-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SkMnbLntPmSyOCsL33kJQQpByhFY6OFVLYrS8nMU6PGU7ZTZ8wMGPQC9IMmnas6z GlzEKOIYCKyZ52lad/SlIA== 0001193125-10-164681.txt : 20100723 0001193125-10-164681.hdr.sgml : 20100723 20100723103742 ACCESSION NUMBER: 0001193125-10-164681 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20100722 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100723 DATE AS OF CHANGE: 20100723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ameris Bancorp CENTRAL INDEX KEY: 0000351569 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 581456434 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13901 FILM NUMBER: 10966343 BUSINESS ADDRESS: STREET 1: 24 2/ND/ AVENUE CITY: MOULTRIE STATE: GA ZIP: 31768 BUSINESS PHONE: 9128901111 MAIL ADDRESS: STREET 1: PO BOX 1500 CITY: MOULTRIE STATE: GA ZIP: 31776 FORMER COMPANY: FORMER CONFORMED NAME: ABC BANCORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ABC HOLDING CO DATE OF NAME CHANGE: 19870119 8-K 1 d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): July 22, 2010

 

 

Ameris Bancorp

(Exact Name of Registrant as Specified in Charter)

 

 

 

Georgia   001-13901   58-1456434

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

310 First Street, S.E., Moultrie, Georgia   31768
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (229) 890-1111

 

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 2.02. Results of Operations and Financial Condition.

On July 22, 2010, Ameris Bancorp issued a press release announcing its unaudited second quarter 2010 results. A copy of that press release is attached as Exhibit 99.1 to this Current Report.

The information contained in this report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section. Furthermore, the information contained in this report shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.

 

Item 9.01. Financial Statements and Exhibits.

 

  (d) Exhibits.

 

99.1    Press release dated July 22, 2010.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

AMERIS BANCORP
By:   /S/    DENNIS J. ZEMBER JR.        
  Dennis J. Zember Jr.
  Executive Vice President and Chief Financial Officer

Dated: July 23, 2010

EXHIBIT INDEX

 

Exhibit
No.

   

Exhibit

99.1    Press release dated July 22, 2010.
 EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

LOGO

News Release

For more information contact:

Dennis J. Zember Jr.

Executive Vice President & CFO

(229) 890-1111

AMERIS BANCORP REPORTS SECOND QUARTER 2010 RESULTS

July 22, 2010

AMERIS BANCORP (NASDAQ-GS: ABCB), Moultrie, Georgia, today reported a net loss available to common shareholders of $4.2 million, or $0.20 per diluted share, for the quarter ended June 30, 2010, compared to a net loss of $3.5 million, or $0.25 per diluted share, for the second quarter of 2009. For the first half of 2010, Ameris Bancorp reported a net loss available to common shareholders of $6.5 million, or $0.37 per diluted share, compared to a net loss of $4.8 million, or $0.35 per diluted share, for the first half of 2009. Improvements in the Company’s net interest margin and continued strong capital position were overshadowed by larger loan loss provisions.

Highlights of the second quarter of 2010 include the following:

 

  •  

Completion of a $90 million public offering, increasing already strong capital ratios

 

  •  

Continued increase in pretax, pre-credit related income to $11.9 million per quarter

 

  •  

Completion of a third FDIC-assisted transaction

 

  •  

Net interest margin of 4.43% for the quarter and 4.19% for the year to date period

 

  •  

Completion after quarter end of an asset sale comprising of mostly non-performing assets that when closed would reduce non-performing assets by $13.3 million

 

1

Capital Ratios

Early in the second quarter of 2010, the Company completed a public offering for $90 million of the Company’s common stock, issuing approximately 9.5 million new shares at $9.50 per share. The Company’s tangible common equity ratio increased from 5.65% at June 30, 2009 to 9.17% at June 30, 2010. Ameris Bank’s tier one capital and total capital ratios increased as well, from 7.40% at the end of the second quarter of 2009 to 12.36% at the end of the current quarter. Edwin W. Hortman, Jr., President and CEO, commented on the successful capital raise and stated, “The success of the capital raise affirms our decisions early in this downturn to preserve capital through hard decisions that increased our core earnings. Our focus now is on deploying the capital by being in “do business” mode in our local markets and taking advantage of the consolidation our industry is experiencing.”

Core Earnings

The Company’s income before taxes and credit costs continue to increase and provide meaningful protection for capital levels during the current economic cycle. In the current period, pre-tax, pre-credit earnings totaled $11.9 million, an increase of 62%, or $4.6 million, when compared to the same quarter in 2009. For the year-to-date period, core earnings increased $9.4 million to $24.1 million. Increases in core earnings have been achieved through higher net interest margins, incremental earnings on acquired banks through FDIC-assisted transactions and reduction in non-credit related operating expenses. “We believe our stretch goal of $50 million of core earnings for 2010 is achievable, despite limited investment opportunities for our large position in short-term assets. Until the economy improves and offers the Company more revenue opportunities, we will benefit from a very attractive deposit mix and the momentum we gained in operating expenses through our successful efforts in ‘Project 2010’” said Mr. Hortman.

Completion of Third FDIC-Assisted Acquisition

The Company’s results for the quarter include an after-tax gain on the FDIC-assisted acquisition of certain assets and deposits of Satilla Community Bank totaling $5.2 million. As a result of the acquisition, the Company added $68.8 million in loans and $75.8 million in deposits. The Company believes that incremental earnings from this acquisition will be meaningful because of the opportunity for consolidating operations with existing Ameris Bank locations and because the Company is protected from credit losses through the Company’s loss share agreements with the FDIC.

Significant Increase in the Company’s Net Interest Margin

For the second quarter of 2010, the Company reported a net interest margin of 4.43%, compared to 3.59% for the same quarter in 2009. For the year-to-date period in 2010, the Company reported a net interest margin of 4.19% compared to 3.39% during the first six months of 2009. During the second quarter, the Company recognized $2.35 million of interest income representing certain “accretable differences” relating to the Company’s first two FDIC-assisted acquisitions, which were completed in 2009. Excluding the non-recurring portion of these amounts, the Company’s net interest margin would have been 4.11% and 4.02% for the second quarter and the first six months of 2010, respectively.

Net interest income (tax equivalent basis) for the second quarter of 2010 totaled $24.6 million, compared to $18.7 million in the same quarter of 2009. Excluding the non-recurring portion of the accretable difference, the Company’s interest income would have increased slightly, from $29.3 million in the second quarter of 2009 to $30.0 million in the second quarter of 2010. Improvements in interest expense were more significant, falling to $7.2 million during the current quarter compared to $10.6 million in the same quarter of 2009. The improved deposit mix along with greatly reduced yields on time deposits accounted for the decrease in funding costs.

 

2

Yields on earning assets, on a tax equivalent basis and excluding the non-recurring accretable differences, were 5.41% during the second quarter of 2010 compared to 5.60% in the second quarter of 2009. Increases in the concentration of lower yielding short-term assets, from 7.7% of earning assets in the second quarter of 2009 to 12.9% in the second quarter of 2010, along with lower yields on the Company’s investment portfolio, were the primary drivers for lower earning asset yields.

Decreases in the yields on earning assets were more than offset with decreases in funding costs for the Company. Total cost of funding for the second quarter of 2010 decreased to 1.34% compared to 2.08% in the same quarter of 2009. The Company attributes continued improvement in deposit mix as the driver for this decrease in funding cost. Average non-CD deposits increased during the past year from 54.4% of total deposits to 58.1% during the second quarter of 2010. In addition, the Company’s dependency on retail deposits continues to increase from already high levels. During the second quarter of 2010, 90.8% of the Company’s total funding came from retail deposits as compared to 89.4% at the same time in 2009.

Non-Interest Expense

Operating expenses totaled $23.4 million for the second quarter of 2010, an increase over the same quarter in 2009 when the Company reported $17.7 million in total non-interest expense. Credit, merger and other non-recurring costs totaled $7.3 million during the current quarter, compared to $1.4 million in the same quarter in 2009. Excluding these costs, recurring operating expenses decreased slightly to $16.1 million in the current quarter compared to $16.3 million in the same quarter in 2009. Efforts to reduce operating expenses over the past two years have been successful and have allowed the Company to still post lower recurring operating expenses despite absorbing approximately $1.1 million per quarter in operating expenses associated with the FDIC-assisted acquisitions.

Asset Sale and Credit Quality Trends

Subsequent to quarter end, the Company will close a sale of mostly non-performing assets that will result in a reduction of non-performing assets totaling $13.3 million. Included in the second quarter of 2010 results is approximately $8.0 million of charges associated with the sale.

Nonperforming assets totaled $136.0 million or 7.75% of total loans and OREO at June 30, 2010, compared to $122.4 million or 7.16% of total loans and OREO at March 31, 2010. Net charge offs were higher in the current quarter, at 4.21% annualized, of total loans, compared to 1.63% in the same quarter in 2009. Excluding the effects of the note sale, the Company’s loan loss provision expense was $11.8 million during the second quarter of 2010 compared to $10.8 million in the first quarter of 2010. Aggressive write downs on non-accrual loans continued during the quarter such that the current carrying value of non-accrual loans is 49.7% of the original appraisal amount.

Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter, had 53 locations in Georgia, Alabama, northern Florida and South Carolina.

 

 

Ameris Bancorp Common Stock is quoted on the NASDAQ Global Select Market under the symbol “ABCB”. The preceding release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “believe”, “estimate”, “expect”, “intend”, “anticipate” and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements.

 

3

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)

 

    Three Months Ended     Six Months Ended  
    Jun.
2010		     Mar.
2010		     Dec.
2009		     Sept.
2009		     Jun.
2009		     Jun.
2010		     Jun.
2009		  

EARNINGS

              

Net Income/(Loss) Available to Common Shareholders

   $ (4,218 )    $ (2,330 )    $ (39,139 )    $ (791 )    $ (3,498 )    $ (6,548 )    $ (4,835 ) 

PER COMMON SHARE DATA

              

Earnings per share available to common shareholders:

              

Basic

   $ (0.20 )    $ (0.17 )    $ (2.81 )    $ (0.06 )    $ (0.25 )    $ (0.37 )    $ (0.33 ) 

Diluted

   $ (0.20 )    $ (0.17 )    $ (2.81 )    $ (0.06 )    $ (0.25 )    $ (0.37 )    $ (0.33 ) 

Cash Dividends per share

   $ —        $ —        $ —        $ —        $ 0.05      $ —          0.05   

Stock dividend

     1 for 210        1 for 130        1 for 130        1 for 130        —          2 for 170        —     

Common Book value per share (period end)

   $ 9.57      $ 10.23      $ 10.51      $ 13.52      $ 13.17      $ 9.57        13.17   

Tangible book value per share (period end)

   $ 9.43      $ 9.94      $ 10.13      $ 9.00      $ 9.00      $ 9.43        9.00   

Weighted average number of shares:

              

Basic

     21,231,367        13,906,137        13,912,458        13,906,299        13,904,215        17,568,752        13,906,073   

Diluted

     21,231,367        13,906,137        13,912,458        13,906,299        13,904,215        17,568,752        13,906,073   

Period-end number of shares

     23,515,468        14,108,672        14,001,044        13,961,597        13,963,184        18,812,070        13,964,689   

Market data:

              

High closing price

   $ 11.55      $ 10.32      $ 7.25      $ 7.47      $ 8.09      $ 11.73      $ 16.55   

Low closing price

   $ 9.00      $ 7.36      $ 5.13      $ 5.93      $ 5.29      $ 3.66      $ 7.19   

Period end closing price

   $ 9.66      $ 9.03      $ 7.16      $ 7.15      $ 6.32      $ 7.16      $ 11.85   

Average daily volume

     205,389        37,715        38,583        30,407        28,778        32,228        49,736   

PERFORMANCE RATIOS

              

Return on average assets

     (0.69 %)      (0.26 %)      (6.54 %)      (0.14 %)      (0.61 %)      (0.47 %)      (0.22 %) 

Return on average common equity

     (7.79 %)      (4.33 %)      (75.56 %)      (1.68 %)      (7.45 %)      (6.08 %)      (2.53 %) 

Earning asset yield (TE)

     5.74 %      5.36 %      5.01 %      5.42 %      5.60 %      5.56 %      5.59 % 

Total cost of funds

     1.34 %      1.41 %      1.51 %      1.83 %      2.08 %      1.37 %      2.27 % 

Net interest margin (TE)

     4.43 %      3.92 %      3.55 %      3.65 %      3.59 %      4.19 %      3.39 % 

Non-interest income excluding securities transactions, as a percent of total revenue (TE)

     12.40 %      14.15 %      7.12 %      13.89 %      13.27 %      13.65 %      13.41 % 

Efficiency ratio

     63.35 %      66.93 %      119.77 %      65.83 %      76.63 %      64.81 %      73.36 % 

CAPITAL ADEQUACY (period end)

              

Stockholders’ equity to assets

     11.35 %      8.22 %      8.04 %      10.56 %      10.20 %      11.35 %      7.91 % 

Tangible common equity to tangible assets

     9.17 %      5.97 %      5.86 %      5.84 %      5.65 %      9.17 %      5.65 % 

EQUITY TO ASSETS RECONCILIATION

              

Tangible common equity to tangible assets

     9.17 %      5.97 %      5.86 %      5.84 %      5.65 %      9.17 %      5.65 % 

Effect of preferred equity

     2.06 %      2.11 %      2.04 %      2.24 %      2.16 %      2.06 %      2.16 % 

Effect of goodwill and other intangibles

     0.12 %      0.13 %      0.14 %      2.47 %      2.40 %      0.12 %      2.40 % 
                                                       

Equity to assets (GAAP)

     11.35 %      8.22 %      8.04 %      10.56 %      10.20 %      11.35 %      10.20 % 
                                                       

OTHER PERIOD-END DATA

              

FTE Headcount

     581        594        615        595        589        581        589   

Assets per FTE

   $ 4,169      $ 3,959      $ 3,928      $ 3,710      $ 3,880      $ 4,169      $ 3,959   

Branch locations

     53        53        53        50        50        53        50   

Deposits per branch location

   $ 39,246      $ 39,402      $ 40,059      $ 37,751      $ 39,527      $ 39,246      $ 39,402   

 

(1)

Excludes gain from acquisition of $38.6 million, net of income tax expense of $13.5 million in the fourth quarter of 2009.

(2)

Excludes the non-recurring, non-cash goodwill impairment charge of $54.8 million in the fourth quarter of 2009.

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)

 

     Three Months Ended     Six Months Ended  
     Jun.
2010		     Mar.
2010		     Dec.
2009		     Sept.
2009		     Jun.
2009		     Jun.
2010		     Jun.
2009		  

INCOME STATEMENT

               

Interest income

               

Interest and fees on loans

    $ 28,187      $ 25,156      $ 24,864      $ 24,888      $ 25,829      $ 53,343      $ 51,556   

Interest on taxable securities

      2,502        2,462        2,570        2,725        2,906        4,964        6,563   

Interest on nontaxable securities

      299        304        319        329        255        603        422   

Interest on deposits in other banks

      97        57        60        68        109        154        134   

Interest on federal funds sold

      12        12        18        12        1        24        42   
                                                        

Total interest income

      31,097        27,991        27,831        28,022        29,100        59,088        58,717   
                                                        

Interest expense

               

Interest on deposits

    $ 7,084      $ 7,332      $ 7,637      $ 8,684      $ 10,030        14,416        22,185   

Interest on other borrowings

      154        246        493        526        531        400        1,025   
                                                        

Total interest expense

      7,238        7,578        8,130        9,210        10,561        14,816        23,210   
                                                        

Net interest income

      23,859        20,413        19,701        18,812        18,539        44,272        35,507   

Provision for loan losses

      18,608        10,770        16,468        8,298        9,390        29,378        17,302   
                                                        

Net interest income/(loss) after provision

    $ 5,251      $ 9,643      $ 3,233      $ 10,514      $ 9,149      $ 14,894      $ 18,205   
                                                        

Noninterest income

               

Service charges on deposit accounts

    $ 3,620      $ 3,439      $ 3,654      $ 3,510      $ 3,393        7,059        6,428   

Mortgage banking activity

      675        554        718        692        877        1,229        1,640   

Other service charges, commissions and fees

      232        213        259        131        77        445        140   

Gain (loss) on sale of securities

      —          200        77        (20 )      101        200        814   

Gains from acquisitions

      8,209        —          38,566        —          —          8,209        0   

Other non-interest income

      313        479        465        208        148        792        1,070   
                                                        

Total noninterest income

      13,049        4,885        43,739        4,521        4,596        17,934        10,092   
                                                        

Noninterest expense

               

Salaries and employee benefits

      8,027        7,826        8,616        7,431        7,899        15,853        15,890   

Occupancy and equipment expenses

      2,025        2,027        2,417        2,114        2,224        4,052        4,382   

Amortization of intangible assets

      239        271        205        146        147        510        293   

Data processing & telecommunications expenses

      2,077        1,763        1,801        1,746        1,704        3,840        3,331   

Business restructuring

      —          —          —          —          —          —          —     

Advertising and marketing expenses

      143        159        336        301        439        302        1,013   

Goodwill impairment

      —          —          54,813        —          —          —          —     

Other non-interest expenses

      10,872        4,885        7,794        3,622        5,316        15,757        8,547   
                                                        

Total noninterest expense

      23,383        16,931        75,982        15,360        17,729        40,314        33,456   
                                                        

Operating profit/(loss)

    $ (5,083 )    $ (2,403 )    $ (29,010 )    $ (325 )    $ (3,984 )    $ (7,486 )    $ (5,159 ) 

Income tax (benefit)/expense

      (1,664 )      (869 )      9,323        (198 )      (1,290 )      (2,533 )      (1,829 ) 
                                                        

Net income/(loss)

    $ (3,419 )    $ (1,534 )    $ (38,333 )    $ (127 )    $ (2,694 )    $ (4,953 )    $ (3,330 ) 
                                                        

Preferred stock dividends

    $ 799        796        859        796        804        1,595        1,505   
                                                        

Net income/(loss) available to common shareholders

    $ (4,218 )    $ (2,330 )    $ (39,192 )    $ (923 )    $ (3,498 )    $ (6,548 )    $ (4,835 ) 
                                                        

Diluted earnings available to common shareholders

      (0.20 )      (0.17 )      (2.84 )      (0.06 )      (0.25 )      (0.37 )      (0.35 ) 
                                                        

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)

 

     Three Months Ended  
     Jun.
2010		     Mar.
2010		     Dec.
2009		     Sept.
2009		     Jun.
2009		  

PERIOD-END BALANCE SHEET

           

Assets

           

Cash and due from banks

    $ 54,444      $ 68,859      $ 81,060      $ 43,761      $ 46,773   

Federal funds sold and interest bearing balances

      240,075        200,942        220,363        114,335        163,343   

Investment securities available for sale, at fair value

      237,985        248,013        245,556        251,189        257,771   

Other investments

      7,531        7,260        7,260        4,441        4,441   

Loans, net of unearned income

      1,493,126        1,536,528        1,584,359        1,652,689        1,677,045   

Less allowance for loan losses

      34,468        33,562        35,762        41,946        44,998   
                                        

Loans, net

      1,458,658        1,502,966        1,548,597        1,610,743        1,632,047   

Covered loans

      192,545        123,771        137,248        —          —     
                                        

Total loans

      1,651,204        1,626,737        1,685,845        1,610,743        1,632,047   

Other real estate owned

      41,079        34,682        23,316        21,923        19,180   

Covered other real estate owned

      25,845        17,862        9,337        —          —     
                                        

Total other real estate owned

      66,924        52,544        32,653        21,923        19,180   

Premises and equipment, net

      66,708        66,523        67,637        67,641        67,334   

Intangible assets, net

      3,314        3,364        3,586        3,193        3,339   

Goodwill

      —          —          —          54,813        54,813   

FDIC loss sharing receivable

      57,946        47,579        45,840        —          —     

Other assets

      35,779        29,711        34,171        35,436        36,204   
                                        

Total assets

    $ 2,421,910      $ 2,351,658      $ 2,423,971      $ 2,207,475      $ 2,285,245   
                                        

Liabilities

           

Deposits:

           

Noninterest-bearing

    $ 218,012      $ 222,454      $ 236,962      $ 205,699      $ 210,456   

Interest-bearing

      1,862,014        1,865,852        1,886,154        1,681,830        1,765,915   
                                        

Total deposits

      2,080,026        2,088,306        2,123,116        1,887,529        1,976,371   

Federal funds purchased & securities sold under agreements to repurchase

      17,600        20,640        55,254        30,393        16,484   

Other borrowings

      —          2,000        2,000        7,000        7,000   

Other liabilities

      7,145        5,082        6,368        7,268        9,967   

Subordinated deferrable interest debentures

      42,269        42,269        42,269        42,269        42,269   
                                        

Total liabilities

      2,147,040        2,158,297        2,229,007        1,974,459        2,052,091   
                                        

Stockholders’ equity

           

Preferred stock

    $ 49,832      $ 49,691      $ 49,552      $ 49,411      $ 49,279   

Common stock

      24,851        15,269        15,163        15,018        15,018   

Capital surplus

      164,378        87,830        87,790        86,432        86,286   

Retained earnings

      38,795        43,707        46,031        86,425        87,348   

Accumulated other comprehensive income/(loss)

      7,834        7,676        7,240        6,542        6,033   

Less treasury stock

      (10,820 )      (10,812 )      (10,812 )      (10,812 )      (10,810 ) 
                                        

Total stockholders’ equity

      274,870        193,361        194,964        233,016        233,154   
                                        

Total liabilities and stockholders’ equity

    $ 2,421,910      $ 2,351,658      $ 2,423,971      $ 2,207,475      $ 2,285,245   
                                        

Other Data

           

Earning Assets

      2,171,262        2,270,427        2,188,622        2,024,442        2,099,947   

Intangible Assets

      3,314        3,364        4,053        58,006        58,152   

Interest Bearing Liabilities

      1,921,883        1,930,761        1,985,677        1,761,492        1,831,668   

Average Assets

      2,444,425        2,377,348        2,374,352        2,244,527        2,285,190   

Average Common Stockholders’ Equity

      217,042        143,655        205,500        186,858        188,442   

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)

 

     Three Months Ended     Six Months Ended  
     Jun.
2010		     Mar.
2010		     Dec.
2009		     Sept.
2009		     Jun.
2009		     Jun.
2010		     Jun.
2009		  

ASSET QUALITY INFORMATION (1)

               

Allowance for loan losses

               

Balance at beginning of period

    $ 33,563      $ 35,762      $ 41,946      $ 44,998      $ 42,417      $ 44,998      $ 39,652   

Acquired Reserves

      —          —          —          —          —          —          —     

Provision for loan loss

      18,608        10,770        16,468        8,298        9,390        29,378        17,302   

Charge-offs

      18,756        13,246        22,515        11,993        7,102        32,002        12,623   

Recoveries

      1,053        277        (137 )      643        293        1,330        667   
                                                        

Net charge-offs (recoveries)

      17,703        12,969        22,652        11,350        6,809        30,672        11,956   

Ending balance

    $ 34,468      $ 33,563      $ 35,762      $ 41,946      $ 44,998      $ 43,704      $ 44,998   
                                                        

As a percentage of loans

      2.31 %      2.18 %      2.26 %      2.54 %      2.68 %      2.31 %      2.93 % 

As a percentage of nonperforming loans

      37.33 %      37.44 %      37.20 %      49.99 %      65.35 %      47.33 %      65.35 % 

As a percentage of nonperforming assets

      25.34 %      27.41 %      30.39 %      39.63 %      51.11 %      32.13 %      51.11 % 

Net charge-off information

               

Charge-offs

               

Commercial, Financial and Agricultural

    $ 703      $ 2,008      $ 1,831      $ 601      $ 815      $ 2,711      $ 2,204   

Real Estate - Residential

      4,739        924        3,911        3,846        1,364        5,663        3,102   

Real Estate - Commercial and Farmland

      5,023        4,593        4,571        482        902        9,616        1,179   

Real Estate - Construction and Development

      8,202        5,576        11,831        6,871        3,731        13,778        5,661   

Consumer Installment

      89        145        371        193        290        234        477   

Other

      —          —          —          —          —          —          —     
                                                        

Total charge-offs

      18,756        13,246        22,515        11,993        7,102        32,002        12,623   
                                                        

Recoveries

               

Commercial, Financial and Agricultural

      430        78        79        64        16        508        98   

Real Estate - Residential

      84        28        (174 )      228        216        112        224   

Real Estate - Commercial and Farmland

      202        64        11        3        13        266        243   

Real Estate - Construction and Development

      140        64        (88 )      314        8        204        18   

Consumer Installment

      197        43        35        34        40        240        84   

Other

      —          —          —          —          —          —          —     
                                                        

Total recoveries

      1,053        277        (137 )      643        293        1,330        667   
                                                        

Net charge-offs (recoveries)

    $ 17,703      $ 12,969      $ 22,652      $ 11,350      $ 6,809      $ 30,672      $ 11,956   
                                                        

Non-accrual loans

      92,336        89,649        96,131        83,917        68,858        92,336        68,858   

Foreclosed assets

     43,686        32,800        21,551        21,923        19,180        43,686        19,180   

Accruing loans delinquent 90 days or more

      —          —          —          —          —            —     
                                                        

Total non-performing assets

      136,022        122,449        117,682        105,840        88,038        136,022        88,038   
                                                        

Non-performing assets as a percent of loans and foreclosed assets

      7.75 %      7.16 %      6.72 %      6.32 %      5.19 %      7.75 %      5.19 % 

Net charge offs as a percent of loans (Annualized)

      4.21 %      3.08 %      5.18 %      2.72 %      1.63 %      3.64 %      1.43 % 

 

(1) Excludes loans and OREO covered under loss-sharing agreements with the FDIC

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)

 

     Three Months Ended    Six Months Ended
     Jun.
2010		    Mar.
2010		    Dec.
2009		    Sept.
2009		    Jun.
2009		    Jun.
2010		    Jun.
2009

AVERAGE BALANCES

                     

Federal funds sold

    $ 54,245    $ 25,831    $ 25,652    $ 25,000    $ 2,444    $ 40,038    $ 17,739

Interest bearing deposits in banks

      232,733      173,125      127,092      112,827      159,510      202,929      121,467

Investment securities - taxable

      209,532      209,465      215,610      216,471      229,493      209,499      286,289

Investment securities - nontaxable

      35,650      36,430      39,038      38,693      27,488      36,040      22,973

Other investments

      8,061      5,495      5,472      4,441      6,226      6,778      6,511

Loans

      1,528,220      1,563,307      1,669,753      1,666,821      1,671,808      1,545,764      1,677,712

Covered loans

      155,302      120,211      79,795      —        —        137,757      —  
                                                

Total Earning Assets

    $ 2,223,743    $ 2,133,864    $ 2,162,412    $ 2,064,253    $ 2,096,969    $ 2,178,804    $ 2,132,691
                                                

Noninterest bearing deposits

    $ 237,276    $ 231,765    $ 232,215    $ 207,495    $ 205,403    $ 234,521    $ 204,706

NOW accounts

      482,798      505,566      492,434      493,253      475,498      494,182      422,636

MMDA

      441,445      424,913      410,909      384,266      333,998      433,179      301,472

Savings accounts

      64,887      63,436      61,645      57,532      57,503      64,162      56,516

Retail CDs < $100,000

      375,339      331,294      382,131      341,495      365,771      353,317      402,776

Retail CDs > $100,000

      371,754      393,473      338,378      331,763      381,719      382,614      428,338

Brokered CDs

      138,113      151,333      125,439    $ 116,186      151,780      144,723      170,659
                                                

Total Deposits

      2,111,612      2,101,780      2,043,151      1,931,990      1,971,672      2,106,696      1,987,103
                                                

FHLB advances

      747      2,000      2,583      2,000      2,000      1,374      13,607

Subordinated debentures

      42,269      42,269      42,269      42,269      42,269      42,269      42,269

Federal funds purchased and securities sold under agreements to repurchase

      18,698      30,650      48,375      20,047      15,211      24,674      17,222

Other borrowings

      —        —        4,946      5,000      5,000      —        5,000
                                                

Total Non-Deposit Funding

      61,714      74,919      98,173      69,316      64,480      68,317      78,098
                                                

Total Funding

    $ 2,173,326    $ 2,176,699    $ 2,141,324    $ 2,001,306    $ 2,036,152    $ 2,175,013    $ 2,065,201
                                                

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)

 

     Three Months Ended    Six Months Ended
     Jun.
2010		    Mar.
2010		    Dec.
2009		    Sept.
2009		    Jun.
2009		    Jun.
2010		    Jun.
2009

INTEREST INCOME/EXPENSE

                     

INTEREST INCOME

                     

Federal funds sold

    $ 12    $ 12    $ 18    $ 12    $ 1    $ 24    $ 42

Interest bearing deposits in banks

      97      57      60      68      109      154      134

Investment securities - taxable

      2,438      2,462      2,570      2,725      2,890      4,900      6,565

Investment securities - nontaxable (TE)

      460      468      491      506      392      928      650

Loans (TE)

      22,986      22,849      23,668      24,895      25,886      45,835      51,680

Covered loans

      5,832      2,375      1,261            8,207      —  
                                                

Total Earning Assets

    $ 31,825    $ 28,223    $ 28,068    $ 28,206    $ 29,278    $ 60,048    $ 59,071
                                                

INTEREST EXPENSE

                     

Non-interest bearing deposits

    $ —      $ —      $ —      $ —      $ —      $ —      $ —  

NOW accounts

      1,135      1,234      1,300      1,433      1,504      2,369      2,470

MMDA

      1,446      1,484      1,520      1,510      1,404      2,930      2,455

Savings accounts

      75      90      107      102      106      165      211

Retail CDs < $100,000

      1,689      1,568      1,769      2,165      2,625      3,257      6,561

Retail CDs > $100,000

      1,674      1,881      1,894      2,304      2,970      3,555      7,564

Brokered CDs

      1,065      1,076      1,047      1,169      1,424      2,141      2,927
                                                

Total Deposits

      7,084      7,333      7,637      8,683      10,033      14,417      22,188
                                                

FHLB advances

      12      30      49      31      31      42      23

Subordinated debentures

      113      178      351      438      443      291      879

Repurchase agreements

      26      36      70      33      33      62      71

Correspondent bank line of credit and other

      2      2      22      23      35      4      63
                                                

Total Non-Deposit Funding

      153      246      492      525      542      399      1,036
                                                

Total Funding

    $ 7,237    $ 7,579    $ 8,129    $ 9,208    $ 10,575    $ 14,816    $ 23,224
                                                

Net Interest Income (TE)

    $ 24,588    $ 20,644    $ 19,939    $ 18,998    $ 18,703    $ 45,232    $ 35,847
                                                

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)

 

     Three Months Ended     Six Months Ended  
     Jun.
2010		     Mar.
2010		     Dec.
2009		     Sept.
2009		     Jun.
2009		     Jun.
2010		     Jun.
2009		  

YIELDS (1)

               

Federal funds sold

    0.09 %    0.19 %    0.28 %    0.19 %    0.16 %    0.12 %    0.48 % 

Interest bearing deposits in banks

    0.17 %    0.13 %    0.19 %    0.24 %    0.27 %    0.15 %    0.22 % 

Investment securities - taxable

    4.67 %    4.77 %    4.73 %    4.99 %    5.05 %    4.72 %    4.62 % 

Investment securities - nontaxable (1)

    5.18 %    5.21 %    4.99 %    5.19 %    5.72 %    5.19 %    5.71 % 

Loans (1)

    6.03 %    5.93 %    5.62 %    5.93 %    6.21 %    5.98 %    6.21 % 

Covered loans

    15.06 %    8.01 %    6.27 %    0.00 %    0.00 %    0.00 %    0.00 % 
                                          

Total Earning Assets

    5.74 %    5.36 %    5.15 %    5.42 %    5.60 %    5.56 %    5.59 % 
                                          

Noninterest bearing deposits

    0.00 %    0.00 %    0.00 %    0.00 %    0.00 %    0.00 %    0.00 % 

NOW accounts

    0.94 %    0.99 %    1.05 %    1.15 %    1.27 %    0.97 %    1.18 % 

MMDA

    1.31 %    1.42 %    1.47 %    1.56 %    1.69 %    1.36 %    1.64 % 

Savings accounts

    0.46 %    0.58 %    0.69 %    0.70 %    0.74 %    0.52 %    0.75 % 

Retail CDs < $100,000

    1.80 %    1.92 %    1.84 %    2.52 %    2.88 %    1.86 %    3.28 % 

Retail CDs > $100,000

    1.81 %    1.94 %    2.22 %    2.76 %    3.12 %    1.87 %    3.56 % 

Brokered CDs

    3.09 %    2.88 %    3.31 %    3.99 %    3.76 %    2.98 %    3.46 % 
                                          

Total Deposits

    1.35 %    1.41 %    1.48 %    1.78 %    2.04 %    1.38 %    2.25 % 

FHLB advances

    6.44 %    6.08 %    7.53 %    6.15 %    6.22 %    6.17 %    0.34 % 

Subordinated debentures

    1.07 %    1.71 %    3.29 %    4.11 %    4.20 %    1.39 %    4.19 % 

Repurchase agreements

    0.56 %    0.48 %    0.57 %    0.65 %    0.87 %    0.00 %    5.12 % 

Correspondent bank line of credit and other

    0.00 %    0.00 %    1.76 %    1.83 %    2.81 %    1.18 %    2.68 % 
                                          

Total Non-Deposit Funding

    0.99 %    1.33 %    1.99 %    3.00 %    3.37 %    1.18 %    2.68 % 
                                          

Total funding (3)

    1.34 %    1.41 %    1.51 %    1.83 %    2.08 %    1.37 %    2.27 % 
                                          

Net interest spread

    4.40 %    3.95 %    3.64 %    3.60 %    3.53 %    4.18 %    3.32 % 
                                          

Net interest margin (2)

    4.43 %    3.92 %    3.66 %    3.65 %    3.59 %    4.19 %    3.39 % 
                                          

 

(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 35%.
(2) Rate calculated based on average earning assets.
(3) Rate calculated based on total average funding including non-interest bearing liabilities.

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)

 

     Three Months Ended     Six Months Ended  
Core Earnings Reconciliation    Jun.
2010		     Mar.
2010		     Dec.
2009		     Sept.
2009		     Jun.
2009		     Jun.
2010		     Jun.
2009		  

Pre-tax operating profit/(loss)

    $ (5,083 )    $ (2,403 )    $ (29,010 )    $ (325 )    $ (3,984 )    $ (7,486 )    $ (5,159 ) 

Plus: Credit Related Costs

               

Provision for loan losses

      18,608        10,770        16,468        8,298        9,390        29,378        17,302   

(Gains)/Losses on the sale of OREO

      4,173        487        3,572        (76 )      621        4,660        782   

Problem loan and OREO expense

      2,051        1,533        990        1,069        793        3,584        1,306   

Interest reversed on non-accrual loans

      1,017        575        1,398        1,267        605        1,592        1,339   
                                                        

Total Credit-Related Costs

      25,849        13,365        22,428        10,558        11,409        39,214        20,729   
                                                        

Plus: Non-recurring impairment charges

      —          —          54,813        —          —          —          —     

Plus: Costs associated with capital raise

      933        —          —          —          —          933        —     

Less: Non-recurring accretable differences

      (1,776 )      —          —          —          —          —       

Less: Non-recurring gains

      —          —          —          —          —          —       

Gains related to FDIC acquisitions

      (8,208 )      —          (38,566 )      —          —          (8,208 )      —     

Gains on sales of securities

      —          (200 )      (77 )      20        (101 )      (200 )      (814 ) 

Gains on sales of bank premises

      (149 )      (249 )      —          —          —          (398 )      —     

Other non-recurring adjustments

      310        —          —          (812 )      —          310        —     
                                                        

Pretax, Pre-provision earnings

    $ 11,876      $ 10,513      $ 9,588      $ 9,441      $ 7,324      $ 24,165      $ 14,756   
                                                        

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)

 

     Three Months Ended     Six Months Ended  
Recurring Operating Expenses    Jun.
2010		     Mar.
2010		     Dec.
2009		     Sept.
2009		     Jun.
2009		     Jun.
2010		     Jun.
2009		  

Total Operating Expenses

      23,383        16,931        75,982        15,360        17,729        40,314        33,456   

Less: Credit costs & non-recurring charges

               

(Gains)/Losses on the sale of OREO

      (4,173 )      (487 )      (3,572 )      76        (621 )      (4,660 )      (782 ) 

Problem loan and OREO expense

      (2,051 )      (1,533 )      (990 )      (1,069 )      (793 )      (3,584 )      (1,306 ) 

Costs associated with capital raise

      (933 )      —          —          —          —          (933 )      —     

Goodwill impairment

      —          —          (54,813 )      —          —          —          —     

Severance payments

      (310 )      —          —          —          —          (310 )      —     

(Gains)/Losses on the sale of premises

      149        249        —          —          —          398        —     
                                                        

Recurring operating expenses

    $ 16,065      $ 15,160      $ 16,607      $ 14,367      $ 16,315      $ 31,225      $ 31,368   
                                                        
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