News Releases
Ameris Bancorp Announces 20% Increase In Operating Results For First Quarter 2017

MOULTRIE, Ga., April 21, 2017 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $21.2 million, or $0.59 per diluted share, for the quarter ended March 31, 2017, compared with $12.3 million, or $0.37 per diluted share, for the quarter ended March 31, 2016.  Commenting on the Company's quarterly results, Edwin W. Hortman, Jr., the Company's President and Chief Executive Officer, said, "We delivered another quarter of consistent financial results with very little noise.  Generally, the first quarter is our most challenging quarter, but control of operating expenses and double digit growth in year-over-year revenue led us to solid results.  Our pipelines are very strong and I expect reliable growth in earnings through the remainder of 2017."

The Company reported operating net income of $21.6 million, or $0.60 per diluted share, for the quarter ended March 31, 2017, compared with $16.4 million, or $0.50 per diluted share, for the first quarter of 2016.  Operating net income for the first quarter of 2017 and 2016 excludes certain after-tax costs associated with acquisitions and sales of premises, as shown below.  Operating returns on average assets and average tangible common equity were 1.27% and 15.84%, respectively, for the first quarter of 2017, compared with 1.17% and 15.37%, respectively, for the same quarter of 2016.  

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


Three Months Ended


Adjusted Operating Net Income Reconciliation

Mar 17


Mar 16


Net income available to common shareholders

$       21,153


$       12,317


Merger and conversion charges

402


6,359


Losses (gains) on sale of premises

295


(77)


Tax effect of management-adjusted charges

(244)


(2,199)


Plus: After tax management-adjusted charges

453


4,083


       Adjusted Operating Net Income

$       21,606


$       16,400


Reported Return on Average Assets

1.24%


0.88%


Adjusted Operating Return on Average Assets

1.27%


1.17%


Highlights of the Company's performance and results for the first quarter of 2017 include the following:

  • Operating return on average assets of 1.27% and return on average tangible equity of 15.84%
  • Increase in tangible book value per share to $16.57, compared with $14.42 per share at December 31, 2016
  • Organic loan growth of $98.5 million for the quarter, reflecting an annualized growth rate of 8.5%
  • Growth in non-interest bearing demand deposits of $81.3 million for the quarter, reflecting an annualized growth rate of 21.0%
  • 15.5% increase in total revenue, to $86.3 million, in the first quarter of 2017, compared with total revenue of $74.7 million in the first quarter of 2016
  • 12% improvement in the Company's net overhead ratio from 1.79% in the first quarter of 2016 to 1.57% in the first quarter of 2017
  • Improvement in operating efficiency ratio, on a tax-equivalent basis, to 59.67% in the first quarter of 2017, compared with 65.4% in the same quarter in 2016
  • Improvement in net interest margin to 3.97% from 3.95% in the fourth quarter of 2016
  • Successful public offering of 2,012,500 shares of the Company's common stock to prepare for future growth
  • Completion of public offering of $75 million of fixed-to-floating rate subordinated notes

Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis for the first quarter of 2017 totaled $62.1 million, compared with $51.2 million for the first quarter of 2016, an increase of $10.9 million, or 21.4%.  The Company's net interest margin increased during the quarter to 3.97%, compared with 3.95% during the fourth quarter of 2016, but declined from 4.03% for the first quarter of 2016.  Accretion income for the first quarter of 2017 was $2.8 million, compared with $2.9 million in the first quarter of 2016.  Excluding the effect of accretion on purchased assets, the Company's net interest margin was 3.79% in the first quarter of 2017, compared with 3.73% in the fourth quarter of 2016 and 3.80% in the first quarter of 2016.  During the first quarter of 2017, the Company experienced an increase in the margin of approximately 0.07% related to activity in the premium finance division.  The capital raise and debt offering completed during the first quarter of the year negatively impacted the margin by approximately 0.02%.  The Company's improved asset mix with more concentrations in loans outstanding improved the margin by approximately 0.01%.

Yields on earning assets in the first quarter of 2017 were 4.38%, compared with 4.36% in the first quarter of 2016.  Interest income on loans on a tax-equivalent basis increased during the first quarter of 2017 to $62.8 million, compared with $59.4 million in the fourth quarter of 2016 and $49.8 million in the first quarter of 2016.  Yields on the funds invested in purchased mortgage pools were 2.84% during the first quarter of 2017, compared with 3.30% during the same period in 2016.  Excluding accretion income, yields on all loans were 4.56% in the first quarter of 2017, an increase of 0.05% from the fourth quarter of 2016, reflecting success in the Company's pricing efforts on new and renewed credits in the current interest rate environment.

Total interest expense for the first quarter of 2017 was $6.5 million, compared with $4.1 million for the same quarter of 2016.  This increase in total interest expense was driven by increases in total deposits and other borrowings.  Deposit costs increased slightly, from 0.23% in the first quarter of 2016 to 0.28% in the first quarter of 2017.  Continued improvement in the Company's mix of deposits, primarily toward non-interest bearing deposits, has allowed for more aggressive retention efforts on money market deposit accounts and CDs without negatively impacting overall deposit costs.  Non-interest bearing deposits were 29.2% of the total average deposits during the first quarter of 2017, compared with 27.9% for the first quarter of 2016.  During the first quarter of 2017, the average balance of Federal Home Loan Bank advances increased significantly as the Company used those proceeds to fund loans generated by the Company's new premium finance division.

Non-interest Income
Non-interest income in the first quarter of 2017 was $25.7 million, an increase of $1.4 million, or 5.8%, compared with the same quarter in 2016.  Service charges in the first quarter of 2017 were $10.6 million, an increase of $648,000, or 6.5%, compared with the same quarter in 2016.  Growth in service charge-related revenues on commercial and consumer accounts was responsible for much of the increase in service charges, while NSF fee income was flat. 

The Company's mortgage divisions continued to make strides in revenues and net income. Revenue in the retail mortgage group totaled $13.5 million in the first quarter of 2017, an increase of 11.9% compared with the same quarter in 2016.  Net income for the Company's retail mortgage division increased 7.4% during the first quarter of 2017 to $2.8 million, compared with $2.6 million in the first quarter of 2016.  Total production in the first quarter of 2017 for the retail mortgage group amounted to $311.8 million (85% retail and 15% wholesale), compared with $268.6 million in the same quarter of 2016 (also 85% retail and 15% wholesale).  In addition to the strong results, the Company reported that its mortgage division received approval late in the quarter to become a GNMA (Government National Mortgage Association, or Ginnie Mae) issuer effective immediately.  Production in the first quarter that was GNMA eligible totaled approximately $120 million, and management estimates that between 35% - 40% of 2017 production will be eligible for these programs.

Net income for the Company's warehouse lending division increased 41.2% during the quarter, from $667,000 in the first quarter of 2016 to $942,000 in the first quarter of 2017.  Loan production increased from $565.2 million in the first quarter of 2016 to approximately $647.4 million in the current quarter.  Sales efforts are focused on improving already strong penetration and capture rates among the customer base, as well as targeted sales towards mortgage companies focused more heavily on purchase transactions.  Although the average balances and production were strong compared with the linked quarter, the Company experienced a contraction in quarter-end balances of approximately $83 million that impacted overall loan growth.  Management believes the decline was centered more heavily in unusually high balances at the end of the year and that growth rates and comparisons against the same quarter in 2016 are more indicative of where the division is with respect to profitability and growth.

Revenues from the Company's SBA division increased 24.3% during the first quarter of 2017 to $2.7 million, compared with $2.2 million during the first quarter of 2016.  Net income for the division increased 42.0%, from $833,000 for the first quarter of 2016 to $1.2 million for the first quarter of 2017.  The SBA pipeline totaled $55.0 million at the end of the first quarter, up $5.6 million compared with the same time in 2016.

Non-interest Expense
During the first quarter of 2017 and 2016, the Company incurred pre-tax merger and conversion charges of $402,000 and $6.4 million, respectively, as well as losses on the sale of premises totaling $295,000 in 2017 and gains on the sale of premises totaling $77,000 in 2016.  Excluding these charges, operating expenses increased approximately $3.1 million, to $52.4 million, from $49.3 million in the first quarter of 2016.  The acquisition of JAXB in the first quarter of 2016, together with the additional operating expenses associated with the premium finance division, impacted operating expenses by approximately $4.0 million in the first quarter of 2017.

Efforts to improve operating efficiency and the net overhead ratio have been very successful.  During the first quarter of 2017, the Company's operating efficiency ratio declined to 59.67%, compared with 65.44% in the same quarter of 2016.  The Company's operating net overhead ratio also declined materially, to 1.57% in the first quarter of 2017, compared with 1.79% in the first quarter of 2016.  Management attributes the improvement in efficiency-related ratios to expanded average portfolios of the Company's commercial lenders, branches with higher deposit balances and the Company's lending lines of business reaching a certain level of critical mass.

Salaries and benefits increased by $1.6 million to $27.8 million in the current quarter of 2017, compared with $26.2 million in the first quarter of 2016.  Growth in salaries and benefits from the first quarter of 2016 to the first quarter of 2017 relating to the Company's ongoing Bank Secrecy Act compliance efforts and the addition of the premium finance division was $565,000 and $996,000, respectively.  Compared with the fourth quarter of 2016, salaries and benefits increased $2.7 million, primarily due to $996,000 of premium finance division salaries and benefits, $441,000 of Bank Secrecy Act compliance salaries and benefits and $1.0 million of payroll taxes that are typical for the first quarter of each year.

Data processing and telecommunications costs for the quarter were $6.6 million, an increase of $459,000, or 7.5%, over the first quarter in 2016.  Significant improvements in the Company's infrastructure have been achieved and are included in the current run rate, including data center relocation, upgrades in connectivity speeds, hardware and data management and reporting, and the development of an on-line deposit origination platform that should augment the Company's approach to deposit gathering in its local markets in the near future.  Repurposing of existing resources into new contracts and tools has allowed the Company to achieve material improvements in the reliability of its systems with only moderate increase in costs.

Total credit costs (provision and non-provision credit resolution-related costs) totaled $2.8 million in the first quarter of 2017, compared with $2.5 million in the same quarter in 2016 and $2.8 million in the fourth quarter of 2016.

Balance Sheet Trends
Total assets at March 31, 2017 were $7.09 billion, compared with $6.89 billion at December 31, 2016.  The growth in total assets was driven by the increase in interest bearing deposits held as a result of the Company's capital raise and debt offering transactions. 

Loans, including loans held for sale, totaled $5.43 billion at March 31, 2017, compared with $5.37 billion at December 31, 2016.  During the quarter, growth in core loans (legacy and purchased non-covered loans) increased by $98.5 million, or 8.5% on an annualized basis. 

Lending activities in the core bank in the first quarter of 2017 were notably stronger than normal for the first quarter.  Commercial real estate lending grew $51.9 million during the quarter, or 15.0% on an annualized basis, while commercial and industrial lending (excluding operations of the new premium finance division) expanded $20.0 million, or 13.2% on an annualized basis.  Pipelines for the bank at the end of the first quarter of 2017 were similar to those at the end of 2016. 

Loan production and growth associated with the new premium finance division were very close to forecasted levels.  Loans outstanding grew from $353.9 million at the end of 2016 to $425.9 million at the end of the first quarter of 2017.  The Company believes it can sustain annualized growth rates in this division of 15% - 20% for the next few years, with steady credit and profitability levels.

The Company's newest lending effort is in the equipment finance division, which provides financing for heavy equipment in the manufacturing, transportation and construction sectors.  At the end of the first quarter of 2017, the division had booked approximately $2.3 million in loans and had an immediate pipeline of approximately $50.0 million that is expected to close during the second quarter.  Activity and client calls have been brisk, and management remains confident in its full year forecast of $200 million of growth in this division.

Mortgage warehouse balances fell during the quarter from $189.3 million at the end of 2016 to $107.8 million at the end of the first quarter of 2017.  Mortgage warehouse balances were unusually high at the end of 2016, as mortgage volume swelled in the month following the presidential election.  While average balances were lower, the group's loan production moved higher by 14.5% compared with the same quarter in 2016.  This increase resulted from continued growth in customers and approved lines of credit.  Management expects a rebound in the outstanding balances throughout the remainder of 2017 as mortgage volume picks up in the seasonally strong second and third quarters.

Investment securities at the end of the first quarter of 2017 were $866.7 million, or 13.3% of earning assets, compared with $852.2 million, or 13.5% of earning assets, at December 31, 2016. 

Deposits increased $67.2 million during the first quarter of 2017 to end the quarter at $5.64 billion, despite the runoff of approximately $67.6 million in seasonal deposits that the Company holds for municipal clients at the end of each year.  Excluding this runoff, the Company managed growth in deposits of $134.8 million during the first quarter, or 9.8% on an annualized basis. 

At March 31, 2017, non-interest bearing deposit accounts were $1.65 billion, or 29.3% of total deposits, compared with $1.57 billion and 28.2%, respectively, at December 31, 2016.  Non-rate sensitive deposits (including non-interest bearing, NOW and savings) totaled $3.09 billion at March 31, 2017, compared with $3.17 billion at the end of 2016.  These funds represented 54.8% of the Company's total deposits at March 31, 2017, compared with 56.9% at the end of 2016.

Shareholders' equity at March 31, 2017 totaled $758.2 million, compared with $646.4 million at December 31, 2016.  The increase in shareholders' equity was the result of the issuance of shares of common stock in the Company's public offering, plus earnings of $21.2 million during the quarter.  Tangible book value per share at March 31, 2017 was $16.57, up 14.9% from $14.42 at the end of 2016.  Tangible common equity as a percentage of tangible assets increased to 8.85% at the end of the first quarter of 2017, compared with 7.46% at the end of 2016. 

Conference Call
The Company will host a teleconference at 10:00 a.m. EDT today (April 21, 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 May 5, 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 10104743. 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 which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements and are referred to the Company's periodic filings with the Securities and Exchange Commission for a summary of certain factors that may impact the Company's results of operations and financial condition.

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




























Three Months Ended




Mar.


Dec.


Sept.


Jun.


Mar.




2017


2016


2016


2016


2016













EARNINGS























Net Income 

$                 21,153


$                 18,177


$                 21,557


$             20,049


$             12,317














Adjusted Operating Net Income

$                 21,606


$                 22,205


$                 21,712


$             20,310


$             16,400













PER COMMON SHARE DATA











Earnings per share available to common shareholders:












Basic

$                     0.59


$                     0.52


$                     0.62


$                 0.58


$                 0.38



Diluted

$                     0.59


$                     0.52


$                     0.61


$                 0.57


$                 0.37


Cash Dividends per share

$                     0.10


$                     0.10


$                     0.10


$                 0.05


$                 0.05


Book value per share (period end)

$                   20.42


$                   18.51


$                   18.42


$               17.96


$               17.25


Tangible book value per share (period end)

$                   16.57


$                   14.42


$                   14.38


$               13.89


$               13.13


Weighted average number of shares:












Basic

35,664,420


34,915,459


34,869,747


34,832,621


32,752,063



Diluted

36,040,240


35,293,035


35,194,739


35,153,311


33,053,554


Period-end number of shares

37,128,714


34,921,474


34,891,304


34,847,311


34,837,454


Market data:












High intraday price

$                   49.50


$                   47.70


$                   36.20


$               32.76


$               33.81



Low intraday price

$                   41.60


$                   34.61


$                   28.90


$               27.73


$               24.96



Period end closing price

$                   46.10


$                   43.60


$                   34.95


$               29.70


$               29.58



Average daily volume

242,982


191,894


166,841


215,409


253,779













PERFORMANCE RATIOS











Return on average assets

1.24%


1.10%


1.35%


1.31%


0.88%


Return on average common equity

12.33%


11.06%


13.39%


13.08%


9.14%


Earning asset yield (TE)

4.38%


4.34%


4.35%


4.35%


4.36%


Total cost of funds

0.42%


0.38%


0.36%


0.35%


0.33%


Net interest margin (TE)

3.97%


3.95%


3.99%


4.01%


4.03%


Non-interest income excluding securities transactions,












as a percent of total revenue (TE)

27.27%


27.32%


31.36%


32.01%


30.40%


Efficiency ratio

61.52%


67.05%


61.91%


63.11%


74.41%













CAPITAL ADEQUACY (period end)











Stockholders' equity to assets

10.69%


9.38%


9.90%


10.06%


9.85%


Tangible common equity to tangible assets

8.85%


7.46%


7.90%


7.96%


7.68%













EQUITY TO ASSETS RECONCILIATION











Tangible common equity to tangible assets

8.85%


7.46%


7.90%


7.96%


7.68%


Effect of goodwill and other intangibles

1.83%


1.92%


2.00%


2.10%


2.17%



Equity to assets (GAAP)

10.69%


9.38%


9.90%


10.06%


9.85%













OTHER PERIOD-END DATA











Banking Division FTE

1,039


1,014


987


1,000


1,063


Retail Mortgage Division FTE

252


254


254


239


227


Warehouse Lending Division FTE

8


9


5


6


6


SBA Division FTE

20


21


24


23


22


Premium Finance Division FTE

50


-


-


-


-



Total Ameris Bancorp FTE Headcount

1,369


1,298


1,270


1,268


1,318














Assets per Banking Division FTE

$                   6,829


$                   6,797


$                   6,579


$               6,221


$               5,736


Branch locations

97


97


99


102


103


Deposits per branch location

$                 58,169


$                 57,476


$                 53,597


$             50,780


$             50,784

 

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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
















Three Months Ended




Mar.


Dec.


Sept.


Jun.


Mar.




2017


2016


2016


2016


2016

























INCOME STATEMENT






















Interest income











Interest and fees on loans

$                 61,521


$                 57,982


$                 57,322


$             54,164


$             49,191


Interest on taxable securities

4,800


4,348


4,336


4,554


4,586


Interest on nontaxable securities

416


425


397


454


446


Interest on deposits in other banks

313


193


147


159


328


Interest on federal funds sold

-


8


8


9


8



Total interest income

67,050


62,956


62,210


59,340


54,559













Interest expense











Interest on deposits

$                   3,763


$                   3,680


$                   3,074


$               2,915


$               2,741


Interest on other borrowings

2,697


1,997


2,069


1,836


1,382



Total interest expense

6,460


5,677


5,143


4,751


4,123













Net interest income

60,590


57,279


57,067


54,589


50,436













Provision for loan losses

1,836


1,710


811


889


681













Net interest income after provision for loan losses

$                 58,754


$                 55,569


$                 56,256


$             53,700


$             49,755













Noninterest income











Service charges on deposit accounts

$                 10,563


$                 11,036


$                 11,358


$             10,436


$               9,915


Mortgage banking activity

11,215


9,878


14,067


14,142


10,211


Other service charges, commissions and fees

709


706


791


967


1,111


Gain(loss) on sale of securities

-


-


-


-


94


Other non-interest income

3,219


2,652


2,648


2,834


2,955



Total noninterest income

25,706


24,272


28,864


28,379


24,286













Noninterest expense











Salaries and employee benefits

27,794


25,137


27,982


27,531


26,187


Occupancy and equipment expenses

5,877


6,337


5,989


6,371


5,700


Data processing and telecommunications expenses

6,572


6,244


6,185


6,049


6,113


Credit resolution related expenses (1)

933


1,083


1,526


1,764


1,799


Advertising and marketing expenses

1,106


1,273


1,249


854


805


Amortization of intangible assets

1,036


1,044


993


1,319


1,020


Merger and conversion charges

402


17


-


-


6,359


Other non-interest expenses

9,373


13,542


9,275


8,471


7,617



Total noninterest expense

53,093


54,677


53,199


52,359


55,600













Income before income taxes

$                 31,367


$                 25,164


$                 31,921


$             29,720


$             18,441














Income tax expense

10,214


6,987


10,364


9,671


6,124













Net income

$                 21,153


$                 18,177


$                 21,557


$             20,049


$             12,317













Diluted earnings available to common shareholders

0.59


0.52


0.61


0.57


0.37














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

 

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




























Three Months Ended




Mar.


Dec.


Sept.


Jun.


Mar.




2017


2016


2016


2016


2016













PERIOD-END BALANCE SHEET






















Assets











Cash and due from banks

$               127,164


$               127,164


$               123,270


$           116,255


$           146,863


Federal funds sold and interest bearing deposits in banks

232,045


71,221


90,801


68,273


107,373


Investment securities available for sale, at fair value

830,765


822,735


838,124


843,646


837,103


Other investments

35,950


29,464


24,578


19,125


12,802


Loans held for sale

105,637


105,924


126,263


102,757


97,439














Loans, net of unearned income

3,785,480


3,626,821


3,091,039


2,819,071


2,528,007


Purchased loans (excluding loan pools)

1,006,935


1,069,191


1,129,381


1,193,635


1,260,198


Purchased loan pools

529,099


568,314


624,886


610,425


656,734


Less allowance for loan losses

(25,250)


(23,920)


(22,963)


(21,734)


(21,482)



Loans, net

5,296,264


5,240,406


4,822,343


4,601,397


4,423,457














Other real estate owned

10,466


10,874


10,392


13,765


14,967


Purchased other real estate owned

11,668


12,540


15,126


16,670


18,812



Total other real estate owned

22,134


23,414


25,518


30,435


33,779














Premises and equipment, net

121,610


121,217


122,191


123,978


124,747


Goodwill

126,419


125,532


122,545


121,422


121,512


Other intangibles, net

16,391


17,428


18,472


20,574


21,892


Deferred income taxes, net

40,618


40,776


37,626


39,286


44,579


Cash value of bank owned life insurance

78,442


78,053


77,637


77,095


76,676


Other assets

61,417


88,697


64,127


57,051


49,549



Total assets

$            7,094,856


$            6,892,031


$            6,493,495


$        6,221,294


$        6,097,771













Liabilities











Deposits:












Noninterest-bearing

$            1,654,723


$            1,573,389


$            1,563,316


$        1,553,972


$        1,529,037



Interest-bearing

3,987,646


4,001,774


3,742,782


3,625,560


3,701,750


Total deposits

5,642,369


5,575,163


5,306,098


5,179,532


5,230,787


Federal funds purchased & securities sold under












agreements to repurchase

40,415


53,505


42,647


37,139


43,741


Other borrowings

525,669


492,321


373,461


260,191


110,531


Subordinated deferrable interest debentures

84,559


84,228


83,898


83,570


83,237


Other liabilities

43,628


40,377


44,808


34,947


28,647



Total liabilities

6,336,640


6,245,594


5,850,912


5,595,379


5,496,943

























Shareholders' equity










  Preferred stock

$                           -


$                           -


$                          -


$                      -


$                       -

  Common stock

38,603


36,378


36,348


36,303


36,272

  Capital surplus

503,543


410,276


409,630


408,549


407,726

  Retained earnings

231,894


214,454


199,769


181,701


163,395

  Accumulated other comprehensive income (loss)

(1,209)


(1,058)


10,449


12,960


6,411

  Less treasury stock

(14,615)


(13,613)


(13,613)


(13,598)


(12,976)



Total shareholders' equity

758,216


646,437


642,583


625,915


600,828



Total liabilities and shareholders' equity

$            7,094,856


$            6,892,031


$            6,493,495


$        6,221,294


$        6,097,771

























Other Data










Earning Assets

6,525,911


6,293,670


5,925,072


5,656,932


5,499,656

Intangible Assets

142,810


142,960


141,017


141,996


143,404

Interest Bearing Liabilities

4,638,289


4,631,828


4,242,788


4,006,460


3,939,259

Average Assets

6,915,965


6,573,344


6,330,350


6,138,757


5,618,397

Average Common Stockholders' Equity

695,830


653,991


640,382


616,361


542,264

 

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




























Three Months Ended




Mar.


Dec.


Sept.


Jun.


Mar.




2017


2016


2016


2016


2016













ASSET QUALITY INFORMATION






















Allowance for loan losses











Balance at beginning of period

$                 23,920


$                 22,963


$                 21,734


$             21,482


$             21,062














Provision for loan loss

1,836


1,710


811


889


681















Charge-offs

1,102


1,686


1,451


1,376


1,814



Recoveries

596


933


1,869


739


1,553


Net charge-offs (recoveries)

506


753


(418)


637


261














Ending balance

$                 25,250


$                 23,920


$                 22,963


$             21,734


$             21,482

























Net charge-off information











Charge-offs











Commercial, financial & agricultural

$                      104


$                      726


$                      326


$                  541


$                  406


Real estate - residential

216


239


292


123


468


Real estate - commercial & farmland

9


-


-


361


347


Real estate - construction & development

53


264


60


109


155


Consumer installment

164


159


74


59


59


Purchased loans (excluding loan pools)

556


298


699


183


379


Purchased loan pools

-


-


-


-


-



Total charge-offs

1,102


1,686


1,451


1,376


1,814














Recoveries











Commercial, financial & agricultural

69


121


119


87


73


Real estate - residential

61


23


40


14


314


Real estate - commercial & farmland

9


78


13


57


121


Real estate - construction & development

20


16


131


221


122


Consumer installment

17


8


78


16


25


Purchased loans (excluding loan pools)

420


687


1,488


344


898


Purchased loan pools

-


-


-


-


-



Total recoveries

596


933


1,869


739


1,553














Net charge-offs (recoveries)

$                      506


$                      753


$                    (418)


$                  637


$                  261





































Non-accrual loans (excluding purchased loans)

18,281


18,114


16,379


16,003


15,700

Non-accrual purchased loans

23,606


22,966


23,827


26,736


32,518

Non-accrual purchased loan pools

-


-


864


864


-

Foreclosed assets (excluding purchased assets)

10,466


10,874


10,392


13,765


14,967

Purchased other real estate owned

11,668


12,540


15,126


16,670


18,812

Accruing loans delinquent 90 days or more

933


-


-


-


-

Total non-performing assets

64,954


64,494


66,588


74,038


81,997













Non-performing assets as a percent of total assets

0.92%


0.94%


1.03%


1.19%


1.34%

Net charge offs as a percent of average loans (annualized)

0.04%


0.06%


-0.04%


0.06%


0.03%

Net charge offs, excluding purchased loans as a percent










    of average loans (annualized)

0.04%


0.14%


0.05%


0.12%


0.13%

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




























For the quarter ended:




Mar.


Dec.


Sept.


Jun.


Mar.



Loans by Type

2017


2016


2016


2016


2016



Commercial, financial & agricultural

$            1,061,599


$               967,138


$               625,947


$           564,343


$           434,073



Real estate - construction & development

415,029


363,045


328,308


274,717


264,820



Real estate - commercial & farmland

1,458,110


1,406,219


1,297,582


1,248,580


1,154,887



Real estate - residential

726,795


781,018


766,933


680,233


629,138



Consumer installment

115,919


96,915


68,305


33,245


31,901



Other

8,028


12,486


3,964


17,953


13,188



    Total Legacy (excluding purchased loans)

$            3,785,480


$            3,626,821


$            3,091,039


$        2,819,071


$        2,528,007















Commercial, financial & agricultural

$                 89,897


$                 96,537


$               100,426


$           103,407


$           116,276



Real estate - construction & development

82,378


81,368


89,319


96,264


110,958



Real estate - commercial & farmland

538,046


576,355


604,076


639,921


665,990



Real estate - residential

292,911


310,277


330,626


348,353


360,946



Consumer installment

3,703


4,654


4,934


5,690


6,028



    Total Purchased loans (net of discounts)

$            1,006,935


$            1,069,191


$            1,129,381


$        1,193,635


$        1,260,198















Commercial, financial & agricultural

$                          -


$                          -


$                           -


$                       -


$                       -



Real estate - construction & development

-


-


-


-


-



Real estate - commercial & farmland

-


-


-


-


-



Real estate - residential

529,099


568,314


624,886


610,425


656,734



Consumer installment

-


-


-


-


-



    Total Purchased loan pools

$               529,099


$               568,314


$               624,886


$           610,425


$           656,734















Total Loan Portfolio:












Commercial, financial & agricultural

$            1,151,496


$            1,063,675


$               726,373


$           667,750


$           550,349



Real estate - construction & development

497,407


444,413


417,627


370,981


375,778



Real estate - commercial & farmland

1,996,156


1,982,574


1,901,658


1,888,501


1,820,877



Real estate - residential

1,548,805


1,659,609


1,722,445


1,639,011


1,646,818



Consumer installment

119,622


101,569


73,239


38,935


37,929



Other

8,028


12,486


3,964


17,953


13,188



    Total Loans

$            5,321,514


$            5,264,326


$            4,845,306


$        4,623,131


$        4,444,939







































Troubled Debt Restructurings, excluding purchased loans:











Accruing loan types:












Commercial, financial & agricultural

$                        42


$                        47


$                        53


$                  275


$                  279



Real estate - construction & development

435


686


691


468


476



Real estate - commercial & farmland

3,944


4,119


5,535


5,802


5,945



Real estate - residential

9,220


9,340


7,713


8,226


7,648



Consumer installment

18


17


21


24


37



    Total Accruing TDRs

$                 13,659


$                 14,209


$                 14,013


$             14,795


$             14,385















Non-accruing loan types:












Commercial, financial & agricultural

$                      142


$                      114


$                      112


$                    86


$                    75



Real estate - construction & development

34


35


35


36


30



Real estate - commercial & farmland

1,617


2,970


2,015


1,832


1,871



Real estate - residential

998


738


849


899


1,040



Consumer installment

129


130


120


113


87



    Total Non-accrual TDRs

$                   2,920


$                   3,987


$                   3,131


$               2,966


$               3,103















Total Troubled Debt Restructurings

$                 16,579


$                 18,196


$                 17,144


$             17,761


$             17,488

























The following table presents the loan portfolio by risk grade, excluding purchased loans:









Grade 10 - Prime credit

$               420,814


$               414,564


$               398,781


$           349,725


$           254,203



Grade 15 - Good credit

587,180


539,147


190,389


191,574


213,510



Grade 20 - Satisfactory credit

1,718,749


1,669,998


1,608,265


1,493,561


1,346,050



Grade 23 - Performing, under-collateralized credit

20,889


23,186


22,763


23,665


25,047



Grade 25 - Minimum acceptable credit

958,623


907,588


797,148


687,817


628,042



Grade 30 - Other asset especially mentioned

37,298


29,172


31,764


32,468


22,141



Grade 40 - Substandard

41,821


43,067


41,929


40,261


39,013



Grade 50 - Doubtful

106


99


-


-


-



Grade 60 - Loss

-


-


-


-


1



  Total

$            3,785,480


$            3,626,821


$            3,091,039


$        2,819,071


$        2,528,007













The following table presents the purchased loan portfolio by risk grade:











Grade 10 - Prime credit

$                   6,017


$                   6,536


$                   6,543


$               6,899


$             10,505



Grade 15 - Good credit

38,179


40,786


42,257


45,245


48,229



Grade 20 - Satisfactory credit

365,434


334,353


341,544


364,624


365,374



Grade 23 - Performing, under-collateralized credit

22,081


27,475


31,841


33,817


34,291



Grade 25 - Minimum acceptable credit

476,954


569,026


604,272


620,489


674,149



Grade 30 - Other asset especially mentioned

43,450


35,032


50,691


61,227


58,733



Grade 40 - Substandard

54,820


55,983


52,233


61,302


68,885



Grade 50 - Doubtful

-


-


-


30


30



Grade 60 - Loss

-


-


-


2


2



  Total

$            1,006,935


$            1,069,191


$            1,129,381


$        1,193,635


$        1,260,198













The following table presents the purchased loan pools by risk grade:











Grade 20 - Satisfactory credit

$               528,181


$               567,389


$               624,022


$           609,561


$           656,734



Grade 40 - Substandard

918


925


864


864


-



  Total

$               529,099


$               568,314


$               624,886


$           610,425


$           656,734

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




























Three Months Ended




Mar.


Dec.


Sept.


Jun.


Mar.




2017


2016


2016


2016


2016

























AVERAGE BALANCES
























Federal funds sold

$                           -


$                   5,261


$                   5,500


$               7,186


$               6,200



Interest bearing deposits in banks

147,385


122,538


85,051


96,906


201,814



Investment securities - taxable

759,850


770,373


767,421


766,006


728,269



Investment securities - nontaxable

65,374


66,566


68,325


69,664


68,824



Other investments

37,392


19,732


21,687


14,765


9,606



Loans held for sale

77,617


102,926


105,859


96,998


82,803



Loans

3,678,149


3,145,714


2,897,771


2,653,171


2,410,747



Purchased loans (excluding loan pools)

1,034,983


1,101,907


1,199,175


1,239,409


970,570



Purchased loan pools

547,057


590,617


629,666


630,503


627,178



  Total Earning Assets

$            6,347,807


$            5,925,634


$            5,780,455


$        5,574,608


$        5,106,011















Noninterest bearing deposits

$            1,604,495


$            1,592,073


$            1,546,211


$        1,561,621


$        1,362,007



NOW accounts

1,169,567


1,253,849


1,085,828


1,087,442


1,137,076



MMDA

1,486,972


1,435,958


1,435,151


1,413,503


1,278,199



Savings accounts

268,741


262,782


266,344


265,936


251,108



Retail CDs < $100,000

444,195


445,132


431,570


437,899


438,122



Retail CDs > $100,000

517,354


497,113


451,115


439,954


406,699



Brokered CDs

-


3,750


5,000


5,000


1,099



  Total Deposits

5,491,324


5,490,657


5,221,219


5,211,355


4,874,310















Federal funds purchased and securities sold












under agreements to repurchase

42,589


44,000


37,305


43,286


52,787



FHLB advances

525,583


222,426


265,202


104,195


9,648



Other borrowings

47,738


38,728


49,345


51,970


42,096



Subordinated deferrable interest debentures

84,379


84,050


83,719


83,386


72,589



  Total Non-Deposit Funding

700,289


389,204


435,571


282,837


177,120















  Total Funding

$            6,191,613


$            5,879,861


$            5,656,790


$        5,494,192


$        5,051,430

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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
















Three Months Ended




Mar.


Dec.


Sept.


Jun.


Mar.




2017


2016


2016


2016


2016













INTEREST INCOME/EXPENSE























INTEREST INCOME












Federal funds sold

$                           -


$                          8


$                          8


$                      9


$                      8



Interest bearing deposits in banks

313


193


147


159


328



Investment securities - taxable

4,800


4,348


4,336


4,554


4,586



Investment securities - nontaxable (TE)

640


654


536


613


602



Loans held for sale

653


989


826


821


755



Loans (TE)

43,157


37,418


33,672


31,531


28,684



Purchased loans (excluding loan pools)

15,173


17,015


19,296


18,859


15,193



Purchased loan pools

3,832


3,950


4,346


3,730


5,144



Total Earning Assets

$                 68,568


$                 64,575


$                 63,167


$             60,276


$             55,300















    Accretion Income (included above)

2,810


3,370


3,604


4,196


2,942














INTEREST EXPENSE












Non-interest bearing deposits

$                           -


$                           -


$                          -


$                      -


$                       -



NOW accounts

497


613


433


439


468



MMDA

1,538


1,405


1,241


1,168


1,040



Savings accounts

43


44


45


45


43



Retail CDs < $100,000

562


553


493


476


512



Retail CDs > $100,000

1,123


1,060


854


779


676



Brokered CDs

-


6


8


8


2



Total Deposits

3,763


3,681


3,074


2,915


2,741















Federal funds purchased and securities sold












under agreements to repurchase

20


21


18


24


35



FHLB advances

907


328


393


155


23



Other borrowings

559


432


479


484


370



Subordinated deferrable interest debentures

1,211


1,216


1,179


1,173


954



  Total Non-Deposit Funding

2,697


1,997


2,069


1,836


1,382















  Total Funding

$                   6,460


$                   5,678


$                   5,143


$               4,751


$               4,123















Net Interest Income (TE)

$                 62,108


$                 58,897


$                 58,024


$             55,525


$             51,177

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




























Three Months Ended




Mar.


Dec.


Sept.


Jun.


Mar.




2017


2016


2016


2016


2016

YIELDS (1)
























Federal funds sold

0.00%


0.60%


0.58%


0.50%


0.52%



Interest bearing deposits in banks

0.86%


0.63%


0.69%


0.66%


0.65%



Investment securities - taxable

2.56%


2.25%


2.25%


2.39%


2.53%



Investment securities - nontaxable

3.97%


3.91%


3.12%


3.54%


3.52%



Loans held for sale

3.41%


3.82%


3.10%


3.40%


3.67%



Loans

4.76%


4.73%


4.62%


4.78%


4.79%



Purchased loans (excluding loan pools)

5.95%


6.14%


6.40%


6.12%


6.30%



Purchased loan pools

2.84%


2.66%


2.75%


2.38%


3.30%



  Total Earning Assets

4.38%


4.34%


4.35%


4.35%


4.36%















Noninterest bearing deposits

0.00%


0.00%


0.00%


0.00%


0.00%



NOW accounts

0.17%


0.19%


0.16%


0.16%


0.17%



MMDA

0.42%


0.39%


0.34%


0.33%


0.33%



Savings accounts

0.06%


0.07%


0.07%


0.07%


0.07%



Retail CDs < $100,000

0.51%


0.49%


0.45%


0.44%


0.47%



Retail CDs > $100,000

0.88%


0.85%


0.75%


0.71%


0.67%



Brokered CDs

0.00%


0.64%


0.64%


0.64%


0.73%



  Total Deposits

0.28%


0.27%


0.23%


0.22%


0.23%















Federal funds purchased and securities sold












under agreements to repurchase

0.19%


0.19%


0.19%


0.22%


0.27%



FHLB advances

0.70%


0.59%


0.59%


0.60%


0.96%



Other borrowings

4.75%


4.44%


3.86%


3.75%


3.54%



Subordinated deferrable interest debentures

5.82%


5.76%


5.60%


5.66%


5.29%



  Total Non-Deposit Funding

1.56%


2.04%


1.89%


2.61%


3.14%















  Total funding (2)

0.42%


0.38%


0.36%


0.35%


0.33%















Net interest spread

3.96%


3.95%


3.99%


4.00%


4.03%















Net interest margin (3)

3.97%


3.95%


3.99%


4.01%


4.03%





































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

(2) Rate calculated based on total average funding including non-interest bearing deposits.

(3) Rate calculated based on average earning assets.

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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






















Three Months Ended


Mar.


Dec.


Sept.


Jun.


Mar.

Adjusted Operating Net Income Reconciliation

2017


2016


2016


2016


2016











Net income available to common shareholders

$                 21,153


$                 18,177


$                 21,557


$             20,049


$             12,317











Merger and conversion charges

402


17


-


-


6,359

Certain compliance resolution expenses

-


5,750


-


-


-

Losses (gains) on the sale of premises

295


430


238


401


(77)

Tax effect of management-adjusted charges

(244)


(2,169)


(83)


(140)


(2,199)

Plus: After tax management-adjusted charges

453


4,028


155


261


4,083











       Adjusted Operating Net income

21,606


22,205


21,712


20,310


16,400











Adjusted operating net income per diluted share:

$                     0.60


$                     0.63


$                     0.62


$                 0.58


$                 0.50

Adjusted operating return on average assets

1.27%


1.34%


1.36%


1.33%


1.17%

Adjusted operating return on average common










    tangible equity

15.84%


17.25%


17.31%


17.25%


15.37%












Three Months Ended


Mar.


Dec.


Sept.


Jun.


Mar.

Net Interest Margin and Yields on Total Loans

2017


2016


2016


2016


2016

    Excluding Accretion Reconciliation




















Total Interest Income (TE)

$                 68,568


$                 64,575


$                 63,167


$             60,276


$             55,300

    Accretion Income

2,810


3,370


3,604


4,196


2,942

Total Interest Income (TE) Excluding Accretion

$                 65,758


$                 61,205


$                 59,563


$             56,080


$             52,358











Total Interest Expense

$                   6,460


$                   5,677


$                   5,143


$               4,751


$               4,123

Net Interest Income (TE) Excluding Accretion

$                 59,298


$                 55,528


$                 54,420


$             51,329


$             48,235











Yield on Total Loans (TE) Excluding Accretion

4.56%


4.51%


4.49%


4.42%


4.60%











Net Interest Margin (TE) Excluding Accretion

3.79%


3.73%


3.75%


3.70%


3.80%
































Three Months Ended


Mar.


Dec.


Sept.


Jun.


Mar.

Management-Adjusted Operating Expenses

2017


2016


2016


2016


2016











Total operating expenses

53,093


54,677


53,199


52,359


55,600

Less: Management-adjusted charges










  Merger and conversion expenses

(402)


(17)


-


-


(6,359)

   Certain compliance resolution expenses

-


(5,750)


-


-


-

   Gains/(Losses) on the sale of premises

(295)


(430)


(238)


(401)


77











Management-adjusted operating expenses

$                 52,396


$                 48,480


$                 52,961


$             51,958


$             49,318











Management-adjusted operating efficiency ratio (TE)

59.67%


58.29%


60.95%


61.93%


65.44%

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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






















Three Months Ended


Mar.


Dec.


Sept.


Jun.


Mar.

Segment Reporting

2017


2016


2016


2016


2016











Banking Division:










   Net interest income

$                 50,126


$                 50,528


$                 51,653


$             49,820


$             46,483

   Provision for loan losses

1,982


502


57


733


681

   Noninterest income

13,013


13,466


13,949


13,018


12,735

   Noninterest expense:










      Salaries and employee benefits

18,844


17,084


18,323


18,428


18,989

      Occupancy

5,257


5,668


5,490


5,901


5,150

      Data Processing

6,043


5,841


5,794


5,685


5,820

      Other expenses

9,241


15,398


11,533


11,071


16,436

         Total noninterest expense

39,385


43,991


41,140


41,085


46,395

Income before income taxes

21,772


19,501


24,405


21,020


12,142

   Income Tax

6,856


5,005


7,733


6,626


3,919

         Net income

$                 14,916


$                 14,496


$                 16,672


$             14,394


$               8,223











Retail Mortgage Division:










   Net interest income

$                   2,976


$                   3,032


$                   2,625


$               2,554


$               2,430

   Provision for loan losses

8


33


447


93


-

   Noninterest income

10,513


9,036


13,198


13,304


9,624

   Noninterest expense:










      Salaries and employee benefits

7,216


7,098


8,940


8,304


6,347

      Occupancy

519


602


433


405


488

      Data Processing

317


326


364


338


272

      Other expenses

1,141


1,093


1,303


1,133


956

         Total noninterest expense

9,193


9,119


11,040


10,180


8,063

Income before income taxes

4,288


2,916


4,336


5,585


3,991

   Income Tax

1,501


1,021


1,518


1,955


1,397

         Net income

$                   2,787


$                   1,895


$                   2,818


$               3,630


$               2,594











Warehouse Lending Division:










   Net interest income

$                   1,105


$                   1,706


$                   1,848


$               1,481


$                  927

   Provision for loan losses

(232)


496


94


-


-

   Noninterest income

319


462


555


440


333

   Noninterest expense:










      Salaries and employee benefits

147


220


103


108


188

      Occupancy

1


1


1


1


1

      Data Processing

27


32


26


25


20

      Other expenses

32


29


26


26


25

         Total noninterest expense

207


282


156


160


234

Income before income taxes

1,449


1,390


2,153


1,761


1,026

   Income Tax

507


487


754


616


359

         Net income

$                      942


$                      904


$                   1,399


$               1,145


$                  667











SBA Division:










   Net interest income

$                      907


$                      949


$                      941


$                  734


$                  596

   Provision for loan losses

48


571


213


63


-

   Noninterest income

1,815


1,308


1,162


1,617


1,594

   Noninterest expense:










      Salaries and employee benefits

591


735


616


691


663

      Occupancy

51


64


65


64


61

      Data Processing

1


1


1


1


1

      Other expenses

211


170


181


178


183

         Total noninterest expense

854


970


863


934


908

Income before income taxes

1,820


716


1,027


1,354


1,282

   Income Tax

637


251


359


474


449

         Net income

$                   1,183


$                      465


$                      668


$                  880


$                  833











Premium Finance Division:










   Net interest income

$                   5,476


$                   1,064


$                          -


$                      -


$                       -

   Provision for loan losses

30


108


-


-


-

   Noninterest income

46


-


-


-


-

   Noninterest expense:










      Salaries and employee benefits

996


-


-


-


-

      Occupancy

49


2


-


-


-

      Data Processing

184


44


-


-


-

      Other expenses

2,225


269


-


-


-

         Total noninterest expense

3,454


315


-


-


-

Income before income taxes

2,038


641


-


-


-

   Income Tax

713


224


-


-


-

         Net income

$                   1,325


$                      417


$                          -


$                      -


$                       -











Total Consolidated:










   Net interest income

$                 60,590


$                 57,279


$                 57,067


$             54,589


$             50,436

   Provision for loan losses

1,836


1,710


811


889


681

   Noninterest income

25,706


24,272


28,864


28,379


24,286

   Noninterest expense:










      Salaries and employee benefits

27,794


25,137


27,982


27,531


26,187

      Occupancy

5,877


6,337


5,989


6,371


5,700

      Data Processing

6,572


6,244


6,185


6,049


6,113

      Other expenses

12,850


16,959


13,043


12,408


17,600

         Total noninterest expense

53,093


54,677


53,199


52,359


55,600

Income before income taxes

31,367


25,164


31,921


29,720


18,441

   Income Tax

10,214


6,987


10,364


9,671


6,124

         Net income

$                 21,153


$                 18,177


$                 21,557


$             20,049


$             12,317

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ameris-bancorp-announces-20-increase-in-operating-results-for-first-quarter-2017-300443222.html

SOURCE Ameris Bancorp

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