Ameris Bancorp Reports Record Net Income For Third Quarter 2016

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 Werbung Mehr Nachrichten zur AMERIS BANCORP. Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 08:56 - PR Newswire BlackRock Latin American Investment Trust Plc - Portfolio Update 08:56 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Gresham Technologies Plc 07:47 - PR Newswire Everest Global Plc - Result of AGM SolarBank    Wie die Revolution der sauberen Energie eine solide Investitionsmöglichkeit bieten könnte weiterlesen» Anzeige wo-site-teaser-box-16755_site-teaser-box_2024-04-25_09%253A00%253A00_2024-04-26_09%253A00%253A59