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Ameris Bancorp Announces 2016 Financial Results

MOULTRIE, Ga., Jan. 20, 2017 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $72.1 million, or $2.08 per share, for the year ended December 31, 2016, compared with $40.8 million, or $1.27 per share, for 2015.  For the quarter ending December 31, 2016, reported results include net income of $18.2 million, or $0.52 per diluted share, compared with $14.1 million, or $0.43 per diluted share, for the same period in 2015.

The Company reported adjusted operating net income of $80.0 million, or $2.30 per share, for the year ended December 31, 2016, compared with $53.3 million, or $1.66 per share, for 2015.  Adjusted operating net income for the fourth quarter of 2016 increased 43% to $21.9 million, or $0.62 per share, compared with $15.3 million, or $0.47 per share, for the same quarter of 2015. 

For the year ended December 31, 2016, the Company's adjusted operating return on average assets improved to 1.30%, compared with 1.11% for 2015.  For the fourth quarter of 2016, the Company's adjusted operating return on average assets improved to 1.33%, compared with 1.12% in the same quarter of 2015.  Commenting on the Company's earnings, Edwin W. Hortman, Jr., President and Chief Executive Officer of the Company, said, "In 2016, we delivered a 39% increase in adjusted operating earnings per share by driving strong growth in revenue and managing operating expenses.  We grew organic loans by approximately 21% in 2016, up significantly from the 13% that we experienced during 2015.  For 2017, we are focused on maintaining this pace of organic growth while also maintaining a level of operating results that puts us in the top quartile of our peer group."

Following is a summary of the adjustments between reported net income and adjusted operating net income:

 


Three Months Ended


Twelve Months Ended

Adjusted Operating Net Income Reconciliation

Dec 16


Dec 15


Dec 16


Dec 15

Net income available to common shareholders

$       18,177


$       14,148


$       72,100


$       40,847

Merger and conversion charges

17


1,807


6,376


7,980

Certain credit resolution related expenses

-


-


-


11,241

Certain compliance resolution expenses

5,750


-


5,750


-

Tax effect of management-adjusted charges

(2,018)


(632)


(4,244)


(6,727)

Plus: After tax management-adjusted charges

3,749


1,175


7,882


12,494

       Adjusted Operating Net income

$       21,926


$       15,323


$       79,982


$       53,341

Reported Return on average assets

1.10%


1.03%


1.17%


0.85%

Adjusted Operating Return on average assets

1.33%


1.12%


1.30%


1.11%

 

Highlights of the Company's results for 2016 include the following:

  • Adjusted operating return on average assets of 1.30%, compared with 1.11% in 2015
  • Adjusted operating return on average tangible common equity of 16.71%, compared with 13.66% in 2015
  • Improvement in adjusted operating efficiency ratio to 62.7%, compared with 68.9% for 2015
  • Organic growth in loans of $660.4 million, or 20.8%
  • Total growth in non-interest bearing demand deposits of $243.5 million, or 18.3%, to end the year at 28.2% of total deposits
  • Increase in total revenue of 24.5% to $325.2 million
  • Decline in the growth rate of operating expenses (less one-time oriented charges)
  • Decline in annualized net charge-offs to 0.03% of total loans and 0.11% of non-purchased loans
  • Increase in tangible book value per share of 14.0% to $14.42, compared with $12.65 per share at December 31, 2015
  • Continued improvement in non-performing assets, decreasing to 0.85% of total assets
  • Increase in net income from retail mortgage, warehouse lending and SBA lines of business of 35.7% to $20.6 million, compared with $15.2 million in 2015

Increase in Net Interest Income
Net interest income on a tax-equivalent basis increased 25.6% in 2016 to $223.6 million, up from $178.1 million for 2015.  Growth in earning assets from internal sources, as well as from acquisition activity, contributed to the increase.  Average earning assets increased 29.6% in 2016 to $5.60 billion, compared with $4.32 billion for 2015.  Although the Company's net interest income increased, net interest margin for 2016, including accretion, declined to 3.99%, compared with 4.12% for 2015.  The Company's net interest margin was 3.95% for the fourth quarter of 2016, down from 3.99% reported for the third quarter of 2016 and 3.98% reported for the fourth quarter of 2015. 

Accretion income for 2016 increased to $14.1 million, compared with $11.7 million for 2015.  Accretion income for the fourth quarter of 2016 decreased slightly to $3.4 million, compared with $3.6 million for the third quarter of 2016, but increased from $2.9 million reported for the fourth quarter of 2015.  Excluding the effect of accretion, the Company's margin for 2016 was 3.74%, compared with 3.85% for 2015.  Excluding the effect of accretion, the Company's margin for the fourth quarter of 2016 was 3.73%, a slight decline compared with 3.75% for the third quarter of 2016 and 3.74% for the fourth quarter of 2015.  

Yields on earning assets in 2016 were 4.35%, compared with 4.47% in 2015.  This decline relates principally to the short-term investment strategy associated with the Company's 2015 acquisitions.  Yields on the funds invested in purchased mortgage pools were 2.77% during 2016, compared with 3.21% during 2015.  Interest income on loans on a tax-equivalent basis increased substantially during 2016 to $218.8 million, compared with $170.0 million for 2015.  During the quarter ended December 31, 2016, interest income on loans increased to $58.4 million, compared with $57.3 million for the third quarter of 2016 and $46.9 million for the fourth quarter of 2015.

Total interest expense for 2016 was $19.7 million, compared with $14.9 million for 2015.  Deposit costs were stable for most of 2016, ending the year at 0.24%, compared with 0.23% for 2015.  Deposit costs increased slightly in the fourth quarter of 2016 to 0.27%, compared with 0.23% for the third quarter of 2016.  Non-interest bearing deposits represented 29.1% of the total average deposits for 2016, compared with 29.2% for 2015.

Non-Interest Income
Non-interest income increased 23.6% in 2016 to $105.8 million, compared with $85.6 million for 2015.  Service charges on deposit accounts increased by $8.3 million to $42.7 million during 2016, an increase of 24.0% compared with 2015.  Growth in service charge related revenues on commercial and consumer accounts was responsible for most of the increase in service charges, while NSF and debit card revenues were mostly flat. 

Retail mortgage revenues increased 36.8% during 2016, from $43.3 million for 2015 to $59.3 million for 2016.  Net income for the Company's retail mortgage division grew 42.3% during 2016 to $13.2 million.  Revenues from the Company's warehouse lending division increased 54.1% during the year, from $5.5 million for 2015 to $8.5 million for 2016, and net income for the division increased 48.3%, from $3.1 million for 2015 to $4.6 million for 2016.  Revenues and profitability slowed for both mortgage and warehouse lending in the fourth quarter, which is traditionally a slower time of the year.  Net income for the Company's retail mortgage division was $2.6 million for the fourth quarter of 2016, compared with $3.5 million in the third quarter of 2016 and $2.0 million for the fourth quarter of 2015.  Net income for the Company's wholesale lending division was $1.1 million for the fourth quarter of 2016, compared with $1.5 million for the third quarter of 2015 and $731,000 for the fourth quarter of 2015.

Revenues from the Company's SBA division continued to increase during 2016, rising from $8.3 million for 2015 to $8.9 million for 2016.  Net income for the division remained stable at $2.8 million for both 2016 and 2015. 

Non-Interest Expense
Non-interest expense increased $16.7 million, or 8.4%, to $215.8 million for the year ended December 31, 2016, compared with $199.1 million for the year 2015.  Total expenses in 2016 include approximately $6.4 million in merger-related charges and $5.75 million in compliance-related charges, while total expenses in 2015 include approximately $8.0 million in merger-related charges.  Excluding these amounts, expenses in 2016 increased by only $12.6 million, or 6.6%, compared with 2015 levels. 

Salaries and benefits increased $12.8 million during 2016, driven by $2.5 million associated with the Company's acquisition of The Jacksonville Bank in March 2016 and $8.2 million relating to higher compensation levels in the Company's mortgage and SBA divisions.

Occupancy costs increased $3.2 million, or 15.1%, during 2016, principally as a result of the increased number of retail branches operated during the year, as well as additional expenses for administrative offices.

Data processing and IT-related costs increased $4.7 million, or 23.9%, in 2016.  Growth in accounts associated with the acquisition of The Jacksonville Bank accounted for a portion of this increase, while the majority of the increase related to much higher online and mobile banking adoption.

Other non-interest expenses, excluding $5.75 million in compliance-related charges in 2016, increased 5.8% to $33.2 million during the year. 

Balance Sheet Trends
Total assets increased $1.30 billion, or 23.3%, during 2016.  This growth includes $528.9 million resulting from the acquisition of The Jacksonville Bank in March 2016 and $373.0 million resulting from the acquisition of the loan portfolio of US Premium Finance in December 2016.    

Total loans, including loans held for sale, purchased non-covered loan pools and covered loans, were $5.37 billion at the end of 2016, compared with $4.02 billion at the end of 2015.  Organic growth in loans totaled $660.4 million, or 20.8%, during 2016, compared with $344.2 million, or 13.5%, in 2015.  As expected, loan growth rates in the fourth quarter of 2016 slowed, declining to 12.1% on an annualized basis, compared with 15.7% on an annualized basis in the same quarter of 2015.

Deposits increased $695.9 million during 2016 to end the year at $5.58 billion.  At December 31, 2016, non-interest bearing deposit accounts were $1.57 billion, or 28.2% of total deposits, compared with $1.33 billion, or 27.3% of total deposits, at December 31, 2015.  Non-rate sensitive deposits (including NIB, NOW and savings) totaled $3.17 billion at December 31, 2016, compared with $2.71 billion at the end of 2015.  These funds represented 56.9% of the Company's total deposits at the end of 2016, compared with 55.6% at the end of 2015.

Stockholders' equity at December 31, 2016 totaled $646.4 million, an increase of $131.7 million, or 25.6%, from December 31, 2015.  The increase in stockholders' equity was the result of the Company's issuance of $72.5 million of common shares in the acquisition of The Jacksonville Bank, plus earnings of $72.1 million during 2016, offset by dividends paid to shareholders of $10.5 million.  Tangible book value per share was $14.42 at the end of 2016, up 14.0% from $12.65 at the end of 2015.

Equipment Finance
In addition to reporting its operating results, the Company also announced that it has hired a team of accomplished equipment finance industry veterans to launch a new division of its bank, "Ameris Equipment Finance".  The team will be led by Chris Regas, who comes to the Company from Caterpillar Financial, which purchased a captive finance company that Mr. Regas had founded and grown successfully.  Joining Mr. Regas are other industry veterans with expertise in origination, capital markets, underwriting, risk management and servicing.

Ameris Equipment Finance will focus on a growing, yet underserved, client base across a wide range of equipment sectors, including construction, transportation and manufacturing.  Targeted transaction sizes will range from $500,000 to $10 million, with an average relationship size of approximately $1.5 million to $5.0 million.  Current and prospective corporate clients of Ameris Bank will benefit from the expanded product offerings, as the Company leverages its core competency of lending to qualified middle-market clients nationwide.

Commenting on the new group, Mr. Hortman said, "The team we have recruited has a proven track record in this industry, managing a very large portfolio and managing through several credit cycles with outstanding results.  We expect this strategy to further augment our organic growth rates and also be accretive to our credit quality, earnings per share growth rates and return on average assets.  We are excited to welcome Chris and his team to the Company and believe that this is a great opportunity to diversify our portfolio."

Conference Call
The Company will host a teleconference at 11:00 a.m. Eastern time today (January 20, 2017) 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 February 3, 2017.  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 10099453.  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 97 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 on which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements and are referred to the Company's periodic filings with the Securities and Exchange Commission, including the Company's 2015 Annual Report on Form 10-K,  for a summary of certain factors that may impact the Company's results of operations and financial condition.

 

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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






Three Months Ended


Twelve Months Ended




Dec.


Sept.


Jun.


Mar.


Dec.


Dec.


Dec.




2016


2016


2016


2016


2015


2016


2015

















EARNINGS































Net Income 

$                 18,177


$                 21,557


$                 20,049


$             12,317


$             14,148


$             72,100


$             40,847


















Adjusted Operating Net Income

$                 21,926


$                 21,557


$                 20,049


$             16,450


$             15,323


$             79,982


$             53,341

















PER COMMON SHARE DATA















Earnings per share available to common shareholders:
















Basic

$                     0.52


$                     0.62


$                     0.58


$                 0.38


$                 0.44


$                 2.10


$                 1.29



Diluted

$                     0.52


$                     0.61


$                     0.57


$                 0.37


$                 0.43


$                 2.08


$                 1.27


Cash Dividends per share

$                     0.10


$                     0.10


$                     0.05


$                 0.05


$                 0.05


$                 0.30


$                 0.20


Book value per share (period end)

$                   18.51


$                   18.42


$                   17.96


$               17.25


$               15.98


$               18.51


$               15.98


Tangible book value per share (period end)

$                   14.42


$                   14.38


$                   13.89


$               13.13


$               12.65


$               14.42


$               12.65


Weighted average number of shares:
















Basic

34,915,459


34,869,747


34,832,621


32,752,063


32,199,632


34,346,570


31,761,624



Diluted

35,293,035


35,194,739


35,153,311


33,053,554


32,594,929


34,701,732


32,126,667


Period-end number of shares

34,921,474


34,891,304


34,847,311


34,837,454


32,211,385


34,921,474


32,211,385


Market data:
















High closing price

$                   47.30


$                   35.80


$                   32.39


$               32.68


$               34.90


$               47.30


$               34.90



Low closing price

$                   35.02


$                   29.09


$                   27.89


$               25.09


$               27.65


$               25.09


$               22.75



Period end closing price

$                   43.60


$                   34.95


$                   29.70


$               29.58


$               33.99


$               43.60


$               33.99



Average daily volume

191,894


166,841


215,409


253,779


301,775


206,487


173,391

















PERFORMANCE RATIOS















Return on average assets

1.10%


1.35%


1.31%


0.88%


1.03%


1.17%


0.85%


Return on average common equity

11.06%


13.39%


13.08%


9.14%


10.94%


11.75%


8.37%


Earning asset yield (TE)

4.34%


4.35%


4.35%


4.36%


4.30%


4.35%


4.47%


Total cost of funds

0.38%


0.36%


0.35%


0.33%


0.32%


0.36%


0.34%


Net interest margin (TE)

3.95%


3.99%


4.01%


4.03%


3.98%


3.99%


4.12%


Non-interest income excluding securities transactions,
















as a percent of total revenue (TE)

27.32%


31.36%


32.01%


30.40%


29.56%


30.28%


30.68%


Efficiency ratio

67.05%


61.91%


63.11%


74.41%


74.66%


66.38%


76.25%

















CAPITAL ADEQUACY (period end)















Stockholders' equity to assets

9.38%


9.90%


10.06%


9.85%


9.21%


9.38%


9.21%


Tangible common equity to tangible assets

7.46%


7.90%


7.96%


7.68%


7.44%


7.46%


7.44%

















EQUITY TO ASSETS RECONCILIATION















Tangible common equity to tangible assets

7.46%


7.90%


7.96%


7.68%


7.44%


7.46%


7.44%


Effect of goodwill and other intangibles

1.92%


2.00%


2.10%


2.17%


1.77%


1.92%


1.77%



Equity to assets (GAAP)

9.38%


9.90%


10.06%


9.85%


9.21%


9.38%


9.21%

















OTHER PERIOD-END DATA















Banking Division FTE

1,035


1,011


1,023


1,085


1,075


1,035


1,075


Mortgage Division FTE

263


259


245


233


229


263


229



Total Ameris Bancorp FTE Headcount

1,298


1,270


1,268


1,318


1,304


1,298


1,304


















Assets per Banking Division FTE

$                   6,659


$                   6,423


$                   6,081


$               5,620


$               5,199


$               6,659


$               5,199


Branch locations

97


99


102


103


101


97


101


Deposits per branch location

$                 57,476


$                 53,597


$                 50,780


$             50,784


$             48,310


$             57,476


$             48,310

 

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




















Three Months Ended


Twelve Months Ended




Dec.


Sept.


Jun.


Mar.


Dec.


Dec.


Dec.




2016


2016


2016


2016


2015


2016


2015

































INCOME STATEMENT






























Interest income















Interest and fees on loans

$                 57,982


$                 57,322


$                 54,164


$             49,191


$             47,336


$           218,659


$           171,567


Interest on taxable securities

4,348


4,336


4,554


4,586


4,540


17,824


16,134


Interest on nontaxable securities

425


397


454


446


458


1,722


1,869


Interest on deposits in other banks

193


147


159


328


262


827


790


Interest on federal funds sold

8


8


9


8


5


33


33



Total interest income

62,956


62,210


59,340


54,559


52,601


239,065


190,393

















Interest expense















Interest on deposits

$                   3,680


$                   3,074


$                   2,915


$               2,741


$               2,687


$             12,410


$               9,752


Interest on other borrowings

1,997


2,069


1,836


1,382


1,296


7,284


5,104



Total interest expense

5,677


5,143


4,751


4,123


3,983


19,694


14,856

















Net interest income

57,279


57,067


54,589


50,436


48,618


219,371


175,537

















Provision for loan losses

1,710


811


889


681


553


4,091


5,264

















Net interest income after provision for loan losses

$                 55,569


$                 56,256


$                 53,700


$             49,755


$             48,065


$           215,280


$           170,273

















Noninterest income















Service charges on deposit accounts

$                 11,036


$                 11,358


$                 10,436


$               9,915


$             10,119


$             42,745


$             34,465


Mortgage banking activity

9,878


14,067


14,142


10,211


8,586


48,298


36,800


Other service charges, commissions and fees

706


791


967


1,111


1,112


3,575


3,754


Gain(loss) on sale of securities

-


-


-


94


-


94


137


Other non-interest income

2,652


2,648


2,834


2,955


2,590


11,089


10,430



Total noninterest income

24,272


28,864


28,379


24,286


22,407


105,801


85,586

















Noninterest expense















Salaries and employee benefits

25,137


27,982


27,531


26,187


25,972


106,837


94,003


Occupancy and equipment expenses

6,337


5,989


6,371


5,700


5,917


24,397


21,195


Data processing and telecommunications expenses

6,244


6,185


6,049


6,113


6,046


24,591


19,849


Credit resolution related expenses (1)

1,083


1,526


1,764


1,799


2,223


6,172


17,707


Advertising and marketing expenses

1,273


1,249


854


805


1,171


4,181


3,312


Amortization of intangible assets

1,044


993


1,319


1,020


1,160


4,376


3,741


Merger and conversion charges

17


-


-


6,359


1,807


6,376


7,980


Other non-interest expenses

13,542


9,275


8,471


7,617


8,732


38,905


31,328



Total noninterest expense

54,677


53,199


52,359


55,600


53,028


215,835


199,115

















Income before income taxes

$                 25,164


$                 31,921


$                 29,720


$             18,441


$             17,444


$           105,246


$             56,744


















Income tax expense

6,987


10,364


9,671


6,124


3,296


33,146


15,897

















Net income

$                 18,177


$                 21,557


$                 20,049


$             12,317


$             14,148


$             72,100


$             40,847

















Diluted earnings available to common shareholders

0.52


0.61


0.57


0.37


0.43


2.08


1.27


















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







 

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




























Three Months Ended




Dec.


Sept.


Jun.


Mar.


Dec.




2016


2016


2016


2016


2015













PERIOD-END BALANCE SHEET






















Assets











Cash and due from banks

$               127,164


$               123,270


$               116,255


$           146,863


$           118,518


Federal funds sold and interest bearing balances

71,221


90,801


68,273


107,373


272,045


Investment securities available for sale, at fair value

822,735


838,124


843,646


837,103


783,185


Other investments

29,464


24,578


19,125


12,802


9,323


Mortgage loans held for sale

105,924


126,263


102,757


97,439


111,182














Loans, net of unearned income

3,626,821


3,091,039


2,819,071


2,528,007


2,406,877


Purchased, non-covered loans (excluding loan pools)

1,011,031


1,067,090


1,072,217


1,129,919


771,554


Purchased, non-covered loan pools

568,314


624,886


610,425


656,734


592,963


Covered loans

58,160


62,291


121,418


130,279


137,529


Less allowance for loan losses

(23,920)


(22,963)


(21,734)


(21,482)


(21,062)



Loans, net

5,240,406


4,822,343


4,601,397


4,423,457


3,887,861














Other real estate owned

10,874


10,392


13,765


14,967


16,147


Purchased, non-covered other real estate owned

11,332


14,126


13,928


15,048


14,333


Covered other real estate owned

1,208


1,000


2,742


3,764


5,011



Total other real estate owned

23,414


25,518


30,435


33,779


35,491














Premises and equipment, net

121,217


122,191


123,978


124,747


121,639


Goodwill

125,532


122,545


121,422


121,512


90,082


Other intangibles, net

17,428


18,472


20,574


21,892


17,058


FDIC loss sharing receivable

-


-


-


1,197


6,301


Cash value of bank owned life insurance

78,053


77,637


77,095


76,676


64,251


Other assets

129,473


101,753


96,337


92,931


72,004



Total assets

$            6,892,031


$            6,493,495


$            6,221,294


$        6,097,771


$        5,588,940













Liabilities











Deposits:












Noninterest-bearing

$            1,573,389


$            1,563,316


$            1,553,972


$        1,529,037


$        1,329,857



Interest-bearing

4,001,774


3,742,782


3,625,560


3,701,750


3,549,433


Total deposits

5,575,163


5,306,098


5,179,532


5,230,787


4,879,290


Federal funds purchased & securities sold under












agreements to repurchase

53,505


42,647


37,139


43,741


63,585


FDIC loss sharing payable, net

6,313


7,775


1,897


-


-


Other borrowings

492,321


373,461


260,191


110,531


39,000


Other liabilities

34,064


37,033


33,050


28,647


22,432


Subordinated deferrable interest debentures

84,228


83,898


83,570


83,237


69,874



Total liabilities

6,245,594


5,850,912


5,595,379


5,496,943


5,074,181

























Stockholders' equity










  Preferred stock

$                           -


$                           -


$                          -


$                      -


$                       -

  Common stock

36,378


36,348


36,303


36,272


33,625

  Capital surplus

410,276


409,630


408,549


407,726


337,349

  Retained earnings

214,454


199,769


181,701


163,395


152,820

  Accumulated other comprehensive income/(loss)

(1,058)


10,449


12,960


6,411


3,353

  Less treasury stock

(13,613)


(13,613)


(13,598)


(12,976)


(12,388)



Total stockholders' equity

646,437


642,583


625,915


600,828


514,759



Total liabilities and stockholders' equity

$            6,892,031


$            6,493,495


$            6,221,294


$        6,097,771


$        5,588,940

























Other Data










Earning Assets

6,293,670


5,925,072


5,656,932


5,499,656


5,084,658

Intangible Assets

142,960


141,017


141,996


143,404


107,140

Interest Bearing Liabilities

4,631,828


4,242,788


4,006,460


3,939,259


3,721,892

Average Assets

6,573,344


6,330,350


6,138,757


5,618,397


5,427,367

Average Common Stockholders' Equity

653,991


640,382


616,361


542,264


513,098

 

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




































Three Months Ended


Twelve Months Ended




Dec.


Sept.


Jun.


Mar.


Dec.


Dec.


Dec.




2016


2016


2016


2016


2015


2016


2015

















ASSET QUALITY INFORMATION (1)






























Allowance for loan losses















Balance at beginning of period

$                 22,963


$                 21,734


$                 21,482


$             21,062


$             22,471


$             21,062


$             21,157


















Provision for loan loss

1,710


811


889


681


553


4,091


5,264



















Charge-offs

1,686


1,451


1,376


1,814


2,675


6,327


9,133



Recoveries

933


1,869


739


1,553


713


5,094


3,774


Net charge-offs (recoveries)

753


(418)


637


261


1,962


1,233


5,359


















Ending balance

$                 23,920


$                 22,963


$                 21,734


$             21,482


$             21,062


$             23,920


$             21,062


















As a percentage of loans

0.66%


0.74%


0.77%


0.85%


0.88%


0.66%


0.88%


As a percentage of nonperforming loans

132.05%


140.20%


135.81%


136.83%


124.92%


132.05%


124.92%

































Net charge-off information















Charge-offs















Commercial, financial & agricultural

$                      726


$                      326


$                      541


$                  406


$                  501


$               1,999


$               1,438


Real estate - residential

239


292


123


468


621


1,122


1,587


Real estate - commercial & farmland

-


-


361


347


1,009


708


2,367


Real estate - construction & development

264


60


109


155


157


588


622


Consumer installment

159


74


59


59


110


351


410


Purchased non-covered, including pools

240


408


111


307


178


1,066


950


Covered

58


291


72


72


99


493


1,759



Total charge-offs

1,686


1,451


1,376


1,814


2,675


6,327


9,133


















Recoveries















Commercial, financial & agricultural

121


119


87


73


134


400


651


Real estate - residential

23


40


14


314


13


391


151


Real estate - commercial & farmland

78


13


57


121


13


269


317


Real estate - construction & development

16


131


221


122


9


490


323


Consumer installment

8


78


16


25


20


127


137


Purchased non-covered, including pools

458


399


208


658


232


1,723


1,187


Covered

229


1,089


136


240


292


1,694


1,008



Total recoveries

933


1,869


739


1,553


713


5,094


3,774


















Net charge-offs (recoveries)

$                      753


$                    (418)


$                      637


$                  261


$               1,962


$               1,233


$               5,359

















































Non-accrual loans (excluding purchased non-covered














    and covered loans)

18,114


16,379


16,003


15,700


16,860


18,114


16,860

Non-accrual purchased non-covered loans

18,420


17,993


15,767


19,187


13,330


18,420


13,330

Non-accrual purchased loan pools

-


864


864


-


-


-


-

Foreclosed assets (excluding purchased assets)

10,874


10,392


13,765


14,967


16,147


10,874


16,147

Purchased, non-covered other real estate owned

11,332


14,126


13,928


15,048


14,333


11,332


14,333

Accruing loans delinquent 90 days or more

-


-


-


-


-


-


-

Total non-performing assets, excluding covered assets

58,740


59,754


60,327


64,902


60,670


58,740


60,670

















Non-performing assets as a percent of total assets

0.85%


0.92%


0.97%


1.06%


1.09%


0.85%


1.09%

Net charge offs as a percent of loans (Annualized)

0.06%


-0.04%


0.06%


0.03%


0.21%


0.03%


0.16%

Net charge offs, excluding purchased loans, loan pools and














    covered loans, as a percent of loans (Annualized)

0.14%


0.05%


0.12%


0.13%


0.38%


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.



 

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




























For the quarter ended:




Dec.


Sept.


Jun.


Mar.


Dec.



Loans by Type

2016


2016


2016


2016


2015



Commercial, financial & agricultural

$               967,138


$               625,947


$               564,343


$           434,073


$           449,623



Real estate - construction & development

363,045


328,308


274,717


264,820


244,693



Real estate - commercial & farmland

1,406,219


1,297,582


1,248,580


1,154,887


1,104,991



Real estate - residential

781,018


766,933


680,233


629,138


570,430



Consumer installment

96,915


68,305


33,245


31,901


31,125



Other

12,486


3,964


17,953


13,188


6,015



    Total Legacy (excluding purchased












          non-covered and covered)

$            3,626,821


$            3,091,039


$            2,819,071


$        2,528,007


$        2,406,877















Commercial, financial & agricultural

$                 95,743


$                 99,596


$               101,803


$           111,537


$             45,462



Real estate - construction & development

78,376


86,099


89,096


103,753


72,080



Real estate - commercial & farmland

563,438


590,388


574,830


598,935


390,755



Real estate - residential

268,888


286,169


300,898


309,770


258,153



Consumer installment

4,586


4,838


5,590


5,924


5,104



    Total Purchased non-covered (net of discounts)

$            1,011,031


$            1,067,090


$            1,072,217


$        1,129,919


$           771,554















Commercial, financial & agricultural

$                           -


$                           -


$                          -


$                      -


$                       -



Real estate - construction & development

-


-


-


-


-



Real estate - commercial & farmland

-


-


-


-


-



Real estate - residential

568,314


624,886


610,425


656,734


592,963



Consumer installment

-


-


-


-


-



    Total Purchased non-covered loan pools

$               568,314


$               624,886


$               610,425


$           656,734


$           592,963















Commercial, financial & agricultural

$                      794


$                      830


$                   1,604


$               4,739


$               5,546



Real estate - construction & development

2,992


3,220


7,168


7,205


7,612



Real estate - commercial & farmland

12,917


13,688


65,091


67,055


71,226



Real estate - residential

41,389


44,457


47,455


51,176


53,038



Consumer installment

68


96


100


104


107



    Total Covered (net of discounts)

$                 58,160


$                 62,291


$               121,418


$           130,279


$           137,529















Total Loan Portfolio:












Commercial, financial & agricultural

$            1,063,675


$               726,373


$               667,750


$           550,349


$           500,631



Real estate - construction & development

444,413


417,627


370,981


375,778


324,385



Real estate - commercial & farmland

1,982,574


1,901,658


1,888,501


1,820,877


1,566,972



Real estate - residential

1,659,609


1,722,445


1,639,011


1,646,818


1,474,584



Consumer installment

101,569


73,239


38,935


37,929


36,336



Other

12,486


3,964


17,953


13,188


6,015



    Total Loans

$            5,264,326


$            4,845,306


$            4,623,131


$        4,444,939


$        3,908,923







































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





Accruing loan types:












Commercial, financial & agricultural

$                        47


$                        53


$                      275


$                  279


$                  240



Real estate - construction & development

686


691


468


476


792



Real estate - commercial & farmland

4,119


5,535


5,802


5,945


5,766



Real estate - residential

9,340


7,713


8,226


7,648


7,574



Consumer installment

17


21


24


37


46



    Total Accruing TDRs

$                 14,209


$                 14,013


$                 14,795


$             14,385


$             14,418















Non-accruing loan types:












Commercial, financial & agricultural

$                      114


$                      112


$                        86


$                    75


$                  110



Real estate - construction & development

35


35


36


30


63



Real estate - commercial & farmland

2,970


2,015


1,832


1,871


596



Real estate - residential

738


849


899


1,040


1,123



Consumer installment

130


120


113


87


94



    Total Non-accrual TDRs

$                   3,987


$                   3,131


$                   2,966


$               3,103


$               1,986















Total Troubled Debt Restructurings

$                 18,196


$                 17,144


$                 17,761


$             17,488


$             16,404

























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







Grade 10 - Prime credit

$               414,564


$               398,781


$               349,725


$           254,203


$           250,609



Grade 15 - Good credit

539,147


190,389


191,574


213,510


227,730



Grade 20 - Satisfactory credit

1,669,998


1,608,265


1,493,561


1,346,050


1,224,320



Grade 23 - Performing, under-collateralized credit

23,186


22,763


23,665


25,047


27,607



Grade 25 - Minimum acceptable credit

907,588


797,148


687,817


628,042


609,413



Grade 30 - Other asset especially mentioned

29,172


31,764


32,468


22,141


24,423



Grade 40 - Substandard

43,067


41,929


40,261


39,013


42,773



Grade 50 - Doubtful

99


-


-


-


-



Grade 60 - Loss

-


-


-


1


2



  Total

$            3,626,821


$            3,091,039


$            2,819,071


$        2,528,007


$        2,406,877













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









Grade 10 - Prime credit

$                   6,536


$                   6,543


$                   6,899


$             10,505


$               9,602



Grade 15 - Good credit

40,786


42,257


45,245


48,229


51,168



Grade 20 - Satisfactory credit

324,838


331,309


345,480


344,479


336,990



Grade 23 - Performing, under-collateralized credit

23,813


27,504


27,387


27,445


12,029



Grade 25 - Minimum acceptable credit

541,408


575,280


557,221


607,838


294,829



Grade 30 - Other asset especially mentioned

29,606


44,838


52,536


50,517


30,693



Grade 40 - Substandard

44,044


39,359


37,417


40,874


36,211



Grade 50 - Doubtful

-


-


30


30


30



Grade 60 - Loss

-


-


2


2


2



  Total

$            1,011,031


$            1,067,090


$            1,072,217


$        1,129,919


$           771,554

 

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




































Three Months Ended


Twelve Months Ended




Dec.


Sept.


Jun.


Mar.


Dec.


Dec.


Dec.




2016


2016


2016


2016


2015


2016


2015

































AVERAGE BALANCES
































Federal funds sold

$                   5,261


$                   5,500


$                   7,186


$               6,200


$               5,500


$               6,033


$               5,500



Interest bearing deposits in banks

122,538


85,051


96,906


201,814


291,303


126,453


214,120



Investment securities - taxable

770,373


767,421


766,006


728,269


730,608


758,076


650,708



Investment securities - nontaxable

66,566


68,325


69,664


68,824


69,711


68,340


71,035



Other investments

19,732


21,687


14,765


9,606


9,322


16,470


9,422



Mortgage loans held for sale

102,926


105,859


96,998


82,803


98,765


97,995


87,952



Loans

3,145,714


2,897,771


2,653,171


2,410,747


2,333,577


2,777,505


2,161,726



Purchased non-covered loans

1,042,333


1,086,039


1,111,814


836,187


752,508


1,019,093


712,022



Purchased non-covered loan pools

590,617


629,666


630,503


627,178


454,884


619,440


201,689



Covered loans

59,574


113,136


127,595


134,383


180,493


108,672


206,774



  Total Earning Assets

$            5,925,634


$            5,780,455


$            5,574,608


$        5,106,011


$        4,926,671


$        5,598,077


$        4,320,948



















Noninterest bearing deposits

$            1,592,073


$            1,546,211


$            1,561,621


$        1,362,007


$        1,324,999


$        1,515,771


$        1,227,682



NOW accounts

1,253,849


1,085,828


1,087,442


1,137,076


1,100,972


1,141,206


877,949



MMDA

1,435,958


1,435,151


1,413,503


1,278,199


1,212,087


1,390,948


1,074,349



Savings accounts

262,782


266,344


265,936


251,108


241,337


261,559


209,206



Retail CDs < $100,000

445,132


431,570


437,899


438,122


449,158


438,798


425,583



Retail CDs > $100,000

497,113


451,115


439,954


406,699


395,978


448,243


384,761



Brokered CDs

3,750


5,000


5,000


1,099


-


3,716


-



  Total Deposits

5,490,657


5,221,219


5,211,355


4,874,310


4,724,531


5,200,241


4,199,530



















FHLB advances

222,426


265,202


104,195


9,648


-


150,879


8,444



Other borrowings

38,728


49,345


51,970


42,096


39,000


45,526


40,931



Subordinated debentures

84,050


83,719


83,386


72,589


69,723


80,952


67,962



Federal funds purchased and securities sold
















under agreements to repurchase

44,000


37,305


43,286


52,787


61,986


44,324


50,988



  Total Non-Deposit Funding

389,204


435,571


282,837


177,120


170,709


321,681


168,325



















  Total Funding

$            5,879,861


$            5,656,790


$            5,494,192


$        5,051,430


$        4,895,240


$        5,521,922


$        4,367,855

 

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




















Three Months Ended


Twelve Months Ended




Dec.


Sept.


Jun.


Mar.


Dec.


Dec.


Dec.




2016


2016


2016


2016


2015


2016


2015

















INTEREST INCOME/EXPENSE































INTEREST INCOME
















Federal funds sold

$                          8


$                          8


$                          9


$                      8


$                      5


$                    33


$                    33



Interest bearing deposits in banks

193


147


159


328


262


827


790



Investment securities - taxable

4,348


4,336


4,554


4,586


4,540


17,824


16,134



Investment securities - nontaxable (TE)

654


536


613


602


618


2,405


2,523



Mortgage loans held for sale

989


826


821


755


1,040


3,391


3,466



Loans (TE)

37,418


33,672


31,531


28,684


27,901


131,305


103,206



Purchased non-covered loans

16,036


17,629


17,062


13,133


12,129


63,860


46,208



Purchased non-covered loan pools

3,950


4,346


3,730


5,144


3,335


17,170


6,481



Covered loans

979


1,667


1,797


2,060


3,556


6,503


14,128



Total Earning Assets

$                 64,575


$                 63,167


$                 60,276


$             55,300


$             53,386


$           243,318


$           192,969



















    Accretion Income (included above)

3,370


3,604


4,196


2,942


2,912


14,112


11,681


















INTEREST EXPENSE
















Non-interest bearing deposits

$                           -


$                           -


$                          -


$                      -


$                       -


$                       -


$                       -



NOW accounts

613


433


439


468


463


1,953


1,461



MMDA

1,405


1,241


1,168


1,040


929


4,854


3,229



Savings accounts

44


45


45


43


42


177


158



Retail CDs < $100,000

553


493


476


512


594


2,034


2,202



Retail CDs > $100,000

1,060


854


779


676


659


3,369


2,703



Brokered CDs

6


8


8


2


-


24


-



Total Deposits

3,681


3,074


2,915


2,741


2,687


12,411


9,753



















FHLB advances

328


393


155


23


-


899


31



Other borrowings

432


479


484


370


328


1,765


1,362



Subordinated debentures

1,216


1,179


1,173


954


924


4,522


3,536



Federal funds purchased and securities sold
















under agreements to repurchase

21


18


24


35


44


98


174



  Total Non-Deposit Funding

1,997


2,069


1,836


1,382


1,296


7,284


5,103



















  Total Funding

$                   5,678


$                   5,143


$                   4,751


$               4,123


$               3,983


$             19,695


$             14,856



















Net Interest Income (TE)

$                 58,897


$                 58,024


$                 55,525


$             51,177


$             49,403


$           223,623


$           178,113

 

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




































Three Months Ended


Twelve Months Ended




Dec.


Sept.


Jun.


Mar.


Dec.


Dec.


Dec.




2016


2016


2016


2016


2015


2016


2015

YIELDS (1)
































Federal funds sold

0.60%


0.58%


0.50%


0.52%


0.36%


0.55%


0.60%



Interest bearing deposits in banks

0.63%


0.69%


0.66%


0.65%


0.36%


0.65%


0.37%



Investment securities - taxable

2.25%


2.25%


2.39%


2.53%


2.47%


2.35%


2.48%



Investment securities - nontaxable

3.91%


3.12%


3.54%


3.52%


3.52%


3.52%


3.55%



Mortgage loans held for sale

3.82%


3.10%


3.40%


3.67%


4.18%


3.46%


3.94%



Loans

4.73%


4.62%


4.78%


4.79%


4.74%


4.73%


4.77%



Purchased non-covered loans

6.12%


6.46%


6.17%


6.32%


6.39%


6.27%


6.49%



Purchased non-covered loan pools

2.66%


2.75%


2.38%


3.30%


2.91%


2.77%


3.21%



Covered loans

6.54%


5.86%


5.66%


6.17%


7.82%


5.98%


6.83%



  Total Earning Assets

4.34%


4.35%


4.35%


4.36%


4.30%


4.35%


4.47%



















Noninterest bearing deposits

0.00%


0.00%


0.00%


0.00%


0.00%


0.00%


0.00%



NOW accounts

0.19%


0.16%


0.16%


0.17%


0.17%


0.17%


0.17%



MMDA

0.39%


0.34%


0.33%


0.33%


0.30%


0.35%


0.30%



Savings accounts

0.07%


0.07%


0.07%


0.07%


0.07%


0.07%


0.08%



Retail CDs < $100,000

0.49%


0.45%


0.44%


0.47%


0.52%


0.46%


0.52%



Retail CDs > $100,000

0.85%


0.75%


0.71%


0.67%


0.66%


0.75%


0.70%



Brokered CDs

0.64%


0.64%


0.64%


0.73%


0.00%


0.65%


0.00%



  Total Deposits

0.27%


0.23%


0.22%


0.23%


0.23%


0.24%


0.23%



















FHLB advances

0.59%


0.59%


0.60%


0.96%


0.00%


0.60%


0.37%



Other borrowings

4.44%


3.86%


3.75%


3.54%


3.34%


3.88%


3.33%



Subordinated debentures

5.76%


5.60%


5.66%


5.29%


5.26%


5.59%


5.20%



Federal funds purchased and securities sold
















under agreements to repurchase

0.19%


0.19%


0.22%


0.27%


0.28%


0.22%


0.34%



  Total Non-Deposit Funding

2.04%


1.89%


2.61%


3.14%


3.01%


2.26%


3.03%



















  Total funding (3)

0.38%


0.36%


0.35%


0.33%


0.32%


0.36%


0.34%



















Net interest spread

3.95%


3.99%


4.00%


4.03%


3.98%


3.99%


4.13%



















Net interest margin

3.95%


3.99%


4.01%


4.03%


3.98%


3.99%


4.12%

















































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




(2) Rate calculated based on average earning assets.










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






 

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




































Three Months Ended


Twelve Months Ended




Dec.


Sept.


Jun.


Mar.


Dec.


Dec.


Dec.



Adjusted Operating Net Income Reconciliation

2016


2016


2016


2016


2015


2016


2015



















Net income available to common shareholders

$                 18,177


$                 21,557


$                 20,049


$             12,317


$             14,148


$             72,100


$             40,847



















Merger and conversion charges

17


-


-


6,359


1,807


6,376


7,980



Certain credit resolution related expenses

-


-


-


-


-


-


11,241



Certain compliance resolution expenses

5,750


-


-


-


-


5,750


-



Tax effect of management-adjusted charges

(2,018)


-


-


(2,226)


(632)


(4,244)


(6,727)



Plus: After tax management-adjusted charges

3,749


-


-


4,133


1,175


7,882


12,494



















       Adjusted Operating Net income

21,926


21,557


20,049


16,450


15,323


79,982


53,341



















Adjusted operating net income per diluted share:

$                     0.62


$                     0.61


$                     0.57


$                 0.50


$                 0.47


$                 2.30


$                 1.66



Adjusted operating return on average assets

1.33%


1.35%


1.31%


1.18%


1.12%


1.30%


1.11%



Adjusted operating return on average common
















    tangible equity

17.04%


17.18%


17.03%


15.42%


14.97%


16.71%


13.66%




















Three Months Ended


Twelve Months Ended




Dec.


Sept.


Jun.


Mar.


Dec.


Dec.


Dec.



Net Interest Margin and Yields on Total Loans

2016


2016


2016


2016


2015


2016


2015



    Excluding Accretion Reconciliation
































Total Interest Income (TE)

$                 64,575


$                 63,167


$                 60,276


$             55,300


$             53,386


$           243,318


$           192,969



    Accretion Income

3,370


3,604


4,196


2,942


2,912


14,112


11,681



Total Interest Income (TE) Excluding Accretion

$                 61,205


$                 59,563


$                 56,080


$             52,358


$             50,474


$           229,206


$           181,288



















Total Interest Expense

$                   5,677


$                   5,143


$                   4,751


$               4,123


$               3,983


$             19,694


$             14,856



Net Interest Income (TE) Excluding Accretion

$                 55,528


$                 54,420


$                 51,329


$             48,235


$             46,491


$           209,512


$           166,432



















Yield on Total Loans Excluding Accretion

4.51%


4.49%


4.42%


4.60%


4.68%


4.50%


4.80%



















Net Interest Margin Excluding Accretion

3.73%


3.75%


3.70%


3.80%


3.74%


3.74%


3.85%




















































Three Months Ended


Twelve Months Ended




Dec.


Sept.


Jun.


Mar.


Dec.


Dec.


Dec.



Core Earnings Reconciliation

2016


2016


2016


2016


2015


2016


2015



















Pre-tax operating profit/(loss)

$                 25,164


$                 31,921


$                 29,720


$             18,441


$             17,444


$           105,246


$             56,744



Plus: Credit Related Costs
















    Provision for loan losses

1,710


811


889


681


553


4,091


5,264



   (Gains)/Losses on the sale of legacy OREO

72


377


447


753


535


1,649


1,117



   Gains/(Losses) on the sale of covered OREO

1


(89)


28


166


610


106


880



    Problem loan and OREO expense

1,010


1,238


1,289


880


1,078


4,417


15,732



    Interest reversed (received) on non-accrual loans

21


41


35


34


58


131


644



       Total Credit-Related Costs

2,814


2,378


2,688


2,514


2,834


10,394


23,637



















Plus: Management-adjusted charges
















    Conversion charges

17


-


-


6,359


1,807


6,376


7,980



    Compliance resolution expenses

5,750


-


-


-


-


5,750


-



















Less: Management-adjusted gains (losses)
















    Gains on sales of securities

-


-


-


(94)


-


(94)


(137)



 Gains/(Losses) on sales of bank premises

430


238


401


(77)


(267)


992


(267)



















Pretax, Pre-provision earnings

$                 34,175


$                 34,537


$                 32,809


$             27,143


$             21,818


$           128,664


$             87,957



















As percentage of average assets, annualized

2.07%


2.17%


2.15%


1.94%


1.59%


2.09%


1.62%




















































Three Months Ended


Twelve Months Ended




Dec.


Sept.


Jun.


Mar.


Dec.


Dec.


Dec.



Management-Adjusted Operating Expenses

2016


2016


2016


2016


2015


2016


2015



















Total Operating Expenses

54,677


53,199


52,359


55,600


53,028


215,835


199,115



Less: Credit costs & managemnt-adjusted charges
















   Gains/(Losses) on the sale of legacy OREO

(72)


(377)


(447)


(753)


(535)


(1,649)


(1,117)



   Gains/(Losses) on the sale of covered OREO

(1)


89


(28)


(166)


(610)


(106)


(880)



    Problem loan and OREO expense

(1,010)


(1,238)


(1,289)


(880)


(1,078)


(4,417)


(15,732)



Conversion expenses

(17)


-


-


(6,359)


(1,807)


(6,376)


(7,980)



   Compliance resolution expenses

(5,750)


-


-


-


-


(5,750)


-



   Gains/(Losses) on the sale of premises

(430)


(238)


(401)


77


267


(992)


267



















Management-adjusted operating expenses

$                 47,397


$                 51,435


$                 50,194


$             47,519


$             49,265


$           196,545


$           173,673

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




































Three Months Ended


Twelve Months Ended




Dec.


Sept.


Jun.


Mar.


Dec.


Dec.


Dec.



Segment Reporting

2016


2016


2016


2016


2015


2016


2015



















Banking Division:
















   Net interest income

$                 50,240


$                 50,374


$                 48,940


$             45,801


$             44,088


$           195,355


$           159,777



   Provision for loan losses

610


57


733


681


504


2,081


4,847



   Noninterest income

13,466


13,949


13,018


12,735


12,739


53,168


44,251



   Noninterest expense:
















      Salaries and employee benefits

17,084


18,323


18,428


18,989


19,225


72,824


68,183



      Occupancy

5,670


5,490


5,901


5,150


5,356


22,211


19,320



      Data Processing

5,885


5,794


5,685


5,820


5,759


23,184


18,681



      Other expenses

15,667


11,533


11,071


16,436


13,853


54,707


59,636



         Total noninterest expense

44,306


41,140


41,085


46,395


44,193


172,926


165,820



Income before income taxes

18,790


23,126


20,140


11,460


12,130


73,516


33,361



   Income Tax

4,756


7,286


6,318


3,681


1,436


22,041


7,713



         Net income

$                 14,034


$                 15,840


$                 13,822


$               7,779


$             10,694


$             51,476


$             25,648



































Retail Mortgage Division:
















   Net interest income

$                   4,118


$                   3,679


$                   3,293


$               3,020


$               2,812


$             14,110


$               8,821



   Provision for loan losses

33


447


93


-


49


573


417



   Noninterest income

9,036


13,198


13,304


9,624


7,966


45,162


34,498



   Noninterest expense:
















      Salaries and employee benefits

7,098


8,940


8,304


6,347


5,855


30,689


22,112



      Occupancy

602


433


405


488


501


1,928


1,674



      Data Processing

326


364


338


272


266


1,300


1,065



      Other expenses

1,093


1,303


1,133


956


1,043


4,485


3,787



         Total noninterest expense

9,119


11,040


10,180


8,063


7,665


38,402


28,638



Income before income taxes

4,002


5,390


6,324


4,581


3,064


20,297


14,264



   Income Tax

1,401


1,887


2,213


1,603


1,072


7,104


4,992



         Net income

$                   2,601


$                   3,504


$                   4,111


$               2,978


$               1,992


$             13,193


$               9,272



































Warehouse Lending:
















   Net interest income

$                   1,972


$                   2,073


$                   1,622


$               1,019


$                  995


$               6,686


$               4,137



   Provision for loan losses

496


94


-


-


-


590


-



   Noninterest income

462


555


440


333


336


1,790


1,364



   Noninterest expense:
















      Salaries and employee benefits

220


103


108


188


156


619


519



      Occupancy

1


1


1


1


3


4


7



      Data Processing

32


26


25


20


20


103


95



      Other expenses

29


26


26


25


28


106


123



         Total noninterest expense

282


156


160


234


207


832


744



Income before income taxes

1,656


2,378


1,902


1,118


1,124


7,054


4,757



   Income Tax

580


832


666


391


393


2,469


1,665



         Net income

$                   1,076


$                   1,546


$                   1,236


$                  727


$                  731


$               4,585


$               3,092



































SBA Division:
















   Net interest income

$                      949


$                      941


$                      734


$                  596


$                  723


$               3,220


$               2,802



   Provision for loan losses

571


213


63


-


-


847


-



   Noninterest income

1,308


1,162


1,617


1,594


1,366


5,681


5,473



   Noninterest expense:
















      Salaries and employee benefits

735


616


691


663


736


2,705


3,189



      Occupancy

64


65


64


61


57


254


194



      Data Processing

1


1


1


1


1


4


8



      Other expenses

170


181


178


183


169


712


522



         Total noninterest expense

970


863


934


908


963


3,675


3,913



Income before income taxes

716


1,027


1,354


1,282


1,126


4,379


4,362



   Income Tax

251


359


474


449


394


1,533


1,527



         Net income

$                      465


$                      668


$                      880


$                  833


$                  732


$               2,846


$               2,835



































Total Consolidated:
















   Net interest income

$                 57,279


$                 57,067


$                 54,589


$             50,436


$             48,618


$           219,371


$           175,537



   Provision for loan losses

1,710


811


889


681


553


4,091


5,264



   Noninterest income

24,272


28,864


28,379


24,286


22,407


105,801


85,586



   Noninterest expense:
















      Salaries and employee benefits

25,137


27,982


27,531


26,187


25,972


106,837


94,003



      Occupancy

6,337


5,989


6,371


5,700


5,917


24,397


21,195



      Data Processing

6,244


6,185


6,049


6,113


6,046


24,591


19,849



      Other expenses

16,959


13,043


12,408


17,600


15,093


60,010


64,068



         Total noninterest expense

54,677


53,199


52,359


55,600


53,028


215,835


199,115



Income before income taxes

25,164


31,921


29,720


18,441


17,444


105,246


56,744



   Income Tax

6,987


10,364


9,671


6,124


3,296


33,146


15,897



         Net income

$                 18,177


$                 21,557


$                 20,049


$             12,317


$             14,148


$             72,100


$             40,847

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ameris-bancorp-announces-2016-financial-results-300394037.html

SOURCE Ameris Bancorp

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