News Releases
Ameris Bancorp Reports Net Income Of $20.0 Million, Or $0.57 Per Diluted Share, For Second Quarter 2016

MOULTRIE, Ga., July 22, 2016 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported operating net income of $20.0 million, or $0.57 per diluted share, for the quarter ended June 30, 2016, compared with $12.3 million, or $0.38 per diluted share, for the quarter ended June 30, 2015.  For the year-to-date period ending June 30, 2016, the Company reported operating net income of $36.5 million, or $1.07 per diluted share, compared with $22.1 million, or $0.70 per share, for the same period in 2015. 

Ameris Bancorp logo. (PRNewsFoto/Ameris Bancorp)

Commenting on the Company's quarterly results, Edwin W. Hortman, Jr., the Company's President and Chief Executive Officer, said, "We indicated earlier in the year that we were operating with more momentum around our key metrics than I had seen in the past few years.  That momentum carried us to an outstanding quarter in virtually every part of the Company.  Organic growth has been increasingly reliable and with our improved efficiency ratios, we expect more profits to hit the bottom line.  Our lines of business continue to grow net earnings and credit quality is trending back to levels we have not seen in a decade.  I am proud of the work our Company has done to achieve these results."

Although the second quarter of 2016 contained no merger or non-recurring items, the same quarter of 2015 and the year to-date periods include non-operating amounts.  Reported earnings, including merger and credit charges totaled $20.0 million, or $0.57 per share, for the second quarter of 2016, compared with $1.3 million, or $0.04 per share, for the same quarter in 2015.  For the year to-date period ending June 30, 2016, the Company reported earnings of $32.4 million, or $0.95 per share, compared with $11.1 million, or $0.35 per share, for the quarter ending June, 2015.

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

  • Operating return on average assets of 1.31%, compared with 1.11% in the same quarter in 2015
  • Operating return on tangible common equity of 17.03%, compared with 12.83% in the second quarter of 2015
  • Operating efficiency ratio (excluding intangible amortization) of 61.52% in the second quarter of 2016, down from 64.07% in the same quarter of 2015
  • Organic loan growth of $233.4 million, reflecting an annualized growth rate of 25.5%
  • Successful system and data conversion of the eight retail offices acquired in the Company's acquisition of Jacksonville Bancorp, Inc. ("JAXB")
  • Total revenue (FTE) of $83.9 million, an increase of 35.5% from the same quarter in 2015
  • Tangible book value per share of $13.89 at June 30, 2016, compared with $11.81 per share at June 30, 2015
  • Tangible common equity to tangible assets increased to 7.96% at June 30, 2016, compared with 7.68% at March 31, 2016
  • Net income from mortgage and SBA lines of businesses totaling $6.2 million in the second quarter, compared with $4.0 million in the same quarter of 2015.

Operating Performance
For the quarter ending June 30, 2016, the Company reported operating return on assets of 1.31%, compared with 1.11% in the same quarter of 2015.  Return on tangible common equity during the quarter rose to 17.03%, compared with 12.83% in the second quarter of 2015, despite higher capital levels. 

The improved operating ratios result primarily from significantly improved efficiency and overhead ratios.  During the second quarter, the Company's operating efficiency ratio net of intangible amortization was 61.52%, compared with 64.07% in the same quarter of 2015.  The Company's net overhead ratio has improved as well to 1.57% in the second quarter of 2016, compared with 1.86% in the second quarter of 2015.  Initiatives designed to reallocate resources to needed areas versus incremental spending has been sufficient to hold total expenses steady while revenue has continued to grow. 

Net Interest Income and Net Interest Margin
Net interest income (taxable equivalent) for the second quarter of 2016 totaled $55.5 million, an increase of $14.3 million, or 34.6%, compared with $41.3 million for the second quarter of 2015.  Strong growth in the spread income resulted primarily from higher levels of earning assets, funded almost entirely with growth in very low cost deposits.  Additionally, loans have increased as a percentage of earning assets from 77.8% during the second quarter of 2015 to 82.8% in the current quarter, with the majority of the increase coming from short-term assets.

The Company's net interest margin decreased slightly during the quarter to 4.01%, compared with 4.03% during the first quarter of 2016.  Higher levels of accretion income on purchased assets were offset by lower yields on the purchased mortgage pools.  Accretion income was impacted in the quarter from certain prepayments that increased accretion by $1.1 million over scheduled amounts.  The Company's mortgage pools were negatively affected by approximately $900,000 relating to accelerated prepayments and an adjustment on the remaining life of the pools and associated premiums.  Because of the shorter estimated life, management expects the yields on these assets to trend closer to 2.85%-3.00% than the 3.00%-3.25% previously recorded.

Yields on earning assets in the second quarter of 2016 were 4.35%, compared with 4.36% in the first quarter of 2016 and 4.49% in the second quarter of 2015.  Interest income on loans on a tax-equivalent basis increased during the second quarter of 2016 to $54.9 million, compared with $49.8 million in the first quarter of 2016 and $40.2 million in the second quarter of 2015.  Excluding accretion income, yields on all loans were 4.42% in the second quarter of 2016, reflecting a decline of 0.43% from the second quarter of 2015.  Excluding the effect of purchased mortgage pools, the Company's loan yields declined by only 0.11% from the second 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 second quarter of 2016 was $4.8 million, compared with $3.5 million in 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 of funds were only slightly lower during the second quarter of 2016 at 0.22%, compared with 0.23% during the first quarter of 2016 and 0.24% during the second 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 30.0% of the total average deposits during the second quarter of 2016, compared with 28.9% for the second 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 second quarter of 2016 improved to $28.4 million, an increase of $7.8 million, or 37.6%, compared with the same quarter in 2015.  Service charges on deposit accounts increased by $3.3 million to $10.4 million during the quarter, an increase of 45.9% 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 2015 and the first quarter of 2016.

Levels of non-interest income benefited from continued growth and profitability in the Company's mortgage operations.  Revenue from mortgage operations increased to $14.1 million, an increase of 45.4% compared with the same quarter in 2015.  Net income for the Company's retail mortgage division increased 82.6% during the second quarter of 2016 to $4.1 million, compared with $2.2 million in the second quarter of 2015.   Total retail production increased to $375.7 million in the quarter, compared with $285.6 million in the second quarter of 2015, while spreads (gain on sale) increased to 3.90% in the current quarter compared with 3.67% in the same quarter of 2015.  Open pipelines at the end of the quarter were $162.6 million, compared with $161.5 million at the beginning of the second quarter of 2016 and $115.9 million at the end of the second quarter of 2015. 

Net income for the Company's SBA division increased 3.0% during the second quarter of 2016 to $880,000, compared with $854,000 during the second quarter of 2015.  SBA pipelines improved significantly at the end of the second quarter of 2016, growing to $65.4 million, compared with $49.4 million at the beginning of the quarter.  Total principal of closed loans in the second quarter of 2016 amounted to $17.9 million, an increase of $7.9 million from the first quarter of 2016 and an increase of $8.3 million compared with the second quarter of 2015.

Non-interest Expense
Operating expenses, excluding merger and non-recurring credit charges, increased $12.5 million during the second quarter of 2016, from $39.9 million in the second quarter of 2015 to $52.4 million in the second quarter of 2016.  The growth in operating expenses that resulted from the Company's two acquisitions that were completed late in the second quarter of 2015, as well as the JAXB acquisition completed in the first quarter of 2016, account for almost all of the increase in total operating expenses.

During the second quarter, operating expenses increased $3.1 million from the first quarter of 2016.  The acquisition of JAXB at the end of the first quarter of 2016 was the primary driver of the additional operating expenses.  The conversion and substantially all of the integration for the JAXB transaction have been completed, and the Company expects to see a reduction of approximately $500,000 in operating expenses in the coming quarter as a result.

Salaries and benefits increased to $27.5 million in the current quarter of 2016, compared with $26.2 million in the first quarter of 2016 and $22.5 million in the same quarter in 2015.  Increases in compensation costs from the first quarter reflect an increase of $2.0 million in higher levels of commissions for mortgage and SBA personnel, as well as the impact of staffing additions from the acquisition of JAXB in March 2016.

Occupancy and equipment costs increased from $5.7 million in the first quarter of 2015 to $6.4 million in the second quarter of 2016 due to the additional JAXB branches acquired in March.    Data processing and telecommunications costs decreased slightly to $6.0 million in the second quarter of 2016, compared with $6.1 million for the first quarter of 2016.

Total credit costs (provision and non-provision credit resolution-related costs) totaled $2.7 million in the second quarter of 2016, compared with $2.5 million in the first quarter of 2016 and $13.9 million in the same quarter in 2015.  During the second quarter of 2015, the Company recorded a non-recurring charge of $11.2 million to aggressively mark certain non-performing assets in a manner that would facilitate quick disposition.  Excluding that charge, total credit costs would have been consistent at $2.7 million for the second quarter of 2015.

Balance Sheet Trends
Total assets at June 30, 2016 were $6.22 billion, compared with $5.59 billion reported at December 31, 2015 and $6.10 billion reported at March 31, 2016. 

Loans, including loans held for sale, totaled $4.73 billion at June 30, 2016, compared with $3.57 billion at June 30, 2015.  During the quarter, growth in legacy loans (loans and purchased non-covered loans) amounted to $233.4 million, or 25.5% on an annualized basis.  Growth in loans was diversified across product type, with CRE at 28% of incremental growth, municipal at 35%, C&I and agriculture at 12% and mortgage lending, including warehouse lines, at 25% of the total.

Purchased non-covered loan pools declined during the current quarter to $610.4 million, compared with $656.7 million at March 31, 2016.  No additional purchases of mortgage loan pools were made during the quarter, although management anticipates maintaining purchased loan pool balances between $600 million and $700 million.

Investment securities at the end of the quarter amounted to $862.8 million, or 17.2% of earning assets, compared with $792.5 million, or 15.6% of earning assets, at December 31, 2015. 

At June 30, 2016, total deposits amounted to $5.18 billion, or 93.1% of total funding, compared with $4.88 billion and 96.6%, respectively, at December 31, 2015.  Non-interest bearing deposits at the end of the current quarter were $1.55 billion, or 30.0% of total deposits, compared with $1.33 billion, or 27.3%, at December 31, 2015.  Non-rate sensitive deposits (including NIB, NOW and savings) totaled $2.90 billion at June 30, 2016, compared with $2.71 billion at the end of 2015.  These funds represented 56.0% of the Company's total deposits at June 30, 2016, compared with 55.6% at the end of 2015.

Stockholders' equity at June 30, 2016 totaled $625.9 million, compared with $514.8 million reported at December 31, 2015.  The increase in stockholders' equity was the result of the issuance of shares of common stock in the JAXB acquisition during the first quarter of 2016, plus earnings of $32.4 million during the first six months of 2016.  Tangible book value at June 30, 2016 was $13.89 per share, up 9.8% from $12.65 per share at the end of 2015.  Tangible common equity as a percentage of tangible assets increased to 7.96% at the end of the second 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 (July 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 August 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 other international participants). The conference replay access code is 10089110. 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 102 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


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2016


2016


2015


2015


2015


2016


2015

















EARNINGS































Net Income 

$                 20,049


$                 12,317


$                 14,148


$             15,627


$               1,308


$             32,366


$             11,072


















Operating Net Income

$                 20,049


$                 16,450


$                 15,323


$             15,917


$             12,327


$             36,499


$             22,101

















PER COMMON SHARE DATA















Earnings per share available to common shareholders:
















Basic

$                     0.58


$                     0.38


$                     0.44


$                 0.49


$                 0.04


$                 0.96


$                 0.35



Diluted

$                     0.57


$                     0.37


$                     0.43


$                 0.48


$                 0.04


$                 0.95


$                 0.35


Cash Dividends per share

$                     0.05


$                     0.05


$                     0.05


$                 0.05


$                 0.05


$                 0.10


$                 0.10


Book value per share (period end)

$                   17.96


$                   17.25


$                   15.98


$               15.60


$               15.12


$               17.96


$               15.12


Tangible book value per share (period end)

$                   13.89


$                   13.13


$                   12.65


$               12.31


$               11.81


$               13.89


$               11.81


Weighted average number of shares:
















Basic

34,832,621


32,752,063


32,199,632


32,195,435


32,184,355


33,792,343


31,318,487



Diluted

35,153,311


33,053,554


32,594,929


32,553,167


32,520,453


34,107,298


31,652,557


Period-end number of shares

34,847,311


34,837,454


32,211,385


32,196,117


32,195,089


34,847,311


32,195,089


Market data:
















High closing price

$                   32.39


$                   32.68


$                   34.90


$               28.75


$               26.87


$               32.68


$               26.87



Low closing price

$                   27.89


$                   25.09


$                   27.65


$               24.97


$               24.73


$               25.09


$               22.75



Period end closing price

$                   29.70


$                   29.58


$                   33.99


$               28.75


$               25.29


$               29.70


$               25.29



Average daily volume

215,409


253,779


301,775


174,900


107,413


234,141


106,301

















PERFORMANCE RATIOS















Return on average assets

1.31%


0.88%


1.03%


1.19%


0.12%


1.11%


0.52%


Return on average common equity

13.08%


9.14%


10.94%


12.53%


1.07%


11.24%


4.54%


Earning asset yield (TE)

4.35%


4.36%


4.30%


4.39%


4.49%


4.35%


4.63%


Total cost of funds

0.35%


0.33%


0.32%


0.32%


0.36%


0.34%


0.38%


Net interest margin (TE)

4.01%


4.03%


3.98%


4.07%


4.14%


4.02%


4.26%


Non-interest income excluding securities transactions,
















as a percent of total revenue (TE)

32.01%


30.40%


29.56%


32.33%


31.51%


31.25%


30.33%


Efficiency ratio

63.11%


74.41%


74.66%


66.87%


92.74%


68.46%


82.99%

















CAPITAL ADEQUACY (period end)















Stockholders' equity to assets

10.06%


9.85%


9.21%


9.63%


9.35%


10.06%


9.35%


Tangible common equity to tangible assets

7.96%


7.68%


7.44%


7.76%


7.46%


7.96%


7.46%

















EQUITY TO ASSETS RECONCILIATION















Tangible common equity to tangible assets

7.96%


7.68%


7.44%


7.76%


7.46%


7.96%


7.46%


Effect of goodwill and other intangibles

2.10%


2.17%


1.77%


1.87%


1.89%


2.10%


1.89%



Equity to assets (GAAP)

10.06%


9.85%


9.21%


9.63%


9.35%


10.06%


9.35%

















OTHER PERIOD-END DATA















Banking Division FTE

1,023


1,085


1,075


1,110


1,122


1,023


1,122


Mortgage Division FTE

245


233


229


218


191


245


191



Total Ameris Bancorp FTE Headcount

1,268


1,318


1,304


1,328


1,313


1,268


1,313


















Assets per Banking Division FTE

$                   6,081


$                   5,620


$                   5,199


$               4,699


$               4,640


$               6,081


$               4,640


Branch locations

102


103


101


103


103


102


103


Deposits per branch location

$                 50,780


$                 50,784


$                 48,310


$             43,986


$             43,801


$             50,780


$             43,801

 

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




















Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2016


2016


2015


2015


2015


2016


2015

































INCOME STATEMENT






























Interest income















Interest and fees on loans

$                 54,164


$                 49,191


$                 47,336


$             45,775


$             39,838


$           103,355


$             78,456


Interest on taxable securities

4,554


4,586


4,540


4,694


3,747


9,140


6,900


Interest on nontaxable securities

454


446


458


480


462


900


931


Interest on deposits in other banks

159


328


262


227


177


487


301


Interest on federal funds sold

9


8


5


19


5


17


9



Total interest income

59,340


54,559


52,601


51,195


44,229


113,899


86,597

















Interest expense















Interest on deposits

$                   2,915


$                   2,741


$                   2,687


$               2,521


$               2,264


$               5,656


$               4,544


Interest on other borrowings

1,836


1,382


1,296


1,275


1,277


3,218


2,533



Total interest expense

4,751


4,123


3,983


3,796


3,541


8,874


7,077

















Net interest income

54,589


50,436


48,618


47,399


40,688


105,025


79,520

















Provision for loan losses

889


681


553


986


2,656


1,570


3,725

















Net interest income after provision for loan losses

$                 53,700


$                 49,755


$                 48,065


$             46,413


$             38,032


$           103,455


$             75,795

















Noninterest income















Service charges on deposit accounts

$                 10,436


$                   9,915


$                 10,119


$             10,766


$               7,151


$             20,351


$             13,580


Mortgage banking activity

14,142


10,211


8,586


10,404


9,727


24,353


17,810


Other service charges, commissions and fees

967


1,111


1,112


1,145


829


2,078


1,497


Gain(loss) on sale of securities

-


94


-


115


10


94


22


Other non-interest income

2,834


2,955


2,590


2,548


2,909


5,789


5,292



Total noninterest income

28,379


24,286


22,407


24,978


20,626


52,665


38,201

















Noninterest expense















Salaries and employee benefits

27,531


26,187


25,972


24,934


22,465


53,718


43,097


Occupancy and equipment expenses

6,371


5,700


5,917


5,915


4,809


12,071


9,363


Data processing and telecommunications expenses

6,049


6,113


6,046


5,329


4,214


12,162


8,474


Credit resolution related expenses (1)

1,764


1,799


2,223


1,083


11,240


3,563


14,401


Advertising and marketing expenses

854


805


1,171


667


833


1,659


1,474


Amortization of intangible assets

1,319


1,020


1,160


1,321


630


2,339


1,260


Merger and conversion charges

-


6,359


1,807


446


5,712


6,359


5,727


Other non-interest expenses

8,471


7,617


8,732


8,701


6,961


16,088


13,895



Total noninterest expense

52,359


55,600


53,028


48,396


56,864


107,959


97,691

















Income before income taxes

$                 29,720


$                 18,441


$                 17,444


$             22,995


$               1,794


$             48,161


$             16,305


















Income tax expense

9,671


6,124


3,296


7,368


486


15,795


5,233

















Net income

$                 20,049


$                 12,317


$                 14,148


$             15,627


$               1,308


$             32,366


$             11,072

















Diluted earnings available to common shareholders

0.57


0.37


0.43


0.48


0.04


0.95


0.35


















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



 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




























Three Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.




2016


2016


2015


2015


2015













PERIOD-END BALANCE SHEET






















Assets











Cash and due from banks

$               116,255


$               146,863


$               118,518


$           114,396


$           115,413


Federal funds sold and interest bearing balances

68,273


107,373


272,045


120,925


239,804


Investment securities available for sale, at fair value

843,646


837,103


783,185


811,385


862,154


Other investments

19,125


12,802


9,323


9,322


9,322


Mortgage loans held for sale

102,757


97,439


111,182


111,807


108,829














Loans, net of unearned income

2,819,071


2,528,007


2,406,877


2,290,649


2,171,600


Purchased, non-covered loans (excluding loan pools)

1,072,217


1,129,919


771,554


767,494


808,313


Purchased, non-covered loan pools

610,425


656,734


592,963


410,072


268,984


Covered loans

121,418


130,279


137,529


191,021


209,598


Less allowance for loan losses

(21,734)


(21,482)


(21,062)


(22,471)


(21,658)



Loans, net

4,601,397


4,423,457


3,887,861


3,636,765


3,436,837














Other real estate owned

13,765


14,967


16,147


20,730


22,567


Purchased, non-covered other real estate owned

13,928


15,048


14,333


11,538


13,112


Covered other real estate owned

2,742


3,764


5,011


12,203


12,626



Total other real estate owned

30,435


33,779


35,491


44,471


48,305














Premises and equipment, net

123,978


124,747


121,639


124,756


124,916


Goodwill

121,422


121,512


90,082


87,701


87,367


Other intangibles, net

20,574


21,892


17,058


18,218


19,189


FDIC loss sharing receivable

-


1,197


6,301


4,506


14,957


Cash value of bank owned life insurance

77,095


76,676


64,251


59,894


59,552


Other assets

96,337


92,931


72,004


72,154


79,089



Total assets

$            6,221,294


$            6,097,771


$            5,588,940


$        5,216,300


$        5,205,734













Liabilities











Deposits:












Noninterest-bearing

$            1,553,972


$            1,529,037


$            1,329,857


$        1,275,800


$        1,280,174



Interest-bearing

3,625,560


3,701,750


3,549,433


3,254,723


3,231,373


Total deposits

5,179,532


5,230,787


4,879,290


4,530,523


4,511,547


Federal funds purchased & securities sold under












agreements to repurchase

37,139


43,741


63,585


51,506


75,066


Other borrowings

260,191


110,531


39,000


39,000


39,000


Other liabilities

34,947


28,647


22,432


23,371


24,026


Subordinated deferrable interest debentures

83,570


83,237


69,874


69,600


69,325



Total liabilities

5,595,379


5,496,943


5,074,181


4,714,000


4,718,964

























Stockholders' equity










  Preferred stock

$                           -


$                           -


$                          -


$                      -


$                       -

  Common stock

36,303


36,272


33,625


33,610


33,609

  Capital surplus

408,549


407,726


337,349


336,599


336,212

  Retained earnings

181,701


163,395


152,820


140,282


126,265

  Accumulated other comprehensive income/(loss)

12,960


6,411


3,353


4,197


3,072

  Less treasury stock

(13,598)


(12,976)


(12,388)


(12,388)


(12,388)



Total stockholders' equity

625,915


600,828


514,759


502,300


486,770



Total liabilities and stockholders' equity

$            6,221,294


$            6,097,771


$            5,588,940


$        5,216,300


$        5,205,734

























Other Data










Earning Assets

5,027,382


5,486,854


5,075,335


4,703,353


4,669,282

Intangible Assets

141,996


143,404


107,140


105,919


106,556

Interest Bearing Liabilities

4,006,460


3,939,259


3,721,892


3,414,829


3,414,764

Average Assets

6,138,757


5,618,397


5,427,367


5,213,275


4,464,558

Average Common Stockholders' Equity

616,361


542,264


513,098


494,957


491,967

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




































Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2016


2016


2015


2015


2015


2016


2015

















ASSET QUALITY INFORMATION (1)






























Allowance for loan losses















Balance at beginning of period

$                 21,482


$                 21,062


$                 22,471


$             21,658


$             21,852


$             21,062


$             21,157


















Provision for loan loss (2)

1,050


1,200


800


1,050


1,800


2,250


2,900



















Charge-offs

1,193


1,435


2,398


719


2,452


2,628


3,307



Recoveries

395


655


189


482


458


1,050


908


Net charge-offs (recoveries)

798


780


2,209


237


1,994


1,578


2,399


















Ending balance

$                 21,734


$                 21,482


$                 21,062


$             22,471


$             21,658


$             21,734


$             21,658


















As a percentage of loans

0.77%


0.85%


0.88%


0.98%


1.00%


0.77%


1.00%


As a percentage of nonperforming loans

135.81%


136.83%


124.92%


109.31%


104.43%


135.81%


104.43%

































Net charge-off information















Charge-offs















Commercial, financial & agricultural

$                      541


$                      406


$                      501


$                  135


$                  410


$                  947


$                  802


Real estate - residential

123


468


621


234


464


591


732


Real estate - commercial & farmland

361


347


1,009


184


1,162


708


1,174


Real estate - construction & development

109


155


157


105


263


264


360


Consumer installment

59


59


110


61


153


118


239



Total charge-offs

1,193


1,435


2,398


719


2,452


2,628


3,307


















Recoveries















Commercial, financial & agricultural

87


73


134


117


115


160


400


Real estate - residential

14


314


13


54


27


328


84


Real estate - commercial & farmland

57


121


13


272


17


178


32


Real estate - construction & development

221


122


9


6


277


343


308


Consumer installment

16


25


20


33


22


41


84



Total recoveries

395


655


189


482


458


1,050


908


















Net charge-offs (recoveries)

$                      798


$                      780


$                   2,209


$                  237


$               1,994


$               1,578


$               2,399

















































Non-accrual loans (excluding purchased non-covered














    and covered loans)

16,003


15,700


16,860


20,558


20,740


16,003


20,740

Non-accrual purchased non-covered loans

15,767


19,187


13,330


11,374


17,444


15,767


17,444

Foreclosed assets (excluding purchased assets)

13,765


14,967


16,147


20,730


22,567


13,765


22,567

Purchased, non-covered other real estate owned

13,928


15,048


14,333


11,538


13,112


13,928


13,112

Accruing loans delinquent 90 days or more

-


-


-


-


-


-


-

Total non-performing assets, excluding covered assets

59,463


64,902


60,670


64,200


73,863


59,463


73,863

















Non-performing assets as a percent of total assets

0.96%


1.06%


1.09%


1.23%


1.42%


0.96%


1.42%

Net charge offs as a percent of loans (Annualized)

0.11%


0.12%


0.36%


0.04%


0.37%


0.11%


0.22%

















(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:




Jun.


Mar.


Dec.


Sept.


Jun.



Loans by Type

2016


2016


2015


2015


2015



Commercial, financial & agricultural

$               564,343


$               434,073


$               449,623


$           427,747


$           373,202



Real estate - construction & development

274,717


264,820


244,693


220,798


205,019



Real estate - commercial & farmland

1,248,580


1,154,887


1,104,991


1,067,828


1,010,195



Real estate - residential

680,233


629,138


570,430


532,285


537,201



Consumer installment

33,245


31,901


31,125


31,299


30,080



Other

17,953


13,188


6,015


10,692


15,903



    Total Legacy (excluding purchased












          non-covered and covered)

$            2,819,071


$            2,528,007


$            2,406,877


$        2,290,649


$        2,171,600















Commercial, financial & agricultural

$               101,803


$               111,537


$                 45,462


$             42,350


$             45,337



Real estate - construction & development

89,096


103,753


72,080


71,109


75,302



Real estate - commercial & farmland

574,830


598,935


390,755


385,032


404,588



Real estate - residential

300,898


309,770


258,153


263,312


276,798



Consumer installment

5,590


5,924


5,104


5,691


6,288



    Total Purchased non-covered (net of discounts)

$            1,072,217


$            1,129,919


$               771,554


$           767,494


$           808,313















Commercial, financial & agricultural

$                           -


$                           -


$                          -


$                      -


$                       -



Real estate - construction & development

-


-


-


-


-



Real estate - commercial & farmland

-


-


-


-


-



Real estate - residential

610,425


656,734


592,963


410,072


268,984



Consumer installment

-


-


-


-


-



    Total Purchased non-covered loan pools

$               610,425


$               656,734


$               592,963


$           410,072


$           268,984















Commercial, financial & agricultural

$                   1,604


$                   4,739


$                   5,546


$             13,349


$             17,666



Real estate - construction & development

7,168


7,205


7,612


14,266


15,002



Real estate - commercial & farmland

65,091


67,055


71,226


103,399


111,772



Real estate - residential

47,455


51,176


53,038


59,835


64,982



Consumer installment

100


104


107


172


176



    Total Covered (net of discounts)

$               121,418


$               130,279


$               137,529


$           191,021


$           209,598















Total Loan Portfolio:












Commercial, financial & agricultural

$               667,750


$               550,349


$               500,631


$           483,446


$           436,205



Real estate - construction & development

370,981


375,778


324,385


306,173


295,323



Real estate - commercial & farmland

1,888,501


1,820,877


1,566,972


1,556,259


1,526,555



Real estate - residential

1,639,011


1,646,818


1,474,584


1,265,504


1,147,965



Consumer installment

38,935


37,929


36,336


37,162


36,544



Other

17,953


13,188


6,015


10,692


15,903



    Total Loans

$            4,623,131


$            4,444,939


$            3,908,923


$        3,659,236


$        3,458,495







































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









Accruing loan types:












Commercial, financial & agricultural

$                      275


$                      279


$                      240


$                  238


$                  278



Real estate - construction & development

468


476


792


838


821



Real estate - commercial & farmland

5,802


5,945


5,766


5,719


6,617



Real estate - residential

8,226


7,648


7,574


5,209


4,702



Consumer installment

24


37


46


71


49



    Total Accruing TDRs

$                 14,795


$                 14,385


$                 14,418


$             12,075


$             12,467















Non-accruing loan types:












Commercial, financial & agricultural

$                        86


$                        75


$                      110


$                    68


$                    29



Real estate - construction & development

36


30


63


30


57



Real estate - commercial & farmland

1,832


1,871


596


942


598



Real estate - residential

899


1,040


1,123


759


783



Consumer installment

113


87


94


64


82



    Total Non-accrual TDRs

$                   2,966


$                   3,103


$                   1,986


$               1,863


$               1,549















Total Troubled Debt Restructurings

$                 17,761


$                 17,488


$                 16,404


$             13,938


$             14,016

























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







Grade 10 - Prime credit

$               349,725


$               254,203


$               250,609


$           231,281


$           181,933



Grade 15 - Good credit

191,574


213,510


227,730


234,185


243,070



Grade 20 - Satisfactory credit

1,493,561


1,346,050


1,224,320


1,148,024


1,104,747



Grade 23 - Performing, under-collateralized credit

23,665


25,047


27,607


26,477


27,400



Grade 25 - Minimum acceptable credit

687,817


628,042


609,413


579,642


544,664



Grade 30 - Other asset especially mentioned

32,468


22,141


24,423


22,190


25,020



Grade 40 - Substandard

40,261


39,013


42,773


48,848


44,766



Grade 50 - Doubtful

-


-


-


2


-



Grade 60 - Loss

-


1


2


-


-



  Total

$            2,819,071


$            2,528,007


$            2,406,877


$        2,290,649


$        2,171,600













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









Grade 10 - Prime credit

$                   6,899


$                 10,505


$                   9,602


$               9,801


$             10,123



Grade 15 - Good credit

45,245


48,229


51,168


50,906


53,220



Grade 20 - Satisfactory credit

345,480


344,479


336,990


348,034


362,304



Grade 23 - Performing, under-collateralized credit

27,387


27,445


12,029


10,612


10,537



Grade 25 - Minimum acceptable credit

557,221


607,838


294,829


290,272


300,411



Grade 30 - Other asset especially mentioned

52,536


50,517


30,693


26,458


34,779



Grade 40 - Substandard

37,417


40,874


36,211


31,381


36,887



Grade 50 - Doubtful

30


30


30


30


52



Grade 60 - Loss

2


2


2


-


-



  Total

$            1,072,217


$            1,129,919


$               771,554


$           767,494


$           808,313

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




































Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2016


2016


2015


2015


2015


2016


2015

































AVERAGE BALANCES
































Federal funds sold

$                   7,186


$                   6,200


$                   5,500


$               5,500


$               5,500


$               6,693


$               5,500



Interest bearing deposits in banks

96,906


201,814


291,303


199,057


201,765


149,360


180,146



Investment securities - taxable

766,006


728,269


730,608


772,252


600,176


747,137


543,365



Investment securities - nontaxable

69,664


68,824


69,711


72,549


70,653


69,244


70,939



Other investments

14,765


9,606


9,322


9,322


9,597


12,185


9,524



Mortgage loans held for sale

96,998


82,803


98,765


102,961


81,823


91,528


75,281



Loans

2,653,171


2,410,747


2,333,577


2,224,490


2,111,507


2,536,566


2,007,914



Purchased non-covered loans

1,111,814


836,187


752,508


788,351


654,397


967,546


655,485



Purchased non-covered loan pools

630,503


627,178


454,884


323,258


17,308


628,840


8,702



Covered loans

127,595


134,383


180,493


195,175


246,422


131,209


259,157



  Total Earning Assets

$            5,574,608


$            5,106,011


$            4,926,671


$        4,692,915


$        3,999,148


$        5,340,308


$        3,816,013



















Noninterest bearing deposits

$            1,561,621


$            1,362,007


$            1,324,999


$        1,300,870


$        1,088,249


$        1,461,814


$           993,619



NOW accounts

1,087,442


1,137,076


1,100,972


907,618


745,709


1,112,259


751,221



MMDA

1,413,503


1,278,199


1,212,087


1,219,736


981,143


1,345,851


919,586



Savings accounts

265,936


251,108


241,337


239,999


188,767


258,522


176,265



Retail CDs < $100,000

437,899


438,122


449,158


484,007


388,248


436,580


380,399



Retail CDs > $100,000

439,954


406,699


395,978


387,485


378,137


424,757


381,033



Brokered CDs

5,000


1,099


-


-


-


3,049


-



  Total Deposits

5,211,355


4,874,310


4,724,531


4,539,715


3,770,253


5,042,832


3,602,123



















FHLB advances

104,195


9,648


-


-


17,275


56,922


17,028



Other borrowings

51,970


42,096


39,000


39,000


41,930


47,033


42,895



Subordinated debentures

83,386


72,589


69,723


69,448


67,180


77,988


66,313



Federal funds purchased and securities sold
















under agreements to repurchase

43,286


52,787


61,986


44,480


58,722


48,037


55,731



  Total Non-Deposit Funding

282,837


177,120


170,709


152,928


185,107


229,980


181,967



















  Total Funding

$            5,494,192


$            5,051,430


$            4,895,240


$        4,692,643


$        3,955,360


$        5,272,812


$        3,784,090

 

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




















Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2016


2016


2015


2015


2015


2016


2015

















INTEREST INCOME/EXPENSE































INTEREST INCOME
















Federal funds sold

$                          9


$                          8


$                          5


$                    19


$                      5


$                    17


$                      9



Interest bearing deposits in banks

159


328


262


227


177


487


301



Investment securities - taxable

4,554


4,586


4,540


4,694


3,747


9,140


6,900



Investment securities - nontaxable (TE)

613


602


618


648


624


1,215


1,257



Mortgage loans held for sale

821


755


1,040


970


764


1,576


1,456



Loans (TE)

31,531


28,684


27,901


27,258


25,629


60,215


48,047



Purchased non-covered loans

17,062


13,133


12,129


11,911


10,328


30,195


22,168



Purchased non-covered loan pools

3,730


5,144


3,335


2,997


149


8,874


149



Covered loans

1,797


2,060


3,556


3,192


3,385


3,857


7,380



Total Earning Assets

$                 60,276


$                 55,300


$                 53,386


$             51,916


$             44,808


$           115,576


$             87,667



















    Accretion Income (included above)

4,196


2,942


2,912


3,037


2,635


7,138


5,732


















INTEREST EXPENSE
















Non-interest bearing deposits

$                           -


$                           -


$                          -


$                      -


$                       -


$                       -


$                       -



NOW accounts

439


468


463


304


318


907


694



MMDA

1,168


1,040


929


877


760


2,208


1,423



Savings accounts

45


43


42


42


37


88


74



Retail CDs < $100,000

476


512


594


607


488


988


1,001



Retail CDs > $100,000

779


676


659


691


662


1,455


1,353



Brokered CDs

8


2


-


-


-


10


0



Total Deposits

2,915


2,741


2,687


2,521


2,265


5,656


4,545



















FHLB advances

155


23


-


-


16


178


31



Other borrowings

484


370


328


322


346


854


712



Subordinated debentures

1,173


954


924


914


866


2,127


1,698



Federal funds purchased and securities sold
















under agreements to repurchase

24


35


44


39


48


59


91



  Total Non-Deposit Funding

1,836


1,382


1,296


1,275


1,276


3,218


2,532



















  Total Funding

$                   4,751


$                   4,123


$                   3,983


$               3,796


$               3,541


$               8,874


$               7,077



















Net Interest Income (TE)

$                 55,525


$                 51,177


$                 49,403


$             48,120


$             41,267


$           106,702


$             80,590

 

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




































Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2016


2016


2015


2015


2015


2016


2015

YIELDS (1)
































Federal funds sold

0.50%


0.52%


0.36%


1.37%


0.36%


0.51%


0.33%



Interest bearing deposits in banks

0.66%


0.65%


0.36%


0.45%


0.35%


0.66%


0.34%



Investment securities - taxable

2.39%


2.53%


2.47%


2.41%


2.50%


2.46%


2.56%



Investment securities - nontaxable

3.54%


3.52%


3.52%


3.54%


3.54%


3.53%


3.57%



Mortgage loans held for sale

3.40%


3.67%


4.18%


3.74%


3.75%


3.46%


3.90%



Loans

4.78%


4.79%


4.74%


4.86%


4.87%


4.77%


4.83%



Purchased non-covered loans

6.17%


6.32%


6.39%


5.99%


6.33%


6.28%


6.82%



Purchased non-covered loan pools

2.38%


3.30%


2.91%


3.68%


3.45%


2.84%


3.45%



Covered loans

5.66%


6.17%


7.82%


6.49%


5.51%


5.91%


5.74%



  Total Earning Assets

4.35%


4.36%


4.30%


4.39%


4.49%


4.35%


4.63%



















Noninterest bearing deposits

0.00%


0.00%


0.00%


0.00%


0.00%


0.00%


0.00%



NOW accounts

0.16%


0.17%


0.17%


0.13%


0.17%


0.16%


0.19%



MMDA

0.33%


0.33%


0.30%


0.29%


0.31%


0.33%


0.31%



Savings accounts

0.07%


0.07%


0.07%


0.07%


0.08%


0.07%


0.08%



Retail CDs < $100,000

0.44%


0.47%


0.52%


0.50%


0.50%


0.46%


0.53%



Retail CDs > $100,000

0.71%


0.67%


0.66%


0.71%


0.70%


0.69%


0.72%



Brokered CDs

0.64%


0.73%


0.00%


0.00%


0.00%


0.66%


0.00%



  Total Deposits

0.22%


0.23%


0.23%


0.22%


0.24%


0.23%


0.25%



















FHLB advances

0.60%


0.96%


0.00%


0.00%


0.37%


0.63%


0.37%



Other borrowings

3.75%


3.54%


3.34%


3.28%


3.31%


3.65%


3.35%



Subordinated debentures

5.66%


5.29%


5.26%


5.22%


5.17%


5.48%


5.16%



Federal funds purchased and securities sold
















under agreements to repurchase

0.22%


0.27%


0.28%


0.35%


0.33%


0.25%


0.33%



  Total Non-Deposit Funding

2.61%


3.14%


3.01%


3.31%


2.76%


2.81%


2.81%



















  Total funding (3)

0.35%


0.33%


0.32%


0.32%


0.36%


0.34%


0.38%



















Net interest spread

4.00%


4.03%


3.98%


4.07%


4.13%


4.01%


4.26%



















Net interest margin

4.01%


4.03%


3.98%


4.07%


4.14%


4.02%


4.26%

















































(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


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.



Operating Net Income Reconciliation

2016


2016


2015


2015


2015


2016


2015



















Net income available to common shareholders

$                 20,049


$                 12,317


$                 14,148


$             15,627


$               1,308


$             32,366


$             11,072



















Merger and conversion charges

-


6,359


1,807


446


5,712


6,359


5,727



Non-recurring credit resolution related expenses

-


-


-


-


11,241


-


11,241



Tax effect of non-recurring charges

-


(2,226)


(632)


(156)


(5,934)


(2,226)


(5,939)



Plus: After tax non-recurring charges

-


4,133


1,175


290


11,019


4,133


11,029



















       Operating Net income

20,049


16,450


15,323


15,917


12,327


36,499


22,101



















Operating net income per diluted share:

$                     0.57


$                     0.50


$                     0.47


$                 0.49


$                 0.38


$                 1.07


$                 0.70



Return on average assets

1.31%


1.18%


1.12%


1.21%


1.11%


1.25%


1.04%



Return on average common tangible equity

17.03%


15.42%


14.97%


16.23%


12.83%


16.37%


11.46%




















Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.



Net Interest Margin and Yields on Total Loans

2016


2016


2015


2015


2015


2016


2015



    Excluding Accretion Reconciliation
































Total Interest Income (TE)

$                 60,276


$                 55,300


$                 53,386


$             51,916


$             44,808


$           115,576


$             87,667



    Accretion Income

4,196


2,942


2,912


3,037


2,635


7,138


5,732



Total Interest Income (TE) Excluding Accretion

$                 56,080


$                 52,358


$                 50,474


$             48,879


$             42,173


$           108,438


$             81,935



















Total Interest Expense

$                   4,751


$                   4,123


$                   3,983


$               3,796


$               3,541


$               8,874


$               7,077



Net Interest Income (TE) Excluding Accretion

$                 51,329


$                 48,235


$                 46,491


$             45,083


$             38,632


$             99,564


$             74,858



















Yield on Total Loans Excluding Accretion

4.74%


4.84%


4.92%


4.83%


4.86%


4.79%


4.93%



















Net Interest Margin Excluding Accretion

3.70%


3.80%


3.74%


3.81%


3.87%


3.75%


3.96%




















































Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.



Core Earnings Reconciliation

2016


2016


2015


2015


2015


2016


2015



















Pre-tax operating profit/(loss)

$                 29,720


$                 18,441


$                 17,444


$             22,995


$               1,794


$             48,161


$             16,305



Plus: Credit Related Costs
















    Provision for loan losses

889


681


553


986


2,656


1,570


3,725



   (Gains)/Losses on the sale of legacy OREO

447


753


535


36


436


1,200


546



   Gains/(Losses) on the sale of covered OREO

28


166


610


56


194


194


214



    Problem loan and OREO expense

1,289


880


1,078


991


10,632


2,169


13,663



    Interest reversed (received) on non-accrual loans

35


34


58


17


413


69


569



       Total Credit-Related Costs

2,688


2,514


2,834


2,086


14,331


5,202


18,717



















Plus: Conversion charges

-


6,359


1,807


446


5,712


6,359


5,727



Less: Non-recurring gains
















    Gains on sales of securities

-


(94)


-


(115)


(10)


(94)


(22)



    Gains/(Losses) on sales of bank premises

401


(77)


(267)


-


-


324


-



    Other non-recurring adjustments

-


-


-


-


-


-


-



















Pretax, Pre-provision earnings

$                 32,809


$                 27,143


$                 21,818


$             25,412


$             21,827


$             59,952


$             40,727



















As percentage of average assets, annualized

2.15%


1.94%


1.59%


1.93%


1.96%


1.96%


1.84%




















































Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.



Recurring Operating Expenses

2016


2016


2015


2015


2015


2016


2015



















Total Operating Expenses

52,359


55,600


53,028


48,396


56,864


107,959


97,691



Less: Credit costs & non-recurring charges
















    Gains/(Losses) on the sale of legacy OREO

(447)


(753)


(535)


(36)


(436)


(1,200)


(546)



    Gains/(Losses) on the sale of covered OREO

(28)


(166)


(610)


(56)


(194)


(194)


(214)



     Problem loan and OREO expense

(1,289)


(880)


(1,078)


(991)


(10,632)


(2,169)


(13,663)



    Severance payments

-


-


-


-


-


-


-



    Conversion expenses

-


(6,359)


(1,807)


(446)


(5,712)


(6,359)


(5,727)



    Gains/(Losses) on the sale of premises

(401)


77


267


-


-


(324)


-



















Recurring operating expenses

$                 50,194


$                 47,519


$                 49,265


$             46,867


$             39,890


$             97,713


$             77,541

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




































Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.



Segment Reporting

2016


2016


2015


2015


2015


2016


2015



















Banking Division:
















   Net interest income

$                 48,940


$                 45,801


$                 44,088


$             43,044


$             36,806


$             94,741


$             72,645



   Provision for loan losses

733


681


504


960


2,456


1,414


3,383



   Noninterest income

13,018


12,735


12,739


13,470


9,262


25,753


18,042



   Noninterest expense:
















      Salaries and employee benefits

18,428


18,989


19,225


17,921


15,675


37,417


31,037



      Occupancy

5,901


5,150


5,356


5,444


4,376


11,051


8,520



      Data Processing

5,685


5,820


5,759


4,998


3,913


11,505


7,924



      Other expenses

11,071


16,436


13,853


11,379


24,048


27,507


34,404



         Total noninterest expense

41,085


46,395


44,193


39,742


48,012


87,480


81,885



Income before income taxes

20,140


11,460


12,130


15,812


(4,400)


31,600


5,419



   Income Tax

6,318


3,681


1,436


4,854


(1,682)


9,999


1,423



         Net income

$                 13,822


$                   7,779


$                 10,694


$             10,958


$              (2,718)


$             21,601


$               3,996



































Retail Mortgage Division:
















   Net interest income

$                   3,293


$                   3,020


$                   2,812


$               2,485


$               1,979


$               6,313


$               3,524



   Provision for loan losses

93


-


49


26


200


93


342



   Noninterest income

13,304


9,624


7,966


9,827


9,095


22,928


16,705



   Noninterest expense:
















      Salaries and employee benefits

8,304


6,347


5,855


6,138


5,592


14,651


10,119



      Occupancy

405


488


501


397


396


893


776



      Data Processing

338


272


266


308


279


610


491



      Other expenses

1,133


956


1,043


662


1,150


2,089


2,082



         Total noninterest expense

10,180


8,063


7,665


7,505


7,417


18,243


13,468



Income before income taxes

6,324


4,581


3,064


4,781


3,457


10,905


6,419



   Income Tax

2,213


1,603


1,072


1,673


1,210


3,817


2,247



         Net income

$                   4,111


$                   2,978


$                   1,992


$               3,108


$               2,247


$               7,088


$               4,172



































Warehouse Lending:
















   Net interest income

$                   1,622


$                   1,019


$                      995


$               1,128


$               1,179


$               2,641


$               2,014



   Provision for loan losses

-


-


-


-


-


-


-



   Noninterest income

440


333


336


372


383


773


656



   Noninterest expense:
















      Salaries and employee benefits

108


188


156


137


99


296


226



      Occupancy

1


1


3


1


1


2


3



      Data Processing

25


20


20


22


20


45


53



      Other expenses

26


25


28


40


19


51


55



         Total noninterest expense

160


234


207


200


139


394


337



Income before income taxes

1,902


1,118


1,124


1,300


1,423


3,020


2,333



   Income Tax

666


391


393


455


498


1,057


817



         Net income

$                   1,236


$                      727


$                      731


$                  845


$                  925


$               1,963


$               1,516



































SBA Division:
















   Net interest income

$                      734


$                      596


$                      723


$                  742


$                  724


$               1,330


$               1,337



   Provision for loan losses

63


-


-


-


-


63


-



   Noninterest income

1,617


1,594


1,366


1,309


1,886


3,211


2,798



   Noninterest expense:
















      Salaries and employee benefits

691


663


736


738


1,099


1,354


1,715



      Occupancy

64


61


57


73


36


125


64



      Data Processing

1


1


1


1


2


2


6



      Other expenses

178


183


169


137


159


361


216



         Total noninterest expense

934


908


963


949


1,296


1,842


2,001



Income before income taxes

1,354


1,282


1,126


1,102


1,314


2,636


2,134



   Income Tax

474


449


394


386


460


923


747



         Net income

$                      880


$                      833


$                      732


$                  716


$                  854


$               1,713


$               1,387



































Total Consolidated:
















   Net interest income

$                 54,589


$                 50,436


$                 48,618


$             47,399


$             40,688


$           105,025


$             79,520



   Provision for loan losses

889


681


553


986


2,656


1,570


3,725



   Noninterest income

28,379


24,286


22,407


24,978


20,626


52,665


38,201



   Noninterest expense:
















      Salaries and employee benefits

27,531


26,187


25,972


24,934


22,465


53,718


43,097



      Occupancy

6,371


5,700


5,917


5,915


4,809


12,071


9,363



      Data Processing

6,049


6,113


6,046


5,329


4,214


12,162


8,474



      Other expenses

12,408


17,600


15,093


12,218


25,376


30,008


36,757



         Total noninterest expense

52,359


55,600


53,028


48,396


56,864


107,959


97,691



Income before income taxes

29,720


18,441


17,444


22,995


1,794


48,161


16,305



   Income Tax

9,671


6,124


3,296


7,368


486


15,795


5,233



         Net income

$                 20,049


$                 12,317


$                 14,148


$             15,627


$               1,308


$             32,366


$             11,072

 

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ameris-bancorp-reports-net-income-of-200-million-or-057-per-diluted-share-for-second-quarter-2016-300302648.html

SOURCE Ameris Bancorp

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