MOULTRIE, Ga., Jan. 20, 2017 /PRNewswire/ -- Ameris Bancorp
(Nasdaq: ABCB) (the "Company") today reported net income of
$72.1 million, or $2.08 per share, for the year ended December 31, 2016, compared with $40.8 million, or $1.27 per share, for 2015. For the quarter
ending December 31, 2016, reported
results include net income of $18.2
million, or $0.52 per diluted
share, compared with $14.1 million,
or $0.43 per diluted share, for the
same period in 2015.
The Company reported adjusted operating net income of
$80.0 million, or $2.30 per share, for the year ended December 31, 2016, compared with $53.3 million, or $1.66 per share, for 2015. Adjusted
operating net income for the fourth quarter of 2016 increased
43% to $21.9
million, or $0.62 per share,
compared with $15.3 million, or
$0.47 per share, for the same quarter
of 2015.
For the year ended December 31,
2016, the Company's adjusted operating return on average
assets improved to 1.30%, compared with 1.11% for 2015. For
the fourth quarter of 2016, the Company's adjusted operating return
on average assets improved to 1.33%, compared with 1.12% in the
same quarter of 2015. Commenting on the Company's earnings,
Edwin W. Hortman, Jr., President and
Chief Executive Officer of the Company, said, "In 2016, we
delivered a 39% increase in adjusted operating earnings per share
by driving strong growth in revenue and managing operating
expenses. We grew organic loans by approximately 21% in 2016,
up significantly from the 13% that we experienced during 2015.
For 2017, we are focused on maintaining this pace of organic
growth while also maintaining a level of operating results that
puts us in the top quartile of our peer group."
Following is a summary of the adjustments between reported net
income and adjusted operating net income:
|
Three Months
Ended
|
|
Twelve Months
Ended
|
Adjusted Operating
Net Income Reconciliation
|
Dec
16
|
|
Dec
15
|
|
Dec
16
|
|
Dec
15
|
Net income available
to common shareholders
|
$
18,177
|
|
$
14,148
|
|
$
72,100
|
|
$
40,847
|
Merger and conversion
charges
|
17
|
|
1,807
|
|
6,376
|
|
7,980
|
Certain credit
resolution related expenses
|
-
|
|
-
|
|
-
|
|
11,241
|
Certain compliance
resolution expenses
|
5,750
|
|
-
|
|
5,750
|
|
-
|
Tax effect of
management-adjusted charges
|
(2,018)
|
|
(632)
|
|
(4,244)
|
|
(6,727)
|
Plus: After tax
management-adjusted charges
|
3,749
|
|
1,175
|
|
7,882
|
|
12,494
|
Adjusted
Operating Net income
|
$
21,926
|
|
$
15,323
|
|
$
79,982
|
|
$
53,341
|
Reported Return on
average assets
|
1.10%
|
|
1.03%
|
|
1.17%
|
|
0.85%
|
Adjusted Operating
Return on average assets
|
1.33%
|
|
1.12%
|
|
1.30%
|
|
1.11%
|
Highlights of the Company's results for 2016 include the
following:
- Adjusted operating return on average assets of 1.30%, compared
with 1.11% in 2015
- Adjusted operating return on average tangible common equity of
16.71%, compared with 13.66% in 2015
- Improvement in adjusted operating efficiency ratio to 62.7%,
compared with 68.9% for 2015
- Organic growth in loans of $660.4
million, or 20.8%
- Total growth in non-interest bearing demand deposits of
$243.5 million, or 18.3%, to end the
year at 28.2% of total deposits
- Increase in total revenue of 24.5% to $325.2 million
- Decline in the growth rate of operating expenses (less one-time
oriented charges)
- Decline in annualized net charge-offs to 0.03% of total loans
and 0.11% of non-purchased loans
- Increase in tangible book value per share of 14.0% to
$14.42, compared with $12.65 per share at December 31, 2015
- Continued improvement in non-performing assets, decreasing to
0.85% of total assets
- Increase in net income from retail mortgage, warehouse lending
and SBA lines of business of 35.7% to $20.6
million, compared with $15.2
million in 2015
Increase in Net Interest Income
Net interest
income on a tax-equivalent basis increased 25.6% in 2016 to
$223.6 million, up from $178.1 million for 2015. Growth in earning
assets from internal sources, as well as from acquisition activity,
contributed to the increase. Average earning assets increased
29.6% in 2016 to $5.60 billion,
compared with $4.32 billion for
2015. Although the Company's net interest income increased,
net interest margin for 2016, including accretion, declined to
3.99%, compared with 4.12% for 2015. The Company's net
interest margin was 3.95% for the fourth quarter of 2016, down from
3.99% reported for the third quarter of 2016 and 3.98% reported for
the fourth quarter of 2015.
Accretion income for 2016 increased to $14.1 million, compared with $11.7 million for 2015. Accretion income
for the fourth quarter of 2016 decreased slightly to $3.4 million, compared with $3.6 million for the third quarter of 2016, but
increased from $2.9 million reported
for the fourth quarter of 2015. Excluding the effect of
accretion, the Company's margin for 2016 was 3.74%, compared with
3.85% for 2015. Excluding the effect of accretion, the
Company's margin for the fourth quarter of 2016 was 3.73%, a slight
decline compared with 3.75% for the third quarter of 2016 and 3.74%
for the fourth quarter of 2015.
Yields on earning assets in 2016 were 4.35%, compared with 4.47%
in 2015. This decline relates principally to the short-term
investment strategy associated with the Company's 2015
acquisitions. Yields on the funds invested in purchased
mortgage pools were 2.77% during 2016, compared with 3.21% during
2015. Interest income on loans on a tax-equivalent basis
increased substantially during 2016 to $218.8 million, compared with $170.0 million for 2015. During the quarter
ended December 31, 2016, interest
income on loans increased to $58.4
million, compared with $57.3
million for the third quarter of 2016 and $46.9 million for the fourth quarter of 2015.
Total interest expense for 2016 was $19.7
million, compared with $14.9
million for 2015. Deposit costs were stable for most
of 2016, ending the year at 0.24%, compared with 0.23% for
2015. Deposit costs increased slightly in the fourth quarter
of 2016 to 0.27%, compared with 0.23% for the third quarter of
2016. Non-interest bearing deposits represented 29.1% of the
total average deposits for 2016, compared with 29.2% for 2015.
Non-Interest Income
Non-interest income
increased 23.6% in 2016 to $105.8
million, compared with $85.6
million for 2015. Service charges on deposit accounts
increased by $8.3 million to
$42.7 million during 2016, an
increase of 24.0% compared with 2015. Growth in service
charge related revenues on commercial and consumer accounts was
responsible for most of the increase in service charges, while NSF
and debit card revenues were mostly flat.
Retail mortgage revenues increased 36.8% during 2016, from
$43.3 million for 2015 to
$59.3 million for 2016. Net
income for the Company's retail mortgage division grew 42.3% during
2016 to $13.2 million. Revenues
from the Company's warehouse lending division increased 54.1%
during the year, from $5.5 million
for 2015 to $8.5 million for 2016,
and net income for the division increased 48.3%, from $3.1 million for 2015 to $4.6 million for 2016. Revenues and
profitability slowed for both mortgage and warehouse lending in the
fourth quarter, which is traditionally a slower time of the
year. Net income for the Company's retail mortgage division
was $2.6 million for the fourth
quarter of 2016, compared with $3.5
million in the third quarter of 2016 and $2.0 million for the fourth quarter of
2015. Net income for the Company's wholesale lending division
was $1.1 million for the fourth
quarter of 2016, compared with $1.5
million for the third quarter of 2015 and $731,000 for the fourth quarter of 2015.
Revenues from the Company's SBA division continued to increase
during 2016, rising from $8.3 million
for 2015 to $8.9 million for
2016. Net income for the division remained stable at
$2.8 million for both 2016 and
2015.
Non-Interest Expense
Non-interest expense
increased $16.7 million, or 8.4%, to
$215.8 million for the year ended
December 31, 2016, compared with
$199.1 million for the year
2015. Total expenses in 2016 include approximately
$6.4 million in merger-related
charges and $5.75 million in
compliance-related charges, while total expenses in 2015 include
approximately $8.0 million in
merger-related charges. Excluding these amounts, expenses in
2016 increased by only $12.6 million,
or 6.6%, compared with 2015 levels.
Salaries and benefits increased $12.8
million during 2016, driven by $2.5
million associated with the Company's acquisition of The
Jacksonville Bank in March 2016 and
$8.2 million relating to higher
compensation levels in the Company's mortgage and SBA
divisions.
Occupancy costs increased $3.2
million, or 15.1%, during 2016, principally as a result of
the increased number of retail branches operated during the year,
as well as additional expenses for administrative offices.
Data processing and IT-related costs increased $4.7 million, or 23.9%, in 2016. Growth in
accounts associated with the acquisition of The Jacksonville Bank
accounted for a portion of this increase, while the majority of the
increase related to much higher online and mobile banking
adoption.
Other non-interest expenses, excluding $5.75 million in compliance-related charges in
2016, increased 5.8% to $33.2 million
during the year.
Balance Sheet Trends
Total assets increased
$1.30 billion, or 23.3%, during
2016. This growth includes $528.9
million resulting from the acquisition of The Jacksonville
Bank in March 2016 and $373.0 million resulting from the acquisition of
the loan portfolio of US Premium Finance in December
2016.
Total loans, including loans held for sale, purchased
non-covered loan pools and covered loans, were $5.37 billion at the end of 2016, compared with
$4.02 billion at the end of
2015. Organic growth in loans totaled $660.4 million, or 20.8%, during 2016, compared
with $344.2 million, or 13.5%, in
2015. As expected, loan growth rates in the fourth quarter of
2016 slowed, declining to 12.1% on an annualized basis, compared
with 15.7% on an annualized basis in the same quarter of 2015.
Deposits increased $695.9 million
during 2016 to end the year at $5.58
billion. At December 31,
2016, non-interest bearing deposit accounts were
$1.57 billion, or 28.2% of total
deposits, compared with $1.33
billion, or 27.3% of total deposits, at December 31, 2015. Non-rate sensitive
deposits (including NIB, NOW and savings) totaled $3.17 billion at December
31, 2016, compared with $2.71
billion at the end of 2015. These funds represented
56.9% of the Company's total deposits at the end of 2016, compared
with 55.6% at the end of 2015.
Stockholders' equity at December 31,
2016 totaled $646.4 million,
an increase of $131.7 million, or
25.6%, from December 31, 2015.
The increase in stockholders' equity was the result of the
Company's issuance of $72.5 million
of common shares in the acquisition of The Jacksonville Bank, plus
earnings of $72.1 million during
2016, offset by dividends paid to shareholders of $10.5 million. Tangible book value per
share was $14.42 at the end of 2016,
up 14.0% from $12.65 at the end of
2015.
Equipment Finance
In addition to reporting its
operating results, the Company also announced that it has hired a
team of accomplished equipment finance industry veterans to launch
a new division of its bank, "Ameris Equipment Finance". The
team will be led by Chris Regas, who
comes to the Company from Caterpillar Financial, which purchased a
captive finance company that Mr. Regas had founded and grown
successfully. Joining Mr. Regas are other industry veterans
with expertise in origination, capital markets, underwriting, risk
management and servicing.
Ameris Equipment Finance will focus on a growing, yet
underserved, client base across a wide range of equipment sectors,
including construction, transportation and manufacturing.
Targeted transaction sizes will range from $500,000 to $10 million, with an average
relationship size of approximately $1.5
million to $5.0 million. Current and prospective
corporate clients of Ameris Bank will benefit from the expanded
product offerings, as the Company leverages its core competency of
lending to qualified middle-market clients nationwide.
Commenting on the new group, Mr. Hortman said, "The team we have
recruited has a proven track record in this industry, managing a
very large portfolio and managing through several credit cycles
with outstanding results. We expect this strategy to further
augment our organic growth rates and also be accretive to our
credit quality, earnings per share growth rates and return on
average assets. We are excited to welcome Chris and his team
to the Company and believe that this is a great opportunity to
diversify our portfolio."
Conference Call
The Company will host a
teleconference at 11:00 a.m. Eastern
time today (January 20, 2017)
to discuss the Company's results and answer appropriate questions.
The conference call can be accessed by dialing 1-877-504-1190
(or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other
international participants). The conference ID name is Ameris
Bancorp ABCB. A replay of the call will be available
one hour after the end of the conference call until February 3, 2017. To listen to the replay,
dial 1-877-344-7529 (or 1-855-669-9658 for participants in
Canada and 1-412-317-0088 for
other international participants). The conference replay
access code is 10099453. The conference call replay and the
financial information discussed will also be available on the
Investor Relations page of the Ameris Bank website at
www.amerisbank.com.
About Ameris Bancorp
Ameris Bancorp is a bank
holding company headquartered in Moultrie, Georgia. The Company's banking
subsidiary, Ameris Bank, had 97 locations in Georgia, Alabama, northern Florida and South
Carolina at the end of the most recent
quarter.
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 on
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, including the Company's 2015 Annual Report on Form
10-K, 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
|
|
Twelve Months
Ended
|
|
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
$
18,177
|
|
$
21,557
|
|
$
20,049
|
|
$
12,317
|
|
$
14,148
|
|
$
72,100
|
|
$
40,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Net Income
|
$
21,926
|
|
$
21,557
|
|
$
20,049
|
|
$
16,450
|
|
$
15,323
|
|
$
79,982
|
|
$
53,341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
available to common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.52
|
|
$
0.62
|
|
$
0.58
|
|
$
0.38
|
|
$
0.44
|
|
$
2.10
|
|
$
1.29
|
|
|
Diluted
|
$
0.52
|
|
$
0.61
|
|
$
0.57
|
|
$
0.37
|
|
$
0.43
|
|
$
2.08
|
|
$
1.27
|
|
Cash Dividends per
share
|
$
0.10
|
|
$
0.10
|
|
$
0.05
|
|
$
0.05
|
|
$
0.05
|
|
$
0.30
|
|
$
0.20
|
|
Book value per share
(period end)
|
$
18.51
|
|
$
18.42
|
|
$
17.96
|
|
$
17.25
|
|
$
15.98
|
|
$
18.51
|
|
$
15.98
|
|
Tangible book value
per share (period end)
|
$
14.42
|
|
$
14.38
|
|
$
13.89
|
|
$
13.13
|
|
$
12.65
|
|
$
14.42
|
|
$
12.65
|
|
Weighted average
number of shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
34,915,459
|
|
34,869,747
|
|
34,832,621
|
|
32,752,063
|
|
32,199,632
|
|
34,346,570
|
|
31,761,624
|
|
|
Diluted
|
35,293,035
|
|
35,194,739
|
|
35,153,311
|
|
33,053,554
|
|
32,594,929
|
|
34,701,732
|
|
32,126,667
|
|
Period-end number of
shares
|
34,921,474
|
|
34,891,304
|
|
34,847,311
|
|
34,837,454
|
|
32,211,385
|
|
34,921,474
|
|
32,211,385
|
|
Market
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High closing
price
|
$
47.30
|
|
$
35.80
|
|
$
32.39
|
|
$
32.68
|
|
$
34.90
|
|
$
47.30
|
|
$
34.90
|
|
|
Low closing
price
|
$
35.02
|
|
$
29.09
|
|
$
27.89
|
|
$
25.09
|
|
$
27.65
|
|
$
25.09
|
|
$
22.75
|
|
|
Period end closing
price
|
$
43.60
|
|
$
34.95
|
|
$
29.70
|
|
$
29.58
|
|
$
33.99
|
|
$
43.60
|
|
$
33.99
|
|
|
Average daily
volume
|
191,894
|
|
166,841
|
|
215,409
|
|
253,779
|
|
301,775
|
|
206,487
|
|
173,391
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.10%
|
|
1.35%
|
|
1.31%
|
|
0.88%
|
|
1.03%
|
|
1.17%
|
|
0.85%
|
|
Return on average
common equity
|
11.06%
|
|
13.39%
|
|
13.08%
|
|
9.14%
|
|
10.94%
|
|
11.75%
|
|
8.37%
|
|
Earning asset yield
(TE)
|
4.34%
|
|
4.35%
|
|
4.35%
|
|
4.36%
|
|
4.30%
|
|
4.35%
|
|
4.47%
|
|
Total cost of
funds
|
0.38%
|
|
0.36%
|
|
0.35%
|
|
0.33%
|
|
0.32%
|
|
0.36%
|
|
0.34%
|
|
Net interest margin
(TE)
|
3.95%
|
|
3.99%
|
|
4.01%
|
|
4.03%
|
|
3.98%
|
|
3.99%
|
|
4.12%
|
|
Non-interest income
excluding securities transactions,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as a percent of total
revenue (TE)
|
27.32%
|
|
31.36%
|
|
32.01%
|
|
30.40%
|
|
29.56%
|
|
30.28%
|
|
30.68%
|
|
Efficiency
ratio
|
67.05%
|
|
61.91%
|
|
63.11%
|
|
74.41%
|
|
74.66%
|
|
66.38%
|
|
76.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY
(period end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
to assets
|
9.38%
|
|
9.90%
|
|
10.06%
|
|
9.85%
|
|
9.21%
|
|
9.38%
|
|
9.21%
|
|
Tangible common
equity to tangible assets
|
7.46%
|
|
7.90%
|
|
7.96%
|
|
7.68%
|
|
7.44%
|
|
7.46%
|
|
7.44%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY TO ASSETS
RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets
|
7.46%
|
|
7.90%
|
|
7.96%
|
|
7.68%
|
|
7.44%
|
|
7.46%
|
|
7.44%
|
|
Effect of goodwill
and other intangibles
|
1.92%
|
|
2.00%
|
|
2.10%
|
|
2.17%
|
|
1.77%
|
|
1.92%
|
|
1.77%
|
|
|
Equity to assets
(GAAP)
|
9.38%
|
|
9.90%
|
|
10.06%
|
|
9.85%
|
|
9.21%
|
|
9.38%
|
|
9.21%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER PERIOD-END
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking Division
FTE
|
1,035
|
|
1,011
|
|
1,023
|
|
1,085
|
|
1,075
|
|
1,035
|
|
1,075
|
|
Mortgage Division
FTE
|
263
|
|
259
|
|
245
|
|
233
|
|
229
|
|
263
|
|
229
|
|
|
Total Ameris Bancorp
FTE Headcount
|
1,298
|
|
1,270
|
|
1,268
|
|
1,318
|
|
1,304
|
|
1,298
|
|
1,304
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets per Banking
Division FTE
|
$
6,659
|
|
$
6,423
|
|
$
6,081
|
|
$
5,620
|
|
$
5,199
|
|
$
6,659
|
|
$
5,199
|
|
Branch
locations
|
97
|
|
99
|
|
102
|
|
103
|
|
101
|
|
97
|
|
101
|
|
Deposits per branch
location
|
$
57,476
|
|
$
53,597
|
|
$
50,780
|
|
$
50,784
|
|
$
48,310
|
|
$
57,476
|
|
$
48,310
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
57,982
|
|
$
57,322
|
|
$
54,164
|
|
$
49,191
|
|
$
47,336
|
|
$
218,659
|
|
$
171,567
|
|
Interest on taxable
securities
|
4,348
|
|
4,336
|
|
4,554
|
|
4,586
|
|
4,540
|
|
17,824
|
|
16,134
|
|
Interest on
nontaxable securities
|
425
|
|
397
|
|
454
|
|
446
|
|
458
|
|
1,722
|
|
1,869
|
|
Interest on deposits
in other banks
|
193
|
|
147
|
|
159
|
|
328
|
|
262
|
|
827
|
|
790
|
|
Interest on federal
funds sold
|
8
|
|
8
|
|
9
|
|
8
|
|
5
|
|
33
|
|
33
|
|
|
Total interest
income
|
62,956
|
|
62,210
|
|
59,340
|
|
54,559
|
|
52,601
|
|
239,065
|
|
190,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
$
3,680
|
|
$
3,074
|
|
$
2,915
|
|
$
2,741
|
|
$
2,687
|
|
$
12,410
|
|
$
9,752
|
|
Interest on other
borrowings
|
1,997
|
|
2,069
|
|
1,836
|
|
1,382
|
|
1,296
|
|
7,284
|
|
5,104
|
|
|
Total interest
expense
|
5,677
|
|
5,143
|
|
4,751
|
|
4,123
|
|
3,983
|
|
19,694
|
|
14,856
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
57,279
|
|
57,067
|
|
54,589
|
|
50,436
|
|
48,618
|
|
219,371
|
|
175,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
1,710
|
|
811
|
|
889
|
|
681
|
|
553
|
|
4,091
|
|
5,264
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
$
55,569
|
|
$
56,256
|
|
$
53,700
|
|
$
49,755
|
|
$
48,065
|
|
$
215,280
|
|
$
170,273
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
$
11,036
|
|
$
11,358
|
|
$
10,436
|
|
$
9,915
|
|
$
10,119
|
|
$
42,745
|
|
$
34,465
|
|
Mortgage banking
activity
|
9,878
|
|
14,067
|
|
14,142
|
|
10,211
|
|
8,586
|
|
48,298
|
|
36,800
|
|
Other service
charges, commissions and fees
|
706
|
|
791
|
|
967
|
|
1,111
|
|
1,112
|
|
3,575
|
|
3,754
|
|
Gain(loss) on sale of
securities
|
-
|
|
-
|
|
-
|
|
94
|
|
-
|
|
94
|
|
137
|
|
Other non-interest
income
|
2,652
|
|
2,648
|
|
2,834
|
|
2,955
|
|
2,590
|
|
11,089
|
|
10,430
|
|
|
Total noninterest
income
|
24,272
|
|
28,864
|
|
28,379
|
|
24,286
|
|
22,407
|
|
105,801
|
|
85,586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
25,137
|
|
27,982
|
|
27,531
|
|
26,187
|
|
25,972
|
|
106,837
|
|
94,003
|
|
Occupancy and
equipment expenses
|
6,337
|
|
5,989
|
|
6,371
|
|
5,700
|
|
5,917
|
|
24,397
|
|
21,195
|
|
Data processing and
telecommunications expenses
|
6,244
|
|
6,185
|
|
6,049
|
|
6,113
|
|
6,046
|
|
24,591
|
|
19,849
|
|
Credit resolution
related expenses (1)
|
1,083
|
|
1,526
|
|
1,764
|
|
1,799
|
|
2,223
|
|
6,172
|
|
17,707
|
|
Advertising and
marketing expenses
|
1,273
|
|
1,249
|
|
854
|
|
805
|
|
1,171
|
|
4,181
|
|
3,312
|
|
Amortization of
intangible assets
|
1,044
|
|
993
|
|
1,319
|
|
1,020
|
|
1,160
|
|
4,376
|
|
3,741
|
|
Merger and conversion
charges
|
17
|
|
-
|
|
-
|
|
6,359
|
|
1,807
|
|
6,376
|
|
7,980
|
|
Other non-interest
expenses
|
13,542
|
|
9,275
|
|
8,471
|
|
7,617
|
|
8,732
|
|
38,905
|
|
31,328
|
|
|
Total noninterest
expense
|
54,677
|
|
53,199
|
|
52,359
|
|
55,600
|
|
53,028
|
|
215,835
|
|
199,115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
$
25,164
|
|
$
31,921
|
|
$
29,720
|
|
$
18,441
|
|
$
17,444
|
|
$
105,246
|
|
$
56,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
6,987
|
|
10,364
|
|
9,671
|
|
6,124
|
|
3,296
|
|
33,146
|
|
15,897
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
18,177
|
|
$
21,557
|
|
$
20,049
|
|
$
12,317
|
|
$
14,148
|
|
$
72,100
|
|
$
40,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
available to common shareholders
|
0.52
|
|
0.61
|
|
0.57
|
|
0.37
|
|
0.43
|
|
2.08
|
|
1.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
PERIOD-END BALANCE
SHEET
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
127,164
|
|
$
123,270
|
|
$
116,255
|
|
$
146,863
|
|
$
118,518
|
|
Federal funds sold
and interest bearing balances
|
71,221
|
|
90,801
|
|
68,273
|
|
107,373
|
|
272,045
|
|
Investment securities
available for sale, at fair value
|
822,735
|
|
838,124
|
|
843,646
|
|
837,103
|
|
783,185
|
|
Other
investments
|
29,464
|
|
24,578
|
|
19,125
|
|
12,802
|
|
9,323
|
|
Mortgage loans held
for sale
|
105,924
|
|
126,263
|
|
102,757
|
|
97,439
|
|
111,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of
unearned income
|
3,626,821
|
|
3,091,039
|
|
2,819,071
|
|
2,528,007
|
|
2,406,877
|
|
Purchased,
non-covered loans (excluding loan pools)
|
1,011,031
|
|
1,067,090
|
|
1,072,217
|
|
1,129,919
|
|
771,554
|
|
Purchased,
non-covered loan pools
|
568,314
|
|
624,886
|
|
610,425
|
|
656,734
|
|
592,963
|
|
Covered
loans
|
58,160
|
|
62,291
|
|
121,418
|
|
130,279
|
|
137,529
|
|
Less allowance for
loan losses
|
(23,920)
|
|
(22,963)
|
|
(21,734)
|
|
(21,482)
|
|
(21,062)
|
|
|
Loans, net
|
5,240,406
|
|
4,822,343
|
|
4,601,397
|
|
4,423,457
|
|
3,887,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
10,874
|
|
10,392
|
|
13,765
|
|
14,967
|
|
16,147
|
|
Purchased,
non-covered other real estate owned
|
11,332
|
|
14,126
|
|
13,928
|
|
15,048
|
|
14,333
|
|
Covered other real
estate owned
|
1,208
|
|
1,000
|
|
2,742
|
|
3,764
|
|
5,011
|
|
|
Total other real
estate owned
|
23,414
|
|
25,518
|
|
30,435
|
|
33,779
|
|
35,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and
equipment, net
|
121,217
|
|
122,191
|
|
123,978
|
|
124,747
|
|
121,639
|
|
Goodwill
|
125,532
|
|
122,545
|
|
121,422
|
|
121,512
|
|
90,082
|
|
Other intangibles,
net
|
17,428
|
|
18,472
|
|
20,574
|
|
21,892
|
|
17,058
|
|
FDIC loss sharing
receivable
|
-
|
|
-
|
|
-
|
|
1,197
|
|
6,301
|
|
Cash value of bank
owned life insurance
|
78,053
|
|
77,637
|
|
77,095
|
|
76,676
|
|
64,251
|
|
Other
assets
|
129,473
|
|
101,753
|
|
96,337
|
|
92,931
|
|
72,004
|
|
|
Total
assets
|
$
6,892,031
|
|
$
6,493,495
|
|
$
6,221,294
|
|
$
6,097,771
|
|
$
5,588,940
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
1,573,389
|
|
$
1,563,316
|
|
$
1,553,972
|
|
$
1,529,037
|
|
$
1,329,857
|
|
|
Interest-bearing
|
4,001,774
|
|
3,742,782
|
|
3,625,560
|
|
3,701,750
|
|
3,549,433
|
|
Total
deposits
|
5,575,163
|
|
5,306,098
|
|
5,179,532
|
|
5,230,787
|
|
4,879,290
|
|
Federal funds
purchased & securities sold under
|
|
|
|
|
|
|
|
|
|
|
|
agreements to
repurchase
|
53,505
|
|
42,647
|
|
37,139
|
|
43,741
|
|
63,585
|
|
FDIC loss sharing
payable, net
|
6,313
|
|
7,775
|
|
1,897
|
|
-
|
|
-
|
|
Other
borrowings
|
492,321
|
|
373,461
|
|
260,191
|
|
110,531
|
|
39,000
|
|
Other
liabilities
|
34,064
|
|
37,033
|
|
33,050
|
|
28,647
|
|
22,432
|
|
Subordinated
deferrable interest debentures
|
84,228
|
|
83,898
|
|
83,570
|
|
83,237
|
|
69,874
|
|
|
Total
liabilities
|
6,245,594
|
|
5,850,912
|
|
5,595,379
|
|
5,496,943
|
|
5,074,181
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
Common
stock
|
36,378
|
|
36,348
|
|
36,303
|
|
36,272
|
|
33,625
|
Capital
surplus
|
410,276
|
|
409,630
|
|
408,549
|
|
407,726
|
|
337,349
|
Retained
earnings
|
214,454
|
|
199,769
|
|
181,701
|
|
163,395
|
|
152,820
|
Accumulated
other comprehensive income/(loss)
|
(1,058)
|
|
10,449
|
|
12,960
|
|
6,411
|
|
3,353
|
Less treasury
stock
|
(13,613)
|
|
(13,613)
|
|
(13,598)
|
|
(12,976)
|
|
(12,388)
|
|
|
Total stockholders'
equity
|
646,437
|
|
642,583
|
|
625,915
|
|
600,828
|
|
514,759
|
|
|
Total liabilities and
stockholders' equity
|
$
6,892,031
|
|
$
6,493,495
|
|
$
6,221,294
|
|
$
6,097,771
|
|
$
5,588,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
Earning
Assets
|
6,293,670
|
|
5,925,072
|
|
5,656,932
|
|
5,499,656
|
|
5,084,658
|
Intangible
Assets
|
142,960
|
|
141,017
|
|
141,996
|
|
143,404
|
|
107,140
|
Interest Bearing
Liabilities
|
4,631,828
|
|
4,242,788
|
|
4,006,460
|
|
3,939,259
|
|
3,721,892
|
Average
Assets
|
6,573,344
|
|
6,330,350
|
|
6,138,757
|
|
5,618,397
|
|
5,427,367
|
Average Common
Stockholders' Equity
|
653,991
|
|
640,382
|
|
616,361
|
|
542,264
|
|
513,098
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
INFORMATION(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
22,963
|
|
$
21,734
|
|
$
21,482
|
|
$
21,062
|
|
$
22,471
|
|
$
21,062
|
|
$
21,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
loss
|
1,710
|
|
811
|
|
889
|
|
681
|
|
553
|
|
4,091
|
|
5,264
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
1,686
|
|
1,451
|
|
1,376
|
|
1,814
|
|
2,675
|
|
6,327
|
|
9,133
|
|
|
Recoveries
|
933
|
|
1,869
|
|
739
|
|
1,553
|
|
713
|
|
5,094
|
|
3,774
|
|
Net charge-offs
(recoveries)
|
753
|
|
(418)
|
|
637
|
|
261
|
|
1,962
|
|
1,233
|
|
5,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending
balance
|
$
23,920
|
|
$
22,963
|
|
$
21,734
|
|
$
21,482
|
|
$
21,062
|
|
$
23,920
|
|
$
21,062
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a percentage of
loans
|
0.66%
|
|
0.74%
|
|
0.77%
|
|
0.85%
|
|
0.88%
|
|
0.66%
|
|
0.88%
|
|
As a percentage of
nonperforming loans
|
132.05%
|
|
140.20%
|
|
135.81%
|
|
136.83%
|
|
124.92%
|
|
132.05%
|
|
124.92%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-off
information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
726
|
|
$
326
|
|
$
541
|
|
$
406
|
|
$
501
|
|
$
1,999
|
|
$
1,438
|
|
Real estate -
residential
|
239
|
|
292
|
|
123
|
|
468
|
|
621
|
|
1,122
|
|
1,587
|
|
Real estate -
commercial & farmland
|
-
|
|
-
|
|
361
|
|
347
|
|
1,009
|
|
708
|
|
2,367
|
|
Real estate -
construction & development
|
264
|
|
60
|
|
109
|
|
155
|
|
157
|
|
588
|
|
622
|
|
Consumer
installment
|
159
|
|
74
|
|
59
|
|
59
|
|
110
|
|
351
|
|
410
|
|
Purchased
non-covered, including pools
|
240
|
|
408
|
|
111
|
|
307
|
|
178
|
|
1,066
|
|
950
|
|
Covered
|
58
|
|
291
|
|
72
|
|
72
|
|
99
|
|
493
|
|
1,759
|
|
|
Total
charge-offs
|
1,686
|
|
1,451
|
|
1,376
|
|
1,814
|
|
2,675
|
|
6,327
|
|
9,133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
121
|
|
119
|
|
87
|
|
73
|
|
134
|
|
400
|
|
651
|
|
Real estate -
residential
|
23
|
|
40
|
|
14
|
|
314
|
|
13
|
|
391
|
|
151
|
|
Real estate -
commercial & farmland
|
78
|
|
13
|
|
57
|
|
121
|
|
13
|
|
269
|
|
317
|
|
Real estate -
construction & development
|
16
|
|
131
|
|
221
|
|
122
|
|
9
|
|
490
|
|
323
|
|
Consumer
installment
|
8
|
|
78
|
|
16
|
|
25
|
|
20
|
|
127
|
|
137
|
|
Purchased
non-covered, including pools
|
458
|
|
399
|
|
208
|
|
658
|
|
232
|
|
1,723
|
|
1,187
|
|
Covered
|
229
|
|
1,089
|
|
136
|
|
240
|
|
292
|
|
1,694
|
|
1,008
|
|
|
Total
recoveries
|
933
|
|
1,869
|
|
739
|
|
1,553
|
|
713
|
|
5,094
|
|
3,774
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries)
|
$
753
|
|
$
(418)
|
|
$
637
|
|
$
261
|
|
$
1,962
|
|
$
1,233
|
|
$
5,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
(excluding purchased non-covered
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and covered loans)
|
18,114
|
|
16,379
|
|
16,003
|
|
15,700
|
|
16,860
|
|
18,114
|
|
16,860
|
Non-accrual purchased
non-covered loans
|
18,420
|
|
17,993
|
|
15,767
|
|
19,187
|
|
13,330
|
|
18,420
|
|
13,330
|
Non-accrual purchased
loan pools
|
-
|
|
864
|
|
864
|
|
-
|
|
-
|
|
-
|
|
-
|
Foreclosed assets
(excluding purchased assets)
|
10,874
|
|
10,392
|
|
13,765
|
|
14,967
|
|
16,147
|
|
10,874
|
|
16,147
|
Purchased,
non-covered other real estate owned
|
11,332
|
|
14,126
|
|
13,928
|
|
15,048
|
|
14,333
|
|
11,332
|
|
14,333
|
Accruing loans
delinquent 90 days or more
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total
non-performing assets, excluding covered assets
|
58,740
|
|
59,754
|
|
60,327
|
|
64,902
|
|
60,670
|
|
58,740
|
|
60,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
as a percent of total assets
|
0.85%
|
|
0.92%
|
|
0.97%
|
|
1.06%
|
|
1.09%
|
|
0.85%
|
|
1.09%
|
Net charge offs as a
percent of loans (Annualized)
|
0.06%
|
|
-0.04%
|
|
0.06%
|
|
0.03%
|
|
0.21%
|
|
0.03%
|
|
0.16%
|
Net charge offs,
excluding purchased loans, loan pools and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
covered loans, as a percent of loans (Annualized)
|
0.14%
|
|
0.05%
|
|
0.12%
|
|
0.13%
|
|
0.38%
|
|
0.11%
|
|
0.22%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Asset quality
information is presented net of covered assets where the Company's
risk exposure is limited substantially by loss sharing agreements
with the FDIC.
|
|
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the quarter
ended:
|
|
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
|
Loans by
Type
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
|
Commercial, financial
& agricultural
|
$
967,138
|
|
$
625,947
|
|
$
564,343
|
|
$
434,073
|
|
$
449,623
|
|
|
Real estate -
construction & development
|
363,045
|
|
328,308
|
|
274,717
|
|
264,820
|
|
244,693
|
|
|
Real estate -
commercial & farmland
|
1,406,219
|
|
1,297,582
|
|
1,248,580
|
|
1,154,887
|
|
1,104,991
|
|
|
Real estate -
residential
|
781,018
|
|
766,933
|
|
680,233
|
|
629,138
|
|
570,430
|
|
|
Consumer
installment
|
96,915
|
|
68,305
|
|
33,245
|
|
31,901
|
|
31,125
|
|
|
Other
|
12,486
|
|
3,964
|
|
17,953
|
|
13,188
|
|
6,015
|
|
|
Total Legacy (excluding purchased
|
|
|
|
|
|
|
|
|
|
|
|
non-covered and covered)
|
$
3,626,821
|
|
$
3,091,039
|
|
$
2,819,071
|
|
$
2,528,007
|
|
$
2,406,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
95,743
|
|
$
99,596
|
|
$
101,803
|
|
$
111,537
|
|
$
45,462
|
|
|
Real estate -
construction & development
|
78,376
|
|
86,099
|
|
89,096
|
|
103,753
|
|
72,080
|
|
|
Real estate -
commercial & farmland
|
563,438
|
|
590,388
|
|
574,830
|
|
598,935
|
|
390,755
|
|
|
Real estate -
residential
|
268,888
|
|
286,169
|
|
300,898
|
|
309,770
|
|
258,153
|
|
|
Consumer
installment
|
4,586
|
|
4,838
|
|
5,590
|
|
5,924
|
|
5,104
|
|
|
Total Purchased non-covered (net of discounts)
|
$
1,011,031
|
|
$
1,067,090
|
|
$
1,072,217
|
|
$
1,129,919
|
|
$
771,554
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
Real estate -
construction & development
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Real estate -
commercial & farmland
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Real estate -
residential
|
568,314
|
|
624,886
|
|
610,425
|
|
656,734
|
|
592,963
|
|
|
Consumer
installment
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total Purchased non-covered loan pools
|
$
568,314
|
|
$
624,886
|
|
$
610,425
|
|
$
656,734
|
|
$
592,963
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
794
|
|
$
830
|
|
$
1,604
|
|
$
4,739
|
|
$
5,546
|
|
|
Real estate -
construction & development
|
2,992
|
|
3,220
|
|
7,168
|
|
7,205
|
|
7,612
|
|
|
Real estate -
commercial & farmland
|
12,917
|
|
13,688
|
|
65,091
|
|
67,055
|
|
71,226
|
|
|
Real estate -
residential
|
41,389
|
|
44,457
|
|
47,455
|
|
51,176
|
|
53,038
|
|
|
Consumer
installment
|
68
|
|
96
|
|
100
|
|
104
|
|
107
|
|
|
Total Covered (net of discounts)
|
$
58,160
|
|
$
62,291
|
|
$
121,418
|
|
$
130,279
|
|
$
137,529
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loan
Portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
1,063,675
|
|
$
726,373
|
|
$
667,750
|
|
$
550,349
|
|
$
500,631
|
|
|
Real estate -
construction & development
|
444,413
|
|
417,627
|
|
370,981
|
|
375,778
|
|
324,385
|
|
|
Real estate -
commercial & farmland
|
1,982,574
|
|
1,901,658
|
|
1,888,501
|
|
1,820,877
|
|
1,566,972
|
|
|
Real estate -
residential
|
1,659,609
|
|
1,722,445
|
|
1,639,011
|
|
1,646,818
|
|
1,474,584
|
|
|
Consumer
installment
|
101,569
|
|
73,239
|
|
38,935
|
|
37,929
|
|
36,336
|
|
|
Other
|
12,486
|
|
3,964
|
|
17,953
|
|
13,188
|
|
6,015
|
|
|
Total Loans
|
$
5,264,326
|
|
$
4,845,306
|
|
$
4,623,131
|
|
$
4,444,939
|
|
$
3,908,923
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt
Restructurings, excluding purchased non-covered and covered
loans:
|
|
|
|
|
Accruing loan
types:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
47
|
|
$
53
|
|
$
275
|
|
$
279
|
|
$
240
|
|
|
Real estate -
construction & development
|
686
|
|
691
|
|
468
|
|
476
|
|
792
|
|
|
Real estate -
commercial & farmland
|
4,119
|
|
5,535
|
|
5,802
|
|
5,945
|
|
5,766
|
|
|
Real estate -
residential
|
9,340
|
|
7,713
|
|
8,226
|
|
7,648
|
|
7,574
|
|
|
Consumer
installment
|
17
|
|
21
|
|
24
|
|
37
|
|
46
|
|
|
Total Accruing TDRs
|
$
14,209
|
|
$
14,013
|
|
$
14,795
|
|
$
14,385
|
|
$
14,418
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accruing loan
types:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
114
|
|
$
112
|
|
$
86
|
|
$
75
|
|
$
110
|
|
|
Real estate -
construction & development
|
35
|
|
35
|
|
36
|
|
30
|
|
63
|
|
|
Real estate -
commercial & farmland
|
2,970
|
|
2,015
|
|
1,832
|
|
1,871
|
|
596
|
|
|
Real estate -
residential
|
738
|
|
849
|
|
899
|
|
1,040
|
|
1,123
|
|
|
Consumer
installment
|
130
|
|
120
|
|
113
|
|
87
|
|
94
|
|
|
Total Non-accrual TDRs
|
$
3,987
|
|
$
3,131
|
|
$
2,966
|
|
$
3,103
|
|
$
1,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Troubled
Debt Restructurings
|
$
18,196
|
|
$
17,144
|
|
$
17,761
|
|
$
17,488
|
|
$
16,404
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following
table presents the loan portfolio by risk grade, excluding
purchased non-covered and covered loans:
|
|
|
|
|
|
|
Grade 10 - Prime
credit
|
$
414,564
|
|
$
398,781
|
|
$
349,725
|
|
$
254,203
|
|
$
250,609
|
|
|
Grade 15 - Good
credit
|
539,147
|
|
190,389
|
|
191,574
|
|
213,510
|
|
227,730
|
|
|
Grade 20 -
Satisfactory credit
|
1,669,998
|
|
1,608,265
|
|
1,493,561
|
|
1,346,050
|
|
1,224,320
|
|
|
Grade 23 -
Performing, under-collateralized credit
|
23,186
|
|
22,763
|
|
23,665
|
|
25,047
|
|
27,607
|
|
|
Grade 25 - Minimum
acceptable credit
|
907,588
|
|
797,148
|
|
687,817
|
|
628,042
|
|
609,413
|
|
|
Grade 30 - Other
asset especially mentioned
|
29,172
|
|
31,764
|
|
32,468
|
|
22,141
|
|
24,423
|
|
|
Grade 40 -
Substandard
|
43,067
|
|
41,929
|
|
40,261
|
|
39,013
|
|
42,773
|
|
|
Grade 50 -
Doubtful
|
99
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Grade 60 -
Loss
|
-
|
|
-
|
|
-
|
|
1
|
|
2
|
|
|
Total
|
$
3,626,821
|
|
$
3,091,039
|
|
$
2,819,071
|
|
$
2,528,007
|
|
$
2,406,877
|
|
|
|
|
|
|
|
|
|
|
|
|
The following
table presents the purchased, non-covered loan portfolio by risk
grade:
|
|
|
|
|
|
|
|
|
Grade 10 - Prime
credit
|
$
6,536
|
|
$
6,543
|
|
$
6,899
|
|
$
10,505
|
|
$
9,602
|
|
|
Grade 15 - Good
credit
|
40,786
|
|
42,257
|
|
45,245
|
|
48,229
|
|
51,168
|
|
|
Grade 20 -
Satisfactory credit
|
324,838
|
|
331,309
|
|
345,480
|
|
344,479
|
|
336,990
|
|
|
Grade 23 -
Performing, under-collateralized credit
|
23,813
|
|
27,504
|
|
27,387
|
|
27,445
|
|
12,029
|
|
|
Grade 25 - Minimum
acceptable credit
|
541,408
|
|
575,280
|
|
557,221
|
|
607,838
|
|
294,829
|
|
|
Grade 30 - Other
asset especially mentioned
|
29,606
|
|
44,838
|
|
52,536
|
|
50,517
|
|
30,693
|
|
|
Grade 40 -
Substandard
|
44,044
|
|
39,359
|
|
37,417
|
|
40,874
|
|
36,211
|
|
|
Grade 50 -
Doubtful
|
-
|
|
-
|
|
30
|
|
30
|
|
30
|
|
|
Grade 60 -
Loss
|
-
|
|
-
|
|
2
|
|
2
|
|
2
|
|
|
Total
|
$
1,011,031
|
|
$
1,067,090
|
|
$
1,072,217
|
|
$
1,129,919
|
|
$
771,554
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
5,261
|
|
$
5,500
|
|
$
7,186
|
|
$
6,200
|
|
$
5,500
|
|
$
6,033
|
|
$
5,500
|
|
|
Interest bearing
deposits in banks
|
122,538
|
|
85,051
|
|
96,906
|
|
201,814
|
|
291,303
|
|
126,453
|
|
214,120
|
|
|
Investment securities
- taxable
|
770,373
|
|
767,421
|
|
766,006
|
|
728,269
|
|
730,608
|
|
758,076
|
|
650,708
|
|
|
Investment securities
- nontaxable
|
66,566
|
|
68,325
|
|
69,664
|
|
68,824
|
|
69,711
|
|
68,340
|
|
71,035
|
|
|
Other
investments
|
19,732
|
|
21,687
|
|
14,765
|
|
9,606
|
|
9,322
|
|
16,470
|
|
9,422
|
|
|
Mortgage loans held
for sale
|
102,926
|
|
105,859
|
|
96,998
|
|
82,803
|
|
98,765
|
|
97,995
|
|
87,952
|
|
|
Loans
|
3,145,714
|
|
2,897,771
|
|
2,653,171
|
|
2,410,747
|
|
2,333,577
|
|
2,777,505
|
|
2,161,726
|
|
|
Purchased non-covered
loans
|
1,042,333
|
|
1,086,039
|
|
1,111,814
|
|
836,187
|
|
752,508
|
|
1,019,093
|
|
712,022
|
|
|
Purchased non-covered
loan pools
|
590,617
|
|
629,666
|
|
630,503
|
|
627,178
|
|
454,884
|
|
619,440
|
|
201,689
|
|
|
Covered
loans
|
59,574
|
|
113,136
|
|
127,595
|
|
134,383
|
|
180,493
|
|
108,672
|
|
206,774
|
|
|
Total
Earning Assets
|
$
5,925,634
|
|
$
5,780,455
|
|
$
5,574,608
|
|
$
5,106,011
|
|
$
4,926,671
|
|
$
5,598,077
|
|
$
4,320,948
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
deposits
|
$
1,592,073
|
|
$
1,546,211
|
|
$
1,561,621
|
|
$
1,362,007
|
|
$
1,324,999
|
|
$
1,515,771
|
|
$
1,227,682
|
|
|
NOW
accounts
|
1,253,849
|
|
1,085,828
|
|
1,087,442
|
|
1,137,076
|
|
1,100,972
|
|
1,141,206
|
|
877,949
|
|
|
MMDA
|
1,435,958
|
|
1,435,151
|
|
1,413,503
|
|
1,278,199
|
|
1,212,087
|
|
1,390,948
|
|
1,074,349
|
|
|
Savings
accounts
|
262,782
|
|
266,344
|
|
265,936
|
|
251,108
|
|
241,337
|
|
261,559
|
|
209,206
|
|
|
Retail CDs <
$100,000
|
445,132
|
|
431,570
|
|
437,899
|
|
438,122
|
|
449,158
|
|
438,798
|
|
425,583
|
|
|
Retail CDs >
$100,000
|
497,113
|
|
451,115
|
|
439,954
|
|
406,699
|
|
395,978
|
|
448,243
|
|
384,761
|
|
|
Brokered
CDs
|
3,750
|
|
5,000
|
|
5,000
|
|
1,099
|
|
-
|
|
3,716
|
|
-
|
|
|
Total
Deposits
|
5,490,657
|
|
5,221,219
|
|
5,211,355
|
|
4,874,310
|
|
4,724,531
|
|
5,200,241
|
|
4,199,530
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB
advances
|
222,426
|
|
265,202
|
|
104,195
|
|
9,648
|
|
-
|
|
150,879
|
|
8,444
|
|
|
Other
borrowings
|
38,728
|
|
49,345
|
|
51,970
|
|
42,096
|
|
39,000
|
|
45,526
|
|
40,931
|
|
|
Subordinated
debentures
|
84,050
|
|
83,719
|
|
83,386
|
|
72,589
|
|
69,723
|
|
80,952
|
|
67,962
|
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to
repurchase
|
44,000
|
|
37,305
|
|
43,286
|
|
52,787
|
|
61,986
|
|
44,324
|
|
50,988
|
|
|
Total
Non-Deposit Funding
|
389,204
|
|
435,571
|
|
282,837
|
|
177,120
|
|
170,709
|
|
321,681
|
|
168,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Funding
|
$
5,879,861
|
|
$
5,656,790
|
|
$
5,494,192
|
|
$
5,051,430
|
|
$
4,895,240
|
|
$
5,521,922
|
|
$
4,367,855
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME/EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
8
|
|
$
8
|
|
$
9
|
|
$
8
|
|
$
5
|
|
$
33
|
|
$
33
|
|
|
Interest bearing
deposits in banks
|
193
|
|
147
|
|
159
|
|
328
|
|
262
|
|
827
|
|
790
|
|
|
Investment securities
- taxable
|
4,348
|
|
4,336
|
|
4,554
|
|
4,586
|
|
4,540
|
|
17,824
|
|
16,134
|
|
|
Investment securities
- nontaxable (TE)
|
654
|
|
536
|
|
613
|
|
602
|
|
618
|
|
2,405
|
|
2,523
|
|
|
Mortgage loans held
for sale
|
989
|
|
826
|
|
821
|
|
755
|
|
1,040
|
|
3,391
|
|
3,466
|
|
|
Loans (TE)
|
37,418
|
|
33,672
|
|
31,531
|
|
28,684
|
|
27,901
|
|
131,305
|
|
103,206
|
|
|
Purchased non-covered
loans
|
16,036
|
|
17,629
|
|
17,062
|
|
13,133
|
|
12,129
|
|
63,860
|
|
46,208
|
|
|
Purchased non-covered
loan pools
|
3,950
|
|
4,346
|
|
3,730
|
|
5,144
|
|
3,335
|
|
17,170
|
|
6,481
|
|
|
Covered
loans
|
979
|
|
1,667
|
|
1,797
|
|
2,060
|
|
3,556
|
|
6,503
|
|
14,128
|
|
|
Total Earning
Assets
|
$
64,575
|
|
$
63,167
|
|
$
60,276
|
|
$
55,300
|
|
$
53,386
|
|
$
243,318
|
|
$
192,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion Income (included above)
|
3,370
|
|
3,604
|
|
4,196
|
|
2,942
|
|
2,912
|
|
14,112
|
|
11,681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
NOW
accounts
|
613
|
|
433
|
|
439
|
|
468
|
|
463
|
|
1,953
|
|
1,461
|
|
|
MMDA
|
1,405
|
|
1,241
|
|
1,168
|
|
1,040
|
|
929
|
|
4,854
|
|
3,229
|
|
|
Savings
accounts
|
44
|
|
45
|
|
45
|
|
43
|
|
42
|
|
177
|
|
158
|
|
|
Retail CDs <
$100,000
|
553
|
|
493
|
|
476
|
|
512
|
|
594
|
|
2,034
|
|
2,202
|
|
|
Retail CDs >
$100,000
|
1,060
|
|
854
|
|
779
|
|
676
|
|
659
|
|
3,369
|
|
2,703
|
|
|
Brokered
CDs
|
6
|
|
8
|
|
8
|
|
2
|
|
-
|
|
24
|
|
-
|
|
|
Total
Deposits
|
3,681
|
|
3,074
|
|
2,915
|
|
2,741
|
|
2,687
|
|
12,411
|
|
9,753
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB
advances
|
328
|
|
393
|
|
155
|
|
23
|
|
-
|
|
899
|
|
31
|
|
|
Other
borrowings
|
432
|
|
479
|
|
484
|
|
370
|
|
328
|
|
1,765
|
|
1,362
|
|
|
Subordinated
debentures
|
1,216
|
|
1,179
|
|
1,173
|
|
954
|
|
924
|
|
4,522
|
|
3,536
|
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to
repurchase
|
21
|
|
18
|
|
24
|
|
35
|
|
44
|
|
98
|
|
174
|
|
|
Total
Non-Deposit Funding
|
1,997
|
|
2,069
|
|
1,836
|
|
1,382
|
|
1,296
|
|
7,284
|
|
5,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Funding
|
$
5,678
|
|
$
5,143
|
|
$
4,751
|
|
$
4,123
|
|
$
3,983
|
|
$
19,695
|
|
$
14,856
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income (TE)
|
$
58,897
|
|
$
58,024
|
|
$
55,525
|
|
$
51,177
|
|
$
49,403
|
|
$
223,623
|
|
$
178,113
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
YIELDS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
0.60%
|
|
0.58%
|
|
0.50%
|
|
0.52%
|
|
0.36%
|
|
0.55%
|
|
0.60%
|
|
|
Interest bearing
deposits in banks
|
0.63%
|
|
0.69%
|
|
0.66%
|
|
0.65%
|
|
0.36%
|
|
0.65%
|
|
0.37%
|
|
|
Investment securities
- taxable
|
2.25%
|
|
2.25%
|
|
2.39%
|
|
2.53%
|
|
2.47%
|
|
2.35%
|
|
2.48%
|
|
|
Investment securities
- nontaxable
|
3.91%
|
|
3.12%
|
|
3.54%
|
|
3.52%
|
|
3.52%
|
|
3.52%
|
|
3.55%
|
|
|
Mortgage loans held
for sale
|
3.82%
|
|
3.10%
|
|
3.40%
|
|
3.67%
|
|
4.18%
|
|
3.46%
|
|
3.94%
|
|
|
Loans
|
4.73%
|
|
4.62%
|
|
4.78%
|
|
4.79%
|
|
4.74%
|
|
4.73%
|
|
4.77%
|
|
|
Purchased non-covered
loans
|
6.12%
|
|
6.46%
|
|
6.17%
|
|
6.32%
|
|
6.39%
|
|
6.27%
|
|
6.49%
|
|
|
Purchased non-covered
loan pools
|
2.66%
|
|
2.75%
|
|
2.38%
|
|
3.30%
|
|
2.91%
|
|
2.77%
|
|
3.21%
|
|
|
Covered
loans
|
6.54%
|
|
5.86%
|
|
5.66%
|
|
6.17%
|
|
7.82%
|
|
5.98%
|
|
6.83%
|
|
|
Total
Earning Assets
|
4.34%
|
|
4.35%
|
|
4.35%
|
|
4.36%
|
|
4.30%
|
|
4.35%
|
|
4.47%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
deposits
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
|
NOW
accounts
|
0.19%
|
|
0.16%
|
|
0.16%
|
|
0.17%
|
|
0.17%
|
|
0.17%
|
|
0.17%
|
|
|
MMDA
|
0.39%
|
|
0.34%
|
|
0.33%
|
|
0.33%
|
|
0.30%
|
|
0.35%
|
|
0.30%
|
|
|
Savings
accounts
|
0.07%
|
|
0.07%
|
|
0.07%
|
|
0.07%
|
|
0.07%
|
|
0.07%
|
|
0.08%
|
|
|
Retail CDs <
$100,000
|
0.49%
|
|
0.45%
|
|
0.44%
|
|
0.47%
|
|
0.52%
|
|
0.46%
|
|
0.52%
|
|
|
Retail CDs >
$100,000
|
0.85%
|
|
0.75%
|
|
0.71%
|
|
0.67%
|
|
0.66%
|
|
0.75%
|
|
0.70%
|
|
|
Brokered
CDs
|
0.64%
|
|
0.64%
|
|
0.64%
|
|
0.73%
|
|
0.00%
|
|
0.65%
|
|
0.00%
|
|
|
Total
Deposits
|
0.27%
|
|
0.23%
|
|
0.22%
|
|
0.23%
|
|
0.23%
|
|
0.24%
|
|
0.23%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB
advances
|
0.59%
|
|
0.59%
|
|
0.60%
|
|
0.96%
|
|
0.00%
|
|
0.60%
|
|
0.37%
|
|
|
Other
borrowings
|
4.44%
|
|
3.86%
|
|
3.75%
|
|
3.54%
|
|
3.34%
|
|
3.88%
|
|
3.33%
|
|
|
Subordinated
debentures
|
5.76%
|
|
5.60%
|
|
5.66%
|
|
5.29%
|
|
5.26%
|
|
5.59%
|
|
5.20%
|
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to
repurchase
|
0.19%
|
|
0.19%
|
|
0.22%
|
|
0.27%
|
|
0.28%
|
|
0.22%
|
|
0.34%
|
|
|
Total
Non-Deposit Funding
|
2.04%
|
|
1.89%
|
|
2.61%
|
|
3.14%
|
|
3.01%
|
|
2.26%
|
|
3.03%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total funding
(3)
|
0.38%
|
|
0.36%
|
|
0.35%
|
|
0.33%
|
|
0.32%
|
|
0.36%
|
|
0.34%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread
|
3.95%
|
|
3.99%
|
|
4.00%
|
|
4.03%
|
|
3.98%
|
|
3.99%
|
|
4.13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
3.95%
|
|
3.99%
|
|
4.01%
|
|
4.03%
|
|
3.98%
|
|
3.99%
|
|
4.12%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
Twelve Months
Ended
|
|
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
|
Adjusted Operating
Net Income Reconciliation
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders
|
$
18,177
|
|
$
21,557
|
|
$
20,049
|
|
$
12,317
|
|
$
14,148
|
|
$
72,100
|
|
$
40,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
17
|
|
-
|
|
-
|
|
6,359
|
|
1,807
|
|
6,376
|
|
7,980
|
|
|
Certain credit
resolution related expenses
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
11,241
|
|
|
Certain compliance
resolution expenses
|
5,750
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5,750
|
|
-
|
|
|
Tax effect of
management-adjusted charges
|
(2,018)
|
|
-
|
|
-
|
|
(2,226)
|
|
(632)
|
|
(4,244)
|
|
(6,727)
|
|
|
Plus: After tax
management-adjusted charges
|
3,749
|
|
-
|
|
-
|
|
4,133
|
|
1,175
|
|
7,882
|
|
12,494
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Operating Net income
|
21,926
|
|
21,557
|
|
20,049
|
|
16,450
|
|
15,323
|
|
79,982
|
|
53,341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
net income per diluted share:
|
$
0.62
|
|
$
0.61
|
|
$
0.57
|
|
$
0.50
|
|
$
0.47
|
|
$
2.30
|
|
$
1.66
|
|
|
Adjusted operating
return on average assets
|
1.33%
|
|
1.35%
|
|
1.31%
|
|
1.18%
|
|
1.12%
|
|
1.30%
|
|
1.11%
|
|
|
Adjusted operating
return on average common
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
tangible equity
|
17.04%
|
|
17.18%
|
|
17.03%
|
|
15.42%
|
|
14.97%
|
|
16.71%
|
|
13.66%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
|
Net Interest
Margin and Yields on Total Loans
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
Excluding Accretion Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest Income
(TE)
|
$
64,575
|
|
$
63,167
|
|
$
60,276
|
|
$
55,300
|
|
$
53,386
|
|
$
243,318
|
|
$
192,969
|
|
|
Accretion Income
|
3,370
|
|
3,604
|
|
4,196
|
|
2,942
|
|
2,912
|
|
14,112
|
|
11,681
|
|
|
Total Interest Income
(TE) Excluding Accretion
|
$
61,205
|
|
$
59,563
|
|
$
56,080
|
|
$
52,358
|
|
$
50,474
|
|
$
229,206
|
|
$
181,288
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest
Expense
|
$
5,677
|
|
$
5,143
|
|
$
4,751
|
|
$
4,123
|
|
$
3,983
|
|
$
19,694
|
|
$
14,856
|
|
|
Net Interest Income
(TE) Excluding Accretion
|
$
55,528
|
|
$
54,420
|
|
$
51,329
|
|
$
48,235
|
|
$
46,491
|
|
$
209,512
|
|
$
166,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on Total Loans
Excluding Accretion
|
4.51%
|
|
4.49%
|
|
4.42%
|
|
4.60%
|
|
4.68%
|
|
4.50%
|
|
4.80%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin
Excluding Accretion
|
3.73%
|
|
3.75%
|
|
3.70%
|
|
3.80%
|
|
3.74%
|
|
3.74%
|
|
3.85%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
|
Core Earnings
Reconciliation
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax operating
profit/(loss)
|
$
25,164
|
|
$
31,921
|
|
$
29,720
|
|
$
18,441
|
|
$
17,444
|
|
$
105,246
|
|
$
56,744
|
|
|
Plus: Credit Related
Costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses
|
1,710
|
|
811
|
|
889
|
|
681
|
|
553
|
|
4,091
|
|
5,264
|
|
|
(Gains)/Losses on the sale of legacy OREO
|
72
|
|
377
|
|
447
|
|
753
|
|
535
|
|
1,649
|
|
1,117
|
|
|
Gains/(Losses) on the sale of covered OREO
|
1
|
|
(89)
|
|
28
|
|
166
|
|
610
|
|
106
|
|
880
|
|
|
Problem loan and OREO expense
|
1,010
|
|
1,238
|
|
1,289
|
|
880
|
|
1,078
|
|
4,417
|
|
15,732
|
|
|
Interest reversed (received) on non-accrual loans
|
21
|
|
41
|
|
35
|
|
34
|
|
58
|
|
131
|
|
644
|
|
|
Total
Credit-Related Costs
|
2,814
|
|
2,378
|
|
2,688
|
|
2,514
|
|
2,834
|
|
10,394
|
|
23,637
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus:
Management-adjusted charges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion charges
|
17
|
|
-
|
|
-
|
|
6,359
|
|
1,807
|
|
6,376
|
|
7,980
|
|
|
Compliance resolution expenses
|
5,750
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5,750
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
Management-adjusted gains (losses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on sales of securities
|
-
|
|
-
|
|
-
|
|
(94)
|
|
-
|
|
(94)
|
|
(137)
|
|
|
Gains/(Losses)
on sales of bank premises
|
430
|
|
238
|
|
401
|
|
(77)
|
|
(267)
|
|
992
|
|
(267)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pretax, Pre-provision
earnings
|
$
34,175
|
|
$
34,537
|
|
$
32,809
|
|
$
27,143
|
|
$
21,818
|
|
$
128,664
|
|
$
87,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As percentage of
average assets, annualized
|
2.07%
|
|
2.17%
|
|
2.15%
|
|
1.94%
|
|
1.59%
|
|
2.09%
|
|
1.62%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
|
Management-Adjusted Operating
Expenses
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Expenses
|
54,677
|
|
53,199
|
|
52,359
|
|
55,600
|
|
53,028
|
|
215,835
|
|
199,115
|
|
|
Less: Credit costs
& managemnt-adjusted charges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains/(Losses) on the sale of legacy OREO
|
(72)
|
|
(377)
|
|
(447)
|
|
(753)
|
|
(535)
|
|
(1,649)
|
|
(1,117)
|
|
|
Gains/(Losses) on the sale of covered OREO
|
(1)
|
|
89
|
|
(28)
|
|
(166)
|
|
(610)
|
|
(106)
|
|
(880)
|
|
|
Problem loan and OREO expense
|
(1,010)
|
|
(1,238)
|
|
(1,289)
|
|
(880)
|
|
(1,078)
|
|
(4,417)
|
|
(15,732)
|
|
|
Conversion
expenses
|
(17)
|
|
-
|
|
-
|
|
(6,359)
|
|
(1,807)
|
|
(6,376)
|
|
(7,980)
|
|
|
Compliance resolution expenses
|
(5,750)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(5,750)
|
|
-
|
|
|
Gains/(Losses) on the sale of premises
|
(430)
|
|
(238)
|
|
(401)
|
|
77
|
|
267
|
|
(992)
|
|
267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management-adjusted
operating expenses
|
$
47,397
|
|
$
51,435
|
|
$
50,194
|
|
$
47,519
|
|
$
49,265
|
|
$
196,545
|
|
$
173,673
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
|
Segment
Reporting
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
50,240
|
|
$
50,374
|
|
$
48,940
|
|
$
45,801
|
|
$
44,088
|
|
$
195,355
|
|
$
159,777
|
|
|
Provision for loan losses
|
610
|
|
57
|
|
733
|
|
681
|
|
504
|
|
2,081
|
|
4,847
|
|
|
Noninterest income
|
13,466
|
|
13,949
|
|
13,018
|
|
12,735
|
|
12,739
|
|
53,168
|
|
44,251
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
17,084
|
|
18,323
|
|
18,428
|
|
18,989
|
|
19,225
|
|
72,824
|
|
68,183
|
|
|
Occupancy
|
5,670
|
|
5,490
|
|
5,901
|
|
5,150
|
|
5,356
|
|
22,211
|
|
19,320
|
|
|
Data
Processing
|
5,885
|
|
5,794
|
|
5,685
|
|
5,820
|
|
5,759
|
|
23,184
|
|
18,681
|
|
|
Other
expenses
|
15,667
|
|
11,533
|
|
11,071
|
|
16,436
|
|
13,853
|
|
54,707
|
|
59,636
|
|
|
Total noninterest expense
|
44,306
|
|
41,140
|
|
41,085
|
|
46,395
|
|
44,193
|
|
172,926
|
|
165,820
|
|
|
Income before income
taxes
|
18,790
|
|
23,126
|
|
20,140
|
|
11,460
|
|
12,130
|
|
73,516
|
|
33,361
|
|
|
Income
Tax
|
4,756
|
|
7,286
|
|
6,318
|
|
3,681
|
|
1,436
|
|
22,041
|
|
7,713
|
|
|
Net
income
|
$
14,034
|
|
$
15,840
|
|
$
13,822
|
|
$
7,779
|
|
$
10,694
|
|
$
51,476
|
|
$
25,648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Mortgage
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
4,118
|
|
$
3,679
|
|
$
3,293
|
|
$
3,020
|
|
$
2,812
|
|
$
14,110
|
|
$
8,821
|
|
|
Provision for loan losses
|
33
|
|
447
|
|
93
|
|
-
|
|
49
|
|
573
|
|
417
|
|
|
Noninterest income
|
9,036
|
|
13,198
|
|
13,304
|
|
9,624
|
|
7,966
|
|
45,162
|
|
34,498
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
7,098
|
|
8,940
|
|
8,304
|
|
6,347
|
|
5,855
|
|
30,689
|
|
22,112
|
|
|
Occupancy
|
602
|
|
433
|
|
405
|
|
488
|
|
501
|
|
1,928
|
|
1,674
|
|
|
Data
Processing
|
326
|
|
364
|
|
338
|
|
272
|
|
266
|
|
1,300
|
|
1,065
|
|
|
Other
expenses
|
1,093
|
|
1,303
|
|
1,133
|
|
956
|
|
1,043
|
|
4,485
|
|
3,787
|
|
|
Total noninterest expense
|
9,119
|
|
11,040
|
|
10,180
|
|
8,063
|
|
7,665
|
|
38,402
|
|
28,638
|
|
|
Income before income
taxes
|
4,002
|
|
5,390
|
|
6,324
|
|
4,581
|
|
3,064
|
|
20,297
|
|
14,264
|
|
|
Income
Tax
|
1,401
|
|
1,887
|
|
2,213
|
|
1,603
|
|
1,072
|
|
7,104
|
|
4,992
|
|
|
Net
income
|
$
2,601
|
|
$
3,504
|
|
$
4,111
|
|
$
2,978
|
|
$
1,992
|
|
$
13,193
|
|
$
9,272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse
Lending:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
1,972
|
|
$
2,073
|
|
$
1,622
|
|
$
1,019
|
|
$
995
|
|
$
6,686
|
|
$
4,137
|
|
|
Provision for loan losses
|
496
|
|
94
|
|
-
|
|
-
|
|
-
|
|
590
|
|
-
|
|
|
Noninterest income
|
462
|
|
555
|
|
440
|
|
333
|
|
336
|
|
1,790
|
|
1,364
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
220
|
|
103
|
|
108
|
|
188
|
|
156
|
|
619
|
|
519
|
|
|
Occupancy
|
1
|
|
1
|
|
1
|
|
1
|
|
3
|
|
4
|
|
7
|
|
|
Data
Processing
|
32
|
|
26
|
|
25
|
|
20
|
|
20
|
|
103
|
|
95
|
|
|
Other
expenses
|
29
|
|
26
|
|
26
|
|
25
|
|
28
|
|
106
|
|
123
|
|
|
Total noninterest expense
|
282
|
|
156
|
|
160
|
|
234
|
|
207
|
|
832
|
|
744
|
|
|
Income before income
taxes
|
1,656
|
|
2,378
|
|
1,902
|
|
1,118
|
|
1,124
|
|
7,054
|
|
4,757
|
|
|
Income
Tax
|
580
|
|
832
|
|
666
|
|
391
|
|
393
|
|
2,469
|
|
1,665
|
|
|
Net
income
|
$
1,076
|
|
$
1,546
|
|
$
1,236
|
|
$
727
|
|
$
731
|
|
$
4,585
|
|
$
3,092
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
949
|
|
$
941
|
|
$
734
|
|
$
596
|
|
$
723
|
|
$
3,220
|
|
$
2,802
|
|
|
Provision for loan losses
|
571
|
|
213
|
|
63
|
|
-
|
|
-
|
|
847
|
|
-
|
|
|
Noninterest income
|
1,308
|
|
1,162
|
|
1,617
|
|
1,594
|
|
1,366
|
|
5,681
|
|
5,473
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
735
|
|
616
|
|
691
|
|
663
|
|
736
|
|
2,705
|
|
3,189
|
|
|
Occupancy
|
64
|
|
65
|
|
64
|
|
61
|
|
57
|
|
254
|
|
194
|
|
|
Data
Processing
|
1
|
|
1
|
|
1
|
|
1
|
|
1
|
|
4
|
|
8
|
|
|
Other
expenses
|
170
|
|
181
|
|
178
|
|
183
|
|
169
|
|
712
|
|
522
|
|
|
Total noninterest expense
|
970
|
|
863
|
|
934
|
|
908
|
|
963
|
|
3,675
|
|
3,913
|
|
|
Income before income
taxes
|
716
|
|
1,027
|
|
1,354
|
|
1,282
|
|
1,126
|
|
4,379
|
|
4,362
|
|
|
Income
Tax
|
251
|
|
359
|
|
474
|
|
449
|
|
394
|
|
1,533
|
|
1,527
|
|
|
Net
income
|
$
465
|
|
$
668
|
|
$
880
|
|
$
833
|
|
$
732
|
|
$
2,846
|
|
$
2,835
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Consolidated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
57,279
|
|
$
57,067
|
|
$
54,589
|
|
$
50,436
|
|
$
48,618
|
|
$
219,371
|
|
$
175,537
|
|
|
Provision for loan losses
|
1,710
|
|
811
|
|
889
|
|
681
|
|
553
|
|
4,091
|
|
5,264
|
|
|
Noninterest income
|
24,272
|
|
28,864
|
|
28,379
|
|
24,286
|
|
22,407
|
|
105,801
|
|
85,586
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
25,137
|
|
27,982
|
|
27,531
|
|
26,187
|
|
25,972
|
|
106,837
|
|
94,003
|
|
|
Occupancy
|
6,337
|
|
5,989
|
|
6,371
|
|
5,700
|
|
5,917
|
|
24,397
|
|
21,195
|
|
|
Data
Processing
|
6,244
|
|
6,185
|
|
6,049
|
|
6,113
|
|
6,046
|
|
24,591
|
|
19,849
|
|
|
Other
expenses
|
16,959
|
|
13,043
|
|
12,408
|
|
17,600
|
|
15,093
|
|
60,010
|
|
64,068
|
|
|
Total noninterest expense
|
54,677
|
|
53,199
|
|
52,359
|
|
55,600
|
|
53,028
|
|
215,835
|
|
199,115
|
|
|
Income before income
taxes
|
25,164
|
|
31,921
|
|
29,720
|
|
18,441
|
|
17,444
|
|
105,246
|
|
56,744
|
|
|
Income
Tax
|
6,987
|
|
10,364
|
|
9,671
|
|
6,124
|
|
3,296
|
|
33,146
|
|
15,897
|
|
|
Net
income
|
$
18,177
|
|
$
21,557
|
|
$
20,049
|
|
$
12,317
|
|
$
14,148
|
|
$
72,100
|
|
$
40,847
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ameris-bancorp-announces-2016-financial-results-300394037.html
SOURCE Ameris Bancorp