82,649
|
|
|
Total
assets
|
$
5,216,300
|
|
$
5,205,734
|
|
$
4,152,904
|
|
$
4,037,077
|
|
$
3,999,408
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
1,275,800
|
|
$
1,280,174
|
|
$
967,015
|
|
$
839,377
|
|
$
816,517
|
|
|
Interest-bearing
|
3,254,723
|
|
3,231,373
|
|
2,513,216
|
|
2,591,772
|
|
2,556,602
|
|
Total
deposits
|
4,530,523
|
|
4,511,547
|
|
3,480,231
|
|
3,431,149
|
|
3,373,119
|
|
Federal funds
purchased & securities sold under
|
|
|
|
|
|
|
|
|
|
|
|
agreements to
repurchase
|
51,506
|
|
75,066
|
|
55,520
|
|
73,310
|
|
32,351
|
|
Other
borrowings
|
39,000
|
|
39,000
|
|
43,851
|
|
78,881
|
|
147,409
|
|
Other
liabilities
|
23,371
|
|
24,026
|
|
17,952
|
|
22,384
|
|
27,615
|
|
Subordinated
deferrable interest debentures
|
69,600
|
|
69,325
|
|
65,567
|
|
65,325
|
|
65,084
|
|
|
Total
liabilities
|
4,714,000
|
|
4,718,964
|
|
3,663,121
|
|
3,671,049
|
|
3,645,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
Common
stock
|
33,610
|
|
33,609
|
|
33,593
|
|
28,159
|
|
28,158
|
Capital
surplus
|
336,599
|
|
336,212
|
|
335,578
|
|
225,015
|
|
224,142
|
Retained
earnings
|
140,282
|
|
126,265
|
|
126,566
|
|
118,412
|
|
109,170
|
Accumulated
other comprehensive income/(loss)
|
4,197
|
|
3,072
|
|
6,353
|
|
6,098
|
|
3,974
|
Less treasury
stock
|
(12,388)
|
|
(12,388)
|
|
(12,307)
|
|
(11,656)
|
|
(11,614)
|
|
|
Total stockholders'
equity
|
502,300
|
|
486,770
|
|
489,783
|
|
366,028
|
|
353,830
|
|
|
Total liabilities and
stockholders' equity
|
$
5,216,300
|
|
$
5,205,734
|
|
$
4,152,904
|
|
$
4,037,077
|
|
$
3,999,408
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
Earning
Assets
|
4,703,353
|
|
4,669,282
|
|
3,698,540
|
|
3,564,286
|
|
3,515,805
|
Intangible
Assets
|
105,919
|
|
106,556
|
|
71,138
|
|
71,768
|
|
67,993
|
Interest Bearing
Liabilities
|
3,414,829
|
|
3,414,764
|
|
2,678,154
|
|
2,809,288
|
|
2,801,446
|
Average
Assets
|
5,213,275
|
|
4,464,558
|
|
4,079,750
|
|
4,011,128
|
|
3,969,893
|
Average Common
Stockholders' Equity
|
494,957
|
|
491,967
|
|
452,132
|
|
362,659
|
|
350,733
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
INFORMATION(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
21,658
|
|
$
21,852
|
|
$
21,157
|
|
$
22,212
|
|
$
22,254
|
|
$
21,157
|
|
$
22,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
loss (2)
|
1,050
|
|
1,800
|
|
1,100
|
|
650
|
|
1,573
|
|
3,950
|
|
4,071
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
719
|
|
2,452
|
|
855
|
|
2,071
|
|
1,975
|
|
4,026
|
|
5,554
|
|
|
Recoveries
|
482
|
|
458
|
|
450
|
|
366
|
|
360
|
|
1,390
|
|
1,318
|
|
Net charge-offs
(recoveries)
|
237
|
|
1,994
|
|
405
|
|
1,705
|
|
1,615
|
|
2,636
|
|
4,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending
balance
|
$
22,471
|
|
$
21,658
|
|
$
21,852
|
|
$
21,157
|
|
$
22,212
|
|
$
22,471
|
|
$
22,212
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a percentage of
loans
|
0.98%
|
|
1.00%
|
|
1.09%
|
|
1.12%
|
|
1.20%
|
|
0.98%
|
|
1.20%
|
|
As a percentage of
nonperforming loans
|
109.31%
|
|
104.43%
|
|
104.85%
|
|
97.37%
|
|
97.38%
|
|
109.31%
|
|
97.38%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-off
information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
135
|
|
$
410
|
|
$
392
|
|
$
468
|
|
$
191
|
|
$
937
|
|
$
1,099
|
|
Real estate -
residential
|
234
|
|
464
|
|
268
|
|
368
|
|
406
|
|
966
|
|
1,339
|
|
Real estate -
commercial & farmland
|
184
|
|
1,162
|
|
12
|
|
1,033
|
|
953
|
|
1,358
|
|
2,255
|
|
Real estate -
construction & development
|
105
|
|
263
|
|
97
|
|
74
|
|
296
|
|
465
|
|
518
|
|
Consumer
installment
|
61
|
|
153
|
|
86
|
|
128
|
|
129
|
|
300
|
|
343
|
|
|
Total
charge-offs
|
719
|
|
2,452
|
|
855
|
|
2,071
|
|
1,975
|
|
4,026
|
|
5,554
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
117
|
|
115
|
|
285
|
|
91
|
|
47
|
|
517
|
|
230
|
|
Real estate -
residential
|
54
|
|
27
|
|
57
|
|
71
|
|
52
|
|
138
|
|
183
|
|
Real estate -
commercial & farmland
|
272
|
|
17
|
|
15
|
|
91
|
|
31
|
|
304
|
|
183
|
|
Real estate -
construction & development
|
6
|
|
277
|
|
31
|
|
49
|
|
96
|
|
314
|
|
300
|
|
Consumer
installment
|
33
|
|
22
|
|
62
|
|
64
|
|
134
|
|
117
|
|
422
|
|
|
Total
recoveries
|
482
|
|
458
|
|
450
|
|
366
|
|
360
|
|
1,390
|
|
1,318
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries)
|
$
237
|
|
$
1,994
|
|
$
405
|
|
$
1,705
|
|
$
1,615
|
|
$
2,636
|
|
$
4,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
(excluding purchased non-covered
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and covered loans)
|
20,558
|
|
20,740
|
|
20,841
|
|
21,728
|
|
22,810
|
|
20,558
|
|
22,810
|
Non-accrual purchased
non-covered loans
|
11,374
|
|
17,444
|
|
17,308
|
|
18,249
|
|
17,007
|
|
11,374
|
|
17,007
|
Foreclosed assets
(excluding purchased assets)
|
20,730
|
|
22,567
|
|
32,339
|
|
33,160
|
|
35,320
|
|
20,730
|
|
35,320
|
Purchased,
non-covered other real estate owned
|
11,538
|
|
13,112
|
|
13,818
|
|
15,585
|
|
13,660
|
|
11,538
|
|
13,660
|
Accruing loans
delinquent 90 days or more
|
-
|
|
-
|
|
-
|
|
1
|
|
-
|
|
-
|
|
-
|
Total
non-performing assets, excluding covered assets
|
64,200
|
|
73,863
|
|
84,306
|
|
88,723
|
|
88,797
|
|
64,200
|
|
88,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
as a percent of total assets
|
1.23%
|
|
1.42%
|
|
2.03%
|
|
2.20%
|
|
2.22%
|
|
1.23%
|
|
2.22%
|
Net charge offs as a
percent of loans (Annualized)
|
0.04%
|
|
0.37%
|
|
0.08%
|
|
0.36%
|
|
0.35%
|
|
0.15%
|
|
0.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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:
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
|
Loans by
Type
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
|
Commercial, financial
& agricultural
|
$
427,747
|
|
$
373,202
|
|
$
334,917
|
|
$
319,654
|
|
$
334,783
|
|
|
Real estate -
construction & development
|
220,798
|
|
205,019
|
|
178,568
|
|
161,507
|
|
154,315
|
|
|
Real estate -
commercial & farmland
|
1,067,828
|
|
1,010,195
|
|
947,274
|
|
907,524
|
|
882,160
|
|
|
Real estate -
residential
|
532,285
|
|
537,201
|
|
496,043
|
|
456,106
|
|
436,515
|
|
|
Consumer
installment
|
31,299
|
|
30,080
|
|
29,113
|
|
30,782
|
|
31,403
|
|
|
Other
|
10,692
|
|
15,903
|
|
13,505
|
|
14,308
|
|
9,583
|
|
|
Total Legacy (excluding purchased
|
|
|
|
|
|
|
|
|
|
|
|
non-covered and covered)
|
$
2,290,649
|
|
$
2,171,600
|
|
$
1,999,420
|
|
$
1,889,881
|
|
$
1,848,759
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
42,350
|
|
$
45,337
|
|
$
36,258
|
|
$
38,041
|
|
$
38,077
|
|
|
Real estate -
construction & development
|
71,109
|
|
75,302
|
|
53,668
|
|
58,362
|
|
60,262
|
|
|
Real estate -
commercial & farmland
|
385,032
|
|
404,588
|
|
291,760
|
|
306,706
|
|
296,790
|
|
|
Real estate -
residential
|
263,312
|
|
276,798
|
|
257,216
|
|
266,342
|
|
273,347
|
|
|
Consumer
installment
|
5,691
|
|
6,288
|
|
4,190
|
|
4,788
|
|
5,248
|
|
|
Total Purchased non-covered (net of discounts)
|
$
767,494
|
|
$
808,313
|
|
$
643,092
|
|
$
674,239
|
|
$
673,724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
Real estate -
construction & development
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Real estate -
commercial & farmland
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Real estate -
residential
|
410,072
|
|
268,984
|
|
-
|
|
-
|
|
-
|
|
|
Consumer
installment
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total Purchased non-covered loan pools
|
$
410,072
|
|
$
268,984
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
13,349
|
|
$
17,666
|
|
$
20,905
|
|
$
21,467
|
|
$
22,545
|
|
|
Real estate -
construction & development
|
14,266
|
|
15,002
|
|
19,519
|
|
23,447
|
|
27,756
|
|
|
Real estate -
commercial & farmland
|
103,399
|
|
111,772
|
|
130,290
|
|
147,627
|
|
180,566
|
|
|
Real estate -
residential
|
59,835
|
|
64,982
|
|
74,847
|
|
78,520
|
|
82,445
|
|
|
Consumer
installment
|
172
|
|
176
|
|
184
|
|
218
|
|
277
|
|
|
Total Covered (net of discounts)
|
$
191,021
|
|
$
209,598
|
|
$
245,745
|
|
$
271,279
|
|
$
313,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loan
Portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
483,446
|
|
$
436,205
|
|
$
392,080
|
|
$
379,162
|
|
$
395,405
|
|
|
Real estate -
construction & development
|
306,173
|
|
295,323
|
|
251,755
|
|
243,316
|
|
242,333
|
|
|
Real estate -
commercial & farmland
|
1,556,259
|
|
1,526,555
|
|
1,369,324
|
|
1,361,857
|
|
1,359,516
|
|
|
Real estate -
residential
|
1,265,504
|
|
1,147,965
|
|
828,106
|
|
800,968
|
|
792,307
|
|
|
Consumer
installment
|
37,162
|
|
36,544
|
|
33,487
|
|
35,788
|
|
36,928
|
|
|
Other
|
10,692
|
|
15,903
|
|
13,505
|
|
14,308
|
|
9,583
|
|
|
Total Loans
|
$
3,659,236
|
|
$
3,458,495
|
|
$
2,888,257
|
|
$
2,835,399
|
|
$
2,836,072
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt
Restructurings, excluding purchased non-covered and covered
loans:
|
|
|
|
|
|
|
|
|
Accruing loan
types:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
238
|
|
$
278
|
|
$
277
|
|
$
290
|
|
$
257
|
|
|
Real estate -
construction & development
|
838
|
|
821
|
|
789
|
|
679
|
|
1,917
|
|
|
Real estate -
commercial & farmland
|
5,719
|
|
6,617
|
|
7,309
|
|
6,477
|
|
7,080
|
|
|
Real estate -
residential
|
5,209
|
|
4,702
|
|
4,513
|
|
5,258
|
|
7,973
|
|
|
Consumer
installment
|
71
|
|
49
|
|
47
|
|
55
|
|
34
|
|
|
Total Accruing TDRs
|
$
12,075
|
|
$
12,467
|
|
$
12,935
|
|
$
12,759
|
|
$
17,261
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accruing loan
types:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
68
|
|
$
29
|
|
$
17
|
|
$
13
|
|
$
507
|
|
|
Real estate -
construction & development
|
30
|
|
57
|
|
90
|
|
228
|
|
196
|
|
|
Real estate -
commercial & farmland
|
942
|
|
598
|
|
64
|
|
724
|
|
1,672
|
|
|
Real estate -
residential
|
759
|
|
783
|
|
736
|
|
1,485
|
|
759
|
|
|
Consumer
installment
|
64
|
|
82
|
|
90
|
|
73
|
|
93
|
|
|
Total Non-accrual TDRs
|
$
1,863
|
|
$
1,549
|
|
$
997
|
|
$
2,523
|
|
$
3,227
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Troubled
Debt Restructurings
|
$
13,938
|
|
$
14,016
|
|
$
13,932
|
|
$
15,282
|
|
$
20,488
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following
table presents the loan portfolio by risk grade, excluding
purchased non-covered and covered loans:
|
|
|
|
|
|
|
Grade 10 - Prime
credit
|
$
231,281
|
|
$
181,933
|
|
$
157,462
|
|
$
128,577
|
|
$
121,486
|
|
|
Grade 15 - Good
credit
|
234,185
|
|
243,070
|
|
205,929
|
|
217,804
|
|
222,714
|
|
|
Grade 20 -
Satisfactory credit
|
1,148,024
|
|
1,104,747
|
|
1,012,733
|
|
947,948
|
|
908,054
|
|
|
Grade 23 -
Performing, under-collateralized credit
|
26,477
|
|
27,400
|
|
28,643
|
|
29,205
|
|
28,826
|
|
|
Grade 25 - Minimum
acceptable credit
|
579,642
|
|
544,664
|
|
513,009
|
|
488,187
|
|
484,200
|
|
|
Grade 30 - Other
asset especially mentioned
|
22,190
|
|
25,020
|
|
25,461
|
|
25,983
|
|
31,750
|
|
|
Grade 40 -
Substandard
|
48,848
|
|
44,766
|
|
56,179
|
|
52,176
|
|
51,640
|
|
|
Grade 50 -
Doubtful
|
2
|
|
-
|
|
4
|
|
1
|
|
88
|
|
|
Grade 60 -
Loss
|
-
|
|
-
|
|
-
|
|
-
|
|
1
|
|
|
Total
|
$
2,290,649
|
|
$
2,171,600
|
|
$
1,999,420
|
|
$
1,889,881
|
|
$
1,848,759
|
|
|
|
|
|
|
|
|
|
|
|
|
The following
table presents the purchased, non-covered loan portfolio by risk
grade:
|
|
|
|
|
|
|
|
|
Grade 10 - Prime
credit
|
$
9,801
|
|
$
10,123
|
|
$
7,444
|
|
$
7,394
|
|
$
3,965
|
|
|
Grade 15 - Good
credit
|
50,906
|
|
53,220
|
|
23,640
|
|
29,727
|
|
35,461
|
|
|
Grade 20 -
Satisfactory credit
|
348,034
|
|
362,304
|
|
206,480
|
|
208,686
|
|
180,702
|
|
|
Grade 23 -
Performing, under-collateralized credit
|
10,612
|
|
10,537
|
|
10,024
|
|
6,578
|
|
1,216
|
|
|
Grade 25 - Minimum
acceptable credit
|
290,272
|
|
300,411
|
|
337,386
|
|
361,155
|
|
399,729
|
|
|
Grade 30 - Other
asset especially mentioned
|
26,458
|
|
34,779
|
|
22,323
|
|
25,747
|
|
20,048
|
|
|
Grade 40 -
Substandard
|
31,381
|
|
36,887
|
|
35,743
|
|
34,889
|
|
32,565
|
|
|
Grade 50 -
Doubtful
|
30
|
|
52
|
|
52
|
|
63
|
|
38
|
|
|
Grade 60 -
Loss
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total
|
$
767,494
|
|
$
808,313
|
|
$
643,092
|
|
$
674,239
|
|
$
673,724
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
5,500
|
|
$
5,500
|
|
$
5,500
|
|
$
3,163
|
|
$
500
|
|
$
5,500
|
|
$
2,793
|
|
|
Interest bearing
deposits in banks
|
199,057
|
|
201,765
|
|
158,286
|
|
69,772
|
|
63,355
|
|
188,110
|
|
71,185
|
|
|
Investment securities
- taxable
|
772,252
|
|
600,176
|
|
485,922
|
|
461,800
|
|
451,563
|
|
620,500
|
|
427,252
|
|
|
Investment securities
- nontaxable
|
72,549
|
|
70,653
|
|
71,229
|
|
72,072
|
|
74,176
|
|
71,481
|
|
58,384
|
|
|
Other
investments
|
9,322
|
|
9,597
|
|
9,450
|
|
9,804
|
|
8,209
|
|
9,456
|
|
8,100
|
|
|
Mortgage loans held
for sale
|
102,961
|
|
81,823
|
|
75,831
|
|
97,406
|
|
83,751
|
|
86,387
|
|
62,506
|
|
|
Loans
|
2,193,364
|
|
2,111,507
|
|
1,911,601
|
|
1,871,618
|
|
1,795,059
|
|
2,062,648
|
|
1,697,559
|
|
|
Purchased non-covered
loans
|
788,351
|
|
654,397
|
|
650,331
|
|
659,472
|
|
688,452
|
|
702,117
|
|
538,802
|
|
|
Purchased non-covered
loan pools
|
323,258
|
|
17,308
|
|
-
|
|
-
|
|
-
|
|
116,363
|
|
-
|
|
|
Covered
loans
|
226,301
|
|
246,422
|
|
262,693
|
|
299,981
|
|
324,498
|
|
250,979
|
|
352,707
|
|
|
Total
Earning Assets
|
$
4,692,915
|
|
$
3,999,148
|
|
3,630,843
|
|
3,545,088
|
|
3,489,563
|
|
$
4,113,541
|
|
$
3,219,288
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
deposits
|
$
1,300,870
|
|
$
1,088,249
|
|
$
897,937
|
|
$
850,879
|
|
$
807,416
|
|
$
1,097,750
|
|
$
718,505
|
|
|
NOW
accounts
|
907,618
|
|
745,709
|
|
756,795
|
|
786,511
|
|
743,352
|
|
802,800
|
|
703,551
|
|
|
MMDA
|
1,219,736
|
|
981,143
|
|
857,346
|
|
840,397
|
|
861,197
|
|
1,027,932
|
|
793,875
|
|
|
Savings
accounts
|
239,999
|
|
188,767
|
|
163,624
|
|
156,663
|
|
155,559
|
|
198,379
|
|
148,111
|
|
|
Retail CDs <
$100,000
|
484,007
|
|
388,248
|
|
372,463
|
|
386,844
|
|
439,150
|
|
417,638
|
|
389,959
|
|
|
Retail CDs >
$100,000
|
387,485
|
|
378,137
|
|
383,962
|
|
401,934
|
|
370,166
|
|
380,980
|
|
364,274
|
|
|
Brokered
CDs
|
-
|
|
-
|
|
-
|
|
4,023
|
|
5,970
|
|
-
|
|
5,970
|
|
|
Total
Deposits
|
4,539,715
|
|
3,770,253
|
|
3,432,127
|
|
3,427,251
|
|
3,382,810
|
|
3,925,479
|
|
3,124,245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB
advances
|
-
|
|
17,275
|
|
16,778
|
|
35,815
|
|
55,435
|
|
11,289
|
|
50,751
|
|
|
Other
borrowings
|
39,000
|
|
41,930
|
|
43,871
|
|
46,508
|
|
47,346
|
|
41,582
|
|
37,607
|
|
|
Subordinated
debentures
|
69,448
|
|
67,180
|
|
65,436
|
|
65,195
|
|
64,953
|
|
67,369
|
|
58,647
|
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to
repurchase
|
44,480
|
|
58,722
|
|
52,707
|
|
47,247
|
|
44,316
|
|
47,282
|
|
47,099
|
|
|
Total
Non-Deposit Funding
|
152,928
|
|
185,107
|
|
178,792
|
|
194,765
|
|
212,050
|
|
167,522
|
|
194,104
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Funding
|
$
4,692,643
|
|
$
3,955,360
|
|
$
3,610,919
|
|
$
3,622,016
|
|
$
3,594,860
|
|
$
4,093,001
|
|
$
3,318,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME/EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
19
|
|
$
5
|
|
$
4
|
|
$
2
|
|
$
-
|
|
$
28
|
|
$
5
|
|
|
Interest bearing
deposits in banks
|
227
|
|
177
|
|
124
|
|
66
|
|
47
|
|
528
|
|
171
|
|
|
Investment securities
- taxable
|
4,694
|
|
3,747
|
|
3,153
|
|
3,114
|
|
3,034
|
|
11,594
|
|
8,972
|
|
|
Investment securities
- nontaxable (TE)
|
648
|
|
624
|
|
633
|
|
652
|
|
670
|
|
1,905
|
|
1,543
|
|
|
Mortgage loans held
for sale
|
970
|
|
764
|
|
692
|
|
947
|
|
787
|
|
2,426
|
|
1,646
|
|
|
Loans (TE)
|
27,258
|
|
25,629
|
|
22,418
|
|
23,294
|
|
21,790
|
|
75,305
|
|
64,433
|
|
|
Purchased non-covered
loans
|
11,911
|
|
10,328
|
|
11,840
|
|
12,612
|
|
12,610
|
|
34,079
|
|
27,408
|
|
|
Purchased non-covered
loan pools
|
2,997
|
|
149
|
|
-
|
|
-
|
|
-
|
|
3,146
|
|
-
|
|
|
Covered
loans
|
3,192
|
|
3,385
|
|
3,995
|
|
4,704
|
|
4,726
|
|
10,572
|
|
16,651
|
|
|
Total Earning
Assets
|
$
51,916
|
|
$
44,808
|
|
$
42,859
|
|
$
45,391
|
|
$
43,663
|
|
$
139,583
|
|
$
120,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion Income (included above)
|
3,037
|
|
2,635
|
|
3,097
|
|
4,280
|
|
2,964
|
|
8,769
|
|
8,263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
NOW
accounts
|
304
|
|
318
|
|
376
|
|
414
|
|
324
|
|
998
|
|
903
|
|
|
MMDA
|
877
|
|
760
|
|
663
|
|
768
|
|
783
|
|
2,300
|
|
2,186
|
|
|
Savings
accounts
|
42
|
|
37
|
|
37
|
|
45
|
|
42
|
|
116
|
|
119
|
|
|
Retail CDs <
$100,000
|
607
|
|
488
|
|
513
|
|
553
|
|
596
|
|
1,608
|
|
1,563
|
|
|
Retail CDs >
$100,000
|
691
|
|
662
|
|
691
|
|
746
|
|
749
|
|
2,044
|
|
2,015
|
|
|
Brokered
CDs
|
-
|
|
-
|
|
-
|
|
34
|
|
47
|
|
-
|
|
143
|
|
|
Total
Deposits
|
2,521
|
|
2,265
|
|
2,280
|
|
2,560
|
|
2,541
|
|
7,066
|
|
6,929
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB
advances
|
-
|
|
16
|
|
15
|
|
26
|
|
51
|
|
31
|
|
114
|
|
|
Other
borrowings
|
322
|
|
346
|
|
366
|
|
379
|
|
558
|
|
1,034
|
|
1,381
|
|
|
Subordinated
debentures
|
914
|
|
866
|
|
832
|
|
887
|
|
866
|
|
2,612
|
|
2,240
|
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to
repurchase
|
39
|
|
48
|
|
43
|
|
41
|
|
39
|
|
130
|
|
123
|
|
|
Total
Non-Deposit Funding
|
1,275
|
|
1,276
|
|
1,256
|
|
1,333
|
|
1,514
|
|
3,807
|
|
3,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Funding
|
$
3,796
|
|
$
3,541
|
|
$
3,536
|
|
$
3,893
|
|
$
4,055
|
|
$
10,873
|
|
$
10,787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income (TE)
|
$
48,120
|
|
$
41,267
|
|
$
39,323
|
|
$
41,498
|
|
$
39,608
|
|
$
128,710
|
|
$
110,042
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
YIELDS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
1.37%
|
|
0.36%
|
|
0.29%
|
|
0.25%
|
|
0.00%
|
|
0.68%
|
|
0.24%
|
|
|
Interest bearing
deposits in banks
|
0.45%
|
|
0.35%
|
|
0.32%
|
|
0.38%
|
|
0.29%
|
|
0.38%
|
|
0.32%
|
|
|
Investment securities
- taxable
|
2.41%
|
|
2.50%
|
|
2.63%
|
|
2.68%
|
|
2.67%
|
|
2.50%
|
|
2.81%
|
|
|
Investment securities
- nontaxable
|
3.54%
|
|
3.54%
|
|
3.60%
|
|
3.59%
|
|
3.58%
|
|
3.56%
|
|
3.53%
|
|
|
Mortgage loans held
for sale
|
3.74%
|
|
3.75%
|
|
3.70%
|
|
3.86%
|
|
3.73%
|
|
3.75%
|
|
3.52%
|
|
|
Loans
|
4.93%
|
|
4.87%
|
|
4.76%
|
|
4.94%
|
|
4.82%
|
|
4.88%
|
|
5.07%
|
|
|
Purchased non-covered
loans
|
5.99%
|
|
6.33%
|
|
7.38%
|
|
7.59%
|
|
7.27%
|
|
6.49%
|
|
6.80%
|
|
|
Purchased non-covered
loan pools
|
3.68%
|
|
3.45%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
3.61%
|
|
0.00%
|
|
|
Covered
loans
|
5.60%
|
|
5.51%
|
|
6.17%
|
|
6.22%
|
|
5.78%
|
|
5.63%
|
|
6.31%
|
|
|
Total
Earning Assets
|
4.39%
|
|
4.49%
|
|
4.79%
|
|
5.08%
|
|
4.96%
|
|
4.54%
|
|
5.02%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
deposits
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
|
NOW
accounts
|
0.13%
|
|
0.17%
|
|
0.20%
|
|
0.21%
|
|
0.17%
|
|
0.17%
|
|
0.17%
|
|
|
MMDA
|
0.29%
|
|
0.31%
|
|
0.31%
|
|
0.36%
|
|
0.36%
|
|
0.30%
|
|
0.37%
|
|
|
Savings
accounts
|
0.07%
|
|
0.08%
|
|
0.09%
|
|
0.11%
|
|
0.11%
|
|
0.08%
|
|
0.11%
|
|
|
Retail CDs <
$100,000
|
0.50%
|
|
0.50%
|
|
0.56%
|
|
0.57%
|
|
0.54%
|
|
0.51%
|
|
0.54%
|
|
|
Retail CDs >
$100,000
|
0.71%
|
|
0.70%
|
|
0.73%
|
|
0.74%
|
|
0.80%
|
|
0.72%
|
|
0.74%
|
|
|
Brokered
CDs
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
3.35%
|
|
3.12%
|
|
0.00%
|
|
3.20%
|
|
|
Total
Deposits
|
0.22%
|
|
0.24%
|
|
0.27%
|
|
0.30%
|
|
0.30%
|
|
0.24%
|
|
0.30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB
advances
|
0.00%
|
|
0.37%
|
|
0.36%
|
|
0.29%
|
|
0.36%
|
|
0.37%
|
|
0.30%
|
|
|
Other
borrowings
|
3.28%
|
|
3.31%
|
|
3.38%
|
|
3.23%
|
|
4.68%
|
|
3.32%
|
|
4.91%
|
|
|
Subordinated
debentures
|
5.22%
|
|
5.17%
|
|
5.16%
|
|
5.40%
|
|
5.29%
|
|
5.18%
|
|
5.11%
|
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to
repurchase
|
0.35%
|
|
0.33%
|
|
0.33%
|
|
0.34%
|
|
0.35%
|
|
0.37%
|
|
0.35%
|
|
|
Total
Non-Deposit Funding
|
3.31%
|
|
2.76%
|
|
2.85%
|
|
2.72%
|
|
2.83%
|
|
3.04%
|
|
2.66%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total funding
(3)
|
0.32%
|
|
0.36%
|
|
0.40%
|
|
0.43%
|
|
0.45%
|
|
0.36%
|
|
0.43%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread
|
4.07%
|
|
4.13%
|
|
4.39%
|
|
4.65%
|
|
4.52%
|
|
4.18%
|
|
4.58%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
4.07%
|
|
4.14%
|
|
4.39%
|
|
4.64%
|
|
4.50%
|
|
4.18%
|
|
4.57%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interest and
average rates are calculated on a tax-equivalent basis using an
effective tax rate of 35%.
|
|
|
|
|
|
|
|
|
(2) Rate calculated
based on average earning assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Rate calculated
based on total average funding including non-interest bearing
liabilities.
|
|
|
|
|
|
|
|
|
|
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
Operating Net
Income Reconciliation
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders
|
$
15,627
|
|
$
1,308
|
|
$
9,764
|
|
$
10,580
|
|
$
11,663
|
|
$
26,699
|
|
$
27,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
446
|
|
5,712
|
|
15
|
|
67
|
|
551
|
|
6,173
|
|
3,873
|
|
|
Non-recurring credit
resolution related expenses
|
-
|
|
11,241
|
|
-
|
|
-
|
|
-
|
|
11,241
|
|
-
|
|
|
Tax effect of
non-recurring charges
|
(156)
|
|
(5,934)
|
|
(5)
|
|
(23)
|
|
(193)
|
|
(6,095)
|
|
(1,356)
|
|
|
Plus: After tax
non-recurring charges
|
290
|
|
11,019
|
|
10
|
|
44
|
|
358
|
|
11,319
|
|
2,517
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Net
income
|
15,917
|
|
12,327
|
|
9,774
|
|
10,624
|
|
12,021
|
|
38,018
|
|
30,374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating net income
per diluted share:
|
$
0.49
|
|
$
0.38
|
|
$
0.32
|
|
$
0.39
|
|
$
0.44
|
|
$
1.19
|
|
$
1.16
|
|
|
Return on average
assets
|
1.21%
|
|
1.11%
|
|
0.97%
|
|
1.05%
|
|
1.20%
|
|
1.05%
|
|
1.16%
|
|
|
Return on average
common tangible equity
|
16.23%
|
|
12.83%
|
|
10.40%
|
|
14.49%
|
|
16.87%
|
|
12.74%
|
|
16.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
Net Interest
Margin and Yields on Total Loans
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
|
|
Excluding Accretion Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest Income
(TE)
|
$
51,916
|
|
$
44,808
|
|
$
42,859
|
|
$
45,391
|
|
$
43,663
|
|
$
139,583
|
|
$
120,829
|
|
|
Accretion Income
|
3,037
|
|
2,635
|
|
3,097
|
|
4,280
|
|
2,964
|
|
8,769
|
|
8,263
|
|
|
Total Interest Income
(TE) Excluding Accretion
|
$
48,879
|
|
$
42,173
|
|
$
39,762
|
|
$
41,111
|
|
$
40,699
|
|
$
130,814
|
|
$
112,566
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest
Expense
|
$
3,796
|
|
$
3,541
|
|
$
3,536
|
|
$
3,893
|
|
$
4,055
|
|
$
10,873
|
|
$
10,787
|
|
|
Net Interest Income
(TE) Excluding Accretion
|
$
45,083
|
|
$
38,632
|
|
$
36,226
|
|
$
37,218
|
|
$
36,644
|
|
$
119,941
|
|
$
101,779
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on Total Loans
Excluding Accretion
|
4.83%
|
|
4.86%
|
|
5.01%
|
|
5.05%
|
|
5.07%
|
|
4.90%
|
|
5.14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin
Excluding Accretion
|
3.81%
|
|
3.87%
|
|
4.05%
|
|
4.17%
|
|
4.17%
|
|
3.90%
|
|
4.23%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
Core Earnings
Reconciliation
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax operating
profit/(loss)
|
$
22,995
|
|
$
1,794
|
|
$
14,511
|
|
$
14,747
|
|
$
16,785
|
|
$
39,300
|
|
$
41,458
|
|
|
Plus: Credit Related
Costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses
|
986
|
|
2,656
|
|
1,069
|
|
888
|
|
1,669
|
|
4,711
|
|
4,760
|
|
|
(Gains)/Losses on the sale of legacy OREO
|
36
|
|
436
|
|
110
|
|
(228)
|
|
(3)
|
|
582
|
|
228
|
|
|
(Gains)/Losses on the sale of covered OREO
|
56
|
|
194
|
|
20
|
|
344
|
|
(184)
|
|
270
|
|
183
|
|
|
Problem loan and OREO expense
|
991
|
|
10,632
|
|
3,031
|
|
5,175
|
|
3,373
|
|
14,654
|
|
7,809
|
|
|
Interest reversed (received) on non-accrual loans
|
17
|
|
413
|
|
156
|
|
(6)
|
|
94
|
|
586
|
|
411
|
|
|
Total
Credit-Related Costs
|
2,086
|
|
14,331
|
|
4,386
|
|
6,173
|
|
4,949
|
|
20,803
|
|
13,391
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: Conversion
charges
|
446
|
|
5,712
|
|
15
|
|
67
|
|
551
|
|
6,173
|
|
3,873
|
|
|
Less: Non-recurring
gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on sales of securities
|
(115)
|
|
(10)
|
|
(12)
|
|
-
|
|
(132)
|
|
(137)
|
|
(138)
|
|
|
Gains on sales
of bank premises
|
-
|
|
-
|
|
-
|
|
-
|
|
(616)
|
|
-
|
|
(616)
|
|
|
Other non-recurring adjustments
|
-
|
|
-
|
|
-
|
|
188
|
|
-
|
|
-
|
|
(870)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pretax, Pre-provision
earnings
|
$
25,412
|
|
$
21,827
|
|
$
18,900
|
|
$
21,175
|
|
$
21,537
|
|
$
66,139
|
|
$
57,098
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As percentage of
average assets, annualized
|
1.93%
|
|
1.96%
|
|
1.88%
|
|
2.09%
|
|
2.15%
|
|
1.70%
|
|
1.92%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
Recurring
Operating Expenses
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Expenses
|
48,396
|
|
56,864
|
|
40,827
|
|
41,733
|
|
38,579
|
|
146,087
|
|
109,136
|
|
|
Less: Credit costs
& non-recurring charges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains/(Losses) on the sale of legacy OREO
|
(36)
|
|
(436)
|
|
(110)
|
|
228
|
|
3
|
|
(582)
|
|
(225)
|
|
|
Gains/(Losses) on the sale of covered OREO
|
(56)
|
|
(194)
|
|
(20)
|
|
(344)
|
|
184
|
|
(270)
|
|
(183)
|
|
|
Problem loan and OREO expense
|
(991)
|
|
(10,632)
|
|
(3,031)
|
|
(5,175)
|
|
(3,373)
|
|
(14,654)
|
|
(7,809)
|
|
|
Severance payments
|
-
|
|
-
|
|
-
|
|
(188)
|
|
-
|
|
-
|
|
-
|
|
|
Conversion
expenses
|
(446)
|
|
(5,712)
|
|
(15)
|
|
(67)
|
|
(551)
|
|
(6,173)
|
|
(3,873)
|
|
|
Gains/(Losses) on the sale of premises
|
-
|
|
-
|
|
-
|
|
-
|
|
616
|
|
-
|
|
616
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring operating
expenses
|
$
46,867
|
|
$
39,890
|
|
$
37,651
|
|
$
36,187
|
|
$
35,458
|
|
$
124,408
|
|
$
97,662
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
Segment
Reporting
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
43,044
|
|
$
36,806
|
|
$
35,839
|
|
$
38,045
|
|
$
36,142
|
|
$
115,689
|
|
$
102,415
|
|
|
Provision for loan losses
|
960
|
|
2,456
|
|
927
|
|
737
|
|
994
|
|
4,343
|
|
4,085
|
|
|
Noninterest income
|
13,470
|
|
9,262
|
|
8,780
|
|
8,595
|
|
8,932
|
|
31,512
|
|
23,742
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
17,921
|
|
15,675
|
|
15,362
|
|
14,196
|
|
14,819
|
|
48,958
|
|
40,905
|
|
|
Occupancy
|
5,444
|
|
4,376
|
|
4,144
|
|
4,319
|
|
4,277
|
|
13,964
|
|
11,778
|
|
|
Data
Processing
|
4,998
|
|
3,913
|
|
4,011
|
|
3,901
|
|
3,619
|
|
12,922
|
|
10,535
|
|
|
Other
expenses
|
11,379
|
|
24,048
|
|
10,356
|
|
12,320
|
|
8,722
|
|
45,783
|
|
26,855
|
|
|
Total noninterest expense
|
39,742
|
|
48,012
|
|
33,873
|
|
34,736
|
|
31,437
|
|
121,627
|
|
90,073
|
|
|
Income before income
taxes
|
15,812
|
|
(4,400)
|
|
9,819
|
|
11,167
|
|
12,643
|
|
21,231
|
|
31,999
|
|
|
Income
Tax
|
4,854
|
|
(1,682)
|
|
3,105
|
|
2,914
|
|
3,672
|
|
6,277
|
|
10,004
|
|
|
Net
income
|
10,958
|
|
(2,718)
|
|
6,714
|
|
8,253
|
|
8,971
|
|
14,954
|
|
21,995
|
|
|
Preferred stock dividends
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
286
|
|
|
Net income available
to common shareholders
|
$
10,958
|
|
$
(2,718)
|
|
$
6,714
|
|
$
8,253
|
|
$
8,971
|
|
$
14,954
|
|
$
21,709
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Mortgage
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
2,485
|
|
$
1,979
|
|
$
1,545
|
|
$
1,822
|
|
$
1,636
|
|
$
6,009
|
|
$
3,522
|
|
|
Provision for loan losses
|
26
|
|
200
|
|
142
|
|
151
|
|
675
|
|
368
|
|
675
|
|
|
Noninterest income
|
9,827
|
|
9,095
|
|
7,610
|
|
6,076
|
|
6,967
|
|
26,532
|
|
18,883
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
6,138
|
|
5,592
|
|
4,527
|
|
4,175
|
|
4,340
|
|
16,257
|
|
11,743
|
|
|
Occupancy
|
397
|
|
396
|
|
380
|
|
373
|
|
368
|
|
1,173
|
|
969
|
|
|
Data
Processing
|
308
|
|
279
|
|
212
|
|
315
|
|
285
|
|
799
|
|
728
|
|
|
Other
expenses
|
662
|
|
1,150
|
|
932
|
|
828
|
|
735
|
|
2,744
|
|
2,764
|
|
|
Total noninterest expense
|
7,505
|
|
7,417
|
|
6,051
|
|
5,691
|
|
5,728
|
|
20,973
|
|
16,204
|
|
|
Income before income
taxes
|
4,781
|
|
3,457
|
|
2,962
|
|
2,056
|
|
2,200
|
|
11,200
|
|
5,526
|
|
|
Income
Tax
|
1,673
|
|
1,210
|
|
1,037
|
|
720
|
|
770
|
|
3,920
|
|
1,934
|
|
|
Net
income
|
3,108
|
|
2,247
|
|
1,925
|
|
1,336
|
|
1,430
|
|
7,280
|
|
3,592
|
|
|
Preferred stock dividends
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Net income available
to common shareholders
|
$
3,108
|
|
$
2,247
|
|
$
1,925
|
|
$
1,336
|
|
$
1,430
|
|
$
7,280
|
|
$
3,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse
Lending:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
1,128
|
|
$
1,179
|
|
$
835
|
|
$
752
|
|
$
711
|
|
$
3,142
|
|
$
1,264
|
|
|
Provision for loan losses
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Noninterest income
|
372
|
|
383
|
|
273
|
|
237
|
|
168
|
|
1,028
|
|
418
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
137
|
|
99
|
|
127
|
|
84
|
|
69
|
|
363
|
|
171
|
|
|
Occupancy
|
1
|
|
1
|
|
2
|
|
-
|
|
-
|
|
4
|
|
1
|
|
|
Data
Processing
|
22
|
|
20
|
|
33
|
|
11
|
|
21
|
|
75
|
|
43
|
|
|
Other
expenses
|
40
|
|
19
|
|
36
|
|
171
|
|
134
|
|
95
|
|
232
|
|
|
Total noninterest expense
|
200
|
|
139
|
|
198
|
|
266
|
|
224
|
|
537
|
|
447
|
|
|
Income before income
taxes
|
1,300
|
|
1,423
|
|
910
|
|
723
|
|
655
|
|
3,633
|
|
1,235
|
|
|
Income
Tax
|
455
|
|
498
|
|
319
|
|
253
|
|
229
|
|
1,272
|
|
432
|
|
|
Net
income
|
845
|
|
925
|
|
592
|
|
470
|
|
426
|
|
2,361
|
|
803
|
|
|
Preferred stock dividends
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Net income available
to common shareholders
|
$
845
|
|
$
925
|
|
$
592
|
|
$
470
|
|
$
426
|
|
$
2,361
|
|
$
803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
742
|
|
$
724
|
|
$
613
|
|
$
387
|
|
$
643
|
|
$
2,079
|
|
$
1,679
|
|
|
Provision for loan losses
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Noninterest income
|
1,309
|
|
1,886
|
|
912
|
|
1,454
|
|
1,834
|
|
4,107
|
|
3,431
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
738
|
|
1,099
|
|
616
|
|
861
|
|
998
|
|
2,453
|
|
1,743
|
|
|
Occupancy
|
73
|
|
36
|
|
28
|
|
25
|
|
24
|
|
137
|
|
56
|
|
|
Data
Processing
|
1
|
|
2
|
|
4
|
|
2
|
|
3
|
|
7
|
|
16
|
|
|
Other
expenses
|
137
|
|
159
|
|
57
|
|
152
|
|
165
|
|
353
|
|
597
|
|
|
Total noninterest expense
|
949
|
|
1,296
|
|
705
|
|
1,040
|
|
1,190
|
|
2,950
|
|
2,412
|
|
|
Income before income
taxes
|
1,102
|
|
1,314
|
|
820
|
|
801
|
|
1,287
|
|
3,236
|
|
2,698
|
|
|
Income
Tax
|
386
|
|
460
|
|
287
|
|
280
|
|
450
|
|
1,133
|
|
944
|
|
|
Net
income
|
716
|
|
854
|
|
533
|
|
521
|
|
837
|
|
2,103
|
|
1,754
|
|
|
Preferred stock dividends
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Net income available
to common shareholders
|
$
716
|
|
$
854
|
|
$
533
|
|
$
521
|
|
$
837
|
|
$
2,103
|
|
$
1,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Consolidated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
47,399
|
|
$
40,688
|
|
$
38,832
|
|
$
41,006
|
|
$
39,132
|
|
$
126,919
|
|
$
108,880
|
|
|
Provision for loan losses
|
986
|
|
2,656
|
|
1,069
|
|
888
|
|
1,669
|
|
4,711
|
|
4,760
|
|
|
Noninterest income
|
24,978
|
|
20,626
|
|
17,575
|
|
16,362
|
|
17,901
|
|
63,179
|
|
46,474
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
24,934
|
|
22,465
|
|
20,632
|
|
19,316
|
|
20,226
|
|
68,031
|
|
54,562
|
|
|
Occupancy
|
5,915
|
|
4,809
|
|
4,554
|
|
4,717
|
|
4,669
|
|
15,278
|
|
12,804
|
|
|
Data
Processing
|
5,329
|
|
4,214
|
|
4,260
|
|
4,229
|
|
3,928
|
|
13,803
|
|
11,322
|
|
|
Other
expenses
|
12,218
|
|
25,376
|
|
11,381
|
|
13,471
|
|
9,756
|
|
48,975
|
|
30,448
|
|
|
Total noninterest expense
|
48,396
|
|
56,864
|
|
40,827
|
|
41,733
|
|
38,579
|
|
146,087
|
|
109,136
|
|
|
Income before income
taxes
|
22,995
|
|
1,794
|
|
14,511
|
|
14,747
|
|
16,785
|
|
39,300
|
|
41,458
|
|
|
Income
Tax
|
7,368
|
|
486
|
|
4,747
|
|
4,167
|
|
5,122
|
|
12,601
|
|
13,315
|
|
|
Net
income
|
15,627
|
|
1,308
|
|
9,764
|
|
10,580
|
|
11,663
|
|
26,699
|
|
28,143
|
|
|
Preferred stock dividends
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
286
|
|
|
Net income available
to common shareholders
|
$
15,627
|
|
$
1,308
|
|
$
9,764
|
|
$
10,580
|
|
$
11,663
|
|
$
26,699
|
|
$
27,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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SOURCE Ameris Bancorp