News Releases
Ameris Bancorp Announces 2015 Financial Results

MOULTRIE, Ga., Jan. 22, 2016 /PRNewswire/ -- AMERIS BANCORP (NASDAQ-GS: ABCB), (the "Company"), today reported operating net income of $53.3 million, or $1.66 per share, for the year ended December 31, 2015, compared with $41.2 million, or $1.57 per share, for 2014.  Operating net income excludes $12.5 million and $2.8 million of after-tax acquisition-related costs and non-recurring credit charges in 2015 and 2014, respectively.  Commenting on the Company's earnings, Edwin W. Hortman, Jr., President and Chief Executive Officer of the Company, said, "I am pleased with our improvement in 2015 compared with our 2014 results.  We spent 2015 integrating the acquisitions completed in the second quarter of the year and preparing for consistent earnings in 2016.  Our achievements in 2015 include organic loan growth of 13.5%, organic growth in non-interest bearing deposits of 26.1% and a 15.1% improvement in tangible book value.  I am confident that the momentum we have in balance sheet growth and resulting revenue is what we need to meet our goals for this year."

Ameris Bancorp logo

Operating net income for the fourth quarter of 2015 was $15.3 million, or $0.47 per share, compared with $10.6 million, or $0.39 per share, for the same quarter of 2014.  Operating results for the fourth quarter exclude acquisition costs totaling $1.8 million and $255,000, before tax, in the fourth quarter of 2015 and 2014, respectively.  "Highlights for the fourth quarter include very strong loan production augmented by additional purchases of select mortgage pools and strong growth in non-interest bearing deposits.  Seasonality in our mortgage operations resulted in lower profitability for the fourth quarter of 2015 than for the third quarter, by approximately $0.04 per share.  Additionally, we had approximately $2.2 million of loss-share related expenses associated with three expiring agreements that we anticipate will decline to normal levels in the first quarter of 2016."

Including acquisition and conversion costs and non-recurring credit resolution expenses, the Company reported net income of $14.1 million, or $0.43 per share, for the fourth quarter of 2015, compared with $10.6 million, or $0.39 per share, for the same quarter of 2014.  For the year, the Company's earnings totaled $40.8 million, or $1.27 per share, compared with $38.4 million, or $1.46 per share, for 2014.

Highlights of the Company's results for 2015 include the following:

  • operating return on average assets of 1.11% and operating return on average tangible equity of 13.66%
  • growth in total assets to $5.59 billion, an increase of 38.4% over 2014
  • organic growth in total assets of 10.1%, or $406.0 million
  • organic growth in loans totaled $344.2 million, or 13.4%
  • total growth in non-interest bearing demand deposits of $490.5 million, or 58.4%, to end the year at 27.3% of total deposits
  • increase in total recurring revenue over 2014 of 22.8% to $261.0 million, with "recurring revenue" defined as net interest income plus non-interest income, but excluding gain on the sale of securities
  • decline in annualized net charge-offs to 0.20% of total loans, compared with 0.31% for 2014
  • increase in tangible book value per share of 15.1% to $12.65, compared with $10.99 per share at December 31, 2014
  • increase in non-interest income of 35.8% to $85.2 million, compared with $62.7 million for 2014
  • increase in profitability from mortgage, SBA and warehouse lines of business of 79.3% to $15.2 million, compared with $8.5 million for 2014

Pending Acquisition
During the third quarter of 2015, the Company announced the execution of an agreement to acquire Jacksonville Bancorp, Inc., the parent company of The Jacksonville Bank.  The Jacksonville Bank currently operates eight banking locations, all of which are located within the Jacksonville, Florida MSA.  The acquisition will further expand the Company's existing Southeastern footprint in the attractive Jacksonville market, where the Company will be the largest community bank by deposit market share after the acquisition.  Upon completion of the transaction, the combined company will have approximately $6.0 billion in assets, $4.2 billion in loans and $5.2 billion in deposits.  The transaction is expected to close in the first quarter of 2016 and is subject to customary closing conditions, including receipt of the approval of the shareholders of Jacksonville Bancorp, Inc.

Increase in Net Interest Income
Net interest income on a tax-equivalent basis increased 17.5% in 2015 to $178.1 million, up from $151.5 million for 2014.  Growth in earning assets from internal sources, as well as from acquisition activity, contributed to the increase.  Average earning assets increased 30.8% in 2015 to $4.32 billion, compared with $3.30 billion for 2014.   Although the Company's net interest income increased, its net interest margin was affected by historically low interest rates, as well as unusually high levels of lower yielding short-term assets acquired in the Company's recent bank and branch acquisitions, as well as the recent loan pool purchases.  For the year ended December 31, 2015, the Company's net interest margin, including accretion, fell to 4.12%, compared with 4.59% for 2014. 

The Company's net interest margin was 3.98% for the fourth quarter of 2015, compared with 4.07% for the third quarter of the year.  The Company's margin in the fourth quarter was affected by seasonal inflows of municipal deposits and short-term funds from commercial enterprises, which increased the percentage of short-term assets to earning assets to 6.02% for the quarter from 4.36% for the third quarter of 2015.  Management of the Company estimates the negative impact of these short-term inflows to its net interest margin to be approximately 0.07%.

Accretion income for the fourth quarter decreased slightly to $2.9 million, compared with $3.0 million for the third quarter of 2015, and was significantly less than the $4.3 million reported for the fourth quarter of 2014.  Excluding the effect of accretion, the Company's margin for the fourth quarter of 2015 was 3.74%, compared with 3.81% for the third quarter of 2015 and 4.17% for the fourth quarter of 2014.   

Interest income on loans on a tax-equivalent basis increased substantially during 2015 to $170.0 million, compared with $149.1 million for 2014.  Much of the growth in loan revenues occurred late in the year, such that the increase should provide greater loan revenues for subsequent periods.  During the quarter ended December 31, 2015, interest income on loans increased to $46.9 million, compared with $45.4 million for the third quarter of 2015 and $40.6 million for the fourth quarter of 2014.  Loan yields (including loans held for sale but excluding accretion income) were 4.68% in the fourth quarter of 2015, compared with 4.73% in the third quarter of 2015 and 5.05% in the fourth quarter of 2014.  The majority of the decline in loan yields resulted from growth in the Company's investment in whole loan mortgage pools, which increased to 11.9% of total loans during the quarter, with yields slightly below 3.00%.

Yields on earning assets in 2015 were 4.47%, compared with 5.03% in 2014.  The decline in earning asset yields relates principally to the short-term investment strategy associated with the Company's recent acquisitions.  Yields on the invested funds in purchased mortgage pools were 3.21% during 2015.  Current yields on all other loans (including purchased non-covered and covered loans) were 5.31% during 2015, compared with 5.63% in 2014.  Higher yielding covered loans as a percentage of total loans has declined from 9.6% at the end of 2014 to only 3.5% at December 31, 2015.  Additionally, a portion of the growth in the Company's legacy portfolio has been in both municipal loans and adjustable-rate mortgages that have a significantly better risk profile but produce lower yields than consolidated levels typically earned by the Company in recent years.  Yields on loans, excluding accretion, declined during 2015 to 4.90%, compared with 5.11% for 2014.  For the fourth quarter, loan yields, excluding accretion, increased nine basis points to 4.92%, compared with 4.83% for the third quarter of 2015. 

Total interest expense for 2015 was $14.9 million, compared with $14.7 million for 2014.  Deposit costs were stable for most of 2015, ending the year at 0.23%, compared with 0.30% for 2014.  Deposit costs increased slightly in the fourth quarter of 2015 to 0.23% , compared with 0.22% for the third quarter of 2015.  Continued improvement in the Company's mix of deposits, primarily toward non-interest bearing deposits, has allowed for more aggressive retention efforts on MMDA and CDs without negatively impacting overall deposit costs.  Non-interest bearing deposits were 29.2% of the total average deposits for 2015, compared with 23.5% for 2014.  The Company does not expect deposit costs or overall funding costs to change materially in the coming quarters despite tightening liquidity and strengthening forecasts for asset growth.

Non-Interest Income
Excluding gains on investment securities, non-interest income increased 35.8% in 2015 to $85.2 million, compared with $62.7 million for 2014.  Growth rates were notably strong for each source of non-interest income.  Retail mortgage revenues increased 42.9% during 2015, from $30.3 million for 2014 to $43.3 million for 2015, as the Company's mortgage division reached a mature stage with highly seasoned and experienced mortgage bankers producing strong results from referral sources.  Net income for the Company's retail mortgage division grew 88.4% during 2015 to $9.3 million.  Revenues from the Company's warehouse lending division increased 106.0% during the year, from $2.7 million for 2014 to $5.5 million for 2015, and net income for the division increased 141.6%, from $1.3 million for 2014 to $3.1 million for 2015.  

Revenues and profitability slowed for both mortgage and warehouse lending in the fourth quarter, which is traditionally a slow time of the year.  Results were also negatively impacted by the implementation of new mortgage loan disclosure and delivery requirements, which became effective on October 3, 2015.  Management does not anticipate that the new requirements will adversely impact future quarters, and management further believes that revenues and profitability from mortgage operations will continue to grow steadily during 2016.

Revenues from the Company's SBA division continued to increase during 2015, rising from $7.0 million for 2014 to $8.3 million for 2015.  Net income for the division increased 24.7%, from $2.3 million for 2014 to $2.8 million for 2015. 

Service charges on deposit accounts increased by $9.9 million to $34.5 million during 2015, an increase of 40.0% compared with 2014.  Service charge increases associated with the Company's acquisitions during 2015 totaled $5.1 million, or approximately $9.2 million on an annualized basis. 

Non-Interest Expense
Total operating expenses, excluding credit charges and acquisition costs, increased $40.0 million during 2015 to $173.4 million.  The majority of the increase in operating expenses was associated with the operating expenses of the bank and branches acquired by the Company during 2015, which totaled $23.2 million, and an increase in operating expenses resulting from added lines of business, which totaled $7.2 million

Excluding acquisition costs, operating expenses increased $3.3 million in the fourth quarter of 2015 compared with the third quarter of 2015.  Compensation costs increased $1.0 million during the fourth quarter as a result of increased incentive accruals. 

Credit-related costs increased in the fourth quarter of 2015 to $2.2 million, compared with $1.1 million for the third quarter of 2015.  During the quarter, three of the Company's remaining commercial loss-share agreements with the FDIC expired, causing the Company to dispose of any related OREO that remained prior to expiration.  These costs accounted for approximately $800,000 of the additional credit costs incurred during the fourth quarter and are not considered recurring.

Other costs associated with expiring loss-share agreements relate primarily to the amortization of the indemnification asset.  Total costs incurred during the fourth quarter of 2015 and during the year-to-date period totaled $1.7 million and $4.8 million, respectively.  Scheduled amortization of the remaining indemnification asset is approximately $775,000 for the first quarter of 2016 and $1.6 million for all of 2016.

Balance Sheet Trends
Total assets increased $1.55 billion during 2015, ending the year at $5.59 billion, compared with $4.04 billion 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. 

Total loans, excluding loans held for sale, purchased non-covered loan pools and covered loans, were $3.18 billion at the end of 2015, compared with $2.56 billion at the end of 2014.  Loans held for sale increased 17.3% to $111.2 million, the result of higher production levels in the Company's mortgage and SBA divisions.  Purchased non-covered loan pools were $593.0 million at December 31, 2015.  Covered loans declined $133.8 million, or 49.3%, during 2015 to end the year at $137.5 million.  At the end of 2015, covered loans represent only 3.5% of total loans, compared with 9.6% at the end of 2014.

Investment securities at the end of 2015 were $792.5 million, or 15.6% of earning assets, compared with $552.1 million, or 15.5% of earning assets, at December 31, 2014. 

Deposits increased $1.45 billion during 2015 to finish the year at $4.88 billion.  At December 31, 2015, non-interest bearing deposit accounts were $1.33 billion, or 27.3% of total deposits, compared with $839.4 million and 24.5%, respectively, at December 31, 2014.  Non-rate sensitive deposits (including NIB, NOW and savings) totaled $2.71 billion at December 31, 2015, compared with $1.82 billion at the end of 2014.  These funds represented 55.6% of the Company's total deposits at the end of 2015, compared with 53.2% at the end of 2014.

Stockholders' equity at December 31, 2015 totaled $514.8 million, an increase of $148.7 million, or 40.6%, from December 31, 2014.  The increase in stockholders' equity was the result of the Company's issuance of $114.9 million of common shares in the first quarter of 2015 and earnings of $40.8 million during 2015.  Tangible book value per share ended 2015 at $12.65 per share, up 15.1% from $10.99 per share at the end of 2014.

Conference Call
The Company will host a teleconference at 10:00 a.m. Eastern time today (January 22, 2016) 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 February 5, 2016.  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 10078442.  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

About Ameris Bancorp
Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 101 locations in Georgia, Alabama, northern Florida and South Carolina, with eight 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 on 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, including the Company's 2014 Annual Report on Form 10-K,  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.




2015


2015


2015


2015


2014


2015


2014

















EARNINGS































Net Income Available to Common Shareholders

$                 14,148


$                 15,627


$                   1,308


$               9,764


$             10,580


$             40,847


$             38,437

















PER COMMON SHARE DATA















Earnings per share available to common shareholders:
















Basic

$                     0.44


$                     0.49


$                     0.04


$                 0.32


$                 0.40


$                 1.29


$                 1.48



Diluted

$                     0.43


$                     0.48


$                     0.04


$                 0.32


$                 0.39


$                 1.27


$                 1.46


Cash Dividends per share

$                     0.05


$                     0.05


$                     0.05


$                 0.05


$                 0.05


$                 0.20


$                 0.15


Book value per share (period end)

$                   15.98


$                   15.60


$                   15.12


$               15.22


$               13.67


$               15.98


$               13.67


Tangible book value per share (period end)

$                   12.65


$                   12.31


$                   11.81


$               13.01


$               10.99


$               12.65


$               10.99


Weighted average number of shares:
















Basic

32,199,632


32,195,435


32,184,355


30,442,998


26,771,636


31,761,624


25,974,084



Diluted

32,594,929


32,553,167


32,520,453


30,796,148


27,090,293


32,126,667


26,259,030


Period-end number of shares

32,211,385


32,196,117


32,195,089


32,182,143


26,773,863


32,211,385


26,773,863


Market data:
















High closing price

$                   34.90


$                   28.75


$                   26.87


$               26.55


$               26.48


$               34.90


$               26.48



Low closing price

$                   27.65


$                   24.97


$                   24.73


$               22.75


$               21.95


$               22.75


$               19.73



Period end closing price

$                   33.99


$                   28.75


$                   25.29


$               26.39


$               25.64


$               33.99


$               25.64



Average daily volume

301,775


174,900


107,413


105,152


111,473


173,391


93,229

















PERFORMANCE RATIOS















Return on average assets

1.03%


1.19%


0.12%


0.97%


1.05%


0.85%


1.08%


Return on average common equity

10.94%


12.53%


1.07%


8.76%


11.57%


8.37%


12.40%


Earning asset yield (TE)

4.30%


4.39%


4.49%


4.79%


5.08%


4.47%


5.03%


Total cost of funds

0.32%


0.32%


0.36%


0.40%


0.43%


0.34%


0.43%


Net interest margin (TE)

3.98%


4.07%


4.14%


4.39%


4.64%


4.12%


4.59%


Non-interest income excluding securities transactions,
















as a percent of total revenue (TE)

29.56%


32.33%


31.51%


29.06%


26.50%


30.68%


27.37%


Efficiency ratio

74.66%


66.87%


92.74%


72.38%


72.75%


76.25%


70.92%

















CAPITAL ADEQUACY (period end)















Stockholders' equity to assets

9.21%


9.63%


9.35%


11.79%


9.07%


9.21%


9.07%


Tangible common equity to tangible assets

7.44%


7.76%


7.46%


10.26%


7.42%


7.44%


7.42%

















EQUITY TO ASSETS RECONCILIATION















Tangible common equity to tangible assets

7.44%


7.76%


7.46%


10.26%


7.42%


7.44%


7.42%


Effect of goodwill and other intangibles

1.77%


1.87%


1.89%


1.54%


1.65%


1.77%


1.65%



Equity to assets (GAAP)

9.21%


9.63%


9.35%


11.79%


9.07%


9.21%


9.07%

















OTHER PERIOD-END DATA















Banking Division FTE

1,075


1,110


1,122


852


853


1,075


853


Mortgage Division FTE

229


218


191


170


174


229


174



Total Ameris Bancorp FTE Headcount

1,304


1,328


1,313


1,022


1,027


1,304


1,027


















Assets per Banking Division FTE

$                   5,199


$                   4,699


$                   4,640


$               4,874


$               4,733


$               5,199


$               4,733


Branch locations

101


103


103


73


73


101


73


Deposits per branch location

$                 48,310


$                 43,986


$                 43,801


$             47,674


$             47,002


$             48,310


$             47,002

















 

 

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.




2015


2015


2015


2015


2014


2015


2014

































INCOME STATEMENT






























Interest income















Interest and fees on loans

$                 47,336


$                 45,775


$                 39,838


$             38,618


$             41,235


$           171,567


$           150,611


Interest on taxable securities

4,540


4,694


3,747


3,153


3,114


16,134


12,086


Interest on nontaxable securities

458


480


462


469


483


1,869


1,626


Interest on deposits in other banks

262


227


177


124


66


790


236


Interest on federal funds sold

5


19


5


4


2


33


7



Total interest income

52,601


51,195


44,229


42,368


44,900


190,393


164,566

















Interest expense















Interest on deposits

$                   2,687


$                   2,521


$                   2,264


$               2,280


$               2,560


$               9,752


$               9,488


Interest on other borrowings

1,296


1,275


1,277


1,256


1,334


5,104


5,192



Total interest expense

3,983


3,796


3,541


3,536


3,894


14,856


14,680

















Net interest income

48,618


47,399


40,688


38,832


41,006


175,537


149,886

















Provision for loan losses

553


986


2,656


1,069


888


5,264


5,648

















Net interest income after provision for loan losses

$                 48,065


$                 46,413


$                 38,032


$             37,763


$             40,118


$           170,273


$           144,238

















Noninterest income















Service charges on deposit accounts

$                 10,119


$                 10,766


$                   7,151


$               6,429


$               6,522


$             34,465


$             24,614


Mortgage banking activity

8,586


10,404


9,727


8,083


6,476


36,800


25,986


Other service charges, commissions and fees

1,112


1,145


829


668


643


3,754


2,647


Gain(loss) on sale of securities

-


115


10


12


-


137


138


Other non-interest income

2,590


2,548


2,909


2,383


2,721


10,430


9,451



Total noninterest income

22,407


24,978


20,626


17,575


16,362


85,586


62,836

















Noninterest expense















Salaries and employee benefits

25,972


24,934


22,465


20,632


19,316


94,003


73,878


Occupancy and equipment expenses

5,917


5,915


4,809


4,554


4,717


21,195


17,521


Data processing and telecommunications expenses

6,046


5,329


4,214


4,260


4,229


19,849


15,551


Credit resolution related expenses (1)

2,223


1,083


11,240


3,161


5,290


17,707


13,506


Advertising and marketing expenses

1,171


667


833


641


847


3,312


2,869


Amortization of intangible assets

1,160


1,321


630


630


662


3,741


2,330


Merger and conversion charges

1,807


446


5,712


15


67


7,980


3,940


Other non-interest expenses

8,732


8,701


6,961


6,934


6,605


31,328


21,274



Total noninterest expense

53,028


48,396


56,864


40,827


41,733


199,115


150,869

















Income before income taxes

$                 17,444


$                 22,995


$                   1,794


$             14,511


$             14,747


$             56,744


$             56,205


















Income tax expense

3,296


7,368


486


4,747


4,167


15,897


17,482

















Net income

$                 14,148


$                 15,627


$                   1,308


$               9,764


$             10,580


$             40,847


$             38,723

















Preferred stock dividends

-


-


-


-


-


-


286

















Net income available to common shareholders

$                 14,148


$                 15,627


$                   1,308


$               9,764


$             10,580


$             40,847


$             38,437

















Diluted earnings available to common shareholders

0.43


0.48


0.04


0.32


0.39


1.27


1.46


















(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.




2015


2015


2015


2015


2014













PERIOD-END BALANCE SHEET






















Assets











Cash and due from banks

$               118,518


$               114,396


$               115,413


$             80,142


$             78,036


Federal funds sold and interest bearing balances

272,045


120,925


239,804


126,157


92,323


Investment securities available for sale, at fair value

783,185


811,385


862,154


610,330


541,805


Other investments

9,323


9,322


9,322


8,636


10,275


Mortgage loans held for sale

111,182


111,807


108,829


73,796


94,759














Loans, net of unearned income

2,406,877


2,290,649


2,171,600


1,999,420


1,889,881


Purchased, non-covered loans (excluding loan pools)

771,554


767,494


808,313


643,092


674,239


Purchased, non-covered loan pools

592,963


410,072


268,984


-


-


Covered loans

137,529


191,021


209,598


245,745


271,279


Less allowance for loan losses

(21,062)


(22,471)


(21,658)


(21,852)


(21,157)



Loans, net

3,887,861


3,636,765


3,436,837


2,866,405


2,814,242














Other real estate owned

16,147


20,730


22,567


32,339


33,160


Purchased, non-covered other real estate owned

14,333


11,538


13,112


13,818


15,585


Covered other real estate owned

5,011


12,203


12,626


16,089


19,907



Total other real estate owned

35,491


44,471


48,305


62,246


68,652














Premises and equipment, net

121,639


124,756


124,916


98,292


97,251


Goodwill

90,082


87,701


87,367


63,547


63,547


Other intangibles, net

17,058


18,218


19,189


7,591


8,221


FDIC loss sharing receivable

6,301


4,506


14,957


23,312


31,351


Cash value of bank owned life insurance

64,251


59,894


59,552


59,212


58,867


Other assets

72,004


72,154


79,089


73,238


77,748



Total assets

$            5,588,940


$            5,216,300


$            5,205,734


$        4,152,904


$        4,037,077













Liabilities











Deposits:












Noninterest-bearing

$            1,329,857


$            1,275,800


$            1,280,174


$           967,015


$           839,377



Interest-bearing

3,549,433


3,254,723


3,231,373


2,513,216


2,591,772


Total deposits

4,879,290


4,530,523


4,511,547


3,480,231


3,431,149


Federal funds purchased & securities sold under












agreements to repurchase

63,585


51,506


75,066


55,520


73,310


Other borrowings

39,000


39,000


39,000


43,851


78,881


Other liabilities

22,432


23,371


24,026


17,952


22,384


Subordinated deferrable interest debentures

69,874


69,600


69,325


65,567


65,325



Total liabilities

5,074,181


4,714,000


4,718,964


3,663,121


3,671,049

























Stockholders' equity










  Preferred stock

$                           -


$                           -


$                          -


$                      -


$                       -

  Common stock

33,625


33,610


33,609


33,593


28,159

  Capital surplus

337,349


336,599


336,212


335,578


225,015

  Retained earnings

152,820


140,282


126,265


126,566


118,412

  Accumulated other comprehensive income/(loss)

3,353


4,197


3,072


6,353


6,098

  Less treasury stock

(12,388)


(12,388)


(12,388)


(12,307)


(11,656)



Total stockholders' equity

514,759


502,300


486,770


489,783


366,028



Total liabilities and stockholders' equity

$            5,588,940


$            5,216,300


$            5,205,734


$        4,152,904


$        4,037,077

























Other Data










Earning Assets

5,075,335


4,703,353


4,669,282


3,698,540


3,564,286

Intangible Assets

107,140


105,919


106,556


71,138


71,768

Interest Bearing Liabilities

3,721,892


3,414,829


3,414,764


2,678,154


2,809,288

Average Assets

5,427,367


5,213,275


4,464,558


4,079,750


4,011,128

Average Common Stockholders' Equity

513,098


494,957


491,967


452,132


362,659













 

 

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.




2015


2015


2015


2015


2014


2015


2014

















ASSET QUALITY INFORMATION (1)






























Allowance for loan losses















Balance at beginning of period

$                 22,471


$                 21,658


$                 21,852


$             21,157


$             22,212


$             21,157


$             22,377


















Provision for loan loss (2)

800


1,050


1,800


1,100


650


4,750


4,721



















Charge-offs

2,398


719


2,452


855


2,071


6,424


7,625



Recoveries

189


482


458


450


366


1,579


1,684


Net charge-offs (recoveries)

2,209


237


1,994


405


1,705


4,845


5,941


















Ending balance

$                 21,062


$                 22,471


$                 21,658


$             21,852


$             21,157


$             21,062


$             21,157


















As a percentage of loans

0.88%


0.98%


1.00%


1.09%


1.12%


0.88%


1.12%


As a percentage of nonperforming loans

124.92%


109.31%


104.43%


104.85%


97.37%


124.92%


97.37%

































Net charge-off information















Charge-offs















Commercial, financial & agricultural

$                      501


$                      135


$                      410


$                  392


$                  468


$               1,438


$               1,567


Real estate - residential

621


234


464


268


368


1,587


1,707


Real estate - commercial & farmland

1,009


184


1,162


12


1,033


2,367


3,288


Real estate - construction & development

157


105


263


97


74


622


592


Consumer installment

110


61


153


86


128


410


471



Total charge-offs

2,398


719


2,452


855


2,071


6,424


7,625


















Recoveries















Commercial, financial & agricultural

134


117


115


285


91


651


321


Real estate - residential

13


54


27


57


71


151


254


Real estate - commercial & farmland

13


272


17


15


91


317


274


Real estate - construction & development

9


6


277


31


49


323


349


Consumer installment

20


33


22


62


64


137


486



Total recoveries

189


482


458


450


366


1,579


1,684


















Net charge-offs (recoveries)

$                   2,209


$                      237


$                   1,994


$                  405


$               1,705


$               4,845


$               5,941

















































Non-accrual loans (excluding purchased non-covered














    and covered loans)

16,860


20,558


20,740


20,841


21,728


16,860


21,728

Non-accrual purchased non-covered loans

13,330


11,374


17,444


17,308


18,249


13,330


18,249

Foreclosed assets (excluding purchased assets)

16,147


20,730


22,567


32,339


33,160


16,147


33,160

Purchased, non-covered other real estate owned

14,333


11,538


13,112


13,818


15,585


14,333


14,359

Accruing loans delinquent 90 days or more

-


-


-


-


1


-


1

Total non-performing assets, excluding covered assets

60,670


64,200


73,863


84,306


88,723


60,670


87,497

















Non-performing assets as a percent of total assets

1.09%


1.23%


1.42%


2.03%


2.20%


1.09%


2.17%

Net charge offs as a percent of loans (Annualized)

0.36%


0.04%


0.37%


0.08%


0.36%


0.20%


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:




Dec.


Sept.


Jun.


Mar.


Dec.



Loans by Type

2015


2015


2015


2015


2014



Commercial, financial & agricultural

$               449,623


$               427,747


$               373,202


$           334,917


$           319,654



Real estate - construction & development

244,693


220,798


205,019


178,568


161,507



Real estate - commercial & farmland

1,104,991


1,067,828


1,010,195


947,274


907,524



Real estate - residential

570,430


532,285


537,201


496,043


456,106



Consumer installment

31,125


31,299


30,080


29,113


30,782



Other

6,015


10,692


15,903


13,505


14,308



    Total Legacy (excluding purchased












          non-covered and covered)

$            2,406,877


$            2,290,649


$            2,171,600


$        1,999,420


$        1,889,881















Commercial, financial & agricultural

$                 45,462


$                 42,350


$                 45,337


$             36,258


$             38,041



Real estate - construction & development

72,080


71,109


75,302


53,668


58,362



Real estate - commercial & farmland

390,755


385,032


404,588


291,760


306,706



Real estate - residential

258,153


263,312


276,798


257,216


266,342



Consumer installment

5,104


5,691


6,288


4,190


4,788



    Total Purchased non-covered (net of discounts)

$               771,554


$               767,494


$               808,313


$           643,092


$           674,239















Commercial, financial & agricultural

$                           -


$                           -


$                          -


$                      -


$                       -



Real estate - construction & development

-


-


-


-


-



Real estate - commercial & farmland

-


-


-


-


-



Real estate - residential

592,963


410,072


268,984


-


-



Consumer installment

-


-


-


-


-



    Total Purchased non-covered loan pools

$               592,963


$               410,072


$               268,984


$                      -


$                       -















Commercial, financial & agricultural

$                   5,546


$                 13,349


$                 17,666


$             20,905


$             21,467



Real estate - construction & development

7,612


14,266


15,002


19,519


23,447



Real estate - commercial & farmland

71,226


103,399


111,772


130,290


147,627



Real estate - residential

53,038


59,835


64,982


74,847


78,520



Consumer installment

107


172


176


184


218



    Total Covered (net of discounts)

$               137,529


$               191,021


$               209,598


$           245,745


$           271,279















Total Loan Portfolio:












Commercial, financial & agricultural

$               500,631


$               483,446


$               436,205


$           392,080


$           379,162



Real estate - construction & development

324,385


306,173


295,323


251,755


243,316



Real estate - commercial & farmland

1,566,972


1,556,259


1,526,555


1,369,324


1,361,857



Real estate - residential

1,474,584


1,265,504


1,147,965


828,106


800,968



Consumer installment

36,336


37,162


36,544


33,487


35,788



Other

6,015


10,692


15,903


13,505


14,308



    Total Loans

$            3,908,923


$            3,659,236


$            3,458,495


$        2,888,257


$        2,835,399







































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









Accruing loan types:












Commercial, financial & agricultural

$                      240


$                      238


$                      278


$                  277


$                  290



Real estate - construction & development

792


838


821


789


679



Real estate - commercial & farmland

5,766


5,719


6,617


7,309


6,477



Real estate - residential

7,574


5,209


4,702


4,513


5,258



Consumer installment

46


71


49


47


55



    Total Accruing TDRs

$                 14,418


$                 12,075


$                 12,467


$             12,935


$             12,759















Non-accruing loan types:












Commercial, financial & agricultural

$                      110


$                        68


$                        29


$                    17


$                    13



Real estate - construction & development

63


30


57


90


228



Real estate - commercial & farmland

596


942


598


64


724



Real estate - residential

1,123


759


783


736


1,485



Consumer installment

94


64


82


90


73



    Total Non-accrual TDRs

$                   1,986


$                   1,863


$                   1,549


$                  997


$               2,523















Total Troubled Debt Restructurings

$                 16,404


$                 13,938


$                 14,016


$             13,932


$             15,282

























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







Grade 10 - Prime credit

$               250,609


$               231,281


$               181,933


$           157,462


$           128,577



Grade 15 - Good credit

227,730


234,185


243,070


205,929


217,804



Grade 20 - Satisfactory credit

1,224,320


1,148,024


1,104,747


1,012,733


947,948



Grade 23 - Performing, under-collateralized credit

27,607


26,477


27,400


28,643


29,205



Grade 25 - Minimum acceptable credit

609,413


579,642


544,664


513,009


488,187



Grade 30 - Other asset especially mentioned

24,423


22,190


25,020


25,461


25,983



Grade 40 - Substandard

42,773


48,848


44,766


56,179


52,176



Grade 50 - Doubtful

-


2


-


4


1



Grade 60 - Loss

2


-


-


-


-



  Total

$            2,406,877


$            2,290,649


$            2,171,600


$        1,999,420


$        1,889,881













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









Grade 10 - Prime credit

$                   9,602


$                   9,801


$                 10,123


$               7,444


$               7,394



Grade 15 - Good credit

51,168


50,906


53,220


23,640


29,727



Grade 20 - Satisfactory credit

336,990


348,034


362,304


206,480


208,686



Grade 23 - Performing, under-collateralized credit

12,029


10,612


10,537


10,024


6,578



Grade 25 - Minimum acceptable credit

294,829


290,272


300,411


337,386


361,155



Grade 30 - Other asset especially mentioned

30,693


26,458


34,779


22,323


25,747



Grade 40 - Substandard

36,211


31,381


36,887


35,743


34,889



Grade 50 - Doubtful

30


30


52


52


63



Grade 60 - Loss

2


-


-


-


-



  Total

$               771,554


$               767,494


$               808,313


$           643,092


$           674,239













 

 

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.




2015


2015


2015


2015


2014


2015


2014

































AVERAGE BALANCES
































Federal funds sold

$                   5,500


$                   5,500


$                   5,500


$               5,500


$               3,163


$               5,500


$               2,886



Interest bearing deposits in banks

291,303


199,057


201,765


158,286


69,772


214,120


70,829



Investment securities - taxable

730,608


772,252


600,176


485,922


461,800


650,708


435,960



Investment securities - nontaxable

69,711


72,549


70,653


71,229


72,072


71,035


61,834



Other investments

9,322


9,322


9,597


9,450


9,804


9,422


10,589



Mortgage loans held for sale

98,765


102,961


81,823


75,831


97,406


87,952


71,231



Loans

2,333,577


2,224,490


2,111,507


1,911,601


1,871,618


2,161,726


1,753,013



Purchased non-covered loans

752,508


788,351


654,397


650,331


659,472


712,022


557,708



Purchased non-covered loan pools

454,884


323,258


17,308


-


-


201,689


-



Covered loans

180,493


195,175


246,422


262,693


299,981


206,774


339,417



  Total Earning Assets

$            4,926,671


$            4,692,915


$            3,999,148


3,630,843


3,545,088


$        4,320,948


$        3,303,467



















Noninterest bearing deposits

$            1,324,999


$            1,300,870


$            1,088,249


$           897,937


$           850,879


$        1,227,682


$           751,874



NOW accounts

1,100,972


907,618


745,709


756,795


786,511


877,949


724,461



MMDA

1,212,087


1,219,736


981,143


857,346


840,397


1,074,349


805,601



Savings accounts

241,337


239,999


188,767


163,624


156,663


209,206


150,266



Retail CDs < $100,000

449,158


484,007


388,248


372,463


386,844


425,583


389,174



Retail CDs > $100,000

395,978


387,485


378,137


383,962


401,934


384,761


373,767



Brokered CDs

-


-


-


-


4,023


-


5,479



  Total Deposits

4,724,531


4,539,715


3,770,253


3,432,127


3,427,251


4,199,530


3,200,622



















FHLB advances

-


-


17,275


16,778


35,815


8,444


46,986



Other borrowings

39,000


39,000


41,930


43,871


46,508


40,931


39,850



Subordinated debentures

69,723


69,448


67,180


65,436


65,195


67,962


60,298



Federal funds purchased and securities sold
















under agreements to repurchase

61,986


44,480


58,722


52,707


47,247


50,988


47,136



  Total Non-Deposit Funding

170,709


152,928


185,107


178,792


194,765


168,325


194,270



















  Total Funding

$            4,895,240


$            4,692,643


$            3,955,360


$        3,610,919


$        3,622,016


$        4,367,855


$        3,394,892

















 

 

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.




2015


2015


2015


2015


2014


2015


2014

















INTEREST INCOME/EXPENSE































INTEREST INCOME
















Federal funds sold

$                          5


$                        19


$                          5


$                      4


$                      2


$                    33


$                      7



Interest bearing deposits in banks

262


227


177


124


66


790


237



Investment securities - taxable

4,540


4,694


3,747


3,153


3,114


16,134


12,086



Investment securities - nontaxable (TE)

618


648


624


633


652


2,523


2,195



Mortgage loans held for sale

1,040


970


764


692


947


3,466


2,593



Loans (TE)

27,901


27,258


25,629


22,418


23,294


103,206


87,727



Purchased non-covered loans

12,129


11,911


10,328


11,840


12,612


46,208


40,020



Purchased non-covered loan pools

3,335


2,997


149


-


-


6,481


-



Covered loans

3,556


3,192


3,385


3,995


4,704


14,128


21,355



Total Earning Assets

$                 53,386


$                 51,916


$                 44,808


$             42,859


$             45,391


$           192,969


$           166,220



















    Accretion Income (included above)

2,912


3,037


2,635


3,097


4,280


11,681


12,543


















INTEREST EXPENSE
















Non-interest bearing deposits

$                           -


$                           -


$                          -


$                      -


$                       -


$                       -


$                       -



NOW accounts

463


304


318


376


414


1,461


1,317



MMDA

929


877


760


663


768


3,229


2,954



Savings accounts

42


42


37


37


45


158


164



Retail CDs < $100,000

594


607


488


513


553


2,202


2,116



Retail CDs > $100,000

659


691


662


691


746


2,703


2,761



Brokered CDs

-


-


-


-


34


0


177



Total Deposits

2,687


2,521


2,265


2,280


2,560


9,753


9,489



















FHLB advances

-


-


16


15


26


31


140



Other borrowings

328


322


346


366


379


1,362


1,760



Subordinated debentures

924


914


866


832


887


3,536


3,127



Federal funds purchased and securities sold
















under agreements to repurchase

44


39


48


43


41


174


164



  Total Non-Deposit Funding

1,296


1,275


1,276


1,256


1,333


5,103


5,191



















  Total Funding

$                   3,983


$                   3,796


$                   3,541


$               3,536


$               3,893


$             14,856


$             14,680



















Net Interest Income (TE)

$                 49,403


$                 48,120


$                 41,267


$             39,323


$             41,498


$           178,113


$           151,540

















 

 

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.




2015


2015


2015


2015


2014


2015


2014

YIELDS (1)
































Federal funds sold

0.36%


1.37%


0.36%


0.29%


0.25%


0.60%


0.24%



Interest bearing deposits in banks

0.36%


0.45%


0.35%


0.32%


0.38%


0.37%


0.33%



Investment securities - taxable

2.47%


2.41%


2.50%


2.63%


2.68%


2.48%


2.77%



Investment securities - nontaxable

3.52%


3.54%


3.54%


3.60%


3.59%


3.55%


3.55%



Mortgage loans held for sale

4.18%


3.74%


3.75%


3.70%


3.86%


3.94%


3.64%



Loans

4.74%


4.86%


4.87%


4.76%


4.94%


4.77%


5.00%



Purchased non-covered loans

6.39%


5.99%


6.33%


7.38%


7.59%


6.49%


7.18%



Purchased non-covered loan pools

2.91%


3.68%


3.45%


0.00%


0.00%


3.21%


0.00%



Covered loans

7.82%


6.49%


5.51%


6.17%


6.22%


6.83%


6.29%



  Total Earning Assets

4.30%


4.39%


4.49%


4.79%


5.08%


4.47%


5.03%



















Noninterest bearing deposits

0.00%


0.00%


0.00%


0.00%


0.00%


0.00%


0.00%



NOW accounts

0.17%


0.13%


0.17%


0.20%


0.21%


0.17%


0.18%



MMDA

0.30%


0.29%


0.31%


0.31%


0.36%


0.30%


0.37%



Savings accounts

0.07%


0.07%


0.08%


0.09%


0.11%


0.08%


0.11%



Retail CDs < $100,000

0.52%


0.50%


0.50%


0.56%


0.57%


0.52%


0.54%



Retail CDs > $100,000

0.66%


0.71%


0.70%


0.73%


0.74%


0.70%


0.74%



Brokered CDs

0.00%


0.00%


0.00%


0.00%


3.35%


0.00%


3.23%



  Total Deposits

0.23%


0.22%


0.24%


0.27%


0.30%


0.23%


0.30%



















FHLB advances

0.00%


0.00%


0.37%


0.36%


0.29%


0.37%


0.30%



Other borrowings

3.34%


3.28%


3.31%


3.38%


3.23%


3.33%


4.42%



Subordinated debentures

5.26%


5.22%


5.17%


5.16%


5.40%


5.20%


5.19%



Federal funds purchased and securities sold
















under agreements to repurchase

0.28%


0.35%


0.33%


0.33%


0.34%


0.34%


0.35%



  Total Non-Deposit Funding

3.01%


3.31%


2.76%


2.85%


2.72%


3.03%


2.67%



















  Total funding (3)

0.32%


0.32%


0.36%


0.40%


0.43%


0.34%


0.43%



















Net interest spread

3.98%


4.07%


4.13%


4.39%


4.65%


4.13%


4.60%



















Net interest margin

3.98%


4.07%


4.14%


4.39%


4.64%


4.12%


4.59%

















































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









(2) Rate calculated based on average earning assets.














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



























 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




































Three Months Ended


Twelve Months Ended




Dec.


Sept.


Jun.


Mar.


Dec.


Dec.


Dec.



Operating Net Income Reconciliation

2015


2015


2015


2015


2014


2015


2014



















Net income available to common shareholders

$                 14,148


$                 15,627


$                   1,308


$               9,764


$             10,580


$             40,847


$             38,437



















Merger and conversion charges

1,807


446


5,712


15


67


7,980


3,940



Non-recurring credit resolution related expenses

-


-


11,241


-


-


11,241


-



Other non-recurring adjustments

-


-


-


-


188


-


(682)



Tax effect of non-recurring charges

(632)


(156)


(5,934)


(5)


(89)


(6,727)


(1,140)



Plus: After tax non-recurring charges

1,175


290


11,019


10


(22)


12,494


2,800



















       Operating Net income

15,323


15,917


12,327


9,774


10,558


53,341


41,237



















Operating net income per diluted share:

$                     0.47


$                     0.49


$                     0.38


$                 0.32


$                 0.39


$                 1.66


$                 1.57



Return on average assets

1.12%


1.21%


1.11%


0.97%


1.04%


1.11%


1.18%



Return on average common tangible equity

14.97%


16.23%


12.83%


10.40%


14.40%


13.66%


16.50%




















Three Months Ended


Twelve Months Ended




Dec.


Sept.


Jun.


Mar.


Dec.


Dec.


Dec.



Net Interest Margin and Yields on Total Loans

2015


2015


2015


2015


2014


2015


2014



    Excluding Accretion Reconciliation
































Total Interest Income (TE)

$                 53,386


$                 51,916


$                 44,808


$             42,859


$             45,391


$           192,969


$           166,220



    Accretion Income

2,912


3,037


2,635


3,097


4,280


11,681


12,543



Total Interest Income (TE) Excluding Accretion

$                 50,474


$                 48,879


$                 42,173


$             39,762


$             41,111


$           181,288


$           153,677



















Total Interest Expense

$                   3,983


$                   3,796


$                   3,541


$               3,536


$               3,893


$             14,856


$             14,680



Net Interest Income (TE) Excluding Accretion

$                 46,491


$                 45,083


$                 38,632


$             36,226


$             37,218


$           166,432


$           138,997



















Yield on Total Loans Excluding Accretion

4.92%


4.83%


4.86%


5.01%


5.05%


4.90%


5.11%



















Net Interest Margin Excluding Accretion

3.74%


3.81%


3.87%


4.05%


4.17%


3.85%


4.21%




















































Three Months Ended


Twelve Months Ended




Dec.


Sept.


Jun.


Mar.


Dec.


Dec.


Dec.



Core Earnings Reconciliation

2015


2015


2015


2015


2014


2015


2014



















Pre-tax operating profit/(loss)

$                 17,444


$                 22,995


$                   1,794


$             14,511


$             14,747


$             56,744


$             56,205



Plus: Credit Related Costs
















    Provision for loan losses

553


986


2,656


1,069


888


5,264


5,648



   (Gains)/Losses on the sale of legacy OREO

535


36


436


110


(228)


1,117


(3)



   (Gains)/Losses on the sale of covered OREO

610


56


194


20


344


880


527



    Problem loan and OREO expense

1,078


991


10,632


3,031


5,175


15,732


12,984



    Interest reversed (received) on non-accrual loans

58


17


413


156


(6)


644


405



       Total Credit-Related Costs

2,834


2,086


14,331


4,386


6,173


23,637


19,561



















Plus: Conversion charges

1,807


446


5,712


15


67


7,980


3,940



Less: Non-recurring gains
















    Gains on sales of securities

-


(115)


(10)


(12)


-


(137)


(138)



   Gains on sales of bank premises

(267)


-


-


-


-


(267)


(616)



    Other non-recurring adjustments

-


-


-


-


188


-


(682)



















Pretax, Pre-provision earnings

$                 21,818


$                 25,412


$                 21,827


$             18,900


$             21,175


$             87,957


$             78,270



















As percentage of average assets, annualized

1.59%


1.93%


1.96%


1.88%


2.09%


1.62%


1.95%




















































Three Months Ended


Twelve Months Ended




Dec.


Sept.


Jun.


Mar.


Dec.


Dec.


Dec.



Recurring Operating Expenses

2015


2015


2015


2015


2014


2015


2014



















Total Operating Expenses

53,028


48,396


56,864


40,827


41,733


199,115


150,869



Less: Credit costs & non-recurring charges
















   Gains/(Losses) on the sale of legacy OREO

(535)


(36)


(436)


(110)


228


(1,117)


3



   Gains/(Losses) on the sale of covered OREO

(610)


(56)


(194)


(20)


(344)


(880)


(527)



    Problem loan and OREO expense

(1,078)


(991)


(10,632)


(3,031)


(5,175)


(15,732)


(12,984)



   Severance payments

-


-


-


-


(188)


-


(188)



  Conversion expenses

(1,807)


(446)


(5,712)


(15)


(67)


(7,980)


(3,940)



   Gains/(Losses) on the sale of premises

267


-


-


-


-


267


616



   Other non-recurring adjustments

-


-


-


-


(188)


-


682



















Recurring operating expenses

$                 49,265


$                 46,867


$                 39,890


$             37,651


$             35,999


$           173,673


$           134,531

















 

 

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.



Segment Reporting

2015


2015


2015


2015


2014


2015


2014



















Banking Division:
















   Net interest income

$                 44,088


$                 43,044


$                 36,806


$             35,839


$             38,045


$           159,777


$           140,460



   Provision for loan losses

504


960


2,456


927


737


4,847


4,822



   Noninterest income

12,739


13,470


9,262


8,780


8,595


44,251


32,337



   Noninterest expense:
















      Salaries and employee benefits

19,225


17,921


15,675


15,362


14,196


68,183


55,101



      Occupancy

5,356


5,444


4,376


4,144


4,319


19,320


16,097



      Data Processing

5,759


4,998


3,913


4,011


3,901


18,681


14,436



      Other expenses

13,853


11,379


24,048


10,356


12,320


59,636


39,175



         Total noninterest expense

44,193


39,742


48,012


33,873


34,736


165,820


124,809



Income before income taxes

12,130


15,812


(4,400)


9,819


11,167


33,361


43,166



   Income Tax

1,436


4,854


(1,682)


3,105


2,914


7,713


12,918



         Net income

10,694


10,958


(2,718)


6,714


8,253


25,648


30,248



   Preferred stock dividends

-


-


-


-


-


-


286



Net income available to common shareholders

$                 10,694


$                 10,958


$                 (2,718)


$               6,714


$               8,253


$             25,648


$             29,962



































Retail Mortgage Division:
















   Net interest income

$                   2,812


$                   2,485


$                   1,979


$               1,545


$               1,822


$               8,821


$               5,344



   Provision for loan losses

49


26


200


142


151


417


826



   Noninterest income

7,966


9,827


9,095


7,610


6,076


34,498


24,959



   Noninterest expense:
















      Salaries and employee benefits

5,855


6,138


5,592


4,527


4,175


22,112


15,918



      Occupancy

501


397


396


380


373


1,674


1,342



      Data Processing

266


308


279


212


315


1,065


1,043



      Other expenses

1,043


662


1,150


932


828


3,787


3,603



         Total noninterest expense

7,665


7,505


7,417


6,051


5,691


28,638


21,906



Income before income taxes

3,064


4,781


3,457


2,962


2,056


14,264


7,571



   Income Tax

1,072


1,673


1,210


1,037


720


4,992


2,650



         Net income

1,992


3,108


2,247


1,925


1,336


9,272


4,921



   Preferred stock dividends

-


-


-


-


-


-


-



Net income available to common shareholders

$                   1,992


$                   3,108


$                   2,247


$               1,925


$               1,336


$               9,272


$               4,921



































Warehouse Lending:
















   Net interest income

$                      995


$                   1,128


$                   1,179


$                  835


$                  752


$               4,137


$               2,016



   Provision for loan losses

-


-


-


-


-


-


-



   Noninterest income

336


372


383


273


237


1,364


655



   Noninterest expense:
















      Salaries and employee benefits

156


137


99


127


84


519


255



      Occupancy

3


1


1


2


-


7


1



      Data Processing

20


22


20


33


11


95


54



      Other expenses

28


40


19


36


171


123


392



         Total noninterest expense

207


200


139


198


266


744


702



Income before income taxes

1,124


1,300


1,423


910


723


4,757


1,969



   Income Tax

393


455


498


319


253


1,665


689



         Net income

731


845


925


592


470


3,092


1,280



   Preferred stock dividends

-


-


-


-


-


-


-



Net income available to common shareholders

$                      731


$                      845


$                      925


$                  592


$                  470


$               3,092


$               1,280



































SBA Division:
















   Net interest income

$                      723


$                      742


$                      724


$                  613


$                  387


$               2,802


$               2,066



   Provision for loan losses

-


-


-


-


-


-


-



   Noninterest income

1,366


1,309


1,886


912


1,454


5,473


4,885



   Noninterest expense:
















      Salaries and employee benefits

736


738


1,099


616


861


3,189


2,604



      Occupancy

57


73


36


28


25


194


81



      Data Processing

1


1


2


4


2


8


18



      Other expenses

169


137


159


57


152


522


749



         Total noninterest expense

963


949


1,296


705


1,040


3,913


3,452



Income before income taxes

1,126


1,102


1,314


820


801


4,362


3,499



   Income Tax

394


386


460


287


280


1,527


1,225



         Net income

732


716


854


533


521


2,835


2,274



   Preferred stock dividends

-


-


-


-


-


-


-



Net income available to common shareholders

$                      732


$                      716


$                      854


$                  533


$                  521


$               2,835


$               2,274



































Total Consolidated:
















   Net interest income

$                 48,618


$                 47,399


$                 40,688


$             38,832


$             41,006


$           175,537


$           149,886



   Provision for loan losses

553


986


2,656


1,069


888


5,264


5,648



   Noninterest income

22,407


24,978


20,626


17,575


16,362


85,586


62,836



   Noninterest expense:
















      Salaries and employee benefits

25,972


24,934


22,465


20,632


19,316


94,003


73,878



      Occupancy

5,917


5,915


4,809


4,554


4,717


21,195


17,521



      Data Processing

6,046


5,329


4,214


4,260


4,229


19,849


15,551



      Other expenses

15,093


12,218


25,376


11,381


13,471


64,068


43,919



         Total noninterest expense

53,028


48,396


56,864


40,827


41,733


199,115


150,869



Income before income taxes

17,444


22,995


1,794


14,511


14,747


56,744


56,205



   Income Tax

3,296


7,368


486


4,747


4,167


15,897


17,482



         Net income

14,148


15,627


1,308


9,764


10,580


40,847


38,723



   Preferred stock dividends

-


-


-


-


-


-


286



Net income available to common shareholders

$                 14,148


$                 15,627


$                   1,308


$               9,764


$             10,580


$             40,847


$             38,437

















 

 

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ameris-bancorp-announces-2015-financial-results-300208338.html

SOURCE Ameris Bancorp

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