UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
| Date of report (Date of earliest event reported): |
April
23, 2015 |
Ameris Bancorp
(Exact Name of Registrant as Specified in
Charter)
| Georgia |
001-13901 |
58-1456434 |
| (State
or Other |
Commission
File Number) |
(IRS
Employer |
| Jurisdiction
of |
|
Identification
No.) |
| Incorporation) |
|
|
| 310 First Street, S.E., Moultrie, Georgia |
31768 |
| (Address of Principal Executive Offices) |
(Zip Code) |
| Registrant’s telephone number, including area code: |
(229) 890-1111 |
(Former Name or Former Address, if Changed
Since Last Report)
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c)) |
The information contained
in this Current Report on this Form 8-K (this “Report”), including Exhibits 99.1 and 99.2 attached hereto, is being
furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liabilities of such section. Furthermore, the information contained in this Report shall not be deemed to be incorporated
by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.
| Item 2.02. | Results of Operations and Financial Condition. |
On April 23, 2015,
Ameris Bancorp (the “Company”) issued a press release announcing its unaudited first quarter 2015 results. A copy of
that press release is attached to this Report as Exhibit 99.1.
| Item 7.01. | Regulation FD Disclosure |
A copy of the slide
presentation that the Company will present during the earnings teleconference beginning at 10:00 a.m. EDT on April 23, 2015, is
attached to this Report as Exhibit 99.2. The slide presentation is also available on the Company’s website, www.amerisbank.com,
under the Investor Relations section.
| Item 9.01. | Financial Statements and Exhibits. |
99.1 Press release dated April 23, 2015.
99.2 Slide Presentation dated April 23,
2015.
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the Company has duly caused this Report to be signed on its behalf by the undersigned,
thereunto duly authorized.
| |
AMERIS BANCORP |
| |
|
|
| |
By: |
/s/ Dennis J. Zember Jr. |
| |
|
Dennis J. Zember Jr. |
| |
|
Executive Vice President and Chief Financial Officer |
Dated: April 23, 2015
EXHIBIT INDEX
|
Exhibit No.
|
|
Exhibit
|
| |
|
|
| 99.1 |
|
Press release date April 23, 2015. |
| |
|
|
| 99.2 |
|
Slide Presentation dated April 23, 2015. |
Exhibit 99.1
News Release
For more information contact:
Dennis J. Zember Jr.
Executive Vice President & CFO
(229) 890-1111
AMERIS BANCORP REPORTS OPERATING NET
INCOME OF $9.8 MILLION, OR $0.32 PER DILUTED SHARE, FOR FIRST QUARTER 2015
April 23, 2015
AMERIS BANCORP (NASDAQ-GS: ABCB), Moultrie,
Georgia, today reported operating net income of $9.8 million, or $0.32 per diluted share, for the quarter ended March 31, 2015,
compared to $8.1 million, or $0.32 per diluted share, for the quarter ended March 31, 2014. Commenting on the Company’s quarterly
results, Edwin W. Hortman, Jr., the Company’s President and Chief Executive Officer, said, “In the first quarter of
2015, we announced two highly accretive acquisitions and a supporting capital raise. We had our strongest quarter in new loan originations
with better than expected yields. Our mortgage group had its strongest quarter of profitability and finished the quarter with very
robust pipelines. As we move into the second quarter and the last half of 2015, our challenge is to continue developing the pipelines
and investment opportunities for the liquidity in our two pending acquisitions while limiting the impact on operating expenses.”
Highlights of the Company’s performance
and results for the first quarter of 2015 include the following:
| · | Net income available to common shareholders
increased 21.1% compared to the first quarter of 2014 |
| · | The Company completed a private placement
of 5,320,000 shares of common stock during the quarter |
| · | The Company announced agreements to acquire
Merchants & Southern Banks of Florida, Inc. and 18 additional branches located in North Florida and South Georgia |
| · | Loans, excluding purchased non-covered
and covered loans, increased by $109.5 million during the quarter, reflecting an annualized growth rate of 23.5% |
| · | Return on assets and return on average
tangible equity were 0.97% and 8.76%, respectively |
| · | Total revenue increased to $59.9 million
in the first quarter of 2015, compared to $50.6 million in the first quarter of 2014 |
| · | The Company’s net interest margin
remained strong at 4.39% |
| · | Noninterest income increased 37.8% in
the first quarter of 2015 to $17.6 million, compared to $12.8 million in the first quarter of 2014 |
| · | Tangible common equity to tangible assets
increased to 10.26%, a 38.3% increase compared to December 31, 2014 |
| · | Tangible book value per share increased
to $13.01, compared to $10.99 at December 31, 2014 |
Pending Acquisitions
During the first quarter of 2015, the Company
announced its intent to acquire Merchants & Southern Banks of Florida, Inc., the largest non-regional bank operating in Gainesville,
Florida. The Company has received regulatory approval and anticipates an estimated closing date of May 22, 2015.
Additionally, the Company announced its
intention to acquire 18 branches in its existing footprint from Bank of America. The branches, located in South Georgia and North
Florida, include approximately $864 million of total deposits and a small amount of performing loans. The Company anticipates that
the closing of this acquisition will occur during the second quarter of 2015.
The acquisitions, combined with the supporting
capital raise, are expected to be over 15% accretive to 2016 earnings per share and 4.50% accretive to tangible book value reported
at December 31, 2014.
Operating Results
Net income available to common shareholders
in the first quarter of 2015 totaled $9.8 million, an increase of 21.1% compared to the same quarter in 2014. Revenue during the
first quarter totaled $59.9 million, an increase of 18.4% compared to the first quarter of 2014. Increases in revenue resulted
from the addition of The Coastal Bank, as well as strong organic growth in loans, excluding purchased non-covered and covered loans.
Returns on average assets and average tangible common equity were 0.97% and 8.76%, respectively, in the first quarter of 2015 compared
to 0.96% and 11.66%, respectively, in the same quarter of 2014. The capital raise was completed in the first quarter of 2015, but
the Company does not expect to have the capital fully deployed until the second half of 2015, at which time management believes
return on average tangible common equity will approach historical levels.
Net Interest Income and Net Interest
Margin
Net interest income for the first quarter
of 2015 totaled $38.8 million, an increase of $4.3 million, or 12.6%, compared to the $34.5 million reported for the first quarter
of 2014. The Company’s net interest margin decreased during the quarter to 4.39%, compared to 4.57% during the first quarter
of 2014. Excluding accretion on purchased assets, the Company’s net interest margin was 4.05% in the first quarter of 2015,
compared to 4.17%% in the fourth quarter of 2014 and 4.21% in the first quarter of 2014. The Company’s net interest margin
was negatively impacted by 10bps due to the higher level of short-term assets as a percentage of earning assets. The Company intends
to be fully invested in either investment securities or loans by the end of the year and to maintain minimal levels of short-term
assets as it has in the past.
Yields on earning assets in the first quarter
of 2015 were 4.79%, compared to 5.01% in the first quarter of 2014. Yields on total loans outstanding, excluding accretion, in
the first quarter were 5.01%, compared to 5.05% in the fourth quarter of 2014. New loan production in the first quarter totaled
$254.0 million, with weighted average yields of 4.55%, compared to $228.6 million and 4.65% in the fourth quarter of 2014.
Total interest expense for the first quarter
of 2015 was $3.5 million, compared to $3.4 million in the same quarter of 2014. Increases in total interest expense were driven
primarily by increases in total deposits and other borrowings resulting from both acquisition activity and organic growth. Deposit
costs were lower during the first quarter of 2015 at 0.27%, compared to 0.30% during the first quarter of 2014. Yields on each
deposit class were essentially unchanged from the prior year. Management does not expect deposit costs or overall funding costs
to decrease materially in the coming quarters given tightening liquidity and increasingly stronger forecasts for asset growth.
Non-interest Income
Non-interest income in the first quarter
of 2015 was $17.6 million, an increase of $4.8 million, or 37.8%, compared to the same quarter in 2014. The Company’s mortgage
operations continued to make improvements in revenues and net income, reporting its best quarter ever for the Company. Total revenue
in the mortgage group grew to $10.3 million, an improvement of 64% compared to the same quarter in 2014. Net income improved at
a faster pace to $2.5 million, compared to $947,000 in the first quarter of 2014. Total production in the first quarter of 2015
amounted to $188.3 million (83% retail and 17% wholesale), compared to $130.8 million in the same quarter of 2014 (80% retail and
20% wholesale). Relationships with larger builders and real estate firms continue to drive the Company’s production from
this division. Open pipelines finished the first quarter of 2015 at $110.9 million, compared to $57.0 million at the beginning
of the first quarter of 2015 and $75.2 million at the end of the first quarter of 2014.
Service charges in the first quarter of
2015 were $6.4 million, an increase of $843,000, or 15.1%, compared to the same quarter in 2014. Stronger growth in commercial
and treasury management accounts contributed to the growth in income, as did strong growth in balances that resulted from the Company’s
acquisition of The Coastal Bank in June 2014.
During the quarter, the Company recorded
approximately $1.5 million of revenue from its SBA division, compared to $685,000 in the same quarter in 2014. Expenses related
to SBA lending also increased, from $400,000 in the first quarter of 2014 to $705,000 in the first quarter of 2015. The pipeline
of opportunities and closed loans going into the second quarter indicate a much stronger second quarter in revenue than what the
Company experienced in the first quarter.
Non-interest Expense
During the first quarter of 2015, operating
expenses decreased approximately $906,000 to $40.8 million from $41.7 million in the fourth quarter of 2014. Excluding merger and
credit related costs, the Company’s total operating expenses increased approximately $0.7 million during the current quarter
of 2015 as compared to the fourth quarter of 2014. These increases related to the Company’s aggressive investment in the
scale of its operations, particularly in information technology and customer care centers. Additional costs are anticipated in
the coming quarters as the Company approaches the closing of the acquisitions announced early in the first quarter of 2015.
Salaries and benefits increased to $20.6
million in the current quarter of 2015, compared to $17.4 million in the same quarter in 2014. Increases in compensation costs
relate to staffing additions from the acquisition of The Coastal Bank in June 2014, as well as increases associated with higher
mortgage revenue and originations in the current quarter compared to the same quarter in 2014.
Non-provision credit resolution-related
costs increased from $2.2 million in the first quarter of 2014 to $3.2 million in the first quarter of 2015. During the quarter,
the Company brought several larger non-performing assets closer to resolution and incurred higher than normal expenses associated
with these efforts. Legal fees associated with OREO and non-accrual loans totaled $754,000 in the first quarter of 2015 compared
to $403,000 in the first quarter of 2014.
Occupancy and equipment costs increased
from $4.1 million in the first quarter of 2014 to $4.6 million in the first quarter of 2015, due to the increased number of branches
operated by the Company since its acquisition of The Coastal Bank. Data processing and telecommunications expenses increased from
$3.5 million in the first quarter of 2014 to $4.3 million in the first quarter of 2015. During the quarter, the Company renegotiated
a series of contracts with its core service provider that should provide some savings in the coming quarters on a relative basis
with the anticipated acquisitions.
Balance Sheet Trends
Total assets at March 31, 2015 were $4.15
billion, compared to $4.04 billion at December 31, 2014. Loans, including loans held for sale, totaled $2.96 billion at March 31,
2015, compared to $2.93 billion at December 31, 2014. During the first quarter, growth in legacy loans (loans excluding purchased
non-covered and covered loans) amounted to $109.5 million, or 23.5% on an annualized basis. Growth during the first quarter of
2015 was spread evenly across most loan types, including agriculture, municipal, commercial real estate and mortgage.
Funding sources continued to improve over
year end levels. At March 31, 2015, total deposits amounted to $3.48 billion, or 95.5% of total funding, compared to $3.43 billion
and 94.0%, respectively, at December 31, 2014. Non-interest bearing deposits reflected the largest growth, ending the current
quarter at $967.0 million, or 27.8% of total deposits, compared to $839.4 million, or 24.5%, at December 31, 2014. Aggressive
sales efforts on both commercial and consumer balances, as well as the Coastal Bank acquisition, were the reason for the 38.4%
growth in noninterest bearing deposits from March 31, 2014 to March 31, 2015.
Stockholders’ equity at March 31,
2015 totaled $489.8 million, compared to $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, together with earnings of $9.8
million during the quarter.
Tangible common equity as a percentage
of tangible assets increased to 10.26% at the end of the first quarter of 2015, compared to 7.42% at the end of 2014. The additional
common equity associated with the private placement completed during the quarter, together with net income for the quarter, account
for the majority of the increase in the Company’s capital ratios. Tangible book value increased to $13.01 per share at March
31, 2015, compared to $10.99 per share at December 31, 2014. On a pro forma basis, assuming the impacts of the pending mergers,
the Company’s tangible common equity to tangible assets ratio would be 7.04% and tangible book value would be $11.74 per
share.
Conference Call
The Company will host a teleconference
at 10:00 a.m. EDT today (April 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 May 8, 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 10064031. 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 73 locations in
Georgia, Alabama, northern Florida and
South Carolina.
This news release contains certain performance
measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America
(“GAAP”). Management of Ameris Bancorp (the “Company”) uses these non-GAAP measures in its analysis of
the Company’s performance. These measures are useful when evaluating the underlying performance and efficiency of the Company’s
operations and balance sheet. The Company’s management believes that these non-GAAP measures provide a greater understanding
of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and
charges in the current period. The Company’s management believes that investors may use these non-GAAP financial measures
to evaluate the Company’s financial performance without the impact of unusual items that may obscure trends in the Company’s
underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance
with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
This news release contains statements
that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “believe”, “estimate”,
“expect”, “intend”, “anticipate” and similar expressions and variations thereof identify certain
of such forward-looking statements, which speak only as of the dates which they were made. The Company undertakes no obligation
to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties
and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors.
Readers are cautioned not to place undue reliance on these forward-looking statements and are referred to the Company’s periodic
filings with the Securities and Exchange Commission for a summary of certain factors that may impact the Company’s results
of operations and financial condition.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
| | |
Three Months Ended | |
| | |
Mar. | | |
Dec. | | |
Sept. | | |
Jun. | | |
Mar. | |
| | |
2015 | | |
2014 | | |
2014 | | |
2014 | | |
2014 | |
| | |
| | |
| | |
| | |
| | |
| |
| EARNINGS |
|
|
|
|
|
|
|
| |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| |
| Net Income Available to Common Shareholders | |
$ | 9,764 | | |
$ | 10,580 | | |
$ | 11,663 | | |
$ | 8,130 | | |
$ | 8,064 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| PER COMMON SHARE DATA | |
| | | |
| | | |
| | | |
| | | |
| | |
| Earnings per share available to common shareholders: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
$ | 0.32 | | |
$ | 0.40 | | |
$ | 0.44 | | |
$ | 0.32 | | |
$ | 0.32 | |
| Diluted | |
$ | 0.32 | | |
$ | 0.39 | | |
$ | 0.43 | | |
$ | 0.32 | | |
$ | 0.32 | |
| Cash Dividends per share | |
$ | 0.05 | | |
$ | 0.05 | | |
$ | 0.05 | | |
$ | 0.05 | | |
$ | - | |
| Book value per share (period end) | |
$ | 15.22 | | |
$ | 13.67 | | |
$ | 13.22 | | |
$ | 12.83 | | |
$ | 11.93 | |
| Tangible book value per share (period end) | |
$ | 13.01 | | |
$ | 10.99 | | |
$ | 10.68 | | |
$ | 10.26 | | |
$ | 10.31 | |
| Weighted average number of shares: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 30,442,998 | | |
| 26,771,636 | | |
| 26,773,033 | | |
| 25,180,665 | | |
| 25,144,342 | |
| Diluted | |
| 30,796,148 | | |
| 27,090,293 | | |
| 27,160,886 | | |
| 25,633,130 | | |
| 25,573,320 | |
| Period-end number of shares | |
| 32,182,143 | | |
| 26,773,863 | | |
| 26,774,402 | | |
| 26,771,821 | | |
| 25,159,073 | |
| Market data: | |
| | | |
| | | |
| | | |
| | | |
| | |
| High closing price | |
$ | 26.55 | | |
$ | 26.48 | | |
$ | 24.04 | | |
$ | 23.90 | | |
$ | 24.00 | |
| Low closing price | |
$ | 22.75 | | |
$ | 21.95 | | |
$ | 21.00 | | |
$ | 19.73 | | |
$ | 19.86 | |
| Period end closing price | |
$ | 26.39 | | |
$ | 25.64 | | |
$ | 21.95 | | |
$ | 21.56 | | |
$ | 23.30 | |
| Average daily volume | |
| 105,152 | | |
| 111,473 | | |
| 79,377 | | |
| 79,038 | | |
| 103,279 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| PERFORMANCE RATIOS | |
| | | |
| | | |
| | | |
| | | |
| | |
| Return on average assets | |
| 0.97 | % | |
| 1.05 | % | |
| 1.17 | % | |
| 0.93 | % | |
| 0.96 | % |
| Return on average common equity | |
| 8.76 | % | |
| 11.57 | % | |
| 13.19 | % | |
| 10.53 | % | |
| 11.66 | % |
| Earning asset yield (TE) | |
| 4.79 | % | |
| 5.08 | % | |
| 4.96 | % | |
| 5.08 | % | |
| 5.01 | % |
| Total cost of funds | |
| 0.40 | % | |
| 0.43 | % | |
| 0.45 | % | |
| 0.42 | % | |
| 0.43 | % |
| Net interest margin (TE) | |
| 4.39 | % | |
| 4.64 | % | |
| 4.50 | % | |
| 4.65 | % | |
| 4.57 | % |
| Non-interest income excluding securities transactions, | |
| | | |
| | | |
| | | |
| | | |
| | |
| as a percent of total revenue (TE) | |
| 29.06 | % | |
| 26.50 | % | |
| 28.86 | % | |
| 28.87 | % | |
| 25.02 | % |
| Efficiency ratio | |
| 72.38 | % | |
| 72.75 | % | |
| 67.64 | % | |
| 73.05 | % | |
| 70.36 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| CAPITAL ADEQUACY (period end) | |
| | | |
| | | |
| | | |
| | | |
| | |
| Stockholders' equity to assets | |
| 11.79 | % | |
| 9.07 | % | |
| 8.85 | % | |
| 8.64 | % | |
| 8.60 | % |
| Tangible common equity to tangible assets | |
| 10.26 | % | |
| 7.42 | % | |
| 7.27 | % | |
| 7.04 | % | |
| 7.53 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| EQUITY TO ASSETS RECONCILIATION | |
| | | |
| | | |
| | | |
| | | |
| | |
| Tangible common equity to tangible assets | |
| 10.26 | % | |
| 7.42 | % | |
| 7.27 | % | |
| 7.04 | % | |
| 7.53 | % |
| Effect of goodwill and other intangibles | |
| 1.54 | % | |
| 1.65 | % | |
| 1.58 | % | |
| 1.61 | % | |
| 1.07 | % |
| Equity to assets (GAAP) | |
| 11.79 | % | |
| 9.07 | % | |
| 8.85 | % | |
| 8.64 | % | |
| 8.60 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| OTHER PERIOD-END DATA | |
| | | |
| | | |
| | | |
| | | |
| | |
| Banking Division FTE | |
| 852 | | |
| 853 | | |
| 867 | | |
| 888 | | |
| 785 | |
| Mortgage Division FTE | |
| 170 | | |
| 174 | | |
| 176 | | |
| 175 | | |
| 161 | |
| Total Ameris Bancorp FTE Headcount | |
| 1,022 | | |
| 1,027 | | |
| 1,043 | | |
| 1,063 | | |
| 946 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Assets per Banking Division FTE | |
$ | 4,874 | | |
$ | 4,733 | | |
$ | 4,613 | | |
$ | 4,474 | | |
$ | 4,443 | |
| Branch locations | |
| 73 | | |
| 73 | | |
| 74 | | |
| 74 | | |
| 68 | |
| Deposits per branch location | |
$ | 47,674 | | |
$ | 47,002 | | |
$ | 45,583 | | |
$ | 45,798 | | |
$ | 44,274 | |
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
| | |
Three Months Ended | |
| | |
Mar. | | |
Dec. | | |
Sept. | | |
Jun. | | |
Mar. | |
| | |
2015 | | |
2014 | | |
2014 | | |
2014 | | |
2014 | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| |
| INCOME STATEMENT | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| |
| Interest income |
|
|
|
|
|
|
|
| |
| | |
| | |
| |
| Interest and fees on loans | |
$ | 38,618 | | |
$ | 41,235 | | |
$ | 39,610 | | |
$ | 35,297 | | |
$ | 34,469 | |
| Interest on taxable securities | |
| 3,153 | | |
| 3,114 | | |
| 3,034 | | |
| 2,953 | | |
| 2,985 | |
| Interest on nontaxable securities | |
| 469 | | |
| 483 | | |
| 496 | | |
| 312 | | |
| 335 | |
| Interest on deposits in other banks | |
| 124 | | |
| 66 | | |
| 46 | | |
| 45 | | |
| 79 | |
| Interest on federal funds sold | |
| 4 | | |
| 2 | | |
| - | | |
| - | | |
| 5 | |
| Total interest income | |
| 42,368 | | |
| 44,900 | | |
| 43,186 | | |
| 38,607 | | |
| 37,873 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest expense | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest on deposits | |
$ | 2,280 | | |
$ | 2,560 | | |
$ | 2,540 | | |
$ | 2,205 | | |
$ | 2,183 | |
| Interest on other borrowings | |
| 1,256 | | |
| 1,334 | | |
| 1,514 | | |
| 1,138 | | |
| 1,206 | |
| Total interest expense | |
| 3,536 | | |
| 3,894 | | |
| 4,054 | | |
| 3,343 | | |
| 3,389 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net interest income | |
| 38,832 | | |
| 41,006 | | |
| 39,132 | | |
| 35,264 | | |
| 34,484 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Provision for loan losses | |
| 1,069 | | |
| 888 | | |
| 1,669 | | |
| 1,365 | | |
| 1,726 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net interest income after provision for loan losses | |
$ | 37,763 | | |
$ | 40,118 | | |
$ | 37,463 | | |
$ | 33,899 | | |
$ | 32,758 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Noninterest income | |
| | | |
| | | |
| | | |
| | | |
| | |
| Service charges on deposit accounts | |
$ | 6,429 | | |
$ | 6,522 | | |
$ | 6,659 | | |
$ | 5,847 | | |
$ | 5,586 | |
| Mortgage banking activity | |
| 8,083 | | |
| 6,476 | | |
| 7,498 | | |
| 6,944 | | |
| 5,068 | |
| Other service charges, commissions and fees | |
| 668 | | |
| 643 | | |
| 690 | | |
| 662 | | |
| 652 | |
| Gain(loss) on sale of securities | |
| 12 | | |
| - | | |
| 132 | | |
| - | | |
| 6 | |
| Other non-interest income | |
| 2,383 | | |
| 2,721 | | |
| 2,922 | | |
| 2,366 | | |
| 1,442 | |
| Total noninterest income | |
| 17,575 | | |
| 16,362 | | |
| 17,901 | | |
| 15,819 | | |
| 12,754 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Noninterest expense | |
| | | |
| | | |
| | | |
| | | |
| | |
| Salaries and employee benefits | |
| 20,632 | | |
| 19,316 | | |
| 20,226 | | |
| 16,942 | | |
| 17,394 | |
| Occupancy and equipment expenses | |
| 4,554 | | |
| 4,717 | | |
| 4,669 | | |
| 4,071 | | |
| 4,064 | |
| Data processing and telecommunications expenses | |
| 4,260 | | |
| 4,229 | | |
| 3,928 | | |
| 3,940 | | |
| 3,454 | |
| Credit resolution related expenses (1) | |
| 3,161 | | |
| 5,290 | | |
| 3,186 | | |
| 2,840 | | |
| 2,190 | |
| Advertising and marketing expenses | |
| 641 | | |
| 847 | | |
| 594 | | |
| 718 | | |
| 710 | |
| Amortization of intangible assets | |
| 630 | | |
| 662 | | |
| 698 | | |
| 437 | | |
| 533 | |
| Merger and conversion charges | |
| 15 | | |
| 67 | | |
| 551 | | |
| 2,872 | | |
| 450 | |
| Other non-interest expenses | |
| 6,934 | | |
| 6,605 | | |
| 4,727 | | |
| 5,498 | | |
| 4,444 | |
| Total noninterest expense | |
| 40,827 | | |
| 41,733 | | |
| 38,579 | | |
| 37,318 | | |
| 33,239 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Income before income taxes | |
$ | 14,511 | | |
$ | 14,747 | | |
$ | 16,785 | | |
$ | 12,400 | | |
$ | 12,273 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Income tax expense | |
| 4,747 | | |
| 4,167 | | |
| 5,122 | | |
| 4,270 | | |
| 3,923 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income | |
$ | 9,764 | | |
$ | 10,580 | | |
$ | 11,663 | | |
$ | 8,130 | | |
$ | 8,350 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Preferred stock dividends | |
| - | | |
| - | | |
| - | | |
| - | | |
| 286 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income available to common shareholders | |
$ | 9,764 | | |
$ | 10,580 | | |
$ | 11,663 | | |
$ | 8,130 | | |
$ | 8,064 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Diluted earnings available to common shareholders | |
| 0.32 | | |
| 0.39 | | |
| 0.43 | | |
| 0.32 | | |
| 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. | |
| | |
2015 | | |
2014 | | |
2014 | | |
2014 | | |
2014 | |
| | |
| | |
| | |
| | |
| | |
| |
| PERIOD-END BALANCE SHEET | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| |
| Assets | |
| | |
| | |
| |
| Cash and due from banks | |
$ | 80,142 | | |
$ | 78,036 | | |
$ | 69,421 | | |
$ | 80,986 | | |
$ | 71,387 | |
| Federal funds sold and interest bearing balances | |
| 126,157 | | |
| 92,323 | | |
| 40,165 | | |
| 44,800 | | |
| 48,677 | |
| Investment securities available for sale, at fair value | |
| 610,330 | | |
| 541,805 | | |
| 529,509 | | |
| 535,630 | | |
| 456,713 | |
| Other investments | |
| 8,636 | | |
| 10,275 | | |
| 12,687 | | |
| 10,971 | | |
| 9,322 | |
| Mortgage loans held for sale | |
| 73,796 | | |
| 94,759 | | |
| 110,059 | | |
| 81,491 | | |
| 51,693 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loans, net of unearned income | |
| 1,999,420 | | |
| 1,889,881 | | |
| 1,848,759 | | |
| 1,770,059 | | |
| 1,695,382 | |
| Purchased, non-covered loans | |
| 643,092 | | |
| 674,239 | | |
| 673,724 | | |
| 702,131 | | |
| 437,269 | |
| Covered loans | |
| 245,745 | | |
| 271,279 | | |
| 313,589 | | |
| 331,250 | | |
| 372,694 | |
| Less allowance for loan losses | |
| (21,852 | ) | |
| (21,157 | ) | |
| (22,212 | ) | |
| (22,254 | ) | |
| (22,744 | ) |
| Loans, net | |
| 2,866,405 | | |
| 2,814,242 | | |
| 2,813,860 | | |
| 2,781,186 | | |
| 2,482,601 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Other real estate owned | |
| 32,339 | | |
| 33,160 | | |
| 35,320 | | |
| 35,373 | | |
| 33,839 | |
| Purchased, non-covered other real estate owned | |
| 13,818 | | |
| 15,585 | | |
| 13,660 | | |
| 16,598 | | |
| 3,864 | |
| Covered other real estate owned | |
| 16,089 | | |
| 19,907 | | |
| 28,883 | | |
| 38,426 | | |
| 42,636 | |
| Total other real estate owned | |
| 62,246 | | |
| 68,652 | | |
| 77,863 | | |
| 90,397 | | |
| 80,339 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Premises and equipment, net | |
| 98,292 | | |
| 97,251 | | |
| 98,752 | | |
| 99,495 | | |
| 87,430 | |
| Goodwill | |
| 63,547 | | |
| 63,547 | | |
| 58,879 | | |
| 58,903 | | |
| 35,049 | |
| Other intangibles, net | |
| 7,591 | | |
| 8,221 | | |
| 9,114 | | |
| 9,812 | | |
| 5,477 | |
| FDIC loss sharing receivable | |
| 23,312 | | |
| 31,351 | | |
| 38,233 | | |
| 49,180 | | |
| 53,181 | |
| Cash value of bank owned life insurance | |
| 59,212 | | |
| 58,867 | | |
| 58,217 | | |
| 57,864 | | |
| 49,738 | |
| Other assets | |
| 73,238 | | |
| 77,748 | | |
| 82,649 | | |
| 72,420 | | |
| 56,377 | |
| Total assets | |
$ | 4,152,904 | | |
$ | 4,037,077 | | |
$ | 3,999,408 | | |
$ | 3,973,135 | | |
$ | 3,487,984 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | |
| Deposits: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Noninterest-bearing | |
$ | 967,015 | | |
$ | 839,377 | | |
$ | 816,517 | | |
$ | 790,798 | | |
$ | 698,866 | |
| Interest-bearing | |
| 2,513,216 | | |
| 2,591,772 | | |
| 2,556,602 | | |
| 2,598,237 | | |
| 2,311,781 | |
| Total deposits | |
| 3,480,231 | | |
| 3,431,149 | | |
| 3,373,119 | | |
| 3,389,035 | | |
| 3,010,647 | |
| Federal funds purchased & securities sold under | |
| | | |
| | | |
| | | |
| | | |
| | |
| agreements to repurchase | |
| 55,520 | | |
| 73,310 | | |
| 32,351 | | |
| 51,109 | | |
| 49,974 | |
| Other borrowings | |
| 43,851 | | |
| 78,881 | | |
| 147,409 | | |
| 100,293 | | |
| 59,677 | |
| Other liabilities | |
| 17,952 | | |
| 22,384 | | |
| 27,615 | | |
| 24,457 | | |
| 12,028 | |
| Subordinated deferrable interest debentures | |
| 65,567 | | |
| 65,325 | | |
| 65,084 | | |
| 64,842 | | |
| 55,628 | |
| Total liabilities | |
| 3,663,121 | | |
| 3,671,049 | | |
| 3,645,578 | | |
| 3,629,736 | | |
| 3,187,954 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Stockholders' equity | |
| | | |
| | | |
| | | |
| | | |
| | |
| Preferred stock | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| Common stock | |
| 33,593 | | |
| 28,159 | | |
| 28,158 | | |
| 28,155 | | |
| 26,536 | |
| Capital surplus | |
| 335,578 | | |
| 225,015 | | |
| 224,142 | | |
| 222,550 | | |
| 190,513 | |
| Retained earnings | |
| 126,566 | | |
| 118,412 | | |
| 109,170 | | |
| 100,185 | | |
| 92,055 | |
| Accumulated other comprehensive income/(loss) | |
| 6,353 | | |
| 6,098 | | |
| 3,974 | | |
| 4,123 | | |
| 2,374 | |
| Less treasury stock | |
| (12,307 | ) | |
| (11,656 | ) | |
| (11,614 | ) | |
| (11,614 | ) | |
| (11,448 | ) |
| Total stockholders' equity | |
| 489,783 | | |
| 366,028 | | |
| 353,830 | | |
| 343,399 | | |
| 300,030 | |
| Total liabilities and stockholders' equity | |
$ | 4,152,904 | | |
$ | 4,037,077 | | |
$ | 3,999,408 | | |
$ | 3,973,135 | | |
$ | 3,487,984 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Other Data | |
| | | |
| | | |
| | | |
| | | |
| | |
| Earning Assets | |
| 3,698,540 | | |
| 3,564,286 | | |
| 3,515,805 | | |
| 3,465,361 | | |
| 3,062,428 | |
| Intangible Assets | |
| 71,138 | | |
| 71,768 | | |
| 67,993 | | |
| 68,715 | | |
| 40,526 | |
| Interest Bearing Liabilities | |
| 2,678,154 | | |
| 2,809,288 | | |
| 2,801,446 | | |
| 2,814,481 | | |
| 2,477,060 | |
| Average Assets | |
| 4,079,750 | | |
| 4,011,128 | | |
| 3,969,893 | | |
| 3,494,466 | | |
| 3,521,588 | |
| Average Common Stockholders' Equity | |
| 452,132 | | |
| 362,659 | | |
| 350,733 | | |
| 309,696 | | |
| 290,462 | |
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
| | |
Three Months Ended | |
| | |
Mar. | | |
Dec. | | |
Sept. | | |
Jun. | | |
Mar. | |
| | |
2015 | | |
2014 | | |
2014 | | |
2014 | | |
2014 | |
| | |
| | |
| | |
| | |
| | |
| |
| ASSET QUALITY INFORMATION (1) | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| |
| Allowance for loan losses | |
| | |
| | |
| |
| Balance at beginning of period | |
$ | 21,157 | | |
$ | 22,212 | | |
$ | 22,254 | | |
$ | 22,744 | | |
$ | 22,377 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Provision for loan loss (2) | |
| 1,100 | | |
| 650 | | |
| 1,573 | | |
| 997 | | |
| 1,501 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Charge-offs | |
| 855 | | |
| 2,071 | | |
| 1,975 | | |
| 1,973 | | |
| 1,606 | |
| Recoveries | |
| 450 | | |
| 366 | | |
| 360 | | |
| 486 | | |
| 472 | |
| Net charge-offs (recoveries) | |
| 405 | | |
| 1,705 | | |
| 1,615 | | |
| 1,487 | | |
| 1,134 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Ending balance | |
$ | 21,852 | | |
$ | 21,157 | | |
$ | 22,212 | | |
$ | 22,254 | | |
$ | 22,744 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| As a percentage of loans | |
| 1.09 | % | |
| 1.12 | % | |
| 1.20 | % | |
| 1.26 | % | |
| 1.34 | % |
| As a percentage of nonperforming loans | |
| 104.85 | % | |
| 97.37 | % | |
| 97.38 | % | |
| 100.65 | % | |
| 85.09 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net charge-off information | |
| | | |
| | | |
| | | |
| | | |
| | |
| Charge-offs | |
| | | |
| | | |
| | | |
| | | |
| | |
| Commercial, financial & agricultural | |
$ | 392 | | |
$ | 468 | | |
$ | 191 | | |
$ | 165 | | |
$ | 743 | |
| Real estate - residential | |
| 268 | | |
| 368 | | |
| 406 | | |
| 752 | | |
| 181 | |
| Real estate - commercial & farmland | |
| 12 | | |
| 1,033 | | |
| 953 | | |
| 769 | | |
| 533 | |
| Real estate - construction & development | |
| 97 | | |
| 74 | | |
| 296 | | |
| 157 | | |
| 65 | |
| Consumer installment | |
| 86 | | |
| 128 | | |
| 129 | | |
| 130 | | |
| 84 | |
| Total charge-offs | |
| 855 | | |
| 2,071 | | |
| 1,975 | | |
| 1,973 | | |
| 1,606 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Recoveries | |
| | | |
| | | |
| | | |
| | | |
| | |
| Commercial, financial & agricultural | |
| 285 | | |
| 91 | | |
| 47 | | |
| 134 | | |
| 49 | |
| Real estate - residential | |
| 57 | | |
| 71 | | |
| 52 | | |
| 48 | | |
| 83 | |
| Real estate - commercial & farmland | |
| 15 | | |
| 91 | | |
| 31 | | |
| 9 | | |
| 143 | |
| Real estate - construction & development | |
| 31 | | |
| 49 | | |
| 96 | | |
| 96 | | |
| 108 | |
| Consumer installment | |
| 62 | | |
| 64 | | |
| 134 | | |
| 199 | | |
| 89 | |
| Total recoveries | |
| 450 | | |
| 366 | | |
| 360 | | |
| 486 | | |
| 472 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net charge-offs (recoveries) | |
$ | 405 | | |
$ | 1,705 | | |
$ | 1,615 | | |
$ | 1,487 | | |
$ | 1,134 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-accrual loans (excluding purchased non-covered | |
| | | |
| | | |
| | | |
| | | |
| | |
| and covered loans) | |
$ | 20,841 | | |
$ | 21,728 | | |
$ | 22,810 | | |
$ | 22,111 | | |
$ | 26,729 | |
| Non-accrual purchased non-covered loans | |
| 17,308 | | |
| 18,249 | | |
| 17,007 | | |
| 15,770 | | |
| 15,318 | |
| Foreclosed assets (excluding purchased assets) | |
| 32,339 | | |
| 33,160 | | |
| 35,320 | | |
| 35,373 | | |
| 33,839 | |
| Purchased, non-covered other real estate owned | |
| 13,818 | | |
| 15,585 | | |
| 13,660 | | |
| 16,598 | | |
| 3,864 | |
| Accruing loans delinquent 90 days or more | |
| - | | |
| 1 | | |
| - | | |
| - | | |
| - | |
| Total non-performing assets, excluding covered assets | |
$ | 84,306 | | |
$ | 88,723 | | |
$ | 88,797 | | |
$ | 89,852 | | |
$ | 79,750 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-performing assets as a percent of total assets | |
| 2.03 | % | |
| 2.20 | % | |
| 2.22 | % | |
| 2.26 | % | |
| 2.29 | % |
| Net charge offs as a percent of loans (Annualized) | |
| 0.08 | % | |
| 0.36 | % | |
| 0.35 | % | |
| 0.34 | % | |
| 0.27 | % |
(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: | |
| | |
Mar. | | |
Dec. | | |
Sept. | | |
Jun. | | |
Mar. | |
| Loans by Type | |
2015 | | |
2014 | | |
2014 | | |
2014 | | |
2014 | |
| Commercial, financial & agricultural | |
$ | 334,917 | | |
$ | 319,654 | | |
$ | 334,783 | | |
$ | 304,588 | | |
$ | 270,571 | |
| Real estate - construction & development | |
| 178,568 | | |
| 161,507 | | |
| 154,315 | | |
| 149,346 | | |
| 149,543 | |
| Real estate - commercial & farmland | |
| 947,274 | | |
| 907,524 | | |
| 882,160 | | |
| 850,000 | | |
| 836,230 | |
| Real estate - residential | |
| 496,043 | | |
| 456,106 | | |
| 436,515 | | |
| 422,731 | | |
| 393,001 | |
| Consumer installment | |
| 29,113 | | |
| 30,782 | | |
| 31,403 | | |
| 31,902 | | |
| 32,345 | |
| Other | |
| 13,505 | | |
| 14,308 | | |
| 9,583 | | |
| 11,492 | | |
| 13,692 | |
| Total Non-purchased | |
$ | 1,999,420 | | |
$ | 1,889,881 | | |
$ | 1,848,759 | | |
$ | 1,770,059 | | |
$ | 1,695,382 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Commercial, financial & agricultural | |
$ | 36,258 | | |
$ | 38,041 | | |
$ | 38,077 | | |
$ | 41,583 | | |
$ | 30,810 | |
| Real estate - construction & development | |
| 53,668 | | |
| 58,362 | | |
| 60,262 | | |
| 64,084 | | |
| 31,820 | |
| Real estate - commercial & farmland | |
| 291,760 | | |
| 306,706 | | |
| 296,790 | | |
| 311,748 | | |
| 174,281 | |
| Real estate - residential | |
| 257,216 | | |
| 266,342 | | |
| 273,347 | | |
| 278,451 | | |
| 196,078 | |
| Consumer installment | |
| 4,190 | | |
| 4,788 | | |
| 5,248 | | |
| 6,265 | | |
| 4,280 | |
| Total Purchased non-covered (net of discounts) | |
$ | 643,092 | | |
$ | 674,239 | | |
$ | 673,724 | | |
$ | 702,131 | | |
$ | 437,269 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Commercial, financial & agricultural | |
$ | 20,905 | | |
$ | 21,467 | | |
$ | 22,545 | | |
$ | 25,209 | | |
$ | 24,813 | |
| Real estate - construction & development | |
| 19,519 | | |
| 23,447 | | |
| 27,756 | | |
| 31,600 | | |
| 41,434 | |
| Real estate - commercial & farmland | |
| 130,290 | | |
| 147,627 | | |
| 180,566 | | |
| 188,643 | | |
| 214,649 | |
| Real estate - residential | |
| 74,847 | | |
| 78,520 | | |
| 82,445 | | |
| 85,518 | | |
| 91,372 | |
| Consumer installment | |
| 184 | | |
| 218 | | |
| 277 | | |
| 280 | | |
| 426 | |
| Total Covered (net of discounts) | |
$ | 245,745 | | |
$ | 271,279 | | |
$ | 313,589 | | |
$ | 331,250 | | |
$ | 372,694 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total Loan Portfolio: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Commercial, financial & agricultural | |
$ | 392,080 | | |
$ | 379,162 | | |
$ | 395,405 | | |
$ | 371,380 | | |
$ | 326,194 | |
| Real estate - construction & development | |
| 251,755 | | |
| 243,316 | | |
| 242,333 | | |
| 245,030 | | |
| 222,797 | |
| Real estate - commercial & farmland | |
| 1,369,324 | | |
| 1,361,857 | | |
| 1,359,516 | | |
| 1,350,391 | | |
| 1,225,160 | |
| Real estate - residential | |
| 828,106 | | |
| 800,968 | | |
| 792,307 | | |
| 786,700 | | |
| 680,451 | |
| Consumer installment | |
| 33,487 | | |
| 35,788 | | |
| 36,928 | | |
| 38,447 | | |
| 37,051 | |
| Other | |
| 13,505 | | |
| 14,308 | | |
| 9,583 | | |
| 11,492 | | |
| 13,692 | |
| Total Loans | |
$ | 2,888,257 | | |
$ | 2,835,399 | | |
$ | 2,836,072 | | |
$ | 2,803,440 | | |
$ | 2,505,345 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Troubled Debt Restructurings, excluding purchased non-covered and covered loans: | | |
| | |
| Accruing loan types: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Commercial, financial & agricultural | |
$ | 277 | | |
$ | 290 | | |
$ | 257 | | |
$ | 257 | | |
$ | 711 | |
| Real estate - construction & development | |
| 789 | | |
| 679 | | |
| 1,917 | | |
| 2,080 | | |
| 1,953 | |
| Real estate - commercial & farmland | |
| 7,309 | | |
| 6,477 | | |
| 7,080 | | |
| 7,590 | | |
| 8,733 | |
| Real estate - residential | |
| 4,513 | | |
| 5,258 | | |
| 7,973 | | |
| 7,335 | | |
| 7,364 | |
| Consumer installment | |
| 47 | | |
| 55 | | |
| 34 | | |
| 75 | | |
| 87 | |
| Total Accruing TDRs | |
$ | 12,935 | | |
$ | 12,759 | | |
$ | 17,261 | | |
$ | 17,337 | | |
$ | 18,848 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-accruing loan types: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Commercial, financial & agricultural | |
$ | 17 | | |
$ | 13 | | |
$ | 507 | | |
$ | 465 | | |
$ | 40 | |
| Real estate - construction & development | |
| 90 | | |
| 228 | | |
| 196 | | |
| 32 | | |
| 29 | |
| Real estate - commercial & farmland | |
| 64 | | |
| 724 | | |
| 1,672 | | |
| 2,151 | | |
| 1,316 | |
| Real estate - residential | |
| 736 | | |
| 1,485 | | |
| 759 | | |
| 1,044 | | |
| 961 | |
| Consumer installment | |
| 90 | | |
| 73 | | |
| 93 | | |
| 51 | | |
| 19 | |
| Total Non-accrual TDRs | |
$ | 997 | | |
$ | 2,523 | | |
$ | 3,227 | | |
$ | 3,743 | | |
$ | 2,365 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total Troubled Debt Restructurings | |
$ | 13,932 | | |
$ | 15,282 | | |
$ | 20,488 | | |
$ | 21,080 | | |
$ | 21,213 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
|
The following table presents the loan portfolio by risk grade, excluding purchased non-covered and covered loans: |
| Grade 10 - Prime credit | |
$ | 157,462 | | |
$ | 128,577 | | |
$ | 121,486 | | |
$ | 110,842 | | |
$ | 93,805 | |
| Grade 15 - Good credit | |
| 205,929 | | |
| 217,804 | | |
| 222,714 | | |
| 226,652 | | |
| 243,963 | |
| Grade 20 - Satisfactory credit | |
| 1,012,733 | | |
| 947,948 | | |
| 908,054 | | |
| 866,356 | | |
| 817,718 | |
| Grade 23 - Performing, under-collateralized credit | |
| 28,643 | | |
| 29,205 | | |
| 28,826 | | |
| 28,429 | | |
| 31,056 | |
| Grade 25 - Minimum acceptable credit | |
| 513,009 | | |
| 488,187 | | |
| 484,200 | | |
| 450,363 | | |
| 417,177 | |
| Grade 30 - Other asset especially mentioned | |
| 25,461 | | |
| 25,983 | | |
| 31,750 | | |
| 33,360 | | |
| 38,240 | |
| Grade 40 - Substandard | |
| 56,179 | | |
| 52,176 | | |
| 51,640 | | |
| 54,047 | | |
| 53,286 | |
| Grade 50 - Doubtful | |
| 4 | | |
| 1 | | |
| 88 | | |
| 10 | | |
| 137 | |
| Grade 60 - Loss | |
| - | | |
| - | | |
| 1 | | |
| - | | |
| - | |
| Total | |
$ | 1,999,420 | | |
$ | 1,889,881 | | |
$ | 1,848,759 | | |
$ | 1,770,059 | | |
$ | 1,695,382 | |
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
| | |
Three Months Ended | |
| | |
Mar. | | |
Dec. | | |
Sept. | | |
Jun. | | |
Mar. | |
| | |
2015 | | |
2014 | | |
2014 | | |
2014 | | |
2014 | |
| | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| |
| AVERAGE BALANCES | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| |
| Federal funds sold | |
$ | 5,500 | | |
$ | 3,163 | | |
$ | 500 | | |
$ | 500 | | |
$ | 7,455 | |
| Interest bearing deposits in banks | |
| 158,286 | | |
| 69,772 | | |
| 63,355 | | |
| 50,850 | | |
| 99,751 | |
| Investment securities - taxable | |
| 485,922 | | |
| 461,800 | | |
| 451,563 | | |
| 418,498 | | |
| 411,251 | |
| Investment securities - nontaxable | |
| 71,229 | | |
| 72,072 | | |
| 74,176 | | |
| 49,631 | | |
| 51,092 | |
| Other investments | |
| 9,450 | | |
| 9,804 | | |
| 8,209 | | |
| 6,629 | | |
| 12,330 | |
| Mortgage loans held for sale | |
| 75,831 | | |
| 97,406 | | |
| 83,751 | | |
| 54,517 | | |
| 49,397 | |
| Loans | |
| 1,911,601 | | |
| 1,871,618 | | |
| 1,795,059 | | |
| 1,706,564 | | |
| 1,639,672 | |
| Purchased non-covered loans | |
| 650,331 | | |
| 659,472 | | |
| 688,452 | | |
| 433,249 | | |
| 441,138 | |
| Covered loans | |
| 262,693 | | |
| 299,981 | | |
| 324,498 | | |
| 354,766 | | |
| 379,460 | |
| Total Earning Assets | |
$ | 3,630,843 | | |
$ | 3,545,088 | | |
$ | 3,489,563 | | |
| 3,075,204 | | |
| 3,091,546 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Noninterest bearing deposits | |
$ | 897,937 | | |
$ | 850,879 | | |
$ | 807,416 | | |
$ | 680,058 | | |
$ | 666,493 | |
| NOW accounts | |
| 756,795 | | |
| 786,511 | | |
| 743,352 | | |
| 691,353 | | |
| 675,199 | |
| MMDA | |
| 857,346 | | |
| 840,397 | | |
| 861,197 | | |
| 770,047 | | |
| 749,150 | |
| Savings accounts | |
| 163,624 | | |
| 156,663 | | |
| 155,559 | | |
| 145,528 | | |
| 143,109 | |
| Retail CDs < $100,000 | |
| 372,463 | | |
| 386,844 | | |
| 439,150 | | |
| 356,483 | | |
| 373,523 | |
| Retail CDs > $100,000 | |
| 383,962 | | |
| 401,934 | | |
| 370,166 | | |
| 360,703 | | |
| 361,861 | |
| Brokered CDs | |
| - | | |
| 4,023 | | |
| 5,970 | | |
| 5,970 | | |
| 5,970 | |
| Total Deposits | |
| 3,432,127 | | |
| 3,427,251 | | |
| 3,382,810 | | |
| 3,010,142 | | |
| 2,975,305 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| FHLB advances | |
| 16,778 | | |
| 35,815 | | |
| 55,435 | | |
| 28,626 | | |
| 68,333 | |
| Other borrowings | |
| 43,871 | | |
| 46,508 | | |
| 47,346 | | |
| 35,280 | | |
| 30,004 | |
| Subordinated debentures | |
| 65,436 | | |
| 65,195 | | |
| 64,953 | | |
| 55,789 | | |
| 55,092 | |
| Federal funds purchased and securities sold | |
| | | |
| | | |
| | | |
| | | |
| | |
| under agreements to repurchase | |
| 52,707 | | |
| 47,247 | | |
| 44,316 | | |
| 40,008 | | |
| 57,112 | |
| Total Non-Deposit Funding | |
| 178,792 | | |
| 194,765 | | |
| 212,050 | | |
| 159,703 | | |
| 210,541 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total Funding | |
$ | 3,610,919 | | |
$ | 3,622,016 | | |
$ | 3,594,860 | | |
$ | 3,169,845 | | |
$ | 3,185,846 | |
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
| | |
Three Months Ended | |
| | |
Mar. | | |
Dec. | | |
Sept. | | |
Jun. | | |
Mar. | |
| | |
2015 | | |
2014 | | |
2014 | | |
2014 | | |
2014 | |
| | |
| | |
| | |
| | |
| | |
| |
| INTEREST INCOME/EXPENSE | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| |
| INTEREST INCOME | |
| | |
| | |
| | |
| |
| Federal funds sold | |
$ | 4 | | |
$ | 2 | | |
$ | - | | |
$ | - | | |
$ | 5 | |
| Interest bearing deposits in banks | |
| 124 | | |
| 66 | | |
| 47 | | |
| 45 | | |
| 79 | |
| Investment securities - taxable | |
| 3,153 | | |
| 3,114 | | |
| 3,034 | | |
| 2,953 | | |
| 2,985 | |
| Investment securities - nontaxable (TE) | |
| 633 | | |
| 652 | | |
| 670 | | |
| 421 | | |
| 452 | |
| Mortgage loans held for sale | |
| 692 | | |
| 947 | | |
| 787 | | |
| 457 | | |
| 403 | |
| Loans (TE) | |
| 22,418 | | |
| 23,294 | | |
| 21,790 | | |
| 21,996 | | |
| 20,647 | |
| Purchased non-covered loans | |
| 11,840 | | |
| 12,612 | | |
| 12,610 | | |
| 7,933 | | |
| 6,865 | |
| Covered loans | |
| 3,995 | | |
| 4,704 | | |
| 4,726 | | |
| 5,164 | | |
| 6,761 | |
| Total Earning Assets | |
$ | 42,859 | | |
$ | 45,391 | | |
$ | 43,663 | | |
$ | 38,969 | | |
$ | 38,197 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| INTEREST EXPENSE | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-interest bearing deposits | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| NOW accounts | |
| 376 | | |
| 414 | | |
| 324 | | |
| 291 | | |
| 288 | |
| MMDA | |
| 663 | | |
| 768 | | |
| 783 | | |
| 722 | | |
| 681 | |
| Savings accounts | |
| 37 | | |
| 45 | | |
| 42 | | |
| 40 | | |
| 37 | |
| Retail CDs < $100,000 | |
| 513 | | |
| 553 | | |
| 596 | | |
| 478 | | |
| 489 | |
| Retail CDs > $100,000 | |
| 691 | | |
| 746 | | |
| 749 | | |
| 626 | | |
| 640 | |
| Brokered CDs | |
| - | | |
| 34 | | |
| 47 | | |
| 48 | | |
| 48 | |
| Total Deposits | |
| 2,280 | | |
| 2,560 | | |
| 2,541 | | |
| 2,205 | | |
| 2,183 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| FHLB advances | |
| 15 | | |
| 26 | | |
| 51 | | |
| 26 | | |
| 37 | |
| Other borrowings | |
| 366 | | |
| 379 | | |
| 558 | | |
| 415 | | |
| 408 | |
| Subordinated debentures | |
| 832 | | |
| 887 | | |
| 866 | | |
| 666 | | |
| 708 | |
| Federal funds purchased and securities sold | |
| | | |
| | | |
| | | |
| | | |
| | |
| under agreements to repurchase | |
| 43 | | |
| 41 | | |
| 39 | | |
| 31 | | |
| 53 | |
| Total Non-Deposit Funding | |
| 1,256 | | |
| 1,333 | | |
| 1,514 | | |
| 1,138 | | |
| 1,206 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total Funding | |
$ | 3,536 | | |
$ | 3,893 | | |
$ | 4,055 | | |
$ | 3,343 | | |
$ | 3,389 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net Interest Income (TE) | |
$ | 39,323 | | |
$ | 41,498 | | |
$ | 39,608 | | |
$ | 35,626 | | |
$ | 34,808 | |
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
| | |
Three Months Ended | |
| | |
Mar. | | |
Dec. | | |
Sept. | | |
Jun. | | |
Mar. | |
| | |
2015 | | |
2014 | | |
2014 | | |
2014 | | |
2014 | |
| YIELDS (1) | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| | |
| |
| Federal funds sold | |
| 0.29 | % | |
| 0.25 | % | |
| 0.00 | % | |
| 0.00 | % | |
| 0.27 | % |
| Interest bearing deposits in banks | |
| 0.32 | % | |
| 0.38 | % | |
| 0.29 | % | |
| 0.35 | % | |
| 0.32 | % |
| Investment securities - taxable | |
| 2.63 | % | |
| 2.68 | % | |
| 2.67 | % | |
| 2.83 | % | |
| 2.94 | % |
| Investment securities - nontaxable | |
| 3.60 | % | |
| 3.59 | % | |
| 3.58 | % | |
| 3.40 | % | |
| 3.59 | % |
| Mortgage loans held for sale | |
| 3.70 | % | |
| 3.86 | % | |
| 3.73 | % | |
| 3.36 | % | |
| 3.31 | % |
| Loans | |
| 4.76 | % | |
| 4.94 | % | |
| 4.82 | % | |
| 5.17 | % | |
| 5.11 | % |
| Purchased non-covered loans | |
| 7.38 | % | |
| 7.59 | % | |
| 7.27 | % | |
| 7.34 | % | |
| 6.31 | % |
| Covered loans | |
| 6.17 | % | |
| 6.22 | % | |
| 5.78 | % | |
| 5.84 | % | |
| 7.23 | % |
| Total Earning Assets | |
| 4.79 | % | |
| 5.08 | % | |
| 4.96 | % | |
| 5.08 | % | |
| 5.01 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Noninterest bearing deposits | |
| 0.00 | % | |
| 0.00 | % | |
| 0.00 | % | |
| 0.00 | % | |
| 0.00 | % |
| NOW accounts | |
| 0.20 | % | |
| 0.21 | % | |
| 0.17 | % | |
| 0.17 | % | |
| 0.17 | % |
| MMDA | |
| 0.31 | % | |
| 0.36 | % | |
| 0.36 | % | |
| 0.38 | % | |
| 0.37 | % |
| Savings accounts | |
| 0.09 | % | |
| 0.11 | % | |
| 0.11 | % | |
| 0.11 | % | |
| 0.10 | % |
| Retail CDs < $100,000 | |
| 0.56 | % | |
| 0.57 | % | |
| 0.54 | % | |
| 0.54 | % | |
| 0.53 | % |
| Retail CDs > $100,000 | |
| 0.73 | % | |
| 0.74 | % | |
| 0.80 | % | |
| 0.70 | % | |
| 0.72 | % |
| Brokered CDs | |
| 0.00 | % | |
| 3.35 | % | |
| 3.12 | % | |
| 3.22 | % | |
| 3.26 | % |
| Total Deposits | |
| 0.27 | % | |
| 0.30 | % | |
| 0.30 | % | |
| 0.29 | % | |
| 0.30 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| FHLB advances | |
| 0.36 | % | |
| 0.29 | % | |
| 0.36 | % | |
| 0.36 | % | |
| 0.22 | % |
| Other borrowings | |
| 3.38 | % | |
| 3.23 | % | |
| 4.68 | % | |
| 4.72 | % | |
| 5.51 | % |
| Subordinated debentures | |
| 5.16 | % | |
| 5.40 | % | |
| 5.29 | % | |
| 4.79 | % | |
| 5.21 | % |
| Federal funds purchased and securities sold | |
| | | |
| | | |
| | | |
| | | |
| | |
| under agreements to repurchase | |
| 0.33 | % | |
| 0.34 | % | |
| 0.35 | % | |
| 0.31 | % | |
| 0.38 | % |
| Total Non-Deposit Funding | |
| 2.85 | % | |
| 2.72 | % | |
| 2.83 | % | |
| 2.86 | % | |
| 2.32 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total funding (3) | |
| 0.40 | % | |
| 0.43 | % | |
| 0.45 | % | |
| 0.42 | % | |
| 0.43 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net interest spread | |
| 4.39 | % | |
| 4.65 | % | |
| 4.52 | % | |
| 4.66 | % | |
| 4.58 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net interest margin | |
| 4.39 | % | |
| 4.64 | % | |
| 4.50 | % | |
| 4.65 | % | |
| 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 | |
| | |
Mar. | | |
Dec. | | |
Sept. | | |
Jun. | | |
Mar. | |
| Net Operating
Income Reconciliation | |
2015 | | |
2014 | | |
2014 | | |
2014 | | |
2014 | |
| | |
| | |
| | |
| | |
| | |
| |
| Net income available to common shareholders | |
$ | 9,764 | | |
$ | 10,580 | | |
$ | 11,663 | | |
$ | 8,130 | | |
$ | 8,064 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Conversion charges | |
| 15 | | |
| 67 | | |
| 551 | | |
| 2,872 | | |
| 450 | |
| Tax effect of conversion charges | |
| (5 | ) | |
| (23 | ) | |
| (193 | ) | |
| (1,005 | ) | |
| (158 | ) |
| Plus: After tax conversion charges | |
| 10 | | |
| 44 | | |
| 358 | | |
| 1,867 | | |
| 293 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net
operating income | |
| 9,774 | | |
| 10,624 | | |
| 12,021 | | |
| 9,997 | | |
| 8,357 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| Three Months Ended | |
| | |
| Mar. | | |
| Dec. | | |
| Sept. | | |
| Jun. | | |
| Mar. | |
| Net Interest
Margin and Yields on Total Loans | |
| 2015 | | |
| 2014 | | |
| 2014 | | |
| 2014 | | |
| 2014 | |
| Excluding
Accretion Reconciliation. | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total Interest Income (TE) | |
$ | 42,859 | | |
$ | 45,391 | | |
$ | 43,663 | | |
$ | 38,969 | | |
$ | 38,197 | |
| Accretion
Income | |
| 3,097 | | |
| 4,280 | | |
| 2,964 | | |
| 2,572 | | |
| 2,727 | |
| Total Interest Income (TE) Excluding Accretion | |
$ | 39,762 | | |
$ | 41,111 | | |
$ | 40,699 | | |
$ | 36,397 | | |
$ | 35,470 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Yield on Total Loans Excluding
Accretion | |
| 5.01 | % | |
| 5.05 | % | |
| 5.07 | % | |
| 5.19 | % | |
| 5.16 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net Interest Margin Excluding
Accretion | |
| 4.05 | % | |
| 4.17 | % | |
| 4.17 | % | |
| 4.31 | % | |
| 4.21 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| Three Months Ended | |
| | |
| Mar. | | |
| Dec. | | |
| Sept. | | |
| Jun. | | |
| Mar. | |
| Core
Earnings Reconciliation | |
| 2015 | | |
| 2014 | | |
| 2014 | | |
| 2014 | | |
| 2014 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pre-tax operating profit | |
$ | 14,511 | | |
$ | 14,747 | | |
$ | 16,785 | | |
$ | 12,400 | | |
$ | 12,273 | |
| Plus: Credit Related Costs | |
| | | |
| | | |
| | | |
| | | |
| | |
| Provision for loan losses | |
| 1,069 | | |
| 888 | | |
| 1,669 | | |
| 1,365 | | |
| 1,726 | |
| (Gains)/Losses on the sale of
legacy OREO | |
| 110 | | |
| (228 | ) | |
| (3 | ) | |
| 283 | | |
| (55 | ) |
| Gains/(Losses) on the sale of
covered OREO | |
| 20 | | |
| 344 | | |
| (184 | ) | |
| 249 | | |
| 118 | |
| Problem loan and OREO expense | |
| 3,031 | | |
| 5,175 | | |
| 3,373 | | |
| 2,309 | | |
| 2,127 | |
| Interest
reversed (received) on non-accrual loans | |
| 156 | | |
| (6 | ) | |
| 94 | | |
| 71 | | |
| 246 | |
| Total
Credit-Related Costs | |
| 4,386 | | |
| 6,173 | | |
| 4,949 | | |
| 4,277 | | |
| 4,162 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Plus: Conversion charges | |
| 15 | | |
| 67 | | |
| 551 | | |
| 2,872 | | |
| 450 | |
| Less: Non-recurring gains | |
| | | |
| | | |
| | | |
| | | |
| | |
| Gains on sales of securities | |
| (12 | ) | |
| - | | |
| (132 | ) | |
| - | | |
| (6 | ) |
| Gains on sales of bank premises | |
| - | | |
| - | | |
| (616 | ) | |
| - | | |
| - | |
| Other
non-recurring adjustments | |
| - | | |
| 188 | | |
| - | | |
| (870 | ) | |
| - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pretax, Pre-provision earnings | |
$ | 18,900 | | |
$ | 21,175 | | |
$ | 21,537 | | |
$ | 18,679 | | |
$ | 16,879 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| As percentage of average assets, annualized | |
| 1.88 | % | |
| 2.09 | % | |
| 2.15 | % | |
| 2.14 | % | |
| 1.94 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| Three Months Ended | |
| | |
| Mar. | | |
| Dec. | | |
| Sept. | | |
| Jun. | | |
| Mar. | |
| Recurring
Operating Expenses | |
| 2015 | | |
| 2014 | | |
| 2014 | | |
| 2014 | | |
| 2014 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total Operating Expenses | |
| 40,827 | | |
| 41,733 | | |
| 38,579 | | |
| 37,318 | | |
| 33,239 | |
| Less: Credit costs & non-recurring charges | |
| | | |
| | | |
| | | |
| | | |
| | |
| Gains/(Losses) on the sale of
legacy OREO | |
| (110 | ) | |
| 228 | | |
| 3 | | |
| (283 | ) | |
| 55 | |
| Gains/(Losses) on the sale of
covered OREO | |
| (20 | ) | |
| (344 | ) | |
| 184 | | |
| (249 | ) | |
| (118 | ) |
| Problem loan and OREO expense | |
| (3,031 | ) | |
| (5,175 | ) | |
| (3,373 | ) | |
| (2,309 | ) | |
| (2,127 | ) |
| Severance payments | |
| - | | |
| (188 | ) | |
| - | | |
| - | | |
| - | |
| Conversion expenses | |
| (15 | ) | |
| (67 | ) | |
| (551 | ) | |
| (2,872 | ) | |
| (450 | ) |
| Gains/(Losses)
on the sale of premises | |
| - | | |
| - | | |
| 616 | | |
| - | | |
| - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Recurring operating expenses | |
$ | 37,651 | | |
$ | 36,187 | | |
$ | 35,458 | | |
$ | 31,605 | | |
$ | 30,599 | |
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 | |
2015 | | |
2014 | | |
2014 | | |
2014 | | |
2014 | |
| | |
| | |
| | |
| | |
| | |
| |
| Banking Division: | |
| | |
| | |
| | |
| | |
| |
| Net interest income | |
$ | 35,839 | | |
$ | 38,045 | | |
$ | 36,142 | | |
$ | 33,345 | | |
$ | 32,928 | |
| Provision for loan losses | |
| 927 | | |
| 737 | | |
| 994 | | |
| 1,365 | | |
| 1,726 | |
| Noninterest income | |
| 8,780 | | |
| 8,595 | | |
| 8,932 | | |
| 7,449 | | |
| 7,361 | |
| Noninterest expense: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Salaries and employee benefits | |
| 15,362 | | |
| 14,196 | | |
| 14,819 | | |
| 12,509 | | |
| 13,577 | |
| Occupancy | |
| 4,144 | | |
| 4,319 | | |
| 4,277 | | |
| 3,752 | | |
| 3,749 | |
| Data Processing | |
| 4,011 | | |
| 3,901 | | |
| 3,619 | | |
| 3,590 | | |
| 3,326 | |
| Other expenses | |
| 10,356 | | |
| 12,320 | | |
| 8,722 | | |
| 10,753 | | |
| 7,380 | |
| Total noninterest expense | |
| 33,873 | | |
| 34,736 | | |
| 31,437 | | |
| 30,604 | | |
| 28,032 | |
| Income before income taxes | |
| 9,819 | | |
| 11,167 | | |
| 12,643 | | |
| 8,825 | | |
| 10,531 | |
| Income Tax | |
| 3,105 | | |
| 2,914 | | |
| 3,672 | | |
| 3,019 | | |
| 3,313 | |
| Net income | |
| 6,714 | | |
| 8,253 | | |
| 8,971 | | |
| 5,806 | | |
| 7,218 | |
| Preferred stock dividends | |
| - | | |
| - | | |
| - | | |
| - | | |
| 286 | |
| Net income available to common shareholders | |
$ | 6,714 | | |
$ | 8,253 | | |
$ | 8,971 | | |
$ | 5,806 | | |
$ | 6,932 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Mortgage Division: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net interest income | |
$ | 2,380 | | |
$ | 2,574 | | |
$ | 2,347 | | |
$ | 1,339 | | |
$ | 1,100 | |
| Provision for loan losses | |
| 142 | | |
| 151 | | |
| 675 | | |
| - | | |
| - | |
| Noninterest income | |
| 7,883 | | |
| 6,313 | | |
| 7,135 | | |
| 7,002 | | |
| 5,164 | |
| Noninterest expense: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Salaries and employee benefits | |
| 4,654 | | |
| 4,259 | | |
| 4,409 | | |
| 3,937 | | |
| 3,568 | |
| Occupancy | |
| 382 | | |
| 373 | | |
| 368 | | |
| 300 | | |
| 302 | |
| Data Processing | |
| 245 | | |
| 326 | | |
| 306 | | |
| 343 | | |
| 122 | |
| Other expenses | |
| 968 | | |
| 999 | | |
| 869 | | |
| 1,312 | | |
| 815 | |
| Total noninterest expense | |
| 6,249 | | |
| 5,957 | | |
| 5,952 | | |
| 5,892 | | |
| 4,807 | |
| Income before income taxes | |
| 3,872 | | |
| 2,779 | | |
| 2,855 | | |
| 2,449 | | |
| 1,457 | |
| Income Tax | |
| 1,355 | | |
| 973 | | |
| 999 | | |
| 857 | | |
| 510 | |
| Net income | |
| 2,517 | | |
| 1,806 | | |
| 1,856 | | |
| 1,592 | | |
| 947 | |
| Preferred stock dividends | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Net income available to common shareholders | |
$ | 2,517 | | |
$ | 1,806 | | |
$ | 1,856 | | |
$ | 1,592 | | |
$ | 947 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| SBA Division: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net interest income | |
$ | 613 | | |
$ | 387 | | |
$ | 643 | | |
$ | 580 | | |
$ | 456 | |
| Provision for loan losses | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Noninterest income | |
| 912 | | |
| 1,454 | | |
| 1,834 | | |
| 1,368 | | |
| 229 | |
| Noninterest expense: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Salaries and employee benefits | |
| 616 | | |
| 861 | | |
| 998 | | |
| 496 | | |
| 249 | |
| Occupancy | |
| 28 | | |
| 25 | | |
| 24 | | |
| 19 | | |
| 13 | |
| Data Processing | |
| 4 | | |
| 2 | | |
| 3 | | |
| 7 | | |
| 6 | |
| Other expenses | |
| 57 | | |
| 152 | | |
| 165 | | |
| 300 | | |
| 132 | |
| Total noninterest expense | |
| 705 | | |
| 1,040 | | |
| 1,190 | | |
| 822 | | |
| 400 | |
| Income before income taxes | |
| 820 | | |
| 801 | | |
| 1,287 | | |
| 1,126 | | |
| 285 | |
| Income Tax | |
| 287 | | |
| 280 | | |
| 450 | | |
| 394 | | |
| 100 | |
| Net income | |
| 533 | | |
| 521 | | |
| 837 | | |
| 732 | | |
| 185 | |
| Preferred stock dividends | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Net income available to common shareholders | |
$ | 533 | | |
$ | 521 | | |
$ | 837 | | |
$ | 732 | | |
$ | 185 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total Consolidated: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net interest income | |
$ | 38,832 | | |
$ | 41,006 | | |
$ | 39,132 | | |
$ | 35,264 | | |
$ | 34,484 | |
| Provision for loan losses | |
| 1,069 | | |
| 888 | | |
| 1,669 | | |
| 1,365 | | |
| 1,726 | |
| Noninterest income | |
| 17,575 | | |
| 16,362 | | |
| 17,901 | | |
| 15,819 | | |
| 12,754 | |
| Noninterest expense: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Salaries and employee benefits | |
| 20,632 | | |
| 19,316 | | |
| 20,226 | | |
| 16,942 | | |
| 17,394 | |
| Occupancy | |
| 4,554 | | |
| 4,717 | | |
| 4,669 | | |
| 4,071 | | |
| 4,064 | |
| Data Processing | |
| 4,260 | | |
| 4,229 | | |
| 3,928 | | |
| 3,940 | | |
| 3,454 | |
| Other expenses | |
| 11,381 | | |
| 13,471 | | |
| 9,756 | | |
| 12,365 | | |
| 8,327 | |
| Total noninterest expense | |
| 40,827 | | |
| 41,733 | | |
| 38,579 | | |
| 37,318 | | |
| 33,239 | |
| Income before income taxes | |
| 14,511 | | |
| 14,747 | | |
| 16,785 | | |
| 12,400 | | |
| 12,273 | |
| Income Tax | |
| 4,747 | | |
| 4,167 | | |
| 5,122 | | |
| 4,270 | | |
| 3,923 | |
| Net income | |
| 9,764 | | |
| 10,580 | | |
| 11,663 | | |
| 8,130 | | |
| 8,350 | |
| Preferred stock dividends | |
| - | | |
| - | | |
| - | | |
| - | | |
| 286 | |
| Net income available to common shareholders | |
$ | 9,764 | | |
$ | 10,580 | | |
$ | 11,663 | | |
$ | 8,130 | | |
$ | 8,064 | |
Exhibit 99.2
Ameris Bancorp 1 st Quarter 2015 Earnings Presentation Edwin W. Hortman, Jr. – President & CEO Dennis J. Zember, Jr. – EVP & CFO
This presentation 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 . Tangible common equity and Tier 1 capital ratios are non - GAAP measures . The Company calculates the Tier 1 capital using current call report instructions . The Company’s management uses these measures to assess the quality of capital and believes that investors may find them useful in their evaluation of the Company . These capital measures may, or may not be necessarily comparable to similar capital measures that may be presented by other companies . This presentation may contain statements that constitute “forward - looking statements” within the meaning of Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E 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 . Cautionary Statements
• Announced acquisition covering $ 866 . 9 million in deposits • Virtually no runoff - Most recent update shows $ 864 . 4 million in total deposits (down 0 . 2 % ) vs . management estimate of 10 % • Build out of Ameris Bank customer care center and information technology systems underway ( 21 staff in call centers, 10 staff on I/T side) • Very confident in incremental revenues from investing the excess funds • Expected closure and conversion date of June 12 , 2015 assuming timely receipt of regulatory approvals Pending Acquisition Updates Bank of America Branches • $ 400 million acquisition in Gainesville, FL • Regulatory approvals received, Anticipated closure date of May 22 , 2015 • Currently recruiting for Treasury, SBA and Mortgage sales staff • Estimated conversion date in September, 2015 Merchants & Southern Bank Expected Impacts to ABCB • More than 15 % accretive to 2016 EPS with conservative assumptions and low execution risk • Along with supporting capital raise, accretive to TBV by approximately 4 . 5 % • Increases total assets by approximately $ 1 . 25 billion • Increases the Company’s concentration in low or no cost deposits
1 st Quarter Operating Results 1Q15 4Q14 1Q14 Interest Income before Accretion 39,271 40,620 35,193 Accretion income 3,097 4,280 2,680 Interest Expense 3,536 3,893 3,389 Net Interest Income 38,832 41,007 34,484 Provision for loan losses 1,069 888 1,726 Non - Interest Income 17,575 16,362 12,754 Core Operating Expenses (1) 37,651 36,376 30,599 Credit Costs 3,161 5,290 2,190 Merger - related expenses 15 67 450 Income before taxes 14,511 14,748 12,273 Income tax expense 4,747 4,167 3,923 Preferred Dividends - - 286 Net Income available to common shareholders 9,764 10,581 8,064 Earnings Per Share $0.32 $0.39 $0.32 Average Diluted Common Shares 30,796 27,090 25,573 (1) - core operating expenses excludes merger and credit costs seen elsewhere (2) - includes changes in legacy loans and purchased, non - covered loans • Net Income of $ 9 . 8 million, up 21 . 1 % vs . 1 Q 14 • Earnings per share of $ 0 . 32 per diluted share, flat against 1 Q 14 as a result of common raise in 1 Q 15 • Total Revenue increased 18 . 4 % vs . year ago period • Non - interest income, driven by mortgage success, increased 37 . 8 % to $ 17 . 6 million • Core Operating Expenses up 23 . 0 % vs . 1 Q 14 • Credit related costs of $ 3 . 1 million vs . $ 2 . 2 million in 1 Q 14 • Loan growth of 12 % annualized in 1 Q 15 ( 2 ) vs . linked quarter • NIB deposit growth of 38 . 4 % vs . 1 Q 14 ; Growth in 1 Q of $ 127 . 7 million or 15 . 2 % vs . linked quarter • Tangible Book Value per share of $ 13 . 01 per share ( $ 11 . 74 proforma for pending acquisitions) • Tangible Common Equity to Tangible Assets ratio of 10 . 26 % ( 7 . 04 % proforma for pending acquisitions)
Revenues – 1Q15 $26.2 $27.7 $27.9 $27.2 $34.8 $33.1 $36.7 $37.2 $36.2 $10.0 $20.0 $30.0 $40.0 1Q 13 3Q 13 1Q 14 3Q 14 1Q 15 Net Interest Income (TE) before Accretion (in millions) • Average loans outstanding slightly lower in 1 Q 15 vs 4 Q 14 • Finished the 1 Q 15 with strong production and going into 2 Q 15 with 5 % more average loans than in 1 Q ; Expect a rebound in loan revenues • Production increased 30 % in 1 Q 15 to $ 407 . 3 million compared to $ 295 . 7 million in 4 Q 14 4.39% 4.64% 4.53% 4.10% 4.57% 4.32% 4.17% 4.17% 4.05% 3.0% 3.5% 4.0% 4.5% 5.0% 1Q 13 3Q 13 1Q 14 3Q 14 1Q 15 Net Interest Margin - Ex Accretion Decline in Net Interest Margin (“NIM”) relates the following : 1. Heavier concentration in S/T assets resulting from capital raise ( 10 bps) 2. Lower yields on loans, partially offset by lower cost of funds 3. Lower loan yields resulting from more focus on variable rate loans, as well as success with municipal lending Proforma NIM with pending acquisitions : Initial NIM with heavier concentration in securities – 3 . 70 % Target NIM (by 4 Q 16 ) with equal weight in loans/securities – 3 . 90 %
Non - Interest Income – 1Q15 $6.9 $6.4 $5.9 $5.6 $6.9 $10.3 $12.0 $10.7 $11.8 $2.0 $5.0 $8.0 $11.0 $14.0 1Q 13 3Q 13 1Q 14 3Q 14 1Q 15 Mortgage and SBA Revenues (in millions) • Mortgage and SBA net income totaled $ 3 . 1 million in 1 Q 15 vs . $ 2 . 3 million in 4 Q 14 and $ 1 . 1 million 1 Q 14 ; Net income increasing more than 2 x the growth rate in revenue ; Highly profitable divisions focused on more than just revenue growth 1Q15 4Q14 1Q14 Mortgage production (000's) 188,296 197,227 130,934 Mortgage GOS (1) - retail 4.04% 4.19% 3.82% Open Pipeline 110,856 57,005 75,201 SBA Production: 17,100 12,300 6,800 SBA sold loans 9,100 13,900 1,600 SBA GOS % 12% 12% 11% SBA Pipeline 67,000 57,900 18,200 1.58% 1.61% 1.75% 1.57% 1.45% 1.81% 1.80% 1.63% 1.72% 1.0% 1.5% 2.0% 1Q 13 3Q 13 1Q 14 3Q 14 1Q 15 Net Interest Income as a % of Average Assets • Service charges in 1 Q 15 up 15 . 1 % over 1 Q 14 • Mortgage non - interest income in 1 Q 15 up 59 . 5 % over 1 Q 14 • SBA non - interest income in 1 Q 15 up 300 % over 1 Q 14 • Pending acquisitions had approximately 1 . 60 % non - interest income to average assets in 2014 but had very little in Mortgage or SBA income 1 – GOS – “gain on sale” of loans
Expenses – 1Q15 $24.0 $24.3 $25.4 $28.0 $30.6 $31.6 $34.8 $36.4 $37.7 $0.0 $10.0 $20.0 $30.0 $40.0 1Q 13 3Q 13 1Q 14 3Q 14 1Q 15 Core Operating Expenses (1) (in millions) • 1 Q 15 includes approximately $ 1 . 4 million that we do not believe will be recurring in 2 Q 15 (detailed on following slide) • Core Opex in 1 Q 15 as a percentage of Assets is about flat compared to 1 Q 14 ; Rapid growth in assets (approximately 25 % per year over last 5 years including pending acquisitions) has been challenging to manage efficiently • Confident that our systems are adequate to allow for meaningful efficiency improvements with BofA and M&S acquisitions $4.8 $2.3 $3.0 $5.3 $2.2 $2.8 $3.2 $5.3 $3.2 $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 1Q 13 3Q 13 1Q 14 3Q 14 1Q 15 Problem loan & OREO Expense (in millions) • Improvement in credit costs against the 4 Q 14 but negative when compared to 1 Q 14 • NPAs down 5 . 0 % in 1 Q 15 compared to 4 Q 14 • Net charge - offs of 0 . 08 % in 1 Q 15 vs . 0 . 31 % in YTD 14 • Elevated costs in the 1 Q 15 driven by legal fees and related costs associated with bankruptcies on several larger problem assets • Current efforts center on a pool of assets totaling approximately $ 25 million that we believe we can move with little to no cumulative loss 1 – Core operating expenses exclude Problem loan and OREO costs as well as merger - related charges
Expenses – 1Q15 Change compared to: Expense 1Q15 4Q14 1Q14 Salaries total $14,013 $440 $1,759 Coastal Salaries are approximately $1.37 million, remainder is build - out in I/T and customer care centers Incentive & FICA 3,242 1,158 1,431 Includes $900k of FICA on 2015 bonuses; Not recurring in 2Q15; Increase over 1Q14 relates also to higher incentive accrual by $1.25 million Mortgage Expense 6,249 292 1,442 Growth against 4Q14 and 1Q14 relates to growth in revenue and profitability in the Mortgage division; Earnings up 166%, expenses up only 30% SBA Expenses 705 (335) 305 Growth relates to continued recruiting and build out of this division and higher commissions tied to higher levels of production DP & IT 4,260 31 806 Relates to Coastal acquisition and quicker adoption of E - banking services offset by fee income; Renegotiated contract in 1Q, expect $400k in 2Q15 of savings FDIC Insurance 783 (133) 220 Growth relates to Coastal acquisition Occupancy 4,554 (163) 490 Partially the result of Coastal acquisition but also includes $90,000 of equipment write - off related to upgraded I/T Printing & Postage $1,060 ($3) $267 Higher due to preparation for pending acquisitions (forms, notices, etc .)
Loans – 1Q15 $1.49 $1.56 $1.59 $2.07 $2.13 $2.47 $2.52 $2.56 $2.64 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 1Q 13 3Q 13 1Q 14 3Q 14 1Q 15 Legacy & PNC (1) Loans Outstanding (in billions) • 1 Q 15 Loans outstanding increased 12 % annualized against the 4 Q 14 • Pipelines going into 2 Q 15 are strong ; We anticipate a faster growth rate in loans and are confident that we can achieve the 15 % growth rate that we assumed in our acquisition assumptions • Municipal loan outstandings increased 30 . 1 % annualized during the quarter ; Overall portfolio yields 4 . 69 % with a 6 . 9 year average life • Mortgage warehouse increased 51 . 6 % during the quarter (annualized) with a combined yield ( 2 ) of 5 . 65 % 1 – PNC – purchased, non - covered loans. 2 – combined yield includes transaction fees and interest earned. Loan Production Details Period Fixed Rate (2) Variable Rate (2) Total 1Q15 $ 300.2 4.72% $ 107.1 4.52% $ 407.3 4.67% 4Q14 $ 152.2 4.88% $ 143.4 4.16% $ 295.7 4.53% 1Q14 $ 236.5 4.88% $ 77.2 4.64% $ 313.8 4.82% • Total Loan Production in 1 Q 15 up 38 % against 4 Q 14 levels ; Yields steady to increasing with acceptable mix of fixed / floating • Shorter average life on our fixed rate credits • Production in 1 Q 15 up 30 % against 1 Q 14
Deposits – 1Q15 $491 $475 $476 $669 $699 $791 $817 $839 $967 $0 $400 $800 $1,200 1Q 13 3Q 13 1Q 14 3Q 14 1Q 15 NIB Demand Deposits (in millions) $1,217 $1,163 $1,146 $1,241 $1,485 $1,517 $1,706 $1,794 $1,818 $0 $400 $800 $1,200 $1,600 $2,000 1Q 13 3Q 13 1Q 14 3Q 14 1Q 15 Non - Rate Sensitive Deposits (in millions) • Growth rate in NIB deposits continues to be strong ; 1 Q 15 growth in NIB deposits totaled $ 268 million or 38 . 3 % over 1 Q 14 • 26 % of the growth from the Coastal Bank acquisition • 74 % of the growth from internal sales efforts on consumer and commercial sales • Proforma NIB deposits after the pending acquisitions are $ 1 . 25 billion or 27 . 2 % of total proforma deposits • Non - rate sensitive deposits continue to climb, now at 53 . 1 % • Continued aggressive effort to grow non - rate sensitive balances ahead of a potential rate movement • Proforma non - rate sensitive deposits with the two acquisitions increase to $ 2 . 44 billion and 52 . 9 % of total deposits
Capital and TBV – 1Q15 9.15% 9.22% 6.83% 7.53% 7.04% 7.27% 7.42% 10.26% 7.07% 4.0% 6.0% 8.0% 10.0% 12.0% 2Q 13 4Q 13 2Q 14 4Q 14 Proforma Tangible Book Value • Steady capital levels ( proforma ) despite having a balance sheet much more centered in cash and securities • TCE at 1 Q 15 includes effect of the capital raise but not the incremental assets • Confident in our TCE build over the coming quarters and anticipate surpassing 8 . 0 % before 4 Q 16 $10.29 $10.23 $10.39 $10.31 $10.26 $10.68 $10.99 $13.01 $11.77 $4.0 $6.5 $9.0 $11.5 $14.0 2Q 13 4Q 13 2Q 14 4Q 14 Proforma Tangible Book Value • Breakout on TBV growth in the last few quarters • Proforma TBV for 1 Q 15 of $ 11 . 77 per share is 14 . 2 % higher than 1 Q 14 Proforma data shown here assumes $39.9 million of combined intangible assets on pending acquisitions and $1.25 billion of incremental assets.
Ameris Bancorp (NASDAQ:ABCB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ameris Bancorp (NASDAQ:ABCB)
Historical Stock Chart
From Apr 2023 to Apr 2024
