Form 8-K

0001193125-14-378220.txt : 20141022 0001193125-14-378220.hdr.sgml : 20141022 20141022083635 ACCESSION NUMBER: 0001193125-14-378220 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20141022 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141022 DATE AS OF CHANGE: 20141022 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: 141166870 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 d809250d8k.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): October 22, 2014

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 October 22, 2014, Ameris Bancorp issued a press release announcing its unaudited third quarter 2014 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 October 22, 2014.

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: October 22, 2014

EXHIBIT INDEX


Exhibit No.		Exhibit

99.1		Press release dated October 22, 2014.

EX-99.1 2 d809250dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

News Release

For more information contact:

Dennis J. Zember Jr.

Executive Vice President & CFO

(229) 890-1111

AMERIS BANCORP REPORTS OPERATING NET INCOME OF $12.0 MILLION, OR $0.44 PER DILUTED SHARE, FOR THIRD QUARTER 2014

October 22, 2014

AMERIS BANCORP (NASDAQ-GS: ABCB), Moultrie, Georgia, today reported operating net income of $12.0 million, or $0.44 per diluted share, for the quarter ended September 30, 2014, compared to $6.6 million, or $0.27 per diluted share, for the quarter ended September 30, 2013. For the year to date period ending September 30, 2014, the Company reported operating net income of $30.5 million, or $1.17 per diluted share, compared to $17.3 million, or $0.71 per diluted share, for the same period in 2013. During the third quarter of 2014, the Company completed the conversion of Coastal Bankshares, Inc. (“Coastal”) and recorded additional merger expenses totaling approximately $383,000, or $0.01 per share, on an after-tax basis. Including these charges, the Company reported net income for the third quarter of 2014 of $11.7 million, or $0.43 per share. Commenting on the Company’s quarterly results, Edwin W. Hortman, Jr., the Company’s President and Chief Executive Officer, said, “Our bankers turned in an outstanding quarter resulting in an 87% improvement in net earnings available to common shareholders compared to the same quarter in 2013. Additionally, our system conversion of Coastal was successful and we are working diligently to ensure that the cost savings we identified are realized and in place during the fourth quarter of 2014.”

Highlights of the Company’s performance and results for the third quarter of 2014 include the following:

•

Successful conversion of the Coastal customer accounts during August 2014

•

Net income available to common shareholders increased 87.1% compared to the same quarter in 2013

•

The Company declared a cash dividend of $0.05 per common share

•

On an operating basis, return on assets and return on average tangible equity were 1.20% and 17.10%, respectively (including merger-related charges, return on assets and return on average tangible equity were 1.17% and 13.19%, respectively)

•

Total revenue increased to $61.1 million for the third quarter of 2014, compared to $44.0 million for the same quarter in 2013

•

The Company’s net interest margin remained strong at 4.50%, reflecting the lowest level of contribution from accretion income in several years

•

Non-covered loans increased by $78.7 million during the quarter, reflecting an annualized growth rate of 17.6%

•

Tangible common equity to tangible assets increased to 7.27%, a 6.4% increase compared to levels reported at December 31, 2013

•

Noninterest income totaled $17.9 million, compared to $12.3 million for the third quarter of 2013

•

Net income from the Company’s mortgage operations increased to $1.9 million, compared to $1.3 million for the same quarter in 2013

•

SBA loan premium and servicing income increased to $1.8 million in the third quarter of 2014, compared to $884,000 in the same quarter in 2013

Operating Results

Net income for the third quarter of 2014 totaled $11.7 million, an increase of 87.1% compared to the same quarter in 2013. For the year to date period, the Company’s earnings before preferred dividends totaled $27.9 million, compared to $17.3 million for the year to date period in 2013. Return on average assets and average tangible common equity were 1.17% and 16.50%, respectively, for the third quarter of 2014 compared to 0.94% and 10.90%, respectively, for the same quarter of 2013.

Net Interest Income and Net Interest Margin

Net interest income for the third quarter of 2014 totaled $39.1 million, an increase of $9.8 million, or 33.5%, compared to the $29.3 million reported for the third quarter of 2013. The Company’s net interest margin decreased during the quarter to 4.50%, compared to 4.80% during the third quarter of 2013. The decline in the Company’s net interest margin resulted from continued repricing of the loan portfolio in the current low interest rate environment and lower relative amounts of accretion income. Excluding accretion income, the Company’s net interest income and net interest margin were $36.2 million and 4.17%, respectively, for the third quarter of 2014, compared to $26.9 million and 4.50% for the third quarter of 2013. Additionally, the portion of earning assets concentrated in investment securities, mortgage loans held for sale and loans to municipalities increased to 20.8% during the third quarter of 2014 from 15.6% during the third quarter of 2013. This transition into higher grade assets with lower associated operating expense has been profitable but reduced the margins by approximately 14 basis points.

Yields on earning assets for the third quarter of 2014 were 4.96%, compared to 5.20% for the third quarter of 2013. Total loan yields (including loans held for sale) reflected market pressures and the low rate environment, falling from 5.75% for the third quarter of 2013 to 5.48% for the third quarter of 2014. Excluding the impact of accretion income, overall loan yields fell to 5.08% for the third quarter of 2014, compared to 5.28% for the same quarter of 2013. Loan production yields in the third quarter of 2014 were 4.94%, or 0.12% lower than the portfolio’s quarterly yield. In the same quarter of 2013, loan production yields were 4.89%, or 0.39% lower than the portfolio yield.

The Company’s yield on investment securities during the third quarter of 2014 was 2.75%, compared to 2.72% in the same quarter in 2013. Yield opportunities have been generally higher over the past year and allowed for some expansion in yields and total balances of investment securities.

Total interest expense for the third quarter of 2014 was $4.1 million, compared to $2.5 million for the same quarter of 2013. Increases in total interest expense were driven primarily by increases in total deposits and other borrowings resulting from both acquisition activity and organic growth. Deposit costs were lower during the third quarter of 2014 at 0.30%, compared to 0.33% during the third quarter of 2013. Yields on each deposit class were substantially unchanged over the past year. Management does not expect deposit costs or overall funding costs to decrease materially in the coming quarters given tightening liquidity and increasingly stronger forecasts for asset growth.

Non-interest Income

Non-interest income for the third quarter of 2014 improved to $17.9 million, an increase of $5.6 million, or 45.7%, compared to the same quarter in 2013. The Company’s mortgage operations continued to make improvements in revenues and net income, reporting its best quarter in history for the Company. Total revenue in the mortgage group grew to $9.5 million, an improvement of 47% compared to the same quarter in 2013. Net income improved at a slightly faster pace to $1.9 million, compared to $1.3 million in the third quarter of 2013. Total production in the third quarter of 2014 amounted to $217.4 million (80.4% retail and 18.6% wholesale), compared to $152.1 million in the same quarter of 2013 (74.5% retail and 25.5% wholesale). Relationships with larger builders and real estate firms continue to drive the Company’s production from this division. Open pipelines finished the third quarter of 2014 at $81.5 million, compared to $86.2 million at the beginning of the third quarter of 2014 and $72.5 million at the end of the third quarter of 2013.

Income from service charges for the third quarter of 2014 was $6.7 million, an increase of $1.7 million, or 34.6%, compared to the same quarter in 2013. Stronger growth in commercial and treasury management accounts contributed to the growth in income, as did strong growth in balances that resulted from the Company’s acquisition of The Prosperity Banking Company (“Prosperity”) in December 2013 and Coastal in June 2014.

During the quarter, the Company recorded approximately $1.8 million of SBA income, compared to $884,000 in the same quarter in 2013. Expenses related to SBA lending also increased, from $247,000 in the third quarter of 2013 to $1.2 million in the third quarter of 2014. The Company had several recruiting successes during the third quarter of 2014 on both the leadership and production side in this area and believes the recent momentum and success in government-guaranteed lending is sustainable.

Non-interest Expense

Operating expenses for the third quarter of 2014 totaled $38.6 million, including approximately $551,000 of pre-tax merger-related charges associated with the acquisition of Coastal on June 30, 2014. Excluding the merger charges, operating expenses totaled $38.0 million for the third quarter of 2014, compared to $28.2 million for the same quarter in 2013. Growth in expenses over the prior year relates primarily to the acquisition of Prosperity in December 2013, the acquisition of Coastal in June 2014 and growth in the Company’s mortgage operations over the past year.

On a linked quarter basis, operating expenses exclusive of the merger-related charges reflected an increase of $3.6 million from $34.4 million in the second quarter of 2014 to $38.0 million in the third quarter of 2014. Increases in salaries and benefits associated with higher commissions and incentive accruals were offset by reduced compensation resulting from conversion activity related to prosperity and Coastal that occurred during the first two quarters. Salaries and benefits increased to $20.2 million for the current quarter of 2014, compared to $14.4 million for the same quarter in 2013, as commissions and support costs in the Company’s mortgage operations increased commensurate with the increase in revenues. Excluding compensation costs in the Company’s mortgage operations, salaries and benefits were $15.8 million for the third quarter of 2014, compared to $13.0 million for the second quarter of 2014 and $10.8 million for the third quarter of 2013. Total noninterest expenses in the Company’s mortgage operations increased to $6.0 million for the third quarter of 2014, compared to $4.5 million for the third quarter of 2013.

Non-provision credit resolution-related costs increased from $3.0 million for the third quarter of 2013 to $3.2 million for the third quarter of 2014. Occupancy and equipment costs increased from $3.1 million for the third quarter of 2013 to $4.7 million for the third quarter of 2014 due to the increased number of branches operated by the Company after the acquisition of Prosperity and Coastal. Data processing and telecommunications expenses increased from $3.1 million for the third quarter of 2013 to $3.9 million for the third quarter of 2014.

Balance Sheet Trends

Total assets at September 30, 2014 were $4.00 billion, compared to $3.67 billion reported at December 31, 2013. Loans, including loans held for sale, totaled $2.95 billion at September 30, 2014, compared to $2.52 billion at December 31, 2013. During the third quarter, growth in non-covered loans amounted to $78.7 million, or 17.6% on an annualized basis. Growth during the third quarter of 2014 was spread evenly across most loan types, including agriculture, municipal, commercial real estate and mortgage.

Investment securities at the end of the quarter amounted to $542.2 million, or 15.4% of earning assets, compared to $503.1 million, or 15.6% of earning assets, at December 31, 2013.

Funding sources continued to improve over year end levels. At September 30, 2014, total deposits amounted to $3.37 billion, or 93.2% of total funding, compared to $3.0 billion and 90.0%, respectively, at December 31, 2013. Non-interest bearing deposits reflected the largest growth, ending the current quarter at $816.5 million, or 24.2% of total deposits, compared to $668.5 million, or 22.3%, at December 31, 2013. Successful retention of acquired deposit accounts has positively impacted our deposit mix and total funding levels. Reductions in borrowings with the FHLB of $65.0 million have occurred throughout the year and have been the primary driver of the Company’s increased reliance on core deposits for its total funding.

Stockholders’ equity at September 30, 2014 totaled $353.8 million, compared to $316.7 million reported at December 31, 2013. The retirement of $28 million of preferred equity in the first quarter of 2014 has been more than offset by the Company’s consolidated earnings and issuance of common stock associated with the acquisition of Coastal on June 30, 2014. During the second quarter of 2014, the Company issued 1.6 million shares to complete the purchase of Coastal, increasing stockholders’ equity by $34.5 million.

Tangible common equity as a percentage of tangible assets increased to 7.27% at the end of the third quarter of 2014, compared to 6.83% at the end of 2013. The combination of the Company’s net earnings, additional common equity and intangibles associated with the Coastal acquisition account for the majority of the increase in the Company’s capital ratios. Tangible book value increased to $10.68 per share at September 30, 2014, compared to $9.87 per share at December 31, 2014.

Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 74 locations in Georgia, Alabama, northern Florida and South Carolina.

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

This news release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “believe”, “estimate”, “expect”, “intend”, “anticipate” and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements and are referred to the Company’s periodic filings with the Securities and Exchange Commission for a summary of certain factors that may impact the Company’s results of operations and financial condition.

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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


	Three Months Ended															Nine Months Ended
	Sept. 2014			Jun. 2014			Mar. 2014			Dec. 2013			Sept. 2013			Sept. 2014			Sept. 2013

EARNINGS

Net Income Available to Common Shareholders	$	11,663		$	8,130		$	8,064		$	966		$	6,234		$	27,857		$	17,314

PER COMMON SHARE DATA
Earnings per share available to common shareholders:
Basic	$	0.44		$	0.32		$	0.32		$	0.04		$	0.26		$	1.08		$	0.72
Diluted	$	0.43		$	0.32		$	0.32		$	0.04		$	0.26		$	1.07		$	0.71
Cash Dividends per share	$	0.05		$	0.05		$	—		$	—		$	—		$	0.10		$	—
Book value per share (period end)	$	13.22		$	12.83		$	11.93		$	11.50		$	10.98		$	13.22		$	10.98
Tangible book value per share (period end)	$	10.68		$	10.26		$	10.31		$	9.87		$	10.85		$	10.68		$	10.85
Weighted average number of shares:
Basic		26,773,033			25,180,665			25,144,342			24,021,447			23,900,665			25,705,313			23,882,539
Diluted		27,160,886			25,633,130			25,573,320			24,450,619			24,315,821			26,099,413			24,297,695
Period-end number of shares		26,774,402			26,771,821			25,159,073			25,098,427			23,907,509			26,774,402			23,907,509
Market data:
High closing price	$	24.04		$	23.90		$	24.00		$	21.42		$	19.79		$	24.04		$	19.79
Low closing price	$	21.00		$	19.73		$	19.86		$	17.69		$	17.35		$	19.73		$	12.79
Period end closing price	$	21.95		$	21.56		$	23.30		$	21.11		$	18.38		$	21.95		$	18.38
Average daily volume		79,377			79,038			103,279			94,636			75,545			87,019			60,457

PERFORMANCE RATIOS
Return on average assets		1.17	%		0.93	%		0.96	%		0.19	%		0.94	%		1.01	%		0.89	%
Return on average common equity		13.19	%		10.53	%		11.66	%		2.20	%		10.75	%		10.73	%		10.44	%
Earning asset yield (TE)		4.96	%		5.08	%		5.01	%		4.84	%		5.20	%		5.02	%		5.26	%
Total cost of funds		0.45	%		0.42	%		0.43	%		0.40	%		0.39	%		0.43	%		0.39	%
Net interest margin (TE)		4.50	%		4.65	%		4.57	%		4.43	%		4.80	%		4.57	%		4.85	%
Non-interest income excluding securities transactions, as a percent of total revenue (TE)		28.86	%		28.87	%		25.02	%		26.45	%		27.76	%		27.70	%		26.74	%
Efficiency ratio		67.64	%		73.05	%		70.36	%		92.74	%		69.09	%		70.25	%		69.02	%

CAPITAL ADEQUACY (period end)
Stockholders’ equity to assets		8.85	%		8.64	%		8.60	%		8.63	%		10.30	%		8.85	%		10.30	%
Tangible common equity to tangible assets		7.27	%		7.04	%		7.53	%		6.83	%		9.22	%		7.27	%		9.22	%

EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible assets		7.27	%		7.04	%		7.53	%		6.83	%		9.22	%		7.27	%		9.22	%
Effect of preferred equity		0.00	%		0.00	%		0.00	%		0.76	%		0.99	%		0.00	%		0.99	%
Effect of goodwill and other intangibles		1.58	%		1.61	%		1.07	%		1.04	%		0.09	%		1.58	%		0.09	%

Equity to assets (GAAP)		8.85	%		8.64	%		8.60	%		8.63	%		10.30	%		8.85	%		10.30	%


OTHER PERIOD-END DATA
Banking Division FTE		867			888			785			820			678			867			678
Mortgage Division FTE		176			175			161			164			158			176			158

Total Ameris Bancorp FTE Headcount		1,043			1,063			946			984			836			1,043			836


Assets per Banking Division FTE	$	4,613		$	4,474		$	4,443		$	4,473		$	4,157		$	4,613		$	4,157
Branch locations		74			74			68			68			57			74			57
Deposits per branch location	$	45,583		$	45,798		$	44,274		$	44,106		$	42,867		$	45,583		$	42,867

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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


	Three Months Ended										Nine Months Ended
	Sept.		Jun.		Mar.		Dec.		Sept.		Sept.		Sept.
	2014		2014		2014		2013		2013		2014		2013

INCOME STATEMENT

Interest income
Interest and fees on loans	$	39,610	$	35,297	$	34,469	$	29,289	$	29,633	$	109,376	$	88,208
Interest on taxable securities		3,034		2,953		2,985		1,998		1,720		8,972		5,136
Interest on nontaxable securities		496		312		335		342		352		1,143		1,071
Interest on deposits in other banks		46		45		79		118		44		170		158
Interest on federal funds sold		—		—		5		2		—		5		—

Total interest income		43,186		38,607		37,873		31,749		31,749		119,666		94,573


Interest expense
Interest on deposits	$	2,540	$	2,205	$	2,183	$	2,066	$	2,025	$	6,928	$	6,334
Interest on other borrowings		1,514		1,138		1,206		632		404		3,858		1,105

Total interest expense		4,054		3,343		3,389		2,698		2,429		10,786		7,439


Net interest income		39,132		35,264		34,484		29,051		29,320		108,880		87,134

Provision for loan losses		1,669		1,365		1,726		1,478		2,920		4,760		10,008


Net interest income after provision for loan losses	$	37,463	$	33,899	$	32,758	$	27,573	$	26,400	$	104,120	$	77,126


Noninterest income
Service charges on deposit accounts	$	6,659	$	5,847	$	5,586	$	5,065	$	4,948	$	18,092	$	14,480
Mortgage banking activity		7,498		6,944		5,068		4,431		5,232		19,510		14,697
Other service charges, commissions and fees		690		662		652		612		593		2,004		1,539
Gain(loss) on sale of securities		132		—		6		—		—		138		171
Other non-interest income		2,922		2,366		1,442		1,409		1,515		6,730		4,145

Total noninterest income		17,901		15,819		12,754		11,517		12,288		46,474		35,032


Noninterest expense
Salaries and employee benefits		20,226		16,942		17,394		15,071		14,412		54,562		41,599
Occupancy and equipment expenses		4,669		4,071		4,064		3,228		3,149		12,804		9,058
Data processing and telecommunications expenses		3,928		3,940		3,454		3,061		3,072		11,322		8,478
Credit resolution related expenses ⁽¹⁾		3,186		2,840		2,190		5,322		2,971		8,216		10,164
Advertising and marketing expenses		594		718		710		604		434		2,022		1,016
Amortization of intangible assets		698		437		533		346		346		1,668		1,068
Merger and conversion charges		551		2,872		450		4,350		512		3,873		512
Other non-interest expenses		4,727		5,498		4,444		5,642		3,853		14,669		12,426

Total noninterest expense		38,579		37,318		33,239		37,624		28,749		109,136		84,321


Income before income taxes	$	16,785	$	12,400	$	12,273	$	1,466	$	9,939	$	41,458	$	27,837

Income tax expense		5,122		4,270		3,923		88		3,262		13,315		9,197


Net income	$	11,663	$	8,130	$	8,350	$	1,378	$	6,677	$	28,143	$	18,640


Preferred stock dividends		—		—		286		412		443		286		1,326


Net income available to common shareholders	$	11,663	$	8,130	$	8,064	$	966	$	6,234	$	27,857	$	17,314


Diluted earnings available to common shareholders		0.43		0.32		0.32		0.04		0.26		1.07		0.71

(1)	Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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


	Three Months Ended
	Sept.			Jun.			Mar.			Dec.			Sept.
	2014			2014			2014			2013			2013

PERIOD-END BALANCE SHEET

Assets
Cash and due from banks	$	69,421		$	80,986		$	71,387		$	62,955		$	53,516
Federal funds sold and interest bearing balances		40,165			44,800			48,677			204,984			73,899
Investment securities available for sale, at fair value		529,509			535,630			456,713			486,235			312,248
Other investments		12,687			10,971			9,322			16,828			7,764
Mortgage loans held for sale		110,059			81,491			51,693			67,278			69,634

Loans, net of unearned income		1,848,759			1,770,059			1,695,382			1,618,454			1,589,267
Purchased, non-covered loans		673,724			702,131			437,269			448,753			—
Covered loans		313,589			331,250			372,694			390,237			417,649
Less allowance for loan losses		(22,212	)		(22,254	)		(22,744	)		(22,377	)		(23,854	)

Loans, net		2,813,860			2,781,186			2,482,601			2,435,067			1,983,062

Other real estate owned		35,320			35,373			33,839			33,351			37,978
Purchased, non-covered other real estate owned		13,660			16,598			3,864			4,276			—
Covered other real estate owned		28,883			38,426			42,636			45,893			52,552

Total other real estate owned		77,863			90,397			80,339			83,520			90,530

Premises and equipment, net		98,752			99,495			87,430			103,188			65,661
Goodwill		58,879			58,903			35,049			35,049			956
Other intangibles, net		9,114			9,812			5,477			6,009			1,972
FDIC loss sharing receivable		38,233			49,180			53,181			65,441			81,763
Cash value of bank owned life insurance		58,217			57,864			49,738			49,432			49,095
Other assets		82,649			72,420			56,377			51,663			28,402

Total assets	$	3,999,408		$	3,973,135		$	3,487,984		$	3,667,649		$	2,818,502


Liabilities
Deposits:
Noninterest-bearing	$	816,517		$	790,798		$	698,866		$	668,531		$	475,505
Interest-bearing		2,556,602			2,598,237			2,311,781			2,330,700			1,967,916

Total deposits		3,373,119			3,389,035			3,010,647			2,999,231			2,443,421
Federal funds purchased & securities sold under agreements to repurchase		32,351			51,109			49,974			83,516			20,255
Other borrowings		147,409			100,293			59,677			194,572			5,000
Other liabilities		27,615			24,457			12,028			18,165			17,201
Subordinated deferrable interest debentures		65,084			64,842			55,628			55,466			42,269

Total liabilities		3,645,578			3,629,736			3,187,954			3,350,950			2,528,146


Stockholders’ equity
Preferred stock	$	—		$	—		$	—		$	28,000		$	27,938
Common stock		28,158			28,155			26,536			26,462			25,271
Capital surplus		224,142			222,550			190,513			189,722			165,835
Retained earnings		109,170			100,185			92,055			83,991			83,025
Accumulated other comprehensive income/(loss)		3,974			4,123			2,374			(294	)		(531	)
Less treasury stock		(11,614	)		(11,614	)		(11,448	)		(11,182	)		(11,182	)

Total stockholders’ equity		353,830			343,399			300,030			316,699			290,356

Total liabilities and stockholders’ equity	$	3,999,408		$	3,973,135		$	3,487,984		$	3,667,649		$	2,818,502


Other Data
Earning Assets		3,515,805			3,465,361			3,062,428			3,215,941			2,462,697
Intangible Assets		67,993			68,715			40,526			41,058			2,928
Interest Bearing Liabilities		2,801,446			2,814,481			2,477,060			2,664,254			2,035,440
Average Assets		3,969,893			3,494,466			3,521,588			2,937,434			2,806,799
Average Common Stockholders’ Equity		350,733			309,696			290,462			248,429			246,490

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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


	Three Months Ended															Nine Months Ended
	Sept.			Jun.			Mar.			Dec.			Sept.			Sept.			Sept.
	2014			2014			2014			2013			2013			2014			2013

ASSET QUALITY INFORMATION⁽¹⁾

Allowance for loan losses
Balance at beginning of period	$	22,254		$	22,744		$	22,377		$	23,854		$	24,217		$	22,377		$	23,593

Provision for loan loss ⁽²⁾		1,573			997			1,501			1,200			2,449			4,071			8,747

Charge-offs		1,975			1,973			1,606			3,591			3,457			5,554			9,693
Recoveries		360			486			472			914			645			1,318			1,207

Net charge-offs (recoveries)		1,615			1,487			1,134			2,677			2,812			4,236			8,486

Ending balance	$	22,212		$	22,254		$	22,744		$	22,377		$	23,854		$	22,212		$	23,854


As a percentage of loans		1.20	%		1.26	%		1.34	%		1.38	%		1.50	%		1.20	%		1.50	%
As a percentage of nonperforming loans		97.38	%		100.65	%		85.09	%		76.63	%		75.20	%		97.38	%		75.20	%

Net charge-off information
Charge-offs
Commercial, financial & agricultural	$	191		$	165		$	743		$	543		$	482		$	1,099		$	1,216
Real estate - residential		406			752			181			1,785			1,323			1,339			3,430
Real estate - commercial & farmland		953			769			533			698			1,080			2,255			2,873
Real estate - construction & development		296			157			65			422			367			518			1,598
Consumer installment		129			130			84			143			205			343			576

Total charge-offs		1,975			1,973			1,606			3,591			3,457			5,554			9,693


Recoveries
Commercial, financial & agricultural		47			134			49			92			212			230			340
Real estate - residential		52			48			83			368			291			183			520
Real estate - commercial & farmland		31			9			143			12			5			183			18
Real estate - construction & development		96			96			108			385			84			300			88
Consumer installment		134			199			89			57			53			422			241

Total recoveries		360			486			472			914			645			1,318			1,207


Net charge-offs (recoveries)	$	1,615		$	1,487		$	1,134		$	2,677		$	2,812		$	4,236		$	8,486


Non-accrual loans (excluding purchased non-covered and covered loans)	$	22,810		$	22,111		$	26,729		$	29,203		$	31,720		$	22,810		$	31,720
Non-accrual purchased non-covered loans		17,007			15,770			15,318			6,659						17,007			—
Foreclosed assets (excluding purchased assets)		35,320			35,373			33,839			33,351			37,978			35,320			37,978
Purchased, non-covered other real estate owned		13,660			16,598			3,864			4,276						13,660			—
Accruing loans delinquent 90 days or more		—			—			—			—			—			—			—

Total non-performing assets, excluding covered assets	$	88,797		$	89,852		$	79,750		$	73,489		$	69,698		$	88,797		$	69,698


Non-performing assets as a percent of total assets		2.22	%		2.26	%		2.29	%		2.00	%		2.47	%		2.22	%		2.47	%
Net charge offs as a percent of loans (Annualized)		0.35	%		0.34	%		0.27	%		0.66	%		0.70	%		0.31	%		0.71	%

(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 2013 and 2014, the Company recorded provision for loan loss expense to account for losses where the initial estimate of cash flows was found to be excessive on loans acquired in FDIC-assisted acquisitions. These amounts are excluded from the calculation above but reflected in the Company’s Consolidated Statement of Operations.

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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


	For the quarter ended:
	Sept.		Jun.		Mar.		Dec.		Sept.
Loans by Type	2014		2014		2014		2013		2013
Commercial, financial & agricultural	$	334,783	$	304,588	$	270,571	$	244,373	$	244,991
Real estate - construction & development		154,315		149,346		149,543		146,371		132,277
Real estate - commercial & farmland		882,160		850,000		836,230		808,323		799,149
Real estate - residential		436,515		422,731		393,001		351,886		355,920
Consumer installment		31,403		31,902		32,345		34,249		36,303
Other		9,583		11,492		13,692		33,252		20,627

Total Legacy (excluding purchased non-covered and covered)	$	1,848,759	$	1,770,059	$	1,695,382	$	1,618,454	$	1,589,267


Commercial, financial & agricultural	$	38,077	$	41,583	$	30,810	$	32,141	$	—
Real estate - construction & development		60,262		64,084		31,820		31,176		—
Real estate - commercial & farmland		296,790		311,748		174,281		179,898		—
Real estate - residential		273,347		278,451		196,078		200,851		—
Consumer installment		5,248		6,265		4,280		4,687		—

Total Purchased non-covered (net of discounts)	$	673,724	$	702,131	$	437,269	$	448,753	$	—


Commercial, financial & agricultural	$	22,545	$	25,209	$	24,813	$	26,550	$	27,768
Real estate - construction & development		27,756		31,600		41,434		43,179		50,702
Real estate - commercial & farmland		180,566		188,643		214,649		224,451		237,086
Real estate - residential		82,445		85,518		91,372		95,173		101,146
Consumer installment		277		280		426		884		947

Total Covered (net of discounts)	$	313,589	$	331,250	$	372,694	$	390,237	$	417,649


Total Loan Portfolio:
Commercial, financial & agricultural	$	395,405	$	371,380	$	326,194	$	303,064	$	272,759
Real estate - construction & development		242,333		245,030		222,797		220,726		182,979
Real estate - commercial & farmland		1,359,516		1,350,391		1,225,160		1,212,672		1,036,235
Real estate - residential		792,307		786,700		680,451		647,910		457,066
Consumer installment		36,928		38,447		37,051		39,820		37,250
Other		9,583		11,492		13,692		33,252		20,627

Total Loans	$	2,836,072	$	2,803,440	$	2,505,345	$	2,457,444	$	2,006,916


Troubled Debt Restructurings, excluding purchased non-covered and covered loans:
Accruing loan types:
Commercial, financial & agricultural	$	257	$	257	$	711	$	515	$	521
Real estate - construction & development		1,917		2,080		1,953		1,896		1,926
Real estate - commercial & farmland		7,080		7,590		8,733		6,913		6,693
Real estate - residential		7,973		7,335		7,364		7,818		7,871
Consumer installment		34		75		87		72		13

Total Accruing TDRs	$	17,261	$	17,337	$	18,848	$	17,214	$	17,024


Non-accruing loan types:
Commercial, financial & agricultural	$	507	$	465	$	40	$	525	$	533
Real estate - construction & development		196		32		29		32		29
Real estate - commercial & farmland		1,672		2,151		1,316		2,273		1,858
Real estate - residential		759		1,044		961		834		704
Consumer installment		93		51		19		19		26

Total Non-accrual TDRs	$	3,227	$	3,743	$	2,365	$	3,683	$	3,150


Total Troubled Debt Restructurings	$	20,488	$	21,080	$	21,213	$	20,897	$	20,174


The following table presents the loan portfolio by risk grade, excluding purchased non-covered and covered loans:
Grade 10 - Prime credit	$	121,486	$	110,842	$	93,805	$	74,381	$	72,759
Grade 15 - Good credit		222,714		226,652		243,963		230,212		230,810
Grade 20 - Satisfactory credit		908,054		866,356		817,718		773,051		731,154
Grade 23 - Performing, under-collateralized credit		28,826		28,429		31,056		31,604		30,729
Grade 25 - Minimum acceptable credit		484,200		450,363		417,177		420,491		433,358
Grade 30 - Other asset especially mentioned		31,750		33,360		38,240		30,591		28,952
Grade 40 - Substandard		51,640		54,047		53,286		57,987		61,270
Grade 50 - Doubtful		88		10		137		137		235
Grade 60 - Loss		1		—		—		—		—

Total	$	1,848,759	$	1,770,059	$	1,695,382	$	1,618,454	$	1,589,267

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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


	Three Months Ended										Nine Months Ended
	Sept.		Jun.		Mar.		Dec.		Sept.		Sept.		Sept.
	2014		2014		2014		2013		2013		2014		2013

AVERAGE BALANCES

Federal funds sold	$	500	$	500	$	7,455	$	3,243	$	—	$	2,793	$	—
Interest bearing deposits in banks		63,355		50,850		99,751		172,117		66,424		71,185		73,194
Investment securities - taxable		451,563		418,498		411,251		276,702		260,262		427,252		273,303
Investment securities - nontaxable		74,176		49,631		51,092		51,291		52,279		58,384		52,127
Other investments		8,209		6,629		12,330		8,255		7,764		8,100		7,155
Mortgage loans held for sale		83,751		54,517		49,397		65,683		61,249		62,506		103,658
Loans		1,795,059		1,706,564		1,639,672		1,602,942		1,564,311		1,697,559		1,458,988
Purchased non-covered loans		688,452		433,249		441,138		43,900		—		538,802		—
Covered loans		324,498		354,766		379,460		401,045		427,482		352,707		454,361

Total Earning Assets	$	3,489,563		3,075,204		3,091,546		2,625,178	$	2,439,771	$	3,219,288	$	2,422,786


Noninterest bearing deposits	$	807,416	$	680,058	$	666,493	$	528,732	$	468,588	$	718,505	$	476,419
NOW accounts		743,352		691,353		675,199		604,828		573,088		703,551		595,017
MMDA		861,197		770,047		749,150		655,782		639,304		793,875		614,740
Savings accounts		155,559		145,528		143,109		107,058		104,498		148,111		103,812
Retail CDs < $100,000		439,150		356,483		373,523		293,689		290,771		389,959		302,373
Retail CDs > $100,000		370,166		360,703		361,861		352,043		349,931		364,274		357,478
Brokered CDs		5,970		5,970		5,970		10,687		12,970		5,970		16,174

Total Deposits		3,382,810		3,010,142		2,975,305		2,552,819		2,439,150		3,124,245		2,466,013


FHLB advances		55,435		28,626		68,333		9,521		—		50,751		—
Other borrowings		47,346		35,280		30,004		6,304		1,739		37,607		586
Subordinated debentures		64,953		55,789		55,092		46,263		42,269		58,647		42,269
Federal funds purchased and securities sold under agreements to repurchase		44,316		40,008		57,112		41,402		18,446		47,099		22,024

Total Non-Deposit Funding		212,050		159,703		210,541		103,490		62,454		194,104		64,879


Total Funding	$	3,594,860	$	3,169,845	$	3,185,846	$	2,656,309	$	2,501,604	$	3,318,349	$	2,530,892

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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


	Three Months Ended										Nine Months Ended
	Sept.		Jun.		Mar.		Dec.		Sept.		Sept.		Sept.
	2014		2014		2014		2013		2013		2014		2013

INTEREST INCOME/EXPENSE

INTEREST INCOME
Federal funds sold	$	—	$	—	$	5	$	2	$	—	$	5	$	—
Interest bearing deposits in banks		47		45		79		118		44		171		158
Investment securities - taxable		3,034		2,953		2,985		1,998		1,720		8,972		5,136
Investment securities - nontaxable (TE)		670		421		452		462		475		1,543		1,446
Mortgage loans held for sale		787		457		403		554		603		1,646		2,762
Loans (TE)		21,790		21,996		20,647		20,810		20,882		64,433		59,762
Purchased non-covered loans		12,610		7,933		6,865		570		—		27,408		—
Covered loans		4,726		5,164		6,761		7,508		8,248		16,651		26,079

Total Earning Assets	$	43,663	$	38,969	$	38,197	$	32,022	$	31,972	$	120,829	$	95,342


INTEREST EXPENSE
Non-interest bearing deposits	$	—	$	—	$	—	$	—	$	—	$	—	$	—
NOW accounts		324		291		288		297		248		903		800
MMDA		783		722		681		625		606		2,186		1,683
Savings accounts		42		40		37		29		29		119		87
Retail CDs < $100,000		596		478		489		399		406		1,563		1,341
Retail CDs > $100,000		749		626		640		629		635		2,015		2,016
Brokered CDs		47		48		48		86		101		143		407

Total Deposits		2,541		2,205		2,183		2,065		2,025		6,929		6,334


FHLB advances		51		26		37		63		—		114		—
Other borrowings		558		415		408		137		20		1,381		20
Subordinated debentures		866		666		708		376		359		2,240		992
Federal funds purchased and securities sold under agreements to repurchase		39		31		53		56		26		123		94

Total Non-Deposit Funding		1,514		1,138		1,206		632		405		3,858		1,106


Total Funding	$	4,055	$	3,343	$	3,389	$	2,697	$	2,430	$	10,787	$	7,440


Net Interest Income (TE)	$	39,608	$	35,626	$	34,808	$	29,325	$	29,542	$	110,042	$	87,902

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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


	Three Months Ended															Nine Months Ended
	Sept.			Jun.			Mar.			Dec.			Sept.			Sept.			Sept.
	2014			2014			2014			2013			2013			2014			2013
YIELDS (1)

Federal funds sold		0.00	%		0.00	%		0.27	%		0.24	%		0.00	%		0.24	%		0.00	%
Interest bearing deposits in banks		0.29	%		0.35	%		0.32	%		0.27	%		0.26	%		0.32	%		0.29	%
Investment securities - taxable		2.67	%		2.83	%		2.94	%		2.86	%		2.62	%		2.81	%		2.51	%
Investment securities - nontaxable		3.58	%		3.40	%		3.59	%		3.57	%		3.60	%		3.53	%		3.71	%
Mortgage loans held for sale		3.73	%		3.36	%		3.31	%		3.35	%		3.91	%		3.52	%		3.56	%
Loans		4.82	%		5.17	%		5.11	%		5.15	%		5.30	%		5.07	%		5.48	%
Purchased non-covered loans		7.27	%		7.34	%		6.31	%		5.15	%		0.00	%		6.80	%		0.00	%
Covered loans		5.78	%		5.84	%		7.23	%		7.43	%		7.65	%		6.31	%		7.67	%

Total Earning Assets		4.96	%		5.08	%		5.01	%		4.84	%		5.20	%		5.02	%		5.26	%

Noninterest bearing deposits		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
NOW accounts		0.17	%		0.17	%		0.17	%		0.19	%		0.17	%		0.17	%		0.18	%
MMDA		0.36	%		0.38	%		0.37	%		0.38	%		0.38	%		0.37	%		0.37	%
Savings accounts		0.11	%		0.11	%		0.10	%		0.11	%		0.11	%		0.11	%		0.11	%
Retail CDs < $100,000		0.54	%		0.54	%		0.53	%		0.54	%		0.55	%		0.54	%		0.59	%
Retail CDs > $100,000		0.80	%		0.70	%		0.72	%		0.71	%		0.72	%		0.74	%		0.75	%
Brokered CDs		3.12	%		3.22	%		3.26	%		3.19	%		3.09	%		3.20	%		3.36	%

Total Deposits		0.30	%		0.29	%		0.30	%		0.32	%		0.33	%		0.30	%		0.34	%

FHLB advances		0.36	%		0.36	%		0.22	%		2.63	%		0.00	%		0.30	%		0.00	%
Other borrowings		4.68	%		4.72	%		5.51	%		8.62	%		4.56	%		4.91	%		4.56	%
Subordinated debentures		5.29	%		4.79	%		5.21	%		3.22	%		3.37	%		5.11	%		3.14	%
Federal funds purchased and securities sold under agreements to repurchase		0.35	%		0.31	%		0.38	%		0.54	%		0.56	%		0.35	%		0.57	%

Total Non-Deposit Funding		2.83	%		2.86	%		2.32	%		2.42	%		2.57	%		2.66	%		2.28	%

Total funding (3)		0.45	%		0.42	%		0.43	%		0.40	%		0.39	%		0.43	%		0.39	%


Net interest spread		4.52	%		4.66	%		4.58	%		4.44	%		4.81	%		4.58	%		4.87	%

Net interest margin		4.50	%		4.65	%		4.57	%		4.43	%		4.80	%		4.57	%		4.85	%

(1)	Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 35%.

(2)	Rate calculated based on average earning assets.

(3)	Rate calculated based on total average funding including non-interest bearing liabilities.

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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


	Three Months Ended															Nine Months Ended
Net Operating Income Reconciliation	Sept. 2014			Jun. 2014			Mar. 2014			Dec. 2013			Sept. 2013			Sept. 2014			Sept. 2013

Net income available to common shareholders	$	11,663		$	8,130		$	8,064		$	966		$	6,234		$	27,857		$	17,314

Conversion charges		551			2,872			450			4,350			512			3,873			512
Tax effect of conversion charges		(168	)		(989	)		(144	)		(261	)		(168	)		(1,244	)		(169	)

Plus: After tax conversion charges		383			1,883			306			4,089			344			2,629			343

Net operating income		12,046			10,013			8,370			5,055			6,578			30,486			17,657


	Three Months Ended															Nine Months Ended
Core Earnings Reconciliation	Sept. 2014			Jun. 2014			Mar. 2014			Dec. 2013			Sept. 2013			Sept. 2014			Sept. 2013

Pre-tax operating profit/(loss)	$	16,785		$	12,400		$	12,273		$	1,466		$	9,939		$	41,458		$	27,837
Plus: Credit Related Costs
Provision for loan losses		1,669			1,365			1,726			1,478			2,920			4,760			10,008
(Gains)/Losses on the sale of legacy OREO		(3	)		283			(55	)		310			(157	)		225			(43	)
Gains/(Losses) on the sale of covered OREO		(184	)		249			118			—			—			183			3,176
Problem loan and OREO expense		3,373			2,309			2,127			5,012			3,128			7,809			7,031
Interest reversed (received) on non-accrual loans		94			71			246			29			216			411			388

Total Credit-Related Costs		4,949			4,277			4,162			6,829			6,107			13,388			20,560


Plus: Cconversion charges		551			2,872			450			4,350			512			3,873			512
Less: Non-recurring gains
Gains related to FDIC acquisitions		—			—			—			—			—			—			—
Gains on sales of securities		(132	)		—			(6	)		—			—			(138	)		(171	)
Gains on sales of bank premises		(616	)		—			—			—			159			(616	)		(310	)
Other non-recurring adjustments		—			(870	)		—			—			(1,771	)		(870	)		(4,855	)


Pretax, Pre-provision earnings	$	21,537		$	18,679		$	16,879		$	12,645		$	14,946		$	57,095		$	43,573


As percentage of average assets, annualized		2.15	%		2.14	%		1.94	%		1.71	%		2.11	%		1.92	%		2.08	%

	Three Months Ended															Nine Months Ended
Recurring Operating Expenses	Sept. 2014			Jun. 2014			Mar. 2014			Dec. 2013			Sept. 2013			Sept. 2014			Sept. 2013

Total Operating Expenses		38,579			37,318			33,239			37,624			28,749			109,136			84,321
Less: Credit costs & non-recurring charges
Gains/(Losses) on the sale of legacy OREO		3			(283	)		55			(310	)		157			(225	)		43
Gains/(Losses) on the sale of covered OREO		184			(249	)		(118	)		—			—			(183	)		(3,176	)
Problem loan and OREO expense		(3,373	)		(2,309	)		(2,127	)		(5,012	)		(3,128	)		(7,809	)		(7,031	)
Severance payments		—			—			—			—			(99	)		—			—
Conversion expenses		(551	)		(2,872	)		(450	)		(4,350	)		(413	)		(3,873	)		—
Gains/(Losses) on the sale of premises		616			—			—			—			(159	)		616			310


Recurring operating expenses	$	35,458		$	31,605		$	30,599		$	27,952		$	25,107		$	97,662		$	74,467

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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


	Three Months Ended										Nine Months Ended
	Sept.		Jun.		Mar.		Dec.		Sept.		Sept.		Sept.
Segment Reporting	2014		2014		2014		2013		2013		2014		2013

Banking Division:
Net interest income	$	36,785	$	33,925	$	33,384	$	27,930	$	28,089	$	104,094	$	84,372
Provision for loan losses		994		1,365		1,726		1,478		2,920		4,085		10,008
Noninterest income		10,766		8,817		7,590		7,086		7,054		27,173		20,333
Noninterest expense:
Salaries and employee benefits		15,817		13,005		13,826		11,841		10,799		42,648		32,314
Occupancy		4,301		3,771		3,762		3,080		3,029		11,834		8,575
Data Processing		3,622		3,597		3,332		2,953		2,908		10,551		8,013
Other expenses		8,887		11,053		7,512		14,257		7,473		27,452		22,807

Total noninterest expense		32,627		31,426		28,432		32,131		24,209		92,485		71,709

Income before income taxes		13,930		9,951		10,816		1,407		8,014		34,697		22,988
Income Tax		4,123		3,413		3,413		67		2,588		10,949		7,500
Net income		9,807		6,538		7,403		1,340		5,426		23,748		15,488
Preferred stock dividends		—		—		286		412		443		286		1,326

Net income available to common shareholders	$	9,807	$	6,538	$	7,117	$	928	$	4,983	$	23,462	$	14,162


Mortgage Division:
Net interest income	$	2,347	$	1,339	$	1,100	$	1,121	$	1,231	$	4,786	$	2,762
Provision for loan losses		675		—		—		—		—		675		—
Noninterest income		7,135		7,002		5,164		4,431		5,234		19,301		14,699
Noninterest expense:
Salaries and employee benefits		4,409		3,937		3,568		3,230		3,613		11,914		9,285
Occupancy		368		300		302		148		120		970		483
Data Processing		306		343		122		108		164		771		465
Other expenses		869		1,312		815		2,007		643		2,996		2,379

Total noninterest expense		5,952		5,892		4,807		5,493		4,540		16,651		12,612

Income before income taxes		2,855		2,449		1,457		59		1,925		6,761		4,849
Income Tax		999		857		510		21		674		2,366		1,697
Net income		1,856		1,592		947		38		1,251		4,395		3,152
Preferred stock dividends		—		—		—		—		—		—		—

Net income available to common shareholders	$	1,856	$	1,592	$	947	$	38	$	1,251	$	4,395	$	3,152


Total Consolidated:
Net interest income	$	39,132	$	35,264	$	34,484	$	29,051	$	29,320	$	108,880	$	87,134
Provision for loan losses		1,669		1,365		1,726		1,478		2,920		4,760		10,008
Noninterest income		17,901		15,819		12,754		11,517		12,288		46,474		35,032
Noninterest expense:
Salaries and employee benefits		20,226		16,942		17,394		15,071		14,412		54,562		41,599
Occupancy		4,669		4,071		4,064		3,228		3,149		12,804		9,058
Data Processing		3,928		3,940		3,454		3,061		3,072		11,322		8,478
Other expenses		9,756		12,365		8,327		16,264		8,116		30,448		25,186

Total noninterest expense		38,579		37,318		33,239		37,624		28,749		109,136		84,321

Income before income taxes		16,785		12,400		12,273		1,466		9,939		41,458		27,837
Income Tax		5,122		4,270		3,923		88		3,262		13,315		9,197
Net income		11,663		8,130		8,350		1,378		6,677		28,143		18,640
Preferred stock dividends		—		—		286		412		443		286		1,326

Net income available to common shareholders	$	11,663	$	8,130	$	8,064	$	966	$	6,234	$	27,857	$	17,314

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