News Releases
Ameris Bancorp Announces Financial Results For Second Quarter 2017

MOULTRIE, Ga., July 21, 2017 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $23.1 million, or $0.62 per diluted share, for the quarter ended June 30, 2017, compared with $20.0 million, or $0.57 per diluted share, for the quarter ended June 30, 2016.  For the year-to-date period ending June 30, 2017, the Company reported net income of $44.2 million, or $1.20 per diluted share, compared with $32.4 million, or $0.95 per share, for the same period in 2016.

Ameris Bancorp logo. (PRNewsFoto/Ameris Bancorp)

Commenting on the Company's quarterly results, Edwin W. Hortman, Jr., the Company's President and Chief Executive Officer, said, "We are pleased to announce solid second quarter financial results, including an adjusted operating ROA of 1.32% and an adjusted operating efficiency ratio of 59.37%.  Additionally, we grew loans organically by approximately $391 million, or 33% annualized in the second quarter of 2017 in the same diversified manner as in past quarters.  As we move into the second half of 2017, we see enough momentum and opportunity to give us confidence in our initial loan growth goals in the 20% range."

The Company reported adjusted operating net income of $23.5 million, or $0.63 per diluted share, for the quarter ended June 30, 2017, compared with $20.3 million, or $0.58 per diluted share, for the second quarter of 2016.  The Company reported adjusted operating net income of $45.1 million, or $1.23 per diluted share, for the six months ended June 30, 2017, compared with $36.7 million, or $1.08 per diluted share, for the same period of 2016.  Adjusted operating net income for the periods excludes certain after-tax costs associated with acquisitions and sales of premises, as shown in the following summary of the adjustments between reported net income and adjusted operating net income:


Three Months Ended


Six Months Ended

Adjusted Operating Net Income Reconciliation

June 2017


June 2016


June 2017


June 2016









Net income available to common shareholders

$          23,087


$           20,049


$               44,240


$            32,366

Merger and conversion charges

-


-


402


6,359

Losses (gains) on the sale of premises

570


401


865


324

Tax effect of management-adjusted charges

(199)


(140)


(443)


(2,339)

Plus: After tax management-adjusted charges

371


261


824


4,344

       Adjusted Operating Net income

23,458


20,310


45,064


36,710









Reported net income per diluted share:

$              0.62


$                0.57


$                   1.20


$                0.95

Adjusted operating net income per diluted share:

$              0.63


$                0.58


$                   1.23


$                1.08

Reported return on average assets

1.29%


1.31%


1.27%


1.11%

Adjusted operating return on average assets

1.32%


1.33%


1.29%


1.26%

 

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

  • Adjusted operating return on average assets of 1.32% and adjusted return on average tangible equity of 14.86%
  • Increase in tangible book value per share to $17.24, compared with $16.60 per share at March 31, 2017
  • Organic loan growth of $391.3 million for the quarter, reflecting an annualized growth rate of 32.9%
  • 10.1% increase in total revenue, to $91.3 million, in the second quarter of 2017, compared with total revenue of $83.0 million in the second quarter of 2016
  • Improvement in adjusted operating efficiency ratio, on a tax-equivalent basis, to 59.37% in the second quarter of 2017, compared with 61.93% in the same quarter in 2016
  • Tangible common equity to tangible assets of 8.84% at June 30, 2017, compared with 8.86% at March 31, 2017 and 7.46% at December 31, 2016
  • Net income from mortgage, Small Business Administration ("SBA") and premium finance lines of business totaling $7.3 million in the second quarter, compared with $6.2 million in the first quarter of 2017

Net Interest Income and Net Interest Margin
Interest income on a tax-equivalent basis increased to $73.0 million in the current quarter of 2017, an increase of $12.8 million, or 21.2%, from the same quarter in 2016.  Yields on total earning assets moved higher during the quarter to 4.45%, compared with 4.38% for the first quarter in 2017.  Yields on all loans excluding the effect of accretion increased to 4.59% in the current quarter of 2017, compared with 4.56% in the first quarter of 2017 and 4.42% in the second quarter of 2016.  Past increases in overall loan yields were attributable primarily to moves in short-term rates, while incremental loan production yields generally trailed the portfolio yield.  In the second quarter of 2017, incremental production yields increased to such a point that the dilutive effect to overall yields was very small.  Management believes production yields going forward will be accretive to overall yields and will combine with rate movements to produce a faster pace of yield improvements.

Interest expense during the second quarter of 2017 moved higher to $8.3 million, compared with $4.8 million in the same quarter in 2016.  The Company's cost of funds moved higher to 0.52% in the second quarter of 2017 as compared with the first quarter of 2017.  This relatively material move in cost of funds was impacted by the Company's issuance of $75 million of subordinated debt late in the first quarter of 2017.  Additionally, the Company adopted a more aggressive posture on deposit pricing that drove the cost of deposits in the second quarter of 2017 higher to 0.32%.  As of the end of the quarter, the Company's largest deposit customers are more aggressively priced and management believes that future moves in the cost of deposits will be less dramatic.

Interest expense on non-deposit borrowings increased during the quarter to $3.7 million, compared with $1.8 million in the same quarter in 2016.  Overall costs on these funding sources have decreased from a rate perspective over the past year, but the Company's use of these sources has increased from 4.4% of total funding in the first half of 2016 to 10.9% in the first half of 2017.  Management is comfortable with the reliance on non-deposit borrowings at its current level but expects to manage the usage to a lower level over time with a higher velocity of deposit growth.

Non-interest Income
Non-interest income in the second quarter of 2017 was $28.2 million, a slight decrease from the $28.4 million reported in the second quarter of 2016.  Service charges in the second quarter of 2017 were $10.6 million, an increase of $180,000, or 1.7%, compared with the same quarter in 2016.  Service charge-related revenues on commercial and consumer accounts increased, while NSF fee income declined.

Operational efficiency continued to improve the financial results of the Company's retail mortgage group.  Revenue from mortgage operations increased to $16.5 million, an increase of 4.2% compared with the same quarter in 2016.  However, net income for the Company's retail mortgage division increased 13.3% during the second quarter of 2017 to $4.1 million, compared with $3.6 million in the second quarter of 2016.   Total retail production increased to $400.2 million in the quarter, compared with $375.7 million in the second quarter of 2016, while spread (gain on sale) decreased to 3.46% in the current quarter compared with 3.90% in the same quarter of 2016.  Open pipelines at the end of the quarter were $174.3 million, compared with $146.3 million at the beginning of the second quarter of 2017 and $162.6 million at the end of the second quarter of 2016. 

Net income for the Company's warehouse lending division decreased during the quarter, from $1.1 million in the second quarter of 2016 to $837,000 in the second quarter of 2017.  However, loan production increased from $790.6 million in the second quarter of 2016 to approximately $966.8 million in the current quarter.  The decline in profitability is attributable to an increase of $176,000 in the Company's provision for loan loss expense and $219,000 of additional cost of funds allocated to the division.  The Company experienced a contraction in quarter-end balances at the end of the first quarter, but rebounded as expected during the second quarter, bringing average balances down quarter-over-quarter.

Revenues from the Company's SBA division were $2.6 million during the second quarter of 2017, compared with $2.4 million during the second quarter of 2016.  Net income for the division decreased slightly from $880,000 for the second quarter of 2016 to $875,000 for the second quarter of 2017, due to increased compensation costs. 

Revenues from the premium finance division continued to meet management's expectations, reporting $1.5 million of net income for the second quarter of 2017, compared with $1.3 million in the first quarter of 2017.  Management continues to be pleased with the profitability metrics and the franchise potential from this new partnership with US Premium Finance and believes that the management and sales talent in place are adequate to achieve the strong growth goals that were initially forecasted.

Non-interest Expense
During the second quarter of 2017 and 2016, the Company incurred pre-tax losses on the sale of premises totaling $570,000 in 2017 and $401,000 in 2016.  Excluding these charges, operating expenses increased approximately $3.2 million, to $55.2 million, from $52.0 million in the second quarter of 2016.  Additional operating expenses associated with the premium finance division impacted operating expenses by approximately $3.3 million in the second quarter of 2017.  During the second quarter of 2017, the Company incurred approximately $401,000 of operating expenses related to the new equipment finance line of business.  Management expects loan production to grow in the remainder of 2017 to offset these operating expenses.

Management continues to focus its efforts on improving the operating efficiency and the net overhead ratio of the Company.  During the second quarter of 2017, the Company's adjusted operating efficiency ratio declined to 59.37%, compared with 59.67% in the first quarter of 2017 and 61.93% in the second quarter of 2016.  The Company's adjusted operating net overhead ratio also declined, to 1.51% in the second quarter of 2017, compared with 1.57% in the first quarter of 2017.  

Salaries and benefits increased by $1.6 million to $29.1 million in the current quarter of 2017, compared with $27.5 million in the second quarter of 2016.  Increases in salaries and benefits from the second quarter of 2016 to the second quarter of 2017 relating to the Company's ongoing Bank Secrecy Act compliance efforts, the addition of the premium finance division and the addition of the equipment finance line of business were $863,000, $993,000 and $338,000, respectively. 

Total credit costs (provision and non-provision credit resolution-related costs) totaled $2.8 million in the second quarter of 2017, compared with $2.7 million in the same quarter in 2016 and $2.8 million in the first quarter of 2017.

Balance Sheet Trends
Total assets at June 30, 2017 were $7.40 billion, compared with $6.89 billion reported at December 31, 2016 and $7.09 billion reported at March 31, 2017.

Loans, including loans held for sale, totaled $5.82 billion at June 30, 2017, compared with $5.37 billion at December 31, 2016 and $5.43 billion at March 31, 2017.  During the quarter, growth in core loans (legacy and purchased non-covered loans) increased by $391.3 million, or 32.9% on an annualized basis.  Growth in legacy loans was diversified across product type, with commercial and industrial and agriculture at 35% of incremental growth, residential real estate at 29%, construction and development at 16%, CRE at 14%, and consumer and other loans at 6% of the total.  Loans held for sale, which includes both residential mortgage and SBA-guaranteed loans, increased $41.1 million during the second quarter of 2017. 

Loan production and growth associated with the new premium finance division continue to meet forecasted levels.  Loans outstanding grew $50.7 million, or 47.7% annualized, from $425.9 million at the end of the first quarter of 2017 to $476.6 million at the end of the second quarter of 2017. 

Lending activity in the Company's new equipment finance line of business, which provides financing for heavy equipment in the manufacturing, transportation and construction sectors, finished the quarter with approved credit totaling $126.7 million at a weighted average yield of approximately 4.18%.  Outstanding balances have been slower to book and ended the quarter at $15.9 million.  Management expects additional approvals throughout the remainder of the year and that usage on approved lines will increase and support the Company's overall growth goals in the second half of 2017.

Mortgage warehouse balances rebounded during the quarter to finish at $173.9 million at June 30, 2017, compared with $107.8 million at the end of the first quarter of 2017 and $150.5 million at the same time in 2016.  Loan production increased to $966.8 million, or 22.3%, from the same quarter in 2016. 

Investment securities at the end of the second quarter of 2017 were $861.2 million, or 12.6% of earning assets, compared with $852.2 million, or 13.5% of earning assets, at December 31, 2016. 

At June 30, 2017, total deposits amounted to $5.79 billion, or 88.1% of total funding, compared with $5.58 billion and 89.8%, respectively, at December 31, 2016.  Non-interest bearing deposits at the end of the current quarter were $1.67 billion, or 28.9% of total deposits, compared with $1.57 billion, or 28.2%, at December 31, 2016.  Non-rate sensitive deposits (including non-interest bearing, NOW and savings) totaled $3.10 billion at June 30, 2017, compared with $3.04 billion at the end of 2016.  These funds represented 53.6% of the Company's total deposits at June 30, 2017, compared with 54.6% at the end of 2016.

Shareholders' equity at June 30, 2017 totaled $782.7 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 $44.2 million during the first six months of 2017.  Tangible book value per share at June 30, 2017 was $17.24, up 19.6% from $14.42 at the end of 2016.  Tangible common equity as a percentage of tangible assets was to 8.84% at the end of the second 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 (July 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 August 4, 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 10109634. 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


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2017


2017


2016


2016


2016


2017


2016

















EARNINGS































Net Income 

$                 23,087


$                 21,153


$                 18,177


$             21,557


$                20,049


$          44,240


$         32,366


















Adjusted Operating Net Income

$                 23,458


$                 21,606


$                 22,205


$             21,712


$                20,310


$          45,064


$         36,710

















PER COMMON SHARE DATA















Earnings per share available to common shareholders:
















Basic

$                     0.62


$                     0.59


$                     0.52


$                 0.62


$                    0.58


$              1.21


$             0.96



Diluted

$                     0.62


$                     0.59


$                     0.52


$                 0.61


$                    0.57


$              1.20


$             0.95



Operating Diluted EPS

$                     0.63


$                     0.60


$                     0.63


$                 0.62


$                    0.58


$              1.23


$             1.08


Cash Dividends per share

$                     0.10


$                     0.10


$                     0.10


$                 0.10


$                    0.05


$              0.20


$             0.10


Book value per share (period end)

$                   21.03


$                   20.42


$                   18.51


$               18.42


$                  17.96


$            21.03


$           17.96


Tangible book value per share (period end)

$                   17.24


$                   16.60


$                   14.42


$               14.38


$                  13.89


$            17.24


$           13.89


Weighted average number of shares:
















Basic

37,162,810


35,664,420


34,915,459


34,869,747


34,832,621


36,417,754


33,792,343



Diluted

37,489,348


36,040,240


35,293,035


35,194,739


35,153,311


36,744,190


34,107,298


Period-end number of shares

37,222,904


37,128,714


34,921,474


34,891,304


34,847,311


37,222,904


34,847,311


Market data:
















High intraday price

$                   49.80


$                   49.50


$                   47.70


$               36.20


$                  32.76


$            49.80


$           32.68



Low intraday price

$                   42.60


$                   41.60


$                   34.61


$               28.90


$                  27.73


$            41.60


$           25.09



Period end closing price

$                   48.20


$                   46.10


$                   43.60


$               34.95


$                  29.70


$            48.20


$           29.70



Average daily volume

169,617


242,982


191,894


166,841


215,409


205,998


234,141

















PERFORMANCE RATIOS















Return on average assets

1.29%


1.24%


1.10%


1.35%


1.31%


1.27%


1.11%


Return on average common equity

11.95%


12.33%


11.06%


13.39%


13.08%


12.13%


11.24%


Earning asset yield (TE)

4.45%


4.38%


4.34%


4.35%


4.35%


4.42%


4.35%


Total cost of funds

0.52%


0.42%


0.38%


0.36%


0.35%


0.47%


0.34%


Net interest margin (TE)

3.95%


3.97%


3.95%


3.99%


4.01%


3.96%


4.02%


Non-interest income excluding securities transactions,
















as a percent of total revenue (TE)

27.81%


27.27%


27.32%


31.36%


32.01%


27.55%


31.25%


Efficiency ratio

61.02%


61.52%


67.05%


61.91%


63.11%


61.26%


68.46%

















CAPITAL ADEQUACY (period end)















Stockholders' equity to assets

10.58%


10.69%


9.38%


9.90%


10.06%


10.58%


10.06%


Tangible common equity to tangible assets

8.84%


8.86%


7.46%


7.90%


7.96%


8.84%


7.96%

















EQUITY TO ASSETS RECONCILIATION















Tangible common equity to tangible assets

8.84%


8.86%


7.46%


7.90%


7.96%


8.84%


7.96%


Effect of goodwill and other intangibles

1.74%


1.82%


1.92%


2.00%


2.10%


1.74%


2.10%



Equity to assets (GAAP)

10.58%


10.69%


9.38%


9.90%


10.06%


10.58%


10.06%

















OTHER PERIOD-END DATA















Banking Division FTE

1,082


1,039


1,014


987


1,000


1,082


1,000


Retail Mortgage Division FTE

268


252


254


254


239


268


239


Warehouse Lending Division FTE

8


8


9


5


6


8


6


SBA Division FTE

23


20


21


24


23


23


23


Premium Finance Division FTE

56


50


-


-


-


56


-



Total Ameris Bancorp FTE Headcount

1,437


1,369


1,298


1,270


1,268


1,437


1,268


















Assets per Banking Division FTE

$                   6,837


$                   6,829


$                   6,797


$               6,579


$                  6,221


$            6,837


$           6,221


Branch locations

97


97


97


99


102


97


102


Deposits per branch location

$                 59,726


$                 58,169


$                 57,476


$             53,597


$                50,780


$          59,726


$         50,780

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




















Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2017


2017


2016


2016


2016


2017


2016

































INCOME STATEMENT






























Interest income















Interest and fees on loans

$                 65,464


$                 61,521


$                 57,982


$             57,322


$                54,164


$        126,985


$       103,355


Interest on taxable securities

5,195


4,800


4,348


4,336


4,554


9,995


9,140


Interest on nontaxable securities

401


416


425


397


454


817


900


Interest on deposits in other banks

351


313


193


147


159


664


487


Interest on federal funds sold

-


-


8


8


9


0


17



Total interest income

71,411


67,050


62,956


62,210


59,340


138,461


113,899

















Interest expense















Interest on deposits

$                   4,580


$                   3,763


$                   3,680


$               3,074


$                  2,915


$            8,343


$           5,656


Interest on other borrowings

3,674


2,697


1,997


2,069


1,836


6,371


3,218



Total interest expense

8,254


6,460


5,677


5,143


4,751


14,714


8,874

















Net interest income

63,157


60,590


57,279


57,067


54,589


123,747


105,025

















Provision for loan losses

2,205


1,836


1,710


811


889


4,041


1,570

















Net interest income after provision for loan losses

$                 60,952


$                 58,754


$                 55,569


$             56,256


$                53,700


$        119,706


$       103,455

















Noninterest income















Service charges on deposit accounts

$                 10,616


$                 10,563


$                 11,036


$             11,358


$                10,436


$          21,179


$         20,351


Mortgage banking activity

13,943


11,215


9,878


14,067


14,142


25,158


24,353


Other service charges, commissions and fees

729


709


706


791


967


1,438


2,078


Gain(loss) on sale of securities

37


-


-


-


-


37


94


Other non-interest income

2,864


3,219


2,652


2,648


2,834


6,083


5,789



Total noninterest income

28,189


25,706


24,272


28,864


28,379


53,895


52,665

















Noninterest expense















Salaries and employee benefits

29,132


27,794


25,137


27,982


27,531


56,926


53,718


Occupancy and equipment expenses

6,146


5,877


6,337


5,989


6,371


12,023


12,071


Data processing and telecommunications expenses

7,028


6,572


6,244


6,185


6,049


13,600


12,162


Credit resolution related expenses (1)

599


933


1,083


1,526


1,764


1,532


3,563


Advertising and marketing expenses

1,259


1,106


1,273


1,249


854


2,365


1,659


Amortization of intangible assets

1,013


1,036


1,044


993


1,319


2,049


2,339


Merger and conversion charges

-


402


17


-


-


402


6,359


Other non-interest expenses

10,562


9,373


13,542


9,275


8,471


19,935


16,088



Total noninterest expense

55,739


53,093


54,677


53,199


52,359


108,832


107,959

















Income before income taxes

$                 33,402


$                 31,367


$                 25,164


$             31,921


$                29,720


$          64,769


$         48,161


















Income tax expense

10,315


10,214


6,987


10,364


9,671


20,529


15,795

















Net income

$                 23,087


$                 21,153


$                 18,177


$             21,557


$                20,049


$          44,240


$         32,366

















Diluted earnings available to common shareholders

0.62


0.59


0.52


0.61


0.57


1.20


0.95


















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









 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




























Three Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.




2017


2017


2016


2016


2016













PERIOD-END BALANCE SHEET






















Assets











Cash and due from banks

$               139,500


$               127,164


$               127,164


$           123,270


$              116,255


Federal funds sold and interest bearing deposits in banks

137,811


232,045


71,221


90,801


68,273


Investment securities available for sale, at fair value

818,693


830,765


822,735


838,124


843,646


Other investments

42,495


35,950


29,464


24,578


19,125


Loans held for sale

146,766


105,637


105,924


126,263


102,757














Loans, net of unearned income

4,230,228


3,785,480


3,626,821


3,091,039


2,819,071


Purchased loans (excluding loan pools)

950,499


1,006,935


1,069,191


1,129,381


1,193,635


Purchased loan pools

490,114


529,099


568,314


624,886


610,425


Less allowance for loan losses

(25,101)


(25,250)


(23,920)


(22,963)


(21,734)



Loans, net

5,645,740


5,296,264


5,240,406


4,822,343


4,601,397














Other real estate owned

11,483


10,466


10,874


10,392


13,765


Purchased other real estate owned

11,330


11,668


12,540


15,126


16,670



Total other real estate owned

22,813


22,134


23,414


25,518


30,435














Premises and equipment, net

121,108


121,610


121,217


122,191


123,978


Goodwill

125,532


125,532


125,532


122,545


121,422


Other intangibles, net

15,378


16,391


17,428


18,472


20,574


Deferred income taxes, net

41,124


41,505


40,776


37,626


39,286


Cash value of bank owned life insurance

78,834


78,442


78,053


77,637


77,095


Other assets

62,064


61,417


88,697


64,127


57,051



Total assets

$            7,397,858


$            7,094,856


$            6,892,031


$        6,493,495


$           6,221,294













Liabilities











Deposits:












Noninterest-bearing

$            1,672,918


$            1,654,723


$            1,573,389


$        1,563,316


$           1,553,972



Interest-bearing

4,120,479


3,987,646


4,001,774


3,742,782


3,625,560


Total deposits

5,793,397


5,642,369


5,575,163


5,306,098


5,179,532


Federal funds purchased & securities sold under












agreements to repurchase

18,400


40,415


53,505


42,647


37,139


Other borrowings

679,591


525,669


492,321


373,461


260,191


Subordinated deferrable interest debentures

84,889


84,559


84,228


83,898


83,570


Other liabilities

38,899


43,628


40,377


44,808


34,947



Total liabilities

6,615,176


6,336,640


6,245,594


5,850,912


5,595,379

























Shareholders' equity










  Preferred stock

$                           -


$                           -


$                          -


$                      -


$                         -

  Common stock

38,698


38,603


36,378


36,348


36,303

  Capital surplus

505,803


503,543


410,276


409,630


408,549

  Retained earnings

251,259


231,894


214,454


199,769


181,701

  Accumulated other comprehensive income (loss)

1,421


(1,209)


(1,058)


10,449


12,960

  Less treasury stock

(14,499)


(14,615)


(13,613)


(13,613)


(13,598)



Total shareholders' equity

782,682


758,216


646,437


642,583


625,915



Total liabilities and shareholders' equity

$            7,397,858


$            7,094,856


$            6,892,031


$        6,493,495


$           6,221,294

























Other Data










Earning Assets

6,816,606


6,525,911


6,293,670


5,925,072


5,656,932

Intangible Assets

140,910


141,923


142,960


141,017


141,996

Interest Bearing Liabilities

4,903,359


4,638,289


4,631,828


4,242,788


4,006,460

Average Assets

7,152,024


6,915,965


6,573,344


6,330,350


6,138,757

Average Common Stockholders' Equity

774,664


695,830


653,991


640,382


616,361

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




































Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2017


2017


2016


2016


2016


2017


2016

















ASSET QUALITY INFORMATION






























Allowance for loan losses















Balance at beginning of period

$                 25,250


$                 23,920


$                 22,963


$             21,734


$                21,482


$          23,920


$         21,062


















Provision for loan loss

2,205


1,836


1,710


811


889


4,041


1,570



















Charge-offs

3,284


1,102


1,686


1,451


1,376


4,386


3,190



Recoveries

930


596


933


1,869


739


1,526


2,292


Net charge-offs (recoveries)

2,354


506


753


(418)


637


2,860


898


















Ending balance

$                 25,101


$                 25,250


$                 23,920


$             22,963


$                21,734


$          25,101


$         21,734

















































Net charge-off information















Charge-offs















Commercial, financial & agricultural

$                      701


$                      104


$                      726


$                  326


$                     541


$               805


$              947


Real estate - residential

963


216


239


292


123


1,179


591


Real estate - commercial & farmland

386


9


-


-


361


395


708


Real estate - construction & development

41


53


264


60


109


94


264


Consumer installment

438


164


159


74


59


602


118


Purchased loans (excluding loan pools)

755


556


298


699


183


1,311


562


Purchased loan pools

-


-


-


-


-


-


-



Total charge-offs

3,284


1,102


1,686


1,451


1,376


4,386


3,190


















Recoveries















Commercial, financial & agricultural

221


69


121


119


87


290


160


Real estate - residential

73


61


23


40


14


134


328


Real estate - commercial & farmland

121


9


78


13


57


130


178


Real estate - construction & development

98


20


16


131


221


118


343


Consumer installment

44


17


8


78


16


61


41


Purchased loans (excluding loan pools)

373


420


687


1,488


344


793


1,242


Purchased loan pools

-


-


-


-


-


-


-



Total recoveries

930


596


933


1,869


739


1,526


2,292


















Net charge-offs (recoveries)

$                   2,354


$                      506


$                      753


$                (418)


$                     637


$            2,860


$              898

















































Non-accrual loans (excluding purchased loans)

17,083


18,281


18,114


16,379


16,003


17,083


16,003

Non-accrual purchased loans

17,357


23,606


22,966


23,827


26,736


17,357


26,736

Non-accrual purchased loan pools

918


-


-


864


864


918


864

Foreclosed assets (excluding purchased assets)

11,483


10,466


10,874


10,392


13,765


11,483


13,765

Purchased other real estate owned

11,330


11,668


12,540


15,126


16,670


11,330


16,670

Accruing loans delinquent 90 days or more (excluding purchased loans)

1,784


933


-


-


-


1,784


-

Accruing purchased loans delinquent 90 days or more

147


-


-


-


-


147


-

Total non-performing assets

60,102


64,954


64,494


66,588


74,038


60,102


74,038

















Non-performing assets as a percent of total assets

0.81%


0.92%


0.94%


1.03%


1.19%


0.81%


1.19%

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

0.17%


0.04%


0.06%


-0.04%


0.06%


0.11%


0.04%

Net charge offs, excluding purchased loans as a percent














    of average loans (annualized)

0.20%


0.04%


0.14%


0.05%


0.12%


0.12%


0.13%

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




























For the quarter ended:




Jun.


Mar.


Dec.


Sept.


Jun.



Loans by Type

2017


2017


2016


2016


2016



Commercial, financial & agricultural

$            1,218,633


$            1,061,599


$               967,138


$           625,947


$              564,343



Real estate - construction & development

486,858


415,029


363,045


328,308


274,717



Real estate - commercial & farmland

1,519,002


1,458,110


1,406,219


1,297,582


1,248,580



Real estate - residential

857,069


726,795


781,018


766,933


680,233



Consumer installment

147,505


115,919


96,915


68,305


33,245



Other

1,161


8,028


12,486


3,964


17,953



    Total Legacy (excluding purchased loans)

$            4,230,228


$            3,785,480


$            3,626,821


$        3,091,039


$           2,819,071















Commercial, financial & agricultural

$                 87,612


$                 89,897


$                 96,537


$           100,426


$              103,407



Real estate - construction & development

73,567


82,378


81,368


89,319


96,264



Real estate - commercial & farmland

510,312


538,046


576,355


604,076


639,921



Real estate - residential

275,504


292,911


310,277


330,626


348,353



Consumer installment

3,504


3,703


4,654


4,934


5,690



    Total Purchased loans (net of discounts)

$               950,499


$            1,006,935


$            1,069,191


$        1,129,381


$           1,193,635















Commercial, financial & agricultural

$                           -


$                           -


$                          -


$                      -


$                         -



Real estate - construction & development

-


-


-


-


-



Real estate - commercial & farmland

-


-


-


-


-



Real estate - residential

490,114


529,099


568,314


624,886


610,425



Consumer installment

-


-


-


-


-



    Total Purchased loan pools

$               490,114


$               529,099


$               568,314


$           624,886


$              610,425















Total Loan Portfolio:












Commercial, financial & agricultural

$            1,306,245


$            1,151,496


$            1,063,675


$           726,373


$              667,750



Real estate - construction & development

560,425


497,407


444,413


417,627


370,981



Real estate - commercial & farmland

2,029,314


1,996,156


1,982,574


1,901,658


1,888,501



Real estate - residential

1,622,687


1,548,805


1,659,609


1,722,445


1,639,011



Consumer installment

151,009


119,622


101,569


73,239


38,935



Other

1,161


8,028


12,486


3,964


17,953



    Total Loans

$            5,670,841


$            5,321,514


$            5,264,326


$        4,845,306


$           4,623,131







































Troubled Debt Restructurings, excluding purchased loans:











Accruing loan types:












Commercial, financial & agricultural

$                        40


$                        42


$                        47


$                    53


$                     275



Real estate - construction & development

429


435


686


691


468



Real estate - commercial & farmland

4,859


3,944


4,119


5,535


5,802



Real estate - residential

6,829


9,220


9,340


7,713


8,226



Consumer installment

12


18


17


21


24



    Total Accruing TDRs

$                 12,169


$                 13,659


$                 14,209


$             14,013


$                14,795















Non-accruing loan types:












Commercial, financial & agricultural

$                      136


$                      142


$                      114


$                  112


$                       86



Real estate - construction & development

34


34


35


35


36



Real estate - commercial & farmland

192


1,617


2,970


2,015


1,832



Real estate - residential

1,975


998


738


849


899



Consumer installment

133


129


130


120


113



    Total Non-accrual TDRs

$                   2,470


$                   2,920


$                   3,987


$               3,131


$                  2,966















Total Troubled Debt Restructurings

$                 14,639


$                 16,579


$                 18,196


$             17,144


$                17,761

























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









Grade 10 - Prime credit

$               490,514


$               420,814


$               414,564


$           398,781


$              349,725



Grade 15 - Good credit

631,141


587,180


539,147


190,389


191,574



Grade 20 - Satisfactory credit

1,875,308


1,718,749


1,669,998


1,608,265


1,493,561



Grade 23 - Performing, under-collateralized credit

15,386


20,889


23,186


22,763


23,665



Grade 25 - Minimum acceptable credit

1,147,786


958,623


907,588


797,148


687,817



Grade 30 - Other asset especially mentioned

32,871


37,298


29,172


31,764


32,468



Grade 40 - Substandard

37,116


41,821


43,067


41,929


40,261



Grade 50 - Doubtful

106


106


99


-


-



Grade 60 - Loss

-


-


-


-


-



  Total

$            4,230,228


$            3,785,480


$            3,626,821


$        3,091,039


$           2,819,071













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











Grade 10 - Prime credit

$                   5,959


$                   6,017


$                   6,536


$               6,543


$                  6,899



Grade 15 - Good credit

39,391


38,179


40,786


42,257


45,245



Grade 20 - Satisfactory credit

327,449


365,434


334,353


341,544


364,624



Grade 23 - Performing, under-collateralized credit

22,058


22,081


27,475


31,841


33,817



Grade 25 - Minimum acceptable credit

459,903


476,954


569,026


604,272


620,489



Grade 30 - Other asset especially mentioned

41,869


43,450


35,032


50,691


61,227



Grade 40 - Substandard

53,870


54,820


55,983


52,233


61,302



Grade 50 - Doubtful

-


-


-


-


30



Grade 60 - Loss

-


-


-


-


2



  Total

$               950,499


$            1,006,935


$            1,069,191


$        1,129,381


$           1,193,635













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











Grade 20 - Satisfactory credit

$               489,196


$               528,181


$               567,389


$           624,022


$              609,561



Grade 40 - Substandard

918


918


925


864


864



  Total

$               490,114


$               529,099


$               568,314


$           624,886


$              610,425

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




































Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2017


2017


2016


2016


2016


2017


2016

































AVERAGE BALANCES
































Federal funds sold

$                           -


$                           -


$                   5,261


$               5,500


$                  7,186


$                   -


$           6,693



Interest bearing deposits in banks

121,810


147,385


122,538


85,051


96,906


134,527


149,360



Investment securities - taxable

766,375


759,850


770,373


767,421


766,006


763,130


747,137



Investment securities - nontaxable

63,210


65,374


66,566


68,325


69,664


64,286


69,244



Other investments

37,375


37,392


19,732


21,687


14,765


37,383


12,185



Loans held for sale

110,933


77,617


102,926


105,859


96,998


94,368


91,528



Loans

3,994,213


3,678,149


3,145,714


2,897,771


2,653,171


3,838,324


2,536,566



Purchased loans (excluding loan pools)

973,521


1,034,983


1,101,907


1,199,175


1,239,409


1,004,252


1,098,755



Purchased loan pools

516,949


547,057


590,617


629,666


630,503


530,480


628,840



  Total Earning Assets

$            6,584,386


$            6,347,807


$            5,925,634


$        5,780,455


$           5,574,608


$     6,466,750


$    5,340,308



















Noninterest bearing deposits

$            1,615,001


$            1,604,495


$            1,592,073


$        1,546,211


$           1,561,621


$     1,609,777


$    1,461,814



NOW accounts

1,154,364


1,169,567


1,253,849


1,085,828


1,087,442


1,161,924


1,112,259



MMDA

1,621,487


1,486,972


1,435,958


1,435,151


1,413,503


1,554,601


1,345,851



Savings accounts

278,666


268,741


262,782


266,344


265,936


273,731


258,522



Retail CDs < $100,000

441,556


444,195


445,132


431,570


437,899


442,868


436,580



Retail CDs > $100,000

560,320


517,354


497,113


451,115


439,954


538,956


424,757



Brokered CDs

-


-


3,750


5,000


5,000


-


3,049



  Total Deposits

5,671,394


5,491,324


5,490,657


5,221,219


5,211,355


5,581,857


5,042,832



















Federal funds purchased and securities sold
















under agreements to repurchase

27,088


42,589


44,000


37,305


43,286


$          34,796


$         48,037



FHLB advances

483,583


525,583


222,426


265,202


104,195


504,467


56,922



Other borrowings

75,625


47,738


38,728


49,345


51,970


61,758


47,033



Subordinated deferrable interest debentures

84,710


84,379


84,050


83,719


83,386


84,545


77,988



  Total Non-Deposit Funding

671,006


700,289


389,204


435,571


282,837


685,566


229,980



















  Total Funding

$            6,342,400


$            6,191,613


$            5,879,861


$        5,656,790


$           5,494,192


$     6,267,423


$    5,272,812

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




















Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2017


2017


2016


2016


2016


2017


2016

















INTEREST INCOME/EXPENSE































INTEREST INCOME
















Federal funds sold

$                           -


$                           -


$                          8


$                      8


$                         9


$                   -


$                17



Interest bearing deposits in banks

351


313


193


147


159


664


487



Investment securities - taxable

5,195


4,800


4,348


4,336


4,554


9,995


9,140



Investment securities - nontaxable (TE)

617


640


654


536


613


1,257


1,215



Loans held for sale

1,058


653


989


826


821


1,711


1,576



Loans (TE)

47,255


43,157


37,418


33,672


31,531


90,412


60,215



Purchased loans (excluding loan pools)

14,765


15,173


17,015


19,296


18,859


29,938


34,052



Purchased loan pools

3,786


3,832


3,950


4,346


3,730


7,618


8,874



Total Earning Assets

$                 73,027


$                 68,568


$                 64,575


$             63,167


$                60,276


$        141,595


$       115,576



















    Accretion Income (included above)

2,896


2,810


3,370


3,604


4,196


5,706


7,138


















INTEREST EXPENSE
















Non-interest bearing deposits

$                           -


$                           -


$                          -


$                      -


$                         -


$                   -


$                   -



NOW accounts

520


497


613


433


439


1,017


907



MMDA

2,008


1,538


1,405


1,241


1,168


3,546


2,208



Savings accounts

45


43


44


45


45


88


88



Retail CDs < $100,000

636


562


553


493


476


1,198


988



Retail CDs > $100,000

1,371


1,123


1,060


854


779


2,494


1,455



Brokered CDs

-


-


6


8


8


0


10



Total Deposits

4,580


3,763


3,681


3,074


2,915


8,343


5,656



















Federal funds purchased and securities sold
















under agreements to repurchase

13


20


21


18


24


33


59



FHLB advances

1,238


907


328


393


155


2,145


178



Other borrowings

1,158


559


432


479


484


1,717


854



Subordinated deferrable interest debentures

1,265


1,211


1,216


1,179


1,173


2,476


2,127



  Total Non-Deposit Funding

3,674


2,697


1,997


2,069


1,836


6,371


3,218



















  Total Funding

$                   8,254


$                   6,460


$                   5,678


$               5,143


$                  4,751


$          14,714


$           8,874



















Net Interest Income (TE)

$                 64,773


$                 62,108


$                 58,897


$             58,024


$                55,525


$        126,881


$       106,702

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




































Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2017


2017


2016


2016


2016


2017


2016

YIELDS (1)
































Federal funds sold

0.00%


0.00%


0.60%


0.58%


0.50%


0.00%


0.51%



Interest bearing deposits in banks

1.16%


0.86%


0.63%


0.69%


0.66%


1.00%


0.66%



Investment securities - taxable

2.72%


2.56%


2.25%


2.25%


2.39%


2.64%


2.46%



Investment securities - nontaxable

3.91%


3.97%


3.91%


3.12%


3.54%


3.94%


3.53%



Loans held for sale

3.83%


3.41%


3.82%


3.10%


3.40%


3.66%


3.46%



Loans

4.75%


4.76%


4.73%


4.62%


4.78%


4.75%


4.77%



Purchased loans (excluding loan pools)

6.08%


5.95%


6.14%


6.40%


6.12%


6.01%


6.23%



Purchased loan pools

2.94%


2.84%


2.66%


2.75%


2.38%


2.90%


2.84%



  Total Earning Assets

4.45%


4.38%


4.34%


4.35%


4.35%


4.42%


4.35%



















Noninterest bearing deposits

0.00%


0.00%


0.00%


0.00%


0.00%


0.00%


0.00%



NOW accounts

0.18%


0.17%


0.19%


0.16%


0.16%


0.18%


0.16%



MMDA

0.50%


0.42%


0.39%


0.34%


0.33%


0.46%


0.33%



Savings accounts

0.06%


0.06%


0.07%


0.07%


0.07%


0.06%


0.07%



Retail CDs < $100,000

0.58%


0.51%


0.49%


0.45%


0.44%


0.55%


0.46%



Retail CDs > $100,000

0.98%


0.88%


0.85%


0.75%


0.71%


0.93%


0.69%



Brokered CDs

0.00%


0.00%


0.64%


0.64%


0.64%


0.00%


0.66%



  Total Deposits

0.32%


0.28%


0.27%


0.23%


0.22%


0.30%


0.23%



















Federal funds purchased and securities sold
















under agreements to repurchase

0.19%


0.19%


0.19%


0.19%


0.22%


0.19%


0.25%



FHLB advances

1.03%


0.70%


0.59%


0.59%


0.60%


0.86%


0.63%



Other borrowings

6.14%


4.75%


4.44%


3.86%


3.75%


5.61%


3.65%



Subordinated deferrable interest debentures

5.99%


5.82%


5.76%


5.60%


5.66%


5.91%


5.48%



  Total Non-Deposit Funding

2.20%


1.56%


2.04%


1.89%


2.61%


1.87%


2.81%



















  Total funding (2)

0.52%


0.42%


0.38%


0.36%


0.35%


0.47%


0.34%



















Net interest spread

3.93%


3.96%


3.95%


3.99%


4.00%


3.94%


4.01%



















Net interest margin (3)

3.95%


3.97%


3.95%


3.99%


4.01%


3.96%


4.02%

















































(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


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.



Adjusted Operating Net Income Reconciliation

2017


2017


2016


2016


2016


2017


2016



















Net income available to common shareholders

$                 23,087


$                 21,153


$                 18,177


$             21,557


$                20,049


$          44,240


$         32,366



















Merger and conversion charges

-


402


17


-


-


402


6,359



Certain compliance resolution expenses

-


-


5,750


-


-


-


-



Losses (gains) on the sale of premises

570


295


430


238


401


865


324



Tax effect of management-adjusted charges

(199)


(244)


(2,169)


(83)


(140)


(443)


(2,339)



Plus: After tax management-adjusted charges

371


453


4,028


155


261


824


4,344



















       Adjusted Operating Net income

23,458


21,606


22,205


21,712


20,310


45,064


36,710



















Adjusted operating net income per diluted share:

$                     0.63


$                     0.60


$                     0.63


$                 0.62


$                    0.58


$              1.23


$             1.08



Adjusted operating return on average assets

1.32%


1.27%


1.34%


1.36%


1.33%


1.29%


1.26%



Adjusted operating return on average common
















    tangible equity

14.86%


15.84%


17.25%


17.31%


17.25%


15.31%


16.36%




































Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.



Net Interest Margin and Yields on Total Loans

2017


2017


2016


2016


2016


2017


2016



    Excluding Accretion Reconciliation
































Total Interest Income (TE)

$                 73,027


$                 68,568


$                 64,575


$             63,167


$                60,276


$        141,595


$       115,576



    Accretion Income

2,896


2,810


3,370


3,604


4,196


5,706


7,138



Total Interest Income (TE) Excluding Accretion

$                 70,131


$                 65,758


$                 61,205


$             59,563


$                56,080


$        135,889


$       108,438



















Total Interest Expense

$                   8,254


$                   6,460


$                   5,677


$               5,143


$                  4,751


$          14,714


$           8,874



Net Interest Income (TE) Excluding Accretion

$                 61,877


$                 59,298


$                 55,528


$             54,420


$                51,329


$        121,175


$         99,564



















Yield on Total Loans (TE) Excluding Accretion

4.59%


4.56%


4.51%


4.49%


4.42%


4.57%


4.51%



















Net Interest Margin (TE) Excluding Accretion

3.77%


3.79%


3.73%


3.75%


3.70%


3.78%


3.75%




































Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.



Management-Adjusted Operating Expenses

2017


2017


2016


2016


2016


2017


2016



















Total operating expenses

55,739


53,093


54,677


53,199


52,359


108,832


107,959



Less: Management-adjusted charges
















Merger and conversion expenses

-


(402)


(17)


-


-


(402)


(6,359)



   Certain compliance resolution expenses

-


-


(5,750)


-


-


-


-



   Gains/(Losses) on the sale of premises

(570)


(295)


(430)


(238)


(401)


(865)


(324)



















Management-adjusted operating expenses

$                 55,169


$                 52,396


$                 48,480


$             52,961


$                51,958


$        107,565


$       101,276



















Management-adjusted operating efficiency ratio (TE)

59.37%


59.67%


58.29%


60.95%


61.93%


59.51%


63.59%




















































Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.



Tangible Book Value per Share Reconciliation

2017


2017


2016


2016


2016


2017


2016



















Total shareholders' equity

$               782,682


$               758,216


$               646,437


$           642,583


$              625,915


$        782,682


$       625,915



Less: Goodwill

125,532


125,532


125,532


122,545


121,422


$        125,532


121,422



Less:Other intangibles, net

15,378


16,391


17,428


18,472


20,574


15,378


20,574



Total tangible shareholders' equity

$               641,772


$               616,293


$               503,477


$           501,566


$              483,919


$        641,772


$       483,919



















Period-end number of shares

37,222,904


37,128,714


34,921,474


34,891,304


34,847,311


37,222,904


34,847,311



















Tangible book value per share (period end)

$                   17.24


$                   16.60


$                   14.42


$               14.38


$                  13.89


$            17.24


$           13.89

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




































Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.



Segment Reporting

2017


2017


2016


2016


2016


2017


2016



















Banking Division:
















   Net interest income

$                 51,800


$                 50,126


$                 50,528


$             51,653


$                49,820


$        101,926


$         96,303



   Provision for loan losses

1,491


1,982


502


57


733


3,473


1,414



   Noninterest income

12,954


13,013


13,466


13,949


13,018


25,967


25,753



   Noninterest expense:
















      Salaries and employee benefits

19,359


18,844


17,084


18,323


18,428


38,203


37,417



      Occupancy

5,427


5,257


5,668


5,490


5,901


10,684


11,051



      Data Processing

6,378


6,043


5,841


5,794


5,685


12,421


11,505



      Other expenses

10,209


9,241


15,398


11,533


11,071


19,450


27,507



         Total noninterest expense

41,373


39,385


43,991


41,140


41,085


80,758


87,480



Income before income taxes

21,890


21,772


19,501


24,405


21,020


43,662


33,162



   Income Tax

6,095


6,856


5,005


7,733


6,626


12,951


10,545



         Net income

$                 15,795


$                 14,916


$                 14,496


$             16,672


$                14,394


$          30,711


$         22,617



































Retail Mortgage Division:
















   Net interest income

$                   3,470


$                   2,976


$                   3,032


$               2,625


$                  2,554


$            6,446


$           4,984



   Provision for loan losses

347


8


33


447


93


355


93



   Noninterest income

13,053


10,513


9,036


13,198


13,304


23,566


22,928



   Noninterest expense:
















      Salaries and employee benefits

7,763


7,216


7,098


8,940


8,304


14,979


14,651



      Occupancy

610


519


602


433


405


1,129


893



      Data Processing

440


317


326


364


338


757


610



      Other expenses

888


1,141


1,093


1,303


1,133


2,029


2,089



         Total noninterest expense

9,701


9,193


9,119


11,040


10,180


18,894


18,243



Income before income taxes

6,475


4,288


2,916


4,336


5,585


10,763


9,576



   Income Tax

2,361


1,501


1,021


1,518


1,955


3,862


3,352



         Net income

$                   4,114


$                   2,787


$                   1,895


$               2,818


$                  3,630


$            6,901


$           6,224



































Warehouse Lending Division:
















   Net interest income

$                   1,254


$                   1,105


$                   1,706


$               1,848


$                  1,481


$            2,359


$           2,408



   Provision for loan losses

176


(232)


496


94


-


(56)


-



   Noninterest income

438


319


462


555


440


757


773



   Noninterest expense:
















      Salaries and employee benefits

127


147


220


103


108


274


296



      Occupancy

1


1


1


1


1


2


2



      Data Processing

25


27


32


26


25


52


45



      Other expenses

54


32


29


26


26


86


51



         Total noninterest expense

207


207


282


156


160


414


394



Income before income taxes

1,309


1,449


1,390


2,153


1,761


2,758


2,787



   Income Tax

472


507


487


754


616


979


975



         Net income

$                      837


$                      942


$                      904


$               1,399


$                  1,145


$            1,779


$           1,812



































SBA Division:
















   Net interest income

$                      885


$                      907


$                      949


$                  941


$                     734


$            1,792


$           1,330



   Provision for loan losses

51


48


571


213


63


99


63



   Noninterest income

1,718


1,815


1,308


1,162


1,617


3,533


3,211



   Noninterest expense:
















      Salaries and employee benefits

890


591


735


616


691


1,481


1,354



      Occupancy

54


51


64


65


64


105


125



      Data Processing

2


1


1


1


1


3


2



      Other expenses

259


211


170


181


178


470


361



         Total noninterest expense

1,205


854


970


863


934


2,059


1,842



Income before income taxes

1,347


1,820


716


1,027


1,354


3,167


2,636



   Income Tax

472


637


251


359


474


1,109


923



         Net income

$                      875


$                   1,183


$                      465


$                  668


$                     880


$            2,058


$           1,713



































Premium Finance Division:
















   Net interest income

$                   5,748


$                   5,476


$                   1,064


$                      -


$                         -


$          11,224


$                   -



   Provision for loan losses

140


30


108


-


-


170


-



   Noninterest income

26


46


-


-


-


72


-



   Noninterest expense:
















      Salaries and employee benefits

993


996


-


-


-


1,989


-



      Occupancy

54


49


2


-


-


103


-



      Data Processing

183


184


44


-


-


367


-



      Other expenses

2,023


2,225


269


-


-


4,248


-



         Total noninterest expense

3,253


3,454


315


-


-


6,707


-



Income before income taxes

2,381


2,038


641


-


-


4,419


-



   Income Tax

915


713


224


-


-


1,628


-



         Net income

$                   1,466


$                   1,325


$                      417


$                      -


$                         -


$            2,791


$                   -



































Total Consolidated:
















   Net interest income

$                 63,157


$                 60,590


$                 57,279


$             57,067


$                54,589


$        123,747


$       105,025



   Provision for loan losses

2,205


1,836


1,710


811


889


4,041


1,570



   Noninterest income

28,189


25,706


24,272


28,864


28,379


53,895


52,665



   Noninterest expense:
















      Salaries and employee benefits

29,132


27,794


25,137


27,982


27,531


56,926


53,718



      Occupancy

6,146


5,877


6,337


5,989


6,371


12,023


12,071



      Data Processing

7,028


6,572


6,244


6,185


6,049


13,600


12,162



      Other expenses

13,433


12,850


16,959


13,043


12,408


26,283


30,008



         Total noninterest expense

55,739


53,093


54,677


53,199


52,359


108,832


107,959



Income before income taxes

33,402


31,367


25,164


31,921


29,720


64,769


48,161



   Income Tax

10,315


10,214


6,987


10,364


9,671


20,529


15,795



         Net income

$                 23,087


$                 21,153


$                 18,177


$             21,557


$                20,049


$          44,240


$         32,366

 

 

View original content with multimedia:http://www.prnewswire.com/news-releases/ameris-bancorp-announces-financial-results-for-second-quarter-2017-300492137.html

SOURCE Ameris Bancorp

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