Ameris Bancorp

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Press Release $ABCB Ameris Bancorp

0 COMMENTs 18 Jul
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Ameris Bancorp Reports Net Income Of $6.7 Million For Second Quarter 2013

MOULTRIE, Ga., July 18, 2013 /PRNewswire/ -- AMERIS BANCORP (NASDAQ-GS: ABCB), today reported net income available to common shareholders of $6.2 million, or $0.26 per diluted share, for the quarter ended June 30, 2013, compared to $1.7 million, or $0.07 per diluted share, for the quarter ended June 30, 2012.  For the year to date period ending June 30, 2013, the Company reported net income available to common shareholders of $11.1 million, or $0.46 per diluted share, compared to $6.2 million, or $0.26 per diluted share, for the same period in 2012.  Commenting on the Company's quarterly results, Edwin W. Hortman, Jr., the Company's President and Chief Executive Officer, said, "The positive trends on loan and revenue growth continue to ramp.  These trends coupled with improved operating expense control and lower levels of credit costs resulted in a much improved return on average assets of 0.95% in the second quarter of 2013 compared to 0.34% for the second quarter of 2012."

(Logo: http://photos.prnewswire.com/prnh/20051117/CLTH039LOGO )

Highlights of the results for the second quarter of 2013 include the following:

  • Net income available to common shareholders increased 28.7% compared to the first quarter of 2013.
  • Return on average assets and return on average tangible equity increased to 0.95% and 10.66%, respectively.
  • Total revenue increased to $43.3 million in the second quarter of 2013 compared to $41.9 million in the second quarter in 2012.
  • The Company's net interest margin was 4.96% in the second quarter of 2013, compared to 4.66% in the second quarter of 2012 and 4.79% in the first quarter of 2013.
  • Non-covered loans increased by $63.1 million during the quarter.
  • Tangible common equity to tangible assets increased to 9.15% at June 30, 2013, compared to 8.83% at March 31, 2013.
  • Total non-covered classified assets decreased 8.8% compared to March 31, 2013.
  • Noninterest income was $11.4 million, compared to $8.9 million in the second quarter of 2012.

Operating Results
Net income in the second quarter of 2013 totaled $6.7 million before preferred dividends, an increase of 167.7% compared to the same quarter in 2012.  For the year to date period, the Company's earnings before preferred dividends were $12.0 million, compared to $7.9 million in the year to date period in 2012.  Return on average assets and average tangible common equity increased to 0.95% and 10.66%, respectively, in the second quarter of 2013 compared to 0.34% and 4.12%, respectively, in the same quarter of 2012.

Net Interest Income and Net Interest Margin
Net interest income for the second quarter of 2013 totaled $29.5 million, an increase of $595,000, or 2.1%, compared to the $28.9 million reported for the second quarter of 2012.  The Company's net interest margin increased during the quarter to 4.96%, compared to 4.66% during the second quarter of 2012. 

Yields on earning assets in the second quarter of 2013 were 5.38%, compared to 5.21% in the first quarter of 2013 and compared to 5.33% in the second quarter in 2012.  An improving mix of earning assets, more heavily concentrated in loans, helped offset declining yields on the Company's loan portfolio.  Average loans comprised 84.1% of average earning assets in the second quarter of 2013, compared to 79.0% in the second quarter of 2012.

Yields on legacy loans for the second quarter of 2013 were 5.42%, compared to 5.75% in the same quarter in 2012.  Production yields in the most recent quarter were 5.01%, compared to 5.43% in the second quarter of 2012.   While yields on production of new and renewed loans are below current portfolio yields, management anticipates the revenue impact to be muted as they expect continued growth in total loans and less interest rate pressure due to a recent increase in interest rates. 

Declines in legacy loan yields were partially offset by increases in yields on covered loans.  Covered loan yields increased to 8.18% in the second quarter of 2013, compared to 7.22% in the same quarter of 2012.  Continued resolution of problem credits and shorter amortization periods led to higher than expected accretion on covered assets. 

The Company continued to experience savings on deposit costs, albeit at a slower pace than what had been experienced in the recent past.  Total costs of deposits fell to 0.34%, compared to 0.36% in the first quarter of 2013 and 0.56% in the second quarter of 2012.  Savings on time deposits were most significant, with CD costs falling from 1.12% in the second quarter of 2012 to 0.74% in the second quarter of 2013.  Additional savings have been achieved from improvement in the deposit mix, with time deposits representing only 27.5% of total deposits in the current quarter in 2013, compared to 32.4% in the second quarter of 2012.

Non-interest Income
Non-interest income in the second quarter of 2013 improved to $11.4 million, compared to $8.9 million in the same quarter of 2012.  The Company's mortgage operations continued to grow during the second quarter of 2013, as mortgage revenues increased to $5.0 million for the quarter, compared to $3.0 million for the same quarter of 2012.  Purchase mortgage originations accounted for 70% of the Company's total mortgage business in the second quarter of 2013, compared to 61% in the first quarter of 2013 and 64% in the second quarter of 2012.  Commenting on mortgage activity, Mr. Hortman added, "Mortgage revenues have been growing consistently as we build our ranks of producers, focusing mostly on those with good realtor or builder relationships.  While we are cautious about the impact of higher rates, we believe our emphasis on purchase transactions will help sustain our revenues in the higher rate environment."  The Company reported that the average number of daily applications taken thus far in the third quarter of 2013 has been only 4% lower than the average during the second quarter of 2013.

Non-interest Expense
Total operating expenses for the second quarter of 2013 were mostly unchanged at $26.7 million, compared to $26.6 million for the same quarter of 2012.  Salaries and benefits increased to $13.4 million in the current quarter of 2013, compared to $12.1 million in the same quarter in 2012, as commissions and support costs in the Company's mortgage operations increased commensurate with the increase in revenues.  Excluding compensation costs in the Company's mortgage operations, salaries and benefits declined to $10.5 million in the second quarter of 2013, compared to $11.0 million in the first quarter of 2013 and $10.7 million in the second quarter of 2012.

Increases in compensation costs were offset by declines in non-provision credit-related costs, which fell from $3.4 million in the second quarter of 2012 to $2.3 million in the second quarter of 2013.  Occupancy and equipment costs, as well as data processing and telecommunications expense, were steady compared to prior year levels.  Other operating expenses for the current quarter of 2013 were $4.5 million.  These expenses benefitted from a net gain on the sale of fixed assets totaling $227,000, declines in FDIC insurance expense of $590,000 and savings realized in delivery costs of $112,000

Savings from the Company's restructuring efforts are evident in the Company's operating expenses (exclusive of variable mortgage expenses and non-provision credit costs).  As shown below, the Company's core operating expenses have fallen 11.4% on a quarterly basis since the third quarter of 2012 when the Company's restructuring plan was first announced.  Additional savings expected in future quarters hinge on successful implementation of certain technology and continued improvements in credit quality, both of which are proceeding according to plan.

 


Three Months Ended


Six Months Ended


Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.


2013


2013


2012


2012


2012


2013


2012

Total Operating Expenses

26,688


28,884


29,791


28,810


26,623


55,572


60,869

  Less: Credit related expenses

(2,349)


(4,844)


(2,548)


(3,706)


(3,423)


(7,193)


(16,162)

  Less: Mortgage related expenses

(4,717)


(3,721)


(3,589)


(2,958)


(1,861)


(8,438)


(3,344)

Core Operating Expenses - Ameris Bank

19,622


20,319


23,654


22,146


21,339


39,941


41,363















Reported Efficiency Ratio

65.32%


72.76%


71.85%


75.68%


70.51%


68.98%


65.63%

Operating efficiency net of credit costs

59.57%


60.56%


65.70%


65.94%


61.45%


60.05%


61.49%

 

Balance Sheet Trends
Total assets at June 30, 2013 were $2.81 billion, a decrease of $210.4 million when compared to $3.02 billion reported at December 31, 2012.  Declines in total asset levels were expected and are associated mostly with the Company's restructuring efforts, which resulted in the closing of thirteen existing retail facilities since the third quarter of 2012.  Similarly, earning assets declined as well, although the mix of earning assets has improved.  Earning assets fell from $2.55 billion at December 31, 2012 to $2.42 billion at June 30, 2013.  Total loans increased during that period from $2.01 billion at the end of 2012 to $2.06 billion at the end of the second quarter and now represent 85.1% of total earning assets, compared to 78.8% at the end of the year. 

Total non-covered loans increased $105.2 million during the first six months of 2013 to end at $1.56 billion at June 30, 2013, compared to $1.45 billion at December 31, 2012.  Seasonal borrowings from agricultural customers as well as successful sales efforts contributed to the 14.6% annualized increase in loans.  Additionally, covered loans fell by only $17.2 million during the second quarter of 2013 to $443.5 million compared to balances reported at March 31, 2013.  Management, noting that this is a much slower pace of quarterly run-off than has been experienced in several years, is optimistic that the trends in non-covered loan growth and covered loan run-off will continue.

Total deposits decreased $181.6 million to $2.44 billion during the first six months of 2013, compared to $2.62 billion at December 31, 2012.  Year-end deposit levels contain unusually high liquidity levels from local municipalities and agricultural customers, and decreases from this level are not indicative of current trends.  Decreases in deposit accounts associated with the closed branches have been unexpectedly low, totaling only $32.8 million at June 30, 2013.  Additional declines in future quarters may occur as there are $48.7 million of time deposits in the affected branches that have not yet matured.  Management originally estimated a potential for a decline of 5% in the Company's deposits associated with the consolidation effort, but management now believes the run-off will be much less.

Indemnification Asset
At June 30, 2013, the Company's FDIC loss-sharing receivable totaled $105.5 million, which is comprised of $75.7 million in indemnification asset (for reimbursements associated with anticipated losses in future quarters) and $29.8 million in current charge-offs and expenses already incurred but not yet submitted for reimbursement.  This is a significant decrease from the $161.0 million FDIC loss-sharing receivable recorded at March 31, 2013, which was comprised of $99.9 million in indemnification asset and $61.1 million in current charge-offs and expenses.  The decline in the receivable during the current quarter is due to $39.3 million received from the FDIC and a $16.2 million reduction due to changes in the estimates of cash flows on the covered assets.

Credit Expenses and Asset Quality
Non-performing assets declined to $71.7 million, a decrease of $7.0 million, from $78.7 million reported at December 31, 2012.  Nonaccrual loans declined $7.1 million to $31.8 million at June 30, 2013, compared to $38.9 million at December 31, 2012.  The Company's balances in non-covered OREO (other real estate owned) remained stable at $39.9 million at June 30, 2013.  Classified assets to total regulatory capital declined to 28.7% at the end of the second quarter of 2013, compared to 33.8% at the same time in 2012.

The Company's quarterly provision for loan losses was $4.2 million in the second quarter of 2013, compared to $7.2 million in the same quarter in 2012.  Net charge-offs on loans during the second quarter of 2013 were $2.9 million, compared to $2.8 million during the first quarter of 2013 and $8.6 million during the second quarter of 2012.  As a percentage of loans, net charge-offs were 0.74% of average loans on an annualized basis for the second quarter of 2013, compared to 0.76% during the first quarter of 2013 and 2.52% during the second quarter of 2012. 

Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 57 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


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2013


2013


2012


2012


2012


2013


2012

















EARNINGS































Net Income/(Loss) Available to Common Shareholders

$                   6,236


$                   4,844


$                   3,554


$               1,076


$               1,678


$             11,080


$            6,228

















PER COMMON SHARE DATA















Earnings per share available to common shareholders:
















Basic

$                     0.26


$                     0.20


$                     0.15


$                 0.05


$                 0.07


$                 0.46


$              0.26



Diluted

$                     0.26


$                     0.20


$                     0.15


$                 0.04


$                 0.07


$                 0.46


$              0.26


Cash Dividends per share

$                           -


$                           -


$                          -


$                      -


$                      -


$                      -


$                   -


Stock dividend

-


-


-


-


-


-


-


Book value per share (period end)

$                   10.88


$                   10.72


$                   10.56


$               10.41


$               10.49


$               10.88


$            10.49


Tangible book value per share (period end)

$                   10.74


$                   10.57


$                   10.39


$               10.23


$               10.29


$               10.74


$            10.29


Weighted average number of shares:
















Basic

23,878,898


23,867,691


23,815,583


23,819,144


23,818,814


23,873,325


23,790,505



Diluted

24,287,628


24,246,346


23,857,095


23,973,369


23,973,039


24,282,055


23,944,730


Period-end number of shares

23,894,327


23,875,680


23,799,768


23,819,144


23,819,144


23,894,327


23,819,144


Market data:
















High closing price

$                   16.94


$                   14.51


$                   12.71


$               12.88


$               13.40


$               16.94


$            13.40



Low closing price

$                   13.16


$                   12.79


$                   10.50


$               11.27


$               10.88


$               12.79


$            10.34



Period end closing price

$                   16.85


$                   14.35


$                   12.49


$               12.59


$               12.60


$               16.85


$            12.60



Average daily volume

53,403


51,887


48,295


45,543


58,370


52,669


58,751

















PERFORMANCE RATIOS















Return on average assets

0.95%


0.75%


0.62%


0.26%


0.34%


0.85%


0.53%


Return on average common equity

10.66%


8.53%


7.72%


3.12%


4.12%


9.60%


6.49%


Earning asset yield (TE)

5.38%


5.21%


5.22%


5.06%


5.33%


5.30%


5.25%


Total cost of funds

0.40%


0.40%


0.44%


0.51%


0.62%


0.40%


0.65%


Net interest margin (TE)

4.96%


4.79%


4.75%


4.52%


4.66%


4.88%


4.56%


Non-interest income excluding securities transactions,
















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

26.16%


26.27%


25.86%


23.60%


21.10%


26.21%


15.86%


Efficiency ratio

65.32%


72.76%


71.85%


75.68%


70.51%


68.98%


65.63%

















CAPITAL ADEQUACY (period end)















Stockholders' equity to assets

10.25%


9.91%


9.24%


10.14%


10.31%


10.25%


10.31%


Tangible common equity to tangible assets

9.15%


8.83%


8.20%


8.27%


8.41%


9.15%


8.41%

















EQUITY TO ASSETS RECONCILIATION















Tangible common equity to tangible assets

9.15%


8.83%


8.20%


8.27%


8.41%


9.15%


8.41%


Effect of preferred equity

0.99%


0.97%


0.92%


1.74%


1.75%


0.99%


1.75%


Effect of goodwill and other intangibles

0.11%


0.11%


0.12%


0.13%


0.15%


0.11%


0.15%



Equity to assets (GAAP)

10.25%


9.91%


9.24%


10.14%


10.31%


10.25%


10.31%

















OTHER PERIOD-END DATA















Banking Division FTE

683


693


736


754


751


683


751


Mortgage Division FTE

155


127


130


118


88


155


88



Total Ameris Bancorp FTE Headcount

838


820


866


872


839


838


839


















Assets per FTE

$                   3,352


$                   3,490


$                   3,486


$               3,382


$               3,481


$               3,352


$            3,481


Branch locations

57


57


66


66


67


57


67


Deposits per branch location

$                 42,861


$                 43,684


$                 39,768


$             39,093


$             37,980


$             42,861


$          37,980


















(1)Includes gain from acquisition.














 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




















Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2013


2013


2012


2012


2012


2013


2012

































INCOME STATEMENT






























Interest income















Interest and fees on loans

$                 29,859


$                 28,716


$                 30,329


$             29,165


$             30,334


$             58,575


$          59,816


Interest on taxable securities

1,719


1,697


1,737


2,017


2,187


3,416


4,496


Interest on nontaxable securities

344


375


371


365


374


719


739


Interest on deposits in other banks

29


85


102


104


108


114


228


Interest on federal funds sold

-


-


-


-


4


-


10



Total interest income

31,951


30,873


32,539


31,651


33,007


62,824


65,289

















Interest expense















Interest on deposits

$                   2,083


$                   2,226


$                   2,603


$               3,005


$               3,635


$               4,309


$            7,719


Interest on other borrowings

392


309


377


408


491


701


962



Total interest expense

2,475


2,535


2,980


3,413


4,126


5,010


8,681

















Net interest income

29,476


28,338


29,559


28,238


28,881


57,814


56,608

















Provision for loan losses

4,165


2,923


4,442


6,540


7,225


7,088


20,107

















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

$                 25,311


$                 25,415


$                 25,117


$             21,698


$             21,656


$             50,726


$          36,501

















Noninterest income















Service charges on deposit accounts

$                   4,695


$                   4,837


$                   5,299


$               5,121


$               4,770


$               9,532


$            9,156


Mortgage banking activity

5,001


4,464


4,768


3,740


3,006


9,465


4,481


Other service charges, commissions and fees

617


329


387


331


322


946


713


Gain(loss) on sale of securities

(1)


172


322


-


-


171


-


Gains from acquisitions

-


-


-


-


-


-


20,037


Other non-interest income

1,072


1,558


1,128


639


777


2,630


1,752



Total noninterest income

11,384


11,360


11,904


9,831


8,875


22,744


36,139

















Noninterest expense















Salaries and employee benefits

13,381


13,806


15,785


13,766


12,125


27,187


23,571


Occupancy and equipment expenses

2,978


2,931


3,653


3,340


2,880


5,909


6,215


Data processing and telecommunications expenses

2,836


2,570


3,254


2,599


2,905


5,406


4,830


Credit related expenses (1)

2,349


4,844


2,548


3,706


3,423


7,193


16,162


Advertising and marketing expenses

327


255


488


421


364


582


713


Amortization of intangible assets

358


364


364


364


412


722


632


Other non-interest expenses

4,459


4,114


3,699


4,614


4,514


8,573


8,746



Total noninterest expense

26,688


28,884


29,791


28,810


26,623


55,572


60,869

















Operating profit/(loss)

$                 10,007


$                   7,891


$                   7,230


$               2,719


$               3,908


$             17,898


$          11,771


















Income tax (benefit)/expense

3,329


2,606


2,558


816


1,413


5,935


3,911

















Net income/(loss)

$                   6,678


$                   5,285


$                   4,672


$               1,903


$               2,495


$             11,963


$            7,860

















Preferred stock dividends

442


441


1,118


827


817


883


1,632

















Net income/(loss) available














     to common shareholders

$                   6,236


$                   4,844


$                   3,554


$               1,076


$               1,678


$             11,080


$            6,228

















Diluted earnings available to common shareholders

0.26


0.20


0.15


0.04


0.07


0.46


0.26


















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









 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




























Three Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.




2013


2013


2012


2012


2012













PERIOD-END BALANCE SHEET






















Assets











Cash and due from banks

$                 50,343


$                 50,487


$                 80,256


$             57,289


$             60,126


Federal funds sold and interest bearing balances

43,904


81,205


193,677


66,872


111,251


Investment securities available for sale, at fair value

316,168


324,029


346,909


361,051


366,980


Other investments

7,764


5,528


6,832


7,003


7,884


Mortgage loans held for sale

62,580


42,332


48,786


29,021


19,659














Loans, net of unearned income

1,555,827


1,492,753


1,450,635


1,439,862


1,365,489


Covered loans

443,517


460,724


507,712


546,234


601,737


Less allowance for loan losses

24,217


23,382


23,593


25,901


26,198



Loans, net

1,975,127


1,930,095


1,934,754


1,960,195


1,941,028














Other real estate owned

39,885


40,434


39,850


37,325


36,397


Covered other real estate owned

62,178


77,915


88,273


88,895


83,467



Total other real estate owned

102,063


118,349


128,123


126,220


119,864














Premises and equipment, net

70,167


72,340


75,983


75,609


75,192


Intangible assets, net

2,318


2,676


3,040


3,404


3,767


Goodwill

956


956


956


956


956


FDIC loss sharing receivable

105,513


160,979


159,724


198,440


203,801


Cash value of bank owned life insurance

47,495


45,832


15,603


50,087


-


Other assets

24,277


26,843


24,409


13,236


9,803



Total assets

$            2,808,675


$            2,861,651


$            3,019,052


$        2,949,383


$        2,920,311













Liabilities











Deposits:












Noninterest-bearing

$               475,445


$               490,961


$               510,751


$           464,503


$           429,113



Interest-bearing

1,967,658


1,999,012


2,113,912


2,115,614


2,115,559


Total deposits

2,443,103


2,489,973


2,624,663


2,580,117


2,544,672


Federal funds purchased & securities sold under












agreements to repurchase

19,142


22,919


50,120


17,404


19,800


Other borrowings

-


-


-


-


3,810


Other liabilities

16,384


22,768


22,983


10,387


8,821


Subordinated deferrable interest debentures

42,269


42,269


42,269


42,269


42,269



Total liabilities

2,520,898


2,577,929


2,740,035


2,650,177


2,619,372

























Stockholders' equity










  Preferred stock

$                 27,845


$                 27,753


$                 27,662


$             51,207


$             51,044

  Common stock

25,258


25,239


25,155


25,155


25,155

  Capital surplus

165,483


165,078


164,949


164,182


166,685

  Retained earnings

76,791


70,554


65,710


62,156


61,081

  Accumulated other comprehensive income/(loss)

3,582


6,274


6,607


7,337


7,805

  Less treasury stock

(11,182)


(11,176)


(11,066)


(10,831)


(10,831)



Total stockholders' equity

287,777


283,722


279,017


299,206


300,939



Total liabilities and stockholders' equity

$            2,808,675


$            2,861,651


$            3,019,052


$        2,949,383


$        2,920,311

























Other Data










Earning Assets

2,421,996


2,401,043


2,547,719


2,443,040


2,465,116

Intangible Assets

3,274


3,632


3,996


4,360


4,723

Interest Bearing Liabilities

2,029,069


2,064,200


2,206,301


2,175,287


2,181,438

Average Assets

2,820,863


2,875,274


2,985,116


2,935,715


2,966,527

Average Common Stockholders' Equity

251,240


251,214


240,787


242,614


243,463

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




































Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2013


2013


2012


2012


2012


2013


2012

















ASSET QUALITY INFORMATION(1)






























Allowance for loan losses















Balance at beginning of period

$                 23,382


$                 23,593


$                 25,901


$             26,198


$             28,689


$             23,593


$          35,156


















Provision for loan loss (2)

3,695


2,603


4,091


5,690


6,070


6,298


18,670



















Charge-offs

3,200


3,036


6,996


6,092


8,738


6,236


28,075



Recoveries

340


222


597


105


177


562


447


Net charge-offs (recoveries)

2,860


2,814


6,399


5,987


8,561


5,674


27,628


















Ending balance

$                 24,217


$                 23,382


$                 23,593


$             25,901


$             26,198


$             24,217


$          26,198


















As a percentage of loans

1.56%


1.57%


1.63%


1.80%


1.92%


1.56%


1.92%


As a percentage of nonperforming loans

76.13%


62.39%


60.67%


67.76%


58.98%


76.13%


58.98%

































Net charge-off information















Charge-offs















Commercial, Financial and Agricultural

$                      324


$                      410


$                      562


$                  235


$                  499


$                  734


$               654


Real Estate - Residential

1,328


779


2,080


2,268


2,251


2,107


4,374


Real Estate - Commercial and Farmland

768


1,025


2,352


715


4,520


1,793


17,484


Real Estate - Construction and Development

576


655


1,561


2,608


1,281


1,231


5,211


Consumer Installment

204


167


441


266


187


371


352



Total charge-offs

3,200


3,036


6,996


6,092


8,738


6,236


28,075


















Recoveries















Commercial, Financial and Agricultural

44


84


56


23


30


128


78


Real Estate - Residential

144


85


26


37


21


229


162


Real Estate - Commercial and Farmland

10


3


450


8


8


13


24


Real Estate - Construction and Development

2


2


17


4


2


4


19


Consumer Installment

140


48


48


33


116


188


164



Total recoveries

340


222


597


105


177


562


447


















Net charge-offs (recoveries)

$                   2,860


$                   2,814


$                   6,399


$               5,987


$               8,561


$               5,674


$          27,628

















































Non-accrual loans

31,811


37,476


38,885


38,225


44,421


31,811


44,421

Foreclosed assets 

39,885


40,434


39,850


37,325


36,397


39,885


36,397

Accruing loans delinquent 90 days or more

-


-


-


-


1


-


1

Total non-performing assets

71,696


77,910


78,735


75,550


80,819


71,696


80,819

















Non-performing assets as a percent of total assets

2.55%


2.72%


2.61%


2.56%


2.77%


2.55%


2.77%

Net charge offs as a percent of loans (Annualized)

0.74%


0.76%


1.75%


1.65%


2.52%


0.74%


4.07%

































(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 2011 and 2012, 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:




Jun.


Mar.


Dec.


Sept.


Jun.



Loans by Type

2013


2013


2012


2012


2012



Commercial, financial & agricultural

$               208,424


$               180,888


$               174,217


$           189,374


$           174,903



Real estate - construction & development

134,607


130,161


114,199


125,315


124,556



Real estate - commercial & farmland

788,654


766,227


732,322


713,240


675,404



Real estate - residential

357,685


355,716


346,480


343,332


332,124



Consumer installment

36,923


37,335


40,178


43,441


41,431



Other

29,534


22,426


43,239


25,160


17,071



    Total Legacy (non-covered)

$            1,555,827


$            1,492,753


$            1,450,635


$        1,439,862


$        1,365,489















Commercial, financial & agricultural

$                 27,371


$                 28,568


$                 32,606


$             37,167


$             41,372



Real estate - construction & development

52,972


57,114


70,184


73,356


83,991



Real estate - commercial & farmland

255,102


260,159


278,506


298,903


322,393



Real estate - residential

107,107


113,668


125,056


135,154


150,683



Consumer installment

965


1,215


1,360


1,654


3,298



    Total Covered (at fair value)

$               443,517


$               460,724


$               507,712


$           546,234


$           601,737















Total Loan Portfolio:












Commercial, financial & agricultural

$               235,795


$               209,456


$               206,823


$           226,541


$           216,275



Real estate - construction & development

187,579


187,275


184,383


198,671


208,547



Real estate - commercial & farmland

1,043,756


1,026,386


1,010,828


1,012,143


997,797



Real estate - residential

464,792


469,384


471,536


478,486


482,807



Consumer installment

37,888


38,550


41,538


45,095


44,729



Other

29,534


22,426


43,239


25,160


17,071



    Total Loans

$            1,999,344


$            1,953,477


$            1,958,347


$        1,986,096


$        1,967,226







































Troubled Debt Restructurings:












Accruing loan types:












Commercial, financial & agricultural

$                   1,059


$                      799


$                      802


$                  804


$                       -



Real estate - construction & development

1,946


1,883


1,735


1,481


1,205



Real estate - commercial & farmland

7,529


8,878


8,947


9,540


13,293



Real estate - residential

7,468


6,953


7,254


8,068


8,472



Consumer installment

13


-


6


-


-



    Total Accruing TDRs

$                 18,015


$                 18,513


$                 18,744


$             19,893


$             22,970















Non-accruing loan types:












Commercial, financial & agricultural

$                           -


$                           -


$                          -


$                      -


$                    18



Real estate - construction & development

29


43


-


-


1,124



Real estate - commercial & farmland

1,493


3,595


4,149


2,770


2,815



Real estate - residential

1,046


1,111


1,022


620


1,213



Consumer installment

-


6


-


-


-



    Total Non-accrual TDRs

$                   2,568


$                   4,755


$                   5,171


$               3,390


$               5,170















Total Troubled Debt Restructurings

$                 20,583


$                 23,268


$                 23,915


$             23,283


$             28,140





































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











Grade 10 - Prime credit

$                 44,852


$                 40,268


$                 32,993


$             34,809


$             28,282



Grade 15 - Good credit

241,690


232,773


236,500


244,466


251,157



Grade 20 - Satisfactory credit

708,606


665,777


641,950


592,283


540,562



Grade 23 - Performing, under-collateralized credit

29,829


29,403


31,433


30,176


30,131



Grade 25 - Minimum acceptable credit

443,105


425,646


399,210


427,598


397,984



Grade 30 - Other asset especially mentioned

29,265


32,485


35,298


35,478


36,307



Grade 40 - Substandard

57,880


66,147


72,994


74,606


80,824



Grade 50 - Doubtful

598


254


257


446


242



Grade 60 - Loss

2


-


-


-


-



  Total

$            1,555,827


$            1,492,753


$            1,450,635


$        1,439,862


$        1,365,489

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




































Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2013


2013


2012


2012


2012


2013


2012

































AVERAGE BALANCES
































Federal funds sold

$                           -


$                           -


$                        57


$                    10


$             17,665


$                       -


$          28,005



Interest bearing deposits in banks

52,090


101,452


152,875


125,775


128,008


76,635


142,953



Investment securities - taxable

271,282


286,745


300,773


316,967


324,879


278,971


317,904



Investment securities - nontaxable

50,300


53,819


52,017


47,819


46,049


52,050


46,285



Other investments

7,002


6,687


6,702


7,213


8,893


6,845


9,579



Mortgage loans held for sale

100,766


63,732


46,763


31,759


21,603


92,752


31,167



Loans

1,471,778


1,424,594


1,424,302


1,398,468


1,356,845


1,437,915


1,325,171



Covered loans

444,616


491,691


519,892


574,897


601,802


468,024


601,507



  Total Earning Assets

$            2,397,834


2,428,720


2,503,381


2,502,908


2,505,744


$        2,413,192


$     2,502,571



















Noninterest bearing deposits

$               479,054


$               481,760


$               502,069


$           452,019


$           432,535


$           480,400


$        420,131



NOW accounts

579,312


633,313


626,440


593,204


605,494


606,163


612,459



MMDA

611,562


592,842


606,908


631,231


616,449


602,254


608,074



Savings accounts

104,534


102,380


100,722


102,129


97,097


103,463


92,269



Retail CDs < $100,000

298,553


313,191


342,518


365,807


369,651


308,270


371,512



Retail CDs > $100,000

358,980


368,577


391,075


430,677


410,855


361,314


421,112



Brokered CDs

16,176


19,448


34,588


41,799


59,526


17,803


76,563



  Total Deposits

2,448,171


2,511,511


2,604,320


2,616,866


2,591,607


2,479,667


2,602,120



















FHLB advances

-


-


-


2,160


3,810


-


6,217



Subordinated debentures

42,269


42,269


42,269


42,269


42,269


42,269


42,269



Federal funds purchased and securities sold
















under agreements to repurchase

20,530


27,191


36,165


17,146


23,042


23,842


26,470



  Total Non-Deposit Funding

62,799


69,460


78,434


61,575


69,121


66,111


74,956



















  Total Funding

$            2,510,970


$            2,580,971


$            2,682,754


$        2,678,441


$        2,660,728


$        2,545,778


$     2,677,076

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




















Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2013


2013


2012


2012


2012


2013


2012

















INTEREST INCOME/EXPENSE































INTEREST INCOME
















Federal funds sold

$                           -


$                           -


$                          -


$                      -


$                      4


$                       -


$                 10



Interest bearing deposits in banks

29


85


102


104


108


114


228



Investment securities - taxable

1,719


1,697


1,737


2,017


2,187


3,416


4,496



Investment securities - nontaxable (TE)

464


506


501


493


505


970


998



Mortgage loans held for sale

959


572


455


285


177


1,531


318



Loans (TE)

19,904


19,604


20,224


19,983


19,396


39,508


37,565



Covered loans

9,066


8,765


9,859


8,951


10,808


17,831


21,780



Total Earning Assets

$                 32,141


$                 31,229


$                 32,878


$             31,833


$             33,185


$             63,370


$          65,395


















INTEREST EXPENSE
















Non-interest bearing deposits

$                           -


$                           -


$                          -


$                      -


$                       -


$                       -


$                    -



NOW accounts

250


302


340


300


447


552


973



MMDA

555


522


537


625


808


1,077


1,649



Savings accounts

29


29


30


32


36


58


70



Retail CDs < $100,000

437


498


600


726


834


935


1,775



Retail CDs > $100,000

675


706


815


990


1,072


1,381


2,312



Brokered CDs

137


169


281


332


438


306


940



Total Deposits

2,083


2,226


2,603


3,005


3,635


4,309


7,719



















FHLB advances

-


-


-


15


26


-


95



Subordinated debentures

363


270


332


362


427


633


788



Repurchase agreements

28


37


43


29


37


65


77



Correspondent bank line of credit and other

1


2


2


2


1


3


2



  Total Non-Deposit Funding

392


309


377


408


491


701


962



















  Total Funding

$                   2,475


$                   2,535


$                   2,980


$               3,413


$               4,126


$               5,010


$            8,681



















Net Interest Income (TE)

$                 29,666


$                 28,694


$                 29,898


$             28,420


$             29,059


$             58,360


$          56,714

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




































Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2013


2013


2012


2012


2012


2013


2012

YIELDS (1)
































Federal funds sold

0.00%


0.00%


0.00%


0.00%


0.09%


0.00%


0.07%



Interest bearing deposits in banks

0.22%


0.34%


0.27%


0.33%


0.34%


0.30%


0.32%



Investment securities - taxable

2.54%


2.40%


2.30%


2.53%


2.71%


2.47%


2.84%



Investment securities - nontaxable

3.70%


3.81%


3.83%


4.10%


4.41%


3.76%


4.34%



Mortgage loans held for sale

3.82%


3.64%


3.87%


3.57%


3.30%


3.33%


2.05%



Loans

5.42%


5.58%


5.65%


5.68%


5.75%


5.54%


5.70%



Covered loans

8.18%


7.23%


7.54%


6.19%


7.22%


7.68%


7.28%



  Total Earning Assets

5.38%


5.21%


5.22%


5.06%


5.33%


5.30%


5.25%



















Noninterest bearing deposits

0.00%


0.00%


0.00%


0.00%


0.00%


0.00%


0.00%



NOW accounts

0.17%


0.19%


0.22%


0.20%


0.30%


0.18%


0.32%



MMDA

0.36%


0.36%


0.35%


0.39%


0.53%


0.36%


0.55%



Savings accounts

0.11%


0.11%


0.12%


0.12%


0.15%


0.11%


0.15%



Retail CDs < $100,000

0.59%


0.64%


0.70%


0.79%


0.91%


0.61%


0.96%



Retail CDs > $100,000

0.75%


0.78%


0.83%


0.91%


1.05%


0.77%


1.10%



Brokered CDs

3.40%


3.52%


3.23%


3.16%


2.96%


3.47%


2.47%



  Total Deposits

0.34%


0.36%


0.40%


0.46%


0.56%


0.35%


0.60%



















FHLB advances

0.00%


0.00%


0.00%


2.76%


2.74%


0.00%


3.07%



Subordinated debentures

3.44%


2.59%


3.12%


3.41%


4.06%


3.02%


3.75%



Repurchase agreements

0.55%


0.55%


0.47%


0.67%


0.65%


0.55%


0.58%



Correspondent bank line of credit and other

0.00%


0.00%


0.00%


0.00%


0.00%


0.00%


0.00%



  Total Non-Deposit Funding

2.50%


1.80%


1.91%


2.64%


2.86%


2.14%


2.58%



















  Total funding (3)

0.40%


0.40%


0.44%


0.51%


0.62%


0.40%


0.65%



















Net interest spread

4.98%


4.81%


4.78%


4.55%


4.71%


4.90%


4.60%



















Net interest margin

4.96%


4.79%


4.75%


4.52%


4.66%


4.88%


4.56%

















































(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


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.



Core Earnings Reconciliation

2013


2013


2012


2012


2012


2013


2012



















Pre-tax operating profit/(loss)

$                 10,007


$                   7,891


$                   7,230


$               2,719


$               3,908


$             17,898


$          11,771



Plus: Credit Related Costs
















    Provision for loan losses

4,165


2,923


4,442


6,540


7,225


7,088


20,107



   (Gains)/Losses on the sale of legacy OREO

134


(20)


464


983


813


114


8,065



    Problem loan and OREO expense

2,215


4,864


2,084


2,724


2,610


7,079


8,097



    Interest reversed (received) on non-accrual loans

118


54


227


159


145


172


331



       Total Credit-Related Costs

6,632


7,821


7,217


10,406


10,793


14,453


36,600



















Plus: Non-recurring conversion charges

-


-


2,125


-


-


-


-



Less: Non-recurring gains
















    Gains related to FDIC acquisitions

-


-


-


-


-


-


(20,037)



    Gains on sales of securities

1


(172)


(322)


-


-


(171)


-



      Gains on sales of bank premises

(227)


(242)


-


-


-


(469)


-



    Other non-recurring adjustments

(2,067)


(1,017)


(2,423)


602


-


(3,084)


-



















Pretax, Pre-provision earnings

$                 14,346


$                 14,281


$                 13,827


$             13,727


$             14,701


$             28,627


$          28,334



















As percentage of average assets, annualized

2.04%


2.01%


1.84%


1.86%


1.99%


2.05%


1.92%




















































Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.



Recurring Operating Expenses

2013


2013


2012


2012


2012


2013


2012



















Total Operating Expenses

26,688


28,884


29,791


28,810


26,623


55,572


60,869



Less: Credit costs & non-recurring charges
















   Gains/(Losses) on the sale of legacy OREO

(134)


20


(464)


(983)


(813)


(114)


(8,065)



   Gains/(Losses) on the sale of covered OREO

-


(3,176)


-


-


-


(3,176)


-



    Problem loan and OREO expense

(2,215)


(1,688)


(2,084)


(2,724)


(2,610)


(3,903)


(8,097)



   Severance payments

-


-


(750)


-


(190)


-


(552)



     Conversion expenses

-


-


(1,375)


-


(285)


-


(285)



   Gains/(Losses) on the sale of premises

227


242


-


-


-


469


-



















Recurring operating expenses

$                 24,566


$                 24,282


$                 25,118


$             25,103


$             22,725


$             48,848


$          43,870

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




































Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.



Segment Reporting

2013


2013


2012


2012


2012


2013


2012



















Banking Division:
















   Net interest income

$                 28,517


$                 27,766


$                 29,104


$             27,953


$             28,704


$             56,283


$          56,290



   Provision for loan losses

4,165


2,923


4,442


6,540


7,225


7,088


20,107



   Noninterest income

6,383


6,896


7,136


6,091


5,869


13,279


31,658



   Noninterest expense:
















      Salaries and employee benefits

10,478


11,037


13,021


11,446


10,727


21,515


20,989



      Occupancy

2,781


2,765


3,476


3,190


2,807


5,546


6,060



      Data Processing

2,634


2,471


3,119


2,510


2,832


5,105


4,712



      Other expenses

6,444


8,890


6,586


8,706


8,396


15,334


25,764



         Total noninterest expense

22,337


25,163


26,202


25,852


24,762


47,500


57,525



Income before income taxes

8,398


6,576


5,596


1,652


2,586


14,974


10,316



   Income Tax

2,766


2,146


1,986


443


950


4,912


3,402



         Net income

5,632


4,430


3,610


1,209


1,636


10,062


6,914



   Preferred stock dividends

442


441


1,118


827


817


883


1,632



Net income available to common shareholders

$                   5,190


$                   3,989


$                   2,492


$                  382


$                  819


$               9,179


$            5,282



































Mortgage Division:
















   Net interest income

$                      959


$                      572


$                      455


$                  285


$                  177


$               1,531


$               318



   Provision for loan losses

-


-


-


-


-


-


-



   Noninterest income

5,001


4,464


4,768


3,740


3,006


9,465


4,481



   Noninterest expense:
















      Salaries and employee benefits

2,903


2,769


2,764


2,320


1,398


5,672


2,582



      Occupancy

197


166


177


150


73


363


155



      Data Processing

202


99


135


89


73


301


118



      Other expenses

1,049


687


513


399


317


1,736


489



         Total noninterest expense

4,351


3,721


3,589


2,958


1,861


8,072


3,344



Income before income taxes

1,609


1,315


1,634


1,067


1,322


2,924


1,455



   Income Tax

563


460


572


373


463


1,023


509



         Net income

1,046


855


1,062


694


859


1,901


946



   Preferred stock dividends

-


-


-


-


-


-


-



Net income available to common shareholders

$                   1,046


$                      855


$                   1,062


$                  694


$                  859


$               1,901


$               946



































Total Consolidated:
















   Net interest income

$                 29,476


$                 28,338


$                 29,559


$             28,238


$             28,881


$             57,814


$          56,608



   Provision for loan losses

4,165


2,923


4,442


6,540


7,225


7,088


20,107



   Noninterest income

11,384


11,360


11,904


9,831


8,875


22,744


36,139



   Noninterest expense:
















      Salaries and employee benefits

13,381


13,806


15,785


13,766


12,125


27,187


23,571



      Occupancy

2,978


2,931


3,653


3,340


2,880


5,909


6,215



      Data Processing

2,836


2,570


3,254


2,599


2,905


5,406


4,830



      Other expenses

7,493


9,577


7,099


9,105


8,713


17,070


26,253



         Total noninterest expense

26,688


28,884


29,791


28,810


26,623


55,572


60,869



Income before income taxes

10,007


7,891


7,230


2,719


3,908


17,898


11,771



   Income Tax

3,329


2,606


2,558


816


1,413


5,935


3,911



         Net income

6,678


5,285


4,672


1,903


2,495


11,963


7,860



   Preferred stock dividends

442


441


1,118


827


817


883


1,632



Net income available to common shareholders

$                   6,236


$                   4,844


$                   3,554


$               1,076


$               1,678


$             11,080


$            6,228

 

SOURCE Ameris Bancorp

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