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Ameris Bancorp Announces 2017 Financial Results

MOULTRIE, Ga., Jan. 26, 2018 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $73.5 million, or $1.98 per diluted share, for the year ended December 31, 2017, compared with $72.1 million, or $2.08 per diluted share, for 2016.  For the quarter ending December 31, 2017, reported results include net income of $9.2 million, or $0.24 per diluted share, compared with $18.2 million, or $0.52 per diluted share, for the same period in 2016.  The financial results include a charge of $13.4 million to income tax expense related to the valuation of the Company's deferred tax asset, due to the recent tax legislation that reduces the future corporate tax rate for the Company.

Ameris Bancorp logo. (PRNewsFoto/Ameris Bancorp)

The Company reported adjusted operating net income of $92.3 million, or $2.48 per diluted share, for the year ended December 31, 2017, compared with $80.6 million, or $2.32 per diluted share, for 2016.  Adjusted operating net income for the fourth quarter of 2017 was $23.6 million, or $0.63 per diluted share, compared with $22.2 million, or $0.63 per diluted share, for the same quarter of 2016.

For the year ended December 31, 2017, the Company's adjusted operating return on average assets was 1.26%, compared with 1.31% for 2016.  For the fourth quarter of 2017, the Company's adjusted operating return on average assets was 1.20%, compared with 1.34% in the same quarter of 2016.  Commenting on the Company's earnings, Edwin W. Hortman, Jr., Executive Chairman, President and Chief Executive Officer of the Company, said, "Our successes in 2017 show the strength of our team and dedication our bankers have to growing our bank in the communities we serve.  During 2017, we grew loans 20% from organic growth within our existing markets and grew core deposits 16%, all while improving our margin by five basis points, exclusive of accretion from prior acquisitions, and improving asset quality."

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

Adjusted Operating Net Income Reconciliation









Three Months Ended


Twelve Months Ended


Dec


Dec


Dec


Dec

(dollars in thousands except per share data)

2017


2016


2017


2016

Net income available to common shareholders

$

9,150



$

18,177



$

73,548



$

72,100










Merger and conversion charges

421



17



915



6,376


Certain compliance resolution expenses

434



5,750



5,163



5,750


Accelerated premium amortization on loans sold from purchased

loan pools

456





456




Financial impact of Hurricane Irma





410




Loss on sale of premises

308



430



1,264



992


Tax effect of management-adjusted charges

(567)



(2,169)



(2,873)



(4,591)


After tax management-adjusted charges

1,052



4,028



5,335



8,527


Tax expense attributable to remeasurement of deferred tax assets and
deferred tax liabilities at reduced federal corporate tax rate

13,388





13,388




Adjusted operating net income

$

23,590



$

22,205



$

92,271



$

80,627










Reported net income per diluted share

$

0.24



$

0.52



$

1.98



$

2.08


Adjusted operating net income per diluted share

$

0.63



$

0.63



$

2.48



$

2.32










Reported return on average assets

0.47

%


1.10

%


1.00

%


1.17

%

Adjusted operating return on average assets

1.20

%


1.34

%


1.26

%


1.31

%

Highlights of the Company's results for 2017 include the following:

  • Growth in operating net earnings of 14.4%
  • Organic growth in loans of $941.0 million, or 20.3%, compared to $660.4 million, or 20.8%, in 2016
  • Adjusted operating return on average assets of 1.26%, compared with 1.31% in 2016, with the decline almost entirely related to lower contribution to earnings from retail mortgage
  • Adjusted operating return on average tangible common equity of 14.66%, compared with 16.85% in 2016
  • Improvement in adjusted operating efficiency ratio to 60.3%, compared with 61.6% for 2016
  • Increase in tangible book value per share of 23.9% to $17.86 at December 31, 2017
  • Excluding accretion, increases in net interest margin of 5 bps during 2017 compared to 2016
  • Loan to deposit ratio at the end of 2017 of 91.3% compared to 94.4% at the end of 2016
  • Increase in total revenue of 12.1% to $364.6 million
  • Annualized net charge-offs of 0.12% of average total loans and 0.13% of average non-purchased loans

Increase in Net Interest Income
Net interest income on a tax-equivalent basis increased 19.4% in 2017 to $267.1 million, up from $223.6 million for 2016.  Growth in earning assets from internal sources contributed to the increase.  Average earning assets increased 20.7% in 2017 to $6.76 billion, compared with $5.60 billion for 2016.  Although the Company's net interest income increased, net interest margin for 2017, including accretion, declined to 3.95%, compared with 3.99% for 2016.  Yields on earning assets in 2017 were 4.46%, compared with 4.35% in 2016.

Accretion income for 2017 decreased to $10.6 million or 2.9% of total revenue, compared with $14.1 million or 4.3%, respectively, for 2016.  Excluding the effect of accretion, the Company's margin for 2017 was 3.79%, compared with 3.74% for 2016.  Yields on all loans, excluding the effect of accretion, increased to 4.63% in 2017, compared with 4.50% in 2016.

The Company's net interest margin was 3.94% for the fourth quarter of 2017, down slightly from 3.95% reported for both the third quarter of 2017 and for the fourth quarter of 2016.  Accretion income for the fourth quarter of 2017 decreased to $2.2 million, compared with $2.7 million for the third quarter of 2017, and from $3.4 million reported for the fourth quarter of 2016.  Excluding the effect of accretion, the Company's margin for the fourth quarter of 2017 was 3.82%, an improvement compared with 3.80% for the third quarter of 2017 and 3.73% for the fourth quarter of 2016.

Yields on all loans, excluding the effect of accretion, increased to 4.70% during the fourth quarter of 2017, compared with 4.65% in the third quarter of 2017.  Loan production in the banking division during the fourth quarter of 2017 totaled $419.8 million, with weighted average yields of 4.89%, compared with $409.2 million and 4.74%, respectively, in the third quarter of 2017 and $498.7 million and 4.37%, respectively, in the fourth quarter of 2016.  Loan production in the lines of business (to include retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $1.5 billion during the fourth quarter of 2017, compared to $1.3 billion during the fourth quarter of 2016.

Total interest expense for 2017 was $34.2 million, compared with $19.7 million for 2016.  Deposit costs increased during 2017 to 0.34%, compared with 0.24% for 2016.  Noninterest-bearing deposits represented 28.6% of the total average deposits for 2017, compared with 29.1% for 2016.  During the last quarter of the year, the Company regularly sees larger balances in the accounts of its larger commercial and municipal accounts, which accounted for approximately $335 million of the fourth quarter growth.  The Company's deposit costs have grown at such a pace to produce a flat margin but the Company has been successful in generating an aggressive amount of new account growth, which management believes was a successful strategy in 2017.  Anticipated rate increases are likely to move the Company's asset yields higher and allow the Company to continue being aggressive on deposit growth without negatively impacting the margin.

Noninterest Income
Noninterest income decreased 1.3% in 2017 to $104.5 million, compared with $105.8 million for 2016, the result of flat mortgage and service charges during 2017.  Noninterest retail mortgage revenues were essentially flat during the year at $48.5 million despite an increase in mortgage volume of approximately $93.7 million or 6.7%.  Gain on sale margins tightened during 2017, as they moved from 3.36% in the fourth quarter of 2016 to 3.17% in the fourth quarter of 2017 because of more industry focus on purchase business and higher rates to borrowers.  The Company increased volume sufficient to make up for the tighter gains on sale, but late season hiring of mortgage bankers impacted profitability which increased by only 10.8%.  Management expects faster growth in profitability in 2018 from higher volumes, steady levels of operating expense and full utilization of its government loan program endorsement.  During 2017, the Company originated approximately $547 million of government loans with only 11.9% being in the Company's own GNMA securities.

Service charges for the year were also flat, coming in at $42.1 million compared to $42.7 million for 2016.  Declining counts of consumer oriented accounts with the associated balances and revenues were offset by larger commercial accounts, generally with enough balances to offset the analysis charges.  Management believes the Company's service charge routines on consumer and commercial accounts is competitive but is focused more heavily on attracting the balances to fund anticipated loan growth in the coming quarters.

Revenues from the Company's warehouse lending division decreased slightly during the year, from $7.8 million for 2016 to $7.6 million for 2017, while net income for the division increased 4.8%, from $4.1 million for 2016 to $4.3 million for 2017.  Revenues and profitability slowed for the retail mortgage division in the fourth quarter, which is traditionally a slower time of the year.  Net income for the Company's retail mortgage division was $2.2 million for the fourth quarter of 2017, compared with $3.0 million in the third quarter of 2017 and $1.9 million for the fourth quarter of 2016.  Net income for the Company's warehouse lending division was $1.4 million for the fourth quarter of 2017, compared with $1.1 million for the third quarter of 2017 and $904,000 for the fourth quarter of 2016.

Revenues from the Company's SBA division continued to increase during 2017, rising from $8.9 million for 2016 to $10.0 million for 2017.  Net income for the division increased to $3.9 million for 2017, compared to $2.8 million for 2016.

Noninterest Expense
Noninterest expense increased $16.1 million, or 7.5%, to $231.9 million for the year ended December 31, 2017, compared with $215.8 million for the year 2016.  However, the Company incurred various expenses related to the new premium finance division that was added late in 2016, compliance-related charges due to exiting the Bank Secrecy Act ("BSA") consent order, losses on the sale of bank premises, merger-related charges and Hurricane Irma expenses.  Excluding these amounts, expenses in 2017 increased by only $7.5 million, or 3.7%, compared with 2016 levels.  Growth of noninterest expense in the retail mortgage, warehouse lending and SBA lines of business account for 41% of that increase, leaving core bank noninterest expense increasing only $4.4 million, or 2.8%. The following table shows the detail of these charges and analysis:

Noninterest Expense Analysis









Twelve Months Ended




Dec


Dec





(dollars in thousands)

2017


2016


$ Change


% Change

Total noninterest expense

$

231,936



$

215,835



$

16,101



7.5

%

Less:








Merger and conversion charges

915



6,376



(5,461)



(85.6)%


Certain compliance resolution expenses

5,163



5,750



(587)



(10.2)%


Financial impact of Hurricane Irma

410





410



NM


Loss on sale of premises

1,264



992



272



27.4

%

Premium finance division noninterest expense

14,295



315



13,980



NM


Subtotal

209,889



202,402



7,487



3.7

%

Less:








Retail mortgage division noninterest expense

41,084



38,402



2,682



7.0

%

Warehouse lending division noninterest expense

795



832



(37)



(4.4)%


SBA division noninterest expense

4,100



3,675



425



11.6

%

Core bank noninterest expense

$

163,910



$

159,493



$

4,417



2.8

%

NM denotes not meaningful








Salaries and benefits increased $13.2 million, or 12.3%, during 2017.  The majority of this increase is attributable to $4.5 million salary and benefit expense in the new premium finance division, $3.3 million salary and benefit expense related to the strengthening of the Company's BSA department, and $2.3 million additional salary and benefits in the retail mortgage division.  Exclusive of these three areas, salary and benefits increased $3.0 million, or 4.0%.

Occupancy costs decreased $328,000 during 2017, principally as a result of management's cost saving efforts during the year.  Data processing and IT-related costs increased $3.3 million, or 13.3%, in 2017 due to increased number of accounts and products, as well as customer's increased reliance on mobile and internet oriented products and services.

Credit resolution related expenses decreased $2.7 million, or 43.4%, year over year as credit quality continues to improve.  Other noninterest expenses increased $7.6 million, or 19.6% during 2017, mostly attributable to costs associated with the new premium finance division.  Excluding the other noninterest expense in that division and the BSA compliance resolution charges in both years, other noninterest expense decreased $168,000, or 0.5% to $32.7 million during 2017, when compared to $32.9 million in 2016.

Balance Sheet Trends
Total assets increased $964.2 million, or 14.0%, during 2017.  Total loans, including loans held for sale, purchased loans and purchased loan pools, were $6.24 billion at the end of 2017, compared with $5.37 billion at the end of 2016.  Organic growth in loans totaled $941.0 million, or 20.3%, during 2017, compared with $660.4 million, or 20.8%, in 2016.  As expected, loan growth rates in the fourth quarter of 2017 slowed to 10.1% on an annualized basis, compared with 12.1% on an annualized basis in the same quarter of 2016.

During the quarter, the Company sold or reclassified to loans held for sale approximately $119.5 million of mortgage loans from purchased loan pools, reducing the investment in purchased loan pools to $328.2 million, down 42% compared to the same period in the year ago period.  Management expects the reinvestment of these funds at current yields to boost the margin by approximately three basis points and the Company's return on assets by two basis points.

Loan production and growth associated with the new premium finance division continue to meet forecasted levels.  Loans outstanding for the division grew $112.0 million, or 30.2%, from $370.6 million at the end of 2016 to $482.5 million at the end of 2017.  Relationship development of larger agencies and mid-tier insurance companies began producing volumes at the end of the year that gives management confidence in the continued growth of this line of business.  Yields in the business were mostly steady during the year despite rising rates, the Company's aggressive growth posture and the increasing volume of larger loans with established agencies and commercial customers.

Deposits increased $1.05 billion during 2017 to end the year at $6.63 billion, from $5.58 billion at the end of 2016.  At December 31, 2017, noninterest-bearing deposit accounts were $1.78 billion, or 26.8% of total deposits, compared with $1.57 billion, or 28.2% of total deposits, at December 31, 2016.  Non-rate sensitive deposits grew $342.4 million or 10.8% to $3.52 billion at December 31, 2017, compared with $3.17 billion at the end of 2016.  These funds represented 53.1% of the Company's total deposits at the end of 2017, compared with 56.9% at the end of 2016.

Growth in deposits at the end of the year, along with the Company's sale of mortgage loans from purchased loan pools lowered the loan to deposit ratio from 101.0% at the end of the third quarter of 2017 to 91.3% at December 31, 2017.  Accelerating growth in deposits has continued for several quarters and management is increasingly confident that organic growth in existing markets, augmented by the anticipated growth achievable in the Atlanta MSA will provide adequate core funding to allow for continued growth without impacting our current operating ratios.

Stockholders' equity at December 31, 2017 totaled $804.5 million, an increase of $158.0 million, or 24.4%, from December 31, 2016.  The increase in stockholders' equity was the result of the issuance of shares of common stock in the Company's public offering in the first quarter of 2017, plus earnings of $73.5 million during 2017, offset by dividends paid to shareholders of $14.9 million.  Tangible book value per share was $17.86 at the end of 2017, up 23.9% from $14.42 at the end of 2016.  Tangible common equity as a percentage of tangible assets was 8.62% at the end of 2017, compared with 7.46% at the end of 2016.

Conference Call
The Company will host a teleconference at 10:00 a.m. Eastern time today (January 26, 2018) to discuss the Company's results and answer appropriate questions.  The conference call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other international participants).  The conference ID name is Ameris Bancorp ABCB.   A replay of the call will be available one hour after the end of the conference call until February 9, 2018.  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 10115392.  The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at www.amerisbank.com .

About Ameris Bancorp
Ameris Bancorp is a bank holding company headquartered in Moultrie, Georgia.  The Company's banking subsidiary, Ameris Bank, had 97 locations in Georgia, Alabama, northern Florida and South Carolina at the end of the most recent quarter.

This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management of Ameris Bancorp (the "Company") uses these non-GAAP measures in its analysis of the Company's performance. These measures are useful when evaluating the underlying performance and efficiency of the Company's operations and balance sheet. The Company's management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company's management believes that investors may use these non-GAAP financial measures to evaluate the Company's financial performance without the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

This news release contains statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe", "estimate", "expect", "intend", "anticipate" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements and are referred to the Company's periodic filings with the Securities and Exchange Commission, including the Company's 2016 Annual Report on Form 10-K,  for a summary of certain factors that may impact the Company's results of operations and financial condition.

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Financial Highlights



Table 1


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands except per share data)

2017


2017


2017


2017


2016


2017


2016















EARNINGS














Net income

$

9,150



$

20,158



$

23,087



$

21,153



$

18,177



$

73,548



$

72,100


Adjusted operating net income

$

23,590



$

23,617



$

23,458



$

21,606



$

22,205



$

92,271



$

80,627
















COMMON SHARE DATA














Earnings per share available to common
shareholders














   Basic

$

0.25



$

0.54



$

0.62



$

0.59



$

0.52



$

2.00



$

2.10


   Diluted

$

0.24



$

0.54



$

0.62



$

0.59



$

0.52



$

1.98



$

2.08


   Operating diluted EPS

$

0.63



$

0.63



$

0.63



$

0.60



$

0.63



$

2.48



$

2.32


Cash dividends per share

$

0.10



$

0.10



$

0.10



$

0.10



$

0.10



$

0.40



$

0.30


Book value per share (period end)

$

21.59



$

21.54



$

21.03



$

20.42



$

18.51



$

21.59



$

18.51


Tangible book value per share (period end)

$

17.86



$

17.78



$

17.24



$

16.60



$

14.42



$

17.86



$

14.42


Weighted average number of shares














   Basic

37,238,564



37,225,418



37,162,810



35,664,420



34,915,459



36,828,219



34,346,570


   Diluted

37,556,335



37,552,667



37,489,348



36,040,240



35,293,035



37,144,139



34,701,732


Period end number of shares

37,260,012



37,231,049



37,222,904



37,128,714



34,921,474



37,260,012



34,921,474


Market data














   High intraday price

$

51.30



$

51.28



$

49.80



$

49.50



$

47.70



$

51.30



$

47.70


   Low intraday price

$

44.75



$

41.05



$

42.60



$

41.60



$

34.61



$

41.05



$

24.96


   Period end closing price

$

48.20



$

48.00



$

48.20



$

46.10



$

43.60



$

48.20



$

43.60


   Average daily volume

206,178



168,911



169,617



242,982



191,894



196,717



206,487
















PERFORMANCE RATIOS














Return on average assets

0.47

%


1.07

%


1.29

%


1.24

%


1.10

%


1.00

%


1.17

%

Return on average common equity

4.47

%


10.04

%


11.95

%


12.33

%


11.06

%


9.55

%


11.75

%

Earning asset yield (TE)

4.49

%


4.50

%


4.45

%


4.38

%


4.34

%


4.46

%


4.35

%

Total cost of funds

0.57

%


0.57

%


0.52

%


0.42

%


0.38

%


0.52

%


0.36

%

Net interest margin (TE)

3.94

%


3.95

%


3.95

%


3.97

%


3.95

%


3.95

%


3.99

%

Noninterest income excluding securities
transactions, as a percent of total revenue
(TE)

22.41

%


25.68

%


27.81

%


27.27

%


27.32

%


25.73

%


30.28

%

Efficiency ratio

63.74

%


67.94

%


61.02

%


61.52

%


67.05

%


63.62

%


66.38

%















CAPITAL ADEQUACY (period end)














Shareholders' equity to assets

10.24

%


10.48

%


10.58

%


10.69

%


9.38

%


10.24

%


9.38

%

Tangible common equity to tangible assets

8.62

%


8.81

%


8.84

%


8.86

%


7.46

%


8.62

%


7.46

%















EQUITY TO ASSETS RECONCILIATION














Tangible common equity to tangible assets

8.62

%


8.81

%


8.84

%


8.86

%


7.46

%


8.62

%


7.46

%

Effect of goodwill and other intangibles

1.62

%


1.67

%


1.74

%


1.83

%


1.92

%


1.62

%


1.92

%

Equity to assets (GAAP)

10.24

%


10.48

%


10.58

%


10.69

%


9.38

%


10.24

%


9.38

%















OTHER DATA (period end)














Full time equivalent employees














   Banking Division

1,085



1,080



1,082



1,039



1,014



1,085



1,014


   Retail Mortgage Division

279



272



268



252



254



279



254


   Warehouse Lending Division

8



8



8



8



9



8



9


   SBA Division

20



23



23



20



21



20



21


   Premium Finance Division

68



62



56



50





68




   Total Ameris Bancorp FTE headcount

1,460



1,445



1,437



1,369



1,298



1,460



1,298
















Assets per Banking Division FTE

$

7,241



$

7,083



$

6,387



$

6,829



$

6,797



$

7,241



$

6,797


Branch locations

97



97



97



97



97



97



97


Deposits per branch location

$

68,308



$

60,778



$

59,726



$

58,169



$

57,476



$

68,308



$

57,476


 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Income Statement



Table 2


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands except per share data)

2017


2017


2017


2017


2016


2017


2016















Interest income














Interest and fees on loans

$

73,440



$

70,462



$

65,464



$

61,521



$

57,982



$

270,887



$

218,659


Interest on taxable securities

5,097



5,062



5,195



4,800



4,348



20,154



17,824


Interest on nontaxable securities

372



392



401



416



425



1,581



1,722


Interest on deposits in other banks

655



406



351



313



193



1,725



827


Interest on federal funds sold









8





33


Total interest income

79,564



76,322



71,411



67,050



62,956



294,347



239,065
















Interest expense














Interest on deposits

6,398



5,136



4,580



3,763



3,680



19,877



12,410


Interest on other borrowings

3,643



4,331



3,674



2,697



1,997



14,345



7,284


Total interest expense

10,041



9,467



8,254



6,460



5,677



34,222



19,694
















Net interest income

69,523



66,855



63,157



60,590



57,279



260,125



219,371


Provision for loan losses

2,536



1,787



2,205



1,836



1,710



8,364



4,091


Net interest income after provision for loan
losses

66,987



65,068



60,952



58,754



55,569



251,761



215,280
















Noninterest income














Service charges on deposits accounts

10,340



10,535



10,616



10,563



11,036



42,054



42,745


Mortgage banking activity

10,037



13,340



13,943



11,215



9,878



48,535



48,298


Other service charges, commissions and fees

735



699



729



709



706



2,872



3,575


Gain on sale of securities





37







37



94


Other noninterest income

2,451



2,425



2,864



3,219



2,652



10,959



11,089


Total noninterest income

23,563



26,999



28,189



25,706



24,272



104,457



105,801
















Noninterest expense














Salaries and employee benfits

30,507



32,583



29,132



27,794



25,137



120,016



106,837


Occupancy and equipment expenses

6,010



6,036



6,146



5,877



6,337



24,069



24,397


Data processing and telecommunications expenses

7,219



7,050



7,028



6,572



6,244



27,869



24,591


Credit resolution related expenses(1)

614



1,347



599



933



1,083



3,493



6,172


Advertising and marketing expenses

1,519



1,247



1,259



1,106



1,273



5,131



4,181


Amortization of intangible assets

942



941



1,013



1,036



1,044



3,932



4,376


Merger and conversion charges

421



92





402



17



915



6,376


Other noninterest expenses

12,105



14,471



10,562



9,373



13,542



46,511



38,905


Total noninterest expense

59,337



63,767



55,739



53,093



54,677



231,936



215,835
















Income before income tax expense

31,213



28,300



33,402



31,367



25,164



124,282



105,246


Income tax expense

22,063



8,142



10,315



10,214



6,987



50,734



33,146


Net income

$

9,150



$

20,158



$

23,087



$

21,153



$

18,177



$

73,548



$

72,100
















Diluted earnings per common share

$

0.24



$

0.54



$

0.62



$

0.59



$

0.52



$

1.98



$

2.08
















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

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Period End Balance Sheet

Table 3


Three Months Ended


Dec


Sep


Jun


Mar


Dec

(dollars in thousands)

2017


2017


2017


2017


2016











Assets










Cash and due from banks

$

139,313



$

131,071



$

139,500



$

127,164



$

127,164


Federal funds sold and interest-bearing deposits in banks

191,345



112,844



137,811



232,045



71,221


Investment securities available for sale, at fair value

810,873



819,593



818,693



830,765



822,735


Other investments

42,270



47,977



42,495



35,950



29,464


Loans held for sale, at fair value

197,442



137,392



146,766



105,637



105,924












Loans

4,856,514



4,574,678



4,230,228



3,785,480



3,626,821


Purchased loans

861,595



917,126



950,499



1,006,935



1,069,191


Purchased loan pools

328,246



465,218



490,114



529,099



568,314


Loans, net of unearned income

6,046,355



5,957,022



5,670,841



5,321,514



5,264,326


Allowance for loan losses

(25,791)



(25,966)



(25,101)



(25,250)



(23,920)


Loans, net

6,020,564



5,931,056



5,645,740



5,296,264



5,240,406












Other real estate owned

8,464



9,391



11,483



10,466



10,874


Purchased other real estate owned

9,011



9,946



11,330



11,668



12,540


Total other real estate owned

17,475



19,337



22,813



22,134



23,414












Premises and equipment, net

117,738



119,458



121,108



121,610



121,217


Goodwill

125,532



125,532



125,532



125,532



125,532


Other intangible assets, net

13,496



14,437



15,378



16,391



17,428


Deferred income taxes, net

28,320



39,365



41,124



41,505



40,776


Cash value of bank owned life insurance

79,641



79,241



78,834



78,442



78,053


Other assets

72,194



72,517



62,064



61,417



88,697


Total assets

$

7,856,203



$

7,649,820



$

7,397,858



$

7,094,856



$

6,892,031












Liabilities










Deposits










Noninterest-bearing

$

1,777,141



$

1,718,022



$

1,672,918



$

1,654,723



$

1,573,389


Interest-bearing

4,848,704



4,177,482



4,120,479



3,987,646



4,001,774


   Total deposits

6,625,845



5,895,504



5,793,397



5,642,369



5,575,163


Federal funds purchased and securities sold under agreements to repurchase

30,638



14,156



18,400



40,415



53,505


Other borrowings

250,554



808,572



679,591



525,669



492,321


Subordinated deferrable interest debentures

85,550



85,220



84,889



84,559



84,228


Other liabilities

59,137



44,447



38,899



43,628



40,377


Total liabilities

7,051,724



6,847,899



6,615,176



6,336,640



6,245,594












Shareholders' Equity










Preferred stock










Common stock

38,735



38,706



38,698



38,603



36,378


Capital stock

508,404



506,779



505,803



503,543



410,276


Retained earnings

273,119



267,694



251,259



231,894



214,454


Accumulated other comprehensive income (loss), net of tax

(1,280)



3,241



1,421



(1,209)



(1,058)


Treasury stock

(14,499)



(14,499)



(14,499)



(14,615)



(13,613)


Total shareholders' equity

804,479



801,921



782,682



758,216



646,437


Total liabilities and shareholders' equity

$

7,856,203



$

7,649,820



$

7,397,858



$

7,094,856



$

6,892,031












Other Data










Earning assets

$

7,288,285



$

7,074,828



$

6,816,606



$

6,525,911



$

6,293,670


Intangible assets

139,028



139,969



140,910



141,923



142,960


Interest-bearing liabilities

5,215,446



5,085,430



4,903,359



4,638,289



4,631,828


Average assets

7,777,996



7,461,367



7,152,024



6,915,965



6,573,344


Average common shareholders' equity

812,264



796,856



774,664



695,830



653,991


 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Asset Quality Information



Table 4


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2017


2017


2017


2017


2016


2017


2016















Allowance for Loan Losses














Balance at beginning of period

$

25,966



$

25,101



$

25,250



$

23,920



$

22,963



$

23,920



$

21,062
















Provision for loan losses

2,536



1,787



2,205



1,836



1,710



8,364



4,091
















Charge-offs

3,638



2,443



3,284



1,102



1,686



10,467



6,327


Recoveries

927



1,521



930



596



933



3,974



5,094


   Net charge-offs (recoveries)

2,711



922



2,354



506



753



6,493



1,233
















Ending balance

$

25,791



$

25,966



$

25,101



$

25,250



$

23,920



$

25,791



$

23,920
















Net  Charge-off Information




























Charge-offs














Commercial, financial and agricultural

$

954



$

1,091



$

701



$

104



$

726



$

2,850



$

1,999


Real estate - construction and development



1



41



53



264



95



588


Real estate - commercial and farmland

440



18



386



9





853



708


Real estate - residential

120



852



963



216



239



2,151



1,122


Consumer installment

696



320



438



164



159



1,618



351


Purchased loans

1,428



161



755



556



298



2,900



1,559


Purchased loan pools














   Total charge-offs

3,638



2,443



3,284



1,102



1,686



10,467



6,327
















Recoveries














Commercial, financial and agricultural

571



409



221



69



121



1,270



400


Real estate - construction and development

2



126



98



20



16



246



490


Real estate - commercial and farmland

28



26



121



9



78



184



269


Real estate - residential

47



56



73



61



23



237



391


Consumer installment

38



17



44



17



8



116



127


Purchased loans

241



887



373



420



687



1,921



3,417


Purchased loan pools














   Total recoveries

927



1,521



930



596



933



3,974



5,094
















Net charge-offs (recoveries)

$

2,711



$

922



$

2,354



$

506



$

753



$

6,493



$

1,233
















Non-Performing Assets














Nonaccrual loans (excluding purchased loans)

$

14,202



$

15,325



$

17,083



$

18,281



$

18,114



$

14,202



$

18,114


Nonaccrual purchased loans

15,428



19,049



17,357



23,606



22,966



15,428



22,966


Nonaccrual purchased loan pools



915



918










Other real estate owned

8,464



9,391



11,483



10,466



10,874



8,464



10,874


Purchased other real estate owned

9,011



9,946



11,330



11,668



12,540



9,011



12,540


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

5,991



2,941



1,784



933





5,991




Accruing purchased loans delinquent 90 days or
more





147










Total non-performing assets

$

53,096



$

57,567



$

60,102



$

64,954



$

64,494



$

53,096



$

64,494
















Asset Quality Ratios














Non-performing assets as a percent of total
assets

0.68

%


0.75

%


0.81

%


0.92

%


0.94

%


0.68

%


0.94

%

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

0.18

%


0.06

%


0.17

%


0.04

%


0.06

%


0.12

%


0.03

%

Net charge-offs, excluding purchased loans as a

percent of average loans (annualized)

0.13

%


0.15

%


0.20

%


0.04

%


0.14

%


0.13

%


0.11

%

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Loan Information

Table 5


Dec


Sep


Jun


Mar


Dec

(dollars in thousands)

2017


2017


2017


2017


2016











Loans by Type










Legacy loans










   Commercial, financial and agricultural

$

1,362,508



$

1,307,209



$

1,218,633



$

1,061,599



$

967,138


   Real estate - construction and development

624,595



550,189



486,858



415,029



363,045


   Real estate - commercial and farmland

1,535,439



1,558,882



1,519,002



1,458,110



1,406,219


   Real estate - residential

1,009,461



969,289



857,069



726,795



781,018


   Consumer installment

309,194



183,314



147,505



115,919



96,915


   Other

15,317



5,795



1,161



8,028



12,486


   Total legacy loans

$

4,856,514



$

4,574,678



$

4,230,228



$

3,785,480



$

3,626,821


Purchased loans










   Commercial, financial and agricultural

$

74,378



$

80,895



$

87,612



$

89,897



$

96,537


   Real estate - construction and development

65,513



68,583



73,567



82,378



81,368


   Real estate - commercial and farmland

468,246



500,169



510,312



538,046



576,355


   Real estate - residential

250,539



264,312



275,504



292,911



310,277


   Consumer installment

2,919



3,167



3,504



3,703



4,654


   Total purchased loans

$

861,595



$

917,126



$

950,499



$

1,006,935



$

1,069,191


Purchased loan pools










   Real estate - residential

$

328,246



$

465,218



$

490,114



$

529,099



$

568,314


   Total purchased loan pools

$

328,246



$

465,218



$

490,114



$

529,099



$

568,314


Total loan portfolio










   Commercial, financial and agricultural

$

1,436,886



$

1,388,104



$

1,306,245



$

1,151,496



$

1,063,675


   Real estate - construction and development

690,108



618,772



560,425



497,407



444,413


   Real estate - commercial and farmland

2,003,685



2,059,051



2,029,314



1,996,156



1,982,574


   Real estate - residential

1,588,246



1,698,819



1,622,687



1,548,805



1,659,609


   Consumer installment

312,113



186,481



151,009



119,622



101,569


   Other

15,317



5,795



1,161



8,028



12,486


   Total loans

$

6,046,355



$

5,957,022



$

5,670,841



$

5,321,514



$

5,264,326












Troubled Debt Restructurings (excluding purchased loans)










Accruing troubled debt restructurings










   Commercial, financial and agricultural

$

41



$

44



$

40



$

42



$

47


   Real estate - construction and development

417



424



429



435



686


   Real estate - commercial and farmland

4,680



4,769



4,859



3,944



4,119


   Real estate - residential

6,199



7,209



6,829



9,220



9,340


   Consumer installment

5



6



12



18



17


   Total accruing troubled debt restructurings

$

11,342



$

12,452



$

12,169



$

13,659



$

14,209


Nonaccrual troubled debt restructurings










   Commercial, financial and agricultural

$

120



$

129



$

136



$

142



$

114


   Real estate - construction and development

34



34



34



34



34


   Real estate - commercial and farmland

204



210



192



1,617



2,970


   Real estate - residential

1,508



1,212



1,975



998



739


   Consumer installment

98



130



133



129



130


   Total nonaccrual troubled debt restructurings

$

1,964



$

1,715



$

2,470



$

2,920



$

3,987


   Total troubled debt restructurings (excluding purchased loans)

$

13,306



$

14,167



$

14,639



$

16,579



$

18,196












 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Loan Information (continued)

Table 5


Dec


Sep


Jun


Mar


Dec

(dollars in thousands)

2017


2017


2017


2017


2016











Loans by Risk Grade










Legacy loans










   Grade 10 - Prime credit

$

554,979



$

510,262



$

490,514



$

420,814



$

414,564


   Grade 15 - Good credit

688,481



692,217



631,141



587,180



539,147


   Grade 20 - Satisfactory credit

2,033,979



2,003,173



1,875,308



1,718,749



1,669,998


   Grade 23 - Performing, under-collateralized credit

16,996



14,977



15,386



20,889



23,186


   Grade 25 - Minimum acceptable credit

1,487,781



1,277,969



1,147,786



958,623



907,588


   Grade 30 - Other asset especially mentioned

30,075



36,143



32,871



37,298



29,172


   Grade 40 - Substandard

44,216



39,930



37,116



41,821



43,067


   Grade 50 - Doubtful

7



7



106



106



99


   Grade 60 - Loss










   Total legacy loans

$

4,856,514



$

4,574,678



$

4,230,228



$

3,785,480



$

3,626,821


Purchased loans










   Grade 10 - Prime credit

$

3,964



$

4,039



$

5,959



$

6,017



$

6,536


   Grade 15 - Good credit

101,098



107,097



39,391



38,179



40,786


   Grade 20 - Satisfactory credit

259,872



275,855



327,449



365,434



334,353


   Grade 23 - Performing, under-collateralized credit

19,736



19,859



22,058



22,081



27,475


   Grade 25 - Minimum acceptable credit

385,080



411,776



459,903



476,954



569,026


   Grade 30 - Other asset especially mentioned

37,121



50,696



41,869



43,450



35,032


   Grade 40 - Substandard

54,724



47,804



53,870



54,820



55,983


   Grade 50 - Doubtful










   Grade 60 - Loss










   Total purchased loans

$

861,595



$

917,126



$

950,499



$

1,006,935



$

1,069,191


Purchased loan pools










   Grade 20 - Satisfactory credit

$

327,342



$

464,303



$

489,196



$

528,181



$

567,389


   Grade 40 - Substandard

904



915



918



918



925


   Total purchased loan pools

$

328,246



$

465,218



$

490,114



$

529,099



$

568,314


 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Average Balances



Table 6


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2017


2017


2017


2017


2016


2017


2016















Earning Assets














Federal funds sold

$

3



$



$



$



$

5,261



$

1



$

6,033


Interest-bearing deposits in banks

184,287



109,266



121,810



147,385



122,538



140,702



126,453


Investment securities - taxable

759,253



760,907



766,375



759,850



770,373



761,593



758,076


Investment securities - nontaxable

58,858



60,862



63,210



65,374



66,566



62,055



68,340


Other investments

32,706



42,687



37,375



37,392



19,732



37,541



16,470


Loans held for sale

138,468



126,798



110,933



77,617



102,926



113,657



97,995


Loans

4,692,997



4,379,082



3,994,213



3,678,149



3,145,714



4,188,378



2,777,505


Purchased loans

888,854



937,595



973,521



1,034,983



1,101,907



958,738



1,127,765


Purchased loan pools

446,677



475,742



516,949



547,057



590,617



496,844



619,440


Total Earning Assets

$

7,202,103



$

6,892,939



$

6,584,386



$

6,347,807



$

5,925,634



$

6,759,509



$

5,598,077
















Deposits














Noninterest-bearing deposits

$

1,805,996



$

1,654,467



$

1,615,001



$

1,604,495



$

1,592,073



$

1,670,499



$

1,515,771


NOW accounts

1,301,628



1,201,151



1,154,364



1,169,567



1,253,849



1,207,024



1,141,206


MMDA

1,964,437



1,682,306



1,621,487



1,486,972



1,435,958



1,690,091



1,390,948


Savings accounts

273,979



278,991



278,666



268,741



262,782



275,119



261,559


Retail CDs < $100,000

433,303



437,641



441,556



444,195



445,132



439,140



438,798


Retail CDs $100,000 and over

592,916



582,598



560,320



517,354



497,113



563,557



448,243


Brokered CDs









3,750





3,716


Total Deposits

6,372,259



5,837,154



5,671,394



5,491,324



5,490,657



5,845,430



5,200,241


Non-Deposit Funding














Federal funds purchased and securities sold
under agreements to repurchase

25,970



19,414



27,088



42,589



44,000



28,694



44,324


FHLB advances

369,076



608,413



483,583



525,583



222,426



496,541



150,879


Other borrowings

75,571



75,590



75,625



47,738



38,728



68,726



45,526


Subordinated deferrable interest debentures

85,372



85,040



84,710



84,379



84,050



84,878



80,952


Total Non-Deposit Funding

555,989



788,457



671,006



700,289



389,204



678,839



321,681


Total Funding

$

6,928,248



$

6,625,611



$

6,342,400



$

6,191,613



$

5,879,861



$

6,524,269



$

5,521,922


 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Interest Income and Interest Expense (TE)


Table 7


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2017


2017


2017


2017


2016


2017


2016















Interest Income














Federal funds sold

$



$



$



$



$

8



$



$

33


Interest-bearing deposits in banks

655



406



351



313



193



1,725



827


Investment securities - taxable

5,097



5,062



5,195



4,800



4,348



20,154



17,824


Investment securities - nontaxable (TE)

572



603



617



640



654



2,432



2,405


Loans held for sale

1,380



1,131



1,058



653



989



4,222



3,391


Loans (TE)

57,193



53,394



47,255



43,157



37,418



200,999



131,305


Purchased loans

13,150



14,048



14,765



15,173



17,015



57,136



70,363


Purchased loan pools

3,531



3,491



3,786



3,832



3,950



14,640



17,170


Total Earning Assets

$

81,578



$

78,135



$

73,027



$

68,568



$

64,575



$

301,308



$

243,318
















Accretion income (included above)

$

2,183



$

2,725



$

2,896



$

2,810



$

3,370



$

10,614



$

14,112
















Interest Expense














Deposits














   Noninterest-bearing deposits

$



$



$



$



$



$



$


   NOW accounts

811



600



520



497



613



2,428



1,953


   MMDA

3,288



2,316



2,008



1,538



1,405



9,150



4,854


   Savings accounts

46



47



45



43



44



181



177


   Retail CDs < $100,000

702



684



636



562



553



2,584



2,034


   Retail CDs $100,000 and over

1,551



1,489



1,371



1,123



1,060



5,534



3,369


   Brokered CDs









6





24


Total Deposits

6,398



5,136



4,580



3,763



3,681



19,877



12,411


Non-Deposit Funding














   Federal funds purchased and securities sold
   under agreements to repurchase

12



11



13



20



21



56



98


   FHLB advances

1,180



1,849



1,238



907



328



5,174



899


   Other borrowings

1,144



1,183



1,158



559



432



4,044



1,765


   Subordinated deferrable interest debentures

1,307



1,288



1,265



1,211



1,216



5,071



4,522


Total Non-Deposit Funding

3,643



4,331



3,674



2,697



1,997



14,345



7,284


Total Funding

$

10,041



$

9,467



$

8,254



$

6,460



$

5,678



$

34,222



$

19,695
















Net Interest Income (TE)

$

71,537



$

68,668



$

64,773



$

62,108



$

58,897



$

267,086



$

223,623


 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Yields(1)


Table 8


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec


2017


2017


2017


2017


2016


2017


2016















Earning Assets














Federal funds sold

0.00

%


0.00

%


0.00

%


0.00

%


0.60

%


0.00

%


0.55

%

Interest-bearing deposits in banks

1.41

%


1.47

%


1.16

%


0.86

%


0.63

%


1.23

%


0.65

%

Investment securities - taxable

2.66

%


2.64

%


2.72

%


2.56

%


2.25

%


2.65

%


2.35

%

Investment securities - nontaxable (TE)

3.86

%


3.93

%


3.92

%


3.97

%


3.91

%


3.92

%


3.52

%

Loans held for sale

3.95

%


3.54

%


3.83

%


3.41

%


3.82

%


3.71

%


3.46

%

Loans (TE)

4.84

%


4.84

%


4.75

%


4.76

%


4.73

%


4.80

%


4.73

%

Purchased loans

5.87

%


5.94

%


6.08

%


5.95

%


6.14

%


5.96

%


6.24

%

Purchased loan pools

3.14

%


2.91

%


2.94

%


2.84

%


2.66

%


2.95

%


2.77

%

Total Earning Assets

4.49

%


4.50

%


4.45

%


4.38

%


4.34

%


4.46

%


4.35

%















Deposits














Noninterest-bearing deposits

0.00

%


0.00

%


0.00

%


0.00

%


0.00

%


0.00

%


0.00

%

NOW accounts

0.25

%


0.20

%


0.18

%


0.17

%


0.19

%


0.20

%


0.17

%

MMDA

0.66

%


0.55

%


0.50

%


0.42

%


0.39

%


0.54

%


0.35

%

Savings accounts

0.07

%


0.07

%


0.06

%


0.06

%


0.07

%


0.07

%


0.07

%

Retail CDs < $100,000

0.64

%


0.62

%


0.58

%


0.51

%


0.49

%


0.59

%


0.46

%

Retail CDs $100,000 and over

1.04

%


1.01

%


0.98

%


0.88

%


0.85

%


0.98

%


0.75

%

Brokered CDs

0.00

%


0.00

%


0.00

%


0.00

%


0.64

%


0.00

%


0.65

%

Total Deposits

0.40

%


0.35

%


0.32

%


0.28

%


0.27

%


0.34

%


0.24

%

Non-Deposit Funding














Federal funds purchased and securities sold under agreements to
repurchase

0.18

%


0.22

%


0.19

%


0.19

%


0.19

%


0.20

%


0.22

%

FHLB advances

1.27

%


1.21

%


1.03

%


0.70

%


0.59

%


1.04

%


0.60

%

Other borrowings

6.01

%


6.21

%


6.14

%


4.75

%


4.44

%


5.88

%


3.88

%

Subordinated deferrable interest debentures

6.07

%


6.01

%


5.99

%


5.82

%


5.76

%


5.97

%


5.59

%

Total Non-Deposit Funding

2.60

%


2.18

%


2.20

%


1.56

%


2.04

%


2.11

%


2.26

%

Total Funding(2)

0.57

%


0.57

%


0.52

%


0.42

%


0.38

%


0.52

%


0.36

%















Net Interest Spread

3.92

%


3.93

%


3.93

%


3.96

%


3.96

%


3.94

%


3.99

%















Net Interest Margin(3)

3.94

%


3.95

%


3.95

%


3.97

%


3.95

%


3.95

%


3.99

%















(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 noninterest-bearing deposits.

(3) Rate calculated based on average earning assets.

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Non-GAAP Reconciliations






Adjusted Operating Net Income











Table 9A


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands except per share data)

2017


2017


2017


2017


2016


2017


2016

Net income available to common shareholders

$

9,150



$

20,158



$

23,087



$

21,153



$

18,177



$

73,548



$

72,100
















Merger and conversion charges

421



92





402



17



915



6,376


Certain compliance resolution expenses

434



4,729







5,750



5,163



5,750


Accelerated premium amortization on loans
sold from purchased loan pools

456











456




Financial impact of Hurricane Irma



410









410




Loss on sale of premises

308



91



570



295



430



1,264



992


Tax effect of management-adjusted charges

(567)



(1,863)



(199)



(244)



(2,169)



(2,873)



(4,591)


After tax management-adjusted charges

1,052



3,459



371



453



4,028



5,335



8,527
















Tax expense attributable to remeasurement of
deferred tax assets and deferred tax liabilities at
reduced federal corporate tax rate

13,388











13,388


















Adjusted operating net income

$

23,590



$

23,617



$

23,458



$

21,606



$

22,205



$

92,271



$

80,627
















Adjusted operating net income per diluted share

$

0.63



$

0.63



$

0.63



$

0.60



$

0.63



$

2.48



$

2.32


Adjusted operating return on average assets

1.20

%


1.26

%


1.32

%


1.27

%


1.34

%


1.26

%


1.31

%

Adjusted operating return on average common

tangible equity

13.91

%


14.28

%


14.86

%


15.84

%


17.25

%


14.66

%


16.85

%















Net Interest Margin Excluding Accretion and

Yield on Total Loans Excluding Accretion











Table 9B


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2017


2017


2017


2017


2016


2017


2016

Total interest income (TE)

$

81,578



$

78,135



$

73,027



$

68,568



$

64,575



$

301,308



$

243,318


Accretion income

2,183



2,725



2,896



2,810



3,370



10,614



14,112


Total interest income (TE) excluding accretion

79,395



75,410



70,131



65,758



61,205



290,694



229,206


Interest expense

10,041



9,467



8,254



6,460



5,677



34,222



19,694


Net interest income (TE) excluding accretion

$

69,354



$

65,943



$

61,877



$

59,298



$

55,528



$

256,472



$

209,512
















Yield on total loans (TE) excluding accretion

4.70

%


4.65

%


4.59

%


4.56

%


4.51

%


4.63

%


4.50

%

Net interest margin (TE) excluding accretion

3.82

%


3.80

%


3.77

%


3.79

%


3.73

%


3.79

%


3.74

%















Management-Adjusted Efficiency Ratio











Table 9C


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2017


2017


2017


2017


2016


2017


2016















Management-Adjusted Operating Expenses














Total operating expenses

$

59,337



$

63,767



$

55,739



$

53,093



$

54,677



$

231,936



$

215,835


Adjustment items:














Merger and conversion expenses

(421)



(92)





(402)



(17)



(915)



(6,376)


Certain compliance resolution expenses

(434)



(4,729)







(5,750)



(5,163)



(5,750)


Financial impact of Hurricane Irma



(410)









(410)




Loss on sale of premises

(308)



(91)



(570)



(295)



(430)



(1,264)



(992)


Management-adjusted operating expenses

$

58,174



$

58,445



$

55,169



$

52,396



$

48,480



$

224,184



$

202,717
















Management-Adjusted Total Revenue














Net interest income (TE)

$

71,537



$

68,668



$

64,773



$

62,108



$

58,897



$

267,086



$

223,623


Noninterest income

23,563



26,999



28,189



25,706



24,272



104,457



105,801


Adjustment items:














Gain on sale of securities





(37)







(37)



(94)


Accelerated premium amortization on loans
sold from purchased loan pools

456











456




Management-adjusted total revenue

$

95,556



$

95,667



$

92,925



$

87,814



$

83,169



$

371,962



$

329,330
















Management-Adjusted Operating Efficiency
Ratio (TE)

60.88

%


61.09

%


59.37

%


59.67

%


58.29

%


60.27

%


61.55

%

 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Non-GAAP Reconciliations (continued)






Tangible Book Value Per Share











Table 9D


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands except per share data)

2017


2017


2017


2017


2016


2017


2016

Total shareholders' equity

$

804,479



$

801,921



$

782,682



$

758,216



$

646,437



$

804,479



$

646,437


Less:














Goodwill

125,532



125,532



125,532



125,532



125,532



125,532



125,532


Other intangibles, net

13,496



14,437



15,378



16,391



17,428



13,496



17,428


Total tangible shareholders' equity

$

665,451



$

661,952



$

641,772



$

616,293



$

503,477



$

665,451



$

503,477
















Period end number of shares

37,260,012



37,231,049



37,222,904



37,128,714



34,921,474



37,260,012



34,921,474


Tangible book value per share (period end)

$

17.86



$

17.78



$

17.24



$

16.60



$

14.42



$

17.86



$

14.42


 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Segment Reporting


Table 10


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2017


2017


2017


2017


2016


2017


2016















Banking Division














Net interest income

$

55,193



$

53,600



$

51,800



$

50,126



$

50,528



$

210,719



$

198,484


Provision for loan losses

2,277



1,037



1,491



1,982



502



6,787



1,973


Noninterest income

12,442



13,007



12,954



13,013



13,466



51,416



53,168


Noninterest expense














   Salaries and employee benefits

20,100



20,554



19,359



18,844



17,084



78,857



72,824


   Occupancy and equipment expenses

5,368



5,384



5,427



5,257



5,668



21,436



22,209


   Data processing and telecommunications expenses

6,399



6,357



6,378



6,043



5,841



25,177



23,140


   Other noninterest expenses

11,837



14,905



10,209



9,241



15,398



46,192



54,438


Total noninterest expense

43,704



47,200



41,373



39,385



43,991



171,662



172,611


Income before income tax expense

21,654



18,370



21,890



21,772



19,501



83,686



77,068


Income tax expense

18,717



4,850



6,095



6,856



5,005



36,518



23,283


Net income

$

2,937



$

13,520



$

15,795



$

14,916



$

14,496



$

47,168



$

53,785
















Retail Mortgage Division














Net interest income

$

4,876



$

4,265



$

3,470



$

2,976



$

3,032



$

15,587



$

10,641


Provision for loan losses

154



262



347



8



33



771



573


Noninterest income

9,090



12,257



13,053



10,513



9,036



44,913



45,162


Noninterest expense














   Salaries and employee benefits

8,225



9,792



7,763



7,216



7,098



32,996



30,689


   Occupancy and equipment expenses

533



555



610



519



602



2,217



1,928


   Data processing and telecommunications expenses

429



425



440



317



326



1,611



1,300


   Other noninterest expenses

1,230



1,001



888



1,141



1,093



4,260



4,485


Total noninterest expense

10,417



11,773



9,701



9,193



9,119



41,084



38,402


Income before income tax expense

3,395



4,487



6,475



4,288



2,916



18,645



16,828


Income tax expense

1,189



1,475



2,361



1,501



1,021



6,526



5,891


Net income

$

2,206



$

3,012



$

4,114



$

2,787



$

1,895



$

12,119



$

10,937
















Warehouse Lending Division














Net interest income

$

1,983



$

1,535



$

1,254



$

1,105



$

1,706



$

5,877



$

5,962


Provision for loan losses

27



215



176



(232)



496



186



590


Noninterest income

399



583



438



319



462



1,739



1,790


Noninterest expense














   Salaries and employee benefits

127



129



127



147



220



530



619


   Occupancy and equipment expenses

1



1



1



1



1



4



4


   Data processing and telecommunications expenses

18



28



25



27



32



98



103


   Other noninterest expenses

26



51



54



32



29



163



106


Total noninterest expense

172



209



207



207



282



795



832


Income before income tax expense

2,183



1,694



1,309



1,449



1,390



6,635



6,330


Income tax expense

763



580



472



507



486



2,322



2,215


Net income

$

1,420



$

1,114



$

837



$

942



$

904



$

4,313



$

4,115


 

 

AMERIS BANCORP AND SUBSIDIARIES

FINANCIAL TABLES


Segment Reporting (continued)


Table 10


Three Months Ended


Twelve Months Ended


Dec


Sep


Jun


Mar


Dec


Dec


Dec

(dollars in thousands)

2017


2017


2017


2017


2016


2017


2016















SBA Division














Net interest income

$

971



$

981



$

885



$

907



$

949



$

3,744



$

3,220


Provision for loan losses

(209)



(1)



51



48



571



(111)



847


Noninterest income

1,614



1,130



1,718



1,815



1,308



6,277



5,681


Noninterest expense














   Salaries and employee benefits

787



858



890



591



735



3,126



2,705


   Occupancy and equipment expenses

56



54



54



51



64



215



254


   Data processing and telecommunications expenses

9



9



2



1



1



21



4


   Other noninterest expenses

205



63



259



211



170



738



712


Total noninterest expense

1,057



984



1,205



854



970



4,100



3,675


Income before income tax expense

1,737



1,128



1,347



1,820



716



6,032



4,379


Income tax expense

608



394



472



637



251



2,111



1,533


Net income

$

1,129



$

734



$

875



$

1,183



$

465



$

3,921



$

2,846
















Premium Finance Division














Net interest income

$

6,500



$

6,474



$

5,748



$

5,476



$

1,064



$

24,198



$

1,064


Provision for loan losses

287



274



140



30



108



731



108


Noninterest income

18



22



26



46





112




Noninterest expense














   Salaries and employee benefits

1,268



1,250



993



996





4,507




   Occupancy and equipment expenses

52



42



54



49



2



197



2


   Data processing and telecommunications expenses

364



231



183



184



44



962



44


   Other noninterest expenses

2,303



2,078



2,023



2,225



269



8,629



269


Total noninterest expense

3,987



3,601



3,253



3,454



315



14,295



315


Income before income tax expense

2,244



2,621



2,381



2,038



641



9,284



641


Income tax expense

786



843



915



713



224



3,257



224


Net income

$

1,458



$

1,778



$

1,466



$

1,325



$

417



$

6,027



$

417
















Total Consolidated














Net interest income

$

69,523



$

66,855



$

63,157



$

60,590



$

57,279



$

260,125



$

219,371


Provision for loan losses

2,536



1,787



2,205



1,836



1,710



8,364



4,091


Noninterest income

23,563



26,999



28,189



25,706



24,272



104,457



105,801


Noninterest expense














   Salaries and employee benefits

30,507



32,583



29,132



27,794



25,137



120,016



106,837


   Occupancy and equipment expenses

6,010



6,036



6,146



5,877



6,337



24,069



24,397


   Data processing and telecommunications expenses

7,219



7,050



7,028



6,572



6,244



27,869



24,591


   Other noninterest expenses

15,601



18,098



13,433



12,850



16,959



59,982



60,010


Total noninterest expense

59,337



63,767



55,739



53,093



54,677



231,936



215,835


Income before income tax expense

31,213



28,300



33,402



31,367



25,164



124,282



105,246


Income tax expense

22,063



8,142



10,315



10,214



6,987



50,734



33,146


Net income

$

9,150



$

20,158



$

23,087



$

21,153



$

18,177



$

73,548



$

72,100


 

 

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/ameris-bancorp-announces-2017-financial-results-300588703.html

SOURCE Ameris Bancorp

For further information: Nicole S. Stokes, Executive Vice President and CFO, (229) 890-1111