News Releases
Ameris Bancorp Reports Operating Net Income of $16.5 Million, or $0.50 Per Diluted Share, for First Quarter 2016

MOULTRIE, Ga., April 22, 2016 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported operating net income of $16.5 million, or $0.50 per diluted share, for the quarter ended March 31, 2016, compared with $9.8 million, or $0.32 per diluted share, for the quarter ended March 31, 2015.  Commenting on the Company's quarterly results, Edwin W. Hortman, Jr., the Company's President and Chief Executive Officer, said, "We are very pleased with our operating results and performance ratios that our outstanding bankers produced in the first quarter.  Even more encouraging is the positive momentum we see going into the second quarter of 2016 and the rest of the year.  Against the linked quarter, we saw growth in spread income and non-interest income and made progress on our efficiency initiatives.  Lastly, we completed our acquisition of Jacksonville Bancorp, Inc. late in the first quarter which pushed our total assets to approximately $6.1 billion."

Ameris Bancorp logo. (PRNewsFoto/Ameris Bancorp)

Operating results for the first quarter exclude acquisition costs totaling $4.2 million after tax associated with the acquisition of Jacksonville Bancorp, Inc. ("JAXB").  Including these expenses, the Company reported net income of $12.3 million, or $0.37 per diluted share, for the first quarter of 2016.

Highlights of the Company's performance and results for the first quarter of 2016 include the following:

  • Operating return on average assets of 1.18% and operating return on average tangible equity of 15.42%
  • Completion of the acquisition of JAXB, adding $561.4 million in total assets with virtually no dilution to tangible book value
  • Increase in tangible book value per share to $13.13, compared with $12.65 per share at December 31, 2015
  • Organic loan growth of $78.4 million, reflecting an annualized growth rate of 9.9%
  • Organic growth in non-interest bearing demand deposits of $70.9 million, reflecting an annualized growth rate of 21.4%
  • 5.0% increase in total recurring revenue to $78.8 million in the first quarter of 2016, compared with $75.0 million in the fourth quarter of 2015
  • $18.9 million, or 31.5%, increase in year-over-year revenue, compared to year-over-year growth in operating expenses (excluding merger costs) of $8.4 million, or 20.7%
  • Improvement in net interest margin to 4.03% from 3.98% in the fourth quarter of 2015
  • Decline in the Company's net overhead ratio, on an operating basis, from 2.12% in the fourth quarter of 2015 to 1.78% in the first quarter of 2016

Acquisition of JAXB
The Company successfully completed the acquisition of JAXB on March 11, 2016.  Highlights of the merger are as follows:

  • Added $561.4 million in total assets and eight retail offices within the Jacksonville, Florida market
  • Added $401.1 million in loans and $401.4 million in total deposits
  • Issuance of a total of 2,549,469 shares of the Company's common stock at a fair value on the closing date of $72.5 million
  • $31.4 million in additional goodwill and $5.9 million in core deposit intangibles associated with the merger recorded by the Company
  • Including all merger costs, the addition of $0.02 per share to the Company's consolidated tangible book value

The conversion of JAXB's systems to the Company's is scheduled to be completed during the second quarter of 2016, after which time management expects to realize most of the operating efficiencies from the acquisition.

Operating Results
Net income available to common shareholders in the first quarter of 2016 totaled $16.5 million, an increase of 68.3% over the same quarter in 2015.  Revenue during the first quarter totaled $78.8 million, an increase of 31.5% over the first quarter of 2015.  Increases in revenue resulted from the growth in earning assets over the prior year, as well as increased revenue from the Company's mortgage and SBA lines of business.  Returns on average assets and average tangible common equity, on an operating basis, were 1.18% and 15.33%, respectively, for the first quarter of 2016, compared with 0.97% and 10.40%, respectively, for the same quarter of 2015.  Operating results improved over the same period in 2015 due to consistently lower credit costs and the full deployment of excess liquidity in the last half of 2015.

Net Interest Income and Net Interest Margin
Net interest income for the first quarter of 2016 totaled $50.4 million, an increase of $11.6 million, or 29.9%, compared with $38.8 million for the first quarter of 2015.  The Company's net interest margin increased during the quarter to 4.03%, compared with 3.98% during the fourth quarter of 2015, but declined from 4.39% for the first quarter of 2015.  Accretion income for the first quarter of 2016 remained unchanged from the fourth quarter of 2015 at $2.9 million, compared with $3.1 million reported for the first quarter of 2015.  Excluding the effect of accretion on purchased assets, the Company's net interest margin was 3.80% in the first quarter of 2016, compared with 3.74% in the fourth quarter of 2015 and 4.05% in the first quarter of 2015.  Declines in the margin relative to the same quarter in 2015 stem from the Company's investment of excess liquidity, primarily in government-backed bonds and whole-loan mortgage pools with combined average yields of 2.89%.

Yields on earning assets in the first quarter of 2016 were 4.36%, compared with 4.79% in the first quarter of 2015, reflecting the investment in whole-loan mortgage pools and additional investment securities.  Interest income on loans on a tax-equivalent basis increased during the first quarter of 2016 to $49.8 million, compared with $48.0 million in the fourth quarter of 2015 and $38.9 million in the first quarter of 2015.  Excluding accretion income, yields on all loans were 4.59% in the first quarter of 2016, reflecting a decline of 0.42% from the first quarter of 2015.  Excluding the effect of the purchased mortgage pools, the Company's loan yields declined by only 0.13% from the first quarter of 2015, reflecting success in the Company's pricing efforts on new and renewed credits in the current rate environment.

Total interest expense for the first quarter of 2016 was $4.1 million, compared with $3.5 million for the same quarter of 2015.  Increases in total interest expense were driven primarily by increases in total deposits and other borrowings resulting from both acquisition activity and organic growth.  Deposit costs remained stable during the quarter, ending at 0.23%, which was consistent with levels reported in the fourth quarter of 2015, but lower than the 0.27% reported in the first 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 27.9% of the total average deposits during the first quarter of 2016, compared with 26.2% for the first quarter of 2015.  Management does not expect deposit costs or overall funding costs to decrease materially in the coming quarters despite tightening liquidity ratios and stronger forecasts for asset growth.

Non-interest Income
Non-interest income in the first quarter of 2016 was $24.3 million, an increase of $6.7 million, or 38.2%, compared with the same quarter in 2015.  As a percentage of average assets, non-interest income increased from 1.72% in the first quarter of 2015 to 1.73% in the first quarter of 2016.

Service charges in the first quarter of 2016 were $9.9 million, an increase of $3.5 million, or 54.2%, compared with the same quarter in 2015.  Stronger growth in commercial and treasury management accounts contributed to the growth in income, as did growth in balances that resulted from the Company's acquisitions during the second quarter of 2015.  During the first quarter of 2016, the Company implemented several changes in service charge routines, mostly related to statement costs, which are expected to positively impact revenues in the second half of 2016 by approximately $2 million.

The Company's mortgage operations continued to make improvements in revenues and net income.  Revenue in the mortgage group totaled $14.0 million in the first quarter of 2016, an increase 36.4% compared with the same quarter in 2015.  Net income for the Company's retail mortgage division increased 54.7% during the first quarter of 2016 to $3.0 million, compared with $1.9 million in the first quarter of 2015.  Net income for the Company's warehouse lending division increased 22.8% during the quarter, from $592,000 in the first quarter of 2015 to $727,000 in the first quarter of 2016.  Total production in the first quarter of 2016 amounted to $268.6 million (85% retail and 15% wholesale), compared with $188.3 million in the same quarter of 2015 (83% retail and 17% wholesale).  Open pipelines finished the first quarter of 2016 at $161.5 million, compared with $94.5 million at the beginning of the first quarter of 2016 and $110.9 million at the end of the first quarter of 2015. 

Revenues from the Company's SBA division increased 43.6% during the first quarter of 2016 to $2.2 million, compared with $1.5 million during the first quarter of 2015.  Net income for the division increased 56.3%, from $533,000 for the first quarter of 2015 to $833,000 for the first quarter of 2016.  SBA pipelines totaled $49.4 million at the end of the first quarter, up $1.5 million compared with the same time in 2015.

Non-interest Expense
During the first quarter of 2016, the Company incurred merger and conversion charges of $6.4 million, before tax, compared with only de minimis amounts in the first quarter of 2015.  Excluding these charges, operating expenses decreased approximately $2.0 million, to $49.2 million, from $51.2 million in the fourth quarter of 2015. 

Operating expenses, excluding merger charges, as a percentage of average assets declined from 1.00% in the first quarter of 2015 to 0.88% in the first quarter of 2016.  The Company's net overhead ratio declined materially to 1.78% in the first quarter of 2016 from 2.12% in the first quarter of 2015.  Growth in non-interest income covered 79.6% of the incremental growth in operating expenses, which have been positively affected by the previously announced branch closings and the full integration of the Company's two most recent acquisitions.

Salaries and benefits increased by $0.2 million to $26.2 million in the current quarter of 2016, compared with $26.0 million in the fourth quarter of 2015.  Growth in salaries and benefits over the same quarter of 2015 totaled $5.6 million, or 27%, and was driven by a 38% increase in average assets over the same period.

Occupancy and equipment expenses decreased $217,000, from $5.9 million in the fourth quarter of 2015 to $5.7 million in the first quarter of 2016, due principally to lower levels of repairs and maintenance, as well as lower levels of depreciation expense.

Total credit costs (provision and non-provision credit resolution-related costs) totaled $2.5 million in the first quarter of 2016, compared with $4.2 million in the same quarter in 2015 and $2.8 million in the fourth quarter of 2015.

Data processing and telecommunications costs increased to $6.1 million in the first quarter of 2016, an increase of 43.5%, or $1.9 million, compared with the first quarter of 2015.  Account acquisition, both organic and through acquisition activity, has increased substantially in the last twelve months.

Balance Sheet Trends
Total assets at March 31, 2016 were $6.10 billion, compared with $5.59 billion at December 31, 2015.  The growth in total assets was driven by the acquisition of JAXB during the quarter. 

Loans, including loans held for sale, totaled $4.54 billion at March 31, 2016, compared with $4.02 billion at December 31, 2015.  During the quarter, growth in legacy loans (total loans less mortgage loans held for sale, purchased non-covered loans, purchased non-covered loan pools and covered loans) amounted to $121.1 million, or 20.1% on an annualized basis.  Loans held for sale decreased 12.4% from December 31, 2015 to $97.4 million.  Purchased, non-covered loans increased $358.4 million, or 46.4% during the quarter, primarily due to the JAXB acquisition.  Purchased non-covered loan pools were $656.7 million at March 31, 2016, compared with $593.3 million at December 31, 2015.  Covered loans declined $7.3 million, or 5.33%, during the first quarter, to $130.3 million at March 31, 2016, representing the slowing of payoffs in that portfolio.

Investment securities at the end of the first quarter of 2016 were $837.1 million, or 15.3% of earning assets, compared with $783.2 million, or 15.4% of earning assets, at December 31, 2015. 

Deposits increased $351.5 million during the first quarter of 2016 to end the quarter at $5.23 billion.  At March 31, 2016, non-interest bearing deposit accounts were $1.53 billion, or 29.2% of total deposits, compared with $1.33 billion and 27.3%, respectively, at December 31, 2015.  Non-rate sensitive deposits (including NIB, NOW and savings) totaled $2.81 billion at March 31, 2016, compared with $2.71 billion at the end of 2015.  These funds represented 53.5% of the Company's total deposits at March 31, 2016, compared with 55.6% at the end of 2015.

Stockholders' equity at March 31, 2016 totaled $600.8 million, compared with $514.8 million at December 31, 2015.  The increase in stockholders' equity was the result of the issuance of shares of common stock in the JAXB acquisition, plus earnings of $12.3 million during the quarter.  Tangible book value per share at March 31, 2016 was $13.13 per share, up 3.8% from $12.65 per share at the end of 2015.  Tangible common equity as a percentage of tangible assets increased to 7.68% at the end of the first quarter of 2016, compared with 7.44% at the end of 2015. 

Conference Call
The Company will host a teleconference at 11:00 a.m. EDT today (April 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 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other international participants). The conference ID name is Ameris Bancorp ABCB.  A replay of the call will be available one hour after the end of the conference call until May 6, 2016. To listen to the replay, dial 1-877-344-7529 (or 1-855-669-9658 for participants in Canada and 1-412-317-0088 for international participants). The conference replay access code is 10084409. 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 a bank holding company headquartered in Moultrie, Georgia.  The Company's banking subsidiary, Ameris Bank, had 103 locations in Georgia, Alabama, northern Florida and South Carolina at the end of the most recent quarter.

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




Mar.


Dec.


Sept.


Jun.


Mar.




2016


2015


2015


2015


2015













EARNINGS























Net Income

$                 12,317


$                 14,148


$                 15,627


$               1,308


$               9,764














Operating Net Income

$                 16,450


$                 15,323


$                 15,917


$             12,327


$               9,774













PER COMMON SHARE DATA











Earnings per share available to common shareholders:












Basic

$                     0.38


$                     0.44


$                     0.49


$                 0.04


$                 0.32



Diluted

$                     0.37


$                     0.43


$                     0.48


$                 0.04


$                 0.32


Cash Dividends per share

$                     0.05


$                     0.05


$                     0.05


$                 0.05


$                 0.05


Book value per share (period end)

$                   17.25


$                   15.98


$                   15.60


$               15.12


$               15.22


Tangible book value per share (period end)

$                   13.13


$                   12.65


$                   12.31


$               11.81


$               13.01


Weighted average number of shares:












Basic

32,752,063


32,199,632


32,195,435


32,184,355


30,442,998



Diluted

33,053,554


32,594,929


32,553,167


32,520,453


30,796,148


Period-end number of shares

34,837,454


32,211,385


32,196,117


32,195,089


32,182,143


Market data:












High closing price

$                   32.68


$                   34.90


$                   28.75


$               26.87


$               26.55



Low closing price

$                   25.09


$                   27.65


$                   24.97


$               24.73


$               22.75



Period end closing price

$                   29.58


$                   33.99


$                   28.75


$               25.29


$               26.39



Average daily volume

253,779


301,775


174,900


107,413


105,152













PERFORMANCE RATIOS











Return on average assets

0.88%


1.03%


1.19%


0.12%


0.97%


Return on average common equity

9.14%


10.94%


12.53%


1.07%


8.76%


Earning asset yield (TE)

4.36%


4.30%


4.39%


4.49%


4.79%


Total cost of funds

0.33%


0.32%


0.32%


0.36%


0.40%


Net interest margin (TE)

4.03%


3.98%


4.07%


4.14%


4.39%


Non-interest income excluding securities transactions,












as a percent of total revenue (TE)

30.40%


29.56%


32.33%


31.51%


29.06%


Efficiency ratio

74.41%


74.66%


66.87%


92.74%


72.38%













CAPITAL ADEQUACY (period end)











Stockholders' equity to assets

9.85%


9.21%


9.63%


9.35%


11.79%


Tangible common equity to tangible assets

7.68%


7.44%


7.76%


7.46%


10.26%













EQUITY TO ASSETS RECONCILIATION











Tangible common equity to tangible assets

7.68%


7.44%


7.76%


7.46%


10.26%


Effect of goodwill and other intangibles

2.17%


1.77%


1.87%


1.89%


1.54%



Equity to assets (GAAP)

9.85%


9.21%


9.63%


9.35%


11.79%













OTHER PERIOD-END DATA











Banking Division FTE

1,085


1,075


1,110


1,122


852


Mortgage Division FTE

233


229


218


191


170



Total Ameris Bancorp FTE Headcount

1,318


1,304


1,328


1,313


1,022














Assets per Banking Division FTE

$                   5,620


$                   5,199


$                   4,699


$               4,640


$               4,874


Branch locations

103


101


103


103


73


Deposits per branch location

$                 50,784


$                 48,310


$                 43,986


$             43,801


$             47,674

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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





Three Months Ended




Mar.


Dec.


Sept.


Jun.


Mar.




2016


2015


2015


2015


2015

























INCOME STATEMENT






















Interest income











Interest and fees on loans

$                 49,191


$                 47,336


$                 45,775


$             39,838


$             38,618


Interest on taxable securities

4,586


4,540


4,694


3,747


3,153


Interest on nontaxable securities

446


458


480


462


469


Interest on deposits in other banks

328


262


227


177


124


Interest on federal funds sold

8


5


19


5


4



Total interest income

54,559


52,601


51,195


44,229


42,368













Interest expense











Interest on deposits

$                   2,741


$                   2,687


$                   2,521


$               2,264


$               2,280


Interest on other borrowings

1,382


1,296


1,275


1,277


1,256



Total interest expense

4,123


3,983


3,796


3,541


3,536













Net interest income

50,436


48,618


47,399


40,688


38,832













Provision for loan losses

681


553


986


2,656


1,069













Net interest income after provision for loan losses

$                 49,755


$                 48,065


$                 46,413


$             38,032


$             37,763













Noninterest income











Service charges on deposit accounts

$                   9,915


$                 10,119


$                 10,766


$               7,151


$               6,429


Mortgage banking activity

10,211


8,586


10,404


9,727


8,083


Other service charges, commissions and fees

1,111


1,112


1,145


829


668


Gain(loss) on sale of securities

94


-


115


10


12


Other non-interest income

2,955


2,590


2,548


2,909


2,383



Total noninterest income

24,286


22,407


24,978


20,626


17,575













Noninterest expense











Salaries and employee benefits

26,187


25,972


24,934


22,465


20,632


Occupancy and equipment expenses

5,700


5,917


5,915


4,809


4,554


Data processing and telecommunications expenses

6,113


6,046


5,329


4,214


4,260


Credit resolution related expenses (1)

1,799


2,223


1,083


11,240


3,161


Advertising and marketing expenses

805


1,171


667


833


641


Amortization of intangible assets

1,020


1,160


1,321


630


630


Merger and conversion charges

6,359


1,807


446


5,712


15


Other non-interest expenses

7,617


8,732


8,701


6,961


6,934



Total noninterest expense

55,600


53,028


48,396


56,864


40,827













Income before income taxes

$                 18,441


$                 17,444


$                 22,995


$               1,794


$             14,511














Income tax expense

6,124


3,296


7,368


486


4,747













Net income

$                 12,317


$                 14,148


$                 15,627


$               1,308


$               9,764













Diluted earnings available to common shareholders

0.37


0.43


0.48


0.04


0.32














(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




Mar.


Dec.


Sept.


Jun.


Mar.




2016


2015


2015


2015


2015













PERIOD-END BALANCE SHEET






















Assets











Cash and due from banks

$               146,863


$               118,518


$               114,396


$           115,413


$             80,142


Federal funds sold and interest bearing balances

107,373


272,045


120,925


239,804


126,157


Investment securities available for sale, at fair value

837,103


783,185


811,385


862,154


610,330


Other investments

12,802


9,323


9,322


9,322


8,636


Mortgage loans held for sale

97,439


111,182


111,807


108,829


73,796














Loans, net of unearned income

2,528,007


2,406,877


2,290,649


2,171,600


1,999,420


Purchased, non-covered loans (excluding loan pools)

1,129,919


771,554


767,494


808,313


643,092


Purchased, non-covered loan pools

656,734


592,963


410,072


268,984


-


Covered loans

130,279


137,529


191,021


209,598


245,745


Less allowance for loan losses

(21,482)


(21,062)


(22,471)


(21,658)


(21,852)



Loans, net

4,423,457


3,887,861


3,636,765


3,436,837


2,866,405














Other real estate owned

14,967


16,147


20,730


22,567


32,339


Purchased, non-covered other real estate owned

15,048


14,333


11,538


13,112


13,818


Covered other real estate owned

3,764


5,011


12,203


12,626


16,089



Total other real estate owned

33,779


35,491


44,471


48,305


62,246














Premises and equipment, net

124,747


121,639


124,756


124,916


98,292


Goodwill

121,512


90,082


87,701


87,367


63,547


Other intangibles, net

21,892


17,058


18,218


19,189


7,591


FDIC loss sharing receivable

1,197


6,301


4,506


14,957


23,312


Cash value of bank owned life insurance

76,676


64,251


59,894


59,552


59,212


Other assets

92,931


72,004


72,154


79,089


73,238



Total assets

$            6,097,771


$            5,588,940


$            5,216,300


$        5,205,734


$        4,152,904













Liabilities











Deposits:












Noninterest-bearing

$            1,529,037


$            1,329,857


$            1,275,800


$        1,280,174


$           967,015



Interest-bearing

3,701,750


3,549,433


3,254,723


3,231,373


2,513,216


Total deposits

5,230,787


4,879,290


4,530,523


4,511,547


3,480,231


Federal funds purchased & securities sold under












agreements to repurchase

43,741


63,585


51,506


75,066


55,520


Other borrowings

110,531


39,000


39,000


39,000


43,851


Other liabilities

28,647


22,432


23,371


24,026


17,952


Subordinated deferrable interest debentures

83,237


69,874


69,600


69,325


65,567



Total liabilities

5,496,943


5,074,181


4,714,000


4,718,964


3,663,121

























Stockholders' equity










  Preferred stock

$                           -


$                           -


$                          -


$                      -


$                       -

  Common stock

36,272


33,625


33,610


33,609


33,593

  Capital surplus

407,726


337,349


336,599


336,212


335,578

  Retained earnings

163,395


152,820


140,282


126,265


126,566

  Accumulated other comprehensive income/(loss)

6,411


3,353


4,197


3,072


6,353

  Less treasury stock

(12,976)


(12,388)


(12,388)


(12,388)


(12,307)



Total stockholders' equity

600,828


514,759


502,300


486,770


489,783



Total liabilities and stockholders' equity

$            6,097,771


$            5,588,940


$            5,216,300


$        5,205,734


$        4,152,904

























Other Data










Earning Assets

5,486,854


5,075,335


4,703,353


4,669,282


3,698,540

Intangible Assets

143,404


107,140


105,919


106,556


71,138

Interest Bearing Liabilities

3,939,259


3,721,892


3,414,829


3,414,764


2,678,154

Average Assets

5,618,397


5,427,367


5,213,275


4,464,558


4,079,750

Average Common Stockholders' Equity

542,264


513,098


494,957


491,967


452,132

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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





Three Months Ended




Mar.


Dec.


Sept.


Jun.


Mar.




2016


2015


2015


2015


2015













ASSET QUALITY INFORMATION (1)






















Allowance for loan losses











Balance at beginning of period

$                 21,062


$                 22,471


$                 21,658


$             21,852


$             21,157














Provision for loan loss (2)

1,200


800


1,050


1,800


1,100















Charge-offs

1,435


2,398


719


2,452


855



Recoveries

655


189


482


458


450


Net charge-offs (recoveries)

780


2,209


237


1,994


405














Ending balance

$                 21,482


$                 21,062


$                 22,471


$             21,658


$             21,852














As a percentage of loans

0.85%


0.88%


0.98%


1.00%


1.09%


As a percentage of nonperforming loans

136.83%


124.92%


109.31%


104.43%


104.85%

























Net charge-off information











Charge-offs











Commercial, financial & agricultural

$                      406


$                      501


$                      135


$                  410


$                  392


Real estate - residential

468


621


234


464


268


Real estate - commercial & farmland

347


1,009


184


1,162


12


Real estate - construction & development

155


157


105


263


97


Consumer installment

59


110


61


153


86



Total charge-offs

1,435


2,398


719


2,452


855














Recoveries











Commercial, financial & agricultural

73


134


117


115


285


Real estate - residential

314


13


54


27


57


Real estate - commercial & farmland

121


13


272


17


15


Real estate - construction & development

122


9


6


277


31


Consumer installment

25


20


33


22


62



Total recoveries

655


189


482


458


450














Net charge-offs (recoveries)

$                      780


$                   2,209


$                      237


$               1,994


$                  405





































Non-accrual loans (excluding purchased non-covered










    and covered loans)

15,700


16,860


20,558


20,740


20,841

Non-accrual purchased non-covered loans

19,187


13,330


11,374


17,444


17,308

Foreclosed assets (excluding purchased assets)

14,967


16,147


20,730


22,567


32,339

Purchased, non-covered other real estate owned

15,048


14,333


11,538


13,112


13,818

Accruing loans delinquent 90 days or more

-


-


-


-


-

Total non-performing assets, excluding covered assets

64,902


60,670


64,200


73,863


84,306













Non-performing assets as a percent of total assets

1.06%


1.09%


1.23%


1.42%


2.03%

Net charge offs as a percent of loans (Annualized)

0.12%


0.36%


0.04%


0.37%


0.08%

























(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 2015 and 2016, 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:




Mar.


Dec.


Sept.


Jun.


Mar.



Loans by Type

2016


2015


2015


2015


2015



Commercial, financial & agricultural

$               434,073


$               449,623


$               427,747


$           373,202


$           334,917



Real estate - construction & development

264,820


244,693


220,798


205,019


178,568



Real estate - commercial & farmland

1,154,887


1,104,991


1,067,828


1,010,195


947,274



Real estate - residential

629,138


570,430


532,285


537,201


496,043



Consumer installment

31,901


31,125


31,299


30,080


29,113



Other

13,188


6,015


10,692


15,903


13,505



    Total Legacy (excluding purchased












          non-covered and covered)

$            2,528,007


$            2,406,877


$            2,290,649


$        2,171,600


$        1,999,420















Commercial, financial & agricultural

$               111,537


$                 45,462


$                 42,350


$             45,337


$             36,258



Real estate - construction & development

103,753


72,080


71,109


75,302


53,668



Real estate - commercial & farmland

598,935


390,755


385,032


404,588


291,760



Real estate - residential

309,770


258,153


263,312


276,798


257,216



Consumer installment

5,924


5,104


5,691


6,288


4,190



    Total Purchased non-covered (net of discounts)

$            1,129,919


$               771,554


$               767,494


$           808,313


$           643,092















Commercial, financial & agricultural

$                           -


$                           -


$                          -


$                      -


$                       -



Real estate - construction & development

-


-


-


-


-



Real estate - commercial & farmland

-


-


-


-


-



Real estate - residential

656,734


592,963


410,072


268,984


-



Consumer installment

-


-


-


-


-



    Total Purchased non-covered loan pools

$               656,734


$               592,963


$               410,072


$           268,984


$                       -















Commercial, financial & agricultural

$                   4,739


$                   5,546


$                 13,349


$             17,666


$             20,905



Real estate - construction & development

7,205


7,612


14,266


15,002


19,519



Real estate - commercial & farmland

67,055


71,226


103,399


111,772


130,290



Real estate - residential

51,176


53,038


59,835


64,982


74,847



Consumer installment

104


107


172


176


184



    Total Covered (net of discounts)

$               130,279


$               137,529


$               191,021


$           209,598


$           245,745















Total Loan Portfolio:












Commercial, financial & agricultural

$               550,349


$               500,631


$               483,446


$           436,205


$           392,080



Real estate - construction & development

375,778


324,385


306,173


295,323


251,755



Real estate - commercial & farmland

1,820,877


1,566,972


1,556,259


1,526,555


1,369,324



Real estate - residential

1,646,818


1,474,584


1,265,504


1,147,965


828,106



Consumer installment

37,929


36,336


37,162


36,544


33,487



Other

13,188


6,015


10,692


15,903


13,505



    Total Loans

$            4,444,939


$            3,908,923


$            3,659,236


$        3,458,495


$        2,888,257







































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







Accruing loan types:












Commercial, financial & agricultural

$                      279


$                      240


$                      238


$                  278


$                  277



Real estate - construction & development

476


792


838


821


789



Real estate - commercial & farmland

5,945


5,766


5,719


6,617


7,309



Real estate - residential

7,648


7,574


5,209


4,702


4,513



Consumer installment

37


46


71


49


47



    Total Accruing TDRs

$                 14,385


$                 14,418


$                 12,075


$             12,467


$             12,935















Non-accruing loan types:












Commercial, financial & agricultural

$                        75


$                      110


$                        68


$                    29


$                    17



Real estate - construction & development

30


63


30


57


90



Real estate - commercial & farmland

1,871


596


942


598


64



Real estate - residential

1,040


1,123


759


783


736



Consumer installment

87


94


64


82


90



    Total Non-accrual TDRs

$                   3,103


$                   1,986


$                   1,863


$               1,549


$                  997















Total Troubled Debt Restructurings

$                 17,488


$                 16,404


$                 13,938


$             14,016


$             13,932

























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



Grade 10 - Prime credit

$               254,203


$               250,609


$               231,281


$           181,933


$           157,462



Grade 15 - Good credit

213,510


227,730


234,185


243,070


205,929



Grade 20 - Satisfactory credit

1,346,050


1,224,320


1,148,024


1,104,747


1,012,733



Grade 23 - Performing, under-collateralized credit

25,047


27,607


26,477


27,400


28,643



Grade 25 - Minimum acceptable credit

628,042


609,413


579,642


544,664


513,009



Grade 30 - Other asset especially mentioned

22,141


24,423


22,190


25,020


25,461



Grade 40 - Substandard

39,013


42,773


48,848


44,766


56,179



Grade 50 - Doubtful

-


-


2


-


4



Grade 60 - Loss

1


2


-


-


-



  Total

$            2,528,007


$            2,406,877


$            2,290,649


$        2,171,600


$        1,999,420













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






Grade 10 - Prime credit

$                 10,505


$                   9,602


$                   9,801


$             10,123


$               7,444



Grade 15 - Good credit

48,229


51,168


50,906


53,220


23,640



Grade 20 - Satisfactory credit

344,479


336,990


348,034


362,304


206,480



Grade 23 - Performing, under-collateralized credit

27,445


12,029


10,612


10,537


10,024



Grade 25 - Minimum acceptable credit

607,838


294,829


290,272


300,411


337,386



Grade 30 - Other asset especially mentioned

50,517


30,693


26,458


34,779


22,323



Grade 40 - Substandard

40,874


36,211


31,381


36,887


35,743



Grade 50 - Doubtful

30


30


30


52


52



Grade 60 - Loss

2


2


-


-


-



  Total

$            1,129,919


$               771,554


$               767,494


$           808,313


$           643,092













 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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
















Three Months Ended




Mar.


Dec.


Sept.


Jun.


Mar.




2016


2015


2015


2015


2015

























AVERAGE BALANCES
























Federal funds sold

$                   6,200


$                   5,500


$                   5,500


$               5,500


$               5,500



Interest bearing deposits in banks

201,814


291,303


199,057


201,765


158,286



Investment securities - taxable

728,269


730,608


772,252


600,176


485,922



Investment securities - nontaxable

68,824


69,711


72,549


70,653


71,229



Other investments

9,606


9,322


9,322


9,597


9,450



Mortgage loans held for sale

82,803


98,765


102,961


81,823


75,831



Loans

2,410,747


2,333,577


2,224,490


2,111,507


1,911,601



Purchased non-covered loans

836,187


752,508


788,351


654,397


650,331



Purchased non-covered loan pools

627,178


454,884


323,258


17,308


-



Covered loans

134,383


180,493


195,175


246,422


262,693



  Total Earning Assets

$            5,106,011


$            4,926,671


$            4,692,915


$        3,999,148


3,630,843















Noninterest bearing deposits

$            1,362,007


$            1,324,999


$            1,300,870


$        1,088,249


$           897,937



NOW accounts

1,137,076


1,100,972


907,618


745,709


756,795



MMDA

1,278,199


1,212,087


1,219,736


981,143


857,346



Savings accounts

251,108


241,337


239,999


188,767


163,624



Retail CDs < $100,000

438,122


449,158


484,007


388,248


372,463



Retail CDs > $100,000

406,699


395,978


387,485


378,137


383,962



Brokered CDs

1,099


-


-


-


-



  Total Deposits

4,874,310


4,724,531


4,539,715


3,770,253


3,432,127















FHLB advances

9,648


-


-


17,275


16,778



Other borrowings

42,096


39,000


39,000


41,930


43,871



Subordinated debentures

72,589


69,723


69,448


67,180


65,436



Federal funds purchased and securities sold












under agreements to repurchase

52,787


61,986


44,480


58,722


52,707



  Total Non-Deposit Funding

177,120


170,709


152,928


185,107


178,792















  Total Funding

$            5,051,430


$            4,895,240


$            4,692,643


$        3,955,360


$        3,610,919













 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

















Three Months Ended




Mar.


Dec.


Sept.


Jun.


Mar.




2016


2015


2015


2015


2015













INTEREST INCOME/EXPENSE























INTEREST INCOME












Federal funds sold

$                          8


$                          5


$                        19


$                      5


$                      4



Interest bearing deposits in banks

328


262


227


177


124



Investment securities - taxable

4,586


4,540


4,694


3,747


3,153



Investment securities - nontaxable (TE)

602


618


648


624


633



Mortgage loans held for sale

755


1,040


970


764


692



Loans (TE)

28,684


27,901


27,258


25,629


22,418



Purchased non-covered loans

13,133


12,129


11,911


10,328


11,840



Purchased non-covered loan pools

5,144


3,335


2,997


149


-



Covered loans

2,060


3,556


3,192


3,385


3,995



Total Earning Assets

$                 55,300


$                 53,386


$                 51,916


$             44,808


$             42,859















    Accretion Income (included above)

2,942


2,912


3,037


2,635


3,097














INTEREST EXPENSE












Non-interest bearing deposits

$                           -


$                           -


$                          -


$                      -


$                       -



NOW accounts

468


463


304


318


376



MMDA

1,040


929


877


760


663



Savings accounts

43


42


42


37


37



Retail CDs < $100,000

512


594


607


488


513



Retail CDs > $100,000

676


659


691


662


691



Brokered CDs

2


-


-


-


-



Total Deposits

2,741


2,687


2,521


2,265


2,280















FHLB advances

23


-


-


16


15



Other borrowings

370


328


322


346


366



Subordinated debentures

954


924


914


866


832



Federal funds purchased and securities sold












under agreements to repurchase

35


44


39


48


43



  Total Non-Deposit Funding

1,382


1,296


1,275


1,276


1,256















  Total Funding

$                   4,123


$                   3,983


$                   3,796


$               3,541


$               3,536















Net Interest Income (TE)

$                 51,177


$                 49,403


$                 48,120


$             41,267


$             39,323













 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

















Three Months Ended




Mar.


Dec.


Sept.


Jun.


Mar.




2016


2015


2015


2015


2015

YIELDS (1)






















Federal funds sold

0.52%


0.36%


1.37%


0.36%


0.29%


Interest bearing deposits in banks

0.65%


0.36%


0.45%


0.35%


0.32%


Investment securities - taxable

2.53%


2.47%


2.41%


2.50%


2.63%


Investment securities - nontaxable

3.52%


3.52%


3.54%


3.54%


3.60%


Mortgage loans held for sale

3.67%


4.18%


3.74%


3.75%


3.70%


Loans

4.79%


4.74%


4.86%


4.87%


4.76%


Purchased non-covered loans

6.32%


6.39%


5.99%


6.33%


7.38%


Purchased non-covered loan pools

3.30%


2.91%


3.68%


3.45%


0.00%


Covered loans

6.17%


7.82%


6.49%


5.51%


6.17%


  Total Earning Assets

4.36%


4.30%


4.39%


4.49%


4.79%













Noninterest bearing deposits

0.00%


0.00%


0.00%


0.00%


0.00%


NOW accounts

0.17%


0.17%


0.13%


0.17%


0.20%


MMDA

0.33%


0.30%


0.29%


0.31%


0.31%


Savings accounts

0.07%


0.07%


0.07%


0.08%


0.09%


Retail CDs < $100,000

0.47%


0.52%


0.50%


0.50%


0.56%


Retail CDs > $100,000

0.67%


0.66%


0.71%


0.70%


0.73%


Brokered CDs

0.73%


0.00%


0.00%


0.00%


0.00%


  Total Deposits

0.23%


0.23%


0.22%


0.24%


0.27%














FHLB advances

0.96%


0.00%


0.00%


0.37%


0.36%


Other borrowings

3.54%


3.34%


3.28%


3.31%


3.38%


Subordinated debentures

5.29%


5.26%


5.22%


5.17%


5.16%


Federal funds purchased and securities sold











under agreements to repurchase

0.27%


0.28%


0.35%


0.33%


0.33%


  Total Non-Deposit Funding

3.14%


3.01%


3.31%


2.76%


2.85%














  Total funding (3)

0.33%


0.32%


0.32%


0.36%


0.40%














Net interest spread

4.03%


3.98%


4.07%


4.13%


4.39%














Net interest margin

4.03%


3.98%


4.07%


4.14%


4.39%





































(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



Mar.


Dec.


Sept.


Jun.


Mar.


Operating Net Income Reconciliation

2016


2015


2015


2015


2015













Net income available to common shareholders

$                 12,317


$                 14,148


$                 15,627


$               1,308


$               9,764













Merger and conversion charges

6,359


1,807


446


5,712


15


Non-recurring credit resolution related expenses

-


-


-


11,241


-


Tax effect of non-recurring charges

(2,226)


(632)


(156)


(5,934)


(5)


Plus: After tax non-recurring charges

4,133


1,175


290


11,019


10













       Operating Net income

16,450


15,323


15,917


12,327


9,774













Operating net income per diluted share:

$                     0.50


$                     0.47


$                     0.49


$                 0.38


$                 0.32


Return on average assets

1.18%


1.12%


1.21%


1.11%


0.97%


Return on average common tangible equity

15.42%


14.97%


16.23%


12.83%


10.40%














Three Months Ended



Mar.


Dec.


Sept.


Jun.


Mar.


Net Interest Margin and Yields on Total Loans

2016


2015


2015


2015


2015


    Excluding Accretion Reconciliation






















Total Interest Income (TE)

$                 55,300


$                 53,386


$                 51,916


$             44,808


$             42,859


    Accretion Income

2,942


2,912


3,037


2,635


3,097


Total Interest Income (TE) Excluding Accretion

$                 52,358


$                 50,474


$                 48,879


$             42,173


$             39,762













Total Interest Expense

$                   4,123


$                   3,983


$                   3,796


$               3,541


$               3,536


Net Interest Income (TE) Excluding Accretion

$                 48,235


$                 46,491


$                 45,083


$             38,632


$             36,226













Yield on Total Loans Excluding Accretion

4.84%


4.92%


4.83%


4.86%


5.01%













Net Interest Margin Excluding Accretion

3.80%


3.74%


3.81%


3.87%


4.05%




































Three Months Ended



Mar.


Dec.


Sept.


Jun.


Mar.


Core Earnings Reconciliation

2016


2015


2015


2015


2015













Pre-tax operating profit/(loss)

$                 18,441


$                 17,444


$                 22,995


$               1,794


$             14,511


Plus: Credit Related Costs











    Provision for loan losses

681


553


986


2,656


1,069


   (Gains)/Losses on the sale of legacy OREO

753


535


36


436


110


   (Gains)/Losses on the sale of covered OREO

166


610


56


194


20


    Problem loan and OREO expense

880


1,078


991


10,632


3,031


    Interest reversed (received) on non-accrual loans

34


58


17


413


156


       Total Credit-Related Costs

2,514


2,834


2,086


14,331


4,386













Plus: Conversion charges

6,359


1,807


446


5,712


15


Less: Non-recurring gains











    Gains on sales of securities

(94)


-


(115)


(10)


(12)


 Gains on sales of bank premises

(77)


(267)


-


-


-


    Other non-recurring adjustments

-


-


-


-


-













Pretax, Pre-provision earnings

$                 27,143


$                 21,818


$                 25,412


$             21,827


$             18,900













As percentage of average assets, annualized

1.94%


1.59%


1.93%


1.96%


1.88%




































Three Months Ended



Mar.


Dec.


Sept.


Jun.


Mar.


Recurring Operating Expenses

2016


2015


2015


2015


2015













Total Operating Expenses

55,600


53,028


48,396


56,864


40,827


Less: Credit costs & non-recurring charges











   Gains/(Losses) on the sale of legacy OREO

(753)


(535)


(36)


(436)


(110)


   Gains/(Losses) on the sale of covered OREO

(166)


(610)


(56)


(194)


(20)


    Problem loan and OREO expense

(880)


(1,078)


(991)


(10,632)


(3,031)


   Severance payments

-


-


-


-


-


Conversion expenses

(6,359)


(1,807)


(446)


(5,712)


(15)


   Gains/(Losses) on the sale of premises

77


267


-


-


-


   Other non-recurring adjustments

-


-


-


-


-













Recurring operating expenses

$                 47,519


$                 49,265


$                 46,867


$             39,890


$             37,651












 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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













Three Months Ended


Mar.


Dec.


Sept.


Jun.


Mar.

Segment Reporting

2016


2015


2015


2015


2015











Banking Division:










   Net interest income

$                 45,801


$                 44,088


$                 43,044


$             36,806


$             35,839

   Provision for loan losses

681


504


960


2,456


927

   Noninterest income

12,735


12,739


13,470


9,262


8,780

   Noninterest expense:










      Salaries and employee benefits

18,989


19,225


17,921


15,675


15,362

      Occupancy

5,150


5,356


5,444


4,376


4,144

      Data Processing

5,820


5,759


4,998


3,913


4,011

      Other expenses

16,436


13,853


11,379


24,048


10,356

         Total noninterest expense

46,395


44,193


39,742


48,012


33,873

Income before income taxes

11,460


12,130


15,812


(4,400)


9,819

   Income Tax

3,681


1,436


4,854


(1,682)


3,105

         Net income

7,779


10,694


10,958


(2,718)


6,714

   Preferred stock dividends

-


-


-


-


-

Net income available to common shareholders

$                   7,779


$                 10,694


$                 10,958


$             (2,718)


$               6,714





















Retail Mortgage Division:










   Net interest income

$                   3,020


$                   2,812


$                   2,485


$               1,979


$               1,545

   Provision for loan losses

-


49


26


200


142

   Noninterest income

9,624


7,966


9,827


9,095


7,610

   Noninterest expense:










      Salaries and employee benefits

6,347


5,855


6,138


5,592


4,527

      Occupancy

488


501


397


396


380

      Data Processing

272


266


308


279


212

      Other expenses

956


1,043


662


1,150


932

         Total noninterest expense

8,063


7,665


7,505


7,417


6,051

Income before income taxes

4,581


3,064


4,781


3,457


2,962

   Income Tax

1,603


1,072


1,673


1,210


1,037

         Net income

2,978


1,992


3,108


2,247


1,925

   Preferred stock dividends

-


-


-


-


-

Net income available to common shareholders

$                   2,978


$                   1,992


$                   3,108


$               2,247


$               1,925





















Warehouse Lending:










   Net interest income

$                   1,019


$                      995


$                   1,128


$               1,179


$                  835

   Provision for loan losses

-


-


-


-


-

   Noninterest income

333


336


372


383


273

   Noninterest expense:










      Salaries and employee benefits

188


156


137


99


127

      Occupancy

1


3


1


1


2

      Data Processing

20


20


22


20


33

      Other expenses

25


28


40


19


36

         Total noninterest expense

234


207


200


139


198

Income before income taxes

1,118


1,124


1,300


1,423


910

   Income Tax

391


393


455


498


319

         Net income

727


731


845


925


592

   Preferred stock dividends

-


-


-


-


-

Net income available to common shareholders

$                      727


$                      731


$                      845


$                  925


$                  592





















SBA Division:










   Net interest income

$                      596


$                      723


$                      742


$                  724


$                  613

   Provision for loan losses

-


-


-


-


-

   Noninterest income

1,594


1,366


1,309


1,886


912

   Noninterest expense:










      Salaries and employee benefits

663


736


738


1,099


616

      Occupancy

61


57


73


36


28

      Data Processing

1


1


1


2


4

      Other expenses

183


169


137


159


57

         Total noninterest expense

908


963


949


1,296


705

Income before income taxes

1,282


1,126


1,102


1,314


820

   Income Tax

449


394


386


460


287

         Net income

833


732


716


854


533

   Preferred stock dividends

-


-


-


-


-

Net income available to common shareholders

$                      833


$                      732


$                      716


$                  854


$                  533





















Total Consolidated:










   Net interest income

$                 50,436


$                 48,618


$                 47,399


$             40,688


$             38,832

   Provision for loan losses

681


553


986


2,656


1,069

   Noninterest income

24,286


22,407


24,978


20,626


17,575

   Noninterest expense:










      Salaries and employee benefits

26,187


25,972


24,934


22,465


20,632

      Occupancy

5,700


5,917


5,915


4,809


4,554

      Data Processing

6,113


6,046


5,329


4,214


4,260

      Other expenses

17,600


15,093


12,218


25,376


11,381

         Total noninterest expense

55,600


53,028


48,396


56,864


40,827

Income before income taxes

18,441


17,444


22,995


1,794


14,511

   Income Tax

6,124


3,296


7,368


486


4,747

         Net income

12,317


14,148


15,627


1,308


9,764

   Preferred stock dividends

-


-


-


-


-

Net income available to common shareholders

$                 12,317


$                 14,148


$                 15,627


$               1,308


$               9,764











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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-165-million-or-050-per-diluted-share-for-first-quarter-2016-300255886.html

SOURCE Ameris Bancorp

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