MOULTRIE, Ga., April 22, 2016 /PRNewswire/ -- Ameris
Bancorp (Nasdaq: ABCB) (the "Company") today reported operating net
income of $16.5 million, or
$0.50 per diluted share, for the
quarter ended March 31, 2016,
compared with $9.8 million, or
$0.32 per diluted share, for the
quarter ended March 31, 2015.
Commenting on the Company's quarterly results, Edwin W. Hortman, Jr., the Company's President
and Chief Executive Officer, said, "We are very pleased with our
operating results and performance ratios that our outstanding
bankers produced in the first quarter. Even more encouraging
is the positive momentum we see going into the second quarter of
2016 and the rest of the year. Against the linked quarter, we
saw growth in spread income and non-interest income and made
progress on our efficiency initiatives. Lastly, we completed
our acquisition of Jacksonville Bancorp, Inc. late in the first
quarter which pushed our total assets to approximately $6.1 billion."
Operating results for the first quarter exclude acquisition
costs totaling $4.2 million after tax
associated with the acquisition of Jacksonville Bancorp, Inc.
("JAXB"). Including these expenses, the Company reported net
income of $12.3 million, or
$0.37 per diluted share, for the
first quarter of 2016.
Highlights of the Company's performance and results for the
first quarter of 2016 include the following:
- Operating return on average assets of 1.18% and operating
return on average tangible equity of 15.42%
- Completion of the acquisition of JAXB, adding $561.4 million in total assets with virtually no
dilution to tangible book value
- Increase in tangible book value per share to $13.13, compared with $12.65 per share at December 31, 2015
- Organic loan growth of $78.4
million, reflecting an annualized growth rate of 9.9%
- Organic growth in non-interest bearing demand deposits of
$70.9 million, reflecting an
annualized growth rate of 21.4%
- 5.0% increase in total recurring revenue to $78.8 million in the first quarter of 2016,
compared with $75.0 million in the
fourth quarter of 2015
- $18.9 million, or 31.5%, increase
in year-over-year revenue, compared to year-over-year growth in
operating expenses (excluding merger costs) of $8.4 million, or 20.7%
- Improvement in net interest margin to 4.03% from 3.98% in the
fourth quarter of 2015
- Decline in the Company's net overhead ratio, on an operating
basis, from 2.12% in the fourth quarter of 2015 to 1.78% in the
first quarter of 2016
Acquisition of JAXB
The Company successfully
completed the acquisition of JAXB on March
11, 2016. Highlights of the merger are as follows:
- Added $561.4 million in total
assets and eight retail offices within the Jacksonville, Florida market
- Added $401.1 million in loans and
$401.4 million in total deposits
- Issuance of a total of 2,549,469 shares of the Company's common
stock at a fair value on the closing date of $72.5 million
- $31.4 million in additional
goodwill and $5.9 million in core
deposit intangibles associated with the merger recorded by the
Company
- Including all merger costs, the addition of $0.02 per share to the Company's consolidated
tangible book value
The conversion of JAXB's systems to the Company's is scheduled
to be completed during the second quarter of 2016, after which time
management expects to realize most of the operating efficiencies
from the acquisition.
Operating Results
Net income available to
common shareholders in the first quarter of 2016 totaled
$16.5 million, an increase of 68.3%
over the same quarter in 2015. Revenue during the first
quarter totaled $78.8 million, an
increase of 31.5% over the first quarter of 2015. Increases
in revenue resulted from the growth in earning assets over the
prior year, as well as increased revenue from the Company's
mortgage and SBA lines of business. Returns on average assets
and average tangible common equity, on an operating basis, were
1.18% and 15.33%, respectively, for the first quarter of 2016,
compared with 0.97% and 10.40%, respectively, for the same quarter
of 2015. Operating results improved over the same period in
2015 due to consistently lower credit costs and the full deployment
of excess liquidity in the last half of 2015.
Net Interest Income and Net Interest Margin
Net
interest income for the first quarter of 2016 totaled $50.4 million, an increase of $11.6 million, or 29.9%, compared with
$38.8 million for the first quarter
of 2015. The Company's net interest margin increased during
the quarter to 4.03%, compared with 3.98% during the fourth quarter
of 2015, but declined from 4.39% for the first quarter of
2015. Accretion income for the first quarter of 2016 remained
unchanged from the fourth quarter of 2015 at $2.9 million, compared with $3.1 million reported for the first quarter of
2015. Excluding the effect of accretion on purchased assets,
the Company's net interest margin was 3.80% in the first quarter of
2016, compared with 3.74% in the fourth quarter of 2015 and 4.05%
in the first quarter of 2015. Declines in the margin relative
to the same quarter in 2015 stem from the Company's investment of
excess liquidity, primarily in government-backed bonds and
whole-loan mortgage pools with combined average yields of
2.89%.
Yields on earning assets in the first quarter of 2016 were
4.36%, compared with 4.79% in the first quarter of 2015, reflecting
the investment in whole-loan mortgage pools and additional
investment securities. Interest income on loans on a
tax-equivalent basis increased during the first quarter of 2016 to
$49.8 million, compared with
$48.0 million in the fourth quarter
of 2015 and $38.9 million in the
first quarter of 2015. Excluding accretion income, yields on
all loans were 4.59% in the first quarter of 2016, reflecting a
decline of 0.42% from the first quarter of 2015. Excluding
the effect of the purchased mortgage pools, the Company's loan
yields declined by only 0.13% from the first 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 first quarter of 2016 was
$4.1 million, compared with
$3.5 million for 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 remained stable during the quarter, ending at 0.23%,
which was consistent with levels reported in the fourth quarter of
2015, but lower than the 0.27% reported in the first 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 27.9% of the total average deposits during
the first quarter of 2016, compared with 26.2% for the first
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
first quarter of 2016 was $24.3
million, an increase of $6.7
million, or 38.2%, compared with the same quarter in
2015. As a percentage of average assets, non-interest income
increased from 1.72% in the first quarter of 2015 to 1.73% in the
first quarter of 2016.
Service charges in the first quarter of 2016 were $9.9 million, an increase of $3.5 million, or 54.2%, 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 the second quarter of 2015. During the first quarter
of 2016, the Company implemented several changes in service charge
routines, mostly related to statement costs, which are expected to
positively impact revenues in the second half of 2016 by
approximately $2 million.
The Company's mortgage operations continued to make improvements
in revenues and net income. Revenue in the mortgage group
totaled $14.0 million in the first
quarter of 2016, an increase 36.4% compared with the same quarter
in 2015. Net income for the Company's retail mortgage
division increased 54.7% during the first quarter of 2016 to
$3.0 million, compared with
$1.9 million in the first quarter of
2015. Net income for the Company's warehouse lending division
increased 22.8% during the quarter, from $592,000 in the first quarter of 2015 to
$727,000 in the first quarter of
2016. Total production in the first quarter of 2016 amounted
to $268.6 million (85% retail and 15%
wholesale), compared with $188.3
million in the same quarter of 2015 (83% retail and 17%
wholesale). Open pipelines finished the first quarter of 2016
at $161.5 million, compared with
$94.5 million at the beginning of the
first quarter of 2016 and $110.9
million at the end of the first quarter of 2015.
Revenues from the Company's SBA division increased 43.6% during
the first quarter of 2016 to $2.2
million, compared with $1.5
million during the first quarter of 2015. Net income
for the division increased 56.3%, from $533,000 for the first quarter of 2015 to
$833,000 for the first quarter of
2016. SBA pipelines totaled $49.4
million at the end of the first quarter, up $1.5 million compared with the same time in
2015.
Non-interest Expense
During the first quarter
of 2016, the Company incurred merger and conversion charges of
$6.4 million, before tax, compared
with only de minimis amounts in the first quarter of 2015.
Excluding these charges, operating expenses decreased approximately
$2.0 million, to $49.2 million, from $51.2
million in the fourth quarter of 2015.
Operating expenses, excluding merger charges, as a percentage of
average assets declined from 1.00% in the first quarter of 2015 to
0.88% in the first quarter of 2016. The Company's net
overhead ratio declined materially to 1.78% in the first quarter of
2016 from 2.12% in the first quarter of 2015. Growth in
non-interest income covered 79.6% of the incremental growth in
operating expenses, which have been positively affected by the
previously announced branch closings and the full integration of
the Company's two most recent acquisitions.
Salaries and benefits increased by $0.2
million to $26.2 million in
the current quarter of 2016, compared with $26.0 million in the fourth quarter of
2015. Growth in salaries and benefits over the same quarter
of 2015 totaled $5.6 million, or 27%,
and was driven by a 38% increase in average assets over the same
period.
Occupancy and equipment expenses decreased $217,000, from $5.9
million in the fourth quarter of 2015 to $5.7 million in the first quarter of 2016, due
principally to lower levels of repairs and maintenance, as well as
lower levels of depreciation expense.
Total credit costs (provision and non-provision credit
resolution-related costs) totaled $2.5
million in the first quarter of 2016, compared with
$4.2 million in the same quarter in
2015 and $2.8 million in the fourth
quarter of 2015.
Data processing and telecommunications costs increased to
$6.1 million in the first quarter of
2016, an increase of 43.5%, or $1.9
million, compared with the first quarter of 2015.
Account acquisition, both organic and through acquisition activity,
has increased substantially in the last twelve months.
Balance Sheet Trends
Total assets at
March 31, 2016 were $6.10 billion, compared with $5.59 billion at December
31, 2015. The growth in total assets was driven by the
acquisition of JAXB during the quarter.
Loans, including loans held for sale, totaled $4.54 billion at March 31,
2016, compared with $4.02
billion at December 31,
2015. During the quarter, growth in legacy loans (total loans
less mortgage loans held for sale, purchased non-covered loans,
purchased non-covered loan pools and covered loans) amounted to
$121.1 million, or 20.1% on an
annualized basis. Loans held for sale decreased 12.4% from
December 31, 2015 to $97.4 million. Purchased, non-covered loans
increased $358.4 million, or 46.4%
during the quarter, primarily due to the JAXB acquisition.
Purchased non-covered loan pools were $656.7
million at March 31, 2016,
compared with $593.3 million at
December 31, 2015. Covered
loans declined $7.3 million, or
5.33%, during the first quarter, to $130.3
million at March 31, 2016,
representing the slowing of payoffs in that portfolio.
Investment securities at the end of the first quarter of 2016
were $837.1 million, or 15.3% of
earning assets, compared with $783.2
million, or 15.4% of earning assets, at December 31, 2015.
Deposits increased $351.5 million
during the first quarter of 2016 to end the quarter at $5.23 billion. At March 31, 2016, non-interest bearing deposit
accounts were $1.53 billion, or 29.2%
of total deposits, compared with $1.33
billion and 27.3%, respectively, at December 31, 2015. Non-rate sensitive
deposits (including NIB, NOW and savings) totaled $2.81 billion at March 31,
2016, compared with $2.71
billion at the end of 2015. These funds represented
53.5% of the Company's total deposits at March 31, 2016, compared with 55.6% at the end of
2015.
Stockholders' equity at March 31,
2016 totaled $600.8 million,
compared with $514.8 million at
December 31, 2015. The increase
in stockholders' equity was the result of the issuance of shares of
common stock in the JAXB acquisition, plus earnings of $12.3 million during the quarter. Tangible
book value per share at March 31,
2016 was $13.13 per share, up
3.8% from $12.65 per share at the end
of 2015. Tangible common equity as a percentage of tangible
assets increased to 7.68% at the end of the first 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 (April 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 May 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
international participants). The conference replay access code is
10084409. 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 103 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
|
|
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
$
12,317
|
|
$
14,148
|
|
$
15,627
|
|
$
1,308
|
|
$
9,764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Net
Income
|
$
16,450
|
|
$
15,323
|
|
$
15,917
|
|
$
12,327
|
|
$
9,774
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
available to common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.38
|
|
$
0.44
|
|
$
0.49
|
|
$
0.04
|
|
$
0.32
|
|
|
Diluted
|
$
0.37
|
|
$
0.43
|
|
$
0.48
|
|
$
0.04
|
|
$
0.32
|
|
Cash Dividends per
share
|
$
0.05
|
|
$
0.05
|
|
$
0.05
|
|
$
0.05
|
|
$
0.05
|
|
Book value per share
(period end)
|
$
17.25
|
|
$
15.98
|
|
$
15.60
|
|
$
15.12
|
|
$
15.22
|
|
Tangible book value
per share (period end)
|
$
13.13
|
|
$
12.65
|
|
$
12.31
|
|
$
11.81
|
|
$
13.01
|
|
Weighted average
number of shares:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
32,752,063
|
|
32,199,632
|
|
32,195,435
|
|
32,184,355
|
|
30,442,998
|
|
|
Diluted
|
33,053,554
|
|
32,594,929
|
|
32,553,167
|
|
32,520,453
|
|
30,796,148
|
|
Period-end number of
shares
|
34,837,454
|
|
32,211,385
|
|
32,196,117
|
|
32,195,089
|
|
32,182,143
|
|
Market
data:
|
|
|
|
|
|
|
|
|
|
|
|
High closing
price
|
$
32.68
|
|
$
34.90
|
|
$
28.75
|
|
$
26.87
|
|
$
26.55
|
|
|
Low closing
price
|
$
25.09
|
|
$
27.65
|
|
$
24.97
|
|
$
24.73
|
|
$
22.75
|
|
|
Period end closing
price
|
$
29.58
|
|
$
33.99
|
|
$
28.75
|
|
$
25.29
|
|
$
26.39
|
|
|
Average daily
volume
|
253,779
|
|
301,775
|
|
174,900
|
|
107,413
|
|
105,152
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.88%
|
|
1.03%
|
|
1.19%
|
|
0.12%
|
|
0.97%
|
|
Return on average
common equity
|
9.14%
|
|
10.94%
|
|
12.53%
|
|
1.07%
|
|
8.76%
|
|
Earning asset yield
(TE)
|
4.36%
|
|
4.30%
|
|
4.39%
|
|
4.49%
|
|
4.79%
|
|
Total cost of
funds
|
0.33%
|
|
0.32%
|
|
0.32%
|
|
0.36%
|
|
0.40%
|
|
Net interest margin
(TE)
|
4.03%
|
|
3.98%
|
|
4.07%
|
|
4.14%
|
|
4.39%
|
|
Non-interest income
excluding securities transactions,
|
|
|
|
|
|
|
|
|
|
|
|
as a percent of total
revenue (TE)
|
30.40%
|
|
29.56%
|
|
32.33%
|
|
31.51%
|
|
29.06%
|
|
Efficiency
ratio
|
74.41%
|
|
74.66%
|
|
66.87%
|
|
92.74%
|
|
72.38%
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY
(period end)
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
to assets
|
9.85%
|
|
9.21%
|
|
9.63%
|
|
9.35%
|
|
11.79%
|
|
Tangible common
equity to tangible assets
|
7.68%
|
|
7.44%
|
|
7.76%
|
|
7.46%
|
|
10.26%
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY TO ASSETS
RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets
|
7.68%
|
|
7.44%
|
|
7.76%
|
|
7.46%
|
|
10.26%
|
|
Effect of goodwill
and other intangibles
|
2.17%
|
|
1.77%
|
|
1.87%
|
|
1.89%
|
|
1.54%
|
|
|
Equity to assets
(GAAP)
|
9.85%
|
|
9.21%
|
|
9.63%
|
|
9.35%
|
|
11.79%
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER PERIOD-END
DATA
|
|
|
|
|
|
|
|
|
|
|
Banking Division
FTE
|
1,085
|
|
1,075
|
|
1,110
|
|
1,122
|
|
852
|
|
Mortgage Division
FTE
|
233
|
|
229
|
|
218
|
|
191
|
|
170
|
|
|
Total Ameris Bancorp
FTE Headcount
|
1,318
|
|
1,304
|
|
1,328
|
|
1,313
|
|
1,022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets per Banking
Division FTE
|
$
5,620
|
|
$
5,199
|
|
$
4,699
|
|
$
4,640
|
|
$
4,874
|
|
Branch
locations
|
103
|
|
101
|
|
103
|
|
103
|
|
73
|
|
Deposits per branch
location
|
$
50,784
|
|
$
48,310
|
|
$
43,986
|
|
$
43,801
|
|
$
47,674
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
Three Months
Ended
|
|
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
49,191
|
|
$
47,336
|
|
$
45,775
|
|
$
39,838
|
|
$
38,618
|
|
Interest on taxable
securities
|
4,586
|
|
4,540
|
|
4,694
|
|
3,747
|
|
3,153
|
|
Interest on
nontaxable securities
|
446
|
|
458
|
|
480
|
|
462
|
|
469
|
|
Interest on deposits
in other banks
|
328
|
|
262
|
|
227
|
|
177
|
|
124
|
|
Interest on federal
funds sold
|
8
|
|
5
|
|
19
|
|
5
|
|
4
|
|
|
Total interest
income
|
54,559
|
|
52,601
|
|
51,195
|
|
44,229
|
|
42,368
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
$
2,741
|
|
$
2,687
|
|
$
2,521
|
|
$
2,264
|
|
$
2,280
|
|
Interest on other
borrowings
|
1,382
|
|
1,296
|
|
1,275
|
|
1,277
|
|
1,256
|
|
|
Total interest
expense
|
4,123
|
|
3,983
|
|
3,796
|
|
3,541
|
|
3,536
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
50,436
|
|
48,618
|
|
47,399
|
|
40,688
|
|
38,832
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
681
|
|
553
|
|
986
|
|
2,656
|
|
1,069
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
$
49,755
|
|
$
48,065
|
|
$
46,413
|
|
$
38,032
|
|
$
37,763
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
$
9,915
|
|
$
10,119
|
|
$
10,766
|
|
$
7,151
|
|
$
6,429
|
|
Mortgage banking
activity
|
10,211
|
|
8,586
|
|
10,404
|
|
9,727
|
|
8,083
|
|
Other service
charges, commissions and fees
|
1,111
|
|
1,112
|
|
1,145
|
|
829
|
|
668
|
|
Gain(loss) on sale of
securities
|
94
|
|
-
|
|
115
|
|
10
|
|
12
|
|
Other non-interest
income
|
2,955
|
|
2,590
|
|
2,548
|
|
2,909
|
|
2,383
|
|
|
Total noninterest
income
|
24,286
|
|
22,407
|
|
24,978
|
|
20,626
|
|
17,575
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
26,187
|
|
25,972
|
|
24,934
|
|
22,465
|
|
20,632
|
|
Occupancy and
equipment expenses
|
5,700
|
|
5,917
|
|
5,915
|
|
4,809
|
|
4,554
|
|
Data processing and
telecommunications expenses
|
6,113
|
|
6,046
|
|
5,329
|
|
4,214
|
|
4,260
|
|
Credit resolution
related expenses (1)
|
1,799
|
|
2,223
|
|
1,083
|
|
11,240
|
|
3,161
|
|
Advertising and
marketing expenses
|
805
|
|
1,171
|
|
667
|
|
833
|
|
641
|
|
Amortization of
intangible assets
|
1,020
|
|
1,160
|
|
1,321
|
|
630
|
|
630
|
|
Merger and conversion
charges
|
6,359
|
|
1,807
|
|
446
|
|
5,712
|
|
15
|
|
Other non-interest
expenses
|
7,617
|
|
8,732
|
|
8,701
|
|
6,961
|
|
6,934
|
|
|
Total noninterest
expense
|
55,600
|
|
53,028
|
|
48,396
|
|
56,864
|
|
40,827
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
$
18,441
|
|
$
17,444
|
|
$
22,995
|
|
$
1,794
|
|
$
14,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
6,124
|
|
3,296
|
|
7,368
|
|
486
|
|
4,747
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
12,317
|
|
$
14,148
|
|
$
15,627
|
|
$
1,308
|
|
$
9,764
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
available to common shareholders
|
0.37
|
|
0.43
|
|
0.48
|
|
0.04
|
|
0.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
PERIOD-END BALANCE
SHEET
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
146,863
|
|
$
118,518
|
|
$
114,396
|
|
$
115,413
|
|
$
80,142
|
|
Federal funds sold
and interest bearing balances
|
107,373
|
|
272,045
|
|
120,925
|
|
239,804
|
|
126,157
|
|
Investment securities
available for sale, at fair value
|
837,103
|
|
783,185
|
|
811,385
|
|
862,154
|
|
610,330
|
|
Other
investments
|
12,802
|
|
9,323
|
|
9,322
|
|
9,322
|
|
8,636
|
|
Mortgage loans held
for sale
|
97,439
|
|
111,182
|
|
111,807
|
|
108,829
|
|
73,796
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of
unearned income
|
2,528,007
|
|
2,406,877
|
|
2,290,649
|
|
2,171,600
|
|
1,999,420
|
|
Purchased,
non-covered loans (excluding loan pools)
|
1,129,919
|
|
771,554
|
|
767,494
|
|
808,313
|
|
643,092
|
|
Purchased,
non-covered loan pools
|
656,734
|
|
592,963
|
|
410,072
|
|
268,984
|
|
-
|
|
Covered
loans
|
130,279
|
|
137,529
|
|
191,021
|
|
209,598
|
|
245,745
|
|
Less allowance for
loan losses
|
(21,482)
|
|
(21,062)
|
|
(22,471)
|
|
(21,658)
|
|
(21,852)
|
|
|
Loans, net
|
4,423,457
|
|
3,887,861
|
|
3,636,765
|
|
3,436,837
|
|
2,866,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
14,967
|
|
16,147
|
|
20,730
|
|
22,567
|
|
32,339
|
|
Purchased,
non-covered other real estate owned
|
15,048
|
|
14,333
|
|
11,538
|
|
13,112
|
|
13,818
|
|
Covered other real
estate owned
|
3,764
|
|
5,011
|
|
12,203
|
|
12,626
|
|
16,089
|
|
|
Total other real
estate owned
|
33,779
|
|
35,491
|
|
44,471
|
|
48,305
|
|
62,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and
equipment, net
|
124,747
|
|
121,639
|
|
124,756
|
|
124,916
|
|
98,292
|
|
Goodwill
|
121,512
|
|
90,082
|
|
87,701
|
|
87,367
|
|
63,547
|
|
Other intangibles,
net
|
21,892
|
|
17,058
|
|
18,218
|
|
19,189
|
|
7,591
|
|
FDIC loss sharing
receivable
|
1,197
|
|
6,301
|
|
4,506
|
|
14,957
|
|
23,312
|
|
Cash value of bank
owned life insurance
|
76,676
|
|
64,251
|
|
59,894
|
|
59,552
|
|
59,212
|
|
Other
assets
|
92,931
|
|
72,004
|
|
72,154
|
|
79,089
|
|
73,238
|
|
|
Total
assets
|
$
6,097,771
|
|
$
5,588,940
|
|
$
5,216,300
|
|
$
5,205,734
|
|
$
4,152,904
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
1,529,037
|
|
$
1,329,857
|
|
$
1,275,800
|
|
$
1,280,174
|
|
$
967,015
|
|
|
Interest-bearing
|
3,701,750
|
|
3,549,433
|
|
3,254,723
|
|
3,231,373
|
|
2,513,216
|
|
Total
deposits
|
5,230,787
|
|
4,879,290
|
|
4,530,523
|
|
4,511,547
|
|
3,480,231
|
|
Federal funds
purchased & securities sold under
|
|
|
|
|
|
|
|
|
|
|
|
agreements to
repurchase
|
43,741
|
|
63,585
|
|
51,506
|
|
75,066
|
|
55,520
|
|
Other
borrowings
|
110,531
|
|
39,000
|
|
39,000
|
|
39,000
|
|
43,851
|
|
Other
liabilities
|
28,647
|
|
22,432
|
|
23,371
|
|
24,026
|
|
17,952
|
|
Subordinated
deferrable interest debentures
|
83,237
|
|
69,874
|
|
69,600
|
|
69,325
|
|
65,567
|
|
|
Total
liabilities
|
5,496,943
|
|
5,074,181
|
|
4,714,000
|
|
4,718,964
|
|
3,663,121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
Common
stock
|
36,272
|
|
33,625
|
|
33,610
|
|
33,609
|
|
33,593
|
Capital
surplus
|
407,726
|
|
337,349
|
|
336,599
|
|
336,212
|
|
335,578
|
Retained
earnings
|
163,395
|
|
152,820
|
|
140,282
|
|
126,265
|
|
126,566
|
Accumulated
other comprehensive income/(loss)
|
6,411
|
|
3,353
|
|
4,197
|
|
3,072
|
|
6,353
|
Less treasury
stock
|
(12,976)
|
|
(12,388)
|
|
(12,388)
|
|
(12,388)
|
|
(12,307)
|
|
|
Total stockholders'
equity
|
600,828
|
|
514,759
|
|
502,300
|
|
486,770
|
|
489,783
|
|
|
Total liabilities and
stockholders' equity
|
$
6,097,771
|
|
$
5,588,940
|
|
$
5,216,300
|
|
$
5,205,734
|
|
$
4,152,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
Earning
Assets
|
5,486,854
|
|
5,075,335
|
|
4,703,353
|
|
4,669,282
|
|
3,698,540
|
Intangible
Assets
|
143,404
|
|
107,140
|
|
105,919
|
|
106,556
|
|
71,138
|
Interest Bearing
Liabilities
|
3,939,259
|
|
3,721,892
|
|
3,414,829
|
|
3,414,764
|
|
2,678,154
|
Average
Assets
|
5,618,397
|
|
5,427,367
|
|
5,213,275
|
|
4,464,558
|
|
4,079,750
|
Average Common
Stockholders' Equity
|
542,264
|
|
513,098
|
|
494,957
|
|
491,967
|
|
452,132
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
Three Months
Ended
|
|
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
INFORMATION(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
21,062
|
|
$
22,471
|
|
$
21,658
|
|
$
21,852
|
|
$
21,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
loss (2)
|
1,200
|
|
800
|
|
1,050
|
|
1,800
|
|
1,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
1,435
|
|
2,398
|
|
719
|
|
2,452
|
|
855
|
|
|
Recoveries
|
655
|
|
189
|
|
482
|
|
458
|
|
450
|
|
Net charge-offs
(recoveries)
|
780
|
|
2,209
|
|
237
|
|
1,994
|
|
405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending
balance
|
$
21,482
|
|
$
21,062
|
|
$
22,471
|
|
$
21,658
|
|
$
21,852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a percentage of
loans
|
0.85%
|
|
0.88%
|
|
0.98%
|
|
1.00%
|
|
1.09%
|
|
As a percentage of
nonperforming loans
|
136.83%
|
|
124.92%
|
|
109.31%
|
|
104.43%
|
|
104.85%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-off
information
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
406
|
|
$
501
|
|
$
135
|
|
$
410
|
|
$
392
|
|
Real estate -
residential
|
468
|
|
621
|
|
234
|
|
464
|
|
268
|
|
Real estate -
commercial & farmland
|
347
|
|
1,009
|
|
184
|
|
1,162
|
|
12
|
|
Real estate -
construction & development
|
155
|
|
157
|
|
105
|
|
263
|
|
97
|
|
Consumer
installment
|
59
|
|
110
|
|
61
|
|
153
|
|
86
|
|
|
Total
charge-offs
|
1,435
|
|
2,398
|
|
719
|
|
2,452
|
|
855
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
73
|
|
134
|
|
117
|
|
115
|
|
285
|
|
Real estate -
residential
|
314
|
|
13
|
|
54
|
|
27
|
|
57
|
|
Real estate -
commercial & farmland
|
121
|
|
13
|
|
272
|
|
17
|
|
15
|
|
Real estate -
construction & development
|
122
|
|
9
|
|
6
|
|
277
|
|
31
|
|
Consumer
installment
|
25
|
|
20
|
|
33
|
|
22
|
|
62
|
|
|
Total
recoveries
|
655
|
|
189
|
|
482
|
|
458
|
|
450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries)
|
$
780
|
|
$
2,209
|
|
$
237
|
|
$
1,994
|
|
$
405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
(excluding purchased non-covered
|
|
|
|
|
|
|
|
|
|
and covered loans)
|
15,700
|
|
16,860
|
|
20,558
|
|
20,740
|
|
20,841
|
Non-accrual purchased
non-covered loans
|
19,187
|
|
13,330
|
|
11,374
|
|
17,444
|
|
17,308
|
Foreclosed assets
(excluding purchased assets)
|
14,967
|
|
16,147
|
|
20,730
|
|
22,567
|
|
32,339
|
Purchased,
non-covered other real estate owned
|
15,048
|
|
14,333
|
|
11,538
|
|
13,112
|
|
13,818
|
Accruing loans
delinquent 90 days or more
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total
non-performing assets, excluding covered assets
|
64,902
|
|
60,670
|
|
64,200
|
|
73,863
|
|
84,306
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
as a percent of total assets
|
1.06%
|
|
1.09%
|
|
1.23%
|
|
1.42%
|
|
2.03%
|
Net charge offs as a
percent of loans (Annualized)
|
0.12%
|
|
0.36%
|
|
0.04%
|
|
0.37%
|
|
0.08%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 2015 and
2016, 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:
|
|
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
|
Loans by
Type
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
|
Commercial, financial
& agricultural
|
$
434,073
|
|
$
449,623
|
|
$
427,747
|
|
$
373,202
|
|
$
334,917
|
|
|
Real estate -
construction & development
|
264,820
|
|
244,693
|
|
220,798
|
|
205,019
|
|
178,568
|
|
|
Real estate -
commercial & farmland
|
1,154,887
|
|
1,104,991
|
|
1,067,828
|
|
1,010,195
|
|
947,274
|
|
|
Real estate -
residential
|
629,138
|
|
570,430
|
|
532,285
|
|
537,201
|
|
496,043
|
|
|
Consumer
installment
|
31,901
|
|
31,125
|
|
31,299
|
|
30,080
|
|
29,113
|
|
|
Other
|
13,188
|
|
6,015
|
|
10,692
|
|
15,903
|
|
13,505
|
|
|
Total Legacy (excluding purchased
|
|
|
|
|
|
|
|
|
|
|
|
non-covered and covered)
|
$
2,528,007
|
|
$
2,406,877
|
|
$
2,290,649
|
|
$
2,171,600
|
|
$
1,999,420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
111,537
|
|
$
45,462
|
|
$
42,350
|
|
$
45,337
|
|
$
36,258
|
|
|
Real estate -
construction & development
|
103,753
|
|
72,080
|
|
71,109
|
|
75,302
|
|
53,668
|
|
|
Real estate -
commercial & farmland
|
598,935
|
|
390,755
|
|
385,032
|
|
404,588
|
|
291,760
|
|
|
Real estate -
residential
|
309,770
|
|
258,153
|
|
263,312
|
|
276,798
|
|
257,216
|
|
|
Consumer
installment
|
5,924
|
|
5,104
|
|
5,691
|
|
6,288
|
|
4,190
|
|
|
Total Purchased non-covered (net of discounts)
|
$
1,129,919
|
|
$
771,554
|
|
$
767,494
|
|
$
808,313
|
|
$
643,092
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
Real estate -
construction & development
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Real estate -
commercial & farmland
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Real estate -
residential
|
656,734
|
|
592,963
|
|
410,072
|
|
268,984
|
|
-
|
|
|
Consumer
installment
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total Purchased non-covered loan pools
|
$
656,734
|
|
$
592,963
|
|
$
410,072
|
|
$
268,984
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
4,739
|
|
$
5,546
|
|
$
13,349
|
|
$
17,666
|
|
$
20,905
|
|
|
Real estate -
construction & development
|
7,205
|
|
7,612
|
|
14,266
|
|
15,002
|
|
19,519
|
|
|
Real estate -
commercial & farmland
|
67,055
|
|
71,226
|
|
103,399
|
|
111,772
|
|
130,290
|
|
|
Real estate -
residential
|
51,176
|
|
53,038
|
|
59,835
|
|
64,982
|
|
74,847
|
|
|
Consumer
installment
|
104
|
|
107
|
|
172
|
|
176
|
|
184
|
|
|
Total Covered (net of discounts)
|
$
130,279
|
|
$
137,529
|
|
$
191,021
|
|
$
209,598
|
|
$
245,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loan
Portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
550,349
|
|
$
500,631
|
|
$
483,446
|
|
$
436,205
|
|
$
392,080
|
|
|
Real estate -
construction & development
|
375,778
|
|
324,385
|
|
306,173
|
|
295,323
|
|
251,755
|
|
|
Real estate -
commercial & farmland
|
1,820,877
|
|
1,566,972
|
|
1,556,259
|
|
1,526,555
|
|
1,369,324
|
|
|
Real estate -
residential
|
1,646,818
|
|
1,474,584
|
|
1,265,504
|
|
1,147,965
|
|
828,106
|
|
|
Consumer
installment
|
37,929
|
|
36,336
|
|
37,162
|
|
36,544
|
|
33,487
|
|
|
Other
|
13,188
|
|
6,015
|
|
10,692
|
|
15,903
|
|
13,505
|
|
|
Total Loans
|
$
4,444,939
|
|
$
3,908,923
|
|
$
3,659,236
|
|
$
3,458,495
|
|
$
2,888,257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt
Restructurings, excluding purchased non-covered and covered
loans:
|
|
|
|
|
|
|
Accruing loan
types:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
279
|
|
$
240
|
|
$
238
|
|
$
278
|
|
$
277
|
|
|
Real estate -
construction & development
|
476
|
|
792
|
|
838
|
|
821
|
|
789
|
|
|
Real estate -
commercial & farmland
|
5,945
|
|
5,766
|
|
5,719
|
|
6,617
|
|
7,309
|
|
|
Real estate -
residential
|
7,648
|
|
7,574
|
|
5,209
|
|
4,702
|
|
4,513
|
|
|
Consumer
installment
|
37
|
|
46
|
|
71
|
|
49
|
|
47
|
|
|
Total Accruing TDRs
|
$
14,385
|
|
$
14,418
|
|
$
12,075
|
|
$
12,467
|
|
$
12,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accruing loan
types:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
75
|
|
$
110
|
|
$
68
|
|
$
29
|
|
$
17
|
|
|
Real estate -
construction & development
|
30
|
|
63
|
|
30
|
|
57
|
|
90
|
|
|
Real estate -
commercial & farmland
|
1,871
|
|
596
|
|
942
|
|
598
|
|
64
|
|
|
Real estate -
residential
|
1,040
|
|
1,123
|
|
759
|
|
783
|
|
736
|
|
|
Consumer
installment
|
87
|
|
94
|
|
64
|
|
82
|
|
90
|
|
|
Total Non-accrual TDRs
|
$
3,103
|
|
$
1,986
|
|
$
1,863
|
|
$
1,549
|
|
$
997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Troubled
Debt Restructurings
|
$
17,488
|
|
$
16,404
|
|
$
13,938
|
|
$
14,016
|
|
$
13,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following
table presents the loan portfolio by risk grade, excluding
purchased non-covered and covered loans:
|
|
|
Grade 10 - Prime
credit
|
$
254,203
|
|
$
250,609
|
|
$
231,281
|
|
$
181,933
|
|
$
157,462
|
|
|
Grade 15 - Good
credit
|
213,510
|
|
227,730
|
|
234,185
|
|
243,070
|
|
205,929
|
|
|
Grade 20 -
Satisfactory credit
|
1,346,050
|
|
1,224,320
|
|
1,148,024
|
|
1,104,747
|
|
1,012,733
|
|
|
Grade 23 -
Performing, under-collateralized credit
|
25,047
|
|
27,607
|
|
26,477
|
|
27,400
|
|
28,643
|
|
|
Grade 25 - Minimum
acceptable credit
|
628,042
|
|
609,413
|
|
579,642
|
|
544,664
|
|
513,009
|
|
|
Grade 30 - Other
asset especially mentioned
|
22,141
|
|
24,423
|
|
22,190
|
|
25,020
|
|
25,461
|
|
|
Grade 40 -
Substandard
|
39,013
|
|
42,773
|
|
48,848
|
|
44,766
|
|
56,179
|
|
|
Grade 50 -
Doubtful
|
-
|
|
-
|
|
2
|
|
-
|
|
4
|
|
|
Grade 60 -
Loss
|
1
|
|
2
|
|
-
|
|
-
|
|
-
|
|
|
Total
|
$
2,528,007
|
|
$
2,406,877
|
|
$
2,290,649
|
|
$
2,171,600
|
|
$
1,999,420
|
|
|
|
|
|
|
|
|
|
|
|
|
The following
table presents the purchased, non-covered loan portfolio by risk
grade:
|
|
|
|
|
|
Grade 10 - Prime
credit
|
$
10,505
|
|
$
9,602
|
|
$
9,801
|
|
$
10,123
|
|
$
7,444
|
|
|
Grade 15 - Good
credit
|
48,229
|
|
51,168
|
|
50,906
|
|
53,220
|
|
23,640
|
|
|
Grade 20 -
Satisfactory credit
|
344,479
|
|
336,990
|
|
348,034
|
|
362,304
|
|
206,480
|
|
|
Grade 23 -
Performing, under-collateralized credit
|
27,445
|
|
12,029
|
|
10,612
|
|
10,537
|
|
10,024
|
|
|
Grade 25 - Minimum
acceptable credit
|
607,838
|
|
294,829
|
|
290,272
|
|
300,411
|
|
337,386
|
|
|
Grade 30 - Other
asset especially mentioned
|
50,517
|
|
30,693
|
|
26,458
|
|
34,779
|
|
22,323
|
|
|
Grade 40 -
Substandard
|
40,874
|
|
36,211
|
|
31,381
|
|
36,887
|
|
35,743
|
|
|
Grade 50 -
Doubtful
|
30
|
|
30
|
|
30
|
|
52
|
|
52
|
|
|
Grade 60 -
Loss
|
2
|
|
2
|
|
-
|
|
-
|
|
-
|
|
|
Total
|
$
1,129,919
|
|
$
771,554
|
|
$
767,494
|
|
$
808,313
|
|
$
643,092
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
6,200
|
|
$
5,500
|
|
$
5,500
|
|
$
5,500
|
|
$
5,500
|
|
|
Interest bearing
deposits in banks
|
201,814
|
|
291,303
|
|
199,057
|
|
201,765
|
|
158,286
|
|
|
Investment securities
- taxable
|
728,269
|
|
730,608
|
|
772,252
|
|
600,176
|
|
485,922
|
|
|
Investment securities
- nontaxable
|
68,824
|
|
69,711
|
|
72,549
|
|
70,653
|
|
71,229
|
|
|
Other
investments
|
9,606
|
|
9,322
|
|
9,322
|
|
9,597
|
|
9,450
|
|
|
Mortgage loans held
for sale
|
82,803
|
|
98,765
|
|
102,961
|
|
81,823
|
|
75,831
|
|
|
Loans
|
2,410,747
|
|
2,333,577
|
|
2,224,490
|
|
2,111,507
|
|
1,911,601
|
|
|
Purchased non-covered
loans
|
836,187
|
|
752,508
|
|
788,351
|
|
654,397
|
|
650,331
|
|
|
Purchased non-covered
loan pools
|
627,178
|
|
454,884
|
|
323,258
|
|
17,308
|
|
-
|
|
|
Covered
loans
|
134,383
|
|
180,493
|
|
195,175
|
|
246,422
|
|
262,693
|
|
|
Total
Earning Assets
|
$
5,106,011
|
|
$
4,926,671
|
|
$
4,692,915
|
|
$
3,999,148
|
|
3,630,843
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
deposits
|
$
1,362,007
|
|
$
1,324,999
|
|
$
1,300,870
|
|
$
1,088,249
|
|
$
897,937
|
|
|
NOW
accounts
|
1,137,076
|
|
1,100,972
|
|
907,618
|
|
745,709
|
|
756,795
|
|
|
MMDA
|
1,278,199
|
|
1,212,087
|
|
1,219,736
|
|
981,143
|
|
857,346
|
|
|
Savings
accounts
|
251,108
|
|
241,337
|
|
239,999
|
|
188,767
|
|
163,624
|
|
|
Retail CDs <
$100,000
|
438,122
|
|
449,158
|
|
484,007
|
|
388,248
|
|
372,463
|
|
|
Retail CDs >
$100,000
|
406,699
|
|
395,978
|
|
387,485
|
|
378,137
|
|
383,962
|
|
|
Brokered
CDs
|
1,099
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total
Deposits
|
4,874,310
|
|
4,724,531
|
|
4,539,715
|
|
3,770,253
|
|
3,432,127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB
advances
|
9,648
|
|
-
|
|
-
|
|
17,275
|
|
16,778
|
|
|
Other
borrowings
|
42,096
|
|
39,000
|
|
39,000
|
|
41,930
|
|
43,871
|
|
|
Subordinated
debentures
|
72,589
|
|
69,723
|
|
69,448
|
|
67,180
|
|
65,436
|
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to
repurchase
|
52,787
|
|
61,986
|
|
44,480
|
|
58,722
|
|
52,707
|
|
|
Total
Non-Deposit Funding
|
177,120
|
|
170,709
|
|
152,928
|
|
185,107
|
|
178,792
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Funding
|
$
5,051,430
|
|
$
4,895,240
|
|
$
4,692,643
|
|
$
3,955,360
|
|
$
3,610,919
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME/EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
8
|
|
$
5
|
|
$
19
|
|
$
5
|
|
$
4
|
|
|
Interest bearing
deposits in banks
|
328
|
|
262
|
|
227
|
|
177
|
|
124
|
|
|
Investment securities
- taxable
|
4,586
|
|
4,540
|
|
4,694
|
|
3,747
|
|
3,153
|
|
|
Investment securities
- nontaxable (TE)
|
602
|
|
618
|
|
648
|
|
624
|
|
633
|
|
|
Mortgage loans held
for sale
|
755
|
|
1,040
|
|
970
|
|
764
|
|
692
|
|
|
Loans (TE)
|
28,684
|
|
27,901
|
|
27,258
|
|
25,629
|
|
22,418
|
|
|
Purchased non-covered
loans
|
13,133
|
|
12,129
|
|
11,911
|
|
10,328
|
|
11,840
|
|
|
Purchased non-covered
loan pools
|
5,144
|
|
3,335
|
|
2,997
|
|
149
|
|
-
|
|
|
Covered
loans
|
2,060
|
|
3,556
|
|
3,192
|
|
3,385
|
|
3,995
|
|
|
Total Earning
Assets
|
$
55,300
|
|
$
53,386
|
|
$
51,916
|
|
$
44,808
|
|
$
42,859
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion Income (included above)
|
2,942
|
|
2,912
|
|
3,037
|
|
2,635
|
|
3,097
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
NOW
accounts
|
468
|
|
463
|
|
304
|
|
318
|
|
376
|
|
|
MMDA
|
1,040
|
|
929
|
|
877
|
|
760
|
|
663
|
|
|
Savings
accounts
|
43
|
|
42
|
|
42
|
|
37
|
|
37
|
|
|
Retail CDs <
$100,000
|
512
|
|
594
|
|
607
|
|
488
|
|
513
|
|
|
Retail CDs >
$100,000
|
676
|
|
659
|
|
691
|
|
662
|
|
691
|
|
|
Brokered
CDs
|
2
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total
Deposits
|
2,741
|
|
2,687
|
|
2,521
|
|
2,265
|
|
2,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB
advances
|
23
|
|
-
|
|
-
|
|
16
|
|
15
|
|
|
Other
borrowings
|
370
|
|
328
|
|
322
|
|
346
|
|
366
|
|
|
Subordinated
debentures
|
954
|
|
924
|
|
914
|
|
866
|
|
832
|
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to
repurchase
|
35
|
|
44
|
|
39
|
|
48
|
|
43
|
|
|
Total
Non-Deposit Funding
|
1,382
|
|
1,296
|
|
1,275
|
|
1,276
|
|
1,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Funding
|
$
4,123
|
|
$
3,983
|
|
$
3,796
|
|
$
3,541
|
|
$
3,536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income (TE)
|
$
51,177
|
|
$
49,403
|
|
$
48,120
|
|
$
41,267
|
|
$
39,323
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
YIELDS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
0.52%
|
|
0.36%
|
|
1.37%
|
|
0.36%
|
|
0.29%
|
|
Interest bearing
deposits in banks
|
0.65%
|
|
0.36%
|
|
0.45%
|
|
0.35%
|
|
0.32%
|
|
Investment securities
- taxable
|
2.53%
|
|
2.47%
|
|
2.41%
|
|
2.50%
|
|
2.63%
|
|
Investment securities
- nontaxable
|
3.52%
|
|
3.52%
|
|
3.54%
|
|
3.54%
|
|
3.60%
|
|
Mortgage loans held
for sale
|
3.67%
|
|
4.18%
|
|
3.74%
|
|
3.75%
|
|
3.70%
|
|
Loans
|
4.79%
|
|
4.74%
|
|
4.86%
|
|
4.87%
|
|
4.76%
|
|
Purchased non-covered
loans
|
6.32%
|
|
6.39%
|
|
5.99%
|
|
6.33%
|
|
7.38%
|
|
Purchased non-covered
loan pools
|
3.30%
|
|
2.91%
|
|
3.68%
|
|
3.45%
|
|
0.00%
|
|
Covered
loans
|
6.17%
|
|
7.82%
|
|
6.49%
|
|
5.51%
|
|
6.17%
|
|
Total
Earning Assets
|
4.36%
|
|
4.30%
|
|
4.39%
|
|
4.49%
|
|
4.79%
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
deposits
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
NOW
accounts
|
0.17%
|
|
0.17%
|
|
0.13%
|
|
0.17%
|
|
0.20%
|
|
MMDA
|
0.33%
|
|
0.30%
|
|
0.29%
|
|
0.31%
|
|
0.31%
|
|
Savings
accounts
|
0.07%
|
|
0.07%
|
|
0.07%
|
|
0.08%
|
|
0.09%
|
|
Retail CDs <
$100,000
|
0.47%
|
|
0.52%
|
|
0.50%
|
|
0.50%
|
|
0.56%
|
|
Retail CDs >
$100,000
|
0.67%
|
|
0.66%
|
|
0.71%
|
|
0.70%
|
|
0.73%
|
|
Brokered
CDs
|
0.73%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
Total
Deposits
|
0.23%
|
|
0.23%
|
|
0.22%
|
|
0.24%
|
|
0.27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB
advances
|
0.96%
|
|
0.00%
|
|
0.00%
|
|
0.37%
|
|
0.36%
|
|
Other
borrowings
|
3.54%
|
|
3.34%
|
|
3.28%
|
|
3.31%
|
|
3.38%
|
|
Subordinated
debentures
|
5.29%
|
|
5.26%
|
|
5.22%
|
|
5.17%
|
|
5.16%
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
under agreements to
repurchase
|
0.27%
|
|
0.28%
|
|
0.35%
|
|
0.33%
|
|
0.33%
|
|
Total
Non-Deposit Funding
|
3.14%
|
|
3.01%
|
|
3.31%
|
|
2.76%
|
|
2.85%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total funding
(3)
|
0.33%
|
|
0.32%
|
|
0.32%
|
|
0.36%
|
|
0.40%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread
|
4.03%
|
|
3.98%
|
|
4.07%
|
|
4.13%
|
|
4.39%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
4.03%
|
|
3.98%
|
|
4.07%
|
|
4.14%
|
|
4.39%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Operating Net
Income Reconciliation
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders
|
$
12,317
|
|
$
14,148
|
|
$
15,627
|
|
$
1,308
|
|
$
9,764
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
6,359
|
|
1,807
|
|
446
|
|
5,712
|
|
15
|
|
Non-recurring credit
resolution related expenses
|
-
|
|
-
|
|
-
|
|
11,241
|
|
-
|
|
Tax effect of
non-recurring charges
|
(2,226)
|
|
(632)
|
|
(156)
|
|
(5,934)
|
|
(5)
|
|
Plus: After tax
non-recurring charges
|
4,133
|
|
1,175
|
|
290
|
|
11,019
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Net
income
|
16,450
|
|
15,323
|
|
15,917
|
|
12,327
|
|
9,774
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating net income
per diluted share:
|
$
0.50
|
|
$
0.47
|
|
$
0.49
|
|
$
0.38
|
|
$
0.32
|
|
Return on average
assets
|
1.18%
|
|
1.12%
|
|
1.21%
|
|
1.11%
|
|
0.97%
|
|
Return on average
common tangible equity
|
15.42%
|
|
14.97%
|
|
16.23%
|
|
12.83%
|
|
10.40%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Net Interest
Margin and Yields on Total Loans
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
Excluding Accretion Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest Income
(TE)
|
$
55,300
|
|
$
53,386
|
|
$
51,916
|
|
$
44,808
|
|
$
42,859
|
|
Accretion Income
|
2,942
|
|
2,912
|
|
3,037
|
|
2,635
|
|
3,097
|
|
Total Interest Income
(TE) Excluding Accretion
|
$
52,358
|
|
$
50,474
|
|
$
48,879
|
|
$
42,173
|
|
$
39,762
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest
Expense
|
$
4,123
|
|
$
3,983
|
|
$
3,796
|
|
$
3,541
|
|
$
3,536
|
|
Net Interest Income
(TE) Excluding Accretion
|
$
48,235
|
|
$
46,491
|
|
$
45,083
|
|
$
38,632
|
|
$
36,226
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on Total Loans
Excluding Accretion
|
4.84%
|
|
4.92%
|
|
4.83%
|
|
4.86%
|
|
5.01%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin
Excluding Accretion
|
3.80%
|
|
3.74%
|
|
3.81%
|
|
3.87%
|
|
4.05%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Core Earnings
Reconciliation
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax operating
profit/(loss)
|
$
18,441
|
|
$
17,444
|
|
$
22,995
|
|
$
1,794
|
|
$
14,511
|
|
Plus: Credit Related
Costs
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses
|
681
|
|
553
|
|
986
|
|
2,656
|
|
1,069
|
|
(Gains)/Losses on the sale of legacy OREO
|
753
|
|
535
|
|
36
|
|
436
|
|
110
|
|
(Gains)/Losses on the sale of covered OREO
|
166
|
|
610
|
|
56
|
|
194
|
|
20
|
|
Problem loan and OREO expense
|
880
|
|
1,078
|
|
991
|
|
10,632
|
|
3,031
|
|
Interest reversed (received) on non-accrual loans
|
34
|
|
58
|
|
17
|
|
413
|
|
156
|
|
Total
Credit-Related Costs
|
2,514
|
|
2,834
|
|
2,086
|
|
14,331
|
|
4,386
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: Conversion
charges
|
6,359
|
|
1,807
|
|
446
|
|
5,712
|
|
15
|
|
Less: Non-recurring
gains
|
|
|
|
|
|
|
|
|
|
|
Gains on sales of securities
|
(94)
|
|
-
|
|
(115)
|
|
(10)
|
|
(12)
|
|
Gains on sales
of bank premises
|
(77)
|
|
(267)
|
|
-
|
|
-
|
|
-
|
|
Other non-recurring adjustments
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Pretax, Pre-provision
earnings
|
$
27,143
|
|
$
21,818
|
|
$
25,412
|
|
$
21,827
|
|
$
18,900
|
|
|
|
|
|
|
|
|
|
|
|
|
As percentage of
average assets, annualized
|
1.94%
|
|
1.59%
|
|
1.93%
|
|
1.96%
|
|
1.88%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Recurring
Operating Expenses
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Expenses
|
55,600
|
|
53,028
|
|
48,396
|
|
56,864
|
|
40,827
|
|
Less: Credit costs
& non-recurring charges
|
|
|
|
|
|
|
|
|
|
|
Gains/(Losses) on the sale of legacy OREO
|
(753)
|
|
(535)
|
|
(36)
|
|
(436)
|
|
(110)
|
|
Gains/(Losses) on the sale of covered OREO
|
(166)
|
|
(610)
|
|
(56)
|
|
(194)
|
|
(20)
|
|
Problem loan and OREO expense
|
(880)
|
|
(1,078)
|
|
(991)
|
|
(10,632)
|
|
(3,031)
|
|
Severance payments
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Conversion
expenses
|
(6,359)
|
|
(1,807)
|
|
(446)
|
|
(5,712)
|
|
(15)
|
|
Gains/(Losses) on the sale of premises
|
77
|
|
267
|
|
-
|
|
-
|
|
-
|
|
Other
non-recurring adjustments
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring operating
expenses
|
$
47,519
|
|
$
49,265
|
|
$
46,867
|
|
$
39,890
|
|
$
37,651
|
|
|
|
|
|
|
|
|
|
|
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
Segment
Reporting
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Banking
Division:
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
45,801
|
|
$
44,088
|
|
$
43,044
|
|
$
36,806
|
|
$
35,839
|
Provision for loan losses
|
681
|
|
504
|
|
960
|
|
2,456
|
|
927
|
Noninterest income
|
12,735
|
|
12,739
|
|
13,470
|
|
9,262
|
|
8,780
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
18,989
|
|
19,225
|
|
17,921
|
|
15,675
|
|
15,362
|
Occupancy
|
5,150
|
|
5,356
|
|
5,444
|
|
4,376
|
|
4,144
|
Data
Processing
|
5,820
|
|
5,759
|
|
4,998
|
|
3,913
|
|
4,011
|
Other
expenses
|
16,436
|
|
13,853
|
|
11,379
|
|
24,048
|
|
10,356
|
Total noninterest expense
|
46,395
|
|
44,193
|
|
39,742
|
|
48,012
|
|
33,873
|
Income before income
taxes
|
11,460
|
|
12,130
|
|
15,812
|
|
(4,400)
|
|
9,819
|
Income
Tax
|
3,681
|
|
1,436
|
|
4,854
|
|
(1,682)
|
|
3,105
|
Net
income
|
7,779
|
|
10,694
|
|
10,958
|
|
(2,718)
|
|
6,714
|
Preferred stock dividends
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Net income available
to common shareholders
|
$
7,779
|
|
$
10,694
|
|
$
10,958
|
|
$
(2,718)
|
|
$
6,714
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Mortgage
Division:
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
3,020
|
|
$
2,812
|
|
$
2,485
|
|
$
1,979
|
|
$
1,545
|
Provision for loan losses
|
-
|
|
49
|
|
26
|
|
200
|
|
142
|
Noninterest income
|
9,624
|
|
7,966
|
|
9,827
|
|
9,095
|
|
7,610
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
6,347
|
|
5,855
|
|
6,138
|
|
5,592
|
|
4,527
|
Occupancy
|
488
|
|
501
|
|
397
|
|
396
|
|
380
|
Data
Processing
|
272
|
|
266
|
|
308
|
|
279
|
|
212
|
Other
expenses
|
956
|
|
1,043
|
|
662
|
|
1,150
|
|
932
|
Total noninterest expense
|
8,063
|
|
7,665
|
|
7,505
|
|
7,417
|
|
6,051
|
Income before income
taxes
|
4,581
|
|
3,064
|
|
4,781
|
|
3,457
|
|
2,962
|
Income
Tax
|
1,603
|
|
1,072
|
|
1,673
|
|
1,210
|
|
1,037
|
Net
income
|
2,978
|
|
1,992
|
|
3,108
|
|
2,247
|
|
1,925
|
Preferred stock dividends
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Net income available
to common shareholders
|
$
2,978
|
|
$
1,992
|
|
$
3,108
|
|
$
2,247
|
|
$
1,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse
Lending:
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
1,019
|
|
$
995
|
|
$
1,128
|
|
$
1,179
|
|
$
835
|
Provision for loan losses
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Noninterest income
|
333
|
|
336
|
|
372
|
|
383
|
|
273
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
188
|
|
156
|
|
137
|
|
99
|
|
127
|
Occupancy
|
1
|
|
3
|
|
1
|
|
1
|
|
2
|
Data
Processing
|
20
|
|
20
|
|
22
|
|
20
|
|
33
|
Other
expenses
|
25
|
|
28
|
|
40
|
|
19
|
|
36
|
Total noninterest expense
|
234
|
|
207
|
|
200
|
|
139
|
|
198
|
Income before income
taxes
|
1,118
|
|
1,124
|
|
1,300
|
|
1,423
|
|
910
|
Income
Tax
|
391
|
|
393
|
|
455
|
|
498
|
|
319
|
Net
income
|
727
|
|
731
|
|
845
|
|
925
|
|
592
|
Preferred stock dividends
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Net income available
to common shareholders
|
$
727
|
|
$
731
|
|
$
845
|
|
$
925
|
|
$
592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA
Division:
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
596
|
|
$
723
|
|
$
742
|
|
$
724
|
|
$
613
|
Provision for loan losses
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Noninterest income
|
1,594
|
|
1,366
|
|
1,309
|
|
1,886
|
|
912
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
663
|
|
736
|
|
738
|
|
1,099
|
|
616
|
Occupancy
|
61
|
|
57
|
|
73
|
|
36
|
|
28
|
Data
Processing
|
1
|
|
1
|
|
1
|
|
2
|
|
4
|
Other
expenses
|
183
|
|
169
|
|
137
|
|
159
|
|
57
|
Total noninterest expense
|
908
|
|
963
|
|
949
|
|
1,296
|
|
705
|
Income before income
taxes
|
1,282
|
|
1,126
|
|
1,102
|
|
1,314
|
|
820
|
Income
Tax
|
449
|
|
394
|
|
386
|
|
460
|
|
287
|
Net
income
|
833
|
|
732
|
|
716
|
|
854
|
|
533
|
Preferred stock dividends
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Net income available
to common shareholders
|
$
833
|
|
$
732
|
|
$
716
|
|
$
854
|
|
$
533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Consolidated:
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
50,436
|
|
$
48,618
|
|
$
47,399
|
|
$
40,688
|
|
$
38,832
|
Provision for loan losses
|
681
|
|
553
|
|
986
|
|
2,656
|
|
1,069
|
Noninterest income
|
24,286
|
|
22,407
|
|
24,978
|
|
20,626
|
|
17,575
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
26,187
|
|
25,972
|
|
24,934
|
|
22,465
|
|
20,632
|
Occupancy
|
5,700
|
|
5,917
|
|
5,915
|
|
4,809
|
|
4,554
|
Data
Processing
|
6,113
|
|
6,046
|
|
5,329
|
|
4,214
|
|
4,260
|
Other
expenses
|
17,600
|
|
15,093
|
|
12,218
|
|
25,376
|
|
11,381
|
Total noninterest expense
|
55,600
|
|
53,028
|
|
48,396
|
|
56,864
|
|
40,827
|
Income before income
taxes
|
18,441
|
|
17,444
|
|
22,995
|
|
1,794
|
|
14,511
|
Income
Tax
|
6,124
|
|
3,296
|
|
7,368
|
|
486
|
|
4,747
|
Net
income
|
12,317
|
|
14,148
|
|
15,627
|
|
1,308
|
|
9,764
|
Preferred stock dividends
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Net income available
to common shareholders
|
$
12,317
|
|
$
14,148
|
|
$
15,627
|
|
$
1,308
|
|
$
9,764
|
|
|
|
|
|
|
|
|
|
|
Logo -
http://photos.prnewswire.com/prnh/20051117/CLTH039LOGO
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SOURCE Ameris Bancorp