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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): October 21, 2010 Ameris Bancorp (Exact Name of Registrant as Specified in Charter) (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) Registrants 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):
On October 20, 2010, Ameris Bancorp issued a press release announcing its unaudited third 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.
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. /s/ Dennis J. Zember Jr. Dated: October 21, 2010
EXHIBIT INDEX
Exhibit No. Exhibit Exhibit 99.1
News Release For more information contact: Dennis J. Zember Jr. Executive Vice President & CFO (229)
890-1111 AMERIS BANCORP REPORTS THIRD QUARTER 2010 RESULTS October 20, 2010 AMERIS BANCORP (NASDAQ-GS: ABCB), Moultrie, Georgia, today
reported a net loss available to common shareholders of $1.7 million, or $0.07 per diluted share, for the quarter ended September 30, 2010, compared to a net loss of $0.9 million, or $0.07 per diluted share, for the third quarter of 2009. For
the year to date period ending September 30, 2010, the Company reported a net loss available to common shareholders of $8.3 million, or $0.42 per diluted share, compared to a net loss of $5.8 million, or $0.41 per diluted share, for the same
period in 2009. We continue to make progress with several initiatives, said Edwin W. Hortman, Jr., President and CEO. Our operations continue to produce strong levels of pre-tax, pre-provision earnings, at levels close to 2.00% on
average assets. This is due to higher net interest margins and reduced levels of operating expenses. With respect to credit quality, we are seeing positive trends in classified assets and problem loan formation and we believe that efforts to sell
OREO will yield results in the coming quarters, continued Mr. Hortman. Credit Quality Trends At the end of the third quarter of 2010, nonperforming assets totaled $138.3 million, or 5.67% of total assets, compared to $136.0 million or 5.62% of
total assets, at June 30, 2010. A relatively small decline in non-performing loans of $2.5 million to $89.8 million in the current quarter was more than offset by increases in foreclosed assets of $4.7 million to $48.4 million when compared to
the second quarter of 2010. Net charge offs were lower in the current quarter, at 2.14% of total loans on an annualized basis, compared to 4.22% in the second quarter of 2010. We continue to see declines in problem loan formation across all risk classifications, stated Mr. Hortman. In the current cycle from their peak levels, criticized assets are down
35%, classified accruing loans are down 57% and non-accrual loans are down 10%. Our continuing challenge is to accelerate sales of our OREO which will restore more favorable levels of credit quality. At the end of the second quarter of 2010, the Company entered into an agreement to sell certain OREO and non-performing loans in three pools to a single
investor group. Transactions for two of the three pools closed, resulting in a reduction of non-performing loans during the third quarter of $3.7 million. The third pool did not close as anticipated, leaving $9.6 million of non-performing loans and
OREO marked at significant discounts. The Company has begun remarketing these assets for sale and has entered into several sales contracts at prices higher than those agreed upon in the initial bulk sale.
Balance Sheet
Total assets increased $227.2 million, or 10.3%, to $2.43 billion at September 30, 2010 when compared to balances at
September 30, 2009. Loans outstanding, at $1.65 billion, were substantially unchanged at the end of the third quarter of 2010 compared to the same period in 2009, but were down approximately $36.7 million from the most recent linked quarter.
Cash flows from loan repayments or workouts, together with increased success with deposit sales and retention, have provided significant liquidity reserves for the Company. Total cash and short-term assets at the end of the third quarter of 2010 was
$350.7 million, an increase of $192.6 million from the same period in 2009. Shareholders equity was $274.0 million at the end of the
third quarter of 2010, an increase of $79.0 million when compared to balances at December 31, 2009. The Companys successful capital raise in the second quarter of 2010, coupled with strong core earnings, has delivered higher capital
ratios and higher levels of tangible book value. At September 30, 2010, the Companys tangible common equity to tangible assets was 9.08% compared to 5.84% at September 30, 2009. Tangible book value increased slightly to $9.35 per
share at the end of the third quarter of 2010 compared to $9.00 at the same period in 2009. Operating Results Core earnings (pre-tax, pre-provision) increased in the third quarter of 2010 to $11.8 million compared to $9.4 million in the third quarter of 2009. For
the year to date period in 2010, the Companys core earnings increased 41.7% to $34.3 million when compared to the same period in 2009. Margin expansion, steady yields on earning assets and flat operating expenses contributed to the success in
higher core earnings. For the third quarter of 2010, the Company reported $22.2 million of tax equivalent net interest income compared to
$19.0 million for the same quarter in 2009. The Companys yield on earning assets declined slightly to 5.34% compared to 5.42% for the third quarter of 2009. Lower yields on uncovered loans and higher levels of short-term assets were offset by
covered loans with attractive net yields to the Company. Total interest expense on deposits in the third quarter of 2010 amounted to $6.9
million, compared to $8.7 million in the same quarter in 2009. The Companys cost of deposits in the third quarter of 2010 was 1.31% compared to 1.78% in the same quarter in 2009. While all classes of deposits produced lower yields than in
2009, the majority of the savings were in retail CDs where current renewal rates are significantly less than they were in 2009. Non-interest
income increased during the current quarter to $5.0 million, compared to $4.5 million in the third quarter of 2009. Service charges were higher by $0.3 million, increasing to $3.8 million due mostly to fees associated with deposits acquired in FDIC
assisted acquisitions. Mortgage related revenue was mostly flat at $0.7 million when compared to the third quarter of 2009. Efforts to reduce
controllable expenses over the past year have been successful considering Ameris Banks growth and the additional operations acquired in FDIC-assisted transactions. In the third quarter of 2010, the Company reported operating expenses of $18.9
million, compared to $15.4 million in the same quarter of 2009. As seen in the attached financial highlights, recurring operating expense normalized for credit costs and FDIC insurance expense shows expenses substantially flat at $14.4 million for
the third quarter of 2010 compared to $14.1 million in the same quarter in 2009. For the year to date period, the Company reported $43.1 million of core operating expense compared to $43.5 million in the year to date period ended September 30,
2009. Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter, had 50 locations in Georgia, Alabama,
northern Florida and South Carolina.
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 Companys performance. These measures are useful when evaluating the underlying
performance and efficiency of the Companys operations and balance sheet. The Companys 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 Companys management believes that investors may use these non-GAAP financial measures to evaluate the Companys financial performance without
the impact of unusual items that may obscure trends in the Companys underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable
to non-GAAP performance measures that may be presented by other companies. Tangible common equity and Tier 1 capital ratios are non-GAAP measures. The Company calculates Tier 1 capital using current call report instructions. The Companys
management uses these measures to assess the quality of capital and believes that investors may find them useful in their evaluation of the Company. These capital measures may or may not be necessarily comparable to similar capital measures that may
be presented by other companies. This 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 Companys
periodic filings with the Securities and Exchange Commission for a summary of certain factors that may impact the Companys results of operations and financial condition.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount)
EARNINGS Net Income/(Loss) Available to Common Shareholders PER COMMON SHARE DATA Earnings per share available to common shareholders: Basic Diluted Cash Dividends per share Stock dividend Book value per share (period end) Tangible book value per share (period end) Weighted average number of shares: Basic Diluted Period-end number of shares Market data: High closing price Low closing price Period end closing price Average daily volume PERFORMANCE RATIOS Return on average assets Return on average common equity Earning asset yield (TE) Total cost of funds Net interest margin (TE) Non-interest income excluding securities transactions, as a percent of total revenue (TE) (1) Efficiency ratio (2) CAPITAL ADEQUACY (period end) Stockholders equity to assets Tangible common equity to tangible assets EQUITY TO ASSETS RECONCILIATION Tangible common equity to tangible assets Effect of preferred equity Effect of goodwill and other intangibles Equity to assets (GAAP) OTHER PERIOD-END DATA FTE Headcount Assets per FTE Branch locations Deposits per branch location Includes gain from acquisition of $38.6 million, net of income tax expense of $13.5 million in the fourth quarter of 2009 .
Includes the non-recurring, non-cash goodwill impairment charge of $54.8 million in the fourth quarter of 2009 and the gain on acquisition of $38.6
million.
AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount)
INCOME STATEMENT Interest income Interest and fees on loans Interest on taxable securities Interest on nontaxable securities Interest on deposits in other banks Interest on federal funds sold Total interest income Interest expense Interest on deposits Interest on other borrowings Total interest expense Net interest income Provision for loan losses Net interest income after provision for loan losses Noninterest income Service charges on deposit accounts Mortgage banking activity Other service charges, commissions and fees Gain(loss) on sale of securities Gains from acquisitions Other non-interest income Total noninterest income Noninterest expense Salaries and employee benefits Occupancy and equipment expenses Data processing and telecommunications expenses FDIC insurance expense Credit related expenses (1) Advertising and marketing expenses Amortization of intangible assets Goodwill impairment Other non-interest expenses Total noninterest expense Operating profit/(loss) Income tax (benefit)/expense Net income/(loss) Preferred stock dividends Net income/(loss) available to common shareholders Diluted earnings available to common shareholders 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)
Georgia
001-13901
58-1456434
310 First Street, S.E., Moultrie, Georgia
31768
(Address of Principal Executive Offices)
(Zip Code)
¨
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.
Item 9.01.
Financial Statements and Exhibits.
(d)
Exhibits.
99.1
Press release dated October 20, 2010.
AMERIS BANCORP
By:
Dennis J. Zember Jr.
Executive Vice President and Chief Financial Officer
99.1
Press release dated October 20, 2010.
Three Months Ended
Nine Months Ended
Sept.
2010
Jun.
2010
Mar.
2010
Dec.
2009
Sept.
2009
Sept.
2010
Sept.
2009
$
(1,704
)
$
(4,218
)
$
(2,330
)
$
(39,192
)
$
(923
)
$
(8,252
)
$
(5,757
)
$
(0.07
)
$
(0.20
)
$
(0.17
)
$
(2.82
)
$
(0.07
)
$
(0.42
)
$
(0.41
)
$
(0.07
)
$
(0.20
)
$
(0.17
)
$
(2.82
)
$
(0.07
)
$
(0.42
)
$
(0.41
)
$
$
$
$
$
0.10
1 for 210
1 for 130
1 for 130
1 for 130
3 for 157
1 for 130
$
9.48
$
9.57
$
10.18
$
10.39
$
13.15
$
9.48
$
13.15
$
9.35
$
9.43
$
9.94
$
10.13
$
9.00
$
9.35
$
9.00
23,570,929
21,231,367
13,906,137
13,912,458
13,906,299
19,569,478
13,945,216
23,570,929
21,231,367
13,906,137
13,912,458
13,906,299
19,569,478
13,925,559
23,626,129
23,515,468
14,108,672
14,001,044
13,961,597
23,626,129
13,961,597
$
10.49
$
11.55
$
10.32
$
7.25
$
7.47
$
11.55
$
11.73
$
7.83
$
9.00
$
7.36
$
5.13
$
5.93
$
7.36
$
3.66
$
9.35
$
9.66
$
9.03
$
7.16
$
7.15
$
9.35
$
7.15
75,573
205,388
37,715
38,583
30,407
106,881
29,835
(0.28
%)
(0.68
%)
(0.26
%)
(6.54
%)
(0.14
%)
(0.45
%)
(0.32
%)
(3.01
%)
(8.77
%)
(4.33
%)
(75.56
%)
(1.68
%)
(4.91
%)
(3.55
%)
5.34
%
5.32
%
5.36
%
5.01
%
5.42
%
5.48
%
5.53
%
1.33
%
1.34
%
1.41
%
1.51
%
1.83
%
1.36
%
2.12
%
4.04
%
4.01
%
3.92
%
3.55
%
3.65
%
4.14
%
3.47
%
16.74
%
12.40
%
14.15
%
68.82
%
13.89
%
14.58
%
13.57
%
70.08
%
63.35
%
66.93
%
119.77
%
65.83
%
66.40
%
70.82
%
11.25
%
11.35
%
8.22
%
8.04
%
10.56
%
11.25
%
10.56
%
9.08
%
9.17
%
5.97
%
5.86
%
5.84
%
9.08
%
5.84
%
9.08
%
9.17
%
5.97
%
5.86
%
5.84
%
9.08
%
5.84
%
2.05
%
2.06
%
2.11
%
2.04
%
2.24
%
2.05
%
2.24
%
0.12
%
0.12
%
0.13
%
0.14
%
2.47
%
0.12
%
2.47
%
11.25
%
11.35
%
8.22
%
8.04
%
10.56
%
11.25
%
10.56
%
570
581
594
615
595
570
595
$
4,271
$
4,169
$
3,959
$
3,928
$
3,710
$
4,271
$
3,710
50
53
53
53
50
50
50
$
41,980
$
39,246
$
39,402
$
40,059
$
37,751
$
41,980
$
37,751
(1)
(2)
Three Months Ended
Nine Months Ended
Sept.
2010
Jun.
2010
Mar.
2010
Dec.
2009
Sept.
2009
Sept.
2010
Sept.
2009
$
26,465
$
28,187
$
25,156
$
24,864
$
24,888
$
79,808
$
76,444
2,295
2,502
2,462
2,570
2,725
7,259
9,288
295
299
304
319
329
898
751
104
97
57
60
68
258
202
13
12
12
18
12
37
54
29,172
31,097
27,991
27,831
28,022
88,260
86,740
$
6,903
$
7,084
$
7,332
$
7,637
$
8,684
21,319
30,869
270
154
246
493
526
670
1,551
7,173
7,238
7,578
8,130
9,210
21,989
32,420
21,999
23,859
20,413
19,701
18,812
66,271
54,320
9,739
18,608
10,770
16,468
8,298
39,117
25,600
$
12,260
$
5,251
$
9,643
$
3,233
$
10,514
$
27,154
$
28,720
$
3,761
$
3,620
$
3,439
$
3,654
$
3,510
10,820
9,938
713
675
554
718
692
1,942
2,332
180
232
213
259
131
625
271
200
77
(20
)
200
794
8,209
38,566
8,209
357
313
479
465
208
1,149
1,278
5,011
13,049
4,885
43,739
4,521
22,945
14,613
7,555
8,027
7,826
8,616
7,431
23,408
23,321
2,171
2,025
2,027
2,417
2,114
6,223
6,496
1,729
2,077
1,763
1,801
1,746
5,569
5,077
1,304
1,285
1,248
858
654
3,837
2,594
3,232
6,224
2,020
4,562
993
11,476
3,081
167
143
159
336
301
469
1,314
254
239
271
205
146
764
439
54,813
2,516
3,363
1,617
2,374
1,975
7,496
6,494
18,928
23,383
16,931
75,982
15,360
59,242
48,816
$
(1,657
)
$
(5,083
)
$
(2,403
)
$
(29,010
)
$
(325
)
$
(9,143
)
$
(5,483
)
(760
)
(1,664
)
(869
)
9,323
(198
)
(3,293
)
(2,027
)
$
(897
)
$
(3,419
)
$
(1,534
)
$
(38,333
)
$
(127
)
$
(5,850
)
$
(3,456
)
$
807
$
799
796
859
796
2,402
2,301
$
(1,704
)
$
(4,218
)
$
(2,330
)
$
(39,192
)
$
(923
)
$
(8,252
)
$
(5,757
)
(0.07
)
(0.20
)
(0.17
)
(2.82
)
(0.07
)
(0.42
)
(0.41
)
(1)
Three Months Ended | ||||||||||||||||||||
Sept. 2010 |
Jun. 2010 |
Mar. 2010 |
Dec. 2009 |
Sept. 2009 |
||||||||||||||||
PERIOD-END BALANCE SHEET |
||||||||||||||||||||
Assets |
||||||||||||||||||||
Cash and due from banks |
$ | 43,814 | $ | 54,444 | $ | 68,859 | $ | 81,060 | $ | 43,761 | ||||||||||
Federal funds sold and interest bearing balances |
306,867 | 240,075 | 200,942 | 220,363 | 114,335 | |||||||||||||||
Investment securities available for sale, at fair value |
236,048 | 237,985 | 248,013 | 245,556 | 251,189 | |||||||||||||||
Other investments |
7,106 | 7,531 | 7,260 | 7,260 | 4,441 | |||||||||||||||
Loans, net of unearned income |
1,455,853 | 1,493,126 | 1,536,528 | 1,584,359 | 1,652,689 | |||||||||||||||
Covered loans |
192,267 | 191,663 | 123,771 | 137,248 | | |||||||||||||||
Less: allowance for loan losses |
34,072 | 33,585 | 33,562 | 35,762 | 41,946 | |||||||||||||||
Loans, net |
1,614,048 | 1,651,204 | 1,626,737 | 1,685,845 | 1,610,743 | |||||||||||||||
Other real estate owned |
50,919 | 41,079 | 34,682 | 23,316 | 21,923 | |||||||||||||||
Covered other real estate owned |
28,416 | 25,845 | 17,862 | 9,337 | | |||||||||||||||
Total other real estate owned |
79,335 | 66,924 | 52,544 | 32,653 | 21,923 | |||||||||||||||
Premises and equipment, net |
66,056 | 66,708 | 66,523 | 67,637 | 67,641 | |||||||||||||||
Intangible assets, net |
3,097 | 3,314 | 3,364 | 3,586 | 3,193 | |||||||||||||||
Goodwill |
| | | | 54,813 | |||||||||||||||
FDIC loss sharing receivable |
42,532 | 57,946 | 47,579 | 45,840 | | |||||||||||||||
Other assets |
35,801 | 35,779 | 29,711 | 34,171 | 35,436 | |||||||||||||||
Total assets |
$ | 2,434,703 | $ | 2,421,910 | $ | 2,351,532 | $ | 2,423,971 | $ | 2,207,475 | ||||||||||
Liabilities |
||||||||||||||||||||
Deposits: |
||||||||||||||||||||
Noninterest-bearing |
$ | 235,646 | $ | 218,012 | $ | 222,454 | $ | 236,962 | $ | 205,699 | ||||||||||
Interest-bearing |
1,863,355 | 1,862,014 | 1,865,852 | 1,886,154 | 1,681,830 | |||||||||||||||
Total deposits |
2,099,001 | 2,080,026 | 2,088,306 | 2,123,116 | 1,887,529 | |||||||||||||||
Federal funds purchased & securities sold under agreements to repurchase |
13,186 | 17,600 | 20,640 | 55,254 | 30,393 | |||||||||||||||
Other borrowings |
| | 2,000 | 2,000 | 7,000 | |||||||||||||||
Other liabilities |
6,279 | 7,145 | 5,082 | 6,368 | 7,268 | |||||||||||||||
Subordinated deferrable interest debentures |
42,269 | 42,269 | 42,269 | 42,269 | 42,269 | |||||||||||||||
Total liabilities |
2,160,735 | 2,147,040 | 2,158,297 | 2,229,007 | 1,974,459 | |||||||||||||||
Stockholders equity |
||||||||||||||||||||
Preferred stock |
$ | 49,975 | $ | 49,832 | $ | 49,691 | $ | 49,552 | $ | 49,411 | ||||||||||
Common stock |
24,961 | 24,961 | 15,379 | 15,273 | 15,128 | |||||||||||||||
Capital surplus |
165,544 | 165,544 | 88,996 | 88,956 | 87,598 | |||||||||||||||
Retained earnings |
35,948 | 37,519 | 42,431 | 44,755 | 85,149 | |||||||||||||||
Accumulated other comprehensive income/(loss) |
8,371 | 7,834 | 7,676 | 7,240 | 6,542 | |||||||||||||||
Less treasury stock |
(10,831 | ) | (10,820 | ) | (10,812 | ) | (10,812 | ) | (10,812 | ) | ||||||||||
Total stockholders equity |
273,968 | 274,870 | 193,361 | 194,964 | 233,016 | |||||||||||||||
Total liabilities and stockholders equity |
$ | 2,434,703 | $ | 2,421,910 | $ | 2,351,658 | $ | 2,423,971 | $ | 2,207,475 | ||||||||||
Other Data |
||||||||||||||||||||
Earning Assets |
2,199,929 | 2,171,262 | 2,270,427 | 2,188,622 | 2,024,442 | |||||||||||||||
Intangible Assets |
3,097 | 3,314 | 3,364 | 4,053 | 58,006 | |||||||||||||||
Interest Bearing Liabilities |
1,918,810 | 1,921,883 | 1,930,761 | 1,985,677 | 1,761,492 | |||||||||||||||
Average Assets |
2,429,709 | 2,444,425 | 2,377,348 | 2,374,352 | 2,244,527 | |||||||||||||||
Average Common Stockholders Equity |
224,656 | 217,042 | 143,655 | 205,500 | 186,858 |
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Sept. 2010 |
Jun. 2010 |
Mar. 2010 |
Dec. 2009 |
Sept. 2009 |
Sept. 2010 |
Sept. 2009 |
||||||||||||||||||||||
ASSET QUALITY INFORMATION (1) |
||||||||||||||||||||||||||||
Allowance for loan losses |
||||||||||||||||||||||||||||
Balance at beginning of period |
$ | 33,585 | $ | 33,563 | $ | 35,762 | $ | 41,946 | $ | 44,998 | $ | 35,762 | $ | 39,652 | ||||||||||||||
Provision for loan loss (2) |
9,602 | 17,725 | 10,770 | 16,468 | 8,298 | 38,097 | 25,600 | |||||||||||||||||||||
Charge-offs |
10,108 | 18,756 | 13,246 | 22,515 | 11,993 | 42,110 | 24,616 | |||||||||||||||||||||
Recoveries |
993 | 1,053 | 277 | (137 | ) | 643 | 2,323 | 1,310 | ||||||||||||||||||||
Net charge-offs (recoveries) |
9,115 | 17,703 | 12,969 | 22,652 | 11,350 | 39,787 | 23,306 | |||||||||||||||||||||
Ending balance |
$ | 34,072 | $ | 33,585 | $ | 33,563 | $ | 35,762 | $ | 41,946 | $ | 34,072 | $ | 41,946 | ||||||||||||||
As a percentage of loans |
2.34 | % | 2.25 | % | 2.18 | % | 2.26 | % | 2.54 | % | 2.34 | % | 2.54 | % | ||||||||||||||
As a percentage of nonperforming loans |
37.27 | % | 36.37 | % | 37.44 | % | 37.20 | % | 49.99 | % | 37.27 | % | 49.99 | % | ||||||||||||||
Net charge-off information |
||||||||||||||||||||||||||||
Charge-offs |
||||||||||||||||||||||||||||
Commercial, Financial and Agricultural |
$ | 866 | $ | 703 | $ | 2,008 | $ | 1,831 | $ | 601 | $ | 3,577 | $ | 2,805 | ||||||||||||||
Real Estate - Residential |
3,100 | 4,739 | 924 | 3,911 | 3,846 | 8,763 | 6,948 | |||||||||||||||||||||
Real Estate - Commercial and Farmland |
4,118 | 5,023 | 4,593 | 4,571 | 482 | 13,734 | 1,661 | |||||||||||||||||||||
Real Estate - Construction and Development |
1,557 | 8,202 | 5,576 | 11,831 | 6,871 | 15,335 | 12,532 | |||||||||||||||||||||
Consumer Installment |
467 | 89 | 145 | 371 | 193 | 701 | 670 | |||||||||||||||||||||
Other |
| | | | | | | |||||||||||||||||||||
Total charge-offs |
10,108 | 18,756 | 13,246 | 22,515 | 11,993 | 42,110 | 24,616 | |||||||||||||||||||||
Recoveries |
||||||||||||||||||||||||||||
Commercial, Financial and Agricultural |
41 | 430 | 78 | 79 | 64 | 549 | 162 | |||||||||||||||||||||
Real Estate - Residential |
54 | 84 | 28 | (174 | ) | 228 | 166 | 452 | ||||||||||||||||||||
Real Estate - Commercial and Farmland |
392 | 202 | 64 | 11 | 3 | 658 | 246 | |||||||||||||||||||||
Real Estate - Construction and Development |
458 | 140 | 64 | (88 | ) | 314 | 662 | 332 | ||||||||||||||||||||
Consumer Installment |
48 | 197 | 43 | 35 | 34 | 288 | 118 | |||||||||||||||||||||
Other |
| | | | | | | |||||||||||||||||||||
Total recoveries |
993 | 1,053 | 277 | (137 | ) | 643 | 2,323 | 1,310 | ||||||||||||||||||||
Net charge-offs (recoveries) |
$ | 9,115 | $ | 17,703 | $ | 12,969 | $ | 22,652 | $ | 11,350 | $ | 39,787 | $ | 23,306 | ||||||||||||||
Non-accrual loans |
89,862 | 92,336 | 89,649 | 96,131 | 83,917 | 89,862 | 83,917 | |||||||||||||||||||||
Foreclosed assets |
48,430 | 43,686 | 32,800 | 21,551 | 21,923 | 48,430 | 21,923 | |||||||||||||||||||||
Accruing loans delinquent 90 days or more |
| | | | | | ||||||||||||||||||||||
Total non-performing assets |
138,292 | 136,022 | 122,449 | 117,682 | 105,840 | 138,292 | 105,840 | |||||||||||||||||||||
Non-performing assets as a percent of total assets |
5.67 | % | 5.62 | % | 5.21 | % | 4.85 | % | 4.79 | % | 5.67 | % | 4.79 | % | ||||||||||||||
Net charge offs as a percent of loans (Annualized) |
2.14 | % | 4.22 | % | 3.12 | % | 5.14 | % | 2.70 | % | 3.16 | % | 1.86 | % |
(1) | Asset quality information is presented net of covered assets where the Companys risk exposure is limited substantially by loss sharing agreements with the FDIC. |
(2) | During the second and third quarter of 2010, the Company recorded provision for loan loss expense of $0.9 million and $0.1 million, respectively, to account for losses where the initial estimate of cash flows was found to be excessive on loan acquired in FDIC assisted acquisitions. These amounts are excluded from the calculation above but reflected in the Company Consolidated Statement of Operations. |
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Sept. 2010 |
Jun. 2010 |
Mar. 2010 |
Dec. 2009 |
Sept. 2009 |
Sept. 2010 |
Sept. 2009 |
||||||||||||||||||||||
AVERAGE BALANCES |
||||||||||||||||||||||||||||
Federal funds sold |
$ | 61,465 | $ | 54,245 | $ | 25,831 | $ | 25,652 | $ | 25,000 | $ | 47,180 | $ | 20,092 | ||||||||||||||
Interest bearing deposits in banks |
190,203 | 232,733 | 173,125 | 127,092 | 112,827 | 198,687 | 119,515 | |||||||||||||||||||||
Investment securities - taxable |
199,244 | 209,532 | 209,465 | 215,610 | 216,471 | 206,080 | 264,387 | |||||||||||||||||||||
Investment securities - nontaxable |
35,813 | 35,650 | 36,430 | 39,038 | 38,693 | 35,964 | 28,436 | |||||||||||||||||||||
Other investments |
7,246 | 8,061 | 5,495 | 5,472 | 4,441 | 6,934 | 4,604 | |||||||||||||||||||||
Loans |
1,503,149 | 1,528,220 | 1,563,307 | 1,669,753 | 1,666,821 | 1,531,559 | 1,674,015 | |||||||||||||||||||||
Covered loans |
187,556 | 155,302 | 120,211 | 79,795 | | 154,356 | | |||||||||||||||||||||
Total Earning Assets |
$ | 2,184,676 | $ | 2,223,743 | $ | 2,133,864 | $ | 2,162,412 | $ | 2,064,253 | $ | 2,180,760 | $ | 2,111,049 | ||||||||||||||
Non-interest bearing deposits |
$ | 225,907 | $ | 237,276 | $ | 231,765 | $ | 232,215 | $ | 207,495 | $ | 231,649 | $ | 205,563 | ||||||||||||||
NOW accounts |
478,105 | 482,798 | 505,566 | 492,434 | 493,253 | 488,823 | 446,712 | |||||||||||||||||||||
MMDA |
448,955 | 441,445 | 424,913 | 410,909 | 384,266 | 438,438 | 329,507 | |||||||||||||||||||||
Savings accounts |
64,575 | 64,887 | 63,436 | 61,645 | 57,532 | 64,299 | 56,862 | |||||||||||||||||||||
Retail CDs < $100,000 |
367,353 | 375,339 | 331,294 | 382,131 | 341,495 | 357,995 | 386,712 | |||||||||||||||||||||
Retail CDs > $100,000 |
375,756 | 371,754 | 393,473 | 338,378 | 331,763 | 380,328 | 395,494 | |||||||||||||||||||||
Brokered CDs |
128,346 | 138,113 | 151,333 | 125,439 | $ | 116,186 | 139,264 | 148,510 | ||||||||||||||||||||
Total Deposits |
2,088,997 | 2,111,612 | 2,101,780 | 2,043,151 | 1,931,990 | 2,100,796 | 1,969,360 | |||||||||||||||||||||
FHLB advances |
$ | | $ | 747 | $ | 2,000 | $ | 2,583 | $ | 2,000 | $ | 908 | $ | 9,857 | ||||||||||||||
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 |
14,246 | 18,698 | 30,650 | 48,375 | 20,047 | 21,138 | 18,210 | |||||||||||||||||||||
Other borrowings |
| | | 4,946 | 5,000 | | 5,000 | |||||||||||||||||||||
Total Non-Deposit Funding |
56,515 | 61,714 | 74,919 | 98,173 | 69,316 | 64,315 | 75,336 | |||||||||||||||||||||
Total Funding |
$ | 2,145,512 | $ | 2,173,326 | $ | 2,176,699 | $ | 2,141,324 | $ | 2,001,306 | $ | 2,165,111 | $ | 2,044,696 | ||||||||||||||
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Sept. 2010 |
Jun. 2010 |
Mar. 2010 |
Dec. 2009 |
Sept. 2009 |
Sept. 2010 |
Sept. 2009 |
||||||||||||||||||||||
INTEREST INCOME/EXPENSE |
||||||||||||||||||||||||||||
INTEREST INCOME |
||||||||||||||||||||||||||||
Federal funds sold |
$ | 13 | $ | 12 | $ | 12 | $ | 18 | $ | 12 | $ | 37 | $ | 54 | ||||||||||||||
Interest bearing deposits in banks |
104 | 97 | 57 | 60 | 68 | 258 | 171 | |||||||||||||||||||||
Investment securities - taxable |
2,295 | 2,438 | 2,462 | 2,570 | 2,725 | 7,195 | 9,255 | |||||||||||||||||||||
Investment securities - nontaxable (TE) |
453 | 460 | 468 | 491 | 506 | 1,381 | 1,156 | |||||||||||||||||||||
Loans (TE) |
22,054 | 22,986 | 22,849 | 23,668 | 24,895 | 67,889 | 76,575 | |||||||||||||||||||||
Covered loans |
4,473 | 5,832 | 2,375 | 1,261 | | 12,680 | | |||||||||||||||||||||
Total Earning Assets |
$ | 29,392 | $ | 31,825 | $ | 28,223 | $ | 28,068 | $ | 28,206 | $ | 89,440 | $ | 87,211 | ||||||||||||||
INTEREST EXPENSE |
||||||||||||||||||||||||||||
Non-interest bearing deposits |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||
NOW accounts |
1,087 | 1,135 | 1,234 | 1,300 | 1,433 | 3,456 | 3,903 | |||||||||||||||||||||
MMDA |
1,428 | 1,446 | 1,484 | 1,520 | 1,510 | 4,358 | 3,965 | |||||||||||||||||||||
Savings accounts |
76 | 75 | 90 | 107 | 102 | 241 | 313 | |||||||||||||||||||||
Retail CDs < $100,000 |
1,596 | 1,689 | 1,568 | 1,769 | 2,165 | 4,853 | 8,726 | |||||||||||||||||||||
Retail CDs > $100,000 |
1,709 | 1,674 | 1,881 | 1,894 | 2,304 | 5,264 | 9,868 | |||||||||||||||||||||
Brokered CDs |
1,006 | 1,065 | 1,076 | 1,047 | 1,169 | 3,147 | 4,096 | |||||||||||||||||||||
Total Deposits |
6,902 | 7,084 | 7,333 | 7,637 | 8,683 | 21,319 | 30,871 | |||||||||||||||||||||
FHLB advances |
$ | | $ | 12 | $ | 30 | $ | 49 | $ | 31 | $ | 42 | $ | 54 | ||||||||||||||
Subordinated debentures |
246 | 113 | 178 | 351 | 438 | 537 | 1,317 | |||||||||||||||||||||
Repurchase agreements |
19 | 26 | 36 | 70 | 33 | 81 | 104 | |||||||||||||||||||||
Correspondent bank line of credit and other |
5 | 2 | 2 | 22 | 23 | 9 | 86 | |||||||||||||||||||||
Total Non-Deposit Funding |
270 | 153 | 246 | 492 | 525 | 669 | 1,561 | |||||||||||||||||||||
Total Funding |
$ | 7,172 | $ | 7,237 | $ | 7,579 | $ | 8,129 | $ | 9,208 | $ | 21,988 | $ | 32,432 | ||||||||||||||
Net Interest Income (TE) |
$ | 22,220 | $ | 24,588 | $ | 20,644 | $ | 19,939 | $ | 18,998 | $ | 67,452 | $ | 54,779 | ||||||||||||||
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Sept. 2010 |
Jun. 2010 |
Mar. 2010 |
Dec. 2009 |
Sept. 2009 |
Sept. 2010 |
Sept. 2009 |
||||||||||||||||||||||
YIELDS (1) |
||||||||||||||||||||||||||||
Federal funds sold |
0.08 | % | 0.09 | % | 0.19 | % | 0.28 | % | 0.19 | % | 0.10 | % | 0.36 | % | ||||||||||||||
Interest bearing deposits in banks |
0.22 | % | 0.17 | % | 0.13 | % | 0.19 | % | 0.24 | % | 0.17 | % | 0.23 | % | ||||||||||||||
Investment securities - taxable |
4.57 | % | 4.67 | % | 4.77 | % | 4.73 | % | 4.99 | % | 4.67 | % | 4.68 | % | ||||||||||||||
Investment securities - nontaxable |
5.02 | % | 5.18 | % | 5.21 | % | 4.99 | % | 5.19 | % | 5.13 | % | 5.44 | % | ||||||||||||||
Loans |
5.82 | % | 6.03 | % | 5.93 | % | 5.62 | % | 5.93 | % | 5.93 | % | 6.12 | % | ||||||||||||||
Covered loans |
9.46 | % | 15.06 | % | 8.01 | % | 6.27 | % | 0.00 | % | 10.98 | % | 0.00 | % | ||||||||||||||
Total Earning Assets |
5.34 | % | 5.74 | % | 5.36 | % | 5.15 | % | 5.42 | % | 5.48 | % | 5.53 | % | ||||||||||||||
Noninterest bearing deposits |
0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
NOW accounts |
0.90 | % | 0.94 | % | 0.99 | % | 1.05 | % | 1.15 | % | 0.95 | % | 1.17 | % | ||||||||||||||
MMDA |
1.26 | % | 1.31 | % | 1.42 | % | 1.47 | % | 1.56 | % | 1.33 | % | 1.61 | % | ||||||||||||||
Savings accounts |
0.47 | % | 0.46 | % | 0.58 | % | 0.69 | % | 0.70 | % | 0.50 | % | 0.74 | % | ||||||||||||||
Retail CDs < $100,000 |
1.72 | % | 1.80 | % | 1.92 | % | 1.84 | % | 2.52 | % | 1.81 | % | 3.02 | % | ||||||||||||||
Retail CDs > $100,000 |
1.80 | % | 1.81 | % | 1.94 | % | 2.22 | % | 2.76 | % | 1.85 | % | 3.34 | % | ||||||||||||||
Brokered CDs |
3.11 | % | 3.09 | % | 2.88 | % | 3.31 | % | 3.99 | % | 3.02 | % | 3.69 | % | ||||||||||||||
Total Deposits |
1.31 | % | 1.35 | % | 1.41 | % | 1.48 | % | 1.78 | % | 1.36 | % | 2.10 | % | ||||||||||||||
FHLB advances |
0.00 | % | 6.44 | % | 6.08 | % | 7.53 | % | 6.15 | % | 6.18 | % | 0.73 | % | ||||||||||||||
Subordinated debentures |
2.31 | % | 1.07 | % | 1.71 | % | 3.29 | % | 4.11 | % | 1.70 | % | 4.17 | % | ||||||||||||||
Repurchase agreements |
0.53 | % | 0.56 | % | 0.48 | % | 0.57 | % | 0.65 | % | 0.00 | % | 3.07 | % | ||||||||||||||
Correspondent bank line of credit and other |
0.00 | % | 0.00 | % | 0.00 | % | 1.76 | % | 1.83 | % | 1.39 | % | 2.77 | % | ||||||||||||||
Total Non-Deposit Funding |
1.90 | % | 0.99 | % | 1.33 | % | 1.99 | % | 3.00 | % | 1.39 | % | 2.77 | % | ||||||||||||||
Total funding (3) |
1.33 | % | 1.34 | % | 1.41 | % | 1.51 | % | 1.83 | % | 1.36 | % | 2.12 | % | ||||||||||||||
Net interest spread |
4.01 | % | 4.40 | % | 3.95 | % | 3.64 | % | 3.60 | % | 4.13 | % | 3.41 | % | ||||||||||||||
Net interest margin |
4.04 | % | 4.43 | % | 3.92 | % | 3.66 | % | 3.65 | % | 4.14 | % | 3.47 | % | ||||||||||||||
(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 | Nine Months Ended | |||||||||||||||||||||||||||
Sept. 2010 |
Jun. 2010 |
Mar. 2010 |
Dec. 2009 |
Sept. 2009 |
Sept. 2010 |
Sept. 2009 |
||||||||||||||||||||||
Core Earnings Reconciliation |
||||||||||||||||||||||||||||
Pre-tax operating profit/(loss) |
$ | (1,657 | ) | $ | (5,083 | ) | $ | (2,403 | ) | $ | (29,010 | ) | $ | (325 | ) | $ | (9,143 | ) | $ | (5,484 | ) | |||||||
Plus: Credit Related Costs |
||||||||||||||||||||||||||||
Provision for loan losses |
9,739 | 18,608 | 10,770 | 16,468 | 8,298 | 39,117 | 25,600 | |||||||||||||||||||||
(Gains)/Losses on the sale of OREO |
1,263 | 4,173 | 487 | 3,572 | (76 | ) | 5,923 | 706 | ||||||||||||||||||||
Problem loan and OREO expense |
1,969 | 2,051 | 1,533 | 990 | 1,069 | 5,553 | 2,375 | |||||||||||||||||||||
Interest reversed on non-accrual loans |
533 | 1,017 | 575 | 1,398 | 1,267 | 2,125 | 2,606 | |||||||||||||||||||||
Total Credit-Related Costs |
13,504 | 25,849 | 13,365 | 22,428 | 10,558 | 52,718 | 31,287 | |||||||||||||||||||||
Plus: Non-recurring impairment charges |
| | | 54,813 | | | | |||||||||||||||||||||
Plus: Costs associated with capital raise |
| 933 | 933 | | ||||||||||||||||||||||||
Less: Non-recurring gains |
| |||||||||||||||||||||||||||
Gains related to FDIC acquisitions |
| (8,208 | ) | | (38,566 | ) | | (8,208 | ) | | ||||||||||||||||||
Gains/(losses) on sales of securities |
| | (200 | ) | (77 | ) | 20 | (200 | ) | (794 | ) | |||||||||||||||||
Gains on sales of bank premises |
| (149 | ) | (249 | ) | (398 | ) | | ||||||||||||||||||||
Other non-recurring adjustments |
| (1,408 | ) | | | (812 | ) | (1,408 | ) | (812 | ) | |||||||||||||||||
Pretax, Pre-provision earnings |
$ | 11,847 | $ | 11,934 | $ | 10,513 | $ | 9,588 | $ | 9,441 | $ | 34,294 | $ | 24,197 | ||||||||||||||
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Sept. 2010 |
Jun. 2010 |
Mar. 2010 |
Dec. 2009 |
Sept. 2009 |
Sept. 2010 |
Sept. 2009 |
||||||||||||||||||||||
Recurring Operating Expenses |
||||||||||||||||||||||||||||
Total Operating Expenses |
$ | 18,928 | $ | 23,383 | $ | 16,931 | $ | 75,982 | $ | 15,360 | $ | 59,242 | $ | 48,816 | ||||||||||||||
Less: Credit costs & non-recurring charges |
||||||||||||||||||||||||||||
(Gains)/Losses on the sale of OREO |
(1,263 | ) | (4,173 | ) | (487 | ) | (3,572 | ) | 76 | (5,923 | ) | (706 | ) | |||||||||||||||
Problem loan and OREO expense |
(1,969 | ) | (2,051 | ) | (1,533 | ) | (990 | ) | (1,069 | ) | (5,553 | ) | (2,375 | ) | ||||||||||||||
Acquisition related expenses |
| (933 | ) | | | | (933 | ) | | |||||||||||||||||||
Goodwill impairment |
| | | (54,813 | ) | | | | ||||||||||||||||||||
Severance payments |
(16 | ) | (310 | ) | | | | (326 | ) | | ||||||||||||||||||
Reversal of retirement expense (one time) |
| | | | 380 | | 380 | |||||||||||||||||||||
Gains/(Losses) on the sale of premises |
(124 | ) | 149 | 249 | | | 274 | | ||||||||||||||||||||
FDIC insurance expense |
(1,304 | ) | (1,285 | ) | (1,248 | ) | (858 | ) | (654 | ) | (3,837 | ) | (2,594 | ) | ||||||||||||||
Recurring operating expenses |
$ | 14,252 | $ | 14,780 | $ | 13,912 | $ | 15,749 | $ | 14,093 | $ | 42,944 | $ | 43,521 | ||||||||||||||
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