News Releases
Ameris Bancorp Announces 2011 Financial Results

MOULTRIE, Ga, Jan. 26, 2012 /PRNewswire/ -- AMERIS BANCORP (NASDAQ-GS: ABCB), today reported net income available to common shareholders of $17.9 million, or $0.76 per diluted share, for the year ended December 31, 2011, compared to a net loss available to common shareholders of $7.2 million, or ($0.35) per diluted share, for 2010.  Net income available to common shareholders for the fourth quarter of 2011 was $322,000, or $0.01 per diluted share, compared to net income of $1.1 million, or $0.04 per diluted share, for the quarter ended December 31, 2010.

Highlights of the Company's results for 2011 include the following:

  • Tangible common book value increased 9.1% per share to $10.06 per share
  • Tangible common equity to tangible assets increased from 7.35% at December 31, 2010 to 7.99% at December 31, 2011
  • Total revenue, excluding gains on FDIC transactions, increased $27.3 million, or 19.6%
  • Net interest margin improved to 4.57%, up from 4.11% in 2010
  • Non-interest bearing deposits increased 30.9%, or $93.4 million
  • Legacy classified assets decreased 18.4%, or $34.7 million
  • Non-performing assets as a percentage of total assets decreased from 4.62% at December 31, 2010 to 4.05% at December 31, 2011
  • The Company successfully completed two FDIC-assisted acquisitions with assets totaling $360.0 million

(Logo:  http://photos.prnewswire.com/prnh/20051117/CLTH039LOGO )

Increases in Net Interest Income

Net interest income increased in 2011 to $113.5 million, up from $89.3 million reported in 2010.  Several factors contributed to this 27.1% increase, including an increase in average earning assets of 13.6%, from $2.2 billion in 2010 to $2.5 billion in 2011.  Average loans outstanding benefited from acquisitions in late 2010 and during 2011, increasing 13.8%.  Average investment securities increased 30.5% while average short-term assets decreased 5.7%.  

The Company's efforts to fund earning asset growth with lower cost transaction accounts were also successful.  Growth in deposit accounts costing less than 0.50% amounted to $210.2 million ($101.5 million in non-interest bearing, $93.6 million in NOW accounts and $15.1 million in savings) and funded 70.7% of the growth in earning assets during 2011.  

Strong incremental spreads on new business were augmented further by steady yields on earning assets and continued decreases in funding costs.  Yields on earning assets increased from 5.47% in 2010 to 5.68% in 2011, due mostly to improvements in the yield on covered loans.  As expected cash flow on covered loans improves, a portion of the loan discount that was previously attributable to credit problems is reclassified into interest income.  This reclassification occurs over the estimated life of the loan, which sometimes is a very short period of time.  The Company has benefitted from these additions to net interest income and expects favorable yields on covered loans to continue into 2012, albeit at lower levels than recorded in the fourth quarter of 2011 when a number of larger loan relationships had events that caused larger amounts to flow through interest income on very short amortization periods.

Non-Interest Income

Despite a challenging environment for growing non-interest revenue, the Company improved its recurring non-interest income by 25.9% in 2011 over amounts reported in 2010.  Excluding non-recurring gains on acquisitions, Ameris reported $25.9 million in non-interest income for the year ended December 31, 2011 compared to $20.6 million for the year ended December 31, 2010.  Service charges on deposit accounts increased $2.9 million, or 19.4%, to $18.1 million during 2011.  Faster growth and higher balances in checking accounts contributed to this increase in service charge revenue.   Management believes that continued growth in service charge revenue will be achieved through growth in account balances as opposed to higher individual service charge routines.

Mortgage revenue also increased in 2011, benefitting from staffing hires in 2011 as well as from improvements in the Company's platform that allowed for higher yields and better returns.  During 2011, revenue from mortgage banking activities totaled $3.0 million, an increase of 8.1% from amounts reported in 2010.  Management expects that continued improvement, potentially at a faster pace than seen in 2011, is possible due to the Company's recruiting opportunities and the historically low rate environment.

Non-Interest Expense

Excluding credit related expenses and non-recurring merger charges, total operating expenses were $77.6 million for the year ended December 31, 2011, compared to $64.8 million for 2010.  During the fourth quarter of 2010, the Company completed three acquisitions with assets totaling $658.1 million.  Because these occurred late in 2010, the additional expense associated with these acquisitions, as well as the two completed in July 2011, skew the growth in operating expenses.  Expressed as a percentage of average assets, total operating expense in 2011 was 2.62%, only a slight increase from 2.55% reported in 2010.

Data processing and telecommunications expense increased during 2011 to $10.3 million, an increase of 34.9% when compared to amounts reported in 2010.  During 2011, the Company had approximately $1.6 million of non-recurring charges associated with converting acquired banks.  Excluding these amounts, data processing expense would have increased a more reasonable $1.1 million, or 13.9%, during 2011.  For 2012, management expects to benefit from a new contract with its core processing vendor that will reduce recurring data processing expenses by approximately 15%.

Balance Sheet Trends

Total assets at December 31, 2011 increased only slightly, growing 0.7% to $2.99 billion, compared to $2.97 billion at December 31, 2010.  Average assets for the year reflected higher levels of growth considering the three acquisitions completed in the fourth quarter of 2010.  Average assets and average earning assets in 2011 were $2.97 billion and $2.50 billion, respectively, compared to $2.50 billion and $2.20 billion, respectively, for 2010.  

Loans outstanding comprise both the legacy portfolio and the covered loan portfolio.  Average legacy loans declined $100.1 million, or 6.9%, for the year ended December 31, 2011 as compared to average balances for 2010.  Growth in average covered loans more than offset the decline in legacy loans, increasing 140%, or $333.2 million, to $570.7 million at December 31, 2011.  

Commenting on the Company's loan growth strategy, Edwin W. Hortman, Jr., President and CEO, said, "Our loan growth strategy has focused more heavily on acquiring covered loans in FDIC-assisted transactions, where the Company enjoys the benefits of the shared-loss agreements with the FDIC and much higher yields than can be achieved otherwise in the current environment.  For some time, loan growth in legacy markets has been hampered by weak demand from bankable credits, most of which were refinancing existing debt and where yields were remarkably low.  Fortunately, we have been able to supplement loan growth with activity in our covered portfolios and are now starting to see more bankable credits in our legacy markets.  For 2012, I expect that we will see 5% to 8% growth in legacy loans and that our covered portfolio will grow as well due to the acquisition opportunities in our footprint."

Total deposits at the end of 2011 were $2.59 billion, an increase of $56.1 million, or 2.2%, from balances reported at the end of 2010.  As seen in the table below, growth rates in favorable deposit classes were exceptional and muted to some degree with the run-off in higher cost time deposits.  All of the Company's growth rates in deposits have been affected by the acquisition of failed banks over the periods seen below.



December 31, 2011


December 31, 2010




Deposit Type

Balances

% of total


Balances

% of total


$ Change

% Change

Non-interest bearing

$              395,347

15.3%


$              301,971

11.9%


$              93,376

30.9%

NOW accounts

636,443

24.6%


600,883

23.7%


35,560

5.9%

Money Market

586,997

22.7%


496,913

19.6%


90,084

18.1%

Savings

80,105

3.1%


73,272

2.9%


6,833

9.3%

Retail CDs

824,794

31.8%


944,052

37.2%


(119,258)

-12.6%

Brokered CDs

67,880

2.6%


118,335

4.7%


(50,455)

-42.6%


$           2,591,566



$           2,535,426



$              56,140

2.2%




Mr. Hortman commented about the changing deposit mix, saying "While growth in total deposits was not significant, we have continued to manage our deposit mix such that future margins and spreads will benefit.  At the end of 2011, almost half of our deposits cost less than 0.50% and are in classes that have less rate sensitivity.  We expect continued growth in the favorable classes, and as loans are anticipated to continue to grow in 2012, we expect incremental margins to be strong thanks to this improving deposit mix."

Credit Quality

For the year ended December 31, 2011, nonperforming assets decreased $16.1 million, or 11.7%, to $121.1 million, or 4.05% of total assets, compared to $137.2 million, or 4.62% of total assets, at December 31, 2010.  Non-accrual loans declined $8.5 million to $70.8 million at December 31, 2011, compared to $79.3 million at December 31, 2010. The Company's balances in legacy OREO decreased $7.6 million to $50.3 million at December 31, 2011 from $57.9 million at December 31, 2010.  

Total classified assets declined at a faster rate than did non-performing assets.  At December 31, 2011, classified assets totaled $153.9 million, a decrease of 18.4% when compared to $188.6 million at December 31, 2010.  As a percentage of regulatory capital, classified assets were 45.0% at December 31, 2011, compared to 58.5% at December 31, 2010.  Higher levels of capital through net earnings as well as continued resolution of problem credits contributed to this positive trend.

The Company's provision for loan losses during the fourth quarter of 2011 amounted to $9.0 million, compared to $11.4 million recorded in the fourth quarter of 2010. For the full year 2011, the Company's provision for loan losses amounted to $32.7 million, compared to $50.5 million for 2010.  At December 31, 2011, the Company's allowance for loan losses totaled $35.2 million, or 2.64% of ending legacy loans, compared to $34.6 million, or 2.52%, at the end of 2010.  The Company's allowance for loan losses represented 49.64% of nonperforming loans, an increase from 43.61% at December 31, 2010.

Total credit costs for the year ended December 31, 2011 were $58.1 million, a decrease of 16.5% when compared to the same period in 2010.  Decreases in provision expense totaled $17.8 million, or 35.2%, when compared to amounts reported for the year ended December 31, 2010.  These lower provision costs were possible because of a 45.0% reduction in new problem loans in 2011 when compared to 2010.  Disposition of OREO throughout the year caused losses to be higher by $5.4 million in 2011, offsetting some of the decline in provision expense.  The Company has pursued the disposition of OREO primarily through retail channels, although some assets were sold in 2011 through auctions or at wholesale levels.  Management expects to be able to resolve the majority of problem assets through similar actions and strategies during 2012 and expects that its pre-tax, pre-credit income will assist the Company in maintaining its earnings.

"I am pleased with the improvement in provision expense and anticipate continued improvement in that area," said Mr. Hortman.  "Overall reduction in NPAs continues to be our primary focus and I believe our current strategies to reduce these balances will succeed in reducing NPAs below 3.00% of total assets during 2012."

M&A Outlook

During 2011, the Company completed its seventh and eighth FDIC-assisted acquisitions bringing total acquired assets in this strategy to $1.6 billion.  Management believes the strategy has been vital at this time in the economic cycle, providing the safest avenue for growth in earning assets.  Mr. Hortman commented, "We continue to look at potential failed bank acquisitions and believe that 2012 will provide enough opportunities to realize growth in balances of covered loans.  Our covered asset platform is highly scalable and our current focus is heavily centered on continuing to participate as we have in the past."  With respect to traditional M&A opportunities, Mr. Hortman added, "Capital levels and asset quality have stabilized at many institutions.  Management teams and their boards are increasingly aware of the advantages of partnering and the limited opportunity to create value on a stand-alone basis.  Accordingly, we anticipate that traditional M&A will begin to rebound in 2012 and yield opportunities to increase earnings per share with limited or no dilution to tangible book value."

Capital Levels

The Company manages with increasingly high levels of capital.  At December 31, 2011, Tier 1 common equity to risk based assets was 13.74%, compared to 12.93% at December 31, 2010, an increase of 6.26%.  Tangible common equity as a percentage of tangible assets increased to 7.99% at December 31, 2011, compared to 7.35% at December 31, 2010.  Earnings from legacy operations and from acquisitions coupled with mostly static total assets during the year were the primary reasons for the higher capital levels.  Additionally, tangible book value per common share increased from $9.22 per share at December 31, 2010 to $10.06 per share at December 31, 2011.

Mr. Hortman spoke concerning the Company's capital levels, saying "Improving capital levels throughout this cycle have allowed us to continue operating with offensive strategies.  Coupling these strong capital levels together with our core earnings and our acquisition strategies, we are confident in our ability to repay the Company's TARP obligations in installments before their fifth anniversary.  As we have stated before, we do not foresee that any capital raise will be required, and we expect that the repayment of those obligations will be fully accretive to existing shareholders."

Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 62 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



Twelve Months Ended




Dec.


Sept.


Jun.


Mar.


Dec.



Dec.


Dec.




2011


2011


2011


2011


2010



2011


2010


















EARNINGS

































Net Income/(Loss) Available to Common Shareholders

$           322


$      15,643


$        1,307


$           580


$        1,050



$      17,852


$      (7,202)


















PER COMMON SHARE DATA
















Earnings per share available to common shareholders:

















Basic

$          0.01


$          0.67


$          0.06


$          0.02


$          0.04



$          0.76


$        (0.35)



Diluted

$          0.01


$          0.66


$          0.06


$          0.02


$          0.04



$          0.76


$        (0.35)


Cash Dividends per share

$               -


$               -


$               -


$               -


$               -



$               -


$               -


Stock dividend

-


-


-


-


-



-


3 for 157


Book value per share (period end)

$        10.23


$        10.27


$          9.54


$          9.41


$          9.44



$        10.23


$          9.44


Tangible book value per share (period end)

$        10.06


$        10.08


$          9.34


$          9.20


$          9.22



$        10.06


$          9.22


Weighted average number of shares:

















Basic

23,457,739


23,438,335


23,449,123


23,440,201


23,427,393



23,446,350


20,498,204



Diluted

23,611,964


23,559,063


23,508,419


23,474,424


23,579,205



23,538,468


20,498,204


Period-end number of shares

23,751,294


23,742,794


23,766,044


23,766,044


23,647,841



23,751,294


23,647,841


Market data:

















High closing price

$        10.66


$        10.30


$        10.16


$        11.10


$        11.07



$        11.10


$        11.55



Low closing price

$          8.55


$          8.47


$          8.49


$          9.32


$          8.73



$          8.47


$          7.36



Period end closing price

$        10.28


$          8.71


$          8.87


$        10.16


$        10.54



$        10.28


$        10.54



Average daily volume

68,654


71,955


58,706


46,618


55,281



61,619


93,489


















PERFORMANCE RATIOS
















Return on average assets

0.15%


2.14%


0.29%


0.19%


0.26%



0.71%


(0.16%)


Return on average common equity

1.82%


28.55%


3.69%


2.51%


3.28%



8.52%


(2.07%)


Earning asset yield (TE)

6.07%


5.55%


5.98%


5.35%


5.18%



5.68%


5.47%


Total cost of funds

0.80%


1.02%


1.10%


1.22%


1.27%



1.03%


1.34%


Net interest margin (TE)

5.21%


4.44%


4.79%


4.04%


3.88%



4.57%


4.11%


Non-interest income excluding securities transactions,

















as a percent of total revenue (TE) (1)

14.81%


9.97%


14.15%


15.49%


16.12%



13.20%


14.98%


Efficiency ratio

72.76%


47.75%


65.08%


69.59%


62.15%



61.30%


65.20%


















CAPITAL ADEQUACY (period end)
















Stockholders' equity to assets

9.81%


9.78%


9.70%


9.38%


9.20%



9.81%


9.20%


Tangible common equity to tangible assets

7.99%


7.96%


7.78%


7.51%


7.35%



7.99%


7.35%


















EQUITY TO ASSETS RECONCILIATION
















Tangible common equity to tangible assets

7.99%


7.96%


7.78%


7.51%


7.35%



7.99%


7.35%


Effect of preferred equity

1.69%


1.68%


1.76%


1.72%


1.69%



1.69%


1.69%


Effect of goodwill and other intangibles

0.13%


0.14%


0.15%


0.16%


0.16%



0.13%


0.16%



Equity to assets (GAAP)

9.81%


9.78%


9.70%


9.38%


9.20%



9.81%


9.20%


















OTHER PERIOD-END DATA
















FTE Headcount

746


730


690


691


708



746


708


Assets per FTE

$        4,014


$        4,124


$        4,141


$        4,223


$        4,198



$        4,014


$        4,198


Branch locations

62


62


59


59


59



62


60


Deposits per branch location

$      41,799


$      44,557


$      42,565


$      43,605


$      42,257



$      41,799


$      42,257



















(1) Includes gain from acquisition



AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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





















Three Months Ended



Twelve Months Ended




Dec.


Sept.


Jun.


Mar.


Dec.



Dec.


Dec.




2011


2011


2011


2011


2010



2011


2010



































INCOME STATEMENT
































Interest income
















Interest and fees on loans

$      35,361


$      31,633


$      32,876


$      28,971


$      27,676



$    128,841


$    107,484


Interest on taxable securities

2,350


2,672


2,574


2,658


2,562



10,254


9,821


Interest on nontaxable securities

357


330


314


320


317



1,321


1,215


Interest on deposits in other banks

148


144


150


175


204



617


462


Interest on federal funds sold

7


9


9


13


52



38


89



Total interest income

38,223


34,788


35,923


32,137


30,811



141,071


119,071


















Interest expense
















Interest on deposits

$        4,875


$        6,431


$        6,825


$        7,375


$        7,328



$      25,506


$      28,647


Interest on other borrowings

580


555


351


555


477



2,041


1,147



Total interest expense

5,455


6,986


7,176


7,930


7,805



27,547


29,794


















Net interest income

32,768


27,802


28,747


24,207


23,006



113,524


89,277


















Provision for loan losses

9,019


7,552


9,115


7,043


11,404



32,729


50,521


















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

$      23,749


$      20,250


$      19,632


$      17,164


$      11,602



$      80,795


$      38,756


















Noninterest income
















Service charges on deposit accounts

$        4,483


$        4,666


$        4,665


$        4,267


$        4,323



$      18,081


$      15,143


Mortgage banking activity

1,209


930


382


450


806



2,971


2,748


Other service charges, commissions and fees

340


392


276


239


180



1,247


805


Gain(loss) on sale of securities

-


-


14


224


-



238


200


Gains from acquisitions

-


26,867


-


-


6,442



26,867


14,651


Other non-interest income

657


1,090


643


1,013


552



3,403


1,701



Total noninterest income

6,689


33,945


5,980


6,193


12,303



52,807


35,248


















Noninterest expense
















Salaries and employee benefits

10,688


10,252


9,427


9,843


8,510



40,210


31,918


Occupancy and equipment expenses

2,705


3,203


2,752


2,730


1,989



11,390


8,212


Data processing and telecommunications expenses

2,650


2,817


2,452


2,396


2,075



10,315


7,644


FDIC Insurance expense

1,078


1,096


1,118


1,245


1,296



4,537


5,133


Credit related expenses (1)

7,784


8,985


3,882


1,797


4,936



22,448


16,412


Advertising and marketing expenses

221


189


149


163


97



722


566


Amortization of intangible assets

220


277


242


263


277



1,002


988


Goodwill impairment

-


-


-


-


-



-


-


Other non-interest expenses

3,364


2,667


2,580


2,718


2,766



11,329


10,315



Total noninterest expense

28,710


29,486


22,602


21,155


21,946



101,953


81,188


















Operating profit/(loss)

$        1,728


$      24,709


$        3,010


$        2,202


$        1,959



$      31,649


$      (7,184)



















Income tax (benefit)/expense

587


8,249


896


824


98



10,556


(3,195)


















Net income/(loss)

$        1,141


$      16,460


$        2,114


$        1,378


$        1,861



$      21,093


$      (3,989)


















Preferred stock dividends

819


817


807


798


811



3,241


3,213


















Net income/(loss) available















    to common shareholders

$           322


$      15,643


$        1,307


$           580


$        1,050



$      17,852


$      (7,202)


















Diluted earnings available to common shareholders

0.01


0.66


0.06


0.02


0.04



0.76


(0.35)



















(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.


Sept.


Jun.


Mar.


Dec.




2011


2011


2011


2011


2010













PERIOD-END BALANCE SHEET






















Assets











Cash and due from banks

$      65,528


$      55,761


$      68,552


$      88,386


$      74,326


Federal funds sold and interest bearing balances

229,042


170,349


218,330


264,508


261,262


Investment securities available for sale, at fair value

339,967


340,839


334,376


305,620


322,581


Other investments

9,878


11,089


10,354


12,436


12,440


Mortgage loans held for sale

11,563


8,867


-


-


-














Loans, net of unearned income

1,332,086


1,368,895


1,360,063


1,345,981


1,374,757


Covered loans

571,489


595,428


486,489


526,012


554,991


Less allowance for loan losses

35,156


35,238


34,523


35,443


34,576



Loans, net

1,868,419


1,929,085


1,812,029


1,836,550


1,895,172














Other real estate owned

50,301


54,487


61,533


62,258


57,917


Covered other real estate owned

78,617


81,907


63,583


59,757


54,931



Total other real estate owned

128,918


136,394


125,116


122,015


112,848














Premises and equipment, net

73,124


71,848


65,925


66,359


66,589


Intangible assets, net

3,250


3,471


3,745


3,973


4,261


Goodwill

956


956


956


956


956


FDIC loss sharing receivable

242,394


239,719


160,927


167,176


177,187


Other assets

21,269


42,001


56,927


50,444


44,546



Total assets

$ 2,994,308


$ 3,010,379


$ 2,857,237


$ 2,918,423


$ 2,972,168













Liabilities











Deposits:












Noninterest-bearing

$    395,347


$    354,434


$    318,004


$    316,060


$    301,971



Interest-bearing

2,196,219


2,274,458


2,193,359


2,256,629


2,233,455


Total deposits

2,591,566


2,628,892


2,511,363


2,572,689


2,535,426


Federal funds purchased & securities sold under












agreements to repurchase

37,665


13,180


17,136


20,257


68,184


Other borrowings

20,000


21,000


-


-


43,495


Other liabilities

9,037


10,616


9,311


9,351


9,387


Subordinated deferrable interest debentures

42,269


42,269


42,269


42,269


42,269



Total liabilities

2,700,537


2,715,957


2,580,079


2,644,566


2,698,761

























Stockholders' equity










 Preferred stock

$      50,727


$      50,572


$      50,419


$      50,269


$      50,121

 Common stock

25,087


25,079


25,102


25,102


24,983

 Capital surplus

166,639


166,385


166,170


165,995


165,930

 Retained earnings

54,852


54,530


38,888


37,580


37,000

 Accumulated other comprehensive income/(loss)

7,296


8,687


7,410


5,742


6,204

 Less treasury stock

(10,831)


(10,831)


(10,831)


(10,831)


(10,831)



Total stockholders' equity

293,770


294,422


277,158


273,857


273,407



Total liabilities and stockholders' equity

$ 2,994,307


$ 3,010,379


$ 2,857,237


$ 2,918,423


$ 2,972,168

























Other Data










Earning Assets

2,484,147


2,484,378


2,399,258


2,442,121


2,513,591

Intangible Assets

4,206


4,427


4,701


4,929


5,217

Interest Bearing Liabilities

2,296,153


2,350,907


2,252,764


2,319,155


2,413,319

Average Assets

3,021,201


3,048,337


2,909,012


2,949,943


2,872,207

Average Common Stockholders' Equity

248,729


228,716


229,794


222,675


225,088




















AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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






































Three Months Ended



Twelve Months Ended




Dec.


Sept.


Jun.


Mar.


Dec.



Dec.


Dec.




2011


2011


2011


2011


2010



2011


2010


















ASSET QUALITY INFORMATION (1)
































Allowance for loan losses
















Balance at beginning of period

$      35,238


$      34,523


$      35,443


$      34,576


$      34,072



$      34,576


$      35,762



















Provision for loan loss (2)

8,243


7,544


7,462


7,092


10,742



30,341


48,839




















Charge-offs

8,909


7,088


8,559


7,067


10,513



31,623


52,623



Recoveries

584


259


177


842


275



1,862


2,598


Net charge-offs (recoveries)

8,325


6,829


8,382


6,225


10,238



29,761


50,025



















Ending balance

$      35,156


$      35,238


$      34,523


$      35,443


$      34,576



$      35,156


$      34,576



















As a percentage of loans

2.64%


2.57%


2.54%


2.63%


2.52%



2.64%


2.52%


As a percentage of nonperforming loans

49.64%


59.66%


57.02%


51.82%


43.61%



49.64%


43.61%



































Net charge-off information
















Charge-offs
















Commercial, Financial and Agricultural

$        1,952


$           614


$        2,128


$        1,113


$        1,907



$        5,807


$        5,484


Real Estate - Residential

1,758


1,697


1,135


809


1,328



5,399


10,091


Real Estate - Commercial and Farmland

829


2,962


2,332


2,557


2,368



8,680


16,102


Real Estate - Construction and Development

4,129


1,612


2,822


2,425


4,519



10,988


19,854


Consumer Installment

241


203


142


163


391



749


1,092


Other

-


-


-


-


-



-


-



Total charge-offs

8,909


7,088


8,559


7,067


10,513



31,623


52,623



















Recoveries
















Commercial, Financial and Agricultural

21


85


48


20


22



174


571


Real Estate - Residential

39


48


45


14


20



146


186


Real Estate - Commercial and Farmland

9


37


4


2


182



52


840


Real Estate - Construction and Development

494


44


57


772


22



1,367


684


Consumer Installment

21


45


23


34


29



123


317


Other

-


-


-


-


-



-


-



Total recoveries

584


259


177


842


275



1,862


2,598



















Net charge-offs (recoveries)

$        8,325


$        6,829


$        8,382


$        6,225


$      10,238



$      29,761


$      50,025




















































Non-accrual loans

70,823


59,067


60,545


68,391


79,289



70,823


79,289

Foreclosed assets

50,301


54,487


61,533


62,258


57,916



50,301


57,916

Accruing loans delinquent 90 days or more

-


20


-


-


-



-


-

Total non-performing assets

121,124


113,574


122,078


130,649


137,205



121,124


137,205


















Non-performing assets as a percent of total assets

4.05%


3.77%


4.27%


4.48%


4.62%



4.05%


4.62%

Net charge offs as a percent of loans (Annualized)

2.48%


1.98%


2.50%


1.88%


2.87%



2.23%


3.33%



































(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 and 2011, 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:




Dec.


Sept.


Jun.


Mar.


Dec.



Loans by Type

2011


2011


2011


2011


2010



Commercial, financial & agricultural

$    142,960


$    159,020


$    150,377


$    142,826


$    142,312



Real estate - construction & development

130,270


145,770


143,684


152,863


162,594



Real estate - commercial & farmland

672,765


677,048


681,228


672,212


683,974



Real estate - residential

330,727


331,236


336,485


336,755


344,830



Consumer installment

37,296


38,163


35,584


33,698


34,293



Other

18,068


17,658


12,705


7,627


6,754



   Total Legacy (non-covered)

$ 1,332,086


$ 1,368,895


$ 1,360,063


$ 1,345,981


$ 1,374,757















Commercial, financial & agricultural

$      41,867


$      49,859


$      42,494


$      45,954


$      47,309



Real estate - construction & development

77,077


82,933


79,540


89,356


89,781



Real estate - commercial & farmland

321,257


323,760


229,924


242,153


257,428



Real estate - residential

127,644


135,138


129,721


140,239


149,226



Consumer installment

3,644


3,558


4,810


8,310


11,247



   Total Covered (at fair value)

$    571,489


$    595,248


$    486,489


$    526,012


$    554,991















Total Loan Portfolio:












Commercial, financial & agricultural

$    184,827


$    208,879


$    192,871


$    188,780


$    189,621



Real estate - construction & development

207,347


228,703


223,224


242,219


252,375



Real estate - commercial & farmland

994,022


1,000,808


911,152


914,365


941,402



Real estate - residential

458,371


466,374


466,206


476,994


494,056



Consumer installment

40,940


41,721


40,394


42,008


45,540



Other

18,068


17,658


12,705


7,627


6,754



   Total Loans

$ 1,903,575


$ 1,964,143


$ 1,846,552


$ 1,871,993


$ 1,929,748







































Troubled Debt Restructurings:












Accruing loan types:












Real estate - construction & development

$        1,774


$        1,697


$        2,179


$        2,908


$           786



Real estate - commercial & farmland

9,622


7,005


13,936


17,418


19,262



Real estate - residential

6,245


7,889


5,043


5,075


1,924



   Total Accruing TDRs

$      17,641


$      16,591


$      21,158


$      25,401


$      21,972















Non-accruing loan types:












Real estate - construction & development

$        2,122


$        1,426


$        1,315


$        1,243


$        2,290



Real estate - commercial & farmland

4,737


5,392


8,541


8,747


2,864



Real estate - residential

1,606


227


233


-


316



   Total Non-accrual TDRs

$        8,465


$        7,045


$      10,089


$        9,990


$        5,470















Total Troubled Debt Restructurings

$      26,106


$      23,636


$      31,247


$      35,391


$      27,442





































The following table presents the non-covered loan portfolio by risk grade:



Grade 10 - Prime credit

$      23,930


$      23,461


$      20,376


$      20,934


$      24,676



Grade 15 - Good credit

261,489


193,881


202,152


188,663


201,214



Grade 20 - Satisfactory credit

485,364


550,748


534,498


497,230


506,461



Grade 23 - Performing, under-collateralized credit

29,730


30,538


29,833


26,749


25,329



Grade 25 - Minimum acceptable credit

386,365


425,142


407,133


435,779


441,496



Grade 30 - Other asset especially mentioned

41,584


52,760


65,528


65,272


53,806



Grade 40 - Substandard

102,947


91,857


99,612


111,041


120,599



Grade 50 - Doubtful

677


508


922


286


1,175



Grade 60 - Loss

-


-


9


27


1



 Total

$ 1,332,086


$ 1,368,895


$ 1,360,063


$ 1,345,981


$ 1,374,757




















AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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






































Three Months Ended



Twelve Months Ended




Dec.


Sept.


Jun.


Mar.


Dec.



Dec.


Dec.




2011


2011


2011


2011


2010



2011


2010



































AVERAGE BALANCES


































Federal funds sold

$      29,108


$      24,583


$      34,241


$      32,891


$      28,523



$      30,206


$      42,516



Interest bearing deposits in banks

203,031


161,447


236,286


204,268


267,337



213,409


215,850



Investment securities - taxable

293,821


286,807


250,998


262,778


246,417



287,008


216,165



Investment securities - nontaxable

44,255


40,388


38,151


38,794


37,649



40,420


36,386



Other investments

10,276


11,328


11,022


12,218


7,603



11,308


7,101



Loans

1,335,242


1,351,695


1,348,067


1,356,698


1,383,301



1,348,557


1,448,662



Covered loans

600,367


626,873


507,276


545,393


407,235



570,719


237,500



 Total Earning Assets

$ 2,516,100


$ 2,503,121


$ 2,426,041


$ 2,453,040


$ 2,378,065



$ 2,501,627


$ 2,204,180




















Noninterest bearing deposits

$    395,346


$    337,603


$    320,735


$    310,226


$    275,184



$    344,021


$    242,533



NOW accounts

607,258


593,801


582,773


584,338


527,264



592,043


498,433



MMDA

597,088


583,552


545,261


522,009


455,041



561,978


442,589



Savings accounts

80,074


82,210


78,674


76,341


63,972



79,325


64,218



Retail CDs < $100,000

396,058


448,597


417,297


427,143


460,444



422,274


383,608



Retail CDs > $100,000

471,329


511,205


490,660


504,011


392,266



494,301


383,312



Brokered CDs

76,250


82,880


105,338


124,441


$    136,201



97,242


138,498



 Total Deposits

2,623,403


2,639,848


2,540,738


2,548,509


2,310,372



2,591,183


2,153,191




















FHLB advances

20,707


17,804


-


25,114


28,205



18,008


7,738



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

29,417


14,504


23,078


22,100


49,878



22,275


28,368



Other borrowings

-


-


-


-


-



-


-



 Total Non-Deposit Funding

92,393


74,577


65,347


89,483


120,352



82,552


78,375




















 Total Funding

$ 2,715,796


$ 2,714,425


$ 2,606,085


$ 2,637,992


$ 2,430,724



$ 2,673,735


$ 2,231,566



AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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





















Three Months Ended



Twelve Months Ended




Dec.


Sept.


Jun.


Mar.


Dec.



Dec.


Dec.




2011


2011


2011


2011


2010



2011


2010


















INTEREST INCOME/EXPENSE

































INTEREST INCOME

















Federal funds sold

$               7


$               9


$               9


$             13


$             50



$             38


$             89



Interest bearing deposits in banks

148


144


150


175


204



617


462



Investment securities - taxable

2,350


2,663


2,574


2,658


2,562



10,245


9,821



Investment securities - nontaxable (TE)

549


508


483


492


489



2,032


1,870



Loans (TE)

19,205


19,362


19,906


20,923


21,322



79,396


89,248



Covered loans

16,217


12,322


13,022


8,087


6,424



49,648


19,067



Total Earning Assets

$      38,476


$      35,008


$      36,144


$      32,348


$      31,051



$    141,976


$    120,557



















INTEREST EXPENSE

















Non-interest bearing deposits

$               -


$               -


$               -


$               -


$               -



$               -


$               -



NOW accounts

671


985


1,026


1,048


1,063



3,730


4,519



MMDA

930


1,466


1,421


1,407


1,401



5,224


5,725



Savings accounts

45


91


88


132


82



356


357



Retail CDs < $100,000

1,074


1,405


1,474


1,745


1,985



5,698


6,884



Retail CDs > $100,000

1,557


1,853


1,951


2,094


1,782



7,455


7,171



Brokered CDs

598


629


865


949


1,017



3,041


4,166



Total Deposits

4,875


6,429


6,825


7,375


7,330



25,504


28,822




















FHLB advances

183


154


-


123


39



460


81



Subordinated debentures

362


375


322


351


342



1,410


879



Repurchase agreements

33


22


28


81


96



164


177



Correspondent bank line of credit and other

1


2


-


-


(1)



3


8



 Total Non-Deposit Funding

579


553


350


555


476



2,037


1,145




















 Total Funding

$        5,454


$        6,982


$        7,175


$        7,930


$        7,806



$      27,541


$      29,967




















Net Interest Income (TE)

$      33,022


$      28,026


$      28,969


$      24,418


$      23,245



$    114,435


$      90,590



AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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






































Three Months Ended



Twelve Months Ended




Dec.


Sept.


Jun.


Mar.


Dec.



Dec.


Dec.




2011


2011


2011


2011


2010



2011


2010

YIELDS (1)


































Federal funds sold

0.10%


0.15%


0.11%


0.16%


0.70%



0.13%


0.21%



Interest bearing deposits in banks

0.29%


0.35%


0.25%


0.35%


0.30%



0.29%


0.21%



Investment securities - taxable

3.17%


3.68%


4.11%


4.10%


4.12%



3.57%


4.54%



Investment securities - nontaxable

4.92%


4.99%


5.08%


5.14%


5.15%



5.03%


5.14%



Loans

5.71%


5.68%


5.92%


6.25%


6.12%



5.89%


6.16%



Covered loans

10.72%


7.80%


10.30%


6.01%


6.26%



8.70%


8.03%



 Total Earning Assets

6.07%


5.55%


5.98%


5.35%


5.18%



5.68%


5.47%




















Noninterest bearing deposits

0.00%


0.00%


0.00%


0.00%


0.00%



0.00%


0.00%



NOW accounts

0.44%


0.66%


0.71%


0.73%


0.80%



0.63%


0.91%



MMDA

0.62%


1.00%


1.05%


1.09%


1.22%



0.93%


1.29%



Savings accounts

0.22%


0.44%


0.45%


0.70%


0.51%



0.45%


0.56%



Retail CDs < $100,000

1.08%


1.24%


1.42%


1.66%


1.71%



1.35%


1.79%



Retail CDs > $100,000

1.31%


1.44%


1.59%