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 | ||||||||||
