Ameris Bancorp Reports Net Income Of $8.4 Million For First Quarter 2014

PR Newswire

MOULTRIE, Ga., April 22, 2014 /PRNewswire/ -- AMERIS BANCORP (ABCB), today reported net income available to common shareholders of $8.1 million, or $0.32 per diluted share, for the quarter ended March 31, 2014, compared to $4.8 million, or $0.20 per diluted share, for the quarter ended March 31, 2013. Commenting on the Company's improved profitability, Edwin W. Hortman, Jr., the Company's President and Chief Executive Officer, said, "Our first quarter results reflect a full quarter of the additional revenues we expected from the acquisition of The Prosperity Banking Company and Prosperity Bank during the fourth quarter of 2013. On the expense side, we completed the data processing conversion and should have a full run rate of expense savings in the coming quarter."

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Ameris Bancorp logo.

Highlights of the results of the first quarter of 2014 include the following:

  • Net income available to common shareholders increased 66.5%, compared to the same quarter in 2013.
  • The remaining TARP preferred stock investment was redeemed during the quarter with no additional borrowings or issuances of common stock.
  • The Company's net interest margin was 4.57%, compared to 4.43% in the fourth quarter of 2013.
  • Return on average assets and return on average tangible equity improved to 0.96% and 13.30%, respectively compared to 0.75% and 8.61% for the same quarter in 2013.
  • Credit costs (provision and problem loan and OREO expenses) declined to $3.9 million, compared to $7.8 million in the first quarter of 2013 and $6.8 million in the fourth quarter of 2013.
  • Legacy loans (excluding purchased non-covered and covered loans) increased by $76.9 million during the quarter, an annualized growth rate of 19.3%.
  • Tangible common equity to tangible assets increased significantly to 7.53% at March 31, 2014, compared to 6.83% at December 31, 2013.
  • Total legacy classified loans (excluding purchased non-covered and covered loans) decreased 8.1%, compared to December 31, 2013.
  • Noninterest income was $12.8 million, compared to $11.4 million in the first quarter of 2013 and $11.5 million in the fourth quarter of 2013.
  • Net income from the Company's mortgage operation improved during the first quarter of 2014, totaling $947,000, compared to $38,000 in the fourth quarter of 2013.

Operating Results
Net income available to common shareholders for the first quarter of 2014 totaled $8.1 million, compared to $4.8 million for the same quarter in 2013. Revenue during the first quarter totaled $47.2 million, an increase of 19.0% compared to the first quarter of 2013. Increases in revenue resulted from the addition of The Prosperity Banking Company, as well as modest increases from growth in legacy portfolio loans with minimal decreases in yields. The Company's return on assets improved from 0.75% in the first quarter of 2013 to 0.96% in the first quarter of 2014. Return on tangible common equity increased to 13.30% in the current quarter, from 8.61% in the first quarter of 2013, due to additional earnings and capital utilization.

Net Interest Income and Net Interest Margin
Net interest income for the first quarter of 2014 totaled $34.5 million, an increase of $6.1 million, or 21.7%, compared to $28.3 million reported for the first quarter of 2013. The Company's net interest margin increased during the first quarter of 2014 to 4.57% compared to 4.43% in the fourth quarter of 2013. The higher net interest margin resulted from several factors, including steady yields on the Company's loan portfolios and lower levels of excess liquidity than those reported during the fourth quarter of 2013.

Yields on legacy loans declined only slightly from 5.15% in the fourth quarter of 2013 to 5.11% in the first quarter of 2014. Yields declined by a larger margin compared to the same quarter in 2013 when the Company reported legacy loan yields of 5.58%. The Company has expected a slower pace of compression on loan yields as loan production on new and renewed loans has been steady for several quarters at levels much closer to the overall portfolio yield than in the past.

The Company's cost of deposits decreased during the first quarter of 2014 to 0.30%, compared to 0.32% in the fourth quarter of 2013 and 0.36% in the first quarter of 2013. Continued shifts in the funding mix toward non-interest bearing demand and other lower cost deposit categories was the primary reason for the decline. A sales focus on business deposit accounts continues to result in favorable growth in non-interest bearing demand deposits, which increased to $698.9 million at the end of the first quarter of 2014, an annualized growth rate of 18.4%, when compared to balances at December 31, 2013. Compared to the same period in 2013, non-interest bearing demand deposits have increased $207.9 million, or 42.3%.

Non-interest Income
Recurring levels of non-interest income in the first quarter of 2014 improved to $12.8 million, compared to $11.4 million in the same quarter of 2013 and $11.5 million in the fourth quarter of 2013. As a percentage of total assets, recurring non-interest income has decreased from 1.61% at March 31, 2013 to 1.48% at the end of the current quarter. The majority of the decline in non-interest income contribution as a percentage of total assets relates to Prosperity's income statement which was more heavily centered on traditional spread income. The Company believes the new markets are attractive opportunities for its existing strategies and believes non-interest income levels will grow in the coming quarters commensurate with the rest of the Company's markets.

Much of the non-interest income growth has related to the Company's mortgage strategy, although fees and service charges on deposit accounts have remained at strong levels. Mortgage revenue increased compared to the same quarter of 2013, as loan pipelines and closings improved from the lower levels the Company reported in the fourth quarter of 2013. At the end of the first quarter of 2014, the Company's open pipeline of mortgage loans totaled $75.2 million, compared to $40.5 million at the end of 2013. Growth in the pipeline and growth in closings are the result of excellent relationships the Company has developed with certain realtors and builders. The Company is still selectively searching for strong, seasoned producers to add to the team but believes additional improvement in volumes will result from its builder and realtor contacts going forward.

Non-interest Expense
Total operating expenses for the first quarter of 2014 were $33.2 million, compared to $28.9 million for the same quarter of 2013. Increases in operating expenses were primarily the result of the recently closed Prosperity Bank acquisition, which added approximately $4.8 million in quarterly expenses. Additional expenses related to increases in mortgage volume totaled $1.1 million in the first quarter of 2014 compared to the same quarter in 2013. Offsetting these increases in operating expenses were declines in credit-related expenses of $2.7 million from the same quarter in 2013.

On a comparative basis, the Company recorded $30.6 million of core non-interest expense in the first quarter, (excluding credit and merger related expenses), an increase of $2.6 million compared to core non-interest expense in the fourth quarter of 2013, (excluding credit related expenses and $4.3 million of merger related expenses).

The Company completed the data conversion for the Prosperity Bank acquisition during the first quarter of 2014, which resulted in approximately $450,000 of conversion related expenses that will be non-recurring in future quarters. These costs were principally related to compensation, professional fees and travel expenses.

Credit Expenses and Asset Quality
Total classified legacy assets declined during the quarter to $87.3 million at March 31, 2014, compared to $106.8 million for the same quarter in 2013. As a percentage of capital, classified assets improved to 29.1% at the end of the current quarter, compared to 37.7% at March 31, 2013.

During the quarter, the Company downgraded certain assets acquired with the acquisition of Prosperity Bank to non-accrual in an effort to force borrower actions on assets that were well collateralized. The assets in question were identified by the Company in its due diligence as assets that would require more aggressive collection efforts and were marked accordingly. The Company does not anticipate losses from these downgraded assets and believes resolution will come relatively quickly given the operating status of the borrowers and underlying collateral values. Loan to value on the three largest relationships is approximately 53% in the aggregate.

Credit costs continued to improve as expected. During the quarter, credit expenses (provision and credit-related operating expenses) fell to $3.9 million, or 0.94% annualized, of non-covered loans, compared to $7.8 million, or 2.11% annualized, of non-covered loans in the same quarter in 2013. Higher levels of real estate activity and better prices were the primary factors for the improvement.

Balance Sheet Trends
Total assets at March 31, 2014 were $3.49 billion, a 4.9% decrease compared to the $3.67 billion reported at December 31, 2013. Earning assets declined $153.5 million to $3.06 billion at March 31, 2014. Short-term assets declined as a percentage of earning assets to 3.9%, compared to 8.3% at December 31, 2013 and 5.5% at March 31, 2013. Declines in earning assets were primarily related to excess liquidity at year end resulting from certain larger municipal and corporate deposits.

Total legacy loans (excluding purchased non-covered and covered loans) increased $76.9 million during the first quarter of 2014 at an annualized rate of 19.3%, to end at $1.70 billion at March 31, 2014. During the first quarter, purchased non-covered loans decreased by $11.5 million to $437.3 million, down from $448.8 million reported at December 31, 2013. Covered loans decreased by $17.5 million to $372.7 million at March 31, 2014, from $390.2 million at December 31, 2013. Increases in legacy loans were centered mostly in commercial real estate, municipal and residential loan types, while the declines in covered loans were centered mostly in classified assets resulting from normal workout efforts as the Company approaches the maturity of its first loss-share agreements.

Total deposits increased $11.4 million to $3.01 billion during the first quarter of 2014, compared to $3.00 billion at December 31, 2013. Non-interest bearing deposits grew to 23.2% of total deposits at March 31, 2014, compared to 19.7% at the same time in 2013.

During the first quarter of 2014, the Company redeemed the remaining $28 million in shares of the preferred stock originally issued to the U.S. Treasury under the Troubled Asset Relief Program (TARP) in November 2008. The redemption of preferred stock was completed with no additional borrowings or issuances of common stock.

Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 68 locations in Georgia, Alabama, northern Florida and South Carolina.

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

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

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




























Three Months Ended




Mar.


Dec.


Sept.


Jun.


Mar.




2014


2013


2013


2013


2013













EARNINGS























Net Income Available to Common Shareholders

$ 8,064


$ 966


$ 6,234


$ 6,236


$ 4,844













PER COMMON SHARE DATA











Earnings per share available to common shareholders:












Basic

$ 0.32


$ 0.04


$ 0.26


$ 0.26


$ 0.20



Diluted

$ 0.32


$ 0.04


$ 0.26


$ 0.26


$ 0.20


Cash Dividends per share

$ -


$ -


$ -


$ -


$ -


Stock dividend

-


-


-


-


-


Book value per share (period end)

$ 11.93


$ 11.50


$ 10.98


$ 10.88


$ 10.72


Tangible book value per share (period end)

$ 10.31


$ 9.87


$ 10.85


$ 10.74


$ 10.57


Weighted average number of shares:












Basic

25,144,342


24,021,447


23,900,665


23,878,898


23,867,691



Diluted

25,573,320


24,450,619


24,315,821


24,287,628


24,246,346


Period-end number of shares

25,159,073


25,098,427


23,907,509


23,894,327


23,875,680


Market data:












High closing price

$ 24.00


$ 21.42


$ 19.79


$ 16.94


$ 14.51



Low closing price

$ 19.86


$ 17.69


$ 17.35


$ 13.16


$ 12.79



Period end closing price

$ 23.30


$ 21.11


$ 18.38


$ 16.85


$ 14.35



Average daily volume

103,279


94,636


75,545


53,403


51,887













PERFORMANCE RATIOS











Return on average assets

0.96%


0.19%


0.94%


0.95%


0.75%


Return on average common equity

11.66%


2.20%


10.75%


10.66%


8.53%


Earning asset yield (TE)

5.01%


4.84%


5.20%


5.38%


5.23%


Total cost of funds

0.43%


0.40%


0.39%


0.40%


0.40%


Net interest margin (TE)

4.57%


4.43%


4.80%


4.96%


4.81%


Non-interest income excluding securities transactions,












as a percent of total revenue (TE) (1)

25.02%


26.45%


27.76%


26.16%


26.44%


Efficiency ratio

70.36%


92.74%


69.09%


65.32%


72.76%













CAPITAL ADEQUACY (period end)











Stockholders' equity to assets

8.60%


8.63%


10.30%


10.25%


9.91%


Tangible common equity to tangible assets

7.53%


6.83%


9.22%


9.15%


8.83%













EQUITY TO ASSETS RECONCILIATION











Tangible common equity to tangible assets

7.53%


6.83%


9.22%


9.15%


8.83%


Effect of preferred equity

0.00%


0.76%


0.99%


0.99%


0.97%


Effect of goodwill and other intangibles

1.07%


1.04%


0.09%


0.11%


0.12%



Equity to assets (GAAP)

8.60%


8.63%


10.30%


10.25%


9.91%













OTHER PERIOD-END DATA











Banking Division FTE

785


820


678


683


693


Mortgage Division FTE

161


164


158


155


127



Total Ameris Bancorp FTE Headcount

946


984


836


838


820














Assets per Banking Division FTE

$ 4,443


$ 4,473


$ 4,157


$ 4,112


$ 4,129


Branch locations

68


68


57


57


57


Deposits per branch location

$ 44,274


$ 44,106


$ 42,867


$ 42,861


$ 43,684














(1)Includes gain from acquisition.






















 

 


AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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
















Three Months Ended




Mar.


Dec.


Sept.


Jun.


Mar.




2014


2013


2013


2013


2013

























INCOME STATEMENT






















Interest income











Interest and fees on loans

$ 34,469


$ 29,289


$ 29,633


$ 29,859


$ 28,716


Interest on taxable securities

2,985


1,998


1,720


1,719


1,697


Interest on nontaxable securities

335


342


352


344


375


Interest on deposits in other banks

79


118


44


29


85


Interest on federal funds sold

5


2


-


-


-



Total interest income

37,873


31,749


31,749


31,951


30,873













Interest expense











Interest on deposits

$ 2,183


$ 2,066


$ 2,025


$ 2,083


$ 2,226


Interest on other borrowings

1,206


632


404


392


309



Total interest expense

3,389


2,698


2,429


2,475


2,535













Net interest income

34,484


29,051


29,320


29,476


28,338













Provision for loan losses

1,726


1,478


2,920


4,165


2,923













Net interest income/(loss) after provision for loan losses

$ 32,758


$ 27,573


$ 26,400


$ 25,311


$ 25,415













Noninterest income











Service charges on deposit accounts

$ 5,586


$ 5,065


$ 4,948


$ 4,695


$ 4,837


Mortgage banking activity

5,068


4,431


5,232


5,001


4,464


Other service charges, commissions and fees

652


612


593


617


329


Gain(loss) on sale of securities

6


-


-


(1)


172


Gains from acquisitions

-


-


-


-


-


Other non-interest income

1,442


1,409


1,515


1,072


1,558



Total noninterest income

12,754


11,517


12,288


11,384


11,360













Noninterest expense











Salaries and employee benefits

17,394


15,071


14,412


13,381


13,806


Occupancy and equipment expenses

4,064


3,228


3,149


2,978


2,931


Data processing and telecommunications expenses

3,454


3,061


3,072


2,836


2,570


Credit related expenses (1)

2,190


5,322


2,971


2,349


4,844


Advertising and marketing expenses

710


604


434


327


255


Amortization of intangible assets

533


346


346


358


364


Other non-interest expenses

4,894


9,992


4,365


4,459


4,114



Total noninterest expense

33,239


37,624


28,749


26,688


28,884













Operating profit

$ 12,273


$ 1,466


$ 9,939


$ 10,007


$ 7,891














Income tax expense

3,923


88


3,262


3,329


2,606













Net income

$ 8,350


$ 1,378


$ 6,677


$ 6,678


$ 5,285













Preferred stock dividends

286


412


443


442


441













Net income available to common shareholders

$ 8,064


$ 966


$ 6,234


$ 6,236


$ 4,844













Diluted earnings available to common shareholders

0.32


0.04


0.26


0.26


0.20














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































AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




























Three Months Ended




Mar.


Dec.


Sept.


Jun.


Mar.




2014


2013


2013


2013


2013













PERIOD-END BALANCE SHEET






















Assets











Cash and due from banks

$ 71,387


$ 62,955


$ 53,516


$ 50,343


$ 50,487


Federal funds sold and interest bearing balances

48,677


204,984


73,899


43,904


81,205


Investment securities available for sale, at fair value

456,713


486,235


312,248


316,168


324,029


Other investments

9,322


16,828


7,764


7,764


5,528


Mortgage loans held for sale

51,693


67,278


69,634


62,580


42,332














Loans, net of unearned income

1,695,382


1,618,454


1,589,267


1,555,827


1,492,753


Purchased non-covered loans

437,269


448,753


-


-


-


Covered loans

372,694


390,237


417,649


443,517


460,724


Less allowance for loan losses

22,744


22,377


23,854


24,217


23,382



Loans, net

2,482,601


2,435,067


1,983,062


1,975,127


1,930,095














Other real estate owned

33,839


33,351


37,978


39,885


40,434


Purchased, non-covered other real estate owned

3,864


4,276


-


-


-


Covered other real estate owned

42,636


45,893


52,552


62,178


77,915



Total other real estate owned

80,339


83,520


90,530


102,063


118,349














Premises and equipment, net

87,430


103,188


65,661


70,167


72,340


Intangible assets, net

5,477


6,009


1,972


2,318


2,676


Goodwill

35,049


35,049


956


956


956


FDIC loss sharing receivable

53,181


65,441


81,763


105,513


160,979


Cash value of bank owned life insurance

49,738


49,432


49,095


47,495


45,832


Other assets

56,377


51,663


28,402


24,277


26,843



Total assets

$ 3,487,984


$ 3,667,649


$ 2,818,502


$ 2,808,675


$ 2,861,651













Liabilities











Deposits:












Noninterest-bearing

$ 698,866


$ 668,531


$ 475,505


$ 475,445


$ 490,961



Interest-bearing

2,311,781


2,330,700


1,967,916


1,967,658


1,999,012


Total deposits

3,010,647


2,999,231


2,443,421


2,443,103


2,489,973


Federal funds purchased & securities sold under












agreements to repurchase

49,974


83,516


20,255


19,142


22,919


Other borrowings

59,677


194,572


5,000


-


-


Other liabilities

12,028


18,165


17,201


16,384


22,768


Subordinated deferrable interest debentures

55,628


55,466


42,269


42,269


42,269



Total liabilities

3,187,954


3,350,950


2,528,146


2,520,898


2,577,929

























Stockholders' equity










Preferred stock

$ -


$ 28,000


$ 27,938


$ 27,845


$ 27,753

Common stock

26,536


26,462


25,271


25,258


25,239

Capital surplus

190,513


189,722


165,835


165,483


165,078

Retained earnings

92,055


83,991


83,025


76,791


70,554

Accumulated other comprehensive income/(loss)

2,374


(294)


(531)


3,582


6,274

Less treasury stock

(11,448)


(11,182)


(11,182)


(11,182)


(11,176)



Total stockholders' equity

300,030


316,699


290,356


287,777


283,722



Total liabilities and stockholders' equity

$ 3,487,984


$ 3,667,649


$ 2,818,502


$ 2,808,675


$ 2,861,651

























Other Data










Earning Assets

3,062,428


3,215,941


2,462,697


2,421,996


2,401,043

Intangible Assets

40,526


41,058


2,928


3,274


3,632

Interest Bearing Liabilities

2,477,060


2,664,254


2,035,440


2,029,069


2,064,200

Average Assets

3,521,588


2,937,434


2,806,799


2,820,863


2,875,274

Average Common Stockholders' Equity

290,462


248,429


246,490


251,240


251,214

































 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




























Three Months Ended




Mar.


Dec.


Sept.


Jun.


Mar.




2014


2013


2013


2013


2013













ASSET QUALITY INFORMATION(1)






















Allowance for loan losses











Balance at beginning of period

$ 22,377


$ 23,854


$ 24,217


$ 23,382


$ 23,593














Provision for loan loss (2)

1,501


1,200


2,449


3,695


2,603















Charge-offs

1,606


3,591


3,457


3,200


3,036



Recoveries

472


914


645


340


222


Net charge-offs (recoveries)

1,134


2,677


2,812


2,860


2,814














Ending balance

$ 22,744


$ 22,377


$ 23,854


$ 24,217


$ 23,382














As a percentage of loans

1.34%


1.38%


1.50%


1.56%


1.57%


As a percentage of nonperforming loans

85.09%


76.63%


75.20%


76.13%


62.39%

























Net charge-off information











Charge-offs











Commercial, Financial and Agricultural

$ 743


$ 543


$ 482


$ 324


$ 410


Real Estate - Residential

181


1,785


1,323


1,328


779


Real Estate - Commercial and Farmland

533


698


1,080


768


1,025


Real Estate - Construction and Development

65


422


367


576


655


Consumer Installment

84


143


205


204


167



Total charge-offs

1,606


3,591


3,457


3,200


3,036














Recoveries











Commercial, Financial and Agricultural

49


92


212


44


84


Real Estate - Residential

83


368


291


144


85


Real Estate - Commercial and Farmland

143


12


5


10


3


Real Estate - Construction and Development

108


385


84


2


2


Consumer Installment

89


57


53


140


48



Total recoveries

472


914


645


340


222














Net charge-offs (recoveries)

$ 1,134


$ 2,677


$ 2,812


$ 2,860


$ 2,814





































Non-accrual loans (excluding purchased non-covered
and covered loans)

26,729


29,203


31,720


31,811


37,476

Non-accrual purchased non-covered loans

15,318


6,659


-


-


-

Foreclosed assets (excluding purchased assets)

33,839


33,351


37,978


39,885


40,434

Purchased, non-covered other real estate owned

3,864


4,276


-


-


-

Accruing loans delinquent 90 days or more

-


-


-


-


-

Total non-performing assets, excluding covered assets

79,750


73,489


69,698


71,696


77,910













Non-performing assets as a percent of total assets

2.29%


2.00%


2.47%


2.55%


2.72%

Net charge offs as a percent of loans (Annualized)

0.27%


0.66%


0.70%


0.74%


0.76%

























(1) Asset quality information is presented net of covered assets where the Company's risk exposure is limited substantially by loss sharing agreements with the FDIC.

(2) During 2012 and 2013, the Company recorded provision for loan loss expense to account for losses where the initial estimate of cash flows was found to be excessive on loans

acquired in FDIC assisted acquisitions. These amounts are excluded from the calculation above but reflected in the Company's Consolidated Statement of Operations.







































 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




























For the quarter ended:




Mar.


Dec.


Sept.


Jun.


Mar.



Loans by Type

2014


2013


2013


2013


2013



Commercial, financial & agricultural

$ 270,571


$ 244,373


$ 244,991


$ 208,424


$ 180,888



Real estate - construction & development

149,543


146,371


132,277


134,607


130,161



Real estate - commercial & farmland

836,230


808,323


799,149


788,654


766,227



Real estate - residential

347,574


351,886


355,920


357,685


355,716



Consumer installment

32,345


34,249


36,303


36,923


37,335



Other

59,119


33,252


20,627


29,534


22,426



  Total Legacy (excluding purchased non-covered and covered)

$ 1,695,382


$ 1,618,454


$ 1,589,267


$ 1,555,827


$ 1,492,753















Commercial, financial & agricultural

$ 30,810


$ 32,141


$ -


$ -


$ -



Real estate - construction & development

31,820


31,176


-


-


-



Real estate - commercial & farmland

174,281


179,898


-


-


-



Real estate - residential

196,078


200,851


-


-


-



Consumer installment

4,280


4,687


-


-


-



  Total Purchased non-covered (at fair value)

$ 437,269


$ 448,753


$ -


$ -


$ -















Commercial, financial & agricultural

$ 24,813


$ 26,550


$ 27,768


$ 27,371


$ 28,568



Real estate - construction & development

41,434


43,179


50,702


52,972


57,114



Real estate - commercial & farmland

214,649


224,451


237,086


255,102


260,159



Real estate - residential

91,372


95,173


101,146


107,107


113,668



Consumer installment

426


884


947


965


1,215



  Total Covered (at fair value)

$ 372,694


$ 390,237


$ 417,649


$ 443,517


$ 460,724















Total Loan Portfolio:












Commercial, financial & agricultural

$ 326,194


$ 303,064


$ 272,759


$ 235,795


$ 209,456



Real estate - construction & development

222,797


220,726


182,979


187,579


187,275



Real estate - commercial & farmland

1,225,160


1,212,672


1,036,235


1,043,756


1,026,386



Real estate - residential

635,024


647,910


457,066


464,792


469,384



Consumer installment

37,051


39,820


37,250


37,888


38,550



Other

59,119


33,252


20,627


29,534


22,426



  Total Loans

$ 2,505,345


$ 2,457,444


$ 2,006,916


$ 1,999,344


$ 1,953,477







































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








Accruing loan types:












Commercial, financial & agricultural

$ 711


$ 515


$ 521


$ 1,059


$ 799



Real estate - construction & development

1,953


1,896


1,926


1,946


1,883



Real estate - commercial & farmland

8,733


6,913


6,693


7,529


8,878



Real estate - residential

7,364


7,818


7,871


7,468


6,953



Consumer installment

87


72


13


13


-



  Total Accruing TDRs

$ 18,848


$ 17,214


$ 17,024


$ 18,015


$ 18,513















Non-accruing loan types:












Commercial, financial & agricultural

$ 40


$ 525


$ 533


$ -


$ -



Real estate - construction & development

29


32


29


29


43



Real estate - commercial & farmland

1,316


2,273


1,858


1,493


3,595



Real estate - residential

961


834


704


1,046


1,111



Consumer installment

19


19


26


-


6



  Total Non-accrual TDRs

$ 2,365


$ 3,683


$ 3,150


$ 2,568


$ 4,755















Total Troubled Debt Restructurings

$ 21,213


$ 20,897


$ 20,174


$ 20,583


$ 23,268





































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





Grade 10 - Prime credit

$ 93,805


$ 74,381


$ 72,759


$ 44,852


$ 40,268



Grade 15 - Good credit

243,963


230,212


230,810


241,690


232,773



Grade 20 - Satisfactory credit

817,718


773,051


731,154


708,606


665,777



Grade 23 - Performing, under-collateralized credit

31,056


31,604


30,729


29,829


29,403



Grade 25 - Minimum acceptable credit

417,177


420,491


433,358


443,105


425,646



Grade 30 - Other asset especially mentioned

38,240


30,591


28,952


29,265


32,485



Grade 40 - Substandard

53,286


57,987


61,270


57,880


66,147



Grade 50 - Doubtful

137


137


235


598


254



Grade 60 - Loss

-


-


-


2


-



  Total

$ 1,695,382


$ 1,618,454


$ 1,589,267


$ 1,555,827


$ 1,492,753













 

 


AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

























Three Months Ended



Mar.


Dec.


Sept.


Jun.


Mar.



2014


2013


2013


2013


2013























AVERAGE BALANCES























Federal funds sold

$ 7,455


$ 3,243


$ -


$ -


$ -



Interest bearing deposits in banks

99,751


172,117


66,424


52,090


101,452



Investment securities - taxable

411,251


276,702


260,262


271,282


286,745



Investment securities - nontaxable

51,092


51,291


52,279


50,300


53,819



Other investments

12,330


8,255


7,764


7,002


6,687



Mortgage loans held for sale

49,397


65,683


61,249


48,890


32,639



Loans

1,639,672


1,602,942


1,564,311


1,523,654


1,455,687



Purchased non-covered loans

441,138


43,900


-


-


-



Covered loans

379,460


401,045


427,482


444,616


491,691



Total Earning Assets

$ 3,091,546


$ 2,625,178


$ 2,439,771


$ 2,397,834


2,428,720















Noninterest bearing deposits

$ 666,493


$ 528,732


$ 468,588


$ 479,054


$ 481,760



NOW accounts

675,199


604,828


573,088


579,312


633,313



MMDA

749,150


655,782


639,304


611,562


592,842



Savings accounts

143,109


107,058


104,498


104,534


102,380



Retail CDs

373,523


293,689


290,771


298,553


313,191



Retail CDs > $100,000

361,861


352,043


349,931


358,980


368,577



Brokered CDs

5,970


10,687


12,970


16,176


19,448



Total Deposits

2,975,305


2,552,819


2,439,150


2,448,171


2,511,511















FHLB advances

68,333


9,521


-


-


-



Other borrowings

30,004


6,304


1,739


-


-



Subordinated debentures

55,092


46,263


42,269


42,269


42,269



Federal funds purchased and securities sold












under agreements to repurchase

57,112


41,402


18,446


20,530


27,191



Total Non-Deposit Funding

210,541


103,490


62,454


62,799


69,460















Total Funding

$ 3,185,846


$ 2,656,309


$ 2,501,604


$ 2,510,970


$ 2,580,971


























AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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












Three Months Ended


Mar.


Dec.


Sept.


Jun.


Mar.


2014


2013


2013


2013


2013

INTEREST INCOME/EXPENSE










INTEREST INCOME











Federal funds sold

$5


$2


$ -


$ -


$ -


Interest bearing deposits in banks

79


118


44


29


85


Investment securities - taxable

2,985


1,998


1,720


1,719


1,697


Investment securities - nontaxable (TE)

452


462


475


464


506


Mortgage loans held for sale

403


554


603


467


291


Loans (TE)

20,647


20,810


20,882


20,396


19,604


Purchased non-covered loans

6,865


570


-


-


-


Covered loans

6,761


7,508


8,248


9,066


8,765


Total Earning Assets

$38,197


$32,022


$31,972


$32,141


$30,948












INTEREST EXPENSE











Non-interest bearing deposits

$ -


$ -


$ -


$ -


$ -


NOW accounts

288


297


248


250


302


MMDA

681


625


606


555


522


Savings accounts

37


29


29


29


29


Retail CDs

489


399


406


437


498


Retail CDs > $100,000

640


629


635


675


706


Brokered CDs

48


86


101


137


169


Total Deposits

2,183


2,065


2,025


2,083


2,226













FHLB advances

37


63


-


-


-


Other borrowings

408


137


20


-


-


Subordinated debentures

708


376


359


363


270


Federal funds purchased and securities sold











under agreements to repurchase

53


56


26


29


39


Total Non-Deposit Funding

1,206


632


405


392


309













Total Funding

$3,389


$2,697


$2,430


$2,475


$2,535













Net Interest Income (TE)

$34,808


$29,325


$29,542


$29,666


$28,413












 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




























Three Months Ended




Mar.


Dec.


Sept.


Jun.


Mar.




2014


2013


2013


2013


2013

YIELDS (1)
























Federal funds sold

0.27%


0.24%


0.00%


0.00%


0.00%



Interest bearing deposits in banks

0.32%


0.27%


0.26%


0.22%


0.34%



Investment securities - taxable

2.94%


2.86%


2.62%


2.54%


2.40%



Investment securities - nontaxable

3.59%


3.57%


3.61%


3.70%


3.81%



Mortgage loans held for sale

3.31%


3.35%


3.91%


3.83%


3.62%



Loans

5.11%


5.15%


5.30%


5.37%


5.46%



Purchased non-covered loans

6.31%


5.15%


0.00%


0.00%


0.00%



Covered loans

7.23%


7.43%


7.65%


8.18%


7.23%



Total Earning Assets

5.01%


4.84%


5.20%


5.38%


5.17%















Noninterest bearing deposits

0.00%


0.00%


0.00%


0.00%


0.00%



NOW accounts

0.17%


0.19%


0.17%


0.17%


0.19%



MMDA

0.37%


0.38%


0.38%


0.36%


0.36%



Savings accounts

0.10%


0.11%


0.11%


0.11%


0.11%



Retail CDs

0.53%


0.54%


0.55%


0.59%


0.64%



Retail CDs > $100,000

0.72%


0.71%


0.72%


0.75%


0.78%



Brokered CDs

3.26%


3.19%


3.09%


3.40%


3.52%



Total Deposits

0.30%


0.32%


0.33%


0.34%


0.36%















FHLB advances

0.22%


2.63%


0.00%


0.00%


0.00%



Other borrowings

5.51%


8.62%


4.56%


0.00%


0.00%



Subordinated debentures

5.21%


3.22%


3.37%


3.44%


2.59%



Federal funds purchased and securities sold












under agreements to repurchase

0.38%


0.54%


0.56%


0.57%


0.58%



Total Non-Deposit Funding

2.32%


2.42%


2.57%


2.50%


1.80%















Total funding (3)

0.43%


0.40%


0.39%


0.40%


0.40%















Net interest spread

4.58%


4.44%


4.81%


4.98%


4.81%















Net interest margin

4.57%


4.43%


4.80%


4.96%


4.74%





































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


(2) Rate calculated based on average earning assets.







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
















 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




























Three Months Ended




Mar.


Dec.


Sept.


Jun.


Mar.



Pretax, Pre-provision Earnings Reconciliation

2014


2013


2013


2013


2013















Pre-tax operating profit/(loss)

$ 12,273


$ 1,466


$ 9,939


$ 10,007


$ 7,891



Plus: Credit Related Costs












Provision for loan losses

1,726


1,478


2,920


4,165


2,923



(Gains)/Losses on the sale of legacy OREO

(55)


310


(157)


134


(20)



Problem loan and OREO expense

2,127


5,012


3,128


2,215


4,864



Interest reversed (received) on non-accrual loans

246


29


216


118


54



Total Credit-Related Costs

4,044


6,829


6,107


6,632


7,821















Plus: Non-recurring acquisition/conversion charges

450


4,350


512


-


-



Less: Non-recurring gains












Gains related to FDIC acquisitions

-


-


-


-


-



Gains on sales of securities

(6)


-


-


1


(172)



Gains on sales of bank premises

-


-


159


(227)


(242)



Other non-recurring adjustments

-


-


(1,771)


(2,067)


(1,017)















Pretax, Pre-provision earnings

$ 16,761


$ 12,645


$ 14,946


$ 14,346


$ 14,281















As percentage of average assets, annualized

1.93%


1.71%


2.11%


2.04%


2.01%








































Three Months Ended




Mar.


Dec.


Sept.


Jun.


Mar.



Recurring Operating Expenses

2014


2013


2013


2013


2013















Total Operating Expenses

33,239


37,624


28,749


26,688


28,884



Less: Credit costs & non-recurring charges












Gains/(Losses) on the sale of legacy OREO

55


(310)


157


(134)


20



Gains/(Losses) on the sale of covered OREO

(118)


-


-


-


(3,176)



Problem loan and OREO expense

(2,127)


(5,012)


(3,128)


(2,215)


(1,688)



Severance payments

-


-


(99)


-


-



Conversion/acquisition expenses

(450)


(4,350)


(413)


-


-



Gains/(Losses) on the sale of premises

-


-


(159)


227


242















Recurring operating expenses

$ 30,599


$ 27,952


$ 25,107


$ 24,566


$ 24,282













 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




























Three Months Ended




Mar.


Dec.


Sept.


Jun.


Mar.



Segment Reporting

2014


2013


2013


2013


2013















Banking Division:












Net interest income

$ 33,384


$ 27,930


$ 28,089


$ 28,517


$ 27,766



Provision for loan losses

1,726


1,478


2,920


4,165


2,923



Noninterest income

7,590


7,086


7,054


6,383


6,896



Noninterest expense:












Salaries and employee benefits

13,826


11,841


10,799


10,478


11,037



Occupancy

3,762


3,080


3,029


2,781


2,765



Data Processing

3,332


2,953


2,908


2,634


2,471



Other expenses

7,512


14,257


7,473


6,444


8,890



Total noninterest expense

28,432


32,131


24,209


22,337


25,163



Income before income taxes

10,816


1,407


8,014


8,398


6,576



Income Tax

3,413


67


2,588


2,766


2,146



Net income

7,403


1,340


5,426


5,632


4,430



Preferred stock dividends

286


412


443


442


441



Net income available to common shareholders

$ 7,117


$ 928


$ 4,983


$ 5,190


$ 3,989



























Mortgage Division:












Net interest income

$ 1,100


$ 1,121


$ 1,231


$ 959


$ 572



Provision for loan losses

-


-


-


-


-



Noninterest income

5,164


4,431


5,234


5,001


4,464



Noninterest expense:












Salaries and employee benefits

3,568


3,230


3,613


2,903


2,769



Occupancy

302


148


120


197


166



Data Processing

122


108


164


202


99



Other expenses

815


2,007


643


1,049


687



Total noninterest expense

4,807


5,493


4,540


4,351


3,721



Income before income taxes

1,457


59


1,925


1,609


1,315



Income Tax

510


21


674


563


460



Net income

947


38


1,251


1,046


855



Preferred stock dividends

-


-


-


-


-



Net income available to common shareholders

$ 947


$ 38


$ 1,251


$ 1,046


$ 855



























Total Consolidated:












Net interest income

$ 34,484


$ 29,051


$ 29,320


$ 29,476


$ 28,338



Provision for loan losses

1,726


1,478


2,920


4,165


2,923



Noninterest income

12,754


11,517


12,288


11,384


11,360



Noninterest expense:












Salaries and employee benefits

17,394


15,071


14,412


13,381


13,806



Occupancy

4,064


3,228


3,149


2,978


2,931



Data Processing

3,454


3,061


3,072


2,836


2,570



Other expenses

8,327


16,264


8,116


7,493


9,577



Total noninterest expense

33,239


37,624


28,749


26,688


28,884



Income before income taxes

12,273


1,466


9,939


10,007


7,891



Income Tax

3,923


88


3,262


3,329


2,606



Net income

8,350


1,378


6,677


6,678


5,285



Preferred stock dividends

286


412


443


442


441



Net income available to common shareholders

$ 8,064


$ 966


$ 6,234


$ 6,236


$ 4,844











































 

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