-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KXmjzp6M7/NUdJSojqMSLLaL1dpc0UTV8vvM35os7XvBzPlIHz+0yFzNHqxzv2lN mPrQpdBJ8lA94j4i5aTOAA== 0000351569-09-000023.txt : 20091022 0000351569-09-000023.hdr.sgml : 20091022 20091022151430 ACCESSION NUMBER: 0000351569-09-000023 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20091022 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20091022 DATE AS OF CHANGE: 20091022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ameris Bancorp CENTRAL INDEX KEY: 0000351569 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 581456434 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13901 FILM NUMBER: 091132393 BUSINESS ADDRESS: STREET 1: 24 2/ND/ AVENUE CITY: MOULTRIE STATE: GA ZIP: 31768 BUSINESS PHONE: 9128901111 MAIL ADDRESS: STREET 1: PO BOX 1500 CITY: MOULTRIE STATE: GA ZIP: 31776 FORMER COMPANY: FORMER CONFORMED NAME: ABC BANCORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ABC HOLDING CO DATE OF NAME CHANGE: 19870119 8-K 1 form8k.htm FORM 8K 093009 form8k.htm



 
 
                  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):
          October 21, 2009
     
     
 
Ameris Bancorp
  
             (Exact Name of Registrant as Specified in Charter)
     
     
     
Georgia
     No. 001-13901
No.58-1456434
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
     
 
          310 First Street, SE
  
 
     Moultrie, Georgia   31768
  
               (Address of Principal Executive Offices)
     
                        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))
 
Item 2.02.    Results of Operations and Financial Condition.
 
On October 21, 2009, Ameris Bancorp issued a press release announcing its unaudited third quarter 2009 results.  A copy of that press release is attached as Exhibit 99.1 to this Current Report.
 
The information contained in this report, including Exhibit 99.1 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 9.01.    Financial Statements and Exhibits.
 
    (d)  Exhibits.
 
       99.1 Press Release dated October 21, 2009
 
          
-2-
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:  October 22, 2009
 
-3-


 
EXHIBIT INDEX


Exhibit 99.1                                Press release dated October  21, 2009



 
 
 
 EX-99.1 CHARTER 2 pressrelease.htm PRESS RELEASE pressrelease.htm
 
 

 
 
LOGO
 

  
 News Release

For more information contact:
Dennis J. Zember Jr.
Executive Vice President & CFO
(229) 890-1111


AMERIS BANCORP REPORTS THIRD QUARTER 2009 RESULTS

October 21, 2009
AMERIS BANCORP (NASDAQ-GS: ABCB), Moultrie, Georgia, today reported a net loss available to common shareholders of $791,000, or $0.06 per diluted share, for the quarter ended September 30, 2009, compared to net income of $366,000, or $0.03 per diluted share, for the third quarter of 2008.  For the year to date period ended September 30, 2009, Ameris Bancorp reported a net loss available to common shareholders of $5.4 million, or $0.40 per diluted share, compared to net income of $6.5 million, or $0.48 per diluted share, for the same period in 2008.
 
Strong Capital Levels and Balance Sheet Trends
Total assets for the Company declined during the current quarter, ending at $2.21 billion compared to $2.29 billion at the end of the second quarter of 2009.  The decrease of approximately $77.8 million was mostly attributed to planned declines in low yielding short-term assets (federal funds sold and interest bearing deposits in other banks).  These assets, yielding less than 0.25%, have declined $30.0 million or 20.8% since December 31, 2008.  Loans outstanding at September 30, 2009 were $1.65 billion, a decline of only 2.5% when compared to balances at the beginning of the year.
 
The Company’s deposit mix continued to improve in the third quarter of 2009.  Demand deposits increased during the quarter to $1.09 billion compared to $825.3 million at the beginning of 2009.  Time deposits, during the same period, have declined $400.5 million to $734.7 million as the Company’s strong liquidity position and increased levels of demand deposits have allowed for more conservative pricing on time deposits.
 
Tangible common equity as a percentage of tangible assets (excluding preferred stock) increased during the third quarter of 2009 to 5.84% compared to 5.65% at the end of the second quarter of 2009.  Lower levels of assets and improved operating results were the primary drivers behind improved capital ratios.  In addition, the Company’s shift from cash to stock dividends preserves capital while providing investors an equivalent return.  Regulatory capital at the Company’s banking subsidiary, Ameris Bank, remained very strong with Tier 1 capital and total risk-based capital of approximately 8.69% and 12.57%, respectively.

 
-1-
 

 
 
Net Interest Margin and Net Interest Income
For the third quarter of 2009, the Company reported net interest income of $18.8 million and a net interest margin of 3.65%, compared to $18.5 million and 3.59%, respectively, for the second quarter of 2009 and $19.2 million and 3.88%, respectively, for the third quarter of 2008.  Continued reduction in the Company’s cost of funds has been the principal factor in maintaining strong net interest margins despite increasing levels of non-performing assets and interest reversals on new non-accrual loans.

Yields on average earning assets during the third quarter of 2009 were affected by $1.2 million of accrued interest reversals, declining in the quarter to 5.42%, compared to 5.60% in the second quarter of 2009 and 6.39% in the third quarter of 2008.  The accrued interest reversals were more than offset by decreases in interest expense realized during the third quarter of 2009.  Interest expense fell during the third quarter of 2009 to $9.2 million compared to $10.6 million in the prior quarter and $12.9 million in the same quarter in 2008.  Decreases in average deposit costs accounted for most of the improvement, falling to 1.78% in the current quarter compared to 2.04% in the second quarter of 2009 and 2.60% in the third quarter of 2008.  The Company’s deposit mix continues to improve such that demand deposits (interest bearing and non-interest bearing) comprised 58.0% of total deposits at the end of the third quarter of 2009 compared to 44.3% of total deposits at the end of the same quarter in 2008.

Non-Interest Income
Non-interest income during the current quarter totaled $4.5 million, a decrease of 2.44% from the same quarter in 2008.  Service charges on deposit accounts were $3.5 million during the third quarter of 2009, a decline of approximately 4.02% when compared to the same quarter in 2008.  Mortgage revenue during the third quarter of 2009 totaled $692,000, compared to $745,000 during the same quarter in 2008.

Non-Interest Expense
Operating expenses totaled $15.4 million for the quarter, an increase over the same quarter in 2008 when the Company reported $14.8 million in total non-interest expense.  Salaries and benefits in the current quarter increased slightly to $7.4 million compared to $7.1 million in the third quarter of 2008.  Other operating expenses increased from $2.9 million in the third quarter of 2008 to $3.6 million in the third quarter of 2009.  This increase relates primarily to higher levels of problem loan and OREO expenses which increased to $993,000 million in the third quarter of 2009 compared to $373,000 in the same quarter of 2008.

Credit Quality
The Company’s efforts to identify and fully reserve for problem loans continued in the third quarter of 2009.  The provision for loan losses during the third quarter amounted to $8.3 million compared to $8.2 million in the same quarter in 2008.  Non-performing assets increased by $17.8 million during the most recent quarter when compared to the second quarter of 2009.  At September 30, 2009, non-performing assets as a percentage of loans and OREO increased to 6.32% compared to 5.19% at June 30, 2009 and 4.13% at December 31, 2008.  The Company’s loan loss reserve as a percentage of loans was 2.54% at the end of September 30, 2009 compared to 2.34% at December 31, 2008.  Edwin W. Hortman, Jr., President and CEO, commented on the Company’s efforts with regards to credit quality, saying “Our Company continues to work non-performing assets aggressively in this challenging economic environment, fully reserving for problem loans as we identify them.  Thankfully, our core earnings have improved at a healthy pace and allowed us to manage higher capital ratios through this downturn.”

 
Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter, had 50 locations in Georgia, Alabama, northern Florida and South Carolina.
 
Ameris Bancorp Common Stock is quoted on the NASDAQ Global Select Market under the symbol “ABCB”. The preceding 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.
 
-2-
 
AMERIS BANCORP
  
FINANCIAL HIGHLIGHTS
  
(unaudited)
  
(dollars in thousands except per share data and FTE headcount)
  
             
   
Three Months Ended
    
Nine Months Ended
  
   
   Sept.
    
   June
    
   Mar.
    
    Dec.
    
   Sept.
    
   Sept.
    
    Sept.
  
      2009       2009       2009       2008       2008       2009       2008  
                                                         
                                                         
EARNINGS
                                                        
Net Income/(Loss) Available to Common Shareholders
   $ (791 )   $ (3,359 )   $ (1,225 )   $ (10,725 )   $ 366     $ (5,375 )   $ 6,481  
                                                         
PER COMMON SHARE DATA
                                                        
Earnings per share available to common shareholders:
                                                        
Basic
   $ (0.06 )   $ (0.25 )   $ (0.09 )   $ (0.79 )   $ 0.03     $ (0.40 )     0.48  
Diluted
   $ (0.06 )   $ (0.25 )   $ (0.09 )   $ (0.79 )   $ 0.03     $ (0.40 )     0.48  
Cash Dividends per share
   $ -     $ 0.05     $ 0.05     $ 0.05     $ 0.05       0.10       0.33  
Stock dividend
  
1 for 130
       -       -       -       -       -       -  
Book value per share (period end)
   $ 13.52     $ 13.54     $ 13.90     $ 14.06     $ 14.25     $ 13.52       14.25  
Tangible book value per share (period end)
   $ 9.25     $ 9.26     $ 9.61     $ 9.74     $ 9.92     $ 9.25       9.92  
Weighted average number of shares:
                                                        
Basic
     13,503,312       13,543,468       13,527,437       13,532,521       13,515,767       13,519,395       13,508,006  
Diluted
     13,503,312       13,543,468       13,527,437       13,532,521       13,543,612       13,519,395       13,555,469  
Period-end number of shares
     13,580,985       13,581,179       13,584,107       13,534,601       13,564,032       13,580,985       13,564,032  
Market data:
                                                        
High closing price
   $ 7.47     $ 8.09     $ 11.73     $ 14.21     $ 15.07     $ 11.73     $ 16.20  
Low closing price
   $ 5.93     $ 5.29     $ 3.66     $ 7.19     $ 7.82     $ 3.66     $ 7.79  
Period end closing price
   $ 7.15     $ 6.32     $ 4.71     $ 11.85     $ 14.85     $ 7.15     $ 14.85  
Average daily volume
     30,407       28,778       31,931       31,527       43,464       29,835       55,903  
                                                         
PERFORMANCE RATIOS
                                                        
Return on average assets
     (0.14 %)     (0.59 %)     (0.21 %)     (1.81 %)     0.07 %     (0.32 %)     0.40 %
Return on average common equity
     (1.68 %)     (7.15 %)     (2.61 %)     (22.17 %)     0.78 %     (3.06 %)     4.53 %
Earning asset yield (TE)
     5.42 %     5.60 %     5.57 %     5.58 %     6.39 %     5.52 %     6.73 %
Total cost of funds
     1.83 %     2.08 %     2.45 %     2.73 %     2.55 %     2.12 %     2.86 %
Net interest margin (TE)
     3.65 %     3.59 %     3.21 %     2.94 %     3.88 %     3.47 %     3.92 %
Non-interest income excluding securities transactions,
                                                        
as a percent of total revenue (TE)
     13.89 %     13.27 %     12.02 %     11.66 %     12.51 %     13.57 %     12.97 %
Efficiency ratio
     65.83 %     76.63 %     70.01 %     80.67 %     61.97 %     70.82 %     64.86 %
                                                         
CAPITAL ADEQUACY (period end)
                                                        
Stockholders' equity to assets
     10.56 %     10.20 %     10.14 %     9.94 %     8.56 %     10.56 %     8.56 %
Tangible common equity to tangible assets
     5.84 %     5.65 %     5.71 %     5.62 %     6.12 %     5.84 %     6.12 %
                                                         
EQUITY TO ASSETS RECONCILIATION
                                                        
Tangible common equity to tangible assets
     5.84 %     5.65 %     5.71 %     5.62 %     6.12 %     5.84 %     6.12 %
Effect of preferred equity
     2.24 %     2.16 %     2.09 %     2.04 %     0.00 %     2.24 %     0.00 %
Effect of goodwill and other intangibles
     2.47 %     2.40 %     2.34 %     2.29 %     2.44 %     2.47 %     2.44 %
Equity to assets (GAAP)
     10.56 %     10.20 %     10.14 %     9.94 %     8.56 %     10.56 %     8.56 %
                                                         
OTHER PERIOD-END DATA
                                                        
FTE Headcount
     595       589       597       595       601       595       601  
Assets per FTE
   $ 3,710     $ 3,880     $ 3,930     $ 4,046     $ 3,756     $ 3,710     $ 3,756  
Branch locations
     50       50       48       50       50       50       50  
Deposits per branch location
   $ 37,751     $ 39,527     $ 42,264     $ 40,271     $ 36,127     $ 37,751     $ 36,127  


 
-3-
 

AMERIS BANCORP
  
FINANCIAL HIGHLIGHTS
  
(unaudited)
  
(dollars in thousands except per share data and FTE headcount)
  
                                           
   
Three Months Ended
    
Nine Months Ended
  
   
Sept.
    
June
    
Mar.
    
Dec.
    
Sept.
    
Sept.
    
Sept.
  
   
2009
    
2009
    
2009
    
2008
    
2008
    
2009
    
2008
  
                                           
                                           
INCOME STATEMENT
                                          
                                           
Interest income
                                          
Interest and fees on loans
   $ 24,888     $ 25,829     $ 25,727     $ 26,582     $ 28,280     $ 76,444     $ 86,752  
Interest on taxable securities
     2,725       2,906       3,657       3,677       3,563       9,288       10,793  
Interest on nontaxable securities
     329       255       167       171       169       751       514  
Interest on deposits in other banks
     68       109       25       123       100       202       391  
Interest on federal funds sold
     12       1       41       5       -       54       0  
Total interest income
     28,022       29,100       29,617       30,558       32,112       86,739       98,450  
                                                         
Interest expense
                                                        
Interest on deposits
   $ 8,684     $ 10,030     $ 12,155     $ 13,769     $ 11,717     $ 30,869       38,173  
Interest on federal funds purchased and securities
                                                     0  
  sold under agreements to repurchase
                                                     0  
Interest on other borrowings
     526       531       494       817       1,218       1,551       3,584  
Total interest expense
     9,210       10,561       12,649       14,586       12,935       32,420       41,757  
                                                         
Net interest income
     18,812       18,539       16,968       15,972       19,177       54,319       56,693  
                                                         
Provision for loan losses
     8,298       9,390       7,912       19,890       8,220       25,600       15,140  
                                                         
Net interest income/(loss) after provision for loan losses
   $ 10,514     $ 9,149     $ 9,056     $ (3,918 )   $ 10,957       28,719       41,553  
                                                         
Noninterest income
                                                        
Service charges on deposit accounts
   $ 3,510     $ 3,393     $ 3,035     $ 3,279     $ 3,657     $ 9,938       10,637  
Mortgage banking activity
     692       877       763       711       745       2,332       2,469  
Other service charges, commissions and fees
     131       77       63       90       120       271       618  
Gain(loss) on sale of securities
     (20 )     101       713       316       -       794       -  
Other non-interest income
     208       148       922       (3 )     112       1,278       1,070  
Total noninterest income
     4,521       4,596       5,496       4,393       4,634       14,613       14,794  
                                                         
Noninterest expense
                                                        
Salaries and employee benefits
     7,431       7,899       7,991       7,309       7,113       23,321       24,391  
Occupancy and equipment expenses
     2,114       2,224       2,158       2,070       1,904       6,496       5,999  
Amortization of intangible assets
     146       147       146       291       293       439       879  
Data processing and telecommunications expenses
     1,746       1,704       1,627       1,600       1,678       5,077       3,557  
Business Restructuring
                                     0               0  
Advertising and marketing expenses
     301       439       574       739       818       1,314       2,352  
Other non-interest expenses
     3,622       5,316       3,231       4,419       2,950       12,169       9,185  
Total noninterest expense
     15,360       17,729       15,727       16,428       14,756       48,816       46,363  
                                                         
Operating profit/(loss)
   $ (325 )   $ (3,984 )   $ (1,175 )   $ (15,953 )   $ 835     $ (5,484 )     9,984  
                                                         
Income tax (benefit)/expense
     (198 )     (1,290 )     (539 )     (5,556 )     469       (2,027 )     3,503  
                                                         
Net income/(loss)
   $ (127 )   $ (2,694 )   $ (636 )   $ (10,397 )   $ 366     $ (3,457 )   $ 6,481  
                                                         
Preferred stock dividends
     664       665       589       328       -       1,918       -  
                                                         
Net income/(loss) available
                                                        
     to common shareholders
   $ (791 )   $ (3,359 )   $ (1,225 )   $ (10,725 )   $ 366     $ (5,375 )   $ 6,481  
                                                         
Diluted earnings available to common shareholders
     (0.06 )     (0.25 )     (0.09 )     (0.79 )     0.03       (0.40 )     0.48  



 
-4-
 

AMERIS BANCORP
  
FINANCIAL HIGHLIGHTS
  
(unaudited)
  
(dollars in thousands except per share data and FTE headcount)
  
                                   
                                   
   
Three Months Ended
  
   
Sept.
    
June
    
Mar.
        
Dec.
    
Sept.
  
   
2009
    
2009
    
2009
        
2008
    
2008
  
                                   
PERIOD-END BALANCE SHEET
                                  
                                   
Assets
                                  
Cash and due from banks
   $ 43,761     $ 46,773     $ 54,758         $ 66,787     $ 43,549  
Federal funds sold and interest bearing balances
     114,335       163,343       137,770           144,383       75,458  
Investment securities available for sale, at fair value
     251,189       257,771       344,032           367,894       286,002  
Other investments
     4,441       4,441       3,914           6,839       9,836  
Loans, net of unearned income
     1,652,689       1,677,045       1,672,923           1,695,777       1,710,109  
Less allowance for loan losses
     41,946       44,998       42,417           39,652       30,144  
Loans, net
     1,610,743       1,632,047       1,630,506           1,656,125       1,679,965  
                                             
Premises and equipment, net
     67,641       67,334       65,152           66,107       65,868  
Intangible assets, net
     3,193       3,339       3,485           3,631       3,924  
Goodwill
     54,813       54,813       54,813           54,813       54,813  
Other real estate owned
     21,923       19,180       14,271           4,742       3,734  
Other assets
     35,436       36,204       37,577           35,769       34,494  
Total assets
   $ 2,207,475     $ 2,285,245     $ 2,346,278         $ 2,407,090     $ 2,257,643  
                                             
Liabilities
                                            
Deposits:
                                            
Noninterest-bearing
   $ 205,699     $ 210,456     $ 207,686         $ 208,532     $ 198,900  
Interest-bearing
     1,681,830       1,765,915       1,820,998           1,804,993       1,607,439  
Total deposits
     1,887,529       1,976,371       2,028,684           2,013,525       1,806,339  
Federal funds purchased & securities sold under
                                            
agreements to repurchase
     30,393       16,484       18,295           27,416       63,973  
Other borrowings
     7,000       7,000       7,000           72,000       138,600  
Other liabilities
     7,268       9,967       12,046           12,521       13,118  
Subordinated deferrable interest debentures
     42,269       42,269       42,269           42,269       42,269  
Total liabilities
     1,974,459       2,052,091       2,108,294           2,167,731       2,064,299  
                                             
                                             
Stockholders' equity
                                            
  Preferred stock
   $ 49,411     $ 49,279     $ 49,140         $ 49,028     $ -  
  Common stock
     14,915       14,915       14,915           14,866       14,895  
  Capital surplus
     86,432       86,286       86,141           86,038       83,453  
  Retained earnings
     86,528       87,451       91,619           93,696       105,117  
  Accumulated other comprehensive income/(loss)
     6,542       6,033       6,956           6,518       666  
  Less treasury stock
     (10,812 )     (10,810 )     (10,787 )         (10,787 )     (10,787 )
Total stockholders' equity
     233,016       233,154       237,984           239,359       193,344  
Total liabilities and stockholders' equity
   $ 2,207,475     $ 2,285,245     $ 2,346,278         $ 2,407,090     $ 2,257,643  
                                             
                                             
Other Data
                                            
Earning Assets
     2,024,442       2,099,947       2,156,513           2,209,842       2,073,357  
Intangible Assets
     58,006       58,152       58,298           58,444       58,737  
Interest Bearing Liabilities
     1,761,492       1,831,668       1,888,562           1,946,678       1,852,281  
Average Assets
     2,244,527       2,285,190       2,346,958           2,354,142       2,192,501  
Average Common Stockholders' Equity
     186,858       188,442       190,395           192,479       186,541  



 
-5-
 

AMERIS BANCORP
  
FINANCIAL HIGHLIGHTS
  
(unaudited)
  
(dollars in thousands except per share data and FTE headcount)
  
                                           
                                           
   
Three Months Ended
    
Nine Months Ended
  
   
Sept.
    
June
    
Mar.
    
Dec.
    
Sept.
    
Sept.
    
Sept.
  
   
2009
    
2009
    
2009
    
2008
    
2008
    
2009
    
2008
  
                                           
ASSET QUALITY INFORMATION
                                          
                                           
Allowance for loan losses
                                          
Balance at beginning of period
   $ 44,998     $ 42,417     $ 39,652     $ 30,144     $ 28,660     $ 39,652     $ 27,640  
Provision for loan loss
     8,298       9,390       7,912       19,890       8,220       25,600       15,140  
                                                         
Charge-offs
     11,993       7,102       5,521       10,648       6,946       24,616       13,691  
Recoveries
     643       293       374       266       210       1,310       1,055  
Net charge-offs (recoveries)
     11,350       6,809       5,147       10,382       6,736       23,306       12,636  
                                                         
Ending balance
   $ 41,946     $ 44,998     $ 42,417     $ 39,652     $ 30,144     $ 41,946     $ 30,144  
                                                         
As a percentage of loans
     2.54 %     2.68 %     2.54 %     2.34 %     1.76 %     2.54 %     1.76 %
As a percentage of nonperforming loans
     49.99 %     65.35 %     66.37 %     60.62 %     76.46 %     49.99 %     76.46 %
As a percentage of nonperforming assets
     39.63 %     51.11 %     54.25 %     56.52 %     69.84 %     39.63 %     69.84 %
                                                         
                                                         
Net charge-off information
                                                        
Charge-offs
                                                        
Commercial, Financial & Agricultural
   $ 601     $ 815     $ 1,389     $ 1,090     $ 963     $ 2,805     $ 1,635  
Real Estate - Residential
     3,846       1,364       1,738       1,951       989       6,948       2,563  
Real Estate - Commercial & Farmland
     482       902       277       1,288       628       1,661       976  
Real Estate - Construction & Development
     6,871       3,731       1,930       5,932       4,165       12,532       7,789  
Consumer Installment
     193       290       187       387       201       670       728  
Other
     -       -       -       -       -       -       -  
Total charge-offs
     11,993       7,102       5,521       10,648       6,946       24,616       13,691  
                                                         
Recoveries
                                                        
Commercial, Financial & Agricultural
     64       16       82       11       71       162       203  
Real Estate - Residential
     228       216       8       30       54       452       169  
Real Estate - Commercial & Farmland
     3       13       230       10       10       246       96  
Real Estate - Construction & Development
     314       8       10       27       26       332       382  
Consumer Installment
     34       40       44       187       49       118       204  
Other
     -       -       -       1       -       -       1  
Total recoveries
     643       293       374       266       210       1,310       1,055  
                                                         
Net charge-offs (recoveries)
   $ 11,350     $ 6,809     $ 5,147     $ 10,382     $ 6,736     $ 23,306     $ 12,636  
                                                         
                                                         
                                                         
Non-accrual loans
     83,917       68,858       63,908       65,414       39,427       83,917       39,427  
Foreclosed assets
     21,923       19,180       14,271       4,742       3,734       21,923       3,734  
Accruing loans delinquent 90 days or more
     -       -       2       2       -       -       -  
Total non-performing assets
     105,840       88,038       78,181       70,158       43,161       105,840       43,161  
                                                         
Non-performing assets as a percent of loans
                                                        
and foreclosed assets
     6.32 %     5.19 %     4.63 %     4.13 %     2.52 %     6.32 %     2.52 %
Net charge offs as a percent of loans (Annualized)
     2.75 %     1.63 %     1.23 %     2.45 %     1.58 %     1.87 %     0.99 %

 
-6-
 

AMERIS BANCORP
  
FINANCIAL HIGHLIGHTS
  
(unaudited)
  
(dollars in thousands except per share data and FTE headcount)
  
                                           
                                           
   
Three Months Ended
    
Nine Months Ended
  
   
Sept.
    
June
    
Mar.
    
Dec.
    
Sept.
    
Sept.
    
Sept.
  
   
2009
    
2009
    
2009
    
2008
    
2008
    
2009
    
2008
  
                                           
                                           
AVERAGE BALANCES
                                          
                                           
Federal funds sold
   $ 25,000     $ 2,444     $ 33,034     $ 9,516     $ -     $ 20,092     $ -  
Interest bearing deposits in banks
     112,827       159,510       83,424       123,876       21,219       119,515       20,978  
Investment securities - taxable
     216,471       229,493       339,508       309,036       267,713       264,387       269,467  
Investment securities - nontaxable
     38,693       27,488       18,458       18,132       18,472       28,436       18,712  
Other investments
     4,441       6,226       6,797       8,902       9,803       4,604       10,154  
Loans
     1,666,821       1,671,808       1,683,615       1,703,137       1,698,024       1,674,015       1,655,599  
  Total Earning Assets
   $ 2,064,253     $ 2,096,969     $ 2,164,836     $ 2,172,599     $ 2,015,231     $ 2,111,049       1,974,910  
                                                         
Noninterest bearing deposits
   $ 207,495     $ 205,403     $ 204,010     $ 203,810     $ 200,357     $ 205,563       196,626  
NOW accounts
     493,253       475,498       369,774       306,483       280,892       446,712       268,795  
MMDA
     384,266       333,998       268,946       276,106       326,642       329,507       340,379  
Savings accounts
     57,532       57,503       55,529       53,055       55,143       56,862       54,779  
Retail CDs < $100,000
     341,495       365,771       439,781       443,358       342,136       386,712       347,985  
Retail CDs > $100,000
     331,763       381,719       474,956       486,833       405,126       395,494       401,787  
Brokered CDs
   $ 116,186       151,780       189,538       218,195       182,525     $ 148,510       158,264  
  Total Deposits
     1,931,990       1,971,672       2,002,534       1,987,840       1,792,821       1,969,360       1,768,616  
                                                         
FHLB advances
     2,000       2,000       25,214       70,630       130,849       9,857       113,311  
Subordinated debentures
     42,269       42,269       42,269       42,269       42,269       42,269       42,269  
Federal funds purchased and securities sold
                                                        
under agreements to repurchase
     20,047       15,211       19,233       22,158       12,082       18,210       7,926  
Other borrowings
     5,000       5,000       5,000       5,000       18,631       5,000       12,747  
  Total Non-Deposit Funding
     69,316       64,480       91,716       140,057       203,831       75,336       176,253  
                                                         
  Total Funding
   $ 2,001,306     $ 2,036,152     $ 2,094,250     $ 2,127,897     $ 1,996,652     $ 2,044,696     $ 1,944,869  

 
-7-
 



AMERIS BANCORP
  
FINANCIAL HIGHLIGHTS
  
(unaudited)
  
(dollars in thousands except per share data and FTE headcount)
  
                                           
   
Three Months Ended
    
Nine Months Ended
  
   
Sept.
    
June
    
Mar.
    
Dec.
    
Sept
    
Sept.
    
Sept.
  
   
2009
    
2009
    
2009
    
2008
    
2008
    
2009
    
2008
  
                                           
INTEREST INCOME/EXPENSE
                                          
                                           
INTEREST INCOME
                                          
Federal funds sold
   $ 12     $ 1     $ 41     $ 5     $ -     $ 54     $ -  
Interest bearing deposits in banks
     37       109       25       118       99       171       391  
Investment securities - taxable
     2,725       2,890       3,640       3,662       3,488       9,255       10,406  
Investment securities - nontaxable (TE)
     506       392       258       262       260       1,156       792  
Loans (TE)
     24,895       25,886       25,794       26,514       28,559       76,575       87,672  
Total Earning Assets
   $ 28,175     $ 29,278     $ 29,758     $ 30,561     $ 32,406     $ 87,211       99,261  
                                                         
INTEREST EXPENSE
                                                        
Non-interest bearing deposits
   $ -     $ -     $ -     $ -     $ -     $ -     $ -  
NOW accounts
     1,433       1,504       966       924       793       3,903       2,044  
MMDA
     1,510       1,404       1,051       1,444       1,929       3,965       6,708  
Savings accounts
     102       106       105       123       121       313       368  
Retail CDs < $100,000
     2,165       2,625       3,936       4,181       3,038       8,726       10,559  
Retail CDs > $100,000
     2,304       2,970       4,594       4,836       3,818       9,868       12,857  
Brokered CDs
     1,169       1,424       1,503       2,260       2,018       4,096       5,638  
Total Deposits
     8,683       10,033       12,155       13,768       11,717       30,871       38,174  
                                                         
FHLB advances
     31       31       (8 )     186       359       54       1,314  
Subordinated debentures
     438       443       436       494       493       1,317       1,666  
Repurchase agreements
     33       33       38       73       69       104       117  
Correspondent bank line of credit and other
     23       35       28       65       153       86       343  
  Total Non-Deposit Funding
     525       542       494       818       1,074       1,561       3,440  
                                                         
  Total Funding
   $ 9,208     $ 10,575     $ 12,649     $ 14,586     $ 12,791     $ 32,432     $ 41,614  
                                                         
Net Interest Income (TE)
   $ 18,967     $ 18,703     $ 17,109     $ 15,975     $ 19,615     $ 54,779     $ 57,647  
-8-


AMERIS BANCORP
  
FINANCIAL HIGHLIGHTS
  
(unaudited)
  
(dollars in thousands except per share data and FTE headcount)
  
                                           
                                           
   
Three Months Ended
    
Nine Months Ended
  
   
Sept.
    
June
    
Mar.
    
Dec.
    
Sept
    
Sept.
    
Sept.
  
   
2009
    
2009
    
2009
    
2008
    
2008
    
2009
    
2008
  
YIELDS (1)
                                          
                                           
Federal funds sold
   $ 12     $ 1     $ 41     $ 5     $ -     $ 54     $ -  
Interest bearing deposits in banks
     37       109       25       118       99       171       391  
Investment securities - taxable
     2,725       2,890       3,640       3,662       3,488       9,255       10,406  
Investment securities - nontaxable
     506       392       258       262       260       1,156       792  
Loans
     24,895       25,886       25,794       26,514       28,559       76,575       87,672  
  Total Earning Assets
   $ 28,175     $ 29,278     $ 29,758     $ 30,561     $ 32,406     $ 87,211       99,261  
                                                         
Noninterest bearing deposits
                                                        
NOW accounts
   $ -     $ -     $ -     $ -     $ -     $ -     $ -  
MMDA
     1,433       1,504       966       924       793       3,903       2,044  
Savings accounts
     1,510       1,404       1,051       1,444       1,929       3,965       6,708  
Retail CDs < $100,000
     102       106       105       123       121       313       368  
Retail CDs > $100,000
     2,165       2,625       3,936       4,181       3,038       8,726       10,559  
Brokered CDs
     2,304       2,970       4,594       4,836       3,818       9,868       12,857  
  Total Deposits
     1,169       1,424       1,503       2,260       2,018       4,096       5,638  
      8,683       10,033       12,155       13,768       11,717       30,871       38,174  
FHLB advances
                                                        
Subordinated debentures
     31       31       (8 )     186       359       54       1,314  
Repurchase agreements
     438       443       436       494       493       1,317       1,666  
Correspondent bank line of credit and other
     33       33       38       73       69       104       117  
  Total Non-Deposit Funding
     23       35       28       65       153       86       343  
      525       542       494       818       1,074       1,561       3,440  
  Total funding (3)
                                                        
    $ 9,208     $ 10,575     $ 12,649     $ 14,586     $ 12,791     $ 32,432     $ 41,614  
Net interest spread
                                                        
    $ 18,967     $ 18,703     $ 17,109     $ 15,975     $ 19,615     $ 54,779     $ 57,647  
Net interest margin
     3.65 %     3.59 %     3.21 %     2.94 %     3.88 %     3.47 %     3.92 %
                                                         

(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.
                


 
 
 
 
 
 


 
 
 
 
 
 
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