Ameris Bancorp

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Press Release $ABCB Ameris Bancorp

0 COMMENTs 21 Oct
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Ameris Bancorp Announces $6.7 Million Of Net Income In The Third Quarter, 2013

MOULTRIE, Ga., Oct. 21, 2013 /PRNewswire/ -- AMERIS BANCORP (NASDAQ-GS: ABCB), Moultrie, Georgia, today reported net income available to common shareholders of $6.2 million, or $0.26 per diluted share, for the quarter ended September 30, 2013, compared to $1.1 million, or $0.04 per diluted share, for the quarter ended September 30, 2012.  For the year to date period ending September 30, 2013, the Company reported net income available to common shareholders of $17.3 million, or $0.71 per diluted share, compared to $7.3 million, or $0.30 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, "I'm pleased with another good quarter, highlighted by stable earnings, modest growth in our total revenues and strong non-covered loan growth.  We anticipate closing the Prosperity transaction in the fourth quarter and believe we can complete our expense savings and balance sheet restructuring before the end of 2013."

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

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

  • Non-covered loans increased $33.4 million during the third quarter, representing an 8.62% annualized growth rate for the quarter and 12.82% for the year to date period.
  • Return on average assets and return on average tangible equity were 0.94% and 10.75%, respectively.
  • Total revenue increased to $44.0 million in the third quarter of 2013 compared to $41.5 million in the third quarter in 2012.
  • The Company's net interest margin was 4.80% in the third quarter of 2013, compared to 4.52% in the third quarter of 2012 and 4.96% in the second quarter of 2013.
  • Tangible common equity to tangible assets increased to 9.22% at September 30, 2013, compared to 9.15% at June 30, 2013.
  • Annualized net charge-offs for the current quarter declined to 0.70% of total loans, compared to 2.76% for the year ended December 31, 2012.
  • Noninterest income was $12.3 million for the third quarter of 2013, compared to $9.8 million in the third quarter of 2012.

Operating Results
Net income in the third quarter of 2013 totaled $6.7 million before preferred dividends, an increase of $4.8 million compared to the same quarter in 2012.  For the year to date period, the Company's earnings before preferred dividends were $18.6 million, compared to $9.8 million in the year to date period in 2012.  Return on average assets and average common equity were 0.94% and 10.75%, respectively, in the third quarter of 2013 compared to 0.26% and 3.12%, respectively, in the same quarter of 2012.  Slightly larger levels of total revenue coupled with lower levels of credit expense combined to improve the Company's results.

Net Interest Income and Net Interest Margin
Net interest income for the third quarter of 2013 totaled $29.3 million, an increase of $1.1 million, or 3.8%, compared to the $28.2 million reported for the third quarter of 2012.  The Company's net interest margin during the current quarter was 4.80%, compared to 4.52% during the third quarter of 2012. 

Yields on earning assets in the third quarter of 2013 were 5.20%, compared to 5.06% in the third quarter of 2012.  An improving mix of earning assets, more heavily concentrated in loans, helped offset declining yields on the Company's loan portfolio.  Earning assets totaled $2.46 billion at the end of the third quarter of 2013, compared to $2.44 billion at the end of the third quarter of 2012.  Average loans comprised 84.1% of average earning assets in the third quarter of 2013, compared to 80.1% in the third quarter of 2012, while investment securities reduced from 14.9% of total earning assets at September 30, 2012 to 13.1% at September 30, 2013.

Yields on non-covered loans for the third quarter of 2013 were 5.36%, compared to 5.68% in the same quarter in 2012.  Covered loan yields increased from 6.19% in the third quarter of 2012 to 7.65% in the third quarter of 2013.  The covered loan yields continue to be positively impacted by fair value adjustments and the resolution of problem credits.  Production yields in the most recent quarter were 4.86%, compared to 5.33% in the third 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 recent increases in interest rates. 

The Company continued to experience savings on deposit costs as in recent quarters.  Total costs of deposits fell to 0.33%, compared to 0.34% in the second quarter of 2013 and 0.46% in the third quarter of 2012.  Savings on time deposits were most significant, with CD costs falling from 0.97% in the third quarter of 2012 to 0.69% in the third quarter of 2013.  Additional savings have been achieved from improvement in the deposit mix, with time deposits representing only 26.8% of total deposits in the current quarter in 2013, compared to 32.0% in the third quarter of 2012.

Non-interest Income
Non-interest income in the third quarter of 2013 improved to $12.3 million, compared to $9.8 million in the same quarter of 2012.  The Company's mortgage operations continued to grow during the third quarter of 2013, as mortgage revenues increased to $5.2 million for the quarter, compared to $3.7 million for the same quarter of 2012.  The Company continues to focus on recruiting and retaining higher volume producers with concentrations in purchase transactions but anticipates a slower pace of hiring in the coming quarters.  Volumes in the third quarter of 2013 were 77% centered on purchase transactions compared to 62% in the same quarter in 2012.

Also, during the third quarter, the Company recorded pre-tax gains of approximately $695,000 on sales of SBA loans.  There were no gains recorded in the same period of 2012 and total pre-tax gains recorded for the current year are $1.3 million.  Up until the end of the third quarter of 2013, the Company had relied on the production through branch referrals and had not recruited development officers focused on SBA production.  The Company anticipates hiring producers with the goal of building a material revenue source associated with SBA.

Non-interest Expense
Total operating expenses for the third quarter of 2013 were $28.7 million, compared to $28.8 million for the third quarter of 2012.  Salaries and benefits increased to $14.4 million in the current quarter of 2013, compared to $13.8 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 $10.8 million in the third quarter of 2013, compared to $11.4 million in the third quarter of 2012.  Included in operating expenses during the third quarter was approximately $413,000 of merger and conversion costs associated with the acquisition of the Prosperity Banking Company.

Increases in compensation costs were offset by declines in non-provision credit-related costs, which fell from $3.7 million in the third quarter of 2012 to $3.0 million in the third quarter of 2013.  Occupancy and equipment costs, declined when compared to prior year levels, while data processing and telecommunications expense increased during the same time period.  Other operating expenses for the current quarter of 2013 were $4.4 million, compared to $4.6 million in the third quarter of 2012. 

Balance Sheet Trends
Total assets at September 30, 2013 were $2.82 billion, a decrease of $200.6 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 $2.46 billion at September 30, 2013.  Total loans increased during that period from $2.01 billion at the end of 2012 to $2.08 billion at the end of the third quarter and now represent 84.3% of total earning assets, compared to 78.8% at the end of the year. 

Total non-covered loans increased $138.6 million during the first nine months of 2013 to end at $1.59 billion at September 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 12.8% annualized increase in loans.  Additionally, covered loans fell by $25.9 million during the third quarter of 2013 to $417.6 million compared to balances reported at June 30, 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 $181.2 million to $2.44 billion during the first nine 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 $44.3 million at September 30, 2013.  Additional declines in future quarters may occur as there are $23.2 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 September 30, 2013, the Company's FDIC loss-sharing receivable totaled $81.8 million, which is comprised of $55.4 million in indemnification asset (for reimbursements associated with anticipated losses in future quarters) and $26.4 million in current charge-offs and expenses already incurred but not yet submitted for reimbursement.  This is a significant decrease from the $105.5 million FDIC loss-sharing receivable recorded at June 30, 2013, which was comprised of $75.7 million in indemnification asset and $29.8 million in current charge-offs and expenses.

Credit Expenses and Asset Quality
Non-performing assets declined to $69.7 million, a decrease of $9.0 million, from $78.7 million reported at December 31, 2012.  Nonaccrual loans declined $7.2 million to $31.7 million at September 30, 2013, compared to $38.9 million at December 31, 2012.  The Company's balances in non-covered OREO (other real estate owned) decreased $1.9 million to $38.0 million at September 30, 2013, compared to $39.9 million at December 31, 2012.  Classified assets to total regulatory capital declined to 28.6% at the end of the third quarter of 2013, compared to 32.3% at the same time in 2012.

The Company's quarterly provision for loan losses was $2.9 million in the third quarter of 2013, compared to $6.5 million in the same quarter in 2012.  Net charge-offs on loans during the third quarter of 2013 were $2.8 million, compared to $2.9 million during the second quarter of 2013 and $6.0 million during the third quarter of 2012.  As a percentage of loans, net charge-offs were 0.70% of average loans on an annualized basis for the third quarter of 2013, compared to 0.74% during the second quarter of 2013 and 1.65% during the third quarter of 2012. 

Acquisition of the Prosperity Banking Company Update
As announced on May 2, 2013, the Company has a pending acquisition of the Prosperity Banking Company, a bank holding company headquartered in Saint Augustine, Florida.  The acquisition is subject to customary conditions, to include regulatory approval and approval by Prosperity's shareholders at their scheduled meeting on November 20, 2013.  Management expects to close the transaction during the fourth quarter of 2013.  The acquisition will add 12 banking locations to the Ameris footprint in northeast Florida and will expand the Company's presences in the Florida panhandle.  The acquisition will add approximately $740.8 million in total assets and $492.7 million in deposits to the current Ameris franchise.

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


Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.


Sept.


Sept.




2013


2013


2013


2012


2012


2013


2012

















EARNINGS































Net Income/(Loss) Available to Common Shareholders

$                   6,234


$                   6,236


$                   4,844


$               3,554


$               1,076


$             17,314


$            7,304

















PER COMMON SHARE DATA















Earnings per share available to common shareholders:
















Basic

$                     0.26


$                     0.26


$                     0.20


$                 0.15


$                 0.05


$                 0.72


$              0.31



Diluted

$                     0.26


$                     0.26


$                     0.20


$                 0.15


$                 0.04


$                 0.71


$              0.30


Cash Dividends per share

$                         -


$                         -


$                        -


$                    -


$                     -


$                     -


$                  -


Stock dividend

-


-


-


-


-


-


-


Book value per share (period end)

$                   10.98


$                   10.88


$                   10.72


$               10.56


$               10.41


$               10.98


$            10.41


Tangible book value per share (period end)

$                   10.85


$                   10.74


$                   10.57


$               10.39


$               10.23


$               10.85


$            10.23


Weighted average number of shares:
















Basic

23,900,665


23,878,898


23,867,691


23,815,583


23,819,144


23,882,539


23,800,121



Diluted

24,315,821


24,287,628


24,246,346


23,857,095


23,973,369


24,297,695


23,954,346


Period-end number of shares

23,907,509


23,894,327


23,875,680


23,799,768


23,819,144


23,907,509


23,819,144


Market data:
















High closing price

$                   19.79


$                   16.94


$                   14.51


$               12.71


$               12.88


$               19.79


$            13.40



Low closing price

$                   17.35


$                   13.16


$                   12.79


$               10.50


$               11.27


$               12.79


$            10.34



Period end closing price

$                   18.38


$                   16.85


$                   14.35


$               12.49


$               12.59


$               18.38


$            12.59



Average daily volume

75,545


53,403


51,887


48,295


45,543


60,457


54,325

















PERFORMANCE RATIOS















Return on average assets

0.94%


0.95%


0.75%


0.62%


0.26%


0.89%


0.44%


Return on average common equity

10.75%


10.66%


8.53%


7.72%


3.12%


10.11%


5.38%


Earning asset yield (TE)

5.20%


5.38%


5.21%


5.22%


5.06%


5.26%


5.20%


Total cost of funds

0.39%


0.40%


0.40%


0.44%


0.51%


0.39%


0.60%


Net interest margin (TE)

4.80%


4.96%


4.79%


4.75%


4.52%


4.85%


4.55%


Non-interest income excluding securities transactions,
















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

27.76%


26.16%


26.27%


25.86%


23.60%


26.74%


18.11%


Efficiency ratio

69.09%


65.32%


72.76%


71.85%


75.68%


69.02%


68.55%

















CAPITAL ADEQUACY (period end)















Stockholders' equity to assets

10.30%


10.25%


9.91%


9.24%


10.14%


10.30%


10.14%


Tangible common equity to tangible assets

9.22%


9.15%


8.83%


8.20%


8.27%


9.22%


8.27%

















EQUITY TO ASSETS RECONCILIATION















Tangible common equity to tangible assets

9.22%


9.15%


8.83%


8.20%


8.27%


9.22%


8.27%


Effect of preferred equity

0.99%


0.99%


0.97%


0.92%


1.74%


0.99%


1.74%


Effect of goodwill and other intangibles

0.09%


0.11%


0.11%


0.12%


0.13%


0.09%


0.14%



Equity to assets (GAAP)

10.30%


10.25%


9.91%


9.24%


10.14%


10.30%


10.14%

















OTHER PERIOD-END DATA















Banking Division FTE

678


683


693


736


754


678


754


Mortgage Division FTE

158


155


127


130


118


158


118



Total Ameris Bancorp FTE Headcount

836


838


820


866


872


836


872


















Assets per FTE

$                   3,371


$                   3,352


$                   3,490


$               3,486


$               3,382


$               3,371


$            3,382


Branch locations

57


57


57


66


66


57


66


Deposits per branch location

$                 42,867


$                 42,861


$                 43,684


$             39,768


$             39,093


$             42,867


$          39,093


















(1) Includes gain from acquisition.






























 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




















Three Months Ended


Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.


Sept.


Sept.




2013


2013


2013


2012


2012


2013


2012

































INCOME STATEMENT






























Interest income















Interest and fees on loans

$                 29,633


$                 29,859


$                 28,716


$             30,329


$             29,165


$             88,208


$          88,981


Interest on taxable securities

1,720


1,719


1,697


1,737


2,017


5,136


6,513


Interest on nontaxable securities

352


344


375


371


365


1,071


1,104


Interest on deposits in other banks

44


29


85


102


104


158


332


Interest on federal funds sold

-


-


-


-


-


0


10



Total interest income

31,749


31,951


30,873


32,539


31,651


94,573


96,940

















Interest expense















Interest on deposits

$                   2,025


$                   2,083


$                   2,226


$               2,603


$               3,005


$               6,334


$          10,724


Interest on other borrowings

404


392


309


377


408


1,105


1,370



Total interest expense

2,429


2,475


2,535


2,980


3,413


7,439


12,094

















Net interest income

29,320


29,476


28,338


29,559


28,238


87,134


84,846

















Provision for loan losses

2,920


4,165


2,923


4,442


6,540


10,008


26,647

















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

$                 26,400


$                 25,311


$                 25,415


$             25,117


$             21,698


$             77,126


$          58,199

















Noninterest income















Service charges on deposit accounts

$                   4,948


$                   4,695


$                   4,837


$               5,299


$               5,121


$             14,480


$          14,277


Mortgage banking activity

5,232


5,001


4,464


4,768


3,740


14,697


8,221


Other service charges, commissions and fees

593


617


329


387


331


1,539


1,044


Gain(loss) on sale of securities

-


(1)


172


322


-


171


-


Gains from acquisitions

-


-


-


-


-


-


20,037


Other non-interest income

1,515


1,072


1,558


1,128


639


4,145


2,391



Total noninterest income

12,288


11,384


11,360


11,904


9,831


35,032


45,970

















Noninterest expense















Salaries and employee benefits

14,412


13,381


13,806


15,785


13,766


41,599


37,337


Occupancy and equipment expenses

3,149


2,978


2,931


3,653


3,340


9,058


9,555


Data processing and telecommunications expenses

3,072


2,836


2,570


3,254


2,599


8,478


7,429


Credit related expenses (1)

2,971


2,349


4,844


2,548


3,706


10,164


19,868


Advertising and marketing expenses

434


327


255


488


421


1,016


1,134


Amortization of intangible assets

346


358


364


364


364


1,068


996


Other non-interest expenses

4,365


4,459


4,114


3,699


4,614


12,938


13,360



Total noninterest expense

28,749


26,688


28,884


29,791


28,810


84,321


89,679

















Operating profit/(loss)

$                   9,939


$                 10,007


$                   7,891


$               7,230


$               2,719


$             27,837


$          14,490


















Income tax (benefit)/expense

3,262


3,329


2,606


2,558


816


9,197


4,727

















Net income/(loss)

$                   6,677


$                   6,678


$                   5,285


$               4,672


$               1,903


$             18,640


$            9,763

















Preferred stock dividends

443


442


441


1,118


827


1,326


2,459

















Net income/(loss) available














     to common shareholders

$                   6,234


$                   6,236


$                   4,844


$               3,554


$               1,076


$             17,314


$            7,304

















Diluted earnings available to common shareholders

0.26


0.26


0.20


0.15


0.04


0.71


0.30


















(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




Sept.


Jun.


Mar.


Dec.


Sept.




2013


2013


2013


2012


2012













PERIOD-END BALANCE SHEET






















Assets











Cash and due from banks

$                 53,516


$                 50,343


$                 50,487


$             80,256


$             57,289


Federal funds sold and interest bearing balances

73,899


43,904


81,205


193,677


66,872


Investment securities available for sale, at fair value

312,248


316,168


324,029


346,909


361,051


Other investments

7,764


7,764


5,528


6,832


7,003


Mortgage loans held for sale

69,634


62,580


42,332


48,786


29,021














Loans, net of unearned income

1,589,267


1,555,827


1,492,753


1,450,635


1,439,862


Covered loans

417,649


443,517


460,724


507,712


546,234


Less allowance for loan losses

23,854


24,217


23,382


23,593


25,901



Loans, net

1,983,062


1,975,127


1,930,095


1,934,754


1,960,195














Other real estate owned

37,978


39,885


40,434


39,850


37,325


Covered other real estate owned

52,552


62,178


77,915


88,273


88,895



Total other real estate owned

90,530


102,063


118,349


128,123


126,220














Premises and equipment, net

65,661


70,167


72,340


75,983


75,609


Intangible assets, net

1,972


2,318


2,676


3,040


3,404


Goodwill

956


956


956


956


956


FDIC loss sharing receivable

81,763


105,513


160,979


159,724


198,440


Cash value of bank owned life insurance

49,095


47,495


45,832


15,603


50,087


Other assets

28,402


24,277


26,843


24,409


13,236



Total assets

$            2,818,502


$            2,808,675


$            2,861,651


$        3,019,052


$        2,949,383













Liabilities











Deposits:












Noninterest-bearing

$               475,505


$               475,445


$               490,961


$           510,751


$           464,503



Interest-bearing

1,967,916


1,967,658


1,999,012


2,113,912


2,115,614


Total deposits

2,443,421


2,443,103


2,489,973


2,624,663


2,580,117


Federal funds purchased & securities sold under












agreements to repurchase

20,255


19,142


22,919


50,120


17,404


Other borrowings

5,000


-


-


-


-


Other liabilities

17,201


16,384


22,768


22,983


10,387


Subordinated deferrable interest debentures

42,269


42,269


42,269


42,269


42,269



Total liabilities

2,528,146


2,520,898


2,577,929


2,740,035


2,650,177

























Stockholders' equity










  Preferred stock

$                 27,938


$                 27,845


$                 27,753


$             27,662


$             51,207

  Common stock

25,271


25,258


25,239


25,155


25,155

  Capital surplus

165,835


165,483


165,078


164,949


164,182

  Retained earnings

83,025


76,791


70,554


65,710


62,156

  Accumulated other comprehensive income/(loss)

(531)


3,582


6,274


6,607


7,337

  Less treasury stock

(11,182)


(11,182)


(11,176)


(11,066)


(10,831)



Total stockholders' equity

290,356


287,777


283,722


279,017


299,206



Total liabilities and stockholders' equity

$            2,818,502


$            2,808,675


$            2,861,651


$        3,019,052


$        2,949,383

























Other Data










Earning Assets

2,462,697


2,421,996


2,401,043


2,547,719


2,443,040

Intangible Assets

2,928


3,274


3,632


3,996


4,360

Interest Bearing Liabilities

2,035,440


2,029,069


2,064,200


2,206,301


2,175,287

Average Assets

2,806,799


2,820,863


2,875,274


2,985,116


2,935,715

Average Common Stockholders' Equity

246,490


251,240


251,214


240,787


242,614













 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




































Three Months Ended


Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.


Sept.


Sept.




2013


2013


2013


2012


2012


2013


2012

















ASSET QUALITY INFORMATION (1)






























Allowance for loan losses















Balance at beginning of period

$                 24,217


$                 23,382


$                 23,593


$             25,901


$             26,198


$             23,593


$          35,156


















Provision for loan loss (2)

2,449


3,695


2,603


4,091


5,690


8,747


24,360



















Charge-offs

3,457


3,200


3,036


6,996


6,092


9,693


34,167



Recoveries

645


340


222


597


105


1,207


552


Net charge-offs (recoveries)

2,812


2,860


2,814


6,399


5,987


8,486


33,615


















Ending balance

$                 23,854


$                 24,217


$                 23,382


$             23,593


$             25,901


$             23,854


$          25,901


















As a percentage of loans

1.50%


1.56%


1.57%


1.63%


1.80%


1.50%


1.80%


As a percentage of nonperforming loans

75.20%


76.13%


62.39%


60.67%


67.76%


75.20%


67.76%

































Net charge-off information















Charge-offs















Commercial, Financial and Agricultural

$                      482


$                      324


$                      410


$                  562


$                  235


$               1,216


$               889


Real Estate - Residential

1,323


1,328


779


2,080


2,268


3,430


6,642


Real Estate - Commercial and Farmland

1,080


768


1,025


2,352


715


2,873


18,199


Real Estate - Construction and Development

367


576


655


1,561


2,608


1,598


7,819


Consumer Installment

205


204


167


441


266


576


618



Total charge-offs

3,457


3,200


3,036


6,996


6,092


9,693


34,167


















Recoveries















Commercial, Financial and Agricultural

212


44


84


56


23


340


101


Real Estate - Residential

291


144


85


26


37


520


199


Real Estate - Commercial and Farmland

5


10


3


450


8


18


32


Real Estate - Construction and Development

84


2


2


17


4


88


23


Consumer Installment

53


140


48


48


33


241


197



Total recoveries

645


340


222


597


105


1,207


552


















Net charge-offs (recoveries)

$                   2,812


$                   2,860


$                   2,814


$               6,399


$               5,987


$               8,486


$          33,615

















































Non-accrual loans

31,720


31,811


37,476


38,885


38,225


31,720


38,225

Foreclosed assets

37,978


39,885


40,434


39,850


37,325


37,978


37,325

Accruing loans delinquent 90 days or more

-


-


-


-


-


-


-

Total non-performing assets

69,698


71,696


77,910


78,735


75,550


69,698


75,550

















Non-performing assets as a percent of total assets

2.47%


2.55%


2.72%


2.61%


2.56%


2.47%


2.56%

Net charge offs as a percent of loans (Annualized)

0.70%


0.74%


0.76%


1.75%


1.65%


0.71%


3.12%

































(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:




Sept.


Jun.


Mar.


Dec.


Sept.



Loans by Type

2013


2013


2013


2012


2012



Commercial, financial & agricultural

$               244,991


$               208,424


$               180,888


$           174,217


$           189,374



Real estate - construction & development

132,277


134,607


130,161


114,199


125,315



Real estate - commercial & farmland

799,149


788,654


766,227


732,322


713,240



Real estate - residential

355,920


357,685


355,716


346,480


343,332



Consumer installment

36,303


36,923


37,335


40,178


43,441



Other

20,627


29,534


22,426


43,239


25,160



    Total Legacy (non-covered)

$            1,589,267


$            1,555,827


$            1,492,753


$        1,450,635


$        1,439,862















Commercial, financial & agricultural

$                 27,768


$                 27,371


$                 28,568


$             32,606


$             37,167



Real estate - construction & development

50,702


52,972


57,114


70,184


73,356



Real estate - commercial & farmland

237,086


255,102


260,159


278,506


298,903



Real estate - residential

101,146


107,107


113,668


125,056


135,154



Consumer installment

947


965


1,215


1,360


1,654



    Total Covered (at fair value)

$               417,649


$               443,517


$               460,724


$           507,712


$           546,234















Total Loan Portfolio:












Commercial, financial & agricultural

$               272,759


$               235,795


$               209,456


$           206,823


$           226,541



Real estate - construction & development

182,979


187,579


187,275


184,383


198,671



Real estate - commercial & farmland

1,036,235


1,043,756


1,026,386


1,010,828


1,012,143



Real estate - residential

457,066


464,792


469,384


471,536


478,486



Consumer installment

37,250


37,888


38,550


41,538


45,095



Other

20,627


29,534


22,426


43,239


25,160



    Total Loans

$            2,006,916


$            1,999,344


$            1,953,477


$        1,958,347


$        1,986,096







































Troubled Debt Restructurings:












Accruing loan types:












Commercial, financial & agricultural

$                      521


$                   1,059


$                      799


$                  802


$                  804



Real estate - construction & development

1,926


1,946


1,883


1,735


1,481



Real estate - commercial & farmland

6,693


7,529


8,878


8,947


9,540



Real estate - residential

7,871


7,468


6,953


7,254


8,068



Consumer installment

13


13


-


6


-



    Total Accruing TDRs

$                 17,024


$                 18,015


$                 18,513


$             18,744


$             19,893















Non-accruing loan types:












Commercial, financial & agricultural

$                      533


$                           -


$                          -


$                      -


$                       -



Real estate - construction & development

29


29


43


-


-



Real estate - commercial & farmland

1,858


1,493


3,595


4,149


2,770



Real estate - residential

704


1,046


1,111


1,022


620



Consumer installment

26


-


6


-


-



    Total Non-accrual TDRs

$                   3,150


$                   2,568


$                   4,755


$               5,171


$               3,390















Total Troubled Debt Restructurings

$                 20,174


$                 20,583


$                 23,268


$             23,915


$             23,283





































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











Grade 10 - Prime credit

$                 72,759


$                 44,852


$                 40,268


$             32,993


$             34,809



Grade 15 - Good credit

230,810


241,690


232,773


236,500


244,466



Grade 20 - Satisfactory credit

731,154


708,606


665,777


641,950


592,283



Grade 23 - Performing, under-collateralized credit

30,729


29,829


29,403


31,433


30,176



Grade 25 - Minimum acceptable credit

433,358


443,105


425,646


399,210


427,598



Grade 30 - Other asset especially mentioned

28,952


29,265


32,485


35,298


35,478



Grade 40 - Substandard

61,270


57,880


66,147


72,994


74,606



Grade 50 - Doubtful

235


598


254


257


446



Grade 60 - Loss

-


2


-


-


-



  Total

$            1,589,267


$            1,555,827


$            1,492,753


$        1,450,635


$        1,439,862













 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




































Three Months Ended


Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.


Sept.


Sept.




2013


2013


2013


2012


2012


2013


2012

































AVERAGE BALANCES
































Federal funds sold

$                           -


$                           -


$                          -


$                    57


$                    10


$                       -


$          14,977



Interest bearing deposits in banks

66,424


52,090


101,452


152,875


125,775


73,194


137,139



Investment securities - taxable

260,262


271,282


286,745


300,773


316,967


273,303


317,590



Investment securities - nontaxable

52,279


50,300


53,819


52,017


47,819


52,127


46,800



Other investments

7,764


7,002


6,687


6,702


7,213


7,155


8,784



Mortgage loans held for sale

125,113


100,766


63,732


46,763


31,759


103,658


31,365



Loans

1,500,447


1,471,778


1,424,594


1,424,302


1,398,468


1,458,988


1,377,277



Covered loans

427,482


444,616


491,691


519,892


574,897


454,361


564,995



  Total Earning Assets

$            2,439,771


$            2,397,834


2,428,720


2,503,381


2,502,908


$        2,422,786


$     2,498,927



















Noninterest bearing deposits

$               468,588


$               479,054


$               481,760


$           502,069


$           452,019


$           476,419


$        430,726



NOW accounts

573,088


579,312


633,313


626,440


593,204


595,017


605,939



MMDA

639,304


611,562


592,842


606,908


631,231


614,740


615,827



Savings accounts

104,498


104,534


102,380


100,722


102,129


103,812


95,555



Retail CDs < $100,000

290,771


298,553


313,191


342,518


365,807


302,373


369,497



Retail CDs > $100,000

349,931


358,980


368,577


391,075


430,677


357,478


424,117



Brokered CDs

12,970


16,176


19,448


34,588


41,799


16,174


64,890



  Total Deposits

2,439,150


2,448,171


2,511,511


2,604,320


2,616,866


2,466,013


2,606,551



















FHLB advances

-


-


-


-


2,160


-


4,855



Other borrowings

1,739


-


-


-


-


586


-



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

18,446


20,530


27,191


36,165


17,146


22,024


23,339



  Total Non-Deposit Funding

62,454


62,799


69,460


78,434


61,575


64,879


70,463



















  Total Funding

$            2,501,604


$            2,510,970


$            2,580,971


$        2,682,754


$        2,678,441


$        2,530,892


$     2,677,014

































AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




















Three Months Ended


Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.


Sept.


Sept.




2013


2013


2013


2012


2012


2013


2012

















INTEREST INCOME/EXPENSE































INTEREST INCOME
















Federal funds sold

$                           -


$                           -


$                          -


$                      -


$                       -


$                       -


$                 10



Interest bearing deposits in banks

44


29


85


102


104


158


332



Investment securities - taxable

1,720


1,719


1,697


1,737


2,017


5,136


6,513



Investment securities - nontaxable (TE)

475


464


506


501


493


1,446


1,491



Mortgage loans held for sale

1,231


959


572


455


285


2,762


603



Loans (TE)

20,254


19,904


19,604


20,224


19,983


59,762


57,548



Covered loans

8,248


9,066


8,765


9,859


8,951


26,079


30,731



Total Earning Assets

$                 31,972


$                 32,141


$                 31,229


$             32,878


$             31,833


$             95,342


$          97,228


















INTEREST EXPENSE
















Non-interest bearing deposits

$                           -


$                           -


$                          -


$                      -


$                       -


$                       -


$                    -



NOW accounts

248


250


302


340


300


800


1,273



MMDA

606


555


522


537


625


1,683


2,274



Savings accounts

29


29


29


30


32


87


102



Retail CDs < $100,000

406


437


498


600


726


1,341


2,501



Retail CDs > $100,000

635


675


706


815


990


2,016


3,301



Brokered CDs

101


137


169


281


332


407


1,272



Total Deposits

2,025


2,083


2,226


2,603


3,005


6,334


10,723



















FHLB advances

-


-


-


-


15


0


110



Other borrowings

20


-


-


-


-


20


0



Subordinated debentures

359


363


270


332


362


992


1,151



Repurchase agreements

25


28


37


43


29


90


106



Correspondent bank line of credit and other

1


1


2


2


2


4


4



  Total Non-Deposit Funding

405


392


309


377


408


1,106


1,371



















  Total Funding

$                   2,430


$                   2,475


$                   2,535


$               2,980


$               3,413


$               7,440


$          12,094



















Net Interest Income (TE)

$                 29,542


$                 29,666


$                 28,694


$             29,898


$             28,420


$             87,902


$          85,134

































 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




































Three Months Ended


Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.


Sept.


Sept.




2013


2013


2013


2012


2012


2013


2012

YIELDS (1)
































Federal funds sold

0.00%


0.00%


0.00%


0.00%


0.00%


0.00%


0.09%



Interest bearing deposits in banks

0.26%


0.22%


0.34%


0.27%


0.33%


0.29%


0.32%



Investment securities - taxable

2.62%


2.54%


2.40%


2.30%


2.53%


2.51%


2.74%



Investment securities - nontaxable

3.61%


3.70%


3.81%


3.83%


4.10%


3.71%


4.26%



Mortgage loans held for sale

3.90%


3.82%


3.64%


3.87%


3.57%


3.56%


2.57%



Loans

5.36%


5.42%


5.58%


5.65%


5.68%


5.48%


5.58%



Covered loans

7.65%


8.18%


7.23%


7.54%


6.19%


7.67%


7.27%



  Total Earning Assets

5.20%


5.38%


5.21%


5.22%


5.06%


5.26%


5.20%



















Noninterest bearing deposits

0.00%


0.00%


0.00%


0.00%


0.00%


0.00%


0.00%



NOW accounts

0.17%


0.17%


0.19%


0.22%


0.20%


0.18%


0.28%



MMDA

0.38%


0.36%


0.36%


0.35%


0.39%


0.37%


0.49%



Savings accounts

0.11%


0.11%


0.11%


0.12%


0.12%


0.11%


0.14%



Retail CDs < $100,000

0.55%


0.59%


0.64%


0.70%


0.79%


0.59%


0.90%



Retail CDs > $100,000

0.72%


0.75%


0.78%


0.83%


0.91%


0.75%


1.04%



Brokered CDs

3.09%


3.40%


3.52%


3.23%


3.16%


3.36%


2.62%



  Total Deposits

0.33%


0.34%


0.36%


0.40%


0.46%


0.34%


0.55%



















FHLB advances

0.00%


0.00%


0.00%


0.00%


2.76%


0.00%


3.03%



Subordinated debentures

3.37%


3.44%


2.59%


3.12%


3.41%


3.14%


3.64%



Repurchase agreements

0.54%


0.55%


0.55%


0.47%


0.67%


0.55%


0.61%



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

2.57%


2.50%


1.80%


1.91%


2.64%


2.28%


2.60%



















  Total funding (3)

0.39%


0.40%


0.40%


0.44%


0.51%


0.39%


0.60%



















Net interest spread

4.81%


4.98%


4.81%


4.78%


4.55%


4.87%


4.59%



















Net interest margin

4.80%


4.96%


4.79%


4.75%


4.52%


4.85%


4.55%

















































(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


Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.


Sept.


Sept.



Pretax, Pre-provision Earnings Reconciliation

2013


2013


2013


2012


2012


2013


2012



















Pre-tax operating profit/(loss)

$                   9,939


$                 10,007


$                   7,891


$               7,230


$               2,719


$             27,837


$          14,490



Plus: Credit Related Costs
















    Provision for loan losses

2,920


4,165


2,923


4,442


6,540


10,008


26,647



   (Gains)/Losses on the sale of legacy OREO

(157)


134


(20)


464


983


(43)


9,048



    Problem loan and OREO expense

3,128


2,215


4,864


2,084


2,724


10,207


10,821



    Interest reversed (received) on non-accrual loans

216


118


54


227


159


388


491



       Total Credit-Related Costs

6,107


6,632


7,821


7,217


10,406


20,560


47,007



















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

159


(227)


(242)


-


-


(310)


-



    Other non-recurring adjustments

(1,771)


(2,067)


(1,017)


(2,423)


602


(4,855)


602



















Pretax, Pre-provision earnings

$                 14,434


$                 14,346


$                 14,281


$             13,827


$             13,727


$             43,061


$          42,062



















As percentage of average assets, annualized

2.04%


2.04%


2.01%


1.84%


1.86%


2.05%


1.91%




















































Three Months Ended


Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.


Sept.


Sept.



Recurring Operating Expenses

2013


2013


2013


2012


2012


2013


2012



















Total Operating Expenses

28,749


26,688


28,884


29,791


28,810


84,321


89,679



Less: Credit costs & non-recurring charges
















   Gains/(Losses) on the sale of legacy OREO

157


(134)


20


(464)


(983)


43


(9,048)



   Gains/(Losses) on the sale of covered OREO

-


-


(3,176)


-


-


(3,176)


-



    Problem loan and OREO expense

(3,128)


(2,215)


(1,688)


(2,084)


(2,724)


(7,031)


(10,821)



   Severance payments

(99)


-


-


(750)


-


(99)


(552)



Conversion/Acquisition expenses

(413)


-


-


(1,375)


-


(413)


(285)



   Gains/(Losses) on the sale of premises

(159)


227


242


-


-


310


-



















Recurring operating expenses

$                 25,107


$                 24,566


$                 24,282


$             25,118


$             25,103


$             73,955


$          68,973

































 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




































Three Months Ended


Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.


Sept.


Sept.



Segment Reporting

2013


2013


2013


2012


2012


2013


2012



















Banking Division:
















   Net interest income

$                 28,089


$                 28,517


$                 27,766


$             29,104


$             27,953


$             84,372


$          84,243



   Provision for loan losses

2,920


4,165


2,923


4,442


6,540


10,008


26,647



   Noninterest income

7,054


6,383


6,896


7,136


6,091


20,333


37,749



   Noninterest expense:
















      Salaries and employee benefits

10,799


10,478


11,037


13,021


11,446


32,314


32,435



      Occupancy

3,029


2,781


2,765


3,476


3,190


8,575


9,250



      Data Processing

2,908


2,634


2,471


3,119


2,510


8,013


7,222



      Other expenses

7,473


6,444


8,890


6,586


8,706


22,807


34,470



         Total noninterest expense

24,209


22,337


25,163


26,202


25,852


71,709


83,377



Income before income taxes

8,014


8,398


6,576


5,596


1,652


22,988


11,968



   Income Tax

2,588


2,766


2,146


1,986


443


7,500


3,845



         Net income

5,426


5,632


4,430


3,610


1,209


15,488


8,123



   Preferred stock dividends

443


442


441


1,118


827


1,326


2,459



Net income available to common shareholders

$                   4,983


$                   5,190


$                   3,989


$               2,492


$                  382


$             14,162


$            5,664



































Mortgage Division:
















   Net interest income

$                   1,231


$                      959


$                      572


$                  455


$                  285


$               2,762


$               603



   Provision for loan losses

-


-


-


-


-


-


-



   Noninterest income

5,234


5,001


4,464


4,768


3,740


14,699


8,221



   Noninterest expense:











-





      Salaries and employee benefits

3,613


2,903


2,769


2,764


2,320


9,285


4,902



      Occupancy

120


197


166


177


150


483


305



      Data Processing

164


202


99


135


89


465


207



      Other expenses

643


1,049


687


513


399


2,379


888



         Total noninterest expense

4,540


4,351


3,721


3,589


2,958


12,612


6,302



Income before income taxes

1,925


1,609


1,315


1,634


1,067


4,849


2,522



   Income Tax

674


563


460


572


373


1,697


882



         Net income

1,251


1,046


855


1,062


694


3,152


1,640



   Preferred stock dividends

-


-


-


-


-


-


-



Net income available to common shareholders

$                   1,251


$                   1,046


$                      855


$               1,062


$                  694


$               3,152


$            1,640



































Total Consolidated:
















   Net interest income

$                 29,320


$                 29,476


$                 28,338


$             29,559


$             28,238


$             87,134


$          84,846



   Provision for loan losses

2,920


4,165


2,923


4,442


6,540


10,008


26,647



   Noninterest income

12,288


11,384


11,360


11,904


9,831


35,032


45,970



   Noninterest expense:
















      Salaries and employee benefits

14,412


13,381


13,806


15,785


13,766


41,599


37,337



      Occupancy

3,149


2,978


2,931


3,653


3,340


9,058


9,555



      Data Processing

3,072


2,836


2,570


3,254


2,599


8,478


7,429



      Other expenses

8,116


7,493


9,577


7,099


9,105


25,186


35,358



         Total noninterest expense

28,749


26,688


28,884


29,791


28,810


84,321


89,679



Income before income taxes

9,939


10,007


7,891


7,230


2,719


27,837


14,490



   Income Tax

3,262


3,329


2,606


2,558


816


9,197


4,727



         Net income

6,677


6,678


5,285


4,672


1,903


18,640


9,763



   Preferred stock dividends

443


442


441


1,118


827


1,326


2,459



Net income available to common shareholders

$                   6,234


$                   6,236


$                   4,844


$               3,554


$               1,076


$             17,314


$            7,304

















 

SOURCE Ameris Bancorp

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