-----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, AMMVxNpMkVQh4mfyBCr4sZ/2XaWLFthf9Q6t7LL969jFNEzr3NrjAH0fdaWoHbOz qc9GoAcRNNApU1mAtrZQ1A== 0001193125-11-017045.txt : 20110128 0001193125-11-017045.hdr.sgml : 20110128 20110128132234 ACCESSION NUMBER: 0001193125-11-017045 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20110128 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110128 DATE AS OF CHANGE: 20110128 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: 11554906 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): January 28, 2011

 

 

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 January 28, 2011, Ameris Bancorp issued a press release announcing its unaudited financial results for the quarter and fiscal year ended December 31, 2010. 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 January 28, 2011.

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: January 28, 2011

EXHIBIT INDEX

 

Exhibit

No.

   

Exhibit

99.1    Press release dated January 28, 2011.
 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 NET INCOME AND DECLINES IN NON-PERFORMING ASSETS IN

FOURTH QUARTER 2010

January 28, 2011

AMERIS BANCORP (NASDAQ-GS: ABCB), Moultrie, Georgia, today reported net income available to common shareholders of $1.1 million, or $0.04 per diluted share, for the quarter ended December 31, 2010, compared to a net loss of $39.2 million, or $2.82 per diluted share, for the quarter ended December 31, 2009. For the year to date periods, the Company reported a net loss available to common shareholders totaling $7.2 million, or $0.35 per diluted share, in 2010 compared to $45.0 million, or $3.27 per diluted share in, 2009.

Non-recurring items were part of the results in the fourth quarter of 2010 and 2009. After-tax gains associated with federally-assisted acquisitions totaled $4.2 million and $25.1 million in the fourth quarter of 2010 and 2009, respectively. In addition to the non-recurring revenue in the fourth quarter of 2009, the Company also reported a non-cash charge for goodwill impairment in the year-ago period totaling $54.8 million that had no impact on regulatory capital or tangible book value.

FDIC-Assisted Acquisitions

During the fourth quarter of 2010, the Company completed three FDIC-assisted acquisitions on banks with assets totaling $856.1 million at the time of acquisition. Edwin W. Hortman, Jr., President and Chief Executive Officer of the Company, commented on the activity, saying “Our acquisitions in the fourth quarter were strategic moves to enhance the Company’s existing footprint. Our Darby Bank transaction added Savannah, Georgia to our coastal franchise and Vidalia, Georgia to our core legacy markets. Our Tifton Banking Company transaction doubled our market presence in our second most profitable market in 2010 with limited amounts of incremental overhead. Lastly, our First Bank of Jacksonville transaction added two additional branches to our Jacksonville, Florida market where we believe our growth potential is strong. All three of the transactions exceeded our internal rate of return goals and have the scale necessary for us to gain additional leverage in our support functions.”

During the fourth quarter of 2010, the Company’s after-tax gain on FDIC-assisted acquisitions totaled $4.2 million, representing the difference between the fair values of the assets acquired and the liabilities assumed. In addition, the initial estimate of fair values in the Tifton Banking Company transaction yielded goodwill totaling approximately $956,000. While total assets at the time of acquisition totaled $856.1 million, the acquired institutions were funded with large amounts of non-core funding which the Company replaced with its excess core funding from existing retail deposits. Total assets of the acquired banks at December 31, 2010 had declined to $629.6 million, as much of the necessary deleveraging had occurred.

Improvement in Credit Quality

Non-performing assets declined for the first time in this economic cycle as sales of OREO (other real estate owned) continued and in-migration of problem loans slowed. Total non-accrual loans declined 17.5% to $79.3 million at December 31, 2010 compared to $96.1 million at the same time in 2009. The Company’s balances in OREO increased to $57.9 million at December 31, 2010 from $23.3 million at the same time in 2009. Mr. Hortman commented on credit quality, saying “We are extremely cautious with respect to our credit quality, working with the same sense of urgency despite improving trends. While these trends in potential problem loans and non-accrual loans are positive, much work remains to be done to reduce balances in OREO, especially in the current environment where real estate activity remains muted.”

For the year ended 2010, the Company reported net-charge offs totaling $50.0 million, or 3.33%, of average legacy loans (excluding covered loans), compared to $46.0 million, or 2.77%, in 2009. Despite the improving trends noted, the Company continued building reserves as a percentage of gross loans. At December 31, 2010, the Company’s loan loss allowance totaled $34.6 million, or 2.52%, of ending legacy loans, compared to $35.8 million, or 2.26%, at the same time in 2009.

Balance Sheet

Total assets increased $548.6 million, or 22.6%, to $2.97 billion at December 31, 2010 when compared to balances at December 31, 2009. A significant portion of the growth in 2010 came through the four FDIC-assisted acquisitions completed in 2010 with assets initially totaling $981.9 million.

Loans outstanding increased $208.1 million in 2010 to $1.93 billion at December 31, 2010 from $1.72 billion at December 31, 2009. Growth in loans acquired in FDIC-assisted transactions helped offset declines in the Company’s legacy loan portfolio. During 2010, loans backed by a loss-share agreement with the FDIC increased $425.0 million to $562.2 million, while loans in the Company’s uncovered portfolio declined $216.9 million to $1.37 billion. Loan declines in the Company’s core portfolio relate primarily to the movement of problem assets, either through charge-offs, foreclosure or aggressive management of certain concentrations.

The Company’s deposit mix remained favorable during 2010 with 58.2% of total deposits in non-CD accounts at December 31, 2010 compared to 58.6% at December 31, 2009. Growth in deposits came through acquisitions and through the efforts of the Company’s bankers. At December 31, 2010, low-cost transaction and savings deposits (costing less than 0.50%) totaled $726.4 million, representing growth of 30.5% over balances at December 31, 2009.

Net Interest Income

For the year ended December 31, 2010, the Company reported net interest income of $89.2 million, an increase of 20.6%, compared to the $74.0 million reported for the year 2009. The Company’s yield on earning assets for 2010 increased only slightly to 5.47% compared to 5.43% for the year ended December 31, 2009, while the Company’s cost of funding declined more significantly, from 1.95% in 2009 to 1.57% in 2010.

The Company’s net interest margin in 2010 expanded to 4.11% compared to 3.52% in 2009 because of the improvement in interest expense and cost of funds. At the end of 2010, the Company’s earning assets totaled $2.5 billion, or 84.5% of total assets, compared to $2.2 billion, or 90.2% of total assets, at the same time in 2009. Although the Company’s cost of funding has declined materially in 2009 and 2010, an increasing amount of this funding has been required for non-earning assets, including covered and uncovered non-performing assets and the FDIC indemnification asset.

Non-Interest Income

Recurring non-interest income (excluding gains on FDIC-assisted acquisitions and investment securities) in 2010 increased 7.7% to $20.4 million from $18.9 million in 2009. Despite the regulatory environment surrounding deposit related charges, Ameris Bank was able to increase these fees 11.4% to $15.1 million in 2010 through significantly higher amounts of transaction accounts (both through acquisitions and internal generation). Income from mortgage related activities declined 9.9% during 2010, although the Company’s pre-tax profitability on these activities increased approximately $700,000 in 2010 through restructuring efforts implemented in the first quarter of 2010. Gains on FDIC-assisted transactions totaled $14.7 million in 2010 compared to $38.6 in 2009.

Non-Interest Expense

Non-interest expenses in 2010 totaled $81.2 million compared to $124.8 million in 2009. Excluding credit related costs in both periods and goodwill impairment charges in 2009, the Company’s operating expenses totaled $64.8 million in 2010 compared to $62.3 million in 2009. A decrease in advertising expense of $1.1 million was more than offset by an increase in FDIC insurance expense of $1.7 million. Occupancy and equipment expense totaled $8.2 million in 2010, a decrease of $702,000 that resulted from lower maintenance and depreciation expense. This decrease was offset by an increase of $766,000 in data processing and telecommunications expense that resulted from growth in customer accounts.

Credit related expenses in 2010 totaled $16.4 million, a significant increase when compared to $7.6 million in 2009. Losses on the sale of OREO totaled $8.0 million in 2010, an increase of $3.7 million compared to 2009 levels. Problem loan and OREO expense totaled $8.4 million in 2010, an increase of $5.1 million when compared to 2009. These additional carrying costs related to increasingly higher levels of OREO throughout 2010.

Improvements in Core Earnings

The Company’s core earnings in 2010 totaled $46.6 million, an increase of 38.0% from $33.8 million in 2009. Mr. Hortman commented on this increase, saying “A strong net interest margin was key to our higher level of core earnings. Just as significant to the effort was our Company’s ability to manage a 20% increase in average assets with essentially no change in personnel expense. This speaks clearly to the contribution that our employees have made to allow our Company to emerge from this credit cycle in a healthy and strong position.”

Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 59 locations in Georgia, Alabama, northern Florida and South Carolina.

 

 

This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management of Ameris Bancorp (the “Company”) uses these non-GAAP measures in its analysis of the Company’s performance. These measures are useful when evaluating the underlying performance and efficiency of the Company’s operations and balance sheet. The Company’s management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company’s management believes that investors may use these non-GAAP financial measures to evaluate the Company’s financial performance without the impact of unusual items that may obscure trends in the Company’s underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tangible common equity and Tier 1 capital ratios are non-GAAP measures. The Company calculates Tier 1 capital using current call report instructions. The Company’s 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 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     Twelve Months Ended  
    Dec.     Sept.     June     Mar.     Dec.     Dec.     Dec.  
    2010     2010     2010     2010     2009     2010     2009  
EARNINGS              

Net Income/(Loss) Available to Common Shareholders

   $ 1,050      $ (1,704 )    $ (4,218 )    $ (2,330 )    $ (39,192 )    $ (7,202 )    $ (44,950 ) 

PER COMMON SHARE DATA

              

Earnings per share available to common shareholders:

              

Basic

   $ 0.04      $ (0.07 )    $ (0.20 )    $ (0.17 )    $ (2.82 )    $ (0.35 )    $ (3.27 ) 

Diluted

   $ 0.04      $ (0.07 )    $ (0.20 )    $ (0.17 )    $ (2.82 )    $ (0.35 )    $ (3.27 ) 

Cash Dividends per share

   $ —        $ —        $ —        $ —        $ —        $ —        $ 0.10   

Stock dividend

     —          —          1 for 210        1 for 130        1 for 130        3 for 157        2 for 130   

Book value per share (period end)

   $ 9.44      $ 9.48      $ 9.57      $ 10.18      $ 10.39      $ 9.44        10.52   

Tangible book value per share (period end)

   $ 9.22      $ 9.35      $ 9.43      $ 9.94      $ 10.13      $ 9.22        10.22   

Weighted average number of shares:

              

Basic

     23,427,393        23,427,919        21,231,367        13,906,137        13,912,458        20,498,204        13,741,399   

Diluted

     23,579,205        23,427,919        21,231,367        13,906,137        13,912,458        20,498,204        13,741,399   

Period-end number of shares

     23,647,841        23,626,169        23,515,468        14,108,672        14,001,044        23,647,841        13,829,674   

Market data:

              

High closing price

   $ 11.07      $ 10.49      $ 11.55      $ 10.32      $ 7.25      $ 11.55      $ 11.73   

Low closing price

   $ 8.73      $ 7.83      $ 9.00      $ 7.36      $ 5.13      $ 7.36      $ 3.66   

Period end closing price

   $ 10.54      $ 9.35      $ 9.66      $ 9.03      $ 7.16      $ 10.54      $ 7.16   

Average daily volume

     55,281        75,573        205,388        37,715        38,583        93,489        32,228   

PERFORMANCE RATIOS

              

Return on average assets

     0.15 %      (0.28 %)      (0.68 %)      (0.26 %)      (6.54 %)      (0.37 %)      (0.52 %) 

Return on average common equity

     1.85 %      (3.01 %)      (8.77 %)      (4.33 %)      (75.56 %)      (4.44 %)      (6.25 %) 

Earning asset yield (TE)

     5.18 %      5.34 %      5.32 %      5.36 %      5.01 %      5.47 %      5.43 % 

Total cost of funds

     1.27 %      1.33 %      1.34 %      1.41 %      1.51 %      1.56 %      1.97 % 

Net interest margin (TE)

     3.88 %      4.04 %      4.01 %      3.92 %      3.55 %      4.11 %      3.52 % 

Non-interest income excluding securities transactions, as a percent of total revenue (TE) (1)

     16.12 %      16.74 %      12.40 %      14.15 %      68.82 %      14.98 %      10.97 % 

Efficiency ratio (2)

     62.15 %      70.08 %      63.35 %      66.93 %      119.77 %      65.20 %      74.61 % 

CAPITAL ADEQUACY (period end)

              

Stockholders’ equity to assets

     9.20 %      11.25 %      11.35 %      8.22 %      8.04 %      9.20 %      8.04 % 

Tangible common equity to tangible assets

     7.35 %      9.08 %      9.17 %      5.97 %      5.86 %      7.35 %      5.84 % 

EQUITY TO ASSETS RECONCILIATION

              

Tangible common equity to tangible assets

     7.35 %      9.08 %      9.17 %      5.97 %      5.86 %      7.35 %      5.84 % 

Effect of preferred equity

     1.69 %      2.05 %      2.06 %      2.11 %      2.04 %      1.69 %      2.04 % 

Effect of goodwill and other intangibles

     0.16 %      0.12 %      0.12 %      0.14 %      0.14 %      0.16 %      0.14 % 
                                                       

Equity to assets (GAAP)

     9.20 %      11.25 %      11.35 %      8.22 %      8.04 %      9.20 %      8.04 % 
                                                       

OTHER PERIOD-END DATA

              

FTE Headcount

     708        570        581        594        615        708        615   

Assets per FTE

   $ 4,198      $ 4,271      $ 4,169      $ 3,959      $ 3,928      $ 4,198      $ 3,941   

Branch locations

     60        50        53        53        53        60        53   

Deposits per branch location

   $ 42,257      $ 41,980      $ 39,246      $ 39,402      $ 40,059      $ 42,257      $ 40,059   

 

(1)

Includes gain from acquisition.

(2)

Includes the non-recurring, non-cash goodwill impairment charge of $54.8 million in the fourth quarter of 2009 and the gain on acquisition.

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

 

     Three Months Ended     Twelve Months Ended  
     Dec.      Sept.     June     Mar.     Dec.     Dec.     Dec.  
     2010      2010     2010     2010     2009     2010     2009  
INCOME STATEMENT                
Interest income                

Interest and fees on loans

    $ 27,676       $ 26,465      $ 28,187      $ 25,156      $ 24,864      $ 107,484      $ 101,312   

Interest on taxable securities

      2,562         2,295        2,502        2,462        2,570        9,821        11,858   

Interest on nontaxable securities

      317         295        299        304        319        1,215        1,070   

Interest on deposits in other banks

      204         104        97        57        60        462        262   

Interest on federal funds sold

      52         13        12        12        18        89        71   
                                                         

Total interest income

      30,811         29,172        31,097        27,991        27,831        119,071        114,573   
                                                         
Interest expense                

Interest on deposits

    $ 7,328       $ 6,903      $ 7,084      $ 7,332      $ 7,637        28,647        38,506   

Interest on other borrowings

      477         270        154        246        493        1,147        2,044   
                                                         

Total interest expense

      7,805         7,173        7,238        7,578        8,130        29,794        40,550   
                                                         

Net interest income

      23,006         21,999        23,859        20,413        19,701        89,277        74,023   

Provision for loan losses

      11,404         9,739        18,608        10,770        16,468        50,521        42,068   
                                                         

Net interest income/(loss) after provision for loan losses

    $ 11,602       $ 12,260      $ 5,251      $ 9,643      $ 3,233      $ 38,756        31,955   
                                                         
Noninterest income                

Service charges on deposit accounts

    $ 4,323       $ 3,761      $ 3,620      $ 3,439      $ 3,654        15,143        13,593   

Mortgage banking activity

      806         713        675        554        718        2,748        3,050   

Other service charges, commissions and fees

      180         180        232        213        259        805        531   

Gain(loss) on sale of securities

      —           —          —          200        77        200        871   

Gains from acquisitions

      6,442         —          8,209        —          38,566        14,651        38,566   

Other non-interest income

      552         357        313        479        465        1,701        1,742   
                                                         

Total noninterest income

      12,303         5,011        13,049        4,885        43,739        35,248        58,353   
                                                         
Noninterest expense                

Salaries and employee benefits

      8,510         7,555        8,027        7,826        8,616        31,918        31,939   

Occupancy and equipment expenses

      1,989         2,171        2,025        2,027        2,417        8,212        8,914   

Data processing and telecommunications expenses

      2,075         1,729        2,077        1,763        1,801        7,644        6,878   

FDIC Insurance expense

      1,296         1,304        1,285        1,248        858        5,133        3,452   

Credit related expenses (1)

      4,936         3,232        6,224        2,020        4,562        16,412        7,643   

Advertising and marketing expenses

      97         167        143        159        336        566        1,661   

Amortization of intangible assets

      277         254        186        271        205        988        617   

Goodwill impairment

      —           —          —          —          54,813        —          54,813   

Other non-interest expenses

      2,766         2,516        3,416        1,617        2,374        10,315        8,883   
                                                         

Total noninterest expense

      21,946         18,928        23,383        16,931        75,982        81,188        124,800   
                                                         
Operating profit/(loss)    $ 1,959       $ (1,657 )    $ (5,083 )    $ (2,403 )    $ (29,010 )    $ (7,184 )      (34,492 ) 

Income tax (benefit)/expense

      98         (760 )      (1,664 )      (869 )      9,323        (3,195 )      7,297   
                                                         
Net income/(loss)    $ 1,861       $ (897 )    $ (3,419 )    $ (1,534 )    $ (38,333 )    $ (3,989 )    $ (41,789 ) 
                                                         

Preferred stock dividends

    $ 811         807        799        796        859        3,213        3,161   
                                                         

Net income/(loss) available to common shareholders

    $ 1,050       $ (1,704 )    $ (4,218 )    $ (2,330 )    $ (39,192 )    $ (7,202 )    $ (44,950 ) 
                                                         

Diluted earnings available to common shareholders

      0.04         (0.07 )      (0.20 )      (0.17 )      (2.82 )      (0.35 )      (3.27 ) 
                                                         

 

(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  
     Dec.
2010		     Sept.
2010		     June
2010		     Mar.
2010		     Dec.
2009		  

PERIOD-END BALANCE SHEET

           

Assets

           

Cash and due from banks

    $ 74,326      $ 43,814      $ 54,444      $ 68,859      $ 81,060   

Federal funds sold and interest bearing balances

      261,262        306,867        240,075        200,942        220,363   

Investment securities available for sale, at fair value

      322,802        236,048        237,985        248,013        245,556   

Other investments

      12,219        7,106        7,531        7,260        7,260   

Loans, net of unearned income

      1,374,757        1,455,853        1,493,126        1,536,528        1,584,359   

Covered loans

      554,991        192,267        191,663        123,771        137,248   

Less allowance for loan losses

      34,576        34,072        33,585        33,562        35,762   
                                        

Loans, net

      1,895,172        1,614,048        1,651,204        1,626,737        1,685,845   

Other real estate owned

      57,916        50,919        41,079        34,682        23,316   

Covered other real estate owned

      54,931        28,416        25,845        17,862        9,337   
                                        

Total other real estate owned

      112,848        79,335        66,924        52,544        32,653   

Premises and equipment, net

      66,589        66,056        66,708        66,523        67,637   

Intangible assets, net

      4,261        3,097        3,314        3,364        3,586   

Goodwill

      956        —          —          —          —     

FDIC loss sharing receivable

      177,187        42,532        57,946        47,579        45,840   

Other assets

      44,546        35,800        35,779        29,711        34,171   
                                        

Total assets

    $ 2,972,168      $ 2,434,703      $ 2,421,910      $ 2,351,532      $ 2,423,971   
                                        

Liabilities

           

Deposits:

           

Noninterest-bearing

    $ 276,055      $ 235,646      $ 218,012      $ 222,454      $ 236,962   

Interest-bearing

      2,259,371        1,863,355        1,862,014        1,865,852        1,886,154   
                                        

Total deposits

      2,535,426        2,099,001        2,080,026        2,088,306        2,123,116   

Federal funds purchased & securities sold underagreements to repurchase

      68,184        13,186        17,600        20,640        55,254   

Other borrowings

      43,495        —          —          2,000        2,000   

Other liabilities

      9,387        6,279        7,145        5,082        6,368   

Subordinated deferrable interest debentures

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

Total liabilities

      2,698,761        2,160,735        2,147,040        2,158,297        2,229,007   
                                        

Stockholders’ equity

           

Preferred stock

    $ 50,121      $ 49,975      $ 49,832      $ 49,691      $ 49,552   

Common stock

      24,983        24,961        24,961        15,379        15,273   

Capital surplus

      165,930        165,544        165,544        88,996        88,956   

Retained earnings

      37,000        35,948        37,519        42,431        44,755   

Accumulated other comprehensive income/(loss)

      6,204        8,371        7,834        7,676        7,240   

Less treasury stock

      (10,831 )      (10,831 )      (10,820 )      (10,812 )      (10,812 ) 
                                        

Total stockholders’ equity

      273,407        273,968        274,870        193,361        194,964   
                                        

Total liabilities and stockholders’ equity

    $ 2,972,168      $ 2,434,703      $ 2,421,910      $ 2,351,658      $ 2,423,971   
                                        

Other Data

           

Earning Assets

      2,513,812        2,199,928        2,171,262        2,270,427        2,188,622   

Intangible Assets

      5,217        3,097        3,314        3,364        3,586   

Interest Bearing Liabilities

      2,413,319        1,918,810        1,921,883        1,930,761        1,985,677   

Average Assets

      2,872,207        2,429,709        2,444,425        2,377,348        2,374,352   

Average Common Stockholders’ Equity

      225,088        224,656        217,042        143,655        205,500   

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

 

     Three Months Ended     Twelve Months Ended  
     Dec.
2010		     Sept.
2010		     June
2010		     Mar.
2010		     Dec.
2009		     Dec.
2010		     Dec.
2009		  

ASSET QUALITY INFORMATION (1)

               

Allowance for loan losses

               

Balance at beginning of period

    $ 34,072      $ 33,585      $ 33,563      $ 35,762      $ 41,946      $ 35,762      $ 39,652   

Provision for loan loss (2)

      10,742        9,602        17,725        10,770        16,468        48,839        42,068   

Charge-offs

      10,513        10,108        18,756        13,246        22,515        52,623        47,131   

Recoveries

      275        993        1,053        277        (137 )      2,598        1,173   
                                                        

Net charge-offs (recoveries)

      10,238        9,115        17,703        12,969        22,652        50,025        45,958   

Ending balance

    $ 34,576      $ 34,072      $ 33,585      $ 33,563      $ 35,762      $ 34,576      $ 35,762   
                                                        

As a percentage of loans

      2.52 %      2.34 %      2.25 %      2.18 %      2.26 %      2.52 %      2.26 % 

As a percentage of nonperforming loans

      43.61 %      37.92 %      36.37 %      37.44 %      37.20 %      43.61 %      37.20 % 

Net charge-off information

               

Charge-offs

               

Commercial, Financial and Agricultural

    $ 1,907      $ 866      $ 703      $ 2,008      $ 1,831      $ 5,484      $ 4,636   

Real Estate - Residential

      1,328        3,100        4,739        924        3,911        10,091        10,859   

Real Estate - Commercial and Farmland

      2,368        4,118        5,023        4,593        4,571        16,102        6,232   

Real Estate - Construction and Development

      4,519        1,557        8,202        5,576        11,831        19,854        24,363   

Consumer Installment

      391        467        89        145        371        1,092        1,041   

Other

      —          —          —          —          —          —          —     
                                                        

Total charge-offs

      10,513        10,108        18,756        13,246        22,515        52,623        47,131   
                                                        

Recoveries

               

Commercial, Financial and Agricultural

      22        41        430        78        79        571      $ 241   

Real Estate - Residential

      20        54        84        28        (174 )      186        278   

Real Estate - Commercial and Farmland

      182        392        202        64        11        840        257   

Real Estate - Construction and Development

      22        458        140        64        (88 )      684        244   

Consumer Installment

      29        48        197        43        35        317        153   

Other

      —          —          —          —          —          —          —     
                                                        

Total recoveries

      275        993        1,053        277        (137 )      2,598        1,173   
                                                        

Net charge-offs (recoveries)

    $ 10,238      $ 9,115      $ 17,703      $ 12,969      $ 22,652      $ 50,025      $ 45,958   
                                                        

Non-accrual loans

      79,289        89,862        92,336        89,649        96,131        79,289        96,131   

Foreclosed assets

     57,916        50,919        41,079        34,682        23,316        57,916        23,316   

Accruing loans delinquent 90 days or more

      —          —          —          —          —            —     
                                                        

Total non-performing assets

      137,205        140,781        133,415        124,331        119,447        137,205        119,447   
                                                        

Non-performing assets as a percent of total assets

      4.62 %      5.78 %      5.62 %      5.21 %      4.85 %      4.62 %      4.93 % 

Net charge offs as a percent of loans (Annualized)

      2.87 %      2.14 %      4.22 %      3.12 %      5.14 %      3.33 %      2.77 % 

 

(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 2010, 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)

 

     Three Months Ended      Twelve Months Ended  
     Dec.
2010		      Sept.
2010		      June
2010		      Mar.
2010		      Dec.
2009		      Dec.
2010		      Dec.
2009		  

AVERAGE BALANCES

                     

Federal funds sold

    $ 28,523       $ 61,465       $ 54,245       $ 25,831       $ 25,652       $ 42,516         32,731   

Interest bearing deposits in banks

      267,337         190,203         232,733         173,125         127,092         215,850         118,587   

Investment securities - taxable

      246,417         199,244         209,532         209,465         215,610         216,165         253,475   

Investment securities - nontaxable

      37,649         35,813         35,650         36,430         39,038         36,386         31,110   

Other investments

      7,603         7,246         8,061         5,495         5,472         7,101         4,735   

Loans

      1,416,254         1,503,149         1,528,220         1,563,307         1,669,753         1,502,733         1,664,797   

Covered loans

      374,282         187,556         155,302         120,211         79,795         183,429         20,113   
                                                              

Total Earning Assets

    $ 2,378,065       $ 2,184,676       $ 2,223,743       $ 2,133,864       $ 2,162,412       $ 2,204,180         2,125,548   
                                                              

Noninterest bearing deposits

    $ 275,184       $ 225,907       $ 237,276       $ 231,765       $ 232,215       $ 363,232         213,786   

NOW accounts

      527,264         478,105         482,798         505,566         492,434         481,479         458,104   

MMDA

      455,041         448,955         441,445         424,913         410,909         326,664         349,073   

Savings accounts

      63,972         64,575         64,887         63,436         61,645         32,578         57,824   

Retail CDs < $100,000

      460,444         367,353         375,339         331,294         382,131         383,608         379,662   

Retail CDs > $100,000

      392,266         375,756         371,754         393,473         338,378         113,465         378,388   

Brokered CDs

      136,201       $ 128,346         138,113         151,333         125,439         139,440         142,694   
                                                              

Total Deposits

      2,310,372         2,088,997         2,111,612         2,101,780         2,043,151         1,840,466         1,979,531   
                                                              

FHLB advances

      28,205         —           747         2,000         2,583         7,738         7,974   

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

      49,878         14,246         18,698         30,650         48,375         28,368         25,813   

Other borrowings

      —           —           —           —           4,946         —           4,986   
                                                              

Total Non-Deposit Funding

      120,352         56,515         61,714         74,919         98,173         78,375         81,042   
                                                              

Total Funding

    $ 2,430,724       $ 2,145,512       $ 2,173,326       $ 2,176,699       $ 2,141,324       $ 1,918,841       $ 2,060,573   
                                                              

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

 

     Three Months Ended      Twelve Months Ended  
     Dec.
2010		     Sept.
2010		      June
2010		      Mar.
2010		      Dec.
2009		      Dec.
2010		      Dec.
2009		  

INTEREST INCOME/EXPENSE

                    

INTEREST INCOME

                    

Federal funds sold

    $ 50      $ 13       $ 12       $ 12       $ 18       $ 89       $ 72   

Interest bearing deposits in banks

      204        104         97         57         60         462         262   

Investment securities - taxable

      2,562        2,295         2,438         2,462         2,570         9,821         11,858   

Investment securities - nontaxable (TE)

      489        453         460         468         491         1,870         1,647   

Loans (TE)

      20,741        22,054         22,986         22,849         23,668         88,630         100,298   

Covered Loans

      7,005        4,473         5,832         2,375         1,261         19,685         1,261   
                                                             

Total Earning Assets

    $ 31,051      $ 29,392       $ 31,825       $ 28,223       $ 28,068       $ 120,557       $ 115,398   
                                                             

INTEREST EXPENSE

                    

Non-interest bearing deposits

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

NOW accounts

      1,063        1,087         1,135         1,234         1,300         4,519         5,203   

MMDA

      1,401        1,428         1,446         1,484         1,520         5,725         5,484   

Savings accounts

      82        76         75         90         107         357         420   

Retail CDs < $100,000

      1,985        1,596         1,689         1,568         1,769         6,884         10,495   

Retail CDs > $100,000

      1,782        1,709         1,674         1,881         1,894         7,171         11,761   

Brokered CDs

      1,017        1,006         1,065         1,076         1,047         4,166         5,143   
                                                             

Total Deposits

      7,330        6,902         7,084         7,333         7,637         28,822         38,506   
                                                             

FHLB advances

      39        —           12         30         49         81         104   

Subordinated debentures

      342        246         113         178         351         879         1,668   

Repurchase agreements

      96        19         26         36         70         177         174   

Correspondent bank line of credit and other

      (1 )      5         2         2         22         8         98   
                                                             

Total Non-Deposit Funding

      476        270         153         246         492         1,145         2,044   
                                                             

Total Funding

    $ 7,806      $ 7,172       $ 7,237       $ 7,579       $ 8,129       $ 29,967       $ 40,550   
                                                             

Net Interest Income (TE)

    $ 23,245      $ 22,220       $ 24,588       $ 20,644       $ 19,939       $ 90,590       $ 74,848   
                                                             

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

 

     Three Months Ended     Twelve Months Ended  
     Dec.
2010		     Sept.
2010		     June
2010		     Mar.
2010		     Dec.
2009		     Dec.
2010		     Dec.
2009		  

YIELDS (1)

               

Federal funds sold

      0.70 %      0.08 %      0.09 %      0.19 %      0.28 %      0.21 %      0.22 % 

Interest bearing deposits in banks

      0.30 %      0.22 %      0.17 %      0.13 %      0.19 %      0.21 %      0.22 % 

Investment securities - taxable

      4.12 %      4.57 %      4.67 %      4.77 %      4.73 %      4.54 %      4.68 % 

Investment securities - nontaxable

      5.15 %      5.02 %      5.18 %      5.21 %      4.99 %      5.14 %      5.29 % 

Loans

      5.81 %      5.82 %      6.03 %      5.93 %      5.64 %      5.90 %      6.02 % 

Covered loans

      7.43 %      9.57 %      15.06 %      7.92 %      6.34 %      10.73 %      6.27 % 
                                                        

Total Earning Assets

      5.18 %      5.34 %      5.74 %      5.36 %      5.15 %      5.47 %      5.43 % 

Noninterest bearing deposits

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

NOW accounts

      0.80 %      0.90 %      0.94 %      0.99 %      1.05 %      0.94 %      1.14 % 

MMDA

      1.22 %      1.26 %      1.31 %      1.42 %      1.47 %      1.75 %      1.57 % 

Savings accounts

      0.51 %      0.47 %      0.46 %      0.58 %      0.69 %      1.10 %      0.73 % 

Retail CDs < $100,000

      1.71 %      1.72 %      1.80 %      1.92 %      1.84 %      1.79 %      2.76 % 

Retail CDs > $100,000

      1.80 %      1.80 %      1.81 %      1.94 %      2.22 %      6.32 %      3.11 % 

Brokered CDs

      2.96 %      3.11 %      3.09 %      2.88 %      3.31 %      2.99 %      3.60 % 
                                                        

Total Deposits

      1.26 %      1.31 %      1.35 %      1.41 %      1.49 %      1.57 %      1.95 % 

FHLB advances

      0.55 %      0.00 %      6.44 %      6.08 %      7.53 %      1.05 %      1.30 % 

Subordinated debentures

      3.21 %      2.31 %      1.07 %      1.71 %      3.29 %      2.08 %      3.95 % 

Repurchase agreements

      0.76 %      0.53 %      0.56 %      0.48 %      0.57 %      0.58 %      1.97 % 

Correspondent bank line of credit and other

      0.00 %      0.00 %      0.00 %      0.00 %      1.76 %      0.00 %      2.52 % 
                                                        

Total Non-Deposit Funding

      1.57 %      1.90 %      0.99 %      1.33 %      1.99 %      1.46 %      2.52 % 
                                                        

Total funding (3)

      1.27 %      1.33 %      1.34 %      1.41 %      1.51 %      1.56 %      1.97 % 
                                                        

Net interest spread

      3.91 %      4.01 %      4.40 %      3.95 %      3.64 %      3.91 %      3.46 % 
                                                        

Net interest margin

      3.88 %      4.04 %      4.43 %      3.92 %      3.67 %      4.11 %      3.52 % 
                                                        

 

(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     Twelve Months Ended  
Core Earnings Reconciliation    Dec.
2010		     Sept.
2010		     Jun.
2010		     Mar.
2010		     Dec.
2009		     Dec.
2010		     Dec.
2009		  

Pre-tax operating profit/(loss)

    $ 1,959      $ (1,657 )    $ (5,083 )    $ (2,403 )    $ (29,010 )    $ (7,184 )    $ (34,493 ) 

Plus: Credit Related Costs

               

Provision for loan losses

      11,404        9,739        18,608        10,770        16,468        50,521        42,068   

(Gains)/Losses on the sale of OREO

      2,033        1,263        4,173        487        3,572        7,956        4,278   

Problem loan and OREO expense

      2,903        1,969        2,051        1,533        990        8,456        3,365   

Interest reversed on non-accrual loans

      478        533        1,017        575        1,398        2,603        4,004   
                                                        

Total Credit-Related Costs

      16,818        13,504        25,849        13,365        22,428        69,536        53,715   
                                                        

Plus: Non-recurring impairment charges

      —          —          —          —          54,813        —          54,813   

Plus: Costs associated with capital raise

      —          —          933        —          —          933        —     

Less: Non-recurring gains

      —          —          —          —          —          —          —     

Gains related to FDIC-acquisitions

      (6,442 )      —          (8,209 )      —          (38,566 )      (14,650 )      (38,566 ) 

Gains on sales of securities

      —          —          —          (200 )      (77 )      (200 )      (871 ) 

Gains on sales of bank premises

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

Other non-recurring adjustments

      —          —          (1,408 )      —          —          (1,408 )      (812 ) 
                                                        

Pretax, Pre-provision earnings

    $ 12,335      $ 11,847      $ 11,933      $ 10,513      $ 9,588      $ 46,629      $ 33,786   
                                                        

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

 

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

Total Operating Expenses

      21,946        18,928        23,383        16,931        75,982        81,188        124,800   

Less: Credit costs & non-recurring charges

               

(Gains)/Losses on the sale of OREO

      (2,033 )      (1,263 )      (4,173 )      (487 )      (3,572 )      (7,956 )      (4,278 ) 

Problem loan and OREO expense

      (2,903 )      (1,969 )      (2,051 )      (1,533 )      (990 )      (8,456 )      (3,365 ) 

Costs associated with capital raise

      —          —          (933 )      —          —          (933 )      —     

Goodwill impairment

      —          —          —          —          (54,813 )      —          (54,813 ) 

Severance payments

      —          (16 )      (310 )      —          —          (326 )      —     

Reversal of retirement expense (one time)

      —          —          —          —          —          —          —     

(Gains)/Losses on the sale of premises

      —          (124 )      149        249        —          274        —     

FDIC insurance expense

      (1,296 )      (1,304 )      (1,285 )      (1,248 )      (858 )      (5,133 )      (3,452 ) 
                                                        

Recurring operating expenses

    $ 15,714      $ 14,252      $ 14,780      $ 13,912      $ 15,749      $ 58,658      $ 58,892   
                                                        
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