News Releases
Ameris Bancorp Reports Operating Net Income of $15.9 Million, or $0.49 Per Diluted Share, for Third Quarter 2015

MOULTRIE, Ga., Oct. 23, 2015 /PRNewswire/ -- AMERIS BANCORP (NASDAQ-GS: ABCB) (the "Company"), today reported operating net income of $15.9 million, or $0.49 per diluted share, for the quarter ended September 30, 2015, compared with $12.0 million, or $0.44 per diluted share, for the quarter ended September 30, 2014.  Operating earnings for the quarter exclude $75,000 of after-tax gains on the sale of securities and $283,000 of after-tax costs associated with the conversion of the Company's recently completed acquisitions.  For the year-to-date period ending September 30, 2015, the Company reported operating net income of $38.0 million, or $1.19 per diluted share, compared with $30.4 million, or $1.16 per share, for the same period in 2014.  Earnings per share for 2015 reflect an additional 5.3 million common shares issued in the Company's private placement completed in January 2015.  Commenting on the Company's quarterly results, Edwin W. Hortman, Jr., the Company's President and Chief Executive Officer, said, "We had a great third quarter at Ameris Bank highlighted by solid loan growth, higher revenue than our target numbers, credit quality expenses greatly reduced from past quarters and several expense initiatives that are in place that should help continue moving earnings higher.  The integration of our two recent acquisitions has been completed, and we look forward to completing the acquisition of Jacksonville Bancorp, Inc. early in 2016."

Ameris Bancorp logo.

Including the recently announced acquisition, non-recurring credit charges and gains on the sale of securities, the Company reported net income of $15.6 million, or $0.48 per share, in the third quarter of 2015, compared with $11.7 million, or $0.43 per share, in the same quarter in 2014, and for the year-to-date period in 2015, the Company's earnings totaled $26.7 million, or $0.84 per share, compared with $27.9 million, or $1.07 per share, in 2014.

Highlights of the Company's performance and results for the third quarter of 2015 include the following:

  • Announcement of an agreement to acquire Jacksonville Bancorp, Inc., which will add $502 million in total assets and eight additional locations within the Jacksonville MSA
  • Operating return on average assets and operating return on average tangible equity of 1.21% and 16.23%, respectively
  • Successful data conversion of the 13 branches acquired in the acquisition of Merchants and Southern Bank in Gainesville, Florida
  • Total loan growth (including mortgage loans held for sale) of $203.7 million in the third quarter of 2015, or 22.7% annualized
  • Organic loan growth of $78.2 million, or 10.4% (annualized), during the third quarter of 2015
  • 27% increase in total recurring revenue to $72.3 million in the third quarter of 2015 as compared with the same quarter in 2014, with recurring revenue defined as net interest income plus noninterest income, but excluding gain on sale of securities
  • 15.3% increase in tangible book value per share to $12.31, compared with $10.68 per share at September 30, 2014
  • 39.5% increase in noninterest income to $25.0 million, compared with $17.9 million in the third quarter of 2014
  • 73.4% increase in profitability from mortgage, SBA and warehouse lines of business to $4.7 million, compared with $2.7 million in the same quarter in 2014.

Pending Acquisition

During the third quarter of 2015, the Company announced its intent to acquire Jacksonville Bancorp, Inc., the parent company of The Jacksonville Bank.  Upon completion of the transaction, the combined company will have approximately $5.7 billion in assets, $4.0 billion in loans and $4.9 billion in deposits.  The acquisition will further expand Ameris's existing Southeastern footprint in the attractive Jacksonville, Florida market.  The Jacksonville Bank currently operates eight banking locations, all of which are located within the Jacksonville MSA.  After the acquisition, Ameris will become the largest community bank by deposit market share in the Jacksonville, Florida market. The transaction is expected to close in the first quarter of 2016 and is subject to customary closing conditions, regulatory approvals and approval by Jacksonville Bancorp shareholders.

Net Interest Income and Net Interest Margin

Net interest income (taxable equivalent) for the third quarter of 2015 totaled $48.1 million, an increase of $8.5 million, or 21.5%, compared with $39.6 million reported for the third quarter of 2014.  Accretion income in the current quarter increased to $3.0 million, compared with $2.6 million in the second quarter of 2015, and was consistent with the $3.0 million recorded in the third quarter of 2014.  Higher levels of interest income resulted mostly from growth in average loans outstanding of approximately $742.5 million as compared with the third quarter of 2014. 

The Company's net interest margin decreased during the quarter to 4.07%, compared with 4.50% during the third quarter of 2014.  This decline in net interest margin was expected and resulted from the excess liquidity and short-term investment strategy for the funds in the second and third quarters.  Excluding accretion on purchased loans, the Company's net interest margin was 3.81% in the third quarter of 2015, compared with 4.17% in the third quarter of 2014. 

Yields on earning assets in the third quarter of 2015 were 4.39%, compared with 4.96% in the third quarter of 2014.  The decline in earning asset yields relates almost entirely to the short-term investment strategy associated with the Company's recent acquisitions.  Current yields on the invested funds were approximately 2.80%, consisting of shorter duration mortgage pools, investment securities and some federal funds sold.  Current yields on all loans (including purchased non-covered and covered loans and excluding accretion income) declined in the third quarter of 2015 to 4.75%, compared with 5.11% in the same quarter in 2014.  Higher yielding covered loans as a percentage of total loans has declined from 11.2% in the third quarter of 2014 to only 6.2% for the current quarter of 2015.  Additionally, some of the growth in the legacy portfolio has been in both municipal loans and adjustable rate mortgages that have a significantly better risk profile but lower yields than consolidated levels seen in the past. 

Total interest expense for the third quarter of 2015 was $3.8 million, compared with $4.1 million in the same quarter of 2014.  Decreases in total interest expense were driven primarily by the deposit mix in the portfolio, both from acquisition activity and organic growth.  Noninterest bearing deposits were 28.7% of the total average deposits in the third quarter of 2015, compared with 23.9% in the same period in 2014.  Deposit costs of funds were lower during the third quarter of 2015 at 0.22%, compared with 0.30% during the third quarter of 2014.  Management does not expect deposit costs or overall funding costs to change materially in the coming quarters despite tightening liquidity and increasingly stronger forecasts for asset growth.

Non-interest Income

Non-interest income in the third quarter of 2015 improved to $25.0 million, an increase of $7.1 million, or 39.5%, compared with the same quarter in 2014.  Continued growth and profitability in the Company's mortgage operations provided most of the improvement, with revenue from mortgage operations increasing to $10.4 million, an increase of 38.8% compared with the same quarter of 2014.  Total mortgage loan production increased to $311.0 million in the quarter, compared with $217.7 million in the third quarter of 2014, while spreads (gain on sale) were relatively unchanged at 3.51% in the current quarter compared with 3.46% in the same quarter of 2014. 

Service charges on deposit accounts increased by $4.1 million to $10.8 million during the quarter, an increase of 61.7% compared with the same quarter in 2014.  Service charge increases associated with the recently closed acquisitions totaled $2.7 million in the third quarter of 2015, or $10.9 million annually. 

Non-interest Expense

Non-interest expenses totaled $48.4 million in the third quarter of 2015, compared with $38.6 million in the third quarter of 2014.  Substantially all of the increase in operating expenses in the third quarter of 2015 over the third quarter of 2014 relates to additional expenses associated with recently acquired branches, as well as increased expenses in the Company's non-interest lines of business.  Line of business operating expenses increased $1.5 million during the current quarter as compared with the same quarter in 2014.  Growth in line of business revenue more than eclipsed the growth in related operating expenses, contributing to a measurable increase in profitability.

Salaries and benefits increased to $24.9 million in the current quarter of 2015, compared with $22.5 million in the second quarter of 2015 and $20.2 million in the same quarter in 2014.  Increases in compensation costs derive from the staffing additions resulting from the acquisition of Merchants and Southern Bank and 18 Bank of America branches in the second quarter of 2015.

Non-provision credit resolution-related costs decreased from $3.2 million in the third quarter of 2014 to $1.1 million in the third quarter of 2015.  Occupancy and equipment costs increased from $4.7 million in the third quarter of 2014 to $5.9 million in the third quarter of 2015 due to the increased number of branches that are now operated by the Company.  Data processing and telecommunications expenses increased from $3.9 million in the third quarter of 2014 to $5.3 million in the third quarter of 2015 for the same reason.

Balance Sheet Trends

Total assets at September 30, 2015 were $5.22 billion, compared with $4.04 billion reported at December 31, 2014.  The growth in total assets was driven by the acquisitions of Merchants and Southern Bank and 18 additional retail branches during the second quarter of 2015. 

Loans, including loans held for sale, totaled $3.77 billion at September 30, 2015, compared with $2.90 billion at December 31, 2014.  During the third quarter, organic growth in loans amounted to $78.2 million, or 10.4% on an annualized basis.  Purchased, non-covered loans (excluding loan pools) decreased $40.8 million during the quarter to $767.5 million, down from $808.3 million at June 30, 2015.  Purchased, non-covered loan pools increased $141.1 million during the quarter, to $410.1 million, as the Company purchased additional whole-loan, adjustable rate mortgage pools to invest its excess cash.  Covered loans continued to decline and ended the quarter at $191.0 million, a decrease of $18.6 million during the quarter.

Investment securities at the end of the quarter amounted to $820.7 million, or 19.1% of earning assets, compared with $552.1 million, or 15.5% of earning assets, at December 31, 2014. 

At September 30, 2015, total deposits amounted to $4.53 billion, or 98.0% of total funding, compared with $3.43 billion and 95.8%, respectively, at December 31, 2014.  Non-interest bearing deposits at the end of the current quarter were $1.28 billion, or 28.2% of total deposits, compared with $839.4 million, or 24.5%, at December 31, 2014.

Stockholders' equity at September 30, 2015 totaled $502.3 million, compared with $366.0 million reported at December 31, 2014.  The increase in stockholders' equity was the result of the issuance of $114.9 million of common shares in the first quarter of 2015 and earnings of $26.7 million during the first nine months of 2015.  Tangible book value increased during the first nine months of 2015, from $10.99 per share at December 31, 2014 to $12.31 per share at September 30, 2015. 

Tangible common equity as a percentage of tangible assets increased to 7.76% at the end of the third quarter of 2015, compared with 7.42% at the end of 2014. 

Conference Call

The Company will host a teleconference at 10:00 a.m. EDT today (October 23, 2015) to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190 or 1-412-902-6630 for international participants and 1-855-669-9657 for Canada. The conference ID name is Ameris Bancorp.  A replay of the call will be available one hour after the end of the conference call until November 7, 2015. To listen to the replay, dial 1-877-344-7529 or 1-412-317-0088 for international participants and 1-855-669-9658 for Canada. The conference replay access code is 10074804. The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at www.amerisbank.com

Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 103 locations in Georgia, Alabama, northern Florida and South Carolina, with ten of those locations announced to be consolidated within the coming months.  

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.


Jun.


Mar.


Dec.


Sept.


Sept.


Sept.




2015


2015


2015


2014


2014


2015


2014

















EARNINGS































Net Income Available to Common Shareholders

$                 15,627


$                   1,308


$                   9,764


$             10,580


$             11,663


$             26,699


$             27,857

















PER COMMON SHARE DATA















Earnings per share available to common shareholders:
















Basic

$                     0.49


$                     0.04


$                     0.32


$                 0.40


$                 0.44


$                 0.84


$                 1.08



Diluted

$                     0.48


$                     0.04


$                     0.32


$                 0.39


$                 0.43


$                 0.84


$                 1.07


Cash Dividends per share

$                     0.05


$                     0.05


$                     0.05


$                 0.05


$                 0.05


$                 0.15


$                 0.10


Book value per share (period end)

$                   15.60


$                   15.12


$                   15.22


$               13.67


$               13.22


$               15.60


$               13.22


Tangible book value per share (period end)

$                   12.31


$                   11.81


$                   13.01


$               10.99


$               10.68


$               12.31


$               10.68


Weighted average number of shares:
















Basic

32,195,435


32,184,355


30,442,998


26,771,636


26,773,033


31,614,015


25,705,313



Diluted

32,553,167


32,520,453


30,796,148


27,090,293


27,160,886


31,961,969


26,099,413


Period-end number of shares

32,196,117


32,195,089


32,182,143


26,773,863


26,774,402


32,196,117


26,774,402


Market data:
















High closing price

$                   28.75


$                   26.87


$                   26.55


$               26.48


$               24.04


$               28.75


$               24.04



Low closing price

$                   24.97


$                   24.73


$                   22.75


$               21.95


$               21.00


$               22.75


$               19.73



Period end closing price

$                   28.75


$                   25.29


$                   26.39


$               25.64


$               21.95


$               28.75


$               21.95



Average daily volume

174,900


107,413


105,152


111,473


79,377


129,678


87,019

















PERFORMANCE RATIOS















Return on average assets

1.19%


0.12%


0.97%


1.05%


1.17%


0.74%


1.01%


Return on average common equity

12.53%


1.07%


8.76%


11.57%


13.19%


7.21%


10.73%


Earning asset yield (TE)

4.39%


4.49%


4.79%


5.08%


4.96%


4.54%


5.02%


Total cost of funds

0.32%


0.36%


0.40%


0.43%


0.45%


0.36%


0.43%


Net interest margin (TE)

4.07%


4.14%


4.39%


4.64%


4.50%


4.18%


4.57%


Non-interest income excluding securities transactions,
















as a percent of total revenue (TE)

32.33%


31.51%


29.06%


26.50%


28.86%


31.09%


27.70%


Efficiency ratio

66.87%


92.74%


72.38%


72.75%


67.64%


76.85%


70.25%

















CAPITAL ADEQUACY (period end)















Stockholders' equity to assets

9.63%


9.35%


11.79%


9.07%


8.85%


9.63%


8.85%


Tangible common equity to tangible assets

7.76%


7.46%


10.26%


7.42%


7.27%


7.76%


7.27%

















EQUITY TO ASSETS RECONCILIATION















Tangible common equity to tangible assets

7.76%


7.46%


10.26%


7.42%


7.27%


7.76%


7.27%


Effect of goodwill and other intangibles

1.87%


1.89%


1.54%


1.65%


1.58%


1.87%


1.58%



Equity to assets (GAAP)

9.63%


9.35%


11.79%


9.07%


8.85%


9.63%


8.85%

















OTHER PERIOD-END DATA















Banking Division FTE

1,110


1,122


852


853


867


1,110


867


Mortgage Division FTE

218


191


170


174


176


218


176



Total Ameris Bancorp FTE Headcount

1,328


1,313


1,022


1,027


1,043


1,328


1,043


















Assets per Banking Division FTE

$                   4,699


$                   4,640


$                   4,874


$               4,733


$               4,613


$               4,699


$               4,613


Branch locations

103


103


73


73


74


103


74


Deposits per branch location

$                 43,986


$                 43,801


$                 47,674


$             47,002


$             45,583


$             43,986


$             45,583

















































 

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.




2015


2015


2015


2014


2014


2015


2014

































INCOME STATEMENT






























Interest income















Interest and fees on loans

$                 45,775


$                 39,838


$                 38,618


$             41,235


$             39,610


$           124,231


$           109,376


Interest on taxable securities

4,694


3,747


3,153


3,114


3,034


11,594


8,972


Interest on nontaxable securities

480


462


469


483


496


1,411


1,143


Interest on deposits in other banks

227


177


124


66


46


528


170


Interest on federal funds sold

19


5


4


2


-


28


5



Total interest income

51,195


44,229


42,368


44,900


43,186


137,792


119,666

















Interest expense















Interest on deposits

$                   2,521


$                   2,264


$                   2,280


$               2,560


$               2,540


$               7,065


$               6,928


Interest on other borrowings

1,275


1,277


1,256


1,334


1,514


3,808


3,858



Total interest expense

3,796


3,541


3,536


3,894


4,054


10,873


10,786

















Net interest income

47,399


40,688


38,832


41,006


39,132


126,919


108,880

















Provision for loan losses

986


2,656


1,069


888


1,669


4,711


4,760

















Net interest income after provision for loan losses

$                 46,413


$                 38,032


$                 37,763


$             40,118


$             37,463


$           122,208


$           104,120

















Noninterest income















Service charges on deposit accounts

$                 10,766


$                   7,151


$                   6,429


$               6,522


$               6,659


$             24,346


$             18,092


Mortgage banking activity

10,404


9,727


8,083


6,476


7,498


28,214


19,510


Other service charges, commissions and fees

1,145


829


668


643


690


2,642


2,004


Gain(loss) on sale of securities

115


10


12


-


132


137


138


Other non-interest income

2,548


2,909


2,383


2,721


2,922


7,840


6,730



Total noninterest income

24,978


20,626


17,575


16,362


17,901


63,179


46,474

















Noninterest expense















Salaries and employee benefits

24,934


22,465


20,632


19,316


20,226


68,031


54,562


Occupancy and equipment expenses

5,915


4,809


4,554


4,717


4,669


15,278


12,804


Data processing and telecommunications expenses

5,329


4,214


4,260


4,229


3,928


13,803


11,322


Credit resolution related expenses (1)

1,083


11,240


3,161


5,290


3,186


15,484


8,216


Advertising and marketing expenses

667


833


641


847


594


2,141


2,022


Amortization of intangible assets

1,321


630


630


662


698


2,581


1,668


Merger and conversion charges

446


5,712


15


67


551


6,173


3,873


Other non-interest expenses

8,701


6,961


6,934


6,605


4,727


22,596


14,669



Total noninterest expense

48,396


56,864


40,827


41,733


38,579


146,087


109,136

















Income before income taxes

$                 22,995


$                   1,794


$                 14,511


$             14,747


$             16,785


$             39,300


$             41,458


















Income tax expense

7,368


486


4,747


4,167


5,122


12,601


13,315

















Net income

$                 15,627


$                   1,308


$                   9,764


$             10,580


$             11,663


$             26,699


$             28,143

















Preferred stock dividends

-


-


-


-


-


-


286

















Net income available to common shareholders

$                 15,627


$                   1,308


$                   9,764


$             10,580


$             11,663


$             26,699


$             27,857

















Diluted earnings available to common shareholders

0.48


0.04


0.32


0.39


0.43


0.84


1.07


















(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.




2015


2015


2015


2014


2014













PERIOD-END BALANCE SHEET






















Assets











Cash and due from banks

$               114,396


$               115,413


$                 80,142


$             78,036


$             69,421


Federal funds sold and interest bearing balances

120,925


239,804


126,157


92,323


40,165


Investment securities available for sale, at fair value

811,385


862,154


610,330


541,805


529,509


Other investments

9,322


9,322


8,636


10,275


12,687


Mortgage loans held for sale

111,807


108,829


73,796


94,759


110,059














Loans, net of unearned income

2,290,649


2,171,600


1,999,420


1,889,881


1,848,759


Purchased, non-covered loans (excluding loan pools)

767,494


808,313


643,092


674,239


673,724


Purchased, non-covered loan pools

410,072


268,984


-


-


-


Covered loans

191,021


209,598


245,745


271,279


313,589


Less allowance for loan losses

(22,471)


(21,658)


(21,852)


(21,157)


(22,212)



Loans, net

3,636,765


3,436,837


2,866,405


2,814,242


2,813,860














Other real estate owned

20,730


22,567


32,339


33,160


35,320


Purchased, non-covered other real estate owned

11,538


13,112


13,818


15,585


13,660


Covered other real estate owned

12,203


12,626


16,089


19,907


28,883



Total other real estate owned

44,471


48,305


62,246


68,652


77,863














Premises and equipment, net

124,756


124,916


98,292


97,251


98,752


Goodwill

87,701


87,367


63,547


63,547


58,879


Other intangibles, net

18,218


19,189


7,591


8,221


9,114


FDIC loss sharing receivable

4,506


14,957


23,312


31,351


38,233


Cash value of bank owned life insurance

59,894


59,552


59,212


58,867


58,217


Other assets

72,154


79,089


73,238


77,748


82,649



Total assets

$            5,216,300


$            5,205,734


$            4,152,904


$        4,037,077


$        3,999,408













Liabilities











Deposits:












Noninterest-bearing

$            1,275,800


$            1,280,174


$               967,015


$           839,377


$           816,517



Interest-bearing

3,254,723


3,231,373


2,513,216


2,591,772


2,556,602


Total deposits

4,530,523


4,511,547


3,480,231


3,431,149


3,373,119


Federal funds purchased & securities sold under












agreements to repurchase

51,506


75,066


55,520


73,310


32,351


Other borrowings

39,000


39,000


43,851


78,881


147,409


Other liabilities

23,371


24,026


17,952


22,384


27,615


Subordinated deferrable interest debentures

69,600


69,325


65,567


65,325


65,084



Total liabilities

4,714,000


4,718,964


3,663,121


3,671,049


3,645,578

























Stockholders' equity










  Preferred stock

$                           -


$                           -


$                          -


$                      -


$                       -

  Common stock

33,610


33,609


33,593


28,159


28,158

  Capital surplus

336,599


336,212


335,578


225,015


224,142

  Retained earnings

140,282


126,265


126,566


118,412


109,170

  Accumulated other comprehensive income/(loss)

4,197


3,072


6,353


6,098


3,974

  Less treasury stock

(12,388)


(12,388)


(12,307)


(11,656)


(11,614)



Total stockholders' equity

502,300


486,770


489,783


366,028


353,830



Total liabilities and stockholders' equity

$            5,216,300


$            5,205,734


$            4,152,904


$        4,037,077


$        3,999,408

























Other Data










Earning Assets

4,703,353


4,669,282


3,698,540


3,564,286


3,515,805

Intangible Assets

105,919


106,556


71,138


71,768


67,993

Interest Bearing Liabilities

3,414,829


3,414,764


2,678,154


2,809,288


2,801,446

Average Assets

5,213,275


4,464,558


4,079,750


4,011,128


3,969,893

Average Common Stockholders' Equity

494,957


491,967


452,132


362,659


350,733

 

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.




2015


2015


2015


2014


2014


2015


2014

















ASSET QUALITY INFORMATION (1)






























Allowance for loan losses















Balance at beginning of period

$                 21,658


$                 21,852


$                 21,157


$             22,212


$             22,254


$             21,157


$             22,377


















Provision for loan loss (2)

1,050


1,800


1,100


650


1,573


3,950


4,071



















Charge-offs

719


2,452


855


2,071


1,975


4,026


5,554



Recoveries

482


458


450


366


360


1,390


1,318


Net charge-offs (recoveries)

237


1,994


405


1,705


1,615


2,636


4,236


















Ending balance

$                 22,471


$                 21,658


$                 21,852


$             21,157


$             22,212


$             22,471


$             22,212


















As a percentage of loans

0.98%


1.00%


1.09%


1.12%


1.20%


0.98%


1.20%


As a percentage of nonperforming loans

109.31%


104.43%


104.85%


97.37%


97.38%


109.31%


97.38%

































Net charge-off information















Charge-offs















Commercial, financial & agricultural

$                      135


$                      410


$                      392


$                  468


$                  191


$                  937


$               1,099


Real estate - residential

234


464


268


368


406


966


1,339


Real estate - commercial & farmland

184


1,162


12


1,033


953


1,358


2,255


Real estate - construction & development

105


263


97


74


296


465


518


Consumer installment

61


153


86


128


129


300


343



Total charge-offs

719


2,452


855


2,071


1,975


4,026


5,554


















Recoveries















Commercial, financial & agricultural

117


115


285


91


47


517


230


Real estate - residential

54


27


57


71


52


138


183


Real estate - commercial & farmland

272


17


15


91


31


304


183


Real estate - construction & development

6


277


31


49


96


314


300


Consumer installment

33


22


62


64


134


117


422



Total recoveries

482


458


450


366


360


1,390


1,318


















Net charge-offs (recoveries)

$                      237


$                   1,994


$                      405


$               1,705


$               1,615


$               2,636


$               4,236

















































Non-accrual loans (excluding purchased non-covered














    and covered loans)

20,558


20,740


20,841


21,728


22,810


20,558


22,810

Non-accrual purchased non-covered loans

11,374


17,444


17,308


18,249


17,007


11,374


17,007

Foreclosed assets (excluding purchased assets)

20,730


22,567


32,339


33,160


35,320


20,730


35,320

Purchased, non-covered other real estate owned

11,538


13,112


13,818


15,585


13,660


11,538


13,660

Accruing loans delinquent 90 days or more

-


-


-


1


-


-


-

Total non-performing assets, excluding covered assets

64,200


73,863


84,306


88,723


88,797


64,200


88,797

















Non-performing assets as a percent of total assets

1.23%


1.42%


2.03%


2.20%


2.22%


1.23%


2.22%

Net charge offs as a percent of loans (Annualized)

0.04%


0.37%


0.08%


0.36%


0.35%


0.15%


0.31%

































(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 2014 and 2015, 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

2015


2015


2015


2014


2014



Commercial, financial & agricultural

$               427,747


$               373,202


$               334,917


$           319,654


$           334,783



Real estate - construction & development

220,798


205,019


178,568


161,507


154,315



Real estate - commercial & farmland

1,067,828


1,010,195


947,274


907,524


882,160



Real estate - residential

532,285


537,201


496,043


456,106


436,515



Consumer installment

31,299


30,080


29,113


30,782


31,403



Other

10,692


15,903


13,505


14,308


9,583



    Total Legacy (excluding purchased












          non-covered and covered)

$            2,290,649


$            2,171,600


$            1,999,420


$        1,889,881


$        1,848,759















Commercial, financial & agricultural

$                 42,350


$                 45,337


$                 36,258


$             38,041


$             38,077



Real estate - construction & development

71,109


75,302


53,668


58,362


60,262



Real estate - commercial & farmland

385,032


404,588


291,760


306,706


296,790



Real estate - residential

263,312


276,798


257,216


266,342


273,347



Consumer installment

5,691


6,288


4,190


4,788


5,248



    Total Purchased non-covered (net of discounts)

$               767,494


$               808,313


$               643,092


$           674,239


$           673,724















Commercial, financial & agricultural

$                           -


$                           -


$                          -


$                      -


$                       -



Real estate - construction & development

-


-


-


-


-



Real estate - commercial & farmland

-


-


-


-


-



Real estate - residential

410,072


268,984


-


-


-



Consumer installment

-


-


-


-


-



    Total Purchased non-covered loan pools

$               410,072


$               268,984


$                          -


$                      -


$                       -















Commercial, financial & agricultural

$                 13,349


$                 17,666


$                 20,905


$             21,467


$             22,545



Real estate - construction & development

14,266


15,002


19,519


23,447


27,756



Real estate - commercial & farmland

103,399


111,772


130,290


147,627


180,566



Real estate - residential

59,835


64,982


74,847


78,520


82,445



Consumer installment

172


176


184


218


277



    Total Covered (net of discounts)

$               191,021


$               209,598


$               245,745


$           271,279


$           313,589















Total Loan Portfolio:












Commercial, financial & agricultural

$               483,446


$               436,205


$               392,080


$           379,162


$           395,405



Real estate - construction & development

306,173


295,323


251,755


243,316


242,333



Real estate - commercial & farmland

1,556,259


1,526,555


1,369,324


1,361,857


1,359,516



Real estate - residential

1,265,504


1,147,965


828,106


800,968


792,307



Consumer installment

37,162


36,544


33,487


35,788


36,928



Other

10,692


15,903


13,505


14,308


9,583



    Total Loans

$            3,659,236


$            3,458,495


$            2,888,257


$        2,835,399


$        2,836,072







































Troubled Debt Restructurings, excluding purchased non-covered and covered loans:









Accruing loan types:












Commercial, financial & agricultural

$                      238


$                      278


$                      277


$                  290


$                  257



Real estate - construction & development

838


821


789


679


1,917



Real estate - commercial & farmland

5,719


6,617


7,309


6,477


7,080



Real estate - residential

5,209


4,702


4,513


5,258


7,973



Consumer installment

71


49


47


55


34



    Total Accruing TDRs

$                 12,075


$                 12,467


$                 12,935


$             12,759


$             17,261















Non-accruing loan types:












Commercial, financial & agricultural

$                        68


$                        29


$                        17


$                    13


$                  507



Real estate - construction & development

30


57


90


228


196



Real estate - commercial & farmland

942


598


64


724


1,672



Real estate - residential

759


783


736


1,485


759



Consumer installment

64


82


90


73


93



    Total Non-accrual TDRs

$                   1,863


$                   1,549


$                      997


$               2,523


$               3,227















Total Troubled Debt Restructurings

$                 13,938


$                 14,016


$                 13,932


$             15,282


$             20,488

























The following table presents the loan portfolio by risk grade, excluding purchased non-covered and covered loans:







Grade 10 - Prime credit

$               231,281


$               181,933


$               157,462


$           128,577


$           121,486



Grade 15 - Good credit

234,185


243,070


205,929


217,804


222,714



Grade 20 - Satisfactory credit

1,148,024


1,104,747


1,012,733


947,948


908,054



Grade 23 - Performing, under-collateralized credit

26,477


27,400


28,643


29,205


28,826



Grade 25 - Minimum acceptable credit

579,642


544,664


513,009


488,187


484,200



Grade 30 - Other asset especially mentioned

22,190


25,020


25,461


25,983


31,750



Grade 40 - Substandard

48,848


44,766


56,179


52,176


51,640



Grade 50 - Doubtful

2


-


4


1


88



Grade 60 - Loss

-


-


-


-


1



  Total

$            2,290,649


$            2,171,600


$            1,999,420


$        1,889,881


$        1,848,759













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









Grade 10 - Prime credit

$                   9,801


$                 10,123


$                   7,444


$               7,394


$               3,965



Grade 15 - Good credit

50,906


53,220


23,640


29,727


35,461



Grade 20 - Satisfactory credit

348,034


362,304


206,480


208,686


180,702



Grade 23 - Performing, under-collateralized credit

10,612


10,537


10,024


6,578


1,216



Grade 25 - Minimum acceptable credit

290,272


300,411


337,386


361,155


399,729



Grade 30 - Other asset especially mentioned

26,458


34,779


22,323


25,747


20,048



Grade 40 - Substandard

31,381


36,887


35,743


34,889


32,565



Grade 50 - Doubtful

30


52


52


63


38



Grade 60 - Loss

-


-


-


-


-



  Total

$               767,494


$               808,313


$               643,092


$           674,239


$           673,724













 

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.




2015


2015


2015


2014


2014


2015


2014

































AVERAGE BALANCES
































Federal funds sold

$                   5,500


$                   5,500


$                   5,500


$               3,163


$                  500


$               5,500


$               2,793



Interest bearing deposits in banks

199,057


201,765


158,286


69,772


63,355


188,110


71,185



Investment securities - taxable

772,252


600,176


485,922


461,800


451,563


620,500


427,252



Investment securities - nontaxable

72,549


70,653


71,229


72,072


74,176


71,481


58,384



Other investments

9,322


9,597


9,450


9,804


8,209


9,456


8,100



Mortgage loans held for sale

102,961


81,823


75,831


97,406


83,751


86,387


62,506



Loans

2,193,364


2,111,507


1,911,601


1,871,618


1,795,059


2,062,648


1,697,559



Purchased non-covered loans

788,351


654,397


650,331


659,472


688,452


702,117


538,802



Purchased non-covered loan pools

323,258


17,308


-


-


-


116,363


-



Covered loans

226,301


246,422


262,693


299,981


324,498


250,979


352,707



  Total Earning Assets

$            4,692,915


$            3,999,148


3,630,843


3,545,088


3,489,563


$        4,113,541


$        3,219,288



















Noninterest bearing deposits

$            1,300,870


$            1,088,249


$               897,937


$           850,879


$           807,416


$        1,097,750


$           718,505



NOW accounts

907,618


745,709


756,795


786,511


743,352


802,800


703,551



MMDA

1,219,736


981,143


857,346


840,397


861,197


1,027,932


793,875



Savings accounts

239,999


188,767


163,624


156,663


155,559


198,379


148,111



Retail CDs < $100,000

484,007


388,248


372,463


386,844


439,150


417,638


389,959



Retail CDs > $100,000

387,485


378,137


383,962


401,934


370,166


380,980


364,274



Brokered CDs

-


-


-


4,023


5,970


-


5,970



  Total Deposits

4,539,715


3,770,253


3,432,127


3,427,251


3,382,810


3,925,479


3,124,245



















FHLB advances

-


17,275


16,778


35,815


55,435


11,289


50,751



Other borrowings

39,000


41,930


43,871


46,508


47,346


41,582


37,607



Subordinated debentures

69,448


67,180


65,436


65,195


64,953


67,369


58,647



Federal funds purchased and securities sold
















under agreements to repurchase

44,480


58,722


52,707


47,247


44,316


47,282


47,099



  Total Non-Deposit Funding

152,928


185,107


178,792


194,765


212,050


167,522


194,104



















  Total Funding

$            4,692,643


$            3,955,360


$            3,610,919


$        3,622,016


$        3,594,860


$        4,093,001


$        3,318,349

































 

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.




2015


2015


2015


2014


2014


2015


2014

















INTEREST INCOME/EXPENSE































INTEREST INCOME
















Federal funds sold

$                        19


$                         5


$                         4


$                     2


$                      -


$                   28


$                     5



Interest bearing deposits in banks

227


177


124


66


47


528


171



Investment securities - taxable

4,694


3,747


3,153


3,114


3,034


11,594


8,972



Investment securities - nontaxable (TE)

648


624


633


652


670


1,905


1,543



Mortgage loans held for sale

970


764


692


947


787


2,426


1,646



Loans (TE)

27,258


25,629


22,418


23,294


21,790


75,305


64,433



Purchased non-covered loans

11,911


10,328


11,840


12,612


12,610


34,079


27,408



Purchased non-covered loan pools

2,997


149


-


-


-


3,146


-



Covered loans

3,192


3,385


3,995


4,704


4,726


10,572


16,651



Total Earning Assets

$                 51,916


$                 44,808


$                 42,859


$             45,391


$             43,663


$           139,583


$           120,829



















    Accretion Income (included above)

3,037


2,635


3,097


4,280


2,964


8,769


8,263


















INTEREST EXPENSE
















Non-interest bearing deposits

$                           -


$                           -


$                          -


$                      -


$                       -


$                       -


$                       -



NOW accounts

304


318


376


414


324


998


903



MMDA

877


760


663


768


783


2,300


2,186



Savings accounts

42


37


37


45


42


116


119



Retail CDs < $100,000

607


488


513


553


596


1,608


1,563



Retail CDs > $100,000

691


662


691


746


749


2,044


2,015



Brokered CDs

-


-


-


34


47


-


143



Total Deposits

2,521


2,265


2,280


2,560


2,541


7,066


6,929



















FHLB advances

-


16


15


26


51


31


114



Other borrowings

322


346


366


379


558


1,034


1,381



Subordinated debentures

914


866


832


887


866


2,612


2,240



Federal funds purchased and securities sold
















under agreements to repurchase

39


48


43


41


39


130


123



  Total Non-Deposit Funding

1,275


1,276


1,256


1,333


1,514


3,807


3,858



















  Total Funding

$                   3,796


$                   3,541


$                   3,536


$               3,893


$               4,055


$             10,873


$             10,787



















Net Interest Income (TE)

$                 48,120


$                 41,267


$                 39,323


$             41,498


$             39,608


$           128,710


$           110,042

















 

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.




2015


2015


2015


2014


2014


2015


2014

YIELDS (1)
































Federal funds sold

1.37%


0.36%


0.29%


0.25%


0.00%


0.68%


0.24%



Interest bearing deposits in banks

0.45%


0.35%


0.32%


0.38%


0.29%


0.38%


0.32%



Investment securities - taxable

2.41%


2.50%


2.63%


2.68%


2.67%


2.50%


2.81%



Investment securities - nontaxable

3.54%


3.54%


3.60%


3.59%


3.58%


3.56%


3.53%



Mortgage loans held for sale

3.74%


3.75%


3.70%


3.86%


3.73%


3.75%


3.52%



Loans

4.93%


4.87%


4.76%


4.94%


4.82%


4.88%


5.07%



Purchased non-covered loans

5.99%


6.33%


7.38%


7.59%


7.27%


6.49%


6.80%



Purchased non-covered loan pools

3.68%


3.45%


0.00%


0.00%


0.00%


3.61%


0.00%



Covered loans

5.60%


5.51%


6.17%


6.22%


5.78%


5.63%


6.31%



  Total Earning Assets

4.39%


4.49%


4.79%


5.08%


4.96%


4.54%


5.02%



















Noninterest bearing deposits

0.00%


0.00%


0.00%


0.00%


0.00%


0.00%


0.00%



NOW accounts

0.13%


0.17%


0.20%


0.21%


0.17%


0.17%


0.17%



MMDA

0.29%


0.31%


0.31%


0.36%


0.36%


0.30%


0.37%



Savings accounts

0.07%


0.08%


0.09%


0.11%


0.11%


0.08%


0.11%



Retail CDs < $100,000

0.50%


0.50%


0.56%


0.57%


0.54%


0.51%


0.54%



Retail CDs > $100,000

0.71%


0.70%


0.73%


0.74%


0.80%


0.72%


0.74%



Brokered CDs

0.00%


0.00%


0.00%


3.35%


3.12%


0.00%


3.20%



  Total Deposits

0.22%


0.24%


0.27%


0.30%


0.30%


0.24%


0.30%



















FHLB advances

0.00%


0.37%


0.36%


0.29%


0.36%


0.37%


0.30%



Other borrowings

3.28%


3.31%


3.38%


3.23%


4.68%


3.32%


4.91%



Subordinated debentures

5.22%


5.17%


5.16%


5.40%


5.29%


5.18%


5.11%



Federal funds purchased and securities sold
















under agreements to repurchase

0.35%


0.33%


0.33%


0.34%


0.35%


0.37%


0.35%



  Total Non-Deposit Funding

3.31%


2.76%


2.85%


2.72%


2.83%


3.04%


2.66%



















  Total funding (3)

0.32%


0.36%


0.40%


0.43%


0.45%


0.36%


0.43%



















Net interest spread

4.07%


4.13%


4.39%


4.65%


4.52%


4.18%


4.58%



















Net interest margin

4.07%


4.14%


4.39%


4.64%


4.50%


4.18%


4.57%

















































(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




Sept.


Jun.


Mar.


Dec.


Sept.


Sept.


Sept.



Operating Net Income Reconciliation

2015


2015


2015


2014


2014


2015


2014



















Net income available to common shareholders

$                 15,627


$                   1,308


$                   9,764


$             10,580


$             11,663


$             26,699


$             27,857



















Merger and conversion charges

446


5,712


15


67


551


6,173


3,873



Non-recurring credit resolution related expenses

-


11,241


-


-


-


11,241


-



Tax effect of non-recurring charges

(156)


(5,934)


(5)


(23)


(193)


(6,095)


(1,356)



Plus: After tax non-recurring charges

290


11,019


10


44


358


11,319


2,517



















       Operating Net income

15,917


12,327


9,774


10,624


12,021


38,018


30,374



















Operating net income per diluted share:

$                     0.49


$                     0.38


$                     0.32


$                 0.39


$                 0.44


$                 1.19


$                 1.16



Return on average assets

1.21%


1.11%


0.97%


1.05%


1.20%


1.05%


1.16%



Return on average common tangible equity

16.23%


12.83%


10.40%


14.49%


16.87%


12.74%


16.25%




















Three Months Ended


Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.


Sept.


Sept.



Net Interest Margin and Yields on Total Loans

2015


2015


2015


2014


2014


2015


2014



    Excluding Accretion Reconciliation
































Total Interest Income (TE)

$                 51,916


$                 44,808


$                 42,859


$             45,391


$             43,663


$           139,583


$           120,829



    Accretion Income

3,037


2,635


3,097


4,280


2,964


8,769


8,263



Total Interest Income (TE) Excluding Accretion

$                 48,879


$                 42,173


$                 39,762


$             41,111


$             40,699


$           130,814


$           112,566



















Total Interest Expense

$                   3,796


$                   3,541


$                   3,536


$               3,893


$               4,055


$             10,873


$             10,787



Net Interest Income (TE) Excluding Accretion

$                 45,083


$                 38,632


$                 36,226


$             37,218


$             36,644


$           119,941


$           101,779



















Yield on Total Loans Excluding Accretion

4.83%


4.86%


5.01%


5.05%


5.07%


4.90%


5.14%



















Net Interest Margin Excluding Accretion

3.81%


3.87%


4.05%


4.17%


4.17%


3.90%


4.23%




















































Three Months Ended


Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.


Sept.


Sept.



Core Earnings Reconciliation

2015


2015


2015


2014


2014


2015


2014



















Pre-tax operating profit/(loss)

$                 22,995


$                   1,794


$                 14,511


$             14,747


$             16,785


$             39,300


$             41,458



Plus: Credit Related Costs
















    Provision for loan losses

986


2,656


1,069


888


1,669


4,711


4,760



   (Gains)/Losses on the sale of legacy OREO

36


436


110


(228)


(3)


582


228



   (Gains)/Losses on the sale of covered OREO

56


194


20


344


(184)


270


183



    Problem loan and OREO expense

991


10,632


3,031


5,175


3,373


14,654


7,809



    Interest reversed (received) on non-accrual loans

17


413


156


(6)


94


586


411



       Total Credit-Related Costs

2,086


14,331


4,386


6,173


4,949


20,803


13,391



















Plus: Conversion charges

446


5,712


15


67


551


6,173


3,873



Less: Non-recurring gains
















    Gains on sales of securities

(115)


(10)


(12)


-


(132)


(137)


(138)



 Gains on sales of bank premises

-


-


-


-


(616)


-


(616)



    Other non-recurring adjustments

-


-


-


188


-


-


(870)



















Pretax, Pre-provision earnings

$                 25,412


$                 21,827


$                 18,900


$             21,175


$             21,537


$             66,139


$             57,098



















As percentage of average assets, annualized

1.93%


1.96%


1.88%


2.09%


2.15%


1.70%


1.92%




















































Three Months Ended


Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.


Sept.


Sept.



Recurring Operating Expenses

2015


2015


2015


2014


2014


2015


2014



















Total Operating Expenses

48,396


56,864


40,827


41,733


38,579


146,087


109,136



Less: Credit costs & non-recurring charges
















   Gains/(Losses) on the sale of legacy OREO

(36)


(436)


(110)


228


3


(582)


(225)



   Gains/(Losses) on the sale of covered OREO

(56)


(194)


(20)


(344)


184


(270)


(183)



    Problem loan and OREO expense

(991)


(10,632)


(3,031)


(5,175)


(3,373)


(14,654)


(7,809)



   Severance payments

-


-


-


(188)


-


-


-



Conversion expenses

(446)


(5,712)


(15)


(67)


(551)


(6,173)


(3,873)



   Gains/(Losses) on the sale of premises

-


-


-


-


616


-


616



















Recurring operating expenses

$                 46,867


$                 39,890


$                 37,651


$             36,187


$             35,458


$           124,408


$             97,662

















 

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

2015


2015


2015


2014


2014


2015


2014



















Banking Division:
















   Net interest income

$                 43,044


$                 36,806


$                 35,839


$             38,045


$             36,142


$           115,689


$           102,415



   Provision for loan losses

960


2,456


927


737


994


4,343


4,085



   Noninterest income

13,470


9,262


8,780


8,595


8,932


31,512


23,742



   Noninterest expense:
















      Salaries and employee benefits

17,921


15,675


15,362


14,196


14,819


48,958


40,905



      Occupancy

5,444


4,376


4,144


4,319


4,277


13,964


11,778



      Data Processing

4,998


3,913


4,011


3,901


3,619


12,922


10,535



      Other expenses

11,379


24,048


10,356


12,320


8,722


45,783


26,855



         Total noninterest expense

39,742


48,012


33,873


34,736


31,437


121,627


90,073



Income before income taxes

15,812


(4,400)


9,819


11,167


12,643


21,231


31,999



   Income Tax

4,854


(1,682)


3,105


2,914


3,672


6,277


10,004



         Net income

10,958


(2,718)


6,714


8,253


8,971


14,954


21,995



   Preferred stock dividends

-


-


-


-


-


-


286



Net income available to common shareholders

$                 10,958


$                 (2,718)


$                   6,714


$               8,253


$               8,971


$             14,954


$             21,709



































Retail Mortgage Division:
















   Net interest income

$                   2,485


$                   1,979


$                   1,545


$               1,822


$               1,636


$               6,009


$               3,522



   Provision for loan losses

26


200


142


151


675


368


675



   Noninterest income

9,827


9,095


7,610


6,076


6,967


26,532


18,883



   Noninterest expense:
















      Salaries and employee benefits

6,138


5,592


4,527


4,175


4,340


16,257


11,743



      Occupancy

397


396


380


373


368


1,173


969



      Data Processing

308


279


212


315


285


799


728



      Other expenses

662


1,150


932


828


735


2,744


2,764



         Total noninterest expense

7,505


7,417


6,051


5,691


5,728


20,973


16,204



Income before income taxes

4,781


3,457


2,962


2,056


2,200


11,200


5,526



   Income Tax

1,673


1,210


1,037


720


770


3,920


1,934



         Net income

3,108


2,247


1,925


1,336


1,430


7,280


3,592



   Preferred stock dividends

-


-


-


-


-


-


-



Net income available to common shareholders

$                   3,108


$                   2,247


$                   1,925


$               1,336


$               1,430


$               7,280


$               3,592



































Warehouse Lending:
















   Net interest income

$                   1,128


$                   1,179


$                      835


$                  752


$                  711


$               3,142


$               1,264



   Provision for loan losses

-


-


-


-


-


-


-



   Noninterest income

372


383


273


237


168


1,028


418



   Noninterest expense:
















      Salaries and employee benefits

137


99


127


84


69


363


171



      Occupancy

1


1


2


-


-


4


1



      Data Processing

22


20


33


11


21


75


43



      Other expenses

40


19


36


171


134


95


232



         Total noninterest expense

200


139


198


266


224


537


447



Income before income taxes

1,300


1,423


910


723


655


3,633


1,235



   Income Tax

455


498


319


253


229


1,272


432



         Net income

845


925


592


470


426


2,361


803



   Preferred stock dividends

-


-


-


-


-


-


-



Net income available to common shareholders

$                      845


$                      925


$                      592


$                  470


$                  426


$               2,361


$                  803



































SBA Division:
















   Net interest income

$                      742


$                      724


$                      613


$                  387


$                  643


$               2,079


$               1,679



   Provision for loan losses

-


-


-


-


-


-


-



   Noninterest income

1,309


1,886


912


1,454


1,834


4,107


3,431



   Noninterest expense:
















      Salaries and employee benefits

738


1,099


616


861


998


2,453


1,743



      Occupancy

73


36


28


25


24


137


56



      Data Processing

1


2


4


2


3


7


16



      Other expenses

137


159


57


152


165


353


597



         Total noninterest expense

949


1,296


705


1,040


1,190


2,950


2,412



Income before income taxes

1,102


1,314


820


801


1,287


3,236


2,698



   Income Tax

386


460


287


280


450


1,133


944



         Net income

716


854


533


521


837


2,103


1,754



   Preferred stock dividends

-


-


-


-


-


-


-



Net income available to common shareholders

$                      716


$                      854


$                      533


$                  521


$                  837


$               2,103


$               1,754



































Total Consolidated:
















   Net interest income

$                 47,399


$                 40,688


$                 38,832


$             41,006


$             39,132


$           126,919


$           108,880



   Provision for loan losses

986


2,656


1,069


888


1,669


4,711


4,760



   Noninterest income

24,978


20,626


17,575


16,362


17,901


63,179


46,474



   Noninterest expense:
















      Salaries and employee benefits

24,934


22,465


20,632


19,316


20,226


68,031


54,562



      Occupancy

5,915


4,809


4,554


4,717


4,669


15,278


12,804



      Data Processing

5,329


4,214


4,260


4,229


3,928


13,803


11,322



      Other expenses

12,218


25,376


11,381


13,471


9,756


48,975


30,448



         Total noninterest expense

48,396


56,864


40,827


41,733


38,579


146,087


109,136



Income before income taxes

22,995


1,794


14,511


14,747


16,785


39,300


41,458



   Income Tax

7,368


486


4,747


4,167


5,122


12,601


13,315



         Net income

15,627


1,308


9,764


10,580


11,663


26,699


28,143



   Preferred stock dividends

-


-


-


-


-


-


286



Net income available to common shareholders

$                 15,627


$                   1,308


$                   9,764


$             10,580


$             11,663


$             26,699


$             27,857

















 

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ameris-bancorp-reports-operating-net-income-of-159-million-or-049-per-diluted-share-for-third-quarter-2015-300165284.html

SOURCE Ameris Bancorp

For further information: Dennis J. Zember Jr., Executive Vice President & CFO, (229) 890-1111