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Ameris Bancorp Reports Record Net Income For Third Quarter 2016

Montag, 17.10.2016 13:00 von

PR Newswire

MOULTRIE, Ga., Oct. 17, 2016 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported operating net income of $21.6 million, or $0.61 per diluted share, for the quarter ended September 30, 2016, a 35% increase when compared with $15.9 million, or $0.49 per diluted share, for the quarter ended September 30, 2015.  Operating earnings and reported earnings for the third quarter of 2016 are identical, though operating earnings for the third quarter of 2015 exclude $290,000, or $0.01 per diluted share, of after-tax merger costs.

Ameris Bancorp logo. (PRNewsFoto/Ameris Bancorp)

For the year-to-date period ending September 30, 2016, the Company reported operating net income of $58.1 million, or $1.68 per diluted share, compared with $38.0 million, or $1.19 per diluted share, for the same period in 2015.  Operating earnings for 2016 exclude $4.1 million, or $0.12 per diluted share, of after-tax merger costs while operating earnings for 2015 exclude $11.3 million, or $0.35 per diluted share, of after-tax merger costs and nonrecurring credit resolution expenses.

Commenting on the Company's quarterly results, Edwin W. Hortman, Jr., the Company's President and Chief Executive Officer, said, "In the third quarter, we continued to see reliable trends in the growth of both our balance sheet and our net earnings.  The growth initiatives we began in recent years to invest our excess liquidity have been successful, and our Company is experiencing a pace of organic growth that we have not seen in many years.  I am proud of the work our team has done producing another record quarter for Ameris Bank and am confident that our momentum will propel us to a strong 2017."

Highlights of the Company's performance and results for the third quarter of 2016 include the following:

  • Operating return on assets and operating return on average tangible equity of 1.35% and 17.18%, respectively
  • Organic growth in loans of $222.8 million, or 22.9% annualized
  • Total revenue growth of $13.6 million, or 18.7%, compared with the same quarter of 2015
  • Continued improvement in non-performing assets, decreasing to 0.92% of total assets
  • Net charge-offs on non-purchased loans of 0.05% annualized
  • Growth in net income from the retail mortgage, warehouse lending and SBA lines of business, increasing to $5.7 million, or 26.5% of total net income

Net Interest Income and Net Interest Margin

Net interest income (taxable equivalent) for the third quarter of 2016 totaled $58.0 million, an increase of $9.9 million, or 20.6%, compared with $48.1 million reported for the third quarter of 2015.  Accretion income in the current quarter increased to $3.6 million, compared with $3.0 million in the third quarter of 2015, but decreased compared with $4.2 million reported in the second quarter of 2016.  Higher levels of net interest income resulted mostly from growth in average loans outstanding of approximately $1.2 billion since the third quarter of 2015.  Average balances of short-term assets and investments shrank over the past year by 10.5%, from $1.06 billion in the third quarter of 2015 to $948 million in the current quarter.  At the current quarter end, loans outstanding represented 83.9% of total earning assets, compared with 80.0% at September 30, 2015.

Despite the persistent low interest rate environment and continued deterioration of loan and investment yield opportunities, the Company has maintained a generally consistent net interest margin.  During the current quarter, the Company reported a net interest margin, excluding accretion income, of 3.75%, compared with 3.70% in the prior quarter and 3.81% in the same quarter of 2015.  Trends in the margin over the past year include the effects of yield deterioration on loans and investments resulting from a persistently low interest rate environment, offset by stable costs of deposits and an improved mix of earning assets, more heavily weighted toward loans than short-term assets or investments. 

Non-interest Income

Non-interest income in the third quarter of 2016 improved to $28.9 million, an increase of $3.9 million, or 15.6%, compared with the same quarter in 2015.  Continued growth and profitability in the Company's mortgage operations provided most of the improvement, with revenue from mortgage operations increasing to $14.1 million, a 35% increase compared with the same quarter of 2015.  Total retail mortgage loan production increased to $410.8 million in the current quarter, compared with $311.0 million in the third quarter of 2015, while spreads (gain on sale) improved to 3.69% in the current quarter, compared with 3.52% in the same quarter of 2015. 

Service charges on deposit accounts increased by $592,000 to $11.4 million during the current quarter, an increase of 5.5% compared with the same quarter in 2015.  Growth in service charge related revenues on commercial and consumer accounts was responsible for most of the increase in service charges, while NSF and debit card revenues were mostly flat. 

Non-interest Expense

Non-interest expense totaled $53.2 million in the third quarter of 2016, an increase of $4.8 million compared with $48.4 million in the third quarter of 2015.  Substantially all of the increase in operating expenses related to additional compensation and occupancy costs associated with the acquisition of Jacksonville Bancorp, Inc. during the first quarter of 2016, as well as additional compensation related to mortgage and SBA lines of business. 

Salaries and benefits increased to $28.0 million in the current quarter of 2016, compared with $24.9 million in the third quarter of 2015.  Higher incentive accruals for the Company's production staff, as well as increased commissions in the mortgage and SBA divisions, accounted for the majority of the increase in compensation costs.  Management anticipates lower compensation costs in the fourth quarter of 2016 due to seasonally slower commercial and agricultural loan production and generally slower originations in retail mortgage.

Occupancy costs were flat at approximately $6.0 million during the current quarter of 2016 as compared with the same quarter in 2015.  Reduction in branch offices and tighter controls on other non-depreciation expenses were the principal drivers of minimal increases in these costs.  Data processing and telecommunications costs increased by 16.1% during the quarter, mostly due to higher customer counts and continued implementation of mobile and electronic initiatives.  Other operating costs increased by $574,000 to $9.3 million in the third quarter of 2016, primarily as a result of increases in professional fees associated with several reengineering efforts in various administrative cost centers.

Balance Sheet Trends

Total assets at September 30, 2016 were $6.49 billion, compared with $5.59 billion at December 31, 2015.  Commenting on the growth in total assets, Mr. Hortman said, "The pace of loan growth during 2016 has quickened as a result of several strategies.  First, our bankers are deepening existing relationships, and our efforts to bank selectively larger relationships have put us in front of new customers that we might have passed on before because of their size.  Second, our efforts at developing lending expertise and niches that diversify our sales efforts away from commercial real estate were initially needed to help deploy the liquidity from acquisitions in 2015.  These niches and lending efforts have reached maturity and are producing reliable incremental growth at profitability levels that are equal to or greater than our existing return on assets.  Looking forward, we expect pay-downs in our warehouse and agricultural lines of credit that normally slow our growth in the fourth quarter, but we believe that our current pace of growth for 2016 can be sustained or even improved upon as we move into 2017."

Loans, including loans held for sale, totaled $4.97 billion at September 30, 2016, compared with $4.02 billion at December 31, 2015.  During the third quarter of 2016, organic growth in loans totaled $222.8 million, or 22.9% on an annualized basis.  Organic growth in loans for the year-to-date period in 2016 totaled $534.6 million, or 22.5%, compared with $419.2 million, or a growth rate of 21.9%, for the same period in 2015.  The Company's efforts to manage a diversified loan portfolio have resulted in concentration levels that are solidly below the regulatory guidance. 

Investment securities at the end of the current quarter amounted to $838.1 million, or 14.1% of earning assets, compared with $783.2 million, or 15.4% of earning assets, at December 31, 2015. 

At September 30, 2016, total deposits amounted to $5.31 billion, or 91.4% of total funding, compared with $4.88 billion and 96.6%, respectively, at December 31, 2015.  Growth in total deposits during the quarter quickened relative to prior quarters, with total growth of $126.6 million, or 9.8%, annualized.  The Company has increased efforts to match deposit growth rates with loan growth rates, increasing interest rates where needed and reviewing other opportunities in anticipation of continued growth in earning assets.

Tangible common equity at September 30, 2016 totaled $501.6 million, compared with $407.6 million reported at December 31, 2015.  Increases in stockholders' equity are primarily the result of net earnings and the issuance of shares of common stock in the acquisition of Jacksonville Bancorp, Inc. during the first quarter of 2016, less an increased dividend payout ratio as of the most recent quarter.  Tangible book value increased at an annualized pace of 18.3% during the first nine months of 2016, up from $12.65 per share at December 31, 2015 to $14.38 per share at September 30, 2016.

Conference Call

The Company will host a conference call at 11:00 a.m. EDT today (October 17, 2016) to discuss the Company's results and answer appropriate questions.  The conference call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other international participants).  The conference ID name is Ameris Bancorp ABCB.  A replay of the call will be available beginning one hour after the end of the conference call until October 31, 2016.  To listen to the replay, dial 1-877-344-7529 (or 1-855-669-9658 for participants in Canada and 1-412-317-0088 for other international participants).  The conference replay access code is 10092982.  The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at www.amerisbank.com.

About Ameris Bancorp

Ameris Bancorp is a bank holding company headquartered in Moultrie, Georgia.  The Company's banking subsidiary, Ameris Bank, had 99 locations in Georgia, Alabama, northern Florida and South Carolina at the end of the most recent quarter, with two of those locations announced to be consolidated within the coming months.  

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.




2016


2016


2016


2015


2015


2016


2015

















EARNINGS































Net Income 

$                 21,557


$                 20,049


$                 12,317


$             14,148


$             15,627


$             53,923


$             26,699


















Operating Net Income

$                 21,557


$                 20,049


$                 16,450


$             15,323


$             15,917


$             58,056


$             38,018

















PER COMMON SHARE DATA















Earnings per share available to common shareholders:
















Basic

$                     0.62


$                     0.58


$                     0.38


$                 0.44


$                 0.49


$                 1.58


$                 0.84



Diluted

$                     0.61


$                     0.57


$                     0.37


$                 0.43


$                 0.48


$                 1.56


$                 0.84


Cash Dividends per share

$                     0.10


$                     0.05


$                     0.05


$                 0.05


$                 0.05


$                 0.20


$                 0.15


Book value per share (period end)

$                   18.42


$                   17.96


$                   17.25


$               15.98


$               15.60


$               18.42


$               15.60


Tangible book value per share (period end)

$                   14.38


$                   13.89


$                   13.13


$               12.65


$               12.31


$               14.38


$               12.31


Weighted average number of shares:
















Basic

34,869,747


34,832,621


32,752,063


32,199,632


32,195,435


34,155,556


31,614,015



Diluted

35,194,739


35,153,311


33,053,554


32,594,929


32,553,167


34,470,101


31,961,969


Period-end number of shares

34,891,304


34,847,311


34,837,454


32,211,385


32,196,117


34,891,304


32,196,117


Market data:
















High closing price

$                   35.80


$                   32.39


$                   32.68


$               34.90


$               28.75


$               35.80


$               28.75



Low closing price

$                   29.09


$                   27.89


$                   25.09


$               27.65


$               24.97


$               25.09


$               22.75



Period end closing price

$                   34.95


$                   29.70


$                   29.58


$               33.99


$               28.75


$               34.95


$               28.75



Average daily volume

166,841


215,409


253,779


301,775


174,900


211,351


129,678

















PERFORMANCE RATIOS















Return on average assets

1.35%


1.31%


0.88%


1.03%


1.19%


1.16%


0.74%


Return on average common equity

13.39%


13.08%


9.14%


10.94%


12.53%


11.46%


7.21%


Earning asset yield (TE)

4.35%


4.35%


4.36%


4.30%


4.39%


4.35%


4.54%


Total cost of funds

0.36%


0.35%


0.33%


0.32%


0.32%


0.35%


0.36%


Net interest margin (TE)

3.99%


4.01%


4.03%


3.98%


4.07%


4.01%


4.18%


Non-interest income excluding securities transactions,
















as a percent of total revenue (TE)

31.36%


32.01%


30.40%


29.56%


32.33%


31.29%


31.09%


Efficiency ratio

61.91%


63.11%


74.41%


74.66%


66.87%


66.15%


76.85%

















CAPITAL ADEQUACY (period end)















Stockholders' equity to assets

9.90%


10.06%


9.85%


9.21%


9.63%


9.90%


9.63%


Tangible common equity to tangible assets

7.90%


7.96%


7.68%


7.44%


7.76%


7.90%


7.76%

















EQUITY TO ASSETS RECONCILIATION















Tangible common equity to tangible assets

7.90%


7.96%


7.68%


7.44%


7.76%


7.90%


7.76%


Effect of goodwill and other intangibles

2.00%


2.10%


2.17%


1.77%


1.87%


2.00%


1.87%



Equity to assets (GAAP)

9.90%


10.06%


9.85%


9.21%


9.63%


9.90%


9.63%

















OTHER PERIOD-END DATA















Banking Division FTE

1,011


1,023


1,085


1,075


1,110


1,011


1,110


Mortgage Division FTE

259


245


233


229


218


259


218



Total Ameris Bancorp FTE Headcount

1,270


1,268


1,318


1,304


1,328


1,270


1,328


















Assets per Banking Division FTE

$                   6,423


$                   6,081


$                   5,620


$               5,199


$               4,699


$               6,423


$               4,699


Branch locations

99


102


103


101


103


99


103


Deposits per branch location

$                 53,597


$                 50,780


$                 50,784


$             48,310


$             43,986


$             53,597


$             43,986

 

 

















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.




2016


2016


2016


2015


2015


2016


2015

































INCOME STATEMENT






























Interest income















Interest and fees on loans

$                 57,322


$                 54,164


$                 49,191


$             47,336


$             45,775


$           160,677


$           124,231


Interest on taxable securities

4,336


4,554


4,586


4,540


4,694


13,476


11,594


Interest on nontaxable securities

397


454


446


458


480


1,297


1,411


Interest on deposits in other banks

147


159


328


262


227


634


528


Interest on federal funds sold

8


9


8


5


19


25


28



Total interest income

62,210


59,340


54,559


52,601


51,195


176,109


137,792

















Interest expense















Interest on deposits

$                   3,074


$                   2,915


$                   2,741


$               2,687


$               2,521


$               8,730


$               7,065


Interest on other borrowings

2,069


1,836


1,382


1,296


1,275


5,287


3,808



Total interest expense

5,143


4,751


4,123


3,983


3,796


14,017


10,873

















Net interest income

57,067


54,589


50,436


48,618


47,399


162,092


126,919

















Provision for loan losses

811


889


681


553


986


2,381


4,711

















Net interest income after provision for loan losses

$                 56,256


$                 53,700


$                 49,755


$             48,065


$             46,413


$           159,711


$           122,208

















Noninterest income















Service charges on deposit accounts

$                 11,358


$                 10,436


$                   9,915


$             10,119


$             10,766


$             31,709


$             24,346


Mortgage banking activity

14,067


14,142


10,211


8,586


10,404


38,420


28,214


Other service charges, commissions and fees

791


967


1,111


1,112


1,145


2,869


2,642


Gain(loss) on sale of securities

-


-


94


-


115


94


137


Other non-interest income

2,648


2,834


2,955


2,590


2,548


8,437


7,840



Total noninterest income

28,864


28,379


24,286


22,407


24,978


81,529


63,179

















Noninterest expense















Salaries and employee benefits

27,982


27,531


26,187


25,972


24,934


81,700


68,031


Occupancy and equipment expenses

5,989


6,371


5,700


5,917


5,915


18,060


15,278


Data processing and telecommunications expenses

6,185


6,049


6,113


6,046


5,329


18,347


13,803


Credit resolution related expenses (1)

1,526


1,764


1,799


2,223


1,083


5,089


15,484


Advertising and marketing expenses

1,249


854


805


1,171


667


2,908


2,141


Amortization of intangible assets

993


1,319


1,020


1,160


1,321


3,332


2,581


Merger and conversion charges

-


-


6,359


1,807


446


6,359


6,173


Other non-interest expenses

9,275


8,471


7,617


8,732


8,701


25,363


22,596



Total noninterest expense

53,199


52,359


55,600


53,028


48,396


161,158


146,087

















Income before income taxes

$                 31,921


$                 29,720


$                 18,441


$             17,444


$             22,995


$             80,082


$             39,300


















Income tax expense

10,364


9,671


6,124


3,296


7,368


26,159


12,601

















Net income

$                 21,557


$                 20,049


$                 12,317


$             14,148


$             15,627


$             53,923


$             26,699

















Diluted earnings available to common shareholders

0.61


0.57


0.37


0.43


0.48


1.56


0.84


















(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.




2016


2016


2016


2015


2015













PERIOD-END BALANCE SHEET






















Assets











Cash and due from banks

$               123,270


$               116,255


$               146,863


$           118,518


$           114,396


Federal funds sold and interest bearing balances

90,801


68,273


107,373


272,045


120,925


Investment securities available for sale, at fair value

838,124


843,646


837,103


783,185


811,385


Other investments

24,578


19,125


12,802


9,323


9,322


Mortgage loans held for sale

126,263


102,757


97,439


111,182


111,807














Loans, net of unearned income

3,091,039


2,819,071


2,528,007


2,406,877


2,290,649


Purchased, non-covered loans (excluding loan pools)

1,067,090


1,072,217


1,129,919


771,554


767,494


Purchased, non-covered loan pools

624,886


610,425


656,734


592,963


410,072


Covered loans

62,291


121,418


130,279


137,529


191,021


Less allowance for loan losses

(22,963)


(21,734)


(21,482)


(21,062)


(22,471)



Loans, net

4,822,343


4,601,397


4,423,457


3,887,861


3,636,765














Other real estate owned

10,392


13,765


14,967


16,147


20,730


Purchased, non-covered other real estate owned

14,126


13,928


15,048


14,333


11,538


Covered other real estate owned

1,000


2,742


3,764


5,011


12,203



Total other real estate owned

25,518


30,435


33,779


35,491


44,471














Premises and equipment, net

122,191


123,978


124,747


121,639


124,756


Goodwill

122,545


121,422


121,512


90,082


87,701


Other intangibles, net

18,472


20,574


21,892


17,058


18,218


FDIC loss sharing receivable

-


-


1,197


6,301


4,506


Cash value of bank owned life insurance

77,637


77,095


76,676


64,251


59,894


Other assets

101,753


96,337


92,931


72,004


72,154



Total assets

$            6,493,495


$            6,221,294


$            6,097,771


$        5,588,940


$        5,216,300













Liabilities











Deposits:












Noninterest-bearing

$            1,563,316


$            1,553,972


$            1,529,037


$        1,329,857


$        1,275,800



Interest-bearing

3,742,782


3,625,560


3,701,750


3,549,433


3,254,723


Total deposits

5,306,098


5,179,532


5,230,787


4,879,290


4,530,523


Federal funds purchased & securities sold under












agreements to repurchase

42,647


37,139


43,741


63,585


51,506


FDIC loss sharing payable, net

7,775


1,897


-


-


-


Other borrowings

373,461


260,191


110,531


39,000


39,000


Other liabilities

37,033


33,050


28,647


22,432


23,371


Subordinated deferrable interest debentures

83,898


83,570


83,237


69,874


69,600



Total liabilities

5,850,912


5,595,379


5,496,943


5,074,181


4,714,000

























Stockholders' equity










  Preferred stock

$                           -


$                           -


$                          -


$                      -


$                       -

  Common stock

36,348


36,303


36,272


33,625


33,610

  Capital surplus

409,630


408,549


407,726


337,349


336,599

  Retained earnings

199,769


181,701


163,395


152,820


140,282

  Accumulated other comprehensive income/(loss)

10,449


12,960


6,411


3,353


4,197

  Less treasury stock

(13,613)


(13,598)


(12,976)


(12,388)


(12,388)



Total stockholders' equity

642,583


625,915


600,828


514,759


502,300



Total liabilities and stockholders' equity

$            6,493,495


$            6,221,294


$            6,097,771


$        5,588,940


$        5,216,300

























Other Data










Earning Assets

5,925,072


5,656,932


5,499,656


5,084,658


4,712,675

Intangible Assets

141,017


141,996


143,404


107,140


105,919

Interest Bearing Liabilities

4,242,788


4,006,460


3,939,259


3,721,892


3,414,829

Average Assets

6,330,350


6,138,757


5,618,397


5,427,367


5,213,275

Average Common Stockholders' Equity

640,382


616,361


542,264


513,098


494,957

 

 

















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.




2016


2016


2016


2015


2015


2016


2015

















ASSET QUALITY INFORMATION(1)






























Allowance for loan losses















Balance at beginning of period

$                 21,734


$                 21,482


$                 21,062


$             22,471


$             21,658


$             21,062


$             21,157


















Provision for loan loss

811


889


681


553


986


2,381


4,711



















Charge-offs

1,451


1,376


1,814


2,675


1,268


4,641


6,458



Recoveries

1,869


739


1,553


713


1,095


4,161


3,061


Net charge-offs (recoveries)

(418)


637


261


1,962


173


480


3,397


















Ending balance

$                 22,963


$                 21,734


$                 21,482


$             21,062


$             22,471


$             22,963


$             22,471


















As a percentage of loans

0.74%


0.77%


0.85%


0.88%


0.98%


0.74%


0.98%


As a percentage of nonperforming loans

140.20%


135.81%


136.83%


124.92%


109.31%


140.20%


109.31%

































Net charge-off information















Charge-offs















Commercial, financial & agricultural

$                      326


$                      541


$                      406


$                  501


$                  135


$               1,273


$                  937


Real estate - residential

292


123


468


621


234


883


966


Real estate - commercial & farmland

-


361


347


1,009


184


708


1,358


Real estate - construction & development

60


109


155


157


105


324


465


Consumer installment

74


59


59


110


61


192


300


Purchased non-covered, including pools

408


111


307


178


302


826


772


Covered

291


72


72


99


247


435


1,660



Total charge-offs

1,451


1,376


1,814


2,675


1,268


4,641


6,458


















Recoveries















Commercial, financial & agricultural

119


87


73


134


117


279


517


Real estate - residential

40


14


314


13


54


368


138


Real estate - commercial & farmland

13


57


121


13


272


191


304


Real estate - construction & development

131


221


122


9


6


474


314


Consumer installment

78


16


25


20


33


119


117


Purchased non-covered, including pools

399


208


658


232


174


1,265


955


Covered

1,089


136


240


292


439


1,465


716



Total recoveries

1,869


739


1,553


713


1,095


4,161


3,061


















Net charge-offs (recoveries)

$                    (418)


$                      637


$                      261


$               1,962


$                  173


$                  480


$               3,397

















































Non-accrual loans (excluding purchased non-covered














    and covered loans)

16,379


16,003


15,700


16,860


20,558


16,379


20,558

Non-accrual purchased non-covered loans

17,993


15,767


19,187


13,330


11,374


17,993


11,374

Non-accrual purchased loan pools

864


864


-


-


-


864


-

Foreclosed assets (excluding purchased assets)

10,392


13,765


14,967


16,147


20,730


10,392


20,730

Purchased, non-covered other real estate owned

14,126


13,928


15,048


14,333


11,538


14,126


11,538

Accruing loans delinquent 90 days or more

-


-


-


-


-


-


-

Total non-performing assets, excluding covered assets

59,754


60,327


64,902


60,670


64,200


59,754


64,200

















Non-performing assets as a percent of total assets

0.92%


0.97%


1.06%


1.09%


1.23%


0.92%


1.23%

Net charge offs as a percent of loans (Annualized)

-0.04%


0.06%


0.03%


0.21%


0.02%


0.01%


0.15%

Net charge offs, excluding purchased loans, loan pools and














    covered loans, as a percent of loans (Annualized)

0.05%


0.12%


0.13%


0.38%


0.04%


0.10%


0.17%

















(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.





















 

 

















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

2016


2016


2016


2015


2015







Commercial, financial & agricultural

$               625,947


$               564,343


$               434,073


$           449,623


$           427,747







Real estate - construction & development

328,308


274,717


264,820


244,693


220,798







Real estate - commercial & farmland

1,297,582


1,248,580


1,154,887


1,104,991


1,067,828







Real estate - residential

766,933


680,233


629,138


570,430


532,285







Consumer installment

68,305


33,245


31,901


31,125


31,299







Other

3,964


17,953


13,188


6,015


10,692







    Total Legacy (excluding purchased
















          non-covered and covered)

$            3,091,039


$            2,819,071


$            2,528,007


$        2,406,877


$        2,290,649























Commercial, financial & agricultural

$                 99,596


$               101,803


$               111,537


$             45,462


$             42,350







Real estate - construction & development

86,099


89,096


103,753


72,080


71,109







Real estate - commercial & farmland

590,388


574,830


598,935


390,755


385,032







Real estate - residential

286,169


300,898


309,770


258,153


263,312







Consumer installment

4,838


5,590


5,924


5,104


5,691







    Total Purchased non-covered (net of discounts)

$            1,067,090


$            1,072,217


$            1,129,919


$           771,554


$           767,494























Commercial, financial & agricultural

$                           -


$                           -


$                          -


$                      -


$                       -







Real estate - construction & development

-


-


-


-


-







Real estate - commercial & farmland

-


-


-


-


-







Real estate - residential

624,886


610,425


656,734


592,963


410,072







Consumer installment

-


-


-


-


-







    Total Purchased non-covered loan pools

$               624,886


$               610,425


$               656,734


$           592,963


$           410,072























Commercial, financial & agricultural

$                      830


$                   1,604


$                   4,739


$               5,546


$             13,349







Real estate - construction & development

3,220


7,168


7,205


7,612


14,266







Real estate - commercial & farmland

13,688


65,091


67,055


71,226


103,399







Real estate - residential

44,457


47,455


51,176


53,038


59,835







Consumer installment

96


100


104


107


172







    Total Covered (net of discounts)

$                 62,291


$               121,418


$               130,279


$           137,529


$           191,021























Total Loan Portfolio:
















Commercial, financial & agricultural

$               726,373


$               667,750


$               550,349


$           500,631


$           483,446







Real estate - construction & development

417,627


370,981


375,778


324,385


306,173







Real estate - commercial & farmland

1,901,658


1,888,501


1,820,877


1,566,972


1,556,259







Real estate - residential

1,722,445


1,639,011


1,646,818


1,474,584


1,265,504







Consumer installment

73,239


38,935


37,929


36,336


37,162







Other

3,964


17,953


13,188


6,015


10,692







    Total Loans

$            4,845,306


$            4,623,131


$            4,444,939


$        3,908,923


$        3,659,236























































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














Accruing loan types:
















Commercial, financial & agricultural

$                        53


$                      275


$                      279


$                  240


$                  238







Real estate - construction & development

691


468


476


792


838







Real estate - commercial & farmland

5,535


5,802


5,945


5,766


5,719







Real estate - residential

7,713


8,226


7,648


7,574


5,209







Consumer installment

21


24


37


46


71







    Total Accruing TDRs

$                 14,013


$                 14,795


$                 14,385


$             14,418


$             12,075























Non-accruing loan types:
















Commercial, financial & agricultural

$                      112


$                        86


$                        75


$                  110


$                    68







Real estate - construction & development

35


36


30


63


30







Real estate - commercial & farmland

2,015


1,832


1,871


596


942







Real estate - residential

849


899


1,040


1,123


759







Consumer installment

120


113


87


94


64







    Total Non-accrual TDRs

$                   3,131


$                   2,966


$                   3,103


$               1,986


$               1,863























Total Troubled Debt Restructurings

$                 17,144


$                 17,761


$                 17,488


$             16,404


$             13,938





































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











Grade 10 - Prime credit

$               398,781


$               349,725


$               254,203


$           250,609


$           231,281







Grade 15 - Good credit

190,389


191,574


213,510


227,730


234,185







Grade 20 - Satisfactory credit

1,608,265


1,493,561


1,346,050


1,224,320


1,148,024







Grade 23 - Performing, under-collateralized credit

22,763


23,665


25,047


27,607


26,477







Grade 25 - Minimum acceptable credit

797,148


687,817


628,042


609,413


579,642







Grade 30 - Other asset especially mentioned

31,764


32,468


22,141


24,423


22,190







Grade 40 - Substandard

41,929


40,261


39,013


42,773


48,848







Grade 50 - Doubtful

-


-


-


-


2







Grade 60 - Loss

-


-


1


2


-







  Total

$            3,091,039


$            2,819,071


$            2,528,007


$        2,406,877


$        2,290,649





















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















Grade 10 - Prime credit

$                   6,543


$                   6,899


$                 10,505


$               9,602


$               9,801







Grade 15 - Good credit

42,257


45,245


48,229


51,168


50,906







Grade 20 - Satisfactory credit

331,309


345,480


344,479


336,990


348,034







Grade 23 - Performing, under-collateralized credit

27,504


27,387


27,445


12,029


10,612







Grade 25 - Minimum acceptable credit

575,280


557,221


607,838


294,829


290,272







Grade 30 - Other asset especially mentioned

44,838


52,536


50,517


30,693


26,458







Grade 40 - Substandard

39,359


37,417


40,874


36,211


31,381







Grade 50 - Doubtful

-


30


30


30


30







Grade 60 - Loss

-


2


2


2


-







  Total

$            1,067,090


$            1,072,217


$            1,129,919


$           771,554


$           767,494





















 

 

















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.




2016


2016


2016


2015


2015


2016


2015

































AVERAGE BALANCES
































Federal funds sold

$                   5,500


$                   7,186


$                   6,200


$               5,500


$               5,500


$               6,293


$               5,500



Interest bearing deposits in banks

85,051


96,906


201,814


291,303


199,057


127,767


188,110



Investment securities - taxable

767,421


766,006


728,269


730,608


772,252


756,378


620,500



Investment securities - nontaxable

68,325


69,664


68,824


69,711


72,549


68,935


71,481



Other investments

21,687


14,765


9,606


9,322


9,322


15,375


9,456



Mortgage loans held for sale

105,859


96,998


82,803


98,765


102,961


96,340


86,387



Loans

2,897,771


2,653,171


2,410,747


2,333,577


2,224,490


2,642,498


2,097,996



Purchased non-covered loans

1,086,039


1,111,814


836,187


752,508


788,351


1,022,680


702,117



Purchased non-covered loan pools

629,666


630,503


627,178


454,884


323,258


629,118


116,363



Covered loans

113,136


127,595


134,383


180,493


195,175


125,141


215,631



  Total Earning Assets

$            5,780,455


$            5,574,608


$            5,106,011


$        4,926,671


$        4,692,915


$        5,490,525


$        4,113,541



















Noninterest bearing deposits

$            1,546,211


$            1,561,621


$            1,362,007


$        1,324,999


$        1,300,870


$        1,490,152


$        1,097,750



NOW accounts

1,085,828


1,087,442


1,137,076


1,100,972


907,618


1,103,385


802,800



MMDA

1,435,151


1,413,503


1,278,199


1,212,087


1,219,736


1,375,835


1,027,932



Savings accounts

266,344


265,936


251,108


241,337


239,999


261,148


198,379



Retail CDs < $100,000

431,570


437,899


438,122


449,158


484,007


434,898


417,638



Retail CDs > $100,000

451,115


439,954


406,699


395,978


387,485


433,607


380,980



Brokered CDs

5,000


5,000


1,099


-


-


3,704


-



  Total Deposits

5,221,219


5,211,355


4,874,310


4,724,531


4,539,715


5,102,729


3,925,479



















FHLB advances

265,202


104,195


9,648


-


-


126,855


11,289



Other borrowings

49,345


51,970


42,096


39,000


39,000


47,809


41,582



Subordinated debentures

83,719


83,386


72,589


69,723


69,448


79,912


67,369



Federal funds purchased and securities sold
















under agreements to repurchase

37,305


43,286


52,787


61,986


44,480


44,433


47,282



  Total Non-Deposit Funding

435,571


282,837


177,120


170,709


152,928


299,009


167,522



















  Total Funding

$            5,656,790


$            5,494,192


$            5,051,430


$        4,895,240


$        4,692,643


$        5,401,738


$        4,093,001

















































































 

 

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.




2016


2016


2016


2015


2015


2016


2015

















INTEREST INCOME/EXPENSE































INTEREST INCOME
















Federal funds sold

$                          8


$                          9


$                          8


$                      5


$                    19


$                    25


$                    28



Interest bearing deposits in banks

147


159


328


262


227


634


528



Investment securities - taxable

4,336


4,554


4,586


4,540


4,694


13,476


11,594



Investment securities - nontaxable (TE)

536


613


602


618


648


1,751


1,905



Mortgage loans held for sale

826


821


755


1,040


970


2,402


2,426



Loans (TE)

33,672


31,531


28,684


27,901


27,258


93,887


75,305



Purchased non-covered loans

17,629


17,062


13,133


12,129


11,911


47,824


34,079



Purchased non-covered loan pools

4,346


3,730


5,144


3,335


2,997


13,220


3,146



Covered loans

1,667


1,797


2,060


3,556


3,192


5,524


10,572



Total Earning Assets

$                 63,167


$                 60,276


$                 55,300


$             53,386


$             51,916


$           178,743


$           139,583



















    Accretion Income (included above)

3,604


4,196


2,942


2,912


3,037


10,742


8,769


















INTEREST EXPENSE
















Non-interest bearing deposits

$                           -


$                           -


$                          -


$                      -


$                       -


$                       -


$                       -



NOW accounts

433


439


468


463


304


1,340


998



MMDA

1,241


1,168


1,040


929


877


3,449


2,300



Savings accounts

45


45


43


42


42


133


116



Retail CDs < $100,000

493


476


512


594


607


1,481


1,608



Retail CDs > $100,000

854


779


676


659


691


2,309


2,044



Brokered CDs

8


8


2


-


-


18


-



Total Deposits

3,074


2,915


2,741


2,687


2,521


8,730


7,066



















FHLB advances

393


155


23


-


-


571


31



Other borrowings

479


484


370


328


322


1,333


1,034



Subordinated debentures

1,179


1,173


954


924


914


3,306


2,612



Federal funds purchased and securities sold











-





under agreements to repurchase

18


24


35


44


39


77


130



  Total Non-Deposit Funding

2,069


1,836


1,382


1,296


1,275


5,287


3,807



















  Total Funding

$                   5,143


$                   4,751


$                   4,123


$               3,983


$               3,796


$             14,017


$             10,873



















Net Interest Income (TE)

$                 58,024


$                 55,525


$                 51,177


$             49,403


$             48,120


$           164,726


$           128,710

































 

 

















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.




2016


2016


2016


2015


2015


2016


2015

YIELDS (1)
































Federal funds sold

0.58%


0.50%


0.52%


0.36%


1.37%


0.53%


0.68%



Interest bearing deposits in banks

0.69%


0.66%


0.65%


0.36%


0.45%


0.66%


0.38%



Investment securities - taxable

2.25%


2.39%


2.53%


2.47%


2.41%


2.38%


2.50%



Investment securities - nontaxable

3.12%


3.54%


3.52%


3.52%


3.54%


3.39%


3.56%



Mortgage loans held for sale

3.10%


3.40%


3.67%


4.18%


3.74%


3.33%


3.75%



Loans

4.62%


4.78%


4.79%


4.74%


4.86%


4.75%


4.80%



Purchased non-covered loans

6.46%


6.17%


6.32%


6.39%


5.99%


6.25%


6.49%



Purchased non-covered loan pools

2.75%


2.38%


3.30%


2.91%


3.68%


2.81%


3.61%



Covered loans

5.86%


5.66%


6.17%


7.82%


6.49%


5.90%


6.56%



  Total Earning Assets

4.35%


4.35%


4.36%


4.30%


4.39%


4.35%


4.54%



















Noninterest bearing deposits

0.00%


0.00%


0.00%


0.00%


0.00%


0.00%


0.00%



NOW accounts

0.16%


0.16%


0.17%


0.17%


0.13%


0.16%


0.17%



MMDA

0.34%


0.33%


0.33%


0.30%


0.29%


0.33%


0.30%



Savings accounts

0.07%


0.07%


0.07%


0.07%


0.07%


0.07%


0.08%



Retail CDs < $100,000

0.45%


0.44%


0.47%


0.52%


0.50%


0.45%


0.51%



Retail CDs > $100,000

0.75%


0.71%


0.67%


0.66%


0.71%


0.71%


0.72%



Brokered CDs

0.64%


0.64%


0.73%


0.00%


0.00%


0.65%


0.00%



  Total Deposits

0.23%


0.22%


0.23%


0.23%


0.22%


0.23%


0.24%



















FHLB advances

0.59%


0.60%


0.96%


0.00%


0.00%


0.60%


0.37%



Other borrowings

3.86%


3.75%


3.54%


3.34%


3.28%


3.72%


3.32%



Subordinated debentures

5.60%


5.66%


5.29%


5.26%


5.22%


5.53%


5.18%



Federal funds purchased and securities sold
















under agreements to repurchase

0.19%


0.22%


0.27%


0.28%


0.35%


0.23%


0.37%



  Total Non-Deposit Funding

1.89%


2.61%


3.14%


3.01%


3.31%


2.36%


3.04%



















  Total funding (3)

0.36%


0.35%


0.33%


0.32%


0.32%


0.35%


0.36%



















Net interest spread

3.99%


4.00%


4.03%


3.98%


4.07%


4.00%


4.18%



















Net interest margin

3.99%


4.01%


4.03%


3.98%


4.07%


4.01%


4.18%

















































(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.



Operating Net Income Reconciliation

2016


2016


2016


2015


2015


2016


2015



















Net income available to common shareholders

$                 21,557


$                 20,049


$                 12,317


$             14,148


$             15,627


$             53,923


$             26,699



















Merger and conversion charges

-


-


6,359


1,807


446


6,359


6,173



Non-recurring credit resolution related expenses

-


-


-


-


-


-


11,241



Tax effect of non-recurring charges

-


-


(2,226)


(632)


(156)


(2,226)


(6,095)



Plus: After tax non-recurring charges

-


-


4,133


1,175


290


4,133


11,319



















       Operating Net income

21,557


20,049


16,450


15,323


15,917


58,056


38,018



















Operating net income per diluted share:

$                     0.61


$                     0.57


$                     0.50


$                 0.47


$                 0.49


$                 1.68


$                 1.19



Return on average assets

1.35%


1.31%


1.18%


1.12%


1.21%


1.24%


1.05%



Return on average common tangible equity

17.18%


17.03%


15.42%


14.97%


16.23%


15.95%


12.74%




















Three Months Ended


Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.


Sept.


Sept.



Net Interest Margin and Yields on Total Loans

2016


2016


2016


2015


2015


2016


2015



    Excluding Accretion Reconciliation
































Total Interest Income (TE)

$                 63,167


$                 60,276


$                 55,300


$             53,386


$             51,916


$           178,743


$           139,583



    Accretion Income

3,604


4,196


2,942


2,912


3,037


10,742


8,769



Total Interest Income (TE) Excluding Accretion

$                 59,563


$                 56,080


$                 52,358


$             50,474


$             48,879


$           168,001


$           130,814



















Total Interest Expense

$                   5,143


$                   4,751


$                   4,123


$               3,983


$               3,796


$             14,017


$             10,873



Net Interest Income (TE) Excluding Accretion

$                 54,420


$                 51,329


$                 48,235


$             46,491


$             45,083


$           153,984


$           119,941



















Yield on Total Loans Excluding Accretion

4.75%


4.74%


4.84%


4.92%


4.83%


4.77%


4.90%



















Net Interest Margin Excluding Accretion

3.75%


3.70%


3.80%


3.74%


3.81%


3.75%


3.90%




















































Three Months Ended


Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.


Sept.


Sept.



Core Earnings Reconciliation

2016


2016


2016


2015


2015


2016


2015



















Pre-tax operating profit/(loss)

$                 31,921


$                 29,720


$                 18,441


$             17,444


$             22,995


$             80,082


$             39,300



Plus: Credit Related Costs
















    Provision for loan losses

811


889


681


553


986


2,381


4,711



   (Gains)/Losses on the sale of legacy OREO

377


447


753


535


36


1,577


582



   Gains/(Losses) on the sale of covered OREO

(89)


28


166


610


56


105


270



    Problem loan and OREO expense

1,238


1,289


880


1,078


991


3,407


14,654



    Interest reversed (received) on non-accrual loans

41


35


34


58


17


110


586



       Total Credit-Related Costs

2,378


2,688


2,514


2,834


2,086


7,580


20,803



















Plus: Cconversion charges

-


-


6,359


1,807


446


6,359


6,173



Less: Non-recurring gains
















    Gains on sales of securities

-


-


(94)


-


(115)


(94)


(137)



 Gains/(Losses) on sales of bank premises

238


401


(77)


(267)


-


562


-



    Other non-recurring adjustments

-


-


-


-


-


-


-



















Pretax, Pre-provision earnings

$                 34,537


$                 32,809


$                 27,143


$             21,818


$             25,412


$             94,489


$             66,139



















As percentage of average assets, annualized

2.17%


2.15%


1.94%


1.59%


1.93%


1.99%


1.70%




















































Three Months Ended


Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.


Sept.


Sept.



Recurring Operating Expenses

2016


2016


2016


2015


2015


2016


2015



















Total Operating Expenses

53,199


52,359


55,600


53,028


48,396


161,158


146,087



Less: Credit costs & non-recurring charges
















   Gains/(Losses) on the sale of legacy OREO

(377)


(447)


(753)


(535)


(36)


(1,577)


(582)



   Gains/(Losses) on the sale of covered OREO

89


(28)


(166)


(610)


(56)


(105)


(270)



    Problem loan and OREO expense

(1,238)


(1,289)


(880)


(1,078)


(991)


(3,407)


(14,654)



Conversion expenses

-


-


(6,359)


(1,807)


(446)


(6,359)


(6,173)



   Gains/(Losses) on the sale of premises

(238)


(401)


77


267


-


(562)


-



















Recurring operating expenses

$                 51,435


$                 50,194


$                 47,519


$             49,265


$             46,867


$           149,148


$           124,408

















 

 

















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

2016


2016


2016


2015


2015


2016


2015



















Banking Division:
















   Net interest income

$                 50,374


$                 48,940


$                 45,801


$             44,088


$             43,044


$           145,115


$           115,689



   Provision for loan losses

57


733


681


504


960


1,471


4,343



   Noninterest income

13,949


13,018


12,735


12,739


13,470


39,702


31,512



   Noninterest expense:
















      Salaries and employee benefits

18,323


18,428


18,989


19,225


17,921


55,740


48,958



      Occupancy

5,490


5,901


5,150


5,356


5,444


16,541


13,964



      Data Processing

5,794


5,685


5,820


5,759


4,998


17,299


12,922



      Other expenses

11,533


11,071


16,436


13,853


11,379


39,040


45,783



         Total noninterest expense

41,140


41,085


46,395


44,193


39,742


128,620


121,627



Income before income taxes

23,126


20,140


11,460


12,130


15,812


54,726


21,231



   Income Tax

7,286


6,318


3,681


1,436


4,854


17,285


6,277



         Net income

$                 15,840


$                 13,822


$                   7,779


$             10,694


$             10,958


$             37,441


$             14,954



































Retail Mortgage Division:
















   Net interest income

$                   3,679


$                   3,293


$                   3,020


$               2,812


$               2,485


$               9,992


$               6,009



   Provision for loan losses

447


93


-


49


26


540


368



   Noninterest income

13,198


13,304


9,624


7,966


9,827


36,126


26,532



   Noninterest expense:
















      Salaries and employee benefits

8,940


8,304


6,347


5,855


6,138


23,591


16,257



      Occupancy

433


405


488


501


397


1,326


1,173



      Data Processing

364


338


272


266


308


974


799



      Other expenses

1,303


1,133


956


1,043


662


3,392


2,744



         Total noninterest expense

11,040


10,180


8,063


7,665


7,505


29,283


20,973



Income before income taxes

5,390


6,324


4,581


3,064


4,781


16,295


11,200



   Income Tax

1,887


2,213


1,603


1,072


1,673


5,703


3,920



         Net income

$                   3,503


$                   4,111


$                   2,978


$               1,992


$               3,108


$             10,592


$               7,280



































Warehouse Lending:
















   Net interest income

$                   2,073


$                   1,622


$                   1,019


$                  995


$               1,128


$               4,714


$               3,142



   Provision for loan losses

94


-


-


-


-


94


-



   Noninterest income

555


440


333


336


372


1,328


1,028



   Noninterest expense:
















      Salaries and employee benefits

103


108


188


156


137


399


363



      Occupancy

1


1


1


3


1


3


4



      Data Processing

26


25


20


20


22


71


75



      Other expenses

26


26


25


28


40


77


95



         Total noninterest expense

156


160


234


207


200


550


537



Income before income taxes

2,378


1,902


1,118


1,124


1,300


5,398


3,633



   Income Tax

832


666


391


393


455


1,889


1,272



         Net income

$                   1,546


$                   1,236


$                      727


$                  731


$                  845


$               3,509


$               2,361



































SBA Division:
















   Net interest income

$                      941


$                      734


$                      596


$                  723


$                  742


$               2,271


$               2,079



   Provision for loan losses

213


63


-


-


-


276


-



   Noninterest income

1,162


1,617


1,594


1,366


1,309


4,373


4,107



   Noninterest expense:
















      Salaries and employee benefits

616


691


663


736


738


1,970


2,453



      Occupancy

65


64


61


57


73


190


137



      Data Processing

1


1


1


1


1


3


7



      Other expenses

181


178


183


169


137


542


353



         Total noninterest expense

863


934


908


963


949


2,705


2,950



Income before income taxes

1,027


1,354


1,282


1,126


1,102


3,663


3,236



   Income Tax

359


474


449


394


386


1,282


1,133



         Net income

$                      668


$                      880


$                      833


$                  732


$                  716


$               2,381


$               2,103



































Total Consolidated:
















   Net interest income

$                 57,067


$                 54,589


$                 50,436


$             48,618


$             47,399


$           162,092


$           126,919



   Provision for loan losses

811


889


681


553


986


2,381


4,711



   Noninterest income

28,864


28,379


24,286


22,407


24,978


81,529


63,179



   Noninterest expense:
















      Salaries and employee benefits

27,982


27,531


26,187


25,972


24,934


81,700


68,031



      Occupancy

5,989


6,371


5,700


5,917


5,915


18,060


15,278



      Data Processing

6,185


6,049


6,113


6,046


5,329


18,347


13,803



      Other expenses

13,043


12,408


17,600


15,093


12,218


43,051


48,975



         Total noninterest expense

53,199


52,359


55,600


53,028


48,396


161,158


146,087



Income before income taxes

31,921


29,720


18,441


17,444


22,995


80,082


39,300



   Income Tax

10,364


9,671


6,124


3,296


7,368


26,159


12,601



         Net income

$                 21,557


$                 20,049


$                 12,317


$             14,148


$             15,627


$             53,923


$             26,699

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SOURCE Ameris Bancorp