UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): |
July 24, 2015 |
Ameris Bancorp |
(Exact Name of Registrant as Specified in Charter) |
Georgia |
001-13901 |
58-1456434 |
(State or Other |
(Commission File Number) |
(IRS Employer |
Jurisdiction of |
|
Identification No.) |
Incorporation) |
|
|
310 First Street, S.E., Moultrie, Georgia |
31768 |
(Address of Principal Executive Offices) |
(Zip Code) |
Registrant’s telephone number, including area code: |
(229) 890-1111 |
|
(Former Name or Former Address, if Changed Since Last Report) |
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
The information contained
in this Current Report on this Form 8-K (this “Report”), including Exhibits 99.1 and 99.2 attached hereto, is being
furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liabilities of such section. Furthermore, the information contained in this Report shall not be deemed to be incorporated
by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.
| Item 2.02. | Results of Operations and Financial Condition. |
On July 24, 2015, Ameris
Bancorp (the “Company”) issued a press release announcing its unaudited second quarter 2015 results. A copy of that
press release is attached to this Report as Exhibit 99.1.
| Item 7.01. | Regulation FD Disclosure |
A copy of the slide
presentation that the Company will present during the earnings teleconference beginning at 10:00 a.m. EDT on July 24, 2015, is
attached to this Report as Exhibit 99.2. The slide presentation is also available on the Company’s website, www.amerisbank.com,
under the Investor Relations section.
| Item 9.01. | Financial Statements and Exhibits. |
| 99.1 | Press release dated July 24, 2015. |
| 99.2 | Slide Presentation dated July 24, 2015. |
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the Company has duly caused this Report to be signed on its behalf by the undersigned,
thereunto duly authorized.
|
AMERIS BANCORP |
|
|
|
|
By: |
/s/ Dennis J. Zember Jr. |
|
|
Dennis J. Zember Jr. |
|
|
Executive Vice President and Chief Financial Officer |
Dated: July 24, 2015
EXHIBIT INDEX
Exhibit No. |
|
Exhibit |
99.1 |
|
Press release dated July 24, 2015. |
99.2 |
|
Slide Presentation dated July 24, 2015. |
Exhibit 99.1
News Release
For more information contact:
Dennis J. Zember Jr.
Executive Vice President & CFO
(229) 890-1111
AMERIS BANCORP REPORTS FINANCIAL RESULTS
FOR SECOND QUARTER 2015
July 24, 2015
AMERIS BANCORP (NASDAQ-GS: ABCB), Moultrie,
Georgia, today reported operating net income of $12.3 million, or $0.38 per diluted share, for the quarter ended June 30, 2015,
compared with $10.0 million, or $0.39 per diluted share, for the quarter ended June 30, 2014. For the year-to-date period ending
June 30, 2015, the Company reported operating net income of $22.1 million, or $0.70 per diluted share, compared with $18.4 million,
or $0.72 per share, for the same period in 2014. The earnings per share results for 2015 reflect an additional 5.3 million common
shares outstanding. These shares were issued early in the first quarter of 2015 in the Company’s private placement, which
was completed for the purposes of capitalizing the Company’s acquisitions that closed late in the second quarter of 2015.
Operating net income for the second quarter
of 2015 excluded after-tax merger-related charges totaling approximately $3.7 million, or $0.11 per share, and a non-recurring
after tax charge of $7.3 million, or $0.23 per share, related to an aggressive write-down on remaining non-performing assets. Commenting
on the rationale for this credit charge, Edwin W. Hortman, Jr., President and CEO said, “Lingering credit costs have overshadowed
the improvements we have made in our operating results for too long and depressed our earnings valuation. The charge we recorded
in the second quarter will allow us to manage the disposition of non-performing assets in an accelerated fashion with credit costs
that are commensurate with our peer group. Deploying the liquidity from the recent deals and achieving the cost savings we
have projected will further improve our return on assets and return on equity and I do not want that overshadowed by outsized credit
related costs.”
Including the merger and non-recurring
credit charges, the Company reported net income of $1.3 million, or $0.04 per share, in the second quarter of 2015, compared with
$8.1 million, or $0.32 per share, in the same quarter in 2014, and for the year-to-date period in 2015, the Company’s earnings
totaled $11.1 million, or $0.35 per share, compared with $16.2 million, or $0.63 per share, in 2014.
Highlights of the Company’s performance
and results for the second quarter of 2015 include the following:
| · | Successful purchase and data conversion
of 18 retail branches, including approximately $644.7 million in deposits, in South Georgia and North Florida |
| · | Completion of the acquisition of Merchants
and Southern Bank (“M&S”) in Gainesville, Florida, with assets totaling $505.1 million |
| · | Total loan growth (including mortgage
loans held for sale) of $605.3 million in the second quarter of 2015 |
| · | Organic loan growth of $125.1 million,
or 15.4% (annualized), during the second quarter of 2015 |
| · | Return on assets and return on average
tangible equity, on an operating basis, of 1.11% and 12.83%, respectively |
| · | Increase in total revenue to $64.9 million
in the second quarter of 2015, compared with $54.4 million in the same quarter in 2014 |
| · | Tangible common equity to tangible assets
of 7.46% at June 30, 2015, compared with 7.42% at December 31, 2014 |
| · | Noninterest income of $20.6 million, compared
with $15.8 million in the second quarter of 2014 |
| · | Increase in net income from the Company’s
total mortgage operations to $3.2 million, compared with $1.6 million in the same quarter in 2014 |
| · | Closed loan production of $9.5 million
and total revenue of $2.6 million in the second quarter from the Company’s SBA division |
Acquisition Activity
The Company closed the acquisition of M&S
on May 22, 2015 and the branch acquisition on June 12, 2015. These acquisitions increased the Company’s total
assets and earning assets by approximately 28% and the Company’s total deposits by approximately 30%. Initially, the acquisitions
are detrimental to the Company’s mix of earning assets and net interest margin because the majority of the assets acquired
were short-term. The following chart outlines the balances acquired at closing and the Company’s target mix of these earning
assets over the coming quarters:
| |
Balances at closing (in millions) | | |
| | |
| | |
| |
| |
M&S Acquisition | | |
Branch Acquisition | | |
Total | | |
Initial E/A mix | | |
Actual 6/30/15 | | |
Target 9/30/15 | | |
Target 12/31/15 | |
Cash and short term assets | |
| 55 | | |
| 630 | | |
| 686 | | |
| 65.6 | % | |
| 31.8 | % | |
| 17.4 | % | |
| 5.5 | % |
Investments | |
| 164 | | |
| - | | |
| 164 | | |
| 15.7 | % | |
| 24.1 | % | |
| 21.8 | % | |
| 19.4 | % |
Loans | |
| 192 | | |
| 4 | | |
| 196 | | |
| 18.7 | % | |
| 44.1 | % | |
| 60.8 | % | |
| 75.1 | % |
Earning Assets | |
| 411 | | |
| 635 | | |
| 1,046 | | |
| 100.0 | % | |
| 100.0 | % | |
| 100.0 | % | |
| 100.0 | % |
The Company is initially concentrating
the deployment of the funds in areas with little to no incremental overhead burden to effectively improve the efficiency ratio
and maximize the earnings effect of the two acquisitions. Retention of some of the Company’s mortgage and SBA production,
a more aggressive push for municipal lending assets and purchases of higher quality, adjustable-rate mortgage loan pools are the
most likely strategies the Company will use to deploy this liquidity.
Fee income associated with the branch acquisition
was a material part of the initial assumptions. Total deposits acquired declined by 24% from the announcement date to the closing
date, but indications reflect that fee income will not decline at that high of a level. Management’s current estimate of
fee income associated with the acquisition is approximately $16.0 million per year, slightly less than the Company’s initial
expectation of $16.8 million per year.
Net Interest Income and Net Interest Margin
Net interest income (taxable equivalent)
for the second quarter of 2015 totaled $41.3 million, an increase of $5.6 million, or 15.8%, compared with the $35.3 million reported
for the second quarter of 2014. Impacts of the recently closed acquisitions in the second quarter were minimal at $1.4 million
because of the timing of closing and due to 66% of the initial growth in earning assets being in lower yielding federal funds sold
or short-term assets. By the end of the second quarter, the Company had improved the incremental asset mix, and management is confident
that the net interest income targets originally projected can be achieved given better than expected yields and quicker deployment
of the funds acquired.
Excluding the impact of accretion, net
interest income (taxable equivalent) was $38.6 million, an increase of 6.64% compared with the first quarter of 2015 and 16.88%
compared with the second quarter of 2014. Accretion income in the current quarter declined to $2.6 million, compared with $3.1
million in the first quarter of 2015, but was slightly higher as compared with the $2.5 million recorded in the second quarter
of 2014. Higher levels of non-interest income resulted mostly from growth in average loans outstanding of approximately $199.9
million when compared to the first quarter of 2015. Average balances of covered loans continued to decline, falling by $16.3 million
from the first quarter of 2015.
Yields on all loans (including purchased
non-covered and covered loans and excluding accretion income) declined in the second quarter of 2015 to 4.86%, compared with 5.19%
in the same quarter in 2014. Higher yielding covered loans as a percentage of total loans has declined from 13.9% in the second
quarter of 2014 to only 7.9% for the current quarter of 2015. Additionally, some of the growth in the legacy portfolio has been
in both municipal and adjustable mortgages that have a significantly better risk profile but lower yields than consolidated levels
seen in the past.
Loan production in the second quarter of
2015 totaled $282.6 million, with weighted average yields of 4.47%, compared with $254.0 million and 4.55%, respectively, in the
first quarter of 2015. Investment securities yields during the second quarter of 2015 were 2.61%, compared with 2.89% in the same
quarter in 2014.
Total interest expense for the second quarter
of 2015 was $3.5 million, compared with $3.3 million in the same quarter of 2014. Increases in total interest expense were driven
primarily by increases in total deposits and other borrowings resulting from both acquisition activity and organic growth. Deposit
costs of funds were only slightly lower during the second quarter of 2015 at 0.24%, compared with 0.29% during the second quarter
of 2014. Yields on each deposit class were substantially unchanged over the past year except for MMDAs, which fell from 0.38% during
the second quarter of 2014 to 0.31% in the second quarter of 2015. Management does not expect deposit costs or overall funding
costs to decrease materially in the coming quarters given tightening liquidity and increasingly stronger forecasts for asset growth.
Non-interest Income
Non-interest income in the second quarter
of 2015 improved to $20.6 million, an increase of $4.8 million, or 30.4%, compared with the same quarter in 2014. Continued growth
and profitability in the Company’s mortgage operations provided most of the improvement, with revenue from mortgage operations
increasing to $9.7 million, an increase of 40% compared with the same quarter of 2014. Total loan production increased to $285.6
million in the quarter, compared with $184.3 million in the second quarter of 2014, while spreads (gain on sale) were relatively
unchanged at 3.67% in the current quarter compared with 3.56% in the same quarter of 2014.
Service charges on deposit accounts increased
by $1.3 million to $7.2 million during the quarter, an increase of 22.3% compared with the same quarter in 2014. Because
of the late-quarter close of the recent acquisitions, increases in service charges related to the Company’s recent acquisitions
totaled only $742,000 during the quarter. Going forward, management estimates approximately $4.0 million of additional fee
income on the two acquisitions.
Revenues from the Company’s SBA
division totaled $2.6 million, compared with $1.9 million in the second quarter of 2014. Due to the excess liquidity obtained
in the acquisitions as well as the preferential duration and yields, management decided to retain a portion of its SBA
production, which resulted in unrecognized gains on guaranteed portions of new production of $675,000 during the current
quarter. Total principal of closed loans in the second quarter of 2015 totaled $9.5 million, and the Company projects an
additional $22.0 million of production for the third quarter of 2015.
Non-interest Expense
Excluding merger- and credit-related costs,
non-interest expenses totaled $39.9 million in the second quarter of 2015, compared with $37.7 million in the first quarter of
2015 and $31.6 million in the second quarter of 2014. Substantially all of the increase in operating expenses in the second quarter
of 2015 over the first quarter of the year relates to increases associated with higher revenues in the mortgage and SBA divisions,
which totaled $1.9 million. Against the second quarter of 2014 and on the same basis, operating expenses have increased $8.3 million,
which includes $2.1 million of higher costs in the mortgage and SBA divisions, $2.4 million associated with the additional branches
acquired in the Company’s acquisition of The Coastal Bank on June 30, 2014 and approximately $1.4 million related to increased
costs in information technology and customer support centers in anticipation of the acquisitions completed in the second quarter.
Impacts to overall operating expenses
in the second quarter of 2015 associated with the recently closed acquisitions were limited to only $1.1 million. Five overlapping
branches have been identified for consolidation, which is expected to save approximately $2.8 million per year. An additional
$2.9 million of annual savings is anticipated to be in place shortly after the conversion of M&S late in the third quarter
of 2015.
Salaries and benefits increased to $22.5
million in the current quarter of 2015, compared with $20.6 million in the first quarter of 2015 and $16.9 million in the same
quarter in 2014. Increases in compensation costs against the first quarter reflect an increase of $889,000 in higher levels of
commissions for mortgage and SBA personnel and the impact of staffing additions from the acquisition of The Coastal Bank in June
2014 and the acquisitions completed in 2015.
Non-provision credit resolution-related
costs increased from $2.8 million in the second quarter of 2014 to $11.2 million in the second quarter of 2015. During the quarter,
the Company recorded a non-recurring, after-tax charge of $7.3 million to aggressively mark certain non-performing assets in a
manner that would facilitate quick disposition. The Company believes that normal credit costs for the Company are closer to $2.5
million going forward and that levels of non-performing and substandard assets should decline materially before year end.
Occupancy and equipment costs increased
from $4.1 million in the second quarter of 2014 to $4.8 million in the second quarter of 2015, due to the increased number of branches
that are now operated by the Company. Data processing and telecommunications expenses increased from $3.9 million in the second
quarter of 2014 to $4.2 million in the second quarter of 2015.
Balance Sheet Trends
Total assets at June 30, 2015 were $5.21
billion, compared with $4.04 billion reported at December 31, 2014. The growth in total assets was driven by the acquisitions of
M&S and 18 additional retail branches during the second quarter of 2015.
Loans, including loans held for sale, totaled
$3.57 billion at June 30, 2015, compared with $2.90 billion at December 31, 2014. During the second quarter, organic growth in
non-covered, non-purchased loans amounted to $172.2 million, or 34.5% on an annualized basis. Purchased, non-covered loans increased
$434.2 million during the quarter, to $1.08 billion from $643.1 million at March 31, 2015. In addition to the loans acquired through
the M&S and branch acquisitions, the Company purchased approximately $269.0 million of whole-loan, adjustable rate mortgage
pools to deploy the excess cash received in the acquisitions.
Investment securities at the end of the
quarter amounted to $871.5 million, or 19.8% of earning assets, compared with $552.1 million, or 15.5% of earning assets, at December
31, 2014.
At June 30, 2015, total deposits amounted
to $4.51 billion, or 97.5% of total funding, compared with $3.43 billion and 95.8%, respectively, at December 31, 2014. Non-interest
bearing deposits at the end of the current quarter were $1.28 billion, or 28.4% of total deposits, compared with $839.4 million,
or 24.5%, at December 31, 2014.
Stockholders’ equity at June 30,
2015 totaled $486.8 million, compared with $366.0 million reported at December 31, 2014. The increase in stockholders’ equity
was the result of the issuance of $114.9 million of common shares in the first quarter of 2015 and earnings of $11.1 million during
the first six months of 2015. Tangible book value increased during the first six months of 2015, from $10.99 per share at December
31, 2014 to $11.81 per share at June 30, 2015. Tangible common equity as a percentage of tangible assets increased to 7.46% at
the end of the second quarter of 2015, compared with 7.42% at the end of 2014.
Conference Call
The Company will host a teleconference
at 10:00 a.m. EDT today (July 24, 2015) to discuss the Company's results and answer appropriate questions. The conference call
can be accessed by dialing 1-877-504-1190 or 1-412-902-6630 for international participants and 1-855-669-9657 for Canada. The
conference ID name is Ameris Bancorp. A replay of the call will be available one hour after the end of the conference call
until August 7, 2015. To listen to the replay, dial 1-877-344-7529 or 1-412-317-0088 for international participants and 1-855-669-9658
for Canada. The conference replay access code is 10069080. 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.
Ameris Bancorp is headquartered in Moultrie, Georgia, and at
the end of the most recent quarter had 103 locations in Georgia, Alabama, northern Florida and South Carolina.
This news release contains certain performance
measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America
(“GAAP”). Management of Ameris Bancorp (the “Company”) uses these non-GAAP measures in its analysis of
the Company’s performance. These measures are useful when evaluating the underlying performance and efficiency of the Company’s
operations and balance sheet. The Company’s management believes that these non-GAAP measures provide a greater understanding
of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and
charges in the current period. The Company’s management believes that investors may use these non-GAAP financial measures
to evaluate the Company’s financial performance without the impact of unusual items that may obscure trends in the Company’s
underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance
with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
This news release contains statements
that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “believe”, “estimate”,
“expect”, “intend”, “anticipate” and similar expressions and variations thereof identify certain
of such forward-looking statements, which speak only as of the dates which they were made. The Company undertakes no obligation
to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties
and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors.
Readers are cautioned not to place undue reliance on these forward-looking statements and are referred to the Company’s periodic
filings with the Securities and Exchange Commission for a summary of certain factors that may impact the Company’s results
of operations and financial condition.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data
and FTE headcount)
| |
Three Months Ended | | |
Six Months Ended | |
| |
Jun. | | |
Mar. | | |
Dec. | | |
Sept. | | |
Jun. | | |
Jun. | | |
Jun. | |
| |
2015 | | |
2015 | | |
2014 | | |
2014 | | |
2014 | | |
2015 | | |
2014 | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
EARNINGS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net Income Available to Common Shareholders | |
$ | 1,308 | | |
$ | 9,764 | | |
$ | 10,580 | | |
$ | 11,663 | | |
$ | 8,130 | | |
$ | 11,072 | | |
$ | 16,194 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
PER COMMON SHARE DATA | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Earnings per share available to common shareholders: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.04 | | |
$ | 0.32 | | |
$ | 0.40 | | |
$ | 0.44 | | |
$ | 0.32 | | |
$ | 0.35 | | |
$ | 0.64 | |
Diluted | |
$ | 0.04 | | |
$ | 0.32 | | |
$ | 0.39 | | |
$ | 0.43 | | |
$ | 0.32 | | |
$ | 0.35 | | |
$ | 0.63 | |
Cash Dividends per share | |
$ | 0.05 | | |
$ | 0.05 | | |
$ | 0.05 | | |
$ | 0.05 | | |
$ | - | | |
$ | 0.10 | | |
$ | 0.05 | |
Book value per share (period end) | |
$ | 15.12 | | |
$ | 15.22 | | |
$ | 13.67 | | |
$ | 13.22 | | |
$ | 12.83 | | |
$ | 15.12 | | |
$ | 12.83 | |
Tangible book value per share (period end) | |
$ | 11.81 | | |
$ | 13.01 | | |
$ | 10.99 | | |
$ | 10.68 | | |
$ | 10.26 | | |
$ | 11.81 | | |
$ | 10.26 | |
Weighted average number of shares: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 32,184,355 | | |
| 30,442,998 | | |
| 26,771,636 | | |
| 26,773,033 | | |
| 25,180,665 | | |
| 31,318,487 | | |
| 25,162,604 | |
Diluted | |
| 32,520,453 | | |
| 30,796,148 | | |
| 27,090,293 | | |
| 27,160,886 | | |
| 25,633,130 | | |
| 31,652,557 | | |
| 25,615,069 | |
Period-end number of shares | |
| 32,195,089 | | |
| 32,182,143 | | |
| 26,773,863 | | |
| 26,774,402 | | |
| 26,771,821 | | |
| 32,195,089 | | |
| 26,771,821 | |
Market data: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
High closing price | |
$ | 26.87 | | |
$ | 26.55 | | |
$ | 26.48 | | |
$ | 24.04 | | |
$ | 23.90 | | |
$ | 26.87 | | |
$ | 24.00 | |
Low closing price | |
$ | 24.73 | | |
$ | 22.75 | | |
$ | 21.95 | | |
$ | 21.00 | | |
$ | 19.73 | | |
$ | 22.75 | | |
$ | 19.73 | |
Period end closing price | |
$ | 25.29 | | |
$ | 26.39 | | |
$ | 25.64 | | |
$ | 21.95 | | |
$ | 21.56 | | |
$ | 25.29 | | |
$ | 21.56 | |
Average daily volume | |
| 107,413 | | |
| 105,152 | | |
| 111,473 | | |
| 79,377 | | |
| 79,038 | | |
| 106,301 | | |
| 90,963 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
PERFORMANCE RATIOS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Return on average assets | |
| 0.12 | % | |
| 0.97 | % | |
| 1.05 | % | |
| 1.17 | % | |
| 0.93 | % | |
| 0.52 | % | |
| 0.95 | % |
Return on average common equity | |
| 1.07 | % | |
| 8.76 | % | |
| 11.57 | % | |
| 13.19 | % | |
| 10.53 | % | |
| 4.54 | % | |
| 10.73 | % |
Earning asset yield (TE) | |
| 4.49 | % | |
| 4.79 | % | |
| 5.08 | % | |
| 4.96 | % | |
| 5.08 | % | |
| 4.63 | % | |
| 5.05 | % |
Total cost of funds | |
| 0.36 | % | |
| 0.40 | % | |
| 0.43 | % | |
| 0.45 | % | |
| 0.42 | % | |
| 0.38 | % | |
| 0.43 | % |
Net interest margin (TE) | |
| 4.14 | % | |
| 4.39 | % | |
| 4.64 | % | |
| 4.50 | % | |
| 4.65 | % | |
| 4.26 | % | |
| 4.61 | % |
Non-interest income excluding securities transactions,
as a percent of total revenue (TE) | |
| 31.51 | % | |
| 29.06 | % | |
| 26.50 | % | |
| 28.86 | % | |
| 28.87 | % | |
| 30.33 | % | |
| 27.02 | % |
Efficiency ratio | |
| 92.74 | % | |
| 72.38 | % | |
| 72.75 | % | |
| 67.64 | % | |
| 73.05 | % | |
| 82.99 | % | |
| 71.76 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
CAPITAL ADEQUACY (period end) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stockholders' equity to assets | |
| 9.35 | % | |
| 11.79 | % | |
| 9.07 | % | |
| 8.85 | % | |
| 8.64 | % | |
| 9.35 | % | |
| 8.64 | % |
Tangible common equity to tangible assets | |
| 7.46 | % | |
| 10.26 | % | |
| 7.42 | % | |
| 7.27 | % | |
| 7.04 | % | |
| 7.46 | % | |
| 7.04 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
EQUITY TO ASSETS RECONCILIATION | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Tangible common equity to tangible assets | |
| 7.46 | % | |
| 10.26 | % | |
| 7.42 | % | |
| 7.27 | % | |
| 7.04 | % | |
| 7.46 | % | |
| 7.04 | % |
Effect of goodwill and other
intangibles | |
| 1.89 | % | |
| 1.54 | % | |
| 1.65 | % | |
| 1.58 | % | |
| 1.61 | % | |
| 1.89 | % | |
| 1.61 | % |
Equity to assets (GAAP) | |
| 9.35 | % | |
| 11.79 | % | |
| 9.07 | % | |
| 8.85 | % | |
| 8.64 | % | |
| 9.35 | % | |
| 8.64 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
OTHER PERIOD-END DATA | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Banking Division FTE | |
| 1,122 | | |
| 852 | | |
| 853 | | |
| 867 | | |
| 888 | | |
| 1,122 | | |
| 888 | |
Mortgage Division FTE | |
| 191 | | |
| 170 | | |
| 174 | | |
| 176 | | |
| 175 | | |
| 191 | | |
| 175 | |
Total Ameris Bancorp
FTE Headcount | |
| 1,313 | | |
| 1,022 | | |
| 1,027 | | |
| 1,043 | | |
| 1,063 | | |
| 1,313 | | |
| 1,063 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Assets per Banking Division FTE | |
$ | 4,640 | | |
$ | 4,874 | | |
$ | 4,733 | | |
$ | 4,613 | | |
$ | 4,474 | | |
$ | 4,640 | | |
$ | 4,474 | |
Branch locations | |
| 103 | | |
| 73 | | |
| 73 | | |
| 74 | | |
| 74 | | |
| 103 | | |
| 74 | |
Deposits per branch location | |
$ | 43,801 | | |
$ | 47,674 | | |
$ | 47,002 | | |
$ | 45,583 | | |
$ | 45,798 | | |
$ | 43,801 | | |
$ | 45,798 | |
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data
and FTE headcount)
| |
Three
Months Ended | | |
Six
Months Ended | |
| |
Jun. | | |
Mar. | | |
Dec. | | |
Sept. | | |
Jun. | | |
Jun. | | |
Jun. | |
| |
2015 | | |
2015 | | |
2014 | | |
2014 | | |
2014 | | |
2015 | | |
2014 | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
INCOME STATEMENT | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Interest income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Interest and fees on loans | |
$ | 39,838 | | |
$ | 38,618 | | |
$ | 41,235 | | |
$ | 39,610 | | |
$ | 35,297 | | |
$ | 78,456 | | |
$ | 69,766 | |
Interest on taxable securities | |
| 3,747 | | |
| 3,153 | | |
| 3,114 | | |
| 3,034 | | |
| 2,953 | | |
| 6,900 | | |
| 5,938 | |
Interest on nontaxable securities | |
| 462 | | |
| 469 | | |
| 483 | | |
| 496 | | |
| 312 | | |
| 931 | | |
| 647 | |
Interest on deposits in other banks | |
| 177 | | |
| 124 | | |
| 66 | | |
| 46 | | |
| 45 | | |
| 301 | | |
| 124 | |
Interest on federal funds
sold | |
| 5 | | |
| 4 | | |
| 2 | | |
| - | | |
| - | | |
| 9 | | |
| 5 | |
Total interest income | |
| 44,229 | | |
| 42,368 | | |
| 44,900 | | |
| 43,186 | | |
| 38,607 | | |
| 86,597 | | |
| 76,480 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Interest on deposits | |
$ | 2,264 | | |
$ | 2,280 | | |
$ | 2,560 | | |
$ | 2,540 | | |
$ | 2,205 | | |
$ | 4,544 | | |
$ | 4,388 | |
Interest on other borrowings | |
| 1,277 | | |
| 1,256 | | |
| 1,334 | | |
| 1,514 | | |
| 1,138 | | |
| 2,533 | | |
| 2,344 | |
Total interest expense | |
| 3,541 | | |
| 3,536 | | |
| 3,894 | | |
| 4,054 | | |
| 3,343 | | |
| 7,077 | | |
| 6,732 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest income | |
| 40,688 | | |
| 38,832 | | |
| 41,006 | | |
| 39,132 | | |
| 35,264 | | |
| 79,520 | | |
| 69,748 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Provision for loan losses | |
| 2,656 | | |
| 1,069 | | |
| 888 | | |
| 1,669 | | |
| 1,365 | | |
| 3,725 | | |
| 3,091 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest income after provision for loan
losses | |
$ | 38,032 | | |
$ | 37,763 | | |
$ | 40,118 | | |
$ | 37,463 | | |
$ | 33,899 | | |
$ | 75,795 | | |
$ | 66,657 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Noninterest income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Service charges on deposit accounts | |
$ | 7,151 | | |
$ | 6,429 | | |
$ | 6,522 | | |
$ | 6,659 | | |
$ | 5,847 | | |
$ | 13,580 | | |
$ | 11,433 | |
Mortgage banking activity | |
| 9,727 | | |
| 8,083 | | |
| 6,476 | | |
| 7,498 | | |
| 6,944 | | |
| 17,810 | | |
| 12,012 | |
Other service charges, commissions and fees | |
| 829 | | |
| 668 | | |
| 643 | | |
| 690 | | |
| 662 | | |
| 1,497 | | |
| 1,314 | |
Gain(loss) on sale of securities | |
| 10 | | |
| 12 | | |
| - | | |
| 132 | | |
| - | | |
| 22 | | |
| 6 | |
Other non-interest income | |
| 2,909 | | |
| 2,383 | | |
| 2,721 | | |
| 2,922 | | |
| 2,366 | | |
| 5,292 | | |
| 3,808 | |
Total noninterest income | |
| 20,626 | | |
| 17,575 | | |
| 16,362 | | |
| 17,901 | | |
| 15,819 | | |
| 38,201 | | |
| 28,573 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Noninterest expense | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Salaries and employee benefits | |
| 22,465 | | |
| 20,632 | | |
| 19,316 | | |
| 20,226 | | |
| 16,942 | | |
| 43,097 | | |
| 34,336 | |
Occupancy and equipment expenses | |
| 4,809 | | |
| 4,554 | | |
| 4,717 | | |
| 4,669 | | |
| 4,071 | | |
| 9,363 | | |
| 8,135 | |
Data processing and telecommunications expenses | |
| 4,214 | | |
| 4,260 | | |
| 4,229 | | |
| 3,928 | | |
| 3,940 | | |
| 8,474 | | |
| 7,394 | |
Credit resolution related
expenses (1) | |
| 11,240 | | |
| 3,161 | | |
| 5,290 | | |
| 3,186 | | |
| 2,840 | | |
| 14,401 | | |
| 5,030 | |
Advertising and marketing expenses | |
| 833 | | |
| 641 | | |
| 847 | | |
| 594 | | |
| 718 | | |
| 1,474 | | |
| 1,428 | |
Amortization of intangible assets | |
| 630 | | |
| 630 | | |
| 662 | | |
| 698 | | |
| 437 | | |
| 1,260 | | |
| 970 | |
Merger and conversion charges | |
| 5,712 | | |
| 15 | | |
| 67 | | |
| 551 | | |
| 2,872 | | |
| 5,727 | | |
| 3,322 | |
Other non-interest expenses | |
| 6,961 | | |
| 6,934 | | |
| 6,605 | | |
| 4,727 | | |
| 5,498 | | |
| 13,895 | | |
| 9,942 | |
Total noninterest expense | |
| 56,864 | | |
| 40,827 | | |
| 41,733 | | |
| 38,579 | | |
| 37,318 | | |
| 97,691 | | |
| 70,557 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Income before income taxes | |
$ | 1,794 | | |
$ | 14,511 | | |
$ | 14,747 | | |
$ | 16,785 | | |
$ | 12,400 | | |
$ | 16,305 | | |
$ | 24,673 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Income tax expense | |
| 486 | | |
| 4,747 | | |
| 4,167 | | |
| 5,122 | | |
| 4,270 | | |
| 5,233 | | |
| 8,193 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | 1,308 | | |
$ | 9,764 | | |
$ | 10,580 | | |
$ | 11,663 | | |
$ | 8,130 | | |
$ | 11,072 | | |
$ | 16,480 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Preferred stock dividends | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 286 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income available
to common shareholders | |
$ | 1,308 | | |
$ | 9,764 | | |
$ | 10,580 | | |
$ | 11,663 | | |
$ | 8,130 | | |
$ | 11,072 | | |
$ | 16,194 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Diluted earnings available to common shareholders | |
| 0.04 | | |
| 0.32 | | |
| 0.39 | | |
| 0.43 | | |
| 0.32 | | |
| 0.35 | | |
| 0.63 | |
(1) Includes expenses associated with problem loans and
OREO, as well as OREO losses and writedowns.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data
and FTE headcount)
| |
Three
Months Ended | |
| |
Jun. | | |
Mar. | | |
Dec. | | |
Sept. | | |
Jun. | |
| |
2015 | | |
2015 | | |
2014 | | |
2014 | | |
2014 | |
| |
| | |
| | |
| | |
| | |
| |
PERIOD-END BALANCE SHEET | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Assets | |
| | | |
| | | |
| | | |
| | | |
| | |
Cash and
due from banks | |
$ | 115,413 | | |
$ | 80,142 | | |
$ | 78,036 | | |
$ | 69,421 | | |
$ | 80,986 | |
Federal funds sold and
interest bearing balances | |
| 239,804 | | |
| 126,157 | | |
| 92,323 | | |
| 40,165 | | |
| 44,800 | |
Investment securities
available for sale, at fair value | |
| 862,154 | | |
| 610,330 | | |
| 541,805 | | |
| 529,509 | | |
| 535,630 | |
Other investments | |
| 9,322 | | |
| 8,636 | | |
| 10,275 | | |
| 12,687 | | |
| 10,971 | |
Mortgage loans held
for sale | |
| 108,829 | | |
| 73,796 | | |
| 94,759 | | |
| 110,059 | | |
| 81,491 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Loans, net of unearned
income | |
| 2,171,600 | | |
| 1,999,420 | | |
| 1,889,881 | | |
| 1,848,759 | | |
| 1,770,059 | |
Purchased, non-covered
loans (excluding loan pools) | |
| 808,313 | | |
| 643,092 | | |
| 674,239 | | |
| 673,724 | | |
| 702,131 | |
Purchased, non-covered
loan pools | |
| 268,984 | | |
| - | | |
| - | | |
| - | | |
| - | |
Covered loans | |
| 209,598 | | |
| 245,745 | | |
| 271,279 | | |
| 313,589 | | |
| 331,250 | |
Less
allowance for loan losses | |
| (21,658 | ) | |
| (21,852 | ) | |
| (21,157 | ) | |
| (22,212 | ) | |
| (22,254 | ) |
Loans, net | |
| 3,436,837 | | |
| 2,866,405 | | |
| 2,814,242 | | |
| 2,813,860 | | |
| 2,781,186 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Other real estate owned | |
| 22,567 | | |
| 32,339 | | |
| 33,160 | | |
| 35,320 | | |
| 35,373 | |
Purchased, non-covered
other real estate owned | |
| 13,112 | | |
| 13,818 | | |
| 15,585 | | |
| 13,660 | | |
| 16,598 | |
Covered
other real estate owned | |
| 12,626 | | |
| 16,089 | | |
| 19,907 | | |
| 28,883 | | |
| 38,426 | |
Total other real
estate owned | |
| 48,305 | | |
| 62,246 | | |
| 68,652 | | |
| 77,863 | | |
| 90,397 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Premises and equipment,
net | |
| 124,916 | | |
| 98,292 | | |
| 97,251 | | |
| 98,752 | | |
| 99,495 | |
Goodwill | |
| 87,367 | | |
| 63,547 | | |
| 63,547 | | |
| 58,879 | | |
| 58,903 | |
Other intangibles, net | |
| 19,189 | | |
| 7,591 | | |
| 8,221 | | |
| 9,114 | | |
| 9,812 | |
FDIC loss sharing receivable | |
| 14,957 | | |
| 23,312 | | |
| 31,351 | | |
| 38,233 | | |
| 49,180 | |
Cash value of bank owned
life insurance | |
| 59,552 | | |
| 59,212 | | |
| 58,867 | | |
| 58,217 | | |
| 57,864 | |
Other
assets | |
| 79,089 | | |
| 73,238 | | |
| 77,748 | | |
| 82,649 | | |
| 72,420 | |
Total
assets | |
$ | 5,205,734 | | |
$ | 4,152,904 | | |
$ | 4,037,077 | | |
$ | 3,999,408 | | |
$ | 3,973,135 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | |
Deposits: | |
| | | |
| | | |
| | | |
| | | |
| | |
Noninterest-bearing | |
$ | 1,280,174 | | |
$ | 967,015 | | |
$ | 839,377 | | |
$ | 816,517 | | |
$ | 790,798 | |
Interest-bearing | |
| 3,231,373 | | |
| 2,513,216 | | |
| 2,591,772 | | |
| 2,556,602 | | |
| 2,598,237 | |
Total deposits | |
| 4,511,547 | | |
| 3,480,231 | | |
| 3,431,149 | | |
| 3,373,119 | | |
| 3,389,035 | |
Federal
funds purchased & securities sold under agreements to repurchase | |
| 75,066 | | |
| 55,520 | | |
| 73,310 | | |
| 32,351 | | |
| 51,109 | |
Other borrowings | |
| 39,000 | | |
| 43,851 | | |
| 78,881 | | |
| 147,409 | | |
| 100,293 | |
Other liabilities | |
| 24,026 | | |
| 17,952 | | |
| 22,384 | | |
| 27,615 | | |
| 24,457 | |
Subordinated
deferrable interest debentures | |
| 69,325 | | |
| 65,567 | | |
| 65,325 | | |
| 65,084 | | |
| 64,842 | |
Total
liabilities | |
| 4,718,964 | | |
| 3,663,121 | | |
| 3,671,049 | | |
| 3,645,578 | | |
| 3,629,736 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stockholders' equity | |
| | | |
| | | |
| | | |
| | | |
| | |
Preferred stock | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Common stock | |
| 33,609 | | |
| 33,593 | | |
| 28,159 | | |
| 28,158 | | |
| 28,155 | |
Capital surplus | |
| 336,212 | | |
| 335,578 | | |
| 225,015 | | |
| 224,142 | | |
| 222,550 | |
Retained earnings | |
| 126,265 | | |
| 126,566 | | |
| 118,412 | | |
| 109,170 | | |
| 100,185 | |
Accumulated other comprehensive
income/(loss) | |
| 3,072 | | |
| 6,353 | | |
| 6,098 | | |
| 3,974 | | |
| 4,123 | |
Less
treasury stock | |
| (12,388 | ) | |
| (12,307 | ) | |
| (11,656 | ) | |
| (11,614 | ) | |
| (11,614 | ) |
Total
stockholders' equity | |
| 486,770 | | |
| 489,783 | | |
| 366,028 | | |
| 353,830 | | |
| 343,399 | |
Total
liabilities and stockholders' equity | |
$ | 5,205,734 | | |
$ | 4,152,904 | | |
$ | 4,037,077 | | |
$ | 3,999,408 | | |
$ | 3,973,135 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Other Data | |
| | | |
| | | |
| | | |
| | | |
| | |
Earning Assets | |
| 4,400,298 | | |
| 3,698,540 | | |
| 3,564,286 | | |
| 3,515,805 | | |
| 3,465,361 | |
Intangible Assets | |
| 106,556 | | |
| 71,138 | | |
| 71,768 | | |
| 67,993 | | |
| 68,715 | |
Interest Bearing Liabilities | |
| 3,414,764 | | |
| 2,678,154 | | |
| 2,809,288 | | |
| 2,801,446 | | |
| 2,814,481 | |
Average Assets | |
| 4,464,558 | | |
| 4,079,750 | | |
| 4,011,128 | | |
| 3,969,893 | | |
| 3,494,466 | |
Average Common Stockholders' Equity | |
| 491,967 | | |
| 452,132 | | |
| 362,659 | | |
| 350,733 | | |
| 309,696 | |
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data
and FTE headcount)
| |
Three Months Ended | | |
Six Months Ended | |
| |
Jun. | | |
Mar. | | |
Dec. | | |
Sept. | | |
Jun. | | |
Jun. | | |
Jun. | |
| |
2015 | | |
2015 | | |
2014 | | |
2014 | | |
2014 | | |
2015 | | |
2014 | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
ASSET QUALITY INFORMATION (1) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Allowance for loan losses | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at beginning of period | |
$ | 21,852 | | |
$ | 21,157 | | |
$ | 22,212 | | |
$ | 22,254 | | |
$ | 22,744 | | |
$ | 21,157 | | |
$ | 22,377 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Provision for loan loss
(2) | |
| 1,800 | | |
| 1,100 | | |
| 650 | | |
| 1,573 | | |
| 997 | | |
| 2,900 | | |
| 2,498 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Charge-offs | |
| 2,452 | | |
| 855 | | |
| 2,071 | | |
| 1,975 | | |
| 1,973 | | |
| 3,307 | | |
| 3,579 | |
Recoveries | |
| 458 | | |
| 450 | | |
| 366 | | |
| 360 | | |
| 486 | | |
| 908 | | |
| 958 | |
Net charge-offs (recoveries) | |
| 1,994 | | |
| 405 | | |
| 1,705 | | |
| 1,615 | | |
| 1,487 | | |
| 2,399 | | |
| 2,621 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Ending balance | |
$ | 21,658 | | |
$ | 21,852 | | |
$ | 21,157 | | |
$ | 22,212 | | |
$ | 22,254 | | |
$ | 21,658 | | |
$ | 22,254 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
As a percentage of loans | |
| 1.00 | % | |
| 1.09 | % | |
| 1.12 | % | |
| 1.20 | % | |
| 1.26 | % | |
| 1.00 | % | |
| 1.26 | % |
As a percentage of nonperforming loans | |
| 104.43 | % | |
| 104.85 | % | |
| 97.37 | % | |
| 97.38 | % | |
| 100.65 | % | |
| 104.43 | % | |
| 100.65 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net charge-off information | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Charge-offs | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Commercial, financial & agricultural | |
$ | 410 | | |
$ | 392 | | |
$ | 468 | | |
$ | 191 | | |
$ | 165 | | |
$ | 802 | | |
$ | 908 | |
Real estate – residential | |
| 464 | | |
| 268 | | |
| 368 | | |
| 406 | | |
| 752 | | |
| 732 | | |
| 933 | |
Real estate - commercial & farmland | |
| 1,162 | | |
| 12 | | |
| 1,033 | | |
| 953 | | |
| 769 | | |
| 1,174 | | |
| 1,302 | |
Real estate - construction & development | |
| 263 | | |
| 97 | | |
| 74 | | |
| 296 | | |
| 157 | | |
| 360 | | |
| 222 | |
Consumer installment | |
| 153 | | |
| 86 | | |
| 128 | | |
| 129 | | |
| 130 | | |
| 239 | | |
| 214 | |
Total charge-offs | |
| 2,452 | | |
| 855 | | |
| 2,071 | | |
| 1,975 | | |
| 1,973 | | |
| 3,307 | | |
| 3,579 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Recoveries | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Commercial, financial & agricultural | |
| 115 | | |
| 285 | | |
| 91 | | |
| 47 | | |
| 134 | | |
| 400 | | |
| 183 | |
Real estate - residential | |
| 27 | | |
| 57 | | |
| 71 | | |
| 52 | | |
| 48 | | |
| 84 | | |
| 131 | |
Real estate - commercial & farmland | |
| 17 | | |
| 15 | | |
| 91 | | |
| 31 | | |
| 9 | | |
| 32 | | |
| 152 | |
Real estate - construction & development | |
| 277 | | |
| 31 | | |
| 49 | | |
| 96 | | |
| 96 | | |
| 308 | | |
| 204 | |
Consumer installment | |
| 22 | | |
| 62 | | |
| 64 | | |
| 134 | | |
| 199 | | |
| 84 | | |
| 288 | |
Total recoveries | |
| 458 | | |
| 450 | | |
| 366 | | |
| 360 | | |
| 486 | | |
| 908 | | |
| 958 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net charge-offs
(recoveries) | |
$ | 1,994 | | |
$ | 405 | | |
$ | 1,705 | | |
$ | 1,615 | | |
$ | 1,487 | | |
$ | 2,399 | | |
$ | 2,621 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Non-accrual loans (excluding
purchased non-covered and covered loans) | |
| 20,740 | | |
| 20,841 | | |
| 21,728 | | |
| 22,810 | | |
| 22,111 | | |
| 20,740 | | |
| 22,111 | |
Non-accrual purchased non-covered loans | |
| 17,444 | | |
| 17,308 | | |
| 18,249 | | |
| 17,007 | | |
| 15,770 | | |
| 17,444 | | |
| 15,770 | |
Foreclosed assets (excluding purchased assets) | |
| 22,567 | | |
| 32,339 | | |
| 33,160 | | |
| 35,320 | | |
| 35,373 | | |
| 22,567 | | |
| 35,373 | |
Purchased, non-covered other real estate owned | |
| 13,112 | | |
| 13,818 | | |
| 15,585 | | |
| 13,660 | | |
| 16,598 | | |
| 13,112 | | |
| 16,598 | |
Accruing loans delinquent 90 days or more | |
| - | | |
| - | | |
| 1 | | |
| - | | |
| - | | |
| - | | |
| - | |
Total non-performing
assets, excluding covered assets | |
| 73,863 | | |
| 84,306 | | |
| 88,723 | | |
| 88,797 | | |
| 89,852 | | |
| 73,863 | | |
| 89,852 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Non-performing assets as a percent of total assets | |
| 1.42 | % | |
| 2.03 | % | |
| 2.20 | % | |
| 2.22 | % | |
| 2.26 | % | |
| 1.42 | % | |
| 2.26 | % |
Net charge offs as a percent of loans (Annualized) | |
| 0.37 | % | |
| 0.08 | % | |
| 0.36 | % | |
| 0.35 | % | |
| 0.34 | % | |
| 0.22 | % | |
| 0.30 | % |
| (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 2014 and 2015, the Company recorded provision for
loan loss expense to account for losses where the initial estimate of cash flows was found to be excessive on loans acquired in
FDIC assisted acquisitions. These amounts are excluded from the calculation above but reflected in the Company's Consolidated
Statement of Operations. |
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data
and FTE headcount)
| |
For
the quarter ended: | |
| |
Jun. | | |
Mar. | | |
Dec. | | |
Sept. | | |
Jun. | |
| |
2015 | | |
2015 | | |
2014 | | |
2014 | | |
2014 | |
Loans by Type | |
| | | |
| | | |
| | | |
| | | |
| | |
Commercial, financial & agricultural | |
$ | 373,202 | | |
$ | 334,917 | | |
$ | 319,654 | | |
$ | 334,783 | | |
$ | 304,588 | |
Real estate - construction & development | |
| 205,019 | | |
| 178,568 | | |
| 161,507 | | |
| 154,315 | | |
| 149,346 | |
Real estate - commercial & farmland | |
| 1,010,195 | | |
| 947,274 | | |
| 907,524 | | |
| 882,160 | | |
| 850,000 | |
Real estate - residential | |
| 537,201 | | |
| 496,043 | | |
| 456,106 | | |
| 436,515 | | |
| 422,731 | |
Consumer installment | |
| 30,080 | | |
| 29,113 | | |
| 30,782 | | |
| 31,403 | | |
| 31,902 | |
Other | |
| 15,903 | | |
| 13,505 | | |
| 14,308 | | |
| 9,583 | | |
| 11,492 | |
Total
Legacy (excluding purchased non-covered and covered) | |
$ | 2,171,600 | | |
$ | 1,999,420 | | |
$ | 1,889,881 | | |
$ | 1,848,759 | | |
$ | 1,770,059 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Commercial, financial & agricultural | |
$ | 45,337 | | |
$ | 36,258 | | |
$ | 38,041 | | |
$ | 38,077 | | |
$ | 41,583 | |
Real estate - construction & development | |
| 75,302 | | |
| 53,668 | | |
| 58,362 | | |
| 60,262 | | |
| 64,084 | |
Real estate - commercial & farmland | |
| 404,588 | | |
| 291,760 | | |
| 306,706 | | |
| 296,790 | | |
| 311,748 | |
Real estate - residential | |
| 276,798 | | |
| 257,216 | | |
| 266,342 | | |
| 273,347 | | |
| 278,451 | |
Consumer installment | |
| 6,288 | | |
| 4,190 | | |
| 4,788 | | |
| 5,248 | | |
| 6,265 | |
Total
Purchased non-covered (net of discounts) | |
$ | 808,313 | | |
$ | 643,092 | | |
$ | 674,239 | | |
$ | 673,724 | | |
$ | 702,131 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Commercial, financial & agricultural | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Real estate - construction & development | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Real estate - commercial & farmland | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Real estate - residential | |
| 268,984 | | |
| - | | |
| - | | |
| - | | |
| - | |
Consumer installment | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Total
Purchased non-covered loan pools | |
$ | 268,984 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Commercial, financial & agricultural | |
$ | 17,666 | | |
$ | 20,905 | | |
$ | 21,467 | | |
$ | 22,545 | | |
$ | 25,209 | |
Real estate - construction & development | |
| 15,002 | | |
| 19,519 | | |
| 23,447 | | |
| 27,756 | | |
| 31,600 | |
Real estate - commercial & farmland | |
| 111,772 | | |
| 130,290 | | |
| 147,627 | | |
| 180,566 | | |
| 188,643 | |
Real estate - residential | |
| 64,982 | | |
| 74,847 | | |
| 78,520 | | |
| 82,445 | | |
| 85,518 | |
Consumer installment | |
| 176 | | |
| 184 | | |
| 218 | | |
| 277 | | |
| 280 | |
Total
Covered (net of discounts) | |
$ | 209,598 | | |
$ | 245,745 | | |
$ | 271,279 | | |
$ | 313,589 | | |
$ | 331,250 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total Loan Portfolio: | |
| | | |
| | | |
| | | |
| | | |
| | |
Commercial, financial & agricultural | |
$ | 436,205 | | |
$ | 392,080 | | |
$ | 379,162 | | |
$ | 395,405 | | |
$ | 371,380 | |
Real estate - construction & development | |
| 295,323 | | |
| 251,755 | | |
| 243,316 | | |
| 242,333 | | |
| 245,030 | |
Real estate - commercial & farmland | |
| 1,526,555 | | |
| 1,369,324 | | |
| 1,361,857 | | |
| 1,359,516 | | |
| 1,350,391 | |
Real estate - residential | |
| 1,147,965 | | |
| 828,106 | | |
| 800,968 | | |
| 792,307 | | |
| 786,700 | |
Consumer installment | |
| 36,544 | | |
| 33,487 | | |
| 35,788 | | |
| 36,928 | | |
| 38,447 | |
Other | |
| 15,903 | | |
| 13,505 | | |
| 14,308 | | |
| 9,583 | | |
| 11,492 | |
Total
Loans | |
$ | 3,458,495 | | |
$ | 2,888,257 | | |
$ | 2,835,399 | | |
$ | 2,836,072 | | |
$ | 2,803,440 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Troubled Debt Restructurings,
excluding purchased non-covered and covered loans: | |
| | | |
| | | |
| | | |
| | | |
| | |
Accruing loan types: | |
| | | |
| | | |
| | | |
| | | |
| | |
Commercial, financial & agricultural | |
$ | 278 | | |
$ | 277 | | |
$ | 290 | | |
$ | 257 | | |
$ | 257 | |
Real estate - construction & development | |
| 821 | | |
| 789 | | |
| 679 | | |
| 1,917 | | |
| 2,080 | |
Real estate - commercial & farmland | |
| 6,617 | | |
| 7,309 | | |
| 6,477 | | |
| 7,080 | | |
| 7,590 | |
Real estate - residential | |
| 4,702 | | |
| 4,513 | | |
| 5,258 | | |
| 7,973 | | |
| 7,335 | |
Consumer installment | |
| 49 | | |
| 47 | | |
| 55 | | |
| 34 | | |
| 75 | |
Total
Accruing TDRs | |
$ | 12,467 | | |
$ | 12,935 | | |
$ | 12,759 | | |
$ | 17,261 | | |
$ | 17,337 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Non-accruing loan types: | |
| | | |
| | | |
| | | |
| | | |
| | |
Commercial, financial & agricultural | |
$ | 29 | | |
$ | 17 | | |
$ | 13 | | |
$ | 507 | | |
$ | 465 | |
Real estate - construction & development | |
| 57 | | |
| 90 | | |
| 228 | | |
| 196 | | |
| 32 | |
Real estate - commercial & farmland | |
| 598 | | |
| 64 | | |
| 724 | | |
| 1,672 | | |
| 2,151 | |
Real estate - residential | |
| 783 | | |
| 736 | | |
| 1,485 | | |
| 759 | | |
| 1,044 | |
Consumer installment | |
| 82 | | |
| 90 | | |
| 73 | | |
| 93 | | |
| 51 | |
Total
Non-accrual TDRs | |
$ | 1,549 | | |
$ | 997 | | |
$ | 2,523 | | |
$ | 3,227 | | |
$ | 3,743 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total
Troubled Debt Restructurings | |
$ | 14,016 | | |
$ | 13,932 | | |
$ | 15,282 | | |
$ | 20,488 | | |
$ | 21,080 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
The following table presents the loan
portfolio by risk grade, excluding purchased non-covered and covered loans: | |
| | | |
| | | |
| | | |
| | | |
| | |
Grade 10 - Prime credit | |
$ | 181,933 | | |
$ | 157,462 | | |
$ | 128,577 | | |
$ | 121,486 | | |
$ | 110,842 | |
Grade 15 - Good credit | |
| 243,070 | | |
| 205,929 | | |
| 217,804 | | |
| 222,714 | | |
| 226,652 | |
Grade 20 - Satisfactory credit | |
| 1,104,747 | | |
| 1,012,733 | | |
| 947,948 | | |
| 908,054 | | |
| 866,356 | |
Grade 23 - Performing, under-collateralized credit | |
| 27,400 | | |
| 28,643 | | |
| 29,205 | | |
| 28,826 | | |
| 28,429 | |
Grade 25 - Minimum acceptable credit | |
| 544,664 | | |
| 513,009 | | |
| 488,187 | | |
| 484,200 | | |
| 450,363 | |
Grade 30 - Other asset especially mentioned | |
| 25,020 | | |
| 25,461 | | |
| 25,983 | | |
| 31,750 | | |
| 33,360 | |
Grade 40 - Substandard | |
| 44,766 | | |
| 56,179 | | |
| 52,176 | | |
| 51,640 | | |
| 54,047 | |
Grade 50 - Doubtful | |
| - | | |
| 4 | | |
| 1 | | |
| 88 | | |
| 10 | |
Grade 60 - Loss | |
| - | | |
| - | | |
| - | | |
| 1 | | |
| - | |
Total | |
$ | 2,171,600 | | |
$ | 1,999,420 | | |
$ | 1,889,881 | | |
$ | 1,848,759 | | |
$ | 1,770,059 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
The following table presents the purchased,
non-covered loan portfolio by risk grade: | |
| | | |
| | | |
| | | |
| | | |
| | |
Grade 10 - Prime credit | |
$ | 10,123 | | |
$ | 7,444 | | |
$ | 7,394 | | |
$ | 3,965 | | |
$ | 4,344 | |
Grade 15 - Good credit | |
| 53,220 | | |
| 23,640 | | |
| 29,727 | | |
| 35,461 | | |
| 35,540 | |
Grade 20 - Satisfactory credit | |
| 362,304 | | |
| 206,480 | | |
| 208,686 | | |
| 180,702 | | |
| 186,690 | |
Grade 23 - Performing, under-collateralized credit | |
| 10,537 | | |
| 10,024 | | |
| 6,578 | | |
| 1,216 | | |
| 165 | |
Grade 25 - Minimum acceptable credit | |
| 300,411 | | |
| 337,386 | | |
| 361,155 | | |
| 399,729 | | |
| 416,671 | |
Grade 30 - Other asset especially mentioned | |
| 34,779 | | |
| 22,323 | | |
| 25,747 | | |
| 20,048 | | |
| 32,309 | |
Grade 40 - Substandard | |
| 36,887 | | |
| 35,743 | | |
| 34,889 | | |
| 32,565 | | |
| 26,412 | |
Grade 50 - Doubtful | |
| 52 | | |
| 52 | | |
| 63 | | |
| 38 | | |
| - | |
Grade 60 - Loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | 808,313 | | |
$ | 643,092 | | |
$ | 674,239 | | |
$ | 673,724 | | |
$ | 702,131 | |
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per
share data and FTE headcount)
| |
Three Months Ended | | |
Six Months Ended | |
| |
Jun. | | |
Mar. | | |
Dec. | | |
Sept. | | |
Jun. | | |
Jun. | | |
Jun. | |
| |
2015 | | |
2015 | | |
2014 | | |
2014 | | |
2014 | | |
2015 | | |
2014 | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
AVERAGE BALANCES | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Federal funds sold | |
$ | 5,500 | | |
$ | 5,500 | | |
$ | 3,163 | | |
$ | 500 | | |
$ | 500 | | |
$ | 5,500 | | |
$ | 3,958 | |
Interest bearing deposits in banks | |
| 201,765 | | |
| 158,286 | | |
| 69,772 | | |
| 63,355 | | |
| 50,850 | | |
| 180,146 | | |
| 75,165 | |
Investment securities - taxable | |
| 600,176 | | |
| 485,922 | | |
| 461,800 | | |
| 451,563 | | |
| 418,498 | | |
| 543,365 | | |
| 414,895 | |
Investment securities - nontaxable | |
| 70,653 | | |
| 71,229 | | |
| 72,072 | | |
| 74,176 | | |
| 49,631 | | |
| 70,939 | | |
| 50,357 | |
Other investments | |
| 9,597 | | |
| 9,450 | | |
| 9,804 | | |
| 8,209 | | |
| 6,629 | | |
| 9,524 | | |
| 8,044 | |
Mortgage loans held for sale | |
| 81,823 | | |
| 75,831 | | |
| 97,406 | | |
| 83,751 | | |
| 54,517 | | |
| 75,281 | | |
| 51,884 | |
Loans | |
| 2,111,507 | | |
| 1,911,601 | | |
| 1,871,618 | | |
| 1,795,059 | | |
| 1,706,564 | | |
| 2,007,914 | | |
| 1,673,493 | |
Purchased non-covered loans | |
| 654,397 | | |
| 650,331 | | |
| 659,472 | | |
| 688,452 | | |
| 433,249 | | |
| 655,485 | | |
| 437,068 | |
Purchased non-covered loan pools | |
| 17,308 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 8,702 | | |
| - | |
Covered loans | |
| 246,422 | | |
| 262,693 | | |
| 299,981 | | |
| 324,498 | | |
| 354,766 | | |
| 259,157 | | |
| 367,045 | |
Total Earning Assets | |
$ | 3,999,148 | | |
| 3,630,843 | | |
| 3,545,088 | | |
| 3,489,563 | | |
$ | 3,075,204 | | |
$ | 3,816,013 | | |
$ | 3,081,909 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Noninterest bearing deposits | |
$ | 1,088,249 | | |
$ | 897,937 | | |
$ | 850,879 | | |
$ | 807,416 | | |
$ | 680,058 | | |
$ | 993,619 | | |
$ | 673,313 | |
NOW accounts | |
| 745,709 | | |
| 756,795 | | |
| 786,511 | | |
| 743,352 | | |
| 691,353 | | |
| 751,221 | | |
| 683,321 | |
MMDA | |
| 981,143 | | |
| 857,346 | | |
| 840,397 | | |
| 861,197 | | |
| 770,047 | | |
| 919,586 | | |
| 759,657 | |
Savings accounts | |
| 188,767 | | |
| 163,624 | | |
| 156,663 | | |
| 155,559 | | |
| 145,528 | | |
| 176,265 | | |
| 144,325 | |
Retail CDs < $100,000 | |
| 388,248 | | |
| 372,463 | | |
| 386,844 | | |
| 439,150 | | |
| 356,483 | | |
| 380,399 | | |
| 364,956 | |
Retail CDs > $100,000 | |
| 378,137 | | |
| 383,962 | | |
| 401,934 | | |
| 370,166 | | |
| 360,703 | | |
| 381,033 | | |
| 361,279 | |
Brokered CDs | |
| - | | |
| - | | |
| 4,023 | | |
| 5,970 | | |
| 5,970 | | |
| - | | |
| 5,970 | |
Total Deposits | |
| 3,770,253 | | |
| 3,432,127 | | |
| 3,427,251 | | |
| 3,382,810 | | |
| 3,010,142 | | |
| 3,602,123 | | |
| 2,992,821 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
FHLB advances | |
| 17,275 | | |
| 16,778 | | |
| 35,815 | | |
| 55,435 | | |
| 28,626 | | |
| 17,028 | | |
| 48,370 | |
Other borrowings | |
| 41,930 | | |
| 43,871 | | |
| 46,508 | | |
| 47,346 | | |
| 35,280 | | |
| 42,895 | | |
| 32,657 | |
Subordinated debentures | |
| 67,180 | | |
| 65,436 | | |
| 65,195 | | |
| 64,953 | | |
| 55,789 | | |
| 66,313 | | |
| 55,442 | |
Federal funds purchased and securities sold under agreements to repurchase | |
| 58,722 | | |
| 52,707 | | |
| 47,247 | | |
| 44,316 | | |
| 40,008 | | |
| 55,731 | | |
| 48,513 | |
Total Non-Deposit Funding | |
| 185,107 | | |
| 178,792 | | |
| 194,765 | | |
| 212,050 | | |
| 159,703 | | |
| 181,967 | | |
| 184,982 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total Funding | |
$ | 3,955,360 | | |
$ | 3,610,919 | | |
$ | 3,622,016 | | |
$ | 3,594,860 | | |
$ | 3,169,845 | | |
$ | 3,784,090 | | |
$ | 3,177,803 | |
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per
share data and FTE headcount)
| |
Three Months Ended | | |
Six Months Ended | |
| |
Jun. | | |
Mar. | | |
Dec. | | |
Sept. | | |
Jun. | | |
Jun. | | |
Jun. | |
| |
2015 | | |
2015 | | |
2014 | | |
2014 | | |
2014 | | |
2015 | | |
2014 | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
INTEREST INCOME/EXPENSE | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
INTEREST INCOME | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Federal funds sold | |
$ | 5 | | |
$ | 4 | | |
$ | 2 | | |
$ | - | | |
$ | - | | |
$ | 9 | | |
$ | 5 | |
Interest bearing deposits in banks | |
| 177 | | |
| 124 | | |
| 66 | | |
| 47 | | |
| 45 | | |
| 301 | | |
| 124 | |
Investment securities - taxable | |
| 3,747 | | |
| 3,153 | | |
| 3,114 | | |
| 3,034 | | |
| 2,953 | | |
| 6,900 | | |
| 5,938 | |
Investment securities - nontaxable (TE) | |
| 624 | | |
| 633 | | |
| 652 | | |
| 670 | | |
| 421 | | |
| 1,257 | | |
| 873 | |
Mortgage loans held for sale | |
| 764 | | |
| 692 | | |
| 947 | | |
| 787 | | |
| 457 | | |
| 1,456 | | |
| 860 | |
Loans (TE) | |
| 25,629 | | |
| 22,418 | | |
| 23,294 | | |
| 21,790 | | |
| 21,996 | | |
| 48,047 | | |
| 42,643 | |
Purchased non-covered loans | |
| 10,328 | | |
| 11,840 | | |
| 12,612 | | |
| 12,610 | | |
| 7,933 | | |
| 22,168 | | |
| 14,798 | |
Purchased non-covered loan pools | |
| 149 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 149 | | |
| - | |
Covered loans | |
| 3,385 | | |
| 3,995 | | |
| 4,704 | | |
| 4,726 | | |
| 5,164 | | |
| 7,380 | | |
| 11,925 | |
Total Earning Assets | |
$ | 44,808 | | |
$ | 42,859 | | |
$ | 45,391 | | |
$ | 43,663 | | |
$ | 38,969 | | |
$ | 87,667 | | |
$ | 77,166 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Accretion Income (included above) | |
| 2,635 | | |
| 3,097 | | |
| 4,280 | | |
| 2,964 | | |
| 2,572 | | |
| 5,732 | | |
| 5,299 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
INTEREST EXPENSE | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Non-interest bearing deposits | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
NOW accounts | |
| 318 | | |
| 376 | | |
| 414 | | |
| 324 | | |
| 291 | | |
| 694 | | |
| 579 | |
MMDA | |
| 760 | | |
| 663 | | |
| 768 | | |
| 783 | | |
| 722 | | |
| 1,423 | | |
| 1,403 | |
Savings accounts | |
| 37 | | |
| 37 | | |
| 45 | | |
| 42 | | |
| 40 | | |
| 74 | | |
| 77 | |
Retail CDs < $100,000 | |
| 488 | | |
| 513 | | |
| 553 | | |
| 596 | | |
| 478 | | |
| 1,001 | | |
| 967 | |
Retail CDs > $100,000 | |
| 662 | | |
| 691 | | |
| 746 | | |
| 749 | | |
| 626 | | |
| 1,353 | | |
| 1,266 | |
Brokered CDs | |
| - | | |
| - | | |
| 34 | | |
| 47 | | |
| 48 | | |
| - | | |
| 96 | |
Total Deposits | |
| 2,265 | | |
| 2,280 | | |
| 2,560 | | |
| 2,541 | | |
| 2,205 | | |
| 4,545 | | |
| 4,388 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
FHLB advances | |
| 16 | | |
| 15 | | |
| 26 | | |
| 51 | | |
| 26 | | |
| 31 | | |
| 63 | |
Other borrowings | |
| 346 | | |
| 366 | | |
| 379 | | |
| 558 | | |
| 415 | | |
| 712 | | |
| 823 | |
Subordinated debentures | |
| 866 | | |
| 832 | | |
| 887 | | |
| 866 | | |
| 666 | | |
| 1,698 | | |
| 1,374 | |
Federal funds purchased and securities sold under agreements to repurchase | |
| 48 | | |
| 43 | | |
| 41 | | |
| 39 | | |
| 31 | | |
| 91 | | |
| 84 | |
Total Non-Deposit Funding | |
| 1,276 | | |
| 1,256 | | |
| 1,333 | | |
| 1,514 | | |
| 1,138 | | |
| 2,532 | | |
| 2,344 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total Funding | |
$ | 3,541 | | |
$ | 3,536 | | |
$ | 3,893 | | |
$ | 4,055 | | |
$ | 3,343 | | |
$ | 7,077 | | |
$ | 6,732 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net Interest Income (TE) | |
$ | 41,267 | | |
$ | 39,323 | | |
$ | 41,498 | | |
$ | 39,608 | | |
$ | 35,626 | | |
$ | 80,590 | | |
$ | 70,434 | |
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per
share data and FTE headcount)
| |
Three Months Ended | | |
Six Months Ended | |
| |
Jun. | | |
Mar. | | |
Dec. | | |
Sept. | | |
Jun. | | |
Jun. | | |
Jun. | |
| |
2015 | | |
2015 | | |
2014 | | |
2014 | | |
2014 | | |
2015 | | |
2014 | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
YIELDS (1) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Federal funds sold | |
| 0.36 | % | |
| 0.29 | % | |
| 0.25 | % | |
| 0.00 | % | |
| 0.00 | % | |
| 0.33 | % | |
| 0.25 | % |
Interest bearing deposits in banks | |
| 0.35 | % | |
| 0.32 | % | |
| 0.38 | % | |
| 0.29 | % | |
| 0.35 | % | |
| 0.34 | % | |
| 0.33 | % |
Investment securities - taxable | |
| 2.50 | % | |
| 2.63 | % | |
| 2.68 | % | |
| 2.67 | % | |
| 2.83 | % | |
| 2.56 | % | |
| 2.89 | % |
Investment securities - nontaxable | |
| 3.54 | % | |
| 3.60 | % | |
| 3.59 | % | |
| 3.58 | % | |
| 3.40 | % | |
| 3.57 | % | |
| 3.50 | % |
Mortgage loans held for sale | |
| 3.75 | % | |
| 3.70 | % | |
| 3.86 | % | |
| 3.73 | % | |
| 3.36 | % | |
| 3.90 | % | |
| 3.34 | % |
Loans | |
| 4.87 | % | |
| 4.76 | % | |
| 4.94 | % | |
| 4.82 | % | |
| 5.17 | % | |
| 4.83 | % | |
| 5.14 | % |
Purchased non-covered loans | |
| 6.33 | % | |
| 7.38 | % | |
| 7.59 | % | |
| 7.27 | % | |
| 7.34 | % | |
| 6.82 | % | |
| 6.83 | % |
Purchased non-covered loan pools | |
| 3.45 | % | |
| 0.00 | % | |
| 0.00 | % | |
| 0.00 | % | |
| 0.00 | % | |
| 3.45 | % | |
| 0.00 | % |
Covered loans | |
| 5.51 | % | |
| 6.17 | % | |
| 6.22 | % | |
| 5.78 | % | |
| 5.84 | % | |
| 5.74 | % | |
| 6.55 | % |
Total Earning Assets | |
| 4.49 | % | |
| 4.79 | % | |
| 5.08 | % | |
| 4.96 | % | |
| 5.08 | % | |
| 4.63 | % | |
| 5.05 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Noninterest bearing deposits | |
| 0.00 | % | |
| 0.00 | % | |
| 0.00 | % | |
| 0.00 | % | |
| 0.00 | % | |
| 0.00 | % | |
| 0.00 | % |
NOW accounts | |
| 0.17 | % | |
| 0.20 | % | |
| 0.21 | % | |
| 0.17 | % | |
| 0.17 | % | |
| 0.19 | % | |
| 0.17 | % |
MMDA | |
| 0.31 | % | |
| 0.31 | % | |
| 0.36 | % | |
| 0.36 | % | |
| 0.38 | % | |
| 0.31 | % | |
| 0.37 | % |
Savings accounts | |
| 0.08 | % | |
| 0.09 | % | |
| 0.11 | % | |
| 0.11 | % | |
| 0.11 | % | |
| 0.08 | % | |
| 0.11 | % |
Retail CDs < $100,000 | |
| 0.50 | % | |
| 0.56 | % | |
| 0.57 | % | |
| 0.54 | % | |
| 0.54 | % | |
| 0.53 | % | |
| 0.53 | % |
Retail CDs > $100,000 | |
| 0.70 | % | |
| 0.73 | % | |
| 0.74 | % | |
| 0.80 | % | |
| 0.70 | % | |
| 0.72 | % | |
| 0.71 | % |
Brokered CDs | |
| 0.00 | % | |
| 0.00 | % | |
| 3.35 | % | |
| 3.12 | % | |
| 3.22 | % | |
| 0.00 | % | |
| 3.24 | % |
Total Deposits | |
| 0.24 | % | |
| 0.27 | % | |
| 0.30 | % | |
| 0.30 | % | |
| 0.29 | % | |
| 0.25 | % | |
| 0.30 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
FHLB advances | |
| 0.37 | % | |
| 0.36 | % | |
| 0.29 | % | |
| 0.36 | % | |
| 0.36 | % | |
| 0.37 | % | |
| 0.26 | % |
Other borrowings | |
| 3.31 | % | |
| 3.38 | % | |
| 3.23 | % | |
| 4.68 | % | |
| 4.72 | % | |
| 3.35 | % | |
| 5.08 | % |
Subordinated debentures | |
| 5.17 | % | |
| 5.16 | % | |
| 5.40 | % | |
| 5.29 | % | |
| 4.79 | % | |
| 5.16 | % | |
| 5.00 | % |
Federal funds purchased and securities sold under agreements to repurchase | |
| 0.33 | % | |
| 0.33 | % | |
| 0.34 | % | |
| 0.35 | % | |
| 0.31 | % | |
| 0.33 | % | |
| 0.35 | % |
Total Non-Deposit Funding | |
| 2.76 | % | |
| 2.85 | % | |
| 2.72 | % | |
| 2.83 | % | |
| 2.86 | % | |
| 2.81 | % | |
| 2.56 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total funding (3) | |
| 0.36 | % | |
| 0.40 | % | |
| 0.43 | % | |
| 0.45 | % | |
| 0.42 | % | |
| 0.38 | % | |
| 0.43 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest spread | |
| 4.13 | % | |
| 4.39 | % | |
| 4.65 | % | |
| 4.52 | % | |
| 4.66 | % | |
| 4.26 | % | |
| 4.62 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest margin | |
| 4.14 | % | |
| 4.39 | % | |
| 4.64 | % | |
| 4.50 | % | |
| 4.65 | % | |
| 4.26 | % | |
| 4.61 | % |
(1) Interest and average rates are calculated on a tax-equivalent
basis using an effective tax rate of 35%.
(2) Rate calculated based on average earning assets.
(3) Rate calculated based on total average funding including non-interest
bearing liabilities.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per
share data and FTE headcount)
| |
Three Months Ended | | |
Six Months Ended | |
| |
Jun. | | |
Mar. | | |
Dec. | | |
Sept. | | |
Jun. | | |
Jun. | | |
Jun. | |
| |
2015 | | |
2015 | | |
2014 | | |
2014 | | |
2014 | | |
2015 | | |
2014 | |
Operating Net Income Reconciliation | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Net income available to common shareholders | |
$ | 1,308 | | |
$ | 9,764 | | |
$ | 10,580 | | |
$ | 11,663 | | |
$ | 8,130 | | |
$ | 11,072 | | |
$ | 16,194 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Merger and conversion charges | |
| 5,712 | | |
| 15 | | |
| 67 | | |
| 551 | | |
| 2,872 | | |
| 5,727 | | |
| 3,322 | |
Non-recurring credit resolution related expenses | |
| 11,241 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 11,241 | | |
| - | |
Tax effect of non-recurring charges | |
| (5,934 | ) | |
| (5 | ) | |
| (23 | ) | |
| (193 | ) | |
| (1,005 | ) | |
| (5,939 | ) | |
| (1,163 | ) |
Plus: After tax non-recurring charges | |
| 11,019 | | |
| 10 | | |
| 44 | | |
| 358 | | |
| 1,867 | | |
| 11,029 | | |
| 2,159 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Operating Net income | |
| 12,327 | | |
| 9,774 | | |
| 10,624 | | |
| 12,021 | | |
| 9,997 | | |
| 22,101 | | |
| 18,353 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Operating net income per diluted share: | |
$ | 0.38 | | |
$ | 0.32 | | |
$ | 0.39 | | |
$ | 0.44 | | |
$ | 0.39 | | |
$ | 0.70 | | |
$ | 0.72 | |
Return on average assets | |
| 1.11 | % | |
| 0.97 | % | |
| 1.05 | % | |
| 1.20 | % | |
| 1.15 | % | |
| 1.04 | % | |
| 1.06 | % |
Return on average common tangible equity | |
| 12.83 | % | |
| 10.40 | % | |
| 14.49 | % | |
| 16.87 | % | |
| 16.64 | % | |
| 11.46 | % | |
| 14.81 | % |
| |
Three Months Ended | | |
Six Months Ended | |
| |
Jun. | | |
Mar. | | |
Dec. | | |
Sept. | | |
Jun. | | |
Jun. | | |
Jun. | |
| |
2015 | | |
2015 | | |
2014 | | |
2014 | | |
2014 | | |
2015 | | |
2014 | |
Net Interest Margin and Yields on Total Loans Excluding Accretion
Reconciliation | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Total Interest Income (TE) | |
$ | 44,808 | | |
$ | 42,859 | | |
$ | 45,391 | | |
$ | 43,663 | | |
$ | 38,969 | | |
$ | 87,667 | | |
$ | 77,166 | |
Accretion Income | |
| 2,635 | | |
| 3,097 | | |
| 4,280 | | |
| 2,964 | | |
| 2,572 | | |
| 5,732 | | |
| 5,299 | |
Total Interest Income (TE) Excluding Accretion | |
$ | 42,173 | | |
$ | 39,762 | | |
$ | 41,111 | | |
$ | 40,699 | | |
$ | 36,397 | | |
$ | 81,935 | | |
$ | 71,867 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total Interest Expense | |
$ | 3,541 | | |
$ | 3,536 | | |
$ | 3,894 | | |
$ | 4,054 | | |
$ | 3,343 | | |
$ | 7,077 | | |
$ | 6,732 | |
Net Interest Income (TE) Excluding Accretion | |
$ | 38,632 | | |
$ | 36,226 | | |
$ | 37,217 | | |
$ | 36,645 | | |
$ | 33,054 | | |
$ | 74,858 | | |
$ | 65,135 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Yield on Total Loans Excluding Accretion | |
| 4.86 | % | |
| 5.01 | % | |
| 5.05 | % | |
| 5.07 | % | |
| 5.19 | % | |
| 4.93 | % | |
| 5.18 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net Interest Margin Excluding Accretion | |
| 3.87 | % | |
| 4.05 | % | |
| 4.17 | % | |
| 4.17 | % | |
| 4.31 | % | |
| 3.96 | % | |
| 4.26 | % |
| |
Three Months Ended | | |
Six Months Ended | |
| |
Jun. | | |
Mar. | | |
Dec. | | |
Sept. | | |
Jun. | | |
Jun. | | |
Jun. | |
| |
2015 | | |
2015 | | |
2014 | | |
2014 | | |
2014 | | |
2015 | | |
2014 | |
Core Earnings Reconciliation | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Pre-tax operating profit/(loss) | |
$ | 1,794 | | |
$ | 14,511 | | |
$ | 14,747 | | |
$ | 16,785 | | |
$ | 12,400 | | |
$ | 16,305 | | |
$ | 24,673 | |
Plus: Credit Related Costs | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Provision for loan losses | |
| 2,656 | | |
| 1,069 | | |
| 888 | | |
| 1,669 | | |
| 1,365 | | |
| 3,725 | | |
| 3,091 | |
(Gains)/Losses on the sale of legacy OREO | |
| 436 | | |
| 110 | | |
| (228 | ) | |
| (3 | ) | |
| 283 | | |
| 546 | | |
| 228 | |
Gains/(Losses) on the sale of covered OREO | |
| 194 | | |
| 20 | | |
| 344 | | |
| (184 | ) | |
| 249 | | |
| 214 | | |
| 367 | |
Problem loan and OREO expense | |
| 10,632 | | |
| 3,031 | | |
| 5,175 | | |
| 3,373 | | |
| 2,309 | | |
| 13,663 | | |
| 4,436 | |
Interest reversed (received) on non-accrual loans | |
| 413 | | |
| 156 | | |
| (6 | ) | |
| 94 | | |
| 71 | | |
| 569 | | |
| 317 | |
Total Credit-Related Costs | |
| 14,331 | | |
| 4,386 | | |
| 6,173 | | |
| 4,949 | | |
| 4,277 | | |
| 18,717 | | |
| 8,439 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Plus: Cconversion charges | |
| 5,712 | | |
| 15 | | |
| 67 | | |
| 551 | | |
| 2,872 | | |
| 5,727 | | |
| 3,322 | |
Less: Non-recurring gains | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Gains on sales of securities | |
| (10 | ) | |
| (12 | ) | |
| - | | |
| (132 | ) | |
| - | | |
| (22 | ) | |
| (6 | ) |
Gains on sales of bank premises | |
| - | | |
| - | | |
| - | | |
| (616 | ) | |
| - | | |
| - | | |
| - | |
Other non-recurring adjustments | |
| - | | |
| - | | |
| 188 | | |
| - | | |
| (870 | ) | |
| - | | |
| (870 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Pretax, Pre-provision earnings | |
$ | 21,827 | | |
$ | 18,900 | | |
$ | 21,175 | | |
$ | 21,537 | | |
$ | 18,679 | | |
$ | 40,727 | | |
$ | 35,558 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
As percentage of average assets, annualized | |
| 1.96 | % | |
| 1.88 | % | |
| 2.09 | % | |
| 2.15 | % | |
| 2.14 | % | |
| 1.84 | % | |
| 2.05 | % |
| |
Three Months Ended | | |
Six Months Ended | |
| |
Jun. | | |
Mar. | | |
Dec. | | |
Sept. | | |
Jun. | | |
Jun. | | |
Jun. | |
| |
2015 | | |
2015 | | |
2014 | | |
2014 | | |
2014 | | |
2015 | | |
2014 | |
Recurring Operating Expenses | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Total Operating Expenses | |
| 56,864 | | |
| 40,827 | | |
| 41,733 | | |
| 38,579 | | |
| 37,318 | | |
| 97,691 | | |
| 70,557 | |
Less: Credit costs & non-recurring charges | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Gains/(Losses) on the sale of legacy OREO | |
| (436 | ) | |
| (110 | ) | |
| 228 | | |
| 3 | | |
| (283 | ) | |
| (546 | ) | |
| (228 | ) |
Gains/(Losses) on the sale of covered OREO | |
| (194 | ) | |
| (20 | ) | |
| (344 | ) | |
| 184 | | |
| (249 | ) | |
| (214 | ) | |
| (367 | ) |
Problem loan and OREO expense | |
| (10,632 | ) | |
| (3,031 | ) | |
| (5,175 | ) | |
| (3,373 | ) | |
| (2,309 | ) | |
| (13,663 | ) | |
| (4,436 | ) |
Severance payments | |
| - | | |
| - | | |
| (188 | ) | |
| - | | |
| - | | |
| - | | |
| - | |
Conversion expenses | |
| (5,712 | ) | |
| (15 | ) | |
| (67 | ) | |
| (551 | ) | |
| (2,872 | ) | |
| (5,727 | ) | |
| (3,322 | ) |
Gains/(Losses) on the sale of premises | |
| - | | |
| - | | |
| - | | |
| 616 | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Recurring operating expenses | |
$ | 39,890 | | |
$ | 37,651 | | |
$ | 36,187 | | |
$ | 35,458 | | |
$ | 31,605 | | |
$ | 77,541 | | |
$ | 62,204 | |
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per
share data and FTE headcount)
| |
Three Months Ended | | |
Six Months Ended | |
| |
Jun. | | |
Mar. | | |
Dec. | | |
Sept. | | |
Jun. | | |
Jun. | | |
Jun. | |
| |
2015 | | |
2015 | | |
2014 | | |
2014 | | |
2014 | | |
2015 | | |
2014 | |
Segment Reporting | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Banking Division: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest income | |
$ | 36,806 | | |
$ | 35,839 | | |
$ | 38,045 | | |
$ | 36,142 | | |
$ | 33,345 | | |
$ | 72,645 | | |
$ | 66,273 | |
Provision for loan losses | |
| 2,456 | | |
| 927 | | |
| 737 | | |
| 994 | | |
| 1,365 | | |
| 3,383 | | |
| 3,091 | |
Noninterest income | |
| 9,262 | | |
| 8,780 | | |
| 8,595 | | |
| 8,932 | | |
| 7,449 | | |
| 18,042 | | |
| 14,810 | |
Noninterest expense: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Salaries and employee benefits | |
| 15,675 | | |
| 15,362 | | |
| 14,196 | | |
| 14,819 | | |
| 12,509 | | |
| 31,037 | | |
| 26,086 | |
Occupancy | |
| 4,376 | | |
| 4,144 | | |
| 4,319 | | |
| 4,277 | | |
| 3,752 | | |
| 8,520 | | |
| 7,501 | |
Data Processing | |
| 3,913 | | |
| 4,011 | | |
| 3,901 | | |
| 3,619 | | |
| 3,590 | | |
| 7,924 | | |
| 6,916 | |
Other expenses | |
| 24,048 | | |
| 10,356 | | |
| 12,320 | | |
| 8,722 | | |
| 10,753 | | |
| 34,404 | | |
| 18,133 | |
Total noninterest expense | |
| 48,012 | | |
| 33,873 | | |
| 34,736 | | |
| 31,437 | | |
| 30,604 | | |
| 81,885 | | |
| 58,636 | |
Income before income taxes | |
| (4,400 | ) | |
| 9,819 | | |
| 11,167 | | |
| 12,643 | | |
| 8,825 | | |
| 5,419 | | |
| 19,356 | |
Income Tax | |
| (1,682 | ) | |
| 3,105 | | |
| 2,914 | | |
| 3,672 | | |
| 3,019 | | |
| 1,423 | | |
| 6,332 | |
Net income | |
| (2,718 | ) | |
| 6,714 | | |
| 8,253 | | |
| 8,971 | | |
| 5,806 | | |
| 3,996 | | |
| 13,024 | |
Preferred stock dividends | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 286 | |
Net income available to common shareholders | |
$ | (2,718 | ) | |
$ | 6,714 | | |
$ | 8,253 | | |
$ | 8,971 | | |
$ | 5,806 | | |
$ | 3,996 | | |
$ | 12,738 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Retail Mortgage Division: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest income | |
$ | 1,979 | | |
$ | 1,545 | | |
$ | 1,822 | | |
$ | 1,636 | | |
$ | 972 | | |
$ | 3,524 | | |
$ | 1,886 | |
Provision for loan losses | |
| 200 | | |
| 142 | | |
| 151 | | |
| 675 | | |
| - | | |
| 342 | | |
| - | |
Noninterest income | |
| 9,095 | | |
| 7,610 | | |
| 6,076 | | |
| 6,967 | | |
| 6,836 | | |
| 16,705 | | |
| 11,916 | |
Noninterest expense: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Salaries and employee benefits | |
| 5,592 | | |
| 4,527 | | |
| 4,175 | | |
| 4,340 | | |
| 3,881 | | |
| 10,119 | | |
| 7,403 | |
Occupancy | |
| 396 | | |
| 380 | | |
| 373 | | |
| 368 | | |
| 300 | | |
| 776 | | |
| 601 | |
Data Processing | |
| 279 | | |
| 212 | | |
| 315 | | |
| 285 | | |
| 329 | | |
| 491 | | |
| 443 | |
Other expenses | |
| 1,150 | | |
| 932 | | |
| 828 | | |
| 735 | | |
| 1,233 | | |
| 2,082 | | |
| 2,008 | |
Total noninterest expense | |
| 7,417 | | |
| 6,051 | | |
| 5,691 | | |
| 5,728 | | |
| 5,743 | | |
| 13,468 | | |
| 10,455 | |
Income before income taxes | |
| 3,457 | | |
| 2,962 | | |
| 2,056 | | |
| 2,200 | | |
| 2,065 | | |
| 6,419 | | |
| 3,347 | |
Income Tax | |
| 1,210 | | |
| 1,037 | | |
| 720 | | |
| 770 | | |
| 723 | | |
| 2,247 | | |
| 1,171 | |
Net income | |
| 2,247 | | |
| 1,925 | | |
| 1,336 | | |
| 1,430 | | |
| 1,342 | | |
| 4,172 | | |
| 2,176 | |
Preferred stock dividends | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Net income available to common shareholders | |
$ | 2,247 | | |
$ | 1,925 | | |
$ | 1,336 | | |
$ | 1,430 | | |
$ | 1,342 | | |
$ | 4,172 | | |
$ | 2,176 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Warehouse Lending: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest income | |
$ | 1,179 | | |
$ | 835 | | |
$ | 752 | | |
$ | 711 | | |
$ | 367 | | |
$ | 2,014 | | |
$ | 553 | |
Provision for loan losses | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Noninterest income | |
| 383 | | |
| 273 | | |
| 237 | | |
| 168 | | |
| 166 | | |
| 656 | | |
| 250 | |
Noninterest expense: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Salaries and employee benefits | |
| 99 | | |
| 127 | | |
| 84 | | |
| 69 | | |
| 56 | | |
| 226 | | |
| 102 | |
Occupancy | |
| 1 | | |
| 2 | | |
| - | | |
| - | | |
| - | | |
| 3 | | |
| 1 | |
Data Processing | |
| 20 | | |
| 33 | | |
| 11 | | |
| 21 | | |
| 14 | | |
| 53 | | |
| 22 | |
Other expenses | |
| 19 | | |
| 36 | | |
| 171 | | |
| 134 | | |
| 79 | | |
| 55 | | |
| 119 | |
Total noninterest expense | |
| 139 | | |
| 198 | | |
| 266 | | |
| 224 | | |
| 149 | | |
| 337 | | |
| 244 | |
Income before income taxes | |
| 1,423 | | |
| 910 | | |
| 723 | | |
| 655 | | |
| 384 | | |
| 2,333 | | |
| 559 | |
Income Tax | |
| 498 | | |
| 319 | | |
| 253 | | |
| 229 | | |
| 134 | | |
| 817 | | |
| 196 | |
Net income | |
| 925 | | |
| 592 | | |
| 470 | | |
| 426 | | |
| 250 | | |
| 1,516 | | |
| 363 | |
Preferred stock dividends | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Net income available to common shareholders | |
$ | 925 | | |
$ | 592 | | |
$ | 470 | | |
$ | 426 | | |
$ | 250 | | |
$ | 1,516 | | |
$ | 363 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
SBA Division: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest income | |
$ | 724 | | |
$ | 613 | | |
$ | 387 | | |
$ | 643 | | |
$ | 580 | | |
$ | 1,337 | | |
$ | 1,036 | |
Provision for loan losses | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Noninterest income | |
| 1,886 | | |
| 912 | | |
| 1,454 | | |
| 1,834 | | |
| 1,368 | | |
| 2,798 | | |
| 1,597 | |
Noninterest expense: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Salaries and employee benefits | |
| 1,099 | | |
| 616 | | |
| 861 | | |
| 998 | | |
| 496 | | |
| 1,715 | | |
| 745 | |
Occupancy | |
| 36 | | |
| 28 | | |
| 25 | | |
| 24 | | |
| 19 | | |
| 64 | | |
| 32 | |
Data Processing | |
| 2 | | |
| 4 | | |
| 2 | | |
| 3 | | |
| 7 | | |
| 6 | | |
| 13 | |
Other expenses | |
| 159 | | |
| 57 | | |
| 152 | | |
| 165 | | |
| 300 | | |
| 216 | | |
| 432 | |
Total noninterest expense | |
| 1,296 | | |
| 705 | | |
| 1,040 | | |
| 1,190 | | |
| 822 | | |
| 2,001 | | |
| 1,222 | |
Income before income taxes | |
| 1,314 | | |
| 820 | | |
| 801 | | |
| 1,287 | | |
| 1,126 | | |
| 2,134 | | |
| 1,411 | |
Income Tax | |
| 460 | | |
| 287 | | |
| 280 | | |
| 450 | | |
| 394 | | |
| 747 | | |
| 494 | |
Net income | |
| 854 | | |
| 533 | | |
| 521 | | |
| 837 | | |
| 732 | | |
| 1,387 | | |
| 917 | |
Preferred stock dividends | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Net income available to common shareholders | |
$ | 854 | | |
$ | 533 | | |
$ | 521 | | |
$ | 837 | | |
$ | 732 | | |
$ | 1,387 | | |
$ | 917 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total Consolidated: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net interest income | |
$ | 40,688 | | |
$ | 38,832 | | |
$ | 41,006 | | |
$ | 39,132 | | |
$ | 35,264 | | |
$ | 79,520 | | |
$ | 69,748 | |
Provision for loan losses | |
| 2,656 | | |
| 1,069 | | |
| 888 | | |
| 1,669 | | |
| 1,365 | | |
| 3,725 | | |
| 3,091 | |
Noninterest income | |
| 20,626 | | |
| 17,575 | | |
| 16,362 | | |
| 17,901 | | |
| 15,819 | | |
| 38,201 | | |
| 28,573 | |
Noninterest expense: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Salaries and employee benefits | |
| 22,465 | | |
| 20,632 | | |
| 19,316 | | |
| 20,226 | | |
| 16,942 | | |
| 43,097 | | |
| 34,336 | |
Occupancy | |
| 4,809 | | |
| 4,554 | | |
| 4,717 | | |
| 4,669 | | |
| 4,071 | | |
| 9,363 | | |
| 8,135 | |
Data Processing | |
| 4,214 | | |
| 4,260 | | |
| 4,229 | | |
| 3,928 | | |
| 3,940 | | |
| 8,474 | | |
| 7,394 | |
Other expenses | |
| 25,376 | | |
| 11,381 | | |
| 13,471 | | |
| 9,756 | | |
| 12,365 | | |
| 36,757 | | |
| 20,692 | |
Total noninterest expense | |
| 56,864 | | |
| 40,827 | | |
| 41,733 | | |
| 38,579 | | |
| 37,318 | | |
| 97,691 | | |
| 70,557 | |
Income before income taxes | |
| 1,794 | | |
| 14,511 | | |
| 14,747 | | |
| 16,785 | | |
| 12,400 | | |
| 16,305 | | |
| 24,673 | |
Income Tax | |
| 486 | | |
| 4,747 | | |
| 4,167 | | |
| 5,122 | | |
| 4,270 | | |
| 5,233 | | |
| 8,193 | |
Net income | |
| 1,308 | | |
| 9,764 | | |
| 10,580 | | |
| 11,663 | | |
| 8,130 | | |
| 11,072 | | |
| 16,480 | |
Preferred stock dividends | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 286 | |
Net income available to common shareholders | |
$ | 1,308 | | |
$ | 9,764 | | |
$ | 10,580 | | |
$ | 11,663 | | |
$ | 8,130 | | |
$ | 11,072 | | |
$ | 16,194 | |
Exhibit 99.2
Ameris Bancorp 2 nd Quarter 2015 Earnings Presentation Edwin W. Hortman, Jr. – President & CEO Dennis J. Zember, Jr. – EVP & CFO
This presentation 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 . Tangible common equity and Tier 1 capital ratios are non - GAAP measures . The Company calculates the Tier 1 capital using current call report instructions . The Company’s management uses these measures to assess the quality of capital and believes that investors may find them useful in their evaluation of the Company . These capital measures may, or may not be necessarily comparable to similar capital measures that may be presented by other companies . This presentation may contain statements that constitute “forward - looking statements” within the meaning of Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E 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 . Cautionary Statements
Achieving the metrics we projected improves ROA, ROTCE and Efficiency by considerable margins ▪ Deploy the liquidity in higher quality assets with little incremental overhead burden ▪ Achieve the cost savings we identified from branch closures upcoming conversion Current Focus Integrate Acquisitions & Achieve Announced Metrics M&A Opportunities Seeking opportunities in our larger markets that improve our franchise and operating results Avoid auctions as much as possible where the buyer doesn’t give any credit to our culture Earn a Peer Level Valuation on our Earnings Develop more consistency in our earnings Manage to higher ROAs and ROTCEs, lower efficiency ratios
2 nd Quarter Operating Results • Net Operating Income (excluding one time charges) of $ 12 . 3 million, up 23 . 3 % vs . 2 Q 14 • Operating EPS of $ 0 . 38 per share, down $ 0 . 01 per share from 2 Q 14 due to additional shares . • Total Revenue increased 19 . 2 % vs . year ago period • Spread income up 15 % vs . a year ago . • Non - interest income, driven by mortgage success, increased 30 . 4 % to $ 20 . 6 million • Core Operating Expenses up 26 . 3 % vs . 2 Q 14 due to Coastal Acquisition, IT and Support center spend and costs associated with LOB revenue improvement . • Organic loan growth rate of 15 . 4 % (annualized) vs . linked quarter • Total loan growth of $ 606 million . • Tangible Book Value per share of $ 11 . 81 per share compared to initial proforma of $ 11 . 74 for recent acquisitions 2Q15 2Q14 Chg 2Q15 2Q14 Chg Int Inc before Accretion 41,594$ 36,035$ 15% 80,865$ 71,181$ 14% Accretion income 2,635 2,573 2% 5,732 5,299 8% Interest Expense 3,541 3,343 6% 7,077 6,732 5% Net Interest Income 40,688 35,265 15% 79,520 69,748 14% Provision (1) 1,286 1,365 -6% 2,355 3,091 -24% Non-Interest Income 20,626 15,819 30% 38,201 28,573 34% Core Opex (1) 39,912 31,606 26% 77,563 62,205 25% Credit Costs, recurring 1,369 2,840 -52% 4,530 5,030 -10% Income before taxes 18,747 15,273 23% 33,273 27,995 19% Income tax expense 6,420 5,275 22% 11,172 9,356 19% Preferred Dividends - - 0% - 286 -100% Operating Net Income 12,327$ 9,998$ 23% 22,101$ 18,353$ 20% Earnings Per Share $0.38 $0.39 -3% $0.70 $0.72 -3% Avg Diluted Shares 32,520 25,633 27% 31,653 25,615 24% One-time charges 2Q15 2Q14 Chg 2Q15 2Q14 Chg Merger-related expenses 5,712$ 2,872 5,727 3,322$ Credit charge - Provision 1,370 - 1,370 - Credit charge - OREO 9,871 - 9,871 - Total 16,953 2,872 16,968 3,322 After tax effect 11,019$ 1,867 11,029 2,159$ Reported Net Income $ 1,308 8,131 -84% 11,072 16,194 -32% Reported EPS 0.04$ 0.32$ -87% 0.35$ 0.63$ -45% (1) - excludes amounts seen below related to one time charges Quarter to date results Year to date results
Revenues – 2Q15 10 . 2 % improvement in 2 Q revenues resulted from : • Growth in net i nterest i ncome of $ 1 . 9 million or 4 . 9 % increase over 1 Q 15 from steady yields on total loans, growth of $ 200 mm in average loans and advance purchases of securities in anticipation of acquisitions . • Mortgage and SBA revenues increased $ 3 . 5 million or 29 . 3 % over 1 Q 15 . $38.7 $47.6 $48.9 $54.6 $53.6 $53.8 $59.3 $67.4 $72.1 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q Proj 4Q Proj Total Quarterly FTE Revenue, excluding accretion (in millions) 2Q Improvement in T otal Revenue • 2 Q improvement in total revenue had minimal contribution from recent acquisitions . • Recent acquisitions are expected to contribute $ 8 . 1 million in incremental revenue in 3 Q 15 and an additional $ 12 . 8 million in 4 Q 15 . • Fee income on both acquisitions estimated to be approximately $ 20 . 3 million, annually . • Initial yield on incremental earning assets from acquisitions was only 1 . 38 % vs . target yield of 3 . 15 % - 3 . 25 % . Material Lift in Total Revenue Expected
Non - Interest Income – 2Q15 Earnings from Mortgage and SBA increased 73 % and totaled $ 4 . 0 million in 2 Q 15 vs . $ 2 . 3 million in 2 Q 14 . Earnings growing faster than revenue . 2Q15 1Q15 2Q14 Mortgage production (000's) 285,611 188,296 184,308 Mortgage GOS (1) - retail 3.67% 4.04% 3.56% Open Pipeline 115,890 110,856 86,218 SBA Production: 9,500 17,100 14,500 SBA sold loans 12,300 9,100 10,400 SBA GOS % 12% 12% 11% SBA Pipeline 41,000 67,000 14,400 • Service charges in 2 Q 15 up 22 % over 2 Q 14 • Mortgage non - interest income in 2 Q 15 up 35 % over 2 Q 14 • SBA non - interest income in 2 Q 15 up 38 % over 2 Q 14 • Recently closed acquisitions should have approximately 1 . 60 % non - interest income to average assets in only deposit related fees . 1 – GOS – “gain on sale” of loans 1.61% 1.75% 1.57% 1.45% 1.81% 1.80% 1.63% 1.72% 1.85% 1.0% 1.5% 2.0% 2Q 13 4Q 13 2Q 14 4Q 14 2Q 15 Non - Interest Income as a % of Average Assets $6.4 $5.9 $5.6 $6.9 $10.3 $12.0 $10.7 $11.8 $15.2 $0.0 $4.0 $8.0 $12.0 $16.0 2Q 13 4Q 13 2Q 14 4Q 14 2Q 15 Mortgage & SBA Revenues (in millions)
Expenses – 2Q15 • Expenses in LOBs up 33 % vs . last year . Revenue is up 48 % over same period . 55 % on incremental revenue . • Mortgage expenses up mostly in higher commissions . Additional hires have been made in Florida and around recent M&A transactions . • Warehouse LOB leverages existing relationships in mortgage . Still a lot of growth potential for this highly profitable and efficient LOB . • SBA aggressively recruiting experienced, high volume producers . Target is 12 - 15 bankers, currently have 9 bankers on staff . • Bank level opex up 25 % vs . 2 Q 14 but up only 1 . 3 % against 1 Q 15 . • 2 Q 15 opex includes approx . $ 800 k of opex related to M&S and BoA • Bank opex includes purchase of Coastal Bank as well as spend related to IT and Customer Support centers in recent quarters preparing for 2 nd Quarter M&A . • Expect $ 4 million in additional Opex related to 2 nd Quarter M&A in 3 Q and 4 Q . • Branch closings and integration savings at both banks total approx . $ 1 million per quarter . 1 – Core operating expenses exclude Problem loan and OREO costs as well as merger - related charges $20.0 $20.8 $22.5 $25.8 $24.9 $27.7 $29.4 $30.7 $31.1 $4.4 $4.5 $5.5 $4.8 $6.7 $7.1 $7.0 $7.0 $8.9 $0.0 $10.0 $20.0 $30.0 $40.0 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 Source of Operating Expenses (in millions, excluding credit & merger costs) Bank Level Opex LOB Opex Bank Level Opex LOB Opex
Expenses – 2Q15 Change compared to: Expense 2Q15 1Q15 2Q14 1Q15 2Q14 Salaries (ex mortgage & SBA) $12,409 $11,556 $10,263 $854 $2,147 Against 1Q15, BoA and M&S salaries were $595,000 while customer support and I/T costs were $167,000. Against 2Q14, Coastal Salaries were an additional $1.37 million Incentive & FICA 3,676 3,242 1,900 $434 $1,776 Payroll taxes were down but incentive accruals were higher by approx $800k Mortgage Expense 7,556 6,249 5,892 $1,307 $1,664 Revenue is up $2.4 million against 1Q15 and up $4.3 million against 2Q14. SBA Expenses 1,296 705 822 $591 $474 Revenue is up $1.1 million against 1Q15 and up $662,000 against 2Q14. Recruited two new producers in 2Q15. DP & IT 4,214 4,260 3,940 ($46) $274 Steady costs in 2Q15 and against earlier quarters reflect lower costs in new contract offset by higher volumes/ adoption rate of electronic banking and debit. FDIC Insurance 783 783 739 $0 $44 Growth relates to Coastal Acquisition in year ago period. Expect an increase of approximately $210,000 related to recent acquisitions. Occupancy 4,809 4,554 4,071 $255 $738 Higher costs associated with Coastal acquisitions as well as upgraded systems and software for customer support. Printing & Postage $1,096 $1,060 $896 $36 $200 Steady levels in 2Q15 vs. 1Q15. Higher against 2Q14 due to Coastal Acquisition in June 2014.
Expenses – Credit Related Costs • Every NPA over $ 200 , 000 evaluated on a 90 - 120 day disposition value . • Includes reserve for expiring LSA’s and larger Covered assets • “Normal” range is a $ 9 . 2 million annual improvement over 2014 levels or $ 0 . 18 per share 1 – Credit costs include provision for loan losses and OREO related costs. $5.9 $6.8 $3.9 $4.2 $4.9 $6.2 $4.2 $13.9 $2.5 $- $4.0 $8.0 $12.0 $16.0 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 Normal Credit Costs, Including Provision (in millions) • Removes the primary driver for inconsistent earnings • Payback period in 4 - 5 quarters using run - rate from previous 5 quarters . • ROA and ROTCE performance can track towards top quartile with normal credit costs . • 2016 forecasts are achievable with normal costs . Rationale for Credit Charge Formulation of One - time charge
Loans – 2Q15 Total Loan Growth of $ 606 . 3 million against linked quarter from : • Organic Growth during 2 Q 15 of $ 125 . 1 million or 15 . 4 % annualized • Growth of $ 191 . 5 million related to M&S acquisition • Growth of $ 269 . 0 million related to purchased whole loan mortgage pools . • Reclass of $ 15 . 5 million from expiring LSA agreements (out of covered into PNC) 1 – PNC – purchased, non - covered loans. 2 – combined yield includes transaction fees and interest earned. Loan Production Details Period Fixed Rate (2) Variable Rate (2) Total 2Q15 $ 233.9 4.49% $ 96.9 4.44% $ 330.8 4.48% 1Q15 $ 210.5 4.65% $ 103.8 4.74% $ 314.3 4.68% 2 Q14 $ 192.8 5.20% $ 105.9 4.61% $ 298.8 4.99% $1.98 $2.44 $2.48 $2.78 $2.81 $2.81 $2.87 $3.44 $1.0 $2.0 $3.0 $4.0 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 Total Loans Oustanding (in billions)
Loans – Purchased Mortgage Pools 1 – PNC – purchased, non - covered loans. 2 – combined yield includes transaction fees and interest earned. Purchased mortgage pools have the following characteristics: • Seasoned pools of 5/1, 7/1 and 10/1 adjustable rate mortgages. • LTVs in the 60% range or below • Yields of 3.0% to 3.35% beat comparable mortgage backed yields by 75bps – 125bps. • No mark - to - market risk as rates rise versus a comparable mortgage backed portfolio Anticipate additional purchases of this product through the end of 2015. Modeling 3 – 4 year durations to reinvest the cash flows into higher yielding commercial assets. Balance Price Book Value Duration Yield LTV DTI FICO Pool 1 $41,308 103.0 $42,547 3.7 3.54% 59.5 38.8 759 Pool 2 $129,351 101.3 $131,129 3.5 3.61% 49.0 35.6 724 Pool 3 $93,100 102.4 $95,311 3.9 3.21% 71.4 36.7 747 Total $263,758 102.0 $268,987 3.7 3.46% 58.6 36.5 738
Deposits – 2Q15 Deposit mix has materially improved our interest rate risk profile . In the last 12 months, we have grown : • Approximately $ 489 million in NIB checking . • Approximately $ 740 million in total non - rate sensitive deposits Not all of the growth is in M&A . Organic growth accounts for $ 218 million or 44 % of the growth . • Non - rate sensitive deposits continue to climb, now at 53 . 7 % of total deposits • Percentage of fixed rate loans funded with non - rate sensitive deposits improved from 86 % at 2 Q 13 to 115 % at 2 Q 15 . $476 $669 $699 $791 $817 $839 $967 $1,280 $0 $400 $800 $1,200 $1,600 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 Non - Interest Bearing Demand Deposits (in millions) 84% 88% 87% 97% 91% 98% 100% 115% 60% 80% 100% 120% 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 F/R Loans Funded with Non - Rate Sensitive Deposits Improved Sensitivity to Interest Rates Non - Rate Sensitive Deposits include NIB, NOW and Savings Accounts.
Capital and TBV – 2Q15 Combination of Capital Raise and 2 M&A deals: – Grew our Balance Sheet by 29% – Produced Higher TCE ratios – Resulted in Higher Tangible Book Value – Improved Regulatory Capital Ratios at Ameris Bank Recent acquisitions and capital raise accretive to TBV by 5 . 1 % . $10.23 $10.39 $10.31 $10.26 $10.68 $10.99 $13.01 $11.81 $6.0 $8.5 $11.0 $13.5 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 Tangible Book Value 6.83% 7.53% 7.04% 7.27% 7.42% 10.26% 7.46% 4.0% 8.0% 12.0% 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 Tangible Common Equity to Tangible Assets Looking Back:
• 25 % - 35 % discount to our peer group . • The overhangs causing discounted P/E are behind us . • Lift in operating performance ratios and lower volatility in earnings will drive higher multiples . Investment Rationale Discounted P/E valuation • Top Quartile ROA and ROTCE once we deploy the liquidity and achieve the cost savings projected . • Diversified revenue sources ( 66 % spread, 34 % non - interest income) . Operating Performance M&A Opportunities • Disciplined Acquirer • Announced/Executed low risk deals • Enough conversations underway so that we can avoid auctions • Strong Capital Ratios support additional M&A • Regulatory reputation presents no hurdle
Ameris Bancorp (NASDAQ:ABCB)
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Ameris Bancorp (NASDAQ:ABCB)
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