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 $15.9 MILLION, OR $0.49 PER DILUTED SHARE, FOR THIRD QUARTER 2015
October 23, 2015
AMERIS BANCORP (NASDAQ-GS: ABCB) (the “Company”), Moultrie, Georgia, today reported operating net income of $15.9 million, or $0.49 per diluted share, for the quarter ended September 30, 2015, compared with $12.0 million, or $0.44 per diluted share, for the quarter ended September 30, 2014. Operating earnings for the quarter exclude $75,000 of after-tax gains on the sale of securities and $283,000 of after-tax costs associated with the conversion of the Company’s recently completed acquisitions. For the year-to-date period ending September 30, 2015, the Company reported operating net income of $38.0 million, or $1.19 per diluted share, compared with $30.4 million, or $1.16 per share, for the same period in 2014. Earnings per share for 2015 reflect an additional 5.3 million common shares issued in the Company’s private placement completed in January 2015. Commenting on the Company’s quarterly results, Edwin W. Hortman, Jr., the Company’s President and Chief Executive Officer, said, “We had a great third quarter at Ameris Bank highlighted by solid loan growth, higher revenue than our target numbers, credit quality expenses greatly reduced from past quarters and several expense initiatives that are in place that should help continue moving earnings higher. The integration of our two recent acquisitions has been completed, and we look forward to completing the acquisition of Jacksonville Bancorp, Inc. early in 2016.”
Including the recently announced acquisition, non-recurring credit charges and gains on the sale of securities, the Company reported net income of $15.6 million, or $0.48 per share, in the third quarter of 2015, compared with $11.7 million, or $0.43 per share, in the same quarter in 2014, and for the year-to-date period in 2015, the Company’s earnings totaled $26.7 million, or $0.84 per share, compared with $27.9 million, or $1.07 per share, in 2014.
Highlights of the Company’s performance and results for the third quarter of 2015 include the following:
| · | Announcement of an agreement to acquire Jacksonville Bancorp, Inc., which will add $502 million in total assets and eight additional locations within the Jacksonville MSA |
| · | Operating return on average assets and operating return on average tangible equity of 1.21% and 16.23%, respectively |
| · | Successful data conversion of the 13 branches acquired in the acquisition of Merchants and Southern Bank in Gainesville, Florida |
| · | Total loan growth (including mortgage loans held for sale) of $203.7 million in the third quarter of 2015, or 22.7% annualized |
| · | Organic loan growth of $78.2 million, or 10.4% (annualized), during the third quarter of 2015 |
| · | 27% increase in total recurring revenue to $72.3 million in the third quarter of 2015 as compared with the same quarter in 2014, with recurring revenue defined as net interest income plus noninterest income, but excluding gain on sale of securities |
| · | 15.3% increase in tangible book value per share to $12.31, compared with $10.68 per share at September 30, 2014 |
| · | 39.5% increase in noninterest income to $25.0 million, compared with $17.9 million in the third quarter of 2014 |
| · | 73.4% increase in profitability from mortgage, SBA and warehouse lines of business to $4.7 million, compared with $2.7 million in the same quarter in 2014. |
Pending Acquisition
During the third quarter of 2015, the Company announced its intent to acquire Jacksonville Bancorp, Inc., the parent company of The Jacksonville Bank. Upon completion of the transaction, the combined company will have approximately $5.7 billion in assets, $4.0 billion in loans and $4.9 billion in deposits. The acquisition will further expand Ameris’s existing Southeastern footprint in the attractive Jacksonville, Florida market. The Jacksonville Bank currently operates eight banking locations, all of which are located within the Jacksonville MSA. After the acquisition, Ameris will become the largest community bank by deposit market share in the Jacksonville, Florida market. The transaction is expected to close in the first quarter of 2016 and is subject to customary closing conditions, regulatory approvals and approval by Jacksonville Bancorp shareholders.
Net Interest Income and Net Interest Margin
Net interest income (taxable equivalent) for the third quarter of 2015 totaled $48.1 million, an increase of $8.5 million, or 21.5%, compared with $39.6 million reported for the third quarter of 2014. Accretion income in the current quarter increased to $3.0 million, compared with $2.6 million in the second quarter of 2015, and was consistent with the $3.0 million recorded in the third quarter of 2014. Higher levels of interest income resulted mostly from growth in average loans outstanding of approximately $742.5 million as compared with the third quarter of 2014.
The Company’s net interest margin decreased during the quarter to 4.07%, compared with 4.50% during the third quarter of 2014. This decline in net interest margin was expected and resulted from the excess liquidity and short-term investment strategy for the funds in the second and third quarters. Excluding accretion on purchased loans, the Company’s net interest margin was 3.81% in the third quarter of 2015, compared with 4.17% in the third quarter of 2014.
Yields on earning assets in the third quarter of 2015 were 4.39%, compared with 4.96% in the third quarter of 2014. The decline in earning asset yields relates almost entirely to the short-term investment strategy associated with the Company’s recent acquisitions. Current yields on the invested funds were approximately 2.80%, consisting of shorter duration mortgage pools, investment securities and some federal funds sold. Current yields on all loans (including purchased non-covered and covered loans and excluding accretion income) declined in the third quarter of 2015 to 4.75%, compared with 5.11% in the same quarter in 2014. Higher yielding covered loans as a percentage of total loans has declined from 11.2% in the third quarter of 2014 to only 6.2% for the current quarter of 2015. Additionally, some of the growth in the legacy portfolio has been in both municipal loans and adjustable rate mortgages that have a significantly better risk profile but lower yields than consolidated levels seen in the past.
Total interest expense for the third quarter of 2015 was $3.8 million, compared with $4.1 million in the same quarter of 2014. Decreases in total interest expense were driven primarily by the deposit mix in the portfolio, both from acquisition activity and organic growth. Noninterest bearing deposits were 28.7% of the total average deposits in the third quarter of 2015, compared with 23.9% in the same period in 2014. Deposit costs of funds were lower during the third quarter of 2015 at 0.22%, compared with 0.30% during the third quarter of 2014. Management does not expect deposit costs or overall funding costs to change materially in the coming quarters despite tightening liquidity and increasingly stronger forecasts for asset growth.
Non-interest Income
Non-interest income in the third quarter of 2015 improved to $25.0 million, an increase of $7.1 million, or 39.5%, compared with the same quarter in 2014. Continued growth and profitability in the Company’s mortgage operations provided most of the improvement, with revenue from mortgage operations increasing to $10.4 million, an increase of 38.8% compared with the same quarter of 2014. Total mortgage loan production increased to $311.0 million in the quarter, compared with $217.7 million in the third quarter of 2014, while spreads (gain on sale) were relatively unchanged at 3.51% in the current quarter compared with 3.46% in the same quarter of 2014.
Service charges on deposit accounts increased by $4.1 million to $10.8 million during the quarter, an increase of 61.7% compared with the same quarter in 2014. Service charge increases associated with the recently closed acquisitions totaled $2.7 million in the third quarter of 2015, or $10.9 million annually.
Non-interest Expense
Non-interest expenses totaled $48.4 million in the third quarter of 2015, compared with $38.6 million in the third quarter of 2014. Substantially all of the increase in operating expenses in the third quarter of 2015 over the third quarter of 2014 relates to additional expenses associated with recently acquired branches, as well as increased expenses in the Company’s non-interest lines of business. Line of business operating expenses increased $1.5 million during the current quarter as compared with the same quarter in 2014. Growth in line of business revenue more than eclipsed the growth in related operating expenses, contributing to a measurable increase in profitability.
Salaries and benefits increased to $24.9 million in the current quarter of 2015, compared with $22.5 million in the second quarter of 2015 and $20.2 million in the same quarter in 2014. Increases in compensation costs derive from the staffing additions resulting from the acquisition of Merchants and Southern Bank and 18 Bank of America branches in the second quarter of 2015.
Non-provision credit resolution-related costs decreased from $3.2 million in the third quarter of 2014 to $1.1 million in the third quarter of 2015. Occupancy and equipment costs increased from $4.7 million in the third quarter of 2014 to $5.9 million in the third quarter of 2015 due to the increased number of branches that are now operated by the Company. Data processing and telecommunications expenses increased from $3.9 million in the third quarter of 2014 to $5.3 million in the third quarter of 2015 for the same reason.
Balance Sheet Trends
Total assets at September 30, 2015 were $5.22 billion, compared with $4.04 billion reported at December 31, 2014. The growth in total assets was driven by the acquisitions of Merchants and Southern Bank and 18 additional retail branches during the second quarter of 2015.
Loans, including loans held for sale, totaled $3.77 billion at September 30, 2015, compared with $2.90 billion at December 31, 2014. During the third quarter, organic growth in loans amounted to $78.2 million, or 10.4% on an annualized basis. Purchased, non-covered loans (excluding loan pools) decreased $40.8 million during the quarter to $767.5 million, down from $808.3 million at June 30, 2015. Purchased, non-covered loan pools increased $141.1 million during the quarter, to $410.1 million, as the Company purchased additional whole-loan, adjustable rate mortgage pools to invest its excess cash. Covered loans continued to decline and ended the quarter at $191.0 million, a decrease of $18.6 million during the quarter.
Investment securities at the end of the quarter amounted to $820.7 million, or 19.1% of earning assets, compared with $552.1 million, or 15.5% of earning assets, at December 31, 2014.
At September 30, 2015, total deposits amounted to $4.53 billion, or 98.0% of total funding, compared with $3.43 billion and 95.8%, respectively, at December 31, 2014. Non-interest bearing deposits at the end of the current quarter were $1.28 billion, or 28.2% of total deposits, compared with $839.4 million, or 24.5%, at December 31, 2014.
Stockholders’ equity at September 30, 2015 totaled $502.3 million, compared with $366.0 million reported at December 31, 2014. The increase in stockholders’ equity was the result of the issuance of $114.9 million of common shares in the first quarter of 2015 and earnings of $26.7 million during the first nine months of 2015. Tangible book value increased during the first nine months of 2015, from $10.99 per share at December 31, 2014 to $12.31 per share at September 30, 2015.
Tangible common equity as a percentage of tangible assets increased to 7.76% at the end of the third quarter of 2015, compared with 7.42% at the end of 2014.
Conference Call
The Company will host a teleconference at 10:00 a.m. EDT today (October 23, 2015) to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190 or 1-412-902-6630 for international participants and 1-855-669-9657 for Canada. The conference ID name is Ameris Bancorp. A replay of the call will be available one hour after the end of the conference call until November 7, 2015. To listen to the replay, dial 1-877-344-7529 or 1-412-317-0088 for international participants and 1-855-669-9658 for Canada. The conference replay access code is 10074804. The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at www.amerisbank.com.
Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 103 locations in Georgia, Alabama, northern Florida and South Carolina, with ten of those locations announced to be consolidated within the coming months.
This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management of Ameris Bancorp (the “Company”) uses these non-GAAP measures in its analysis of the Company’s performance. These measures are useful when evaluating the underlying performance and efficiency of the Company’s operations and balance sheet. The Company’s management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company’s management believes that investors may use these non-GAAP financial measures to evaluate the Company’s financial performance without the impact of unusual items that may obscure trends in the Company’s underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
This news release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “believe”, “estimate”, “expect”, “intend”, “anticipate” and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements and are referred to the Company’s periodic filings with the Securities and Exchange Commission for a summary of certain factors that may impact the Company’s results of operations and financial condition.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
| Sept. | Jun. | Mar. | Dec. | Sept. | Sept. | Sept. | ||||||||||||||||||||||
| 2015 | 2015 | 2015 | 2014 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
| EARNINGS | ||||||||||||||||||||||||||||
| Net Income Available to Common Shareholders | $ | 15,627 | $ | 1,308 | $ | 9,764 | $ | 10,580 | $ | 11,663 | $ | 26,699 | $ | 27,857 | ||||||||||||||
| PER COMMON SHARE DATA | ||||||||||||||||||||||||||||
| Earnings per share available to common shareholders: | ||||||||||||||||||||||||||||
| Basic | $ | 0.49 | $ | 0.04 | $ | 0.32 | $ | 0.40 | $ | 0.44 | $ | 0.84 | $ | 1.08 | ||||||||||||||
| Diluted | $ | 0.48 | $ | 0.04 | $ | 0.32 | $ | 0.39 | $ | 0.43 | $ | 0.84 | $ | 1.07 | ||||||||||||||
| Cash Dividends per share | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.15 | $ | 0.10 | ||||||||||||||
| Book value per share (period end) | $ | 15.60 | $ | 15.12 | $ | 15.22 | $ | 13.67 | $ | 13.22 | $ | 15.60 | $ | 13.22 | ||||||||||||||
| Tangible book value per share (period end) | $ | 12.31 | $ | 11.81 | $ | 13.01 | $ | 10.99 | $ | 10.68 | $ | 12.31 | $ | 10.68 | ||||||||||||||
| Weighted average number of shares: | ||||||||||||||||||||||||||||
| Basic | 32,195,435 | 32,184,355 | 30,442,998 | 26,771,636 | 26,773,033 | 31,614,015 | 25,705,313 | |||||||||||||||||||||
| Diluted | 32,553,167 | 32,520,453 | 30,796,148 | 27,090,293 | 27,160,886 | 31,961,969 | 26,099,413 | |||||||||||||||||||||
| Period-end number of shares | 32,196,117 | 32,195,089 | 32,182,143 | 26,773,863 | 26,774,402 | 32,196,117 | 26,774,402 | |||||||||||||||||||||
| Market data: | ||||||||||||||||||||||||||||
| High closing price | $ | 28.75 | $ | 26.87 | $ | 26.55 | $ | 26.48 | $ | 24.04 | $ | 28.75 | $ | 24.04 | ||||||||||||||
| Low closing price | $ | 24.97 | $ | 24.73 | $ | 22.75 | $ | 21.95 | $ | 21.00 | $ | 22.75 | $ | 19.73 | ||||||||||||||
| Period end closing price | $ | 28.75 | $ | 25.29 | $ | 26.39 | $ | 25.64 | $ | 21.95 | $ | 28.75 | $ | 21.95 | ||||||||||||||
| Average daily volume | 174,900 | 107,413 | 105,152 | 111,473 | 79,377 | 129,678 | 87,019 | |||||||||||||||||||||
| PERFORMANCE RATIOS | ||||||||||||||||||||||||||||
| Return on average assets | 1.19 | % | 0.12 | % | 0.97 | % | 1.05 | % | 1.17 | % | 0.74 | % | 1.01 | % | ||||||||||||||
| Return on average common equity | 12.53 | % | 1.07 | % | 8.76 | % | 11.57 | % | 13.19 | % | 7.21 | % | 10.73 | % | ||||||||||||||
| Earning asset yield (TE) | 4.39 | % | 4.49 | % | 4.79 | % | 5.08 | % | 4.96 | % | 4.54 | % | 5.02 | % | ||||||||||||||
| Total cost of funds | 0.32 | % | 0.36 | % | 0.40 | % | 0.43 | % | 0.45 | % | 0.36 | % | 0.43 | % | ||||||||||||||
| Net interest margin (TE) | 4.07 | % | 4.14 | % | 4.39 | % | 4.64 | % | 4.50 | % | 4.18 | % | 4.57 | % | ||||||||||||||
| Non-interest income excluding securities transactions, as a percent of total revenue (TE) | 32.33 | % | 31.51 | % | 29.06 | % | 26.50 | % | 28.86 | % | 31.09 | % | 27.70 | % | ||||||||||||||
| Efficiency ratio | 66.87 | % | 92.74 | % | 72.38 | % | 72.75 | % | 67.64 | % | 76.85 | % | 70.25 | % | ||||||||||||||
| CAPITAL ADEQUACY (period end) | ||||||||||||||||||||||||||||
| Stockholders' equity to assets | 9.63 | % | 9.35 | % | 11.79 | % | 9.07 | % | 8.85 | % | 9.63 | % | 8.85 | % | ||||||||||||||
| Tangible common equity to tangible assets | 7.76 | % | 7.46 | % | 10.26 | % | 7.42 | % | 7.27 | % | 7.76 | % | 7.27 | % | ||||||||||||||
| EQUITY TO ASSETS RECONCILIATION | ||||||||||||||||||||||||||||
| Tangible common equity to tangible assets | 7.76 | % | 7.46 | % | 10.26 | % | 7.42 | % | 7.27 | % | 7.76 | % | 7.27 | % | ||||||||||||||
| Effect of goodwill and other intangibles | 1.87 | % | 1.89 | % | 1.54 | % | 1.65 | % | 1.58 | % | 1.87 | % | 1.58 | % | ||||||||||||||
| Equity to assets (GAAP) | 9.63 | % | 9.35 | % | 11.79 | % | 9.07 | % | 8.85 | % | 9.63 | % | 8.85 | % | ||||||||||||||
| OTHER PERIOD-END DATA | ||||||||||||||||||||||||||||
| Banking Division FTE | 1,110 | 1,122 | 852 | 853 | 867 | 1,110 | 867 | |||||||||||||||||||||
| Mortgage Division FTE | 218 | 191 | 170 | 174 | 176 | 218 | 176 | |||||||||||||||||||||
| Total Ameris Bancorp FTE Headcount | 1,328 | 1,313 | 1,022 | 1,027 | 1,043 | 1,328 | 1,043 | |||||||||||||||||||||
| Assets per Banking Division FTE | $ | 4,699 | $ | 4,640 | $ | 4,874 | $ | 4,733 | $ | 4,613 | $ | 4,699 | $ | 4,613 | ||||||||||||||
| Branch locations | 103 | 103 | 73 | 73 | 74 | 103 | 74 | |||||||||||||||||||||
| Deposits per branch location | $ | 43,986 | $ | 43,801 | $ | 47,674 | $ | 47,002 | $ | 45,583 | $ | 43,986 | $ | 45,583 | ||||||||||||||
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
| Sept. | Jun. | Mar. | Dec. | Sept. | Sept. | Sept. | ||||||||||||||||||||||
| 2015 | 2015 | 2015 | 2014 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
| INCOME STATEMENT | ||||||||||||||||||||||||||||
| Interest income | ||||||||||||||||||||||||||||
| Interest and fees on loans | $ | 45,775 | $ | 39,838 | $ | 38,618 | $ | 41,235 | $ | 39,610 | $ | 124,231 | $ | 109,376 | ||||||||||||||
| Interest on taxable securities | 4,694 | 3,747 | 3,153 | 3,114 | 3,034 | 11,594 | 8,972 | |||||||||||||||||||||
| Interest on nontaxable securities | 480 | 462 | 469 | 483 | 496 | 1,411 | 1,143 | |||||||||||||||||||||
| Interest on deposits in other banks | 227 | 177 | 124 | 66 | 46 | 528 | 170 | |||||||||||||||||||||
| Interest on federal funds sold | 19 | 5 | 4 | 2 | - | 28 | 5 | |||||||||||||||||||||
| Total interest income | 51,195 | 44,229 | 42,368 | 44,900 | 43,186 | 137,792 | 119,666 | |||||||||||||||||||||
| Interest expense | ||||||||||||||||||||||||||||
| Interest on deposits | $ | 2,521 | $ | 2,264 | $ | 2,280 | $ | 2,560 | $ | 2,540 | $ | 7,065 | $ | 6,928 | ||||||||||||||
| Interest on other borrowings | 1,275 | 1,277 | 1,256 | 1,334 | 1,514 | 3,808 | 3,858 | |||||||||||||||||||||
| Total interest expense | 3,796 | 3,541 | 3,536 | 3,894 | 4,054 | 10,873 | 10,786 | |||||||||||||||||||||
| Net interest income | 47,399 | 40,688 | 38,832 | 41,006 | 39,132 | 126,919 | 108,880 | |||||||||||||||||||||
| Provision for loan losses | 986 | 2,656 | 1,069 | 888 | 1,669 | 4,711 | 4,760 | |||||||||||||||||||||
| Net interest income after provision for loan losses | $ | 46,413 | $ | 38,032 | $ | 37,763 | $ | 40,118 | $ | 37,463 | $ | 122,208 | $ | 104,120 | ||||||||||||||
| Noninterest income | ||||||||||||||||||||||||||||
| Service charges on deposit accounts | $ | 10,766 | $ | 7,151 | $ | 6,429 | $ | 6,522 | $ | 6,659 | $ | 24,346 | $ | 18,092 | ||||||||||||||
| Mortgage banking activity | 10,404 | 9,727 | 8,083 | 6,476 | 7,498 | 28,214 | 19,510 | |||||||||||||||||||||
| Other service charges, commissions and fees | 1,145 | 829 | 668 | 643 | 690 | 2,642 | 2,004 | |||||||||||||||||||||
| Gain(loss) on sale of securities | 115 | 10 | 12 | - | 132 | 137 | 138 | |||||||||||||||||||||
| Other non-interest income | 2,548 | 2,909 | 2,383 | 2,721 | 2,922 | 7,840 | 6,730 | |||||||||||||||||||||
| Total noninterest income | 24,978 | 20,626 | 17,575 | 16,362 | 17,901 | 63,179 | 46,474 | |||||||||||||||||||||
| Noninterest expense | ||||||||||||||||||||||||||||
| Salaries and employee benefits | 24,934 | 22,465 | 20,632 | 19,316 | 20,226 | 68,031 | 54,562 | |||||||||||||||||||||
| Occupancy and equipment expenses | 5,915 | 4,809 | 4,554 | 4,717 | 4,669 | 15,278 | 12,804 | |||||||||||||||||||||
| Data processing and telecommunications expenses | 5,329 | 4,214 | 4,260 | 4,229 | 3,928 | 13,803 | 11,322 | |||||||||||||||||||||
| Credit resolution related expenses (1) | 1,083 | 11,240 | 3,161 | 5,290 | 3,186 | 15,484 | 8,216 | |||||||||||||||||||||
| Advertising and marketing expenses | 667 | 833 | 641 | 847 | 594 | 2,141 | 2,022 | |||||||||||||||||||||
| Amortization of intangible assets | 1,321 | 630 | 630 | 662 | 698 | 2,581 | 1,668 | |||||||||||||||||||||
| Merger and conversion charges | 446 | 5,712 | 15 | 67 | 551 | 6,173 | 3,873 | |||||||||||||||||||||
| Other non-interest expenses | 8,701 | 6,961 | 6,934 | 6,605 | 4,727 | 22,596 | 14,669 | |||||||||||||||||||||
| Total noninterest expense | 48,396 | 56,864 | 40,827 | 41,733 | 38,579 | 146,087 | 109,136 | |||||||||||||||||||||
| Income before income taxes | $ | 22,995 | $ | 1,794 | $ | 14,511 | $ | 14,747 | $ | 16,785 | $ | 39,300 | $ | 41,458 | ||||||||||||||
| Income tax expense | 7,368 | 486 | 4,747 | 4,167 | 5,122 | 12,601 | 13,315 | |||||||||||||||||||||
| Net income | $ | 15,627 | $ | 1,308 | $ | 9,764 | $ | 10,580 | $ | 11,663 | $ | 26,699 | $ | 28,143 | ||||||||||||||
| Preferred stock dividends | - | - | - | - | - | - | 286 | |||||||||||||||||||||
| Net income available to common shareholders | $ | 15,627 | $ | 1,308 | $ | 9,764 | $ | 10,580 | $ | 11,663 | $ | 26,699 | $ | 27,857 | ||||||||||||||
| Diluted earnings available to common shareholders | 0.48 | 0.04 | 0.32 | 0.39 | 0.43 | 0.84 | 1.07 | |||||||||||||||||||||
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
| Three Months Ended | ||||||||||||||||||||
| Sept. | Jun. | Mar. | Dec. | Sept. | ||||||||||||||||
| 2015 | 2015 | 2015 | 2014 | 2014 | ||||||||||||||||
| PERIOD-END BALANCE SHEET | ||||||||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and due from banks | $ | 114,396 | $ | 115,413 | $ | 80,142 | $ | 78,036 | $ | 69,421 | ||||||||||
| Federal funds sold and interest bearing balances | 120,925 | 239,804 | 126,157 | 92,323 | 40,165 | |||||||||||||||
| Investment securities available for sale, at fair value | 811,385 | 862,154 | 610,330 | 541,805 | 529,509 | |||||||||||||||
| Other investments | 9,322 | 9,322 | 8,636 | 10,275 | 12,687 | |||||||||||||||
| Mortgage loans held for sale | 111,807 | 108,829 | 73,796 | 94,759 | 110,059 | |||||||||||||||
| Loans, net of unearned income | 2,290,649 | 2,171,600 | 1,999,420 | 1,889,881 | 1,848,759 | |||||||||||||||
| Purchased, non-covered loans (excluding loan pools) | 767,494 | 808,313 | 643,092 | 674,239 | 673,724 | |||||||||||||||
| Purchased, non-covered loan pools | 410,072 | 268,984 | - | - | - | |||||||||||||||
| Covered loans | 191,021 | 209,598 | 245,745 | 271,279 | 313,589 | |||||||||||||||
| Less allowance for loan losses | (22,471 | ) | (21,658 | ) | (21,852 | ) | (21,157 | ) | (22,212 | ) | ||||||||||
| Loans, net | 3,636,765 | 3,436,837 | 2,866,405 | 2,814,242 | 2,813,860 | |||||||||||||||
| Other real estate owned | 20,730 | 22,567 | 32,339 | 33,160 | 35,320 | |||||||||||||||
| Purchased, non-covered other real estate owned | 11,538 | 13,112 | 13,818 | 15,585 | 13,660 | |||||||||||||||
| Covered other real estate owned | 12,203 | 12,626 | 16,089 | 19,907 | 28,883 | |||||||||||||||
| Total other real estate owned | 44,471 | 48,305 | 62,246 | 68,652 | 77,863 | |||||||||||||||
| Premises and equipment, net | 124,756 | 124,916 | 98,292 | 97,251 | 98,752 | |||||||||||||||
| Goodwill | 87,701 | 87,367 | 63,547 | 63,547 | 58,879 | |||||||||||||||
| Other intangibles, net | 18,218 | 19,189 | 7,591 | 8,221 | 9,114 | |||||||||||||||
| FDIC loss sharing receivable | 4,506 | 14,957 | 23,312 | 31,351 | 38,233 | |||||||||||||||
| Cash value of bank owned life insurance | 59,894 | 59,552 | 59,212 | 58,867 | 58,217 | |||||||||||||||
| Other assets | 72,154 | 79,089 | 73,238 | 77,748 | 82,649 | |||||||||||||||
| Total assets | $ | 5,216,300 | $ | 5,205,734 | $ | 4,152,904 | $ | 4,037,077 | $ | 3,999,408 | ||||||||||
| Liabilities | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Noninterest-bearing | $ | 1,275,800 | $ | 1,280,174 | $ | 967,015 | $ | 839,377 | $ | 816,517 | ||||||||||
| Interest-bearing | 3,254,723 | 3,231,373 | 2,513,216 | 2,591,772 | 2,556,602 | |||||||||||||||
| Total deposits | 4,530,523 | 4,511,547 | 3,480,231 | 3,431,149 | 3,373,119 | |||||||||||||||
| Federal funds purchased & securities sold under agreements to repurchase | 51,506 | 75,066 | 55,520 | 73,310 | 32,351 | |||||||||||||||
| Other borrowings | 39,000 | 39,000 | 43,851 | 78,881 | 147,409 | |||||||||||||||
| Other liabilities | 23,371 | 24,026 | 17,952 | 22,384 | 27,615 | |||||||||||||||
| Subordinated deferrable interest debentures | 69,600 | 69,325 | 65,567 | 65,325 | 65,084 | |||||||||||||||
| Total liabilities | 4,714,000 | 4,718,964 | 3,663,121 | 3,671,049 | 3,645,578 | |||||||||||||||
| Stockholders' equity | ||||||||||||||||||||
| Preferred stock | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
| Common stock | 33,610 | 33,609 | 33,593 | 28,159 | 28,158 | |||||||||||||||
| Capital surplus | 336,599 | 336,212 | 335,578 | 225,015 | 224,142 | |||||||||||||||
| Retained earnings | 140,282 | 126,265 | 126,566 | 118,412 | 109,170 | |||||||||||||||
| Accumulated other comprehensive income/(loss) | 4,197 | 3,072 | 6,353 | 6,098 | 3,974 | |||||||||||||||
| Less treasury stock | (12,388 | ) | (12,388 | ) | (12,307 | ) | (11,656 | ) | (11,614 | ) | ||||||||||
| Total stockholders' equity | 502,300 | 486,770 | 489,783 | 366,028 | 353,830 | |||||||||||||||
| Total liabilities and stockholders' equity | $ | 5,216,300 | $ | 5,205,734 | $ | 4,152,904 | $ | 4,037,077 | $ | 3,999,408 | ||||||||||
| Other Data | ||||||||||||||||||||
| Earning Assets | 4,703,353 | 4,669,282 | 3,698,540 | 3,564,286 | 3,515,805 | |||||||||||||||
| Intangible Assets | 105,919 | 106,556 | 71,138 | 71,768 | 67,993 | |||||||||||||||
| Interest Bearing Liabilities | 3,414,829 | 3,414,764 | 2,678,154 | 2,809,288 | 2,801,446 | |||||||||||||||
| Average Assets | 5,213,275 | 4,464,558 | 4,079,750 | 4,011,128 | 3,969,893 | |||||||||||||||
| Average Common Stockholders' Equity | 494,957 | 491,967 | 452,132 | 362,659 | 350,733 | |||||||||||||||
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
| Sept. | Jun. | Mar. | Dec. | Sept. | Sept. | Sept. | ||||||||||||||||||||||
| 2015 | 2015 | 2015 | 2014 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
| ASSET QUALITY INFORMATION (1) | ||||||||||||||||||||||||||||
| Allowance for loan losses | ||||||||||||||||||||||||||||
| Balance at beginning of period | $ | 21,658 | $ | 21,852 | $ | 21,157 | $ | 22,212 | $ | 22,254 | $ | 21,157 | $ | 22,377 | ||||||||||||||
| Provision for loan loss (2) | 1,050 | 1,800 | 1,100 | 650 | 1,573 | 3,950 | 4,071 | |||||||||||||||||||||
| Charge-offs | 719 | 2,452 | 855 | 2,071 | 1,975 | 4,026 | 5,554 | |||||||||||||||||||||
| Recoveries | 482 | 458 | 450 | 366 | 360 | 1,390 | 1,318 | |||||||||||||||||||||
| Net charge-offs (recoveries) | 237 | 1,994 | 405 | 1,705 | 1,615 | 2,636 | 4,236 | |||||||||||||||||||||
| Ending balance | $ | 22,471 | $ | 21,658 | $ | 21,852 | $ | 21,157 | $ | 22,212 | $ | 22,471 | $ | 22,212 | ||||||||||||||
| As a percentage of loans | 0.98 | % | 1.00 | % | 1.09 | % | 1.12 | % | 1.20 | % | 0.98 | % | 1.20 | % | ||||||||||||||
| As a percentage of nonperforming loans | 109.31 | % | 104.43 | % | 104.85 | % | 97.37 | % | 97.38 | % | 109.31 | % | 97.38 | % | ||||||||||||||
| Net charge-off information | ||||||||||||||||||||||||||||
| Charge-offs | ||||||||||||||||||||||||||||
| Commercial, financial & agricultural | $ | 135 | $ | 410 | $ | 392 | $ | 468 | $ | 191 | $ | 937 | $ | 1,099 | ||||||||||||||
| Real estate - residential | 234 | 464 | 268 | 368 | 406 | 966 | 1,339 | |||||||||||||||||||||
| Real estate - commercial & farmland | 184 | 1,162 | 12 | 1,033 | 953 | 1,358 | 2,255 | |||||||||||||||||||||
| Real estate - construction & development | 105 | 263 | 97 | 74 | 296 | 465 | 518 | |||||||||||||||||||||
| Consumer installment | 61 | 153 | 86 | 128 | 129 | 300 | 343 | |||||||||||||||||||||
| Total charge-offs | 719 | 2,452 | 855 | 2,071 | 1,975 | 4,026 | 5,554 | |||||||||||||||||||||
| Recoveries | ||||||||||||||||||||||||||||
| Commercial, financial & agricultural | 117 | 115 | 285 | 91 | 47 | 517 | 230 | |||||||||||||||||||||
| Real estate - residential | 54 | 27 | 57 | 71 | 52 | 138 | 183 | |||||||||||||||||||||
| Real estate - commercial & farmland | 272 | 17 | 15 | 91 | 31 | 304 | 183 | |||||||||||||||||||||
| Real estate - construction & development | 6 | 277 | 31 | 49 | 96 | 314 | 300 | |||||||||||||||||||||
| Consumer installment | 33 | 22 | 62 | 64 | 134 | 117 | 422 | |||||||||||||||||||||
| Total recoveries | 482 | 458 | 450 | 366 | 360 | 1,390 | 1,318 | |||||||||||||||||||||
| Net charge-offs (recoveries) | $ | 237 | $ | 1,994 | $ | 405 | $ | 1,705 | $ | 1,615 | $ | 2,636 | $ | 4,236 | ||||||||||||||
| Non-accrual loans (excluding purchased non-covered and covered loans) | 20,558 | 20,740 | 20,841 | 21,728 | 22,810 | 20,558 | 22,810 | |||||||||||||||||||||
| Non-accrual purchased non-covered loans | 11,374 | 17,444 | 17,308 | 18,249 | 17,007 | 11,374 | 17,007 | |||||||||||||||||||||
| Foreclosed assets (excluding purchased assets) | 20,730 | 22,567 | 32,339 | 33,160 | 35,320 | 20,730 | 35,320 | |||||||||||||||||||||
| Purchased, non-covered other real estate owned | 11,538 | 13,112 | 13,818 | 15,585 | 13,660 | 11,538 | 13,660 | |||||||||||||||||||||
| Accruing loans delinquent 90 days or more | - | - | - | 1 | - | - | - | |||||||||||||||||||||
| Total non-performing assets, excluding covered assets | 64,200 | 73,863 | 84,306 | 88,723 | 88,797 | 64,200 | 88,797 | |||||||||||||||||||||
| Non-performing assets as a percent of total assets | 1.23 | % | 1.42 | % | 2.03 | % | 2.20 | % | 2.22 | % | 1.23 | % | 2.22 | % | ||||||||||||||
| Net charge offs as a percent of loans (Annualized) | 0.04 | % | 0.37 | % | 0.08 | % | 0.36 | % | 0.35 | % | 0.15 | % | 0.31 | % | ||||||||||||||
| (1) | Asset quality information is presented net of covered assets where the Company's risk exposure is limited substantially by loss sharing agreements with the FDIC. |
| (2) | During 2014 and 2015, the Company recorded provision for loan loss expense to account for losses where the initial estimate of cash flows was found to be excessive on loans acquired in FDIC assisted acquisitions. These amounts are excluded from the calculation above but reflected in the Company's Consolidated Statement of Operations. |
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
| For the quarter ended: | ||||||||||||||||||||
| Sept. | Jun. | Mar. | Dec. | Sept. | ||||||||||||||||
| 2015 | 2015 | 2015 | 2014 | 2014 | ||||||||||||||||
| Loans by Type | ||||||||||||||||||||
| Commercial, financial & agricultural | $ | 427,747 | $ | 373,202 | $ | 334,917 | $ | 319,654 | $ | 334,783 | ||||||||||
| Real estate - construction & development | 220,798 | 205,019 | 178,568 | 161,507 | 154,315 | |||||||||||||||
| Real estate - commercial & farmland | 1,067,828 | 1,010,195 | 947,274 | 907,524 | 882,160 | |||||||||||||||
| Real estate - residential | 532,285 | 537,201 | 496,043 | 456,106 | 436,515 | |||||||||||||||
| Consumer installment | 31,299 | 30,080 | 29,113 | 30,782 | 31,403 | |||||||||||||||
| Other | 10,692 | 15,903 | 13,505 | 14,308 | 9,583 | |||||||||||||||
| Total Legacy (excluding purchased non-covered and covered) | $ | 2,290,649 | $ | 2,171,600 | $ | 1,999,420 | $ | 1,889,881 | $ | 1,848,759 | ||||||||||
| Commercial, financial & agricultural | $ | 42,350 | $ | 45,337 | $ | 36,258 | $ | 38,041 | $ | 38,077 | ||||||||||
| Real estate - construction & development | 71,109 | 75,302 | 53,668 | 58,362 | 60,262 | |||||||||||||||
| Real estate - commercial & farmland | 385,032 | 404,588 | 291,760 | 306,706 | 296,790 | |||||||||||||||
| Real estate - residential | 263,312 | 276,798 | 257,216 | 266,342 | 273,347 | |||||||||||||||
| Consumer installment | 5,691 | 6,288 | 4,190 | 4,788 | 5,248 | |||||||||||||||
| Total Purchased non-covered (net of discounts) | $ | 767,494 | $ | 808,313 | $ | 643,092 | $ | 674,239 | $ | 673,724 | ||||||||||
| Commercial, financial & agricultural | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
| Real estate - construction & development | - | - | - | - | - | |||||||||||||||
| Real estate - commercial & farmland | - | - | - | - | - | |||||||||||||||
| Real estate - residential | 410,072 | 268,984 | - | - | - | |||||||||||||||
| Consumer installment | - | - | - | - | - | |||||||||||||||
| Total Purchased non-covered loan pools | $ | 410,072 | $ | 268,984 | $ | - | $ | - | $ | - | ||||||||||
| Commercial, financial & agricultural | $ | 13,349 | $ | 17,666 | $ | 20,905 | $ | 21,467 | $ | 22,545 | ||||||||||
| Real estate - construction & development | 14,266 | 15,002 | 19,519 | 23,447 | 27,756 | |||||||||||||||
| Real estate - commercial & farmland | 103,399 | 111,772 | 130,290 | 147,627 | 180,566 | |||||||||||||||
| Real estate - residential | 59,835 | 64,982 | 74,847 | 78,520 | 82,445 | |||||||||||||||
| Consumer installment | 172 | 176 | 184 | 218 | 277 | |||||||||||||||
| Total Covered (net of discounts) | $ | 191,021 | $ | 209,598 | $ | 245,745 | $ | 271,279 | $ | 313,589 | ||||||||||
| Total Loan Portfolio: | ||||||||||||||||||||
| Commercial, financial & agricultural | $ | 483,446 | $ | 436,205 | $ | 392,080 | $ | 379,162 | $ | 395,405 | ||||||||||
| Real estate - construction & development | 306,173 | 295,323 | 251,755 | 243,316 | 242,333 | |||||||||||||||
| Real estate - commercial & farmland | 1,556,259 | 1,526,555 | 1,369,324 | 1,361,857 | 1,359,516 | |||||||||||||||
| Real estate - residential | 1,265,504 | 1,147,965 | 828,106 | 800,968 | 792,307 | |||||||||||||||
| Consumer installment | 37,162 | 36,544 | 33,487 | 35,788 | 36,928 | |||||||||||||||
| Other | 10,692 | 15,903 | 13,505 | 14,308 | 9,583 | |||||||||||||||
| Total Loans | $ | 3,659,236 | $ | 3,458,495 | $ | 2,888,257 | $ | 2,835,399 | $ | 2,836,072 | ||||||||||
| Troubled Debt Restructurings, excluding purchased non-covered and covered loans: | ||||||||||||||||||||
| Accruing loan types: | ||||||||||||||||||||
| Commercial, financial & agricultural | $ | 238 | $ | 278 | $ | 277 | $ | 290 | $ | 257 | ||||||||||
| Real estate - construction & development | 838 | 821 | 789 | 679 | 1,917 | |||||||||||||||
| Real estate - commercial & farmland | 5,719 | 6,617 | 7,309 | 6,477 | 7,080 | |||||||||||||||
| Real estate - residential | 5,209 | 4,702 | 4,513 | 5,258 | 7,973 | |||||||||||||||
| Consumer installment | 71 | 49 | 47 | 55 | 34 | |||||||||||||||
| Total Accruing TDRs | $ | 12,075 | $ | 12,467 | $ | 12,935 | $ | 12,759 | $ | 17,261 | ||||||||||
| Non-accruing loan types: | ||||||||||||||||||||
| Commercial, financial & agricultural | $ | 68 | $ | 29 | $ | 17 | $ | 13 | $ | 507 | ||||||||||
| Real estate - construction & development | 30 | 57 | 90 | 228 | 196 | |||||||||||||||
| Real estate - commercial & farmland | 942 | 598 | 64 | 724 | 1,672 | |||||||||||||||
| Real estate - residential | 759 | 783 | 736 | 1,485 | 759 | |||||||||||||||
| Consumer installment | 64 | 82 | 90 | 73 | 93 | |||||||||||||||
| Total Non-accrual TDRs | $ | 1,863 | $ | 1,549 | $ | 997 | $ | 2,523 | $ | 3,227 | ||||||||||
| Total Troubled Debt Restructurings | $ | 13,938 | $ | 14,016 | $ | 13,932 | $ | 15,282 | $ | 20,488 | ||||||||||
| The following table presents the loan portfolio by risk grade, excluding purchased non-covered and covered loans: | ||||||||||||||||||||
| Grade 10 - Prime credit | $ | 231,281 | $ | 181,933 | $ | 157,462 | $ | 128,577 | $ | 121,486 | ||||||||||
| Grade 15 - Good credit | 234,185 | 243,070 | 205,929 | 217,804 | 222,714 | |||||||||||||||
| Grade 20 - Satisfactory credit | 1,148,024 | 1,104,747 | 1,012,733 | 947,948 | 908,054 | |||||||||||||||
| Grade 23 - Performing, under-collateralized credit | 26,477 | 27,400 | 28,643 | 29,205 | 28,826 | |||||||||||||||
| Grade 25 - Minimum acceptable credit | 579,642 | 544,664 | 513,009 | 488,187 | 484,200 | |||||||||||||||
| Grade 30 - Other asset especially mentioned | 22,190 | 25,020 | 25,461 | 25,983 | 31,750 | |||||||||||||||
| Grade 40 - Substandard | 48,848 | 44,766 | 56,179 | 52,176 | 51,640 | |||||||||||||||
| Grade 50 - Doubtful | 2 | - | 4 | 1 | 88 | |||||||||||||||
| Grade 60 - Loss | - | - | - | - | 1 | |||||||||||||||
| Total | $ | 2,290,649 | $ | 2,171,600 | $ | 1,999,420 | $ | 1,889,881 | $ | 1,848,759 | ||||||||||
| The following table presents the purchased, non-covered loan portfolio by risk grade: | ||||||||||||||||||||
| Grade 10 - Prime credit | $ | 9,801 | $ | 10,123 | $ | 7,444 | $ | 7,394 | $ | 3,965 | ||||||||||
| Grade 15 - Good credit | 50,906 | 53,220 | 23,640 | 29,727 | 35,461 | |||||||||||||||
| Grade 20 - Satisfactory credit | 348,034 | 362,304 | 206,480 | 208,686 | 180,702 | |||||||||||||||
| Grade 23 - Performing, under-collateralized credit | 10,612 | 10,537 | 10,024 | 6,578 | 1,216 | |||||||||||||||
| Grade 25 - Minimum acceptable credit | 290,272 | 300,411 | 337,386 | 361,155 | 399,729 | |||||||||||||||
| Grade 30 - Other asset especially mentioned | 26,458 | 34,779 | 22,323 | 25,747 | 20,048 | |||||||||||||||
| Grade 40 - Substandard | 31,381 | 36,887 | 35,743 | 34,889 | 32,565 | |||||||||||||||
| Grade 50 - Doubtful | 30 | 52 | 52 | 63 | 38 | |||||||||||||||
| Grade 60 - Loss | - | - | - | - | - | |||||||||||||||
| Total | $ | 767,494 | $ | 808,313 | $ | 643,092 | $ | 674,239 | $ | 673,724 | ||||||||||
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
| Sept. | Jun. | Mar. | Dec. | Sept. | Sept. | Sept. | ||||||||||||||||||||||
| 2015 | 2015 | 2015 | 2014 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
| AVERAGE BALANCES | ||||||||||||||||||||||||||||
| Federal funds sold | $ | 5,500 | $ | 5,500 | $ | 5,500 | $ | 3,163 | $ | 500 | $ | 5,500 | $ | 2,793 | ||||||||||||||
| Interest bearing deposits in banks | 199,057 | 201,765 | 158,286 | 69,772 | 63,355 | 188,110 | 71,185 | |||||||||||||||||||||
| Investment securities - taxable | 772,252 | 600,176 | 485,922 | 461,800 | 451,563 | 620,500 | 427,252 | |||||||||||||||||||||
| Investment securities - nontaxable | 72,549 | 70,653 | 71,229 | 72,072 | 74,176 | 71,481 | 58,384 | |||||||||||||||||||||
| Other investments | 9,322 | 9,597 | 9,450 | 9,804 | 8,209 | 9,456 | 8,100 | |||||||||||||||||||||
| Mortgage loans held for sale | 102,961 | 81,823 | 75,831 | 97,406 | 83,751 | 86,387 | 62,506 | |||||||||||||||||||||
| Loans | 2,193,364 | 2,111,507 | 1,911,601 | 1,871,618 | 1,795,059 | 2,062,648 | 1,697,559 | |||||||||||||||||||||
| Purchased non-covered loans | 788,351 | 654,397 | 650,331 | 659,472 | 688,452 | 702,117 | 538,802 | |||||||||||||||||||||
| Purchased non-covered loan pools | 323,258 | 17,308 | - | - | - | 116,363 | - | |||||||||||||||||||||
| Covered loans | 226,301 | 246,422 | 262,693 | 299,981 | 324,498 | 250,979 | 352,707 | |||||||||||||||||||||
| Total Earning Assets | $ | 4,692,915 | $ | 3,999,148 | 3,630,843 | 3,545,088 | 3,489,563 | $ | 4,113,541 | $ | 3,219,288 | |||||||||||||||||
| Noninterest bearing deposits | $ | 1,300,870 | $ | 1,088,249 | $ | 897,937 | $ | 850,879 | $ | 807,416 | $ | 1,097,750 | $ | 718,505 | ||||||||||||||
| NOW accounts | 907,618 | 745,709 | 756,795 | 786,511 | 743,352 | 802,800 | 703,551 | |||||||||||||||||||||
| MMDA | 1,219,736 | 981,143 | 857,346 | 840,397 | 861,197 | 1,027,932 | 793,875 | |||||||||||||||||||||
| Savings accounts | 239,999 | 188,767 | 163,624 | 156,663 | 155,559 | 198,379 | 148,111 | |||||||||||||||||||||
| Retail CDs < $100,000 | 484,007 | 388,248 | 372,463 | 386,844 | 439,150 | 417,638 | 389,959 | |||||||||||||||||||||
| Retail CDs > $100,000 | 387,485 | 378,137 | 383,962 | 401,934 | 370,166 | 380,980 | 364,274 | |||||||||||||||||||||
| Brokered CDs | - | - | - | 4,023 | 5,970 | - | 5,970 | |||||||||||||||||||||
| Total Deposits | 4,539,715 | 3,770,253 | 3,432,127 | 3,427,251 | 3,382,810 | 3,925,479 | 3,124,245 | |||||||||||||||||||||
| FHLB advances | - | 17,275 | 16,778 | 35,815 | 55,435 | 11,289 | 50,751 | |||||||||||||||||||||
| Other borrowings | 39,000 | 41,930 | 43,871 | 46,508 | 47,346 | 41,582 | 37,607 | |||||||||||||||||||||
| Subordinated debentures | 69,448 | 67,180 | 65,436 | 65,195 | 64,953 | 67,369 | 58,647 | |||||||||||||||||||||
| Federal funds purchased and securities sold under agreements to repurchase | 44,480 | 58,722 | 52,707 | 47,247 | 44,316 | 47,282 | 47,099 | |||||||||||||||||||||
| Total Non-Deposit Funding | 152,928 | 185,107 | 178,792 | 194,765 | 212,050 | 167,522 | 194,104 | |||||||||||||||||||||
| Total Funding | $ | 4,692,643 | $ | 3,955,360 | $ | 3,610,919 | $ | 3,622,016 | $ | 3,594,860 | $ | 4,093,001 | $ | 3,318,349 | ||||||||||||||
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
| Sept. | Jun. | Mar. | Dec. | Sept. | Sept. | Sept. | ||||||||||||||||||||||
| 2015 | 2015 | 2015 | 2014 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
| INTEREST INCOME/EXPENSE | ||||||||||||||||||||||||||||
| INTEREST INCOME | ||||||||||||||||||||||||||||
| Federal funds sold | $ | 19 | $ | 5 | $ | 4 | $ | 2 | $ | - | $ | 28 | $ | 5 | ||||||||||||||
| Interest bearing deposits in banks | 227 | 177 | 124 | 66 | 47 | 528 | 171 | |||||||||||||||||||||
| Investment securities - taxable | 4,694 | 3,747 | 3,153 | 3,114 | 3,034 | 11,594 | 8,972 | |||||||||||||||||||||
| Investment securities - nontaxable (TE) | 648 | 624 | 633 | 652 | 670 | 1,905 | 1,543 | |||||||||||||||||||||
| Mortgage loans held for sale | 970 | 764 | 692 | 947 | 787 | 2,426 | 1,646 | |||||||||||||||||||||
| Loans (TE) | 27,258 | 25,629 | 22,418 | 23,294 | 21,790 | 75,305 | 64,433 | |||||||||||||||||||||
| Purchased non-covered loans | 11,911 | 10,328 | 11,840 | 12,612 | 12,610 | 34,079 | 27,408 | |||||||||||||||||||||
| Purchased non-covered loan pools | 2,997 | 149 | - | - | - | 3,146 | - | |||||||||||||||||||||
| Covered loans | 3,192 | 3,385 | 3,995 | 4,704 | 4,726 | 10,572 | 16,651 | |||||||||||||||||||||
| Total Earning Assets | $ | 51,916 | $ | 44,808 | $ | 42,859 | $ | 45,391 | $ | 43,663 | $ | 139,583 | $ | 120,829 | ||||||||||||||
| Accretion Income (included above) | 3,037 | 2,635 | 3,097 | 4,280 | 2,964 | 8,769 | 8,263 | |||||||||||||||||||||
| INTEREST EXPENSE | ||||||||||||||||||||||||||||
| Non-interest bearing deposits | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
| NOW accounts | 304 | 318 | 376 | 414 | 324 | 998 | 903 | |||||||||||||||||||||
| MMDA | 877 | 760 | 663 | 768 | 783 | 2,300 | 2,186 | |||||||||||||||||||||
| Savings accounts | 42 | 37 | 37 | 45 | 42 | 116 | 119 | |||||||||||||||||||||
| Retail CDs < $100,000 | 607 | 488 | 513 | 553 | 596 | 1,608 | 1,563 | |||||||||||||||||||||
| Retail CDs > $100,000 | 691 | 662 | 691 | 746 | 749 | 2,044 | 2,015 | |||||||||||||||||||||
| Brokered CDs | - | - | - | 34 | 47 | - | 143 | |||||||||||||||||||||
| Total Deposits | 2,521 | 2,265 | 2,280 | 2,560 | 2,541 | 7,066 | 6,929 | |||||||||||||||||||||
| FHLB advances | - | 16 | 15 | 26 | 51 | 31 | 114 | |||||||||||||||||||||
| Other borrowings | 322 | 346 | 366 | 379 | 558 | 1,034 | 1,381 | |||||||||||||||||||||
| Subordinated debentures | 914 | 866 | 832 | 887 | 866 | 2,612 | 2,240 | |||||||||||||||||||||
| Federal funds purchased and securities sold under agreements to repurchase | 39 | 48 | 43 | 41 | 39 | 130 | 123 | |||||||||||||||||||||
| Total Non-Deposit Funding | 1,275 | 1,276 | 1,256 | 1,333 | 1,514 | 3,807 | 3,858 | |||||||||||||||||||||
| Total Funding | $ | 3,796 | $ | 3,541 | $ | 3,536 | $ | 3,893 | $ | 4,055 | $ | 10,873 | $ | 10,787 | ||||||||||||||
| Net Interest Income (TE) | $ | 48,120 | $ | 41,267 | $ | 39,323 | $ | 41,498 | $ | 39,608 | $ | 128,710 | $ | 110,042 | ||||||||||||||
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
| Sept. | Jun. | Mar. | Dec. | Sept. | Sept. | Sept. | ||||||||||||||||||||||
| 2015 | 2015 | 2015 | 2014 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
| YIELDS (1) | ||||||||||||||||||||||||||||
| Federal funds sold | 1.37 | % | 0.36 | % | 0.29 | % | 0.25 | % | 0.00 | % | 0.68 | % | 0.24 | % | ||||||||||||||
| Interest bearing deposits in banks | 0.45 | % | 0.35 | % | 0.32 | % | 0.38 | % | 0.29 | % | 0.38 | % | 0.32 | % | ||||||||||||||
| Investment securities - taxable | 2.41 | % | 2.50 | % | 2.63 | % | 2.68 | % | 2.67 | % | 2.50 | % | 2.81 | % | ||||||||||||||
| Investment securities - nontaxable | 3.54 | % | 3.54 | % | 3.60 | % | 3.59 | % | 3.58 | % | 3.56 | % | 3.53 | % | ||||||||||||||
| Mortgage loans held for sale | 3.74 | % | 3.75 | % | 3.70 | % | 3.86 | % | 3.73 | % | 3.75 | % | 3.52 | % | ||||||||||||||
| Loans | 4.93 | % | 4.87 | % | 4.76 | % | 4.94 | % | 4.82 | % | 4.88 | % | 5.07 | % | ||||||||||||||
| Purchased non-covered loans | 5.99 | % | 6.33 | % | 7.38 | % | 7.59 | % | 7.27 | % | 6.49 | % | 6.80 | % | ||||||||||||||
| Purchased non-covered loan pools | 3.68 | % | 3.45 | % | 0.00 | % | 0.00 | % | 0.00 | % | 3.61 | % | 0.00 | % | ||||||||||||||
| Covered loans | 5.60 | % | 5.51 | % | 6.17 | % | 6.22 | % | 5.78 | % | 5.63 | % | 6.31 | % | ||||||||||||||
| Total Earning Assets | 4.39 | % | 4.49 | % | 4.79 | % | 5.08 | % | 4.96 | % | 4.54 | % | 5.02 | % | ||||||||||||||
| Noninterest bearing deposits | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
| NOW accounts | 0.13 | % | 0.17 | % | 0.20 | % | 0.21 | % | 0.17 | % | 0.17 | % | 0.17 | % | ||||||||||||||
| MMDA | 0.29 | % | 0.31 | % | 0.31 | % | 0.36 | % | 0.36 | % | 0.30 | % | 0.37 | % | ||||||||||||||
| Savings accounts | 0.07 | % | 0.08 | % | 0.09 | % | 0.11 | % | 0.11 | % | 0.08 | % | 0.11 | % | ||||||||||||||
| Retail CDs < $100,000 | 0.50 | % | 0.50 | % | 0.56 | % | 0.57 | % | 0.54 | % | 0.51 | % | 0.54 | % | ||||||||||||||
| Retail CDs > $100,000 | 0.71 | % | 0.70 | % | 0.73 | % | 0.74 | % | 0.80 | % | 0.72 | % | 0.74 | % | ||||||||||||||
| Brokered CDs | 0.00 | % | 0.00 | % | 0.00 | % | 3.35 | % | 3.12 | % | 0.00 | % | 3.20 | % | ||||||||||||||
| Total Deposits | 0.22 | % | 0.24 | % | 0.27 | % | 0.30 | % | 0.30 | % | 0.24 | % | 0.30 | % | ||||||||||||||
| FHLB advances | 0.00 | % | 0.37 | % | 0.36 | % | 0.29 | % | 0.36 | % | 0.37 | % | 0.30 | % | ||||||||||||||
| Other borrowings | 3.28 | % | 3.31 | % | 3.38 | % | 3.23 | % | 4.68 | % | 3.32 | % | 4.91 | % | ||||||||||||||
| Subordinated debentures | 5.22 | % | 5.17 | % | 5.16 | % | 5.40 | % | 5.29 | % | 5.18 | % | 5.11 | % | ||||||||||||||
| Federal funds purchased and securities sold under agreements to repurchase | 0.35 | % | 0.33 | % | 0.33 | % | 0.34 | % | 0.35 | % | 0.37 | % | 0.35 | % | ||||||||||||||
| Total Non-Deposit Funding | 3.31 | % | 2.76 | % | 2.85 | % | 2.72 | % | 2.83 | % | 3.04 | % | 2.66 | % | ||||||||||||||
| Total funding (3) | 0.32 | % | 0.36 | % | 0.40 | % | 0.43 | % | 0.45 | % | 0.36 | % | 0.43 | % | ||||||||||||||
| Net interest spread | 4.07 | % | 4.13 | % | 4.39 | % | 4.65 | % | 4.52 | % | 4.18 | % | 4.58 | % | ||||||||||||||
| Net interest margin | 4.07 | % | 4.14 | % | 4.39 | % | 4.64 | % | 4.50 | % | 4.18 | % | 4.57 | % | ||||||||||||||
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 35%.
(2) Rate calculated based on average earning assets.
(3) Rate calculated based on total average funding including non-interest bearing liabilities.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
| Sept. | Jun. | Mar. | Dec. | Sept. | Sept. | Sept. | ||||||||||||||||||||||
| 2015 | 2015 | 2015 | 2014 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
| Operating Net Income Reconciliation | ||||||||||||||||||||||||||||
| Net income available to common shareholders | $ | 15,627 | $ | 1,308 | $ | 9,764 | $ | 10,580 | $ | 11,663 | $ | 26,699 | $ | 27,857 | ||||||||||||||
| Merger and conversion charges | 446 | 5,712 | 15 | 67 | 551 | 6,173 | 3,873 | |||||||||||||||||||||
| Non-recurring credit resolution related expenses | - | 11,241 | - | - | - | 11,241 | - | |||||||||||||||||||||
| Tax effect of non-recurring charges | (156 | ) | (5,934 | ) | (5 | ) | (23 | ) | (193 | ) | (6,095 | ) | (1,356 | ) | ||||||||||||||
| Plus: After tax non-recurring charges | 290 | 11,019 | 10 | 44 | 358 | 11,319 | 2,517 | |||||||||||||||||||||
| Operating Net income | 15,917 | 12,327 | 9,774 | 10,624 | 12,021 | 38,018 | 30,374 | |||||||||||||||||||||
| Operating net income per diluted share: | $ | 0.49 | $ | 0.38 | $ | 0.32 | $ | 0.39 | $ | 0.44 | $ | 1.19 | $ | 1.16 | ||||||||||||||
| Return on average assets | 1.21 | % | 1.11 | % | 0.97 | % | 1.05 | % | 1.20 | % | 1.05 | % | 1.16 | % | ||||||||||||||
| Return on average common tangible equity | 16.23 | % | 12.83 | % | 10.40 | % | 14.49 | % | 16.87 | % | 12.74 | % | 16.25 | % | ||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
| Sept. | Jun. | Mar. | Dec. | Sept. | Sept. | Sept. | ||||||||||||||||||||||
| 2015 | 2015 | 2015 | 2014 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
| Net Interest Margin and Yields on Total Loans Excluding Accretion Reconciliation | ||||||||||||||||||||||||||||
| Total Interest Income (TE) | $ | 51,916 | $ | 44,808 | $ | 42,859 | $ | 45,391 | $ | 43,663 | $ | 139,583 | $ | 120,829 | ||||||||||||||
| Accretion Income | 3,037 | 2,635 | 3,097 | 4,280 | 2,964 | 8,769 | 8,263 | |||||||||||||||||||||
| Total Interest Income (TE) Excluding Accretion | $ | 48,879 | $ | 42,173 | $ | 39,762 | $ | 41,111 | $ | 40,699 | $ | 130,814 | $ | 112,566 | ||||||||||||||
| Total Interest Expense | $ | 3,796 | $ | 3,541 | $ | 3,536 | $ | 3,893 | $ | 4,055 | $ | 10,873 | $ | 10,787 | ||||||||||||||
| Net Interest Income (TE) Excluding Accretion | $ | 45,083 | $ | 38,632 | $ | 36,226 | $ | 37,218 | $ | 36,644 | $ | 119,941 | $ | 101,779 | ||||||||||||||
| Yield on Total Loans Excluding Accretion | 4.83 | % | 4.86 | % | 5.01 | % | 5.05 | % | 5.07 | % | 4.90 | % | 5.14 | % | ||||||||||||||
| Net Interest Margin Excluding Accretion | 3.81 | % | 3.87 | % | 4.05 | % | 4.17 | % | 4.17 | % | 3.90 | % | 4.23 | % | ||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
| Sept. | Jun. | Mar. | Dec. | Sept. | Sept. | Sept. | ||||||||||||||||||||||
| Core Earnings Reconciliation | 2015 | 2015 | 2015 | 2014 | 2014 | 2015 | 2014 | |||||||||||||||||||||
| Pre-tax operating profit/(loss) | $ | 22,995 | $ | 1,794 | $ | 14,511 | $ | 14,747 | $ | 16,785 | $ | 39,300 | $ | 41,458 | ||||||||||||||
| Plus: Credit Related Costs | ||||||||||||||||||||||||||||
| Provision for loan losses | 986 | 2,656 | 1,069 | 888 | 1,669 | 4,711 | 4,760 | |||||||||||||||||||||
| (Gains)/Losses on the sale of legacy OREO | 36 | 436 | 110 | (228 | ) | (3 | ) | 582 | 228 | |||||||||||||||||||
| (Gains)/Losses on the sale of covered OREO | 56 | 194 | 20 | 344 | (184 | ) | 270 | 183 | ||||||||||||||||||||
| Problem loan and OREO expense | 991 | 10,632 | 3,031 | 5,175 | 3,373 | 14,654 | 7,809 | |||||||||||||||||||||
| Interest reversed (received) on non-accrual loans | 17 | 413 | 156 | (6 | ) | 94 | 586 | 411 | ||||||||||||||||||||
| Total Credit-Related Costs | 2,086 | 14,331 | 4,386 | 6,173 | 4,949 | 20,803 | 13,391 | |||||||||||||||||||||
| Plus: Cconversion charges | 446 | 5,712 | 15 | 67 | 551 | 6,173 | 3,873 | |||||||||||||||||||||
| Less: Non-recurring gains | ||||||||||||||||||||||||||||
| Gains on sales of securities | (115 | ) | (10 | ) | (12 | ) | - | (132 | ) | (137 | ) | (138 | ) | |||||||||||||||
| Gains on sales of bank premises | - | - | - | - | (616 | ) | - | (616 | ) | |||||||||||||||||||
| Other non-recurring adjustments | - | - | - | 188 | - | - | (870 | ) | ||||||||||||||||||||
| Pretax, Pre-provision earnings | $ | 25,412 | $ | 21,827 | $ | 18,900 | $ | 21,175 | $ | 21,537 | $ | 66,139 | $ | 57,098 | ||||||||||||||
| As percentage of average assets, annualized | 1.93 | % | 1.96 | % | 1.88 | % | 2.09 | % | 2.15 | % | 1.70 | % | 1.92 | % | ||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
| Sept. | Jun. | Mar. | Dec. | Sept. | Sept. | Sept. | ||||||||||||||||||||||
| Recurring Operating Expenses | 2015 | 2015 | 2015 | 2014 | 2014 | 2015 | 2014 | |||||||||||||||||||||
| Total Operating Expenses | 48,396 | 56,864 | 40,827 | 41,733 | 38,579 | 146,087 | 109,136 | |||||||||||||||||||||
| Less: Credit costs & non-recurring charges | ||||||||||||||||||||||||||||
| Gains/(Losses) on the sale of legacy OREO | (36 | ) | (436 | ) | (110 | ) | 228 | 3 | (582 | ) | (225 | ) | ||||||||||||||||
| Gains/(Losses) on the sale of covered OREO | (56 | ) | (194 | ) | (20 | ) | (344 | ) | 184 | (270 | ) | (183 | ) | |||||||||||||||
| Problem loan and OREO expense | (991 | ) | (10,632 | ) | (3,031 | ) | (5,175 | ) | (3,373 | ) | (14,654 | ) | (7,809 | ) | ||||||||||||||
| Severance payments | - | - | - | (188 | ) | - | - | - | ||||||||||||||||||||
| Conversion expenses | (446 | ) | (5,712 | ) | (15 | ) | (67 | ) | (551 | ) | (6,173 | ) | (3,873 | ) | ||||||||||||||
| Gains/(Losses) on the sale of premises | - | - | - | - | 616 | - | 616 | |||||||||||||||||||||
| Recurring operating expenses | $ | 46,867 | $ | 39,890 | $ | 37,651 | $ | 36,187 | $ | 35,458 | $ | 124,408 | $ | 97,662 | ||||||||||||||
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
| Sept. | Jun. | Mar. | Dec. | Sept. | Sept. | Sept. | ||||||||||||||||||||||
| 2015 | 2015 | 2015 | 2014 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
| Segment Reporting | ||||||||||||||||||||||||||||
| Banking Division: | ||||||||||||||||||||||||||||
| Net interest income | $ | 43,044 | $ | 36,806 | $ | 35,839 | $ | 38,045 | $ | 36,142 | $ | 115,689 | $ | 102,415 | ||||||||||||||
| Provision for loan losses | 960 | 2,456 | 927 | 737 | 994 | 4,343 | 4,085 | |||||||||||||||||||||
| Noninterest income | 13,470 | 9,262 | 8,780 | 8,595 | 8,932 | 31,512 | 23,742 | |||||||||||||||||||||
| Noninterest expense: | ||||||||||||||||||||||||||||
| Salaries and employee benefits | 17,921 | 15,675 | 15,362 | 14,196 | 14,819 | 48,958 | 40,905 | |||||||||||||||||||||
| Occupancy | 5,444 | 4,376 | 4,144 | 4,319 | 4,277 | 13,964 | 11,778 | |||||||||||||||||||||
| Data Processing | 4,998 | 3,913 | 4,011 | 3,901 | 3,619 | 12,922 | 10,535 | |||||||||||||||||||||
| Other expenses | 11,379 | 24,048 | 10,356 | 12,320 | 8,722 | 45,783 | 26,855 | |||||||||||||||||||||
| Total noninterest expense | 39,742 | 48,012 | 33,873 | 34,736 | 31,437 | 121,627 | 90,073 | |||||||||||||||||||||
| Income before income taxes | 15,812 | (4,400 | ) | 9,819 | 11,167 | 12,643 | 21,231 | 31,999 | ||||||||||||||||||||
| Income Tax | 4,854 | (1,682 | ) | 3,105 | 2,914 | 3,672 | 6,277 | 10,004 | ||||||||||||||||||||
| Net income | 10,958 | (2,718 | ) | 6,714 | 8,253 | 8,971 | 14,954 | 21,995 | ||||||||||||||||||||
| Preferred stock dividends | - | - | - | - | - | - | 286 | |||||||||||||||||||||
| Net income available to common shareholders | $ | 10,958 | $ | (2,718 | ) | $ | 6,714 | $ | 8,253 | $ | 8,971 | $ | 14,954 | $ | 21,709 | |||||||||||||
| Retail Mortgage Division: | ||||||||||||||||||||||||||||
| Net interest income | $ | 2,485 | $ | 1,979 | $ | 1,545 | $ | 1,822 | $ | 1,636 | $ | 6,009 | $ | 3,522 | ||||||||||||||
| Provision for loan losses | 26 | 200 | 142 | 151 | 675 | 368 | 675 | |||||||||||||||||||||
| Noninterest income | 9,827 | 9,095 | 7,610 | 6,076 | 6,967 | 26,532 | 18,883 | |||||||||||||||||||||
| Noninterest expense: | ||||||||||||||||||||||||||||
| Salaries and employee benefits | 6,138 | 5,592 | 4,527 | 4,175 | 4,340 | 16,257 | 11,743 | |||||||||||||||||||||
| Occupancy | 397 | 396 | 380 | 373 | 368 | 1,173 | 969 | |||||||||||||||||||||
| Data Processing | 308 | 279 | 212 | 315 | 285 | 799 | 728 | |||||||||||||||||||||
| Other expenses | 662 | 1,150 | 932 | 828 | 735 | 2,744 | 2,764 | |||||||||||||||||||||
| Total noninterest expense | 7,505 | 7,417 | 6,051 | 5,691 | 5,728 | 20,973 | 16,204 | |||||||||||||||||||||
| Income before income taxes | 4,781 | 3,457 | 2,962 | 2,056 | 2,200 | 11,200 | 5,526 | |||||||||||||||||||||
| Income Tax | 1,673 | 1,210 | 1,037 | 720 | 770 | 3,920 | 1,934 | |||||||||||||||||||||
| Net income | 3,108 | 2,247 | 1,925 | 1,336 | 1,430 | 7,280 | 3,592 | |||||||||||||||||||||
| Preferred stock dividends | - | - | - | - | - | - | - | |||||||||||||||||||||
| Net income available to common shareholders | $ | 3,108 | $ | 2,247 | $ | 1,925 | $ | 1,336 | $ | 1,430 | $ | 7,280 | $ | 3,592 | ||||||||||||||
| Warehouse Lending: | ||||||||||||||||||||||||||||
| Net interest income | $ | 1,128 | $ | 1,179 | $ | 835 | $ | 752 | $ | 711 | $ | 3,142 | $ | 1,264 | ||||||||||||||
| Provision for loan losses | - | - | - | - | - | - | - | |||||||||||||||||||||
| Noninterest income | 372 | 383 | 273 | 237 | 168 | 1,028 | 418 | |||||||||||||||||||||
| Noninterest expense: | ||||||||||||||||||||||||||||
| Salaries and employee benefits | 137 | 99 | 127 | 84 | 69 | 363 | 171 | |||||||||||||||||||||
| Occupancy | 1 | 1 | 2 | - | - | 4 | 1 | |||||||||||||||||||||
| Data Processing | 22 | 20 | 33 | 11 | 21 | 75 | 43 | |||||||||||||||||||||
| Other expenses | 40 | 19 | 36 | 171 | 134 | 95 | 232 | |||||||||||||||||||||
| Total noninterest expense | 200 | 139 | 198 | 266 | 224 | 537 | 447 | |||||||||||||||||||||
| Income before income taxes | 1,300 | 1,423 | 910 | 723 | 655 | 3,633 | 1,235 | |||||||||||||||||||||
| Income Tax | 455 | 498 | 319 | 253 | 229 | 1,272 | 432 | |||||||||||||||||||||
| Net income | 845 | 925 | 592 | 470 | 426 | 2,361 | 803 | |||||||||||||||||||||
| Preferred stock dividends | - | - | - | - | - | - | - | |||||||||||||||||||||
| Net income available to common shareholders | $ | 845 | $ | 925 | $ | 592 | $ | 470 | $ | 426 | $ | 2,361 | $ | 803 | ||||||||||||||
| SBA Division: | ||||||||||||||||||||||||||||
| Net interest income | $ | 742 | $ | 724 | $ | 613 | $ | 387 | $ | 643 | $ | 2,079 | $ | 1,679 | ||||||||||||||
| Provision for loan losses | - | - | - | - | - | - | - | |||||||||||||||||||||
| Noninterest income | 1,309 | 1,886 | 912 | 1,454 | 1,834 | 4,107 | 3,431 | |||||||||||||||||||||
| Noninterest expense: | ||||||||||||||||||||||||||||
| Salaries and employee benefits | 738 | 1,099 | 616 | 861 | 998 | 2,453 | 1,743 | |||||||||||||||||||||
| Occupancy | 73 | 36 | 28 | 25 | 24 | 137 | 56 | |||||||||||||||||||||
| Data Processing | 1 | 2 | 4 | 2 | 3 | 7 | 16 | |||||||||||||||||||||
| Other expenses | 137 | 159 | 57 | 152 | 165 | 353 | 597 | |||||||||||||||||||||
| Total noninterest expense | 949 | 1,296 | 705 | 1,040 | 1,190 | 2,950 | 2,412 | |||||||||||||||||||||
| Income before income taxes | 1,102 | 1,314 | 820 | 801 | 1,287 | 3,236 | 2,698 | |||||||||||||||||||||
| Income Tax | 386 | 460 | 287 | 280 | 450 | 1,133 | 944 | |||||||||||||||||||||
| Net income | 716 | 854 | 533 | 521 | 837 | 2,103 | 1,754 | |||||||||||||||||||||
| Preferred stock dividends | - | - | - | - | - | - | - | |||||||||||||||||||||
| Net income available to common shareholders | $ | 716 | $ | 854 | $ | 533 | $ | 521 | $ | 837 | $ | 2,103 | $ | 1,754 | ||||||||||||||
| Total Consolidated: | ||||||||||||||||||||||||||||
| Net interest income | $ | 47,399 | $ | 40,688 | $ | 38,832 | $ | 41,006 | $ | 39,132 | $ | 126,919 | $ | 108,880 | ||||||||||||||
| Provision for loan losses | 986 | 2,656 | 1,069 | 888 | 1,669 | 4,711 | 4,760 | |||||||||||||||||||||
| Noninterest income | 24,978 | 20,626 | 17,575 | 16,362 | 17,901 | 63,179 | 46,474 | |||||||||||||||||||||
| Noninterest expense: | ||||||||||||||||||||||||||||
| Salaries and employee benefits | 24,934 | 22,465 | 20,632 | 19,316 | 20,226 | 68,031 | 54,562 | |||||||||||||||||||||
| Occupancy | 5,915 | 4,809 | 4,554 | 4,717 | 4,669 | 15,278 | 12,804 | |||||||||||||||||||||
| Data Processing | 5,329 | 4,214 | 4,260 | 4,229 | 3,928 | 13,803 | 11,322 | |||||||||||||||||||||
| Other expenses | 12,218 | 25,376 | 11,381 | 13,471 | 9,756 | 48,975 | 30,448 | |||||||||||||||||||||
| Total noninterest expense | 48,396 | 56,864 | 40,827 | 41,733 | 38,579 | 146,087 | 109,136 | |||||||||||||||||||||
| Income before income taxes | 22,995 | 1,794 | 14,511 | 14,747 | 16,785 | 39,300 | 41,458 | |||||||||||||||||||||
| Income Tax | 7,368 | 486 | 4,747 | 4,167 | 5,122 | 12,601 | 13,315 | |||||||||||||||||||||
| Net income | 15,627 | 1,308 | 9,764 | 10,580 | 11,663 | 26,699 | 28,143 | |||||||||||||||||||||
| Preferred stock dividends | - | - | - | - | - | - | 286 | |||||||||||||||||||||
| Net income available to common shareholders | $ | 15,627 | $ | 1,308 | $ | 9,764 | $ | 10,580 | $ | 11,663 | $ | 26,699 | $ | 27,857 | ||||||||||||||
