MOULTRIE, Ga., July 21, 2017 /PRNewswire/ -- Ameris Bancorp
(Nasdaq: ABCB) (the "Company") today reported net income of
$23.1 million, or $0.62 per diluted share, for the quarter ended
June 30, 2017, compared with
$20.0 million, or $0.57 per diluted share, for the quarter ended
June 30, 2016. For the
year-to-date period ending June 30,
2017, the Company reported net income of $44.2 million, or $1.20 per diluted share, compared with
$32.4 million, or $0.95 per share, for the same period in 2016.
Commenting on the Company's quarterly results, Edwin W. Hortman, Jr., the Company's President
and Chief Executive Officer, said, "We are pleased to announce
solid second quarter financial results, including an adjusted
operating ROA of 1.32% and an adjusted operating efficiency ratio
of 59.37%. Additionally, we grew loans organically by
approximately $391 million, or 33%
annualized in the second quarter of 2017 in the same diversified
manner as in past quarters. As we move into the second half
of 2017, we see enough momentum and opportunity to give us
confidence in our initial loan growth goals in the 20% range."
The Company reported adjusted operating net income of
$23.5 million, or $0.63 per diluted share, for the quarter ended
June 30, 2017, compared with
$20.3 million, or $0.58 per diluted share, for the second quarter
of 2016. The Company reported adjusted operating net income
of $45.1 million, or $1.23 per diluted share, for the six months ended
June 30, 2017, compared with
$36.7 million, or $1.08 per diluted share, for the same period of
2016. Adjusted operating net income for the periods excludes
certain after-tax costs associated with acquisitions and sales of
premises, as shown in the following summary of the adjustments
between reported net income and adjusted operating net income:
|
Three Months
Ended
|
|
Six Months
Ended
|
Adjusted Operating
Net Income Reconciliation
|
June
2017
|
|
June
2016
|
|
June
2017
|
|
June
2016
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders
|
$
23,087
|
|
$
20,049
|
|
$
44,240
|
|
$
32,366
|
Merger and conversion
charges
|
-
|
|
-
|
|
402
|
|
6,359
|
Losses (gains) on the
sale of premises
|
570
|
|
401
|
|
865
|
|
324
|
Tax effect of
management-adjusted charges
|
(199)
|
|
(140)
|
|
(443)
|
|
(2,339)
|
Plus: After tax
management-adjusted charges
|
371
|
|
261
|
|
824
|
|
4,344
|
Adjusted
Operating Net income
|
23,458
|
|
20,310
|
|
45,064
|
|
36,710
|
|
|
|
|
|
|
|
|
Reported net income
per diluted share:
|
$
0.62
|
|
$
0.57
|
|
$
1.20
|
|
$
0.95
|
Adjusted operating
net income per diluted share:
|
$
0.63
|
|
$
0.58
|
|
$
1.23
|
|
$
1.08
|
Reported return on
average assets
|
1.29%
|
|
1.31%
|
|
1.27%
|
|
1.11%
|
Adjusted operating
return on average assets
|
1.32%
|
|
1.33%
|
|
1.29%
|
|
1.26%
|
Highlights of the Company's performance and results for the
second quarter of 2017 include the following:
- Adjusted operating return on average assets of 1.32% and
adjusted return on average tangible equity of 14.86%
- Increase in tangible book value per share to $17.24, compared with $16.60 per share at March
31, 2017
- Organic loan growth of $391.3
million for the quarter, reflecting an annualized growth
rate of 32.9%
- 10.1% increase in total revenue, to $91.3 million, in the second quarter of 2017,
compared with total revenue of $83.0
million in the second quarter of 2016
- Improvement in adjusted operating efficiency ratio, on a
tax-equivalent basis, to 59.37% in the second quarter of 2017,
compared with 61.93% in the same quarter in 2016
- Tangible common equity to tangible assets of 8.84% at
June 30, 2017, compared with 8.86% at
March 31, 2017 and 7.46% at
December 31, 2016
- Net income from mortgage, Small Business Administration ("SBA")
and premium finance lines of business totaling $7.3 million in the second quarter, compared with
$6.2 million in the first quarter of
2017
Net Interest Income and Net Interest
Margin
Interest income on a tax-equivalent basis
increased to $73.0 million in the
current quarter of 2017, an increase of $12.8 million, or 21.2%, from the same quarter in
2016. Yields on total earning assets moved higher during the
quarter to 4.45%, compared with 4.38% for the first quarter in
2017. Yields on all loans excluding the effect of accretion
increased to 4.59% in the current quarter of 2017, compared with
4.56% in the first quarter of 2017 and 4.42% in the second quarter
of 2016. Past increases in overall loan yields were
attributable primarily to moves in short-term rates, while
incremental loan production yields generally trailed the portfolio
yield. In the second quarter of 2017, incremental production
yields increased to such a point that the dilutive effect to
overall yields was very small. Management believes production
yields going forward will be accretive to overall yields and will
combine with rate movements to produce a faster pace of yield
improvements.
Interest expense during the second quarter of 2017 moved higher
to $8.3 million, compared with
$4.8 million in the same quarter in
2016. The Company's cost of funds moved higher to 0.52% in
the second quarter of 2017 as compared with the first quarter of
2017. This relatively material move in cost of funds was
impacted by the Company's issuance of $75
million of subordinated debt late in the first quarter of
2017. Additionally, the Company adopted a more aggressive
posture on deposit pricing that drove the cost of deposits in the
second quarter of 2017 higher to 0.32%. As of the end of the
quarter, the Company's largest deposit customers are more
aggressively priced and management believes that future moves in
the cost of deposits will be less dramatic.
Interest expense on non-deposit borrowings increased during the
quarter to $3.7 million, compared
with $1.8 million in the same quarter
in 2016. Overall costs on these funding sources have
decreased from a rate perspective over the past year, but the
Company's use of these sources has increased from 4.4% of total
funding in the first half of 2016 to 10.9% in the first half of
2017. Management is comfortable with the reliance on
non-deposit borrowings at its current level but expects to manage
the usage to a lower level over time with a higher velocity of
deposit growth.
Non-interest Income
Non-interest income in the
second quarter of 2017 was $28.2
million, a slight decrease from the $28.4 million reported in the second quarter of
2016. Service charges in the second quarter of 2017 were
$10.6 million, an increase of
$180,000, or 1.7%, compared with the
same quarter in 2016. Service charge-related revenues on
commercial and consumer accounts increased, while NSF fee income
declined.
Operational efficiency continued to improve the financial
results of the Company's retail mortgage group. Revenue from
mortgage operations increased to $16.5
million, an increase of 4.2% compared with the same quarter
in 2016. However, net income for the Company's retail
mortgage division increased 13.3% during the second quarter of 2017
to $4.1 million, compared with
$3.6 million in the second quarter of
2016. Total retail production increased to $400.2 million in the quarter, compared with
$375.7 million in the second quarter
of 2016, while spread (gain on sale) decreased to 3.46% in the
current quarter compared with 3.90% in the same quarter of
2016. Open pipelines at the end of the quarter were
$174.3 million, compared with
$146.3 million at the beginning of
the second quarter of 2017 and $162.6
million at the end of the second quarter of 2016.
Net income for the Company's warehouse lending division
decreased during the quarter, from $1.1
million in the second quarter of 2016 to $837,000 in the second quarter of 2017.
However, loan production increased from $790.6 million in the second quarter of 2016 to
approximately $966.8 million in the
current quarter. The decline in profitability is attributable
to an increase of $176,000 in the
Company's provision for loan loss expense and $219,000 of additional cost of funds allocated to
the division. The Company experienced a contraction in
quarter-end balances at the end of the first quarter, but rebounded
as expected during the second quarter, bringing average balances
down quarter-over-quarter.
Revenues from the Company's SBA division were $2.6 million during the second quarter of 2017,
compared with $2.4 million during the
second quarter of 2016. Net income for the division decreased
slightly from $880,000 for the second
quarter of 2016 to $875,000 for the
second quarter of 2017, due to increased compensation
costs.
Revenues from the premium finance division continued to meet
management's expectations, reporting $1.5
million of net income for the second quarter of 2017,
compared with $1.3 million in the
first quarter of 2017. Management continues to be pleased
with the profitability metrics and the franchise potential from
this new partnership with US Premium Finance and believes that the
management and sales talent in place are adequate to achieve the
strong growth goals that were initially forecasted.
Non-interest Expense
During the second quarter
of 2017 and 2016, the Company incurred pre-tax losses on the sale
of premises totaling $570,000 in 2017
and $401,000 in 2016. Excluding
these charges, operating expenses increased approximately
$3.2 million, to $55.2 million, from $52.0
million in the second quarter of 2016. Additional
operating expenses associated with the premium finance division
impacted operating expenses by approximately $3.3 million in the second quarter of 2017.
During the second quarter of 2017, the Company incurred
approximately $401,000 of operating
expenses related to the new equipment finance line of
business. Management expects loan production to grow in the
remainder of 2017 to offset these operating expenses.
Management continues to focus its efforts on improving the
operating efficiency and the net overhead ratio of the
Company. During the second quarter of 2017, the Company's
adjusted operating efficiency ratio declined to 59.37%, compared
with 59.67% in the first quarter of 2017 and 61.93% in the second
quarter of 2016. The Company's adjusted operating net
overhead ratio also declined, to 1.51% in the second quarter of
2017, compared with 1.57% in the first quarter of
2017.
Salaries and benefits increased by $1.6
million to $29.1 million in
the current quarter of 2017, compared with $27.5 million in the second quarter of
2016. Increases in salaries and benefits from the second
quarter of 2016 to the second quarter of 2017 relating to the
Company's ongoing Bank Secrecy Act compliance efforts, the addition
of the premium finance division and the addition of the equipment
finance line of business were $863,000, $993,000
and $338,000, respectively.
Total credit costs (provision and non-provision credit
resolution-related costs) totaled $2.8
million in the second quarter of 2017, compared with
$2.7 million in the same quarter in
2016 and $2.8 million in the first
quarter of 2017.
Balance Sheet Trends
Total assets at
June 30, 2017 were $7.40 billion, compared with $6.89 billion reported at December 31, 2016 and $7.09 billion reported at March 31, 2017.
Loans, including loans held for sale, totaled $5.82 billion at June 30,
2017, compared with $5.37
billion at December 31, 2016
and $5.43 billion at March 31, 2017. During the quarter, growth
in core loans (legacy and purchased non-covered loans) increased by
$391.3 million, or 32.9% on an
annualized basis. Growth in legacy loans was diversified
across product type, with commercial and industrial and agriculture
at 35% of incremental growth, residential real estate at 29%,
construction and development at 16%, CRE at 14%, and consumer and
other loans at 6% of the total. Loans held for sale, which
includes both residential mortgage and SBA-guaranteed loans,
increased $41.1 million during the
second quarter of 2017.
Loan production and growth associated with the new premium
finance division continue to meet forecasted levels. Loans
outstanding grew $50.7 million, or
47.7% annualized, from $425.9 million
at the end of the first quarter of 2017 to $476.6 million at the end of the second quarter
of 2017.
Lending activity in the Company's new equipment finance line of
business, which provides financing for heavy equipment in the
manufacturing, transportation and construction sectors, finished
the quarter with approved credit totaling $126.7 million at a weighted average yield of
approximately 4.18%. Outstanding balances have been slower to
book and ended the quarter at $15.9
million. Management expects additional approvals
throughout the remainder of the year and that usage on approved
lines will increase and support the Company's overall growth goals
in the second half of 2017.
Mortgage warehouse balances rebounded during the quarter to
finish at $173.9 million at
June 30, 2017, compared with
$107.8 million at the end of the
first quarter of 2017 and $150.5
million at the same time in 2016. Loan production
increased to $966.8 million, or
22.3%, from the same quarter in 2016.
Investment securities at the end of the second quarter of 2017
were $861.2 million, or 12.6% of
earning assets, compared with $852.2
million, or 13.5% of earning assets, at December 31, 2016.
At June 30, 2017, total deposits
amounted to $5.79 billion, or 88.1%
of total funding, compared with $5.58
billion and 89.8%, respectively, at December 31, 2016. Non-interest bearing
deposits at the end of the current quarter were $1.67 billion, or 28.9% of total deposits,
compared with $1.57 billion, or
28.2%, at December 31, 2016.
Non-rate sensitive deposits (including non-interest bearing, NOW
and savings) totaled $3.10 billion at
June 30, 2017, compared with
$3.04 billion at the end of
2016. These funds represented 53.6% of the Company's total
deposits at June 30, 2017, compared
with 54.6% at the end of 2016.
Shareholders' equity at June 30,
2017 totaled $782.7 million,
compared with $646.4 million at
December 31, 2016. The increase
in shareholders' equity was the result of the issuance of shares of
common stock in the Company's public offering, plus earnings of
$44.2 million during the first six
months of 2017. Tangible book value per share at June 30, 2017 was $17.24, up 19.6% from $14.42 at the end of 2016. Tangible common
equity as a percentage of tangible assets was to 8.84% at the end
of the second quarter of 2017, compared with 7.46% at the end of
2016.
Conference Call
The Company will host a
teleconference at 10:00 a.m. EDT
today (July 21, 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 August 4, 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 10109634. 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 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.
|
|
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
$
23,087
|
|
$
21,153
|
|
$
18,177
|
|
$
21,557
|
|
$
20,049
|
|
$
44,240
|
|
$
32,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Net Income
|
$
23,458
|
|
$
21,606
|
|
$
22,205
|
|
$
21,712
|
|
$
20,310
|
|
$
45,064
|
|
$
36,710
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
available to common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.62
|
|
$
0.59
|
|
$
0.52
|
|
$
0.62
|
|
$
0.58
|
|
$
1.21
|
|
$
0.96
|
|
|
Diluted
|
$
0.62
|
|
$
0.59
|
|
$
0.52
|
|
$
0.61
|
|
$
0.57
|
|
$
1.20
|
|
$
0.95
|
|
|
Operating Diluted
EPS
|
$
0.63
|
|
$
0.60
|
|
$
0.63
|
|
$
0.62
|
|
$
0.58
|
|
$
1.23
|
|
$
1.08
|
|
Cash Dividends per
share
|
$
0.10
|
|
$
0.10
|
|
$
0.10
|
|
$
0.10
|
|
$
0.05
|
|
$
0.20
|
|
$
0.10
|
|
Book value per share
(period end)
|
$
21.03
|
|
$
20.42
|
|
$
18.51
|
|
$
18.42
|
|
$
17.96
|
|
$
21.03
|
|
$
17.96
|
|
Tangible book value
per share (period end)
|
$
17.24
|
|
$
16.60
|
|
$
14.42
|
|
$
14.38
|
|
$
13.89
|
|
$
17.24
|
|
$
13.89
|
|
Weighted average
number of shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
37,162,810
|
|
35,664,420
|
|
34,915,459
|
|
34,869,747
|
|
34,832,621
|
|
36,417,754
|
|
33,792,343
|
|
|
Diluted
|
37,489,348
|
|
36,040,240
|
|
35,293,035
|
|
35,194,739
|
|
35,153,311
|
|
36,744,190
|
|
34,107,298
|
|
Period-end number of
shares
|
37,222,904
|
|
37,128,714
|
|
34,921,474
|
|
34,891,304
|
|
34,847,311
|
|
37,222,904
|
|
34,847,311
|
|
Market
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High intraday
price
|
$
49.80
|
|
$
49.50
|
|
$
47.70
|
|
$
36.20
|
|
$
32.76
|
|
$
49.80
|
|
$
32.68
|
|
|
Low intraday
price
|
$
42.60
|
|
$
41.60
|
|
$
34.61
|
|
$
28.90
|
|
$
27.73
|
|
$
41.60
|
|
$
25.09
|
|
|
Period end closing
price
|
$
48.20
|
|
$
46.10
|
|
$
43.60
|
|
$
34.95
|
|
$
29.70
|
|
$
48.20
|
|
$
29.70
|
|
|
Average daily
volume
|
169,617
|
|
242,982
|
|
191,894
|
|
166,841
|
|
215,409
|
|
205,998
|
|
234,141
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.29%
|
|
1.24%
|
|
1.10%
|
|
1.35%
|
|
1.31%
|
|
1.27%
|
|
1.11%
|
|
Return on average
common equity
|
11.95%
|
|
12.33%
|
|
11.06%
|
|
13.39%
|
|
13.08%
|
|
12.13%
|
|
11.24%
|
|
Earning asset yield
(TE)
|
4.45%
|
|
4.38%
|
|
4.34%
|
|
4.35%
|
|
4.35%
|
|
4.42%
|
|
4.35%
|
|
Total cost of
funds
|
0.52%
|
|
0.42%
|
|
0.38%
|
|
0.36%
|
|
0.35%
|
|
0.47%
|
|
0.34%
|
|
Net interest margin
(TE)
|
3.95%
|
|
3.97%
|
|
3.95%
|
|
3.99%
|
|
4.01%
|
|
3.96%
|
|
4.02%
|
|
Non-interest income
excluding securities transactions,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as a percent of total
revenue (TE)
|
27.81%
|
|
27.27%
|
|
27.32%
|
|
31.36%
|
|
32.01%
|
|
27.55%
|
|
31.25%
|
|
Efficiency
ratio
|
61.02%
|
|
61.52%
|
|
67.05%
|
|
61.91%
|
|
63.11%
|
|
61.26%
|
|
68.46%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY
(period end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
to assets
|
10.58%
|
|
10.69%
|
|
9.38%
|
|
9.90%
|
|
10.06%
|
|
10.58%
|
|
10.06%
|
|
Tangible common
equity to tangible assets
|
8.84%
|
|
8.86%
|
|
7.46%
|
|
7.90%
|
|
7.96%
|
|
8.84%
|
|
7.96%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY TO ASSETS
RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets
|
8.84%
|
|
8.86%
|
|
7.46%
|
|
7.90%
|
|
7.96%
|
|
8.84%
|
|
7.96%
|
|
Effect of goodwill
and other intangibles
|
1.74%
|
|
1.82%
|
|
1.92%
|
|
2.00%
|
|
2.10%
|
|
1.74%
|
|
2.10%
|
|
|
Equity to assets
(GAAP)
|
10.58%
|
|
10.69%
|
|
9.38%
|
|
9.90%
|
|
10.06%
|
|
10.58%
|
|
10.06%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER PERIOD-END
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking Division
FTE
|
1,082
|
|
1,039
|
|
1,014
|
|
987
|
|
1,000
|
|
1,082
|
|
1,000
|
|
Retail Mortgage
Division FTE
|
268
|
|
252
|
|
254
|
|
254
|
|
239
|
|
268
|
|
239
|
|
Warehouse Lending
Division FTE
|
8
|
|
8
|
|
9
|
|
5
|
|
6
|
|
8
|
|
6
|
|
SBA Division
FTE
|
23
|
|
20
|
|
21
|
|
24
|
|
23
|
|
23
|
|
23
|
|
Premium Finance
Division FTE
|
56
|
|
50
|
|
-
|
|
-
|
|
-
|
|
56
|
|
-
|
|
|
Total Ameris Bancorp
FTE Headcount
|
1,437
|
|
1,369
|
|
1,298
|
|
1,270
|
|
1,268
|
|
1,437
|
|
1,268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets per Banking
Division FTE
|
$
6,837
|
|
$
6,829
|
|
$
6,797
|
|
$
6,579
|
|
$
6,221
|
|
$
6,837
|
|
$
6,221
|
|
Branch
locations
|
97
|
|
97
|
|
97
|
|
99
|
|
102
|
|
97
|
|
102
|
|
Deposits per branch
location
|
$
59,726
|
|
$
58,169
|
|
$
57,476
|
|
$
53,597
|
|
$
50,780
|
|
$
59,726
|
|
$
50,780
|
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.
|
|
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
65,464
|
|
$
61,521
|
|
$
57,982
|
|
$
57,322
|
|
$
54,164
|
|
$
126,985
|
|
$
103,355
|
|
Interest on taxable
securities
|
5,195
|
|
4,800
|
|
4,348
|
|
4,336
|
|
4,554
|
|
9,995
|
|
9,140
|
|
Interest on
nontaxable securities
|
401
|
|
416
|
|
425
|
|
397
|
|
454
|
|
817
|
|
900
|
|
Interest on deposits
in other banks
|
351
|
|
313
|
|
193
|
|
147
|
|
159
|
|
664
|
|
487
|
|
Interest on federal
funds sold
|
-
|
|
-
|
|
8
|
|
8
|
|
9
|
|
0
|
|
17
|
|
|
Total interest
income
|
71,411
|
|
67,050
|
|
62,956
|
|
62,210
|
|
59,340
|
|
138,461
|
|
113,899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
$
4,580
|
|
$
3,763
|
|
$
3,680
|
|
$
3,074
|
|
$
2,915
|
|
$
8,343
|
|
$
5,656
|
|
Interest on other
borrowings
|
3,674
|
|
2,697
|
|
1,997
|
|
2,069
|
|
1,836
|
|
6,371
|
|
3,218
|
|
|
Total interest
expense
|
8,254
|
|
6,460
|
|
5,677
|
|
5,143
|
|
4,751
|
|
14,714
|
|
8,874
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
63,157
|
|
60,590
|
|
57,279
|
|
57,067
|
|
54,589
|
|
123,747
|
|
105,025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
2,205
|
|
1,836
|
|
1,710
|
|
811
|
|
889
|
|
4,041
|
|
1,570
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
$
60,952
|
|
$
58,754
|
|
$
55,569
|
|
$
56,256
|
|
$
53,700
|
|
$
119,706
|
|
$
103,455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
$
10,616
|
|
$
10,563
|
|
$
11,036
|
|
$
11,358
|
|
$
10,436
|
|
$
21,179
|
|
$
20,351
|
|
Mortgage banking
activity
|
13,943
|
|
11,215
|
|
9,878
|
|
14,067
|
|
14,142
|
|
25,158
|
|
24,353
|
|
Other service
charges, commissions and fees
|
729
|
|
709
|
|
706
|
|
791
|
|
967
|
|
1,438
|
|
2,078
|
|
Gain(loss) on sale of
securities
|
37
|
|
-
|
|
-
|
|
-
|
|
-
|
|
37
|
|
94
|
|
Other non-interest
income
|
2,864
|
|
3,219
|
|
2,652
|
|
2,648
|
|
2,834
|
|
6,083
|
|
5,789
|
|
|
Total noninterest
income
|
28,189
|
|
25,706
|
|
24,272
|
|
28,864
|
|
28,379
|
|
53,895
|
|
52,665
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
29,132
|
|
27,794
|
|
25,137
|
|
27,982
|
|
27,531
|
|
56,926
|
|
53,718
|
|
Occupancy and
equipment expenses
|
6,146
|
|
5,877
|
|
6,337
|
|
5,989
|
|
6,371
|
|
12,023
|
|
12,071
|
|
Data processing and
telecommunications expenses
|
7,028
|
|
6,572
|
|
6,244
|
|
6,185
|
|
6,049
|
|
13,600
|
|
12,162
|
|
Credit resolution
related expenses (1)
|
599
|
|
933
|
|
1,083
|
|
1,526
|
|
1,764
|
|
1,532
|
|
3,563
|
|
Advertising and
marketing expenses
|
1,259
|
|
1,106
|
|
1,273
|
|
1,249
|
|
854
|
|
2,365
|
|
1,659
|
|
Amortization of
intangible assets
|
1,013
|
|
1,036
|
|
1,044
|
|
993
|
|
1,319
|
|
2,049
|
|
2,339
|
|
Merger and conversion
charges
|
-
|
|
402
|
|
17
|
|
-
|
|
-
|
|
402
|
|
6,359
|
|
Other non-interest
expenses
|
10,562
|
|
9,373
|
|
13,542
|
|
9,275
|
|
8,471
|
|
19,935
|
|
16,088
|
|
|
Total noninterest
expense
|
55,739
|
|
53,093
|
|
54,677
|
|
53,199
|
|
52,359
|
|
108,832
|
|
107,959
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
$
33,402
|
|
$
31,367
|
|
$
25,164
|
|
$
31,921
|
|
$
29,720
|
|
$
64,769
|
|
$
48,161
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
10,315
|
|
10,214
|
|
6,987
|
|
10,364
|
|
9,671
|
|
20,529
|
|
15,795
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
23,087
|
|
$
21,153
|
|
$
18,177
|
|
$
21,557
|
|
$
20,049
|
|
$
44,240
|
|
$
32,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
available to common shareholders
|
0.62
|
|
0.59
|
|
0.52
|
|
0.61
|
|
0.57
|
|
1.20
|
|
0.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
PERIOD-END BALANCE
SHEET
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
139,500
|
|
$
127,164
|
|
$
127,164
|
|
$
123,270
|
|
$
116,255
|
|
Federal funds sold
and interest bearing deposits in banks
|
137,811
|
|
232,045
|
|
71,221
|
|
90,801
|
|
68,273
|
|
Investment securities
available for sale, at fair value
|
818,693
|
|
830,765
|
|
822,735
|
|
838,124
|
|
843,646
|
|
Other
investments
|
42,495
|
|
35,950
|
|
29,464
|
|
24,578
|
|
19,125
|
|
Loans held for
sale
|
146,766
|
|
105,637
|
|
105,924
|
|
126,263
|
|
102,757
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of
unearned income
|
4,230,228
|
|
3,785,480
|
|
3,626,821
|
|
3,091,039
|
|
2,819,071
|
|
Purchased loans
(excluding loan pools)
|
950,499
|
|
1,006,935
|
|
1,069,191
|
|
1,129,381
|
|
1,193,635
|
|
Purchased loan
pools
|
490,114
|
|
529,099
|
|
568,314
|
|
624,886
|
|
610,425
|
|
Less allowance for
loan losses
|
(25,101)
|
|
(25,250)
|
|
(23,920)
|
|
(22,963)
|
|
(21,734)
|
|
|
Loans, net
|
5,645,740
|
|
5,296,264
|
|
5,240,406
|
|
4,822,343
|
|
4,601,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
11,483
|
|
10,466
|
|
10,874
|
|
10,392
|
|
13,765
|
|
Purchased other real
estate owned
|
11,330
|
|
11,668
|
|
12,540
|
|
15,126
|
|
16,670
|
|
|
Total other real
estate owned
|
22,813
|
|
22,134
|
|
23,414
|
|
25,518
|
|
30,435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and
equipment, net
|
121,108
|
|
121,610
|
|
121,217
|
|
122,191
|
|
123,978
|
|
Goodwill
|
125,532
|
|
125,532
|
|
125,532
|
|
122,545
|
|
121,422
|
|
Other intangibles,
net
|
15,378
|
|
16,391
|
|
17,428
|
|
18,472
|
|
20,574
|
|
Deferred income
taxes, net
|
41,124
|
|
41,505
|
|
40,776
|
|
37,626
|
|
39,286
|
|
Cash value of bank
owned life insurance
|
78,834
|
|
78,442
|
|
78,053
|
|
77,637
|
|
77,095
|
|
Other
assets
|
62,064
|
|
61,417
|
|
88,697
|
|
64,127
|
|
57,051
|
|
|
Total
assets
|
$
7,397,858
|
|
$
7,094,856
|
|
$
6,892,031
|
|
$
6,493,495
|
|
$
6,221,294
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
1,672,918
|
|
$
1,654,723
|
|
$
1,573,389
|
|
$
1,563,316
|
|
$
1,553,972
|
|
|
Interest-bearing
|
4,120,479
|
|
3,987,646
|
|
4,001,774
|
|
3,742,782
|
|
3,625,560
|
|
Total
deposits
|
5,793,397
|
|
5,642,369
|
|
5,575,163
|
|
5,306,098
|
|
5,179,532
|
|
Federal funds
purchased & securities sold under
|
|
|
|
|
|
|
|
|
|
|
|
agreements to
repurchase
|
18,400
|
|
40,415
|
|
53,505
|
|
42,647
|
|
37,139
|
|
Other
borrowings
|
679,591
|
|
525,669
|
|
492,321
|
|
373,461
|
|
260,191
|
|
Subordinated
deferrable interest debentures
|
84,889
|
|
84,559
|
|
84,228
|
|
83,898
|
|
83,570
|
|
Other
liabilities
|
38,899
|
|
43,628
|
|
40,377
|
|
44,808
|
|
34,947
|
|
|
Total
liabilities
|
6,615,176
|
|
6,336,640
|
|
6,245,594
|
|
5,850,912
|
|
5,595,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
Common
stock
|
38,698
|
|
38,603
|
|
36,378
|
|
36,348
|
|
36,303
|
Capital
surplus
|
505,803
|
|
503,543
|
|
410,276
|
|
409,630
|
|
408,549
|
Retained
earnings
|
251,259
|
|
231,894
|
|
214,454
|
|
199,769
|
|
181,701
|
Accumulated
other comprehensive income (loss)
|
1,421
|
|
(1,209)
|
|
(1,058)
|
|
10,449
|
|
12,960
|
Less treasury
stock
|
(14,499)
|
|
(14,615)
|
|
(13,613)
|
|
(13,613)
|
|
(13,598)
|
|
|
Total shareholders'
equity
|
782,682
|
|
758,216
|
|
646,437
|
|
642,583
|
|
625,915
|
|
|
Total liabilities and
shareholders' equity
|
$
7,397,858
|
|
$
7,094,856
|
|
$
6,892,031
|
|
$
6,493,495
|
|
$
6,221,294
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
Earning
Assets
|
6,816,606
|
|
6,525,911
|
|
6,293,670
|
|
5,925,072
|
|
5,656,932
|
Intangible
Assets
|
140,910
|
|
141,923
|
|
142,960
|
|
141,017
|
|
141,996
|
Interest Bearing
Liabilities
|
4,903,359
|
|
4,638,289
|
|
4,631,828
|
|
4,242,788
|
|
4,006,460
|
Average
Assets
|
7,152,024
|
|
6,915,965
|
|
6,573,344
|
|
6,330,350
|
|
6,138,757
|
Average Common
Stockholders' Equity
|
774,664
|
|
695,830
|
|
653,991
|
|
640,382
|
|
616,361
|
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.
|
|
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
25,250
|
|
$
23,920
|
|
$
22,963
|
|
$
21,734
|
|
$
21,482
|
|
$
23,920
|
|
$
21,062
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
loss
|
2,205
|
|
1,836
|
|
1,710
|
|
811
|
|
889
|
|
4,041
|
|
1,570
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
3,284
|
|
1,102
|
|
1,686
|
|
1,451
|
|
1,376
|
|
4,386
|
|
3,190
|
|
|
Recoveries
|
930
|
|
596
|
|
933
|
|
1,869
|
|
739
|
|
1,526
|
|
2,292
|
|
Net charge-offs
(recoveries)
|
2,354
|
|
506
|
|
753
|
|
(418)
|
|
637
|
|
2,860
|
|
898
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending
balance
|
$
25,101
|
|
$
25,250
|
|
$
23,920
|
|
$
22,963
|
|
$
21,734
|
|
$
25,101
|
|
$
21,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-off
information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
701
|
|
$
104
|
|
$
726
|
|
$
326
|
|
$
541
|
|
$
805
|
|
$
947
|
|
Real estate -
residential
|
963
|
|
216
|
|
239
|
|
292
|
|
123
|
|
1,179
|
|
591
|
|
Real estate -
commercial & farmland
|
386
|
|
9
|
|
-
|
|
-
|
|
361
|
|
395
|
|
708
|
|
Real estate -
construction & development
|
41
|
|
53
|
|
264
|
|
60
|
|
109
|
|
94
|
|
264
|
|
Consumer
installment
|
438
|
|
164
|
|
159
|
|
74
|
|
59
|
|
602
|
|
118
|
|
Purchased loans
(excluding loan pools)
|
755
|
|
556
|
|
298
|
|
699
|
|
183
|
|
1,311
|
|
562
|
|
Purchased loan
pools
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total
charge-offs
|
3,284
|
|
1,102
|
|
1,686
|
|
1,451
|
|
1,376
|
|
4,386
|
|
3,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
221
|
|
69
|
|
121
|
|
119
|
|
87
|
|
290
|
|
160
|
|
Real estate -
residential
|
73
|
|
61
|
|
23
|
|
40
|
|
14
|
|
134
|
|
328
|
|
Real estate -
commercial & farmland
|
121
|
|
9
|
|
78
|
|
13
|
|
57
|
|
130
|
|
178
|
|
Real estate -
construction & development
|
98
|
|
20
|
|
16
|
|
131
|
|
221
|
|
118
|
|
343
|
|
Consumer
installment
|
44
|
|
17
|
|
8
|
|
78
|
|
16
|
|
61
|
|
41
|
|
Purchased loans
(excluding loan pools)
|
373
|
|
420
|
|
687
|
|
1,488
|
|
344
|
|
793
|
|
1,242
|
|
Purchased loan
pools
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total
recoveries
|
930
|
|
596
|
|
933
|
|
1,869
|
|
739
|
|
1,526
|
|
2,292
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries)
|
$
2,354
|
|
$
506
|
|
$
753
|
|
$
(418)
|
|
$
637
|
|
$
2,860
|
|
$
898
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
(excluding purchased loans)
|
17,083
|
|
18,281
|
|
18,114
|
|
16,379
|
|
16,003
|
|
17,083
|
|
16,003
|
Non-accrual purchased
loans
|
17,357
|
|
23,606
|
|
22,966
|
|
23,827
|
|
26,736
|
|
17,357
|
|
26,736
|
Non-accrual purchased
loan pools
|
918
|
|
-
|
|
-
|
|
864
|
|
864
|
|
918
|
|
864
|
Foreclosed assets
(excluding purchased assets)
|
11,483
|
|
10,466
|
|
10,874
|
|
10,392
|
|
13,765
|
|
11,483
|
|
13,765
|
Purchased other real
estate owned
|
11,330
|
|
11,668
|
|
12,540
|
|
15,126
|
|
16,670
|
|
11,330
|
|
16,670
|
Accruing loans
delinquent 90 days or more (excluding purchased loans)
|
1,784
|
|
933
|
|
-
|
|
-
|
|
-
|
|
1,784
|
|
-
|
Accruing purchased
loans delinquent 90 days or more
|
147
|
|
-
|
|
-
|
|
-
|
|
-
|
|
147
|
|
-
|
Total
non-performing assets
|
60,102
|
|
64,954
|
|
64,494
|
|
66,588
|
|
74,038
|
|
60,102
|
|
74,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
as a percent of total assets
|
0.81%
|
|
0.92%
|
|
0.94%
|
|
1.03%
|
|
1.19%
|
|
0.81%
|
|
1.19%
|
Net charge offs as a
percent of average loans (annualized)
|
0.17%
|
|
0.04%
|
|
0.06%
|
|
-0.04%
|
|
0.06%
|
|
0.11%
|
|
0.04%
|
Net charge offs,
excluding purchased loans as a percent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of
average loans (annualized)
|
0.20%
|
|
0.04%
|
|
0.14%
|
|
0.05%
|
|
0.12%
|
|
0.12%
|
|
0.13%
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the quarter
ended:
|
|
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
|
Loans by
Type
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
|
Commercial, financial
& agricultural
|
$
1,218,633
|
|
$
1,061,599
|
|
$
967,138
|
|
$
625,947
|
|
$
564,343
|
|
|
Real estate -
construction & development
|
486,858
|
|
415,029
|
|
363,045
|
|
328,308
|
|
274,717
|
|
|
Real estate -
commercial & farmland
|
1,519,002
|
|
1,458,110
|
|
1,406,219
|
|
1,297,582
|
|
1,248,580
|
|
|
Real estate -
residential
|
857,069
|
|
726,795
|
|
781,018
|
|
766,933
|
|
680,233
|
|
|
Consumer
installment
|
147,505
|
|
115,919
|
|
96,915
|
|
68,305
|
|
33,245
|
|
|
Other
|
1,161
|
|
8,028
|
|
12,486
|
|
3,964
|
|
17,953
|
|
|
Total Legacy (excluding purchased loans)
|
$
4,230,228
|
|
$
3,785,480
|
|
$
3,626,821
|
|
$
3,091,039
|
|
$
2,819,071
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
87,612
|
|
$
89,897
|
|
$
96,537
|
|
$
100,426
|
|
$
103,407
|
|
|
Real estate -
construction & development
|
73,567
|
|
82,378
|
|
81,368
|
|
89,319
|
|
96,264
|
|
|
Real estate -
commercial & farmland
|
510,312
|
|
538,046
|
|
576,355
|
|
604,076
|
|
639,921
|
|
|
Real estate -
residential
|
275,504
|
|
292,911
|
|
310,277
|
|
330,626
|
|
348,353
|
|
|
Consumer
installment
|
3,504
|
|
3,703
|
|
4,654
|
|
4,934
|
|
5,690
|
|
|
Total Purchased loans (net of discounts)
|
$
950,499
|
|
$
1,006,935
|
|
$
1,069,191
|
|
$
1,129,381
|
|
$
1,193,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
Real estate -
construction & development
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Real estate -
commercial & farmland
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Real estate -
residential
|
490,114
|
|
529,099
|
|
568,314
|
|
624,886
|
|
610,425
|
|
|
Consumer
installment
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total Purchased loan pools
|
$
490,114
|
|
$
529,099
|
|
$
568,314
|
|
$
624,886
|
|
$
610,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loan
Portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
1,306,245
|
|
$
1,151,496
|
|
$
1,063,675
|
|
$
726,373
|
|
$
667,750
|
|
|
Real estate -
construction & development
|
560,425
|
|
497,407
|
|
444,413
|
|
417,627
|
|
370,981
|
|
|
Real estate -
commercial & farmland
|
2,029,314
|
|
1,996,156
|
|
1,982,574
|
|
1,901,658
|
|
1,888,501
|
|
|
Real estate -
residential
|
1,622,687
|
|
1,548,805
|
|
1,659,609
|
|
1,722,445
|
|
1,639,011
|
|
|
Consumer
installment
|
151,009
|
|
119,622
|
|
101,569
|
|
73,239
|
|
38,935
|
|
|
Other
|
1,161
|
|
8,028
|
|
12,486
|
|
3,964
|
|
17,953
|
|
|
Total Loans
|
$
5,670,841
|
|
$
5,321,514
|
|
$
5,264,326
|
|
$
4,845,306
|
|
$
4,623,131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt
Restructurings, excluding purchased loans:
|
|
|
|
|
|
|
|
|
|
|
Accruing loan
types:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
40
|
|
$
42
|
|
$
47
|
|
$
53
|
|
$
275
|
|
|
Real estate -
construction & development
|
429
|
|
435
|
|
686
|
|
691
|
|
468
|
|
|
Real estate -
commercial & farmland
|
4,859
|
|
3,944
|
|
4,119
|
|
5,535
|
|
5,802
|
|
|
Real estate -
residential
|
6,829
|
|
9,220
|
|
9,340
|
|
7,713
|
|
8,226
|
|
|
Consumer
installment
|
12
|
|
18
|
|
17
|
|
21
|
|
24
|
|
|
Total Accruing TDRs
|
$
12,169
|
|
$
13,659
|
|
$
14,209
|
|
$
14,013
|
|
$
14,795
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accruing loan
types:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
136
|
|
$
142
|
|
$
114
|
|
$
112
|
|
$
86
|
|
|
Real estate -
construction & development
|
34
|
|
34
|
|
35
|
|
35
|
|
36
|
|
|
Real estate -
commercial & farmland
|
192
|
|
1,617
|
|
2,970
|
|
2,015
|
|
1,832
|
|
|
Real estate -
residential
|
1,975
|
|
998
|
|
738
|
|
849
|
|
899
|
|
|
Consumer
installment
|
133
|
|
129
|
|
130
|
|
120
|
|
113
|
|
|
Total Non-accrual TDRs
|
$
2,470
|
|
$
2,920
|
|
$
3,987
|
|
$
3,131
|
|
$
2,966
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Troubled
Debt Restructurings
|
$
14,639
|
|
$
16,579
|
|
$
18,196
|
|
$
17,144
|
|
$
17,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following
table presents the loan portfolio by risk grade, excluding
purchased loans:
|
|
|
|
|
|
|
|
|
Grade 10 - Prime
credit
|
$
490,514
|
|
$
420,814
|
|
$
414,564
|
|
$
398,781
|
|
$
349,725
|
|
|
Grade 15 - Good
credit
|
631,141
|
|
587,180
|
|
539,147
|
|
190,389
|
|
191,574
|
|
|
Grade 20 -
Satisfactory credit
|
1,875,308
|
|
1,718,749
|
|
1,669,998
|
|
1,608,265
|
|
1,493,561
|
|
|
Grade 23 -
Performing, under-collateralized credit
|
15,386
|
|
20,889
|
|
23,186
|
|
22,763
|
|
23,665
|
|
|
Grade 25 - Minimum
acceptable credit
|
1,147,786
|
|
958,623
|
|
907,588
|
|
797,148
|
|
687,817
|
|
|
Grade 30 - Other
asset especially mentioned
|
32,871
|
|
37,298
|
|
29,172
|
|
31,764
|
|
32,468
|
|
|
Grade 40 -
Substandard
|
37,116
|
|
41,821
|
|
43,067
|
|
41,929
|
|
40,261
|
|
|
Grade 50 -
Doubtful
|
106
|
|
106
|
|
99
|
|
-
|
|
-
|
|
|
Grade 60 -
Loss
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total
|
$
4,230,228
|
|
$
3,785,480
|
|
$
3,626,821
|
|
$
3,091,039
|
|
$
2,819,071
|
|
|
|
|
|
|
|
|
|
|
|
|
The following
table presents the purchased loan portfolio by risk
grade:
|
|
|
|
|
|
|
|
|
|
|
Grade 10 - Prime
credit
|
$
5,959
|
|
$
6,017
|
|
$
6,536
|
|
$
6,543
|
|
$
6,899
|
|
|
Grade 15 - Good
credit
|
39,391
|
|
38,179
|
|
40,786
|
|
42,257
|
|
45,245
|
|
|
Grade 20 -
Satisfactory credit
|
327,449
|
|
365,434
|
|
334,353
|
|
341,544
|
|
364,624
|
|
|
Grade 23 -
Performing, under-collateralized credit
|
22,058
|
|
22,081
|
|
27,475
|
|
31,841
|
|
33,817
|
|
|
Grade 25 - Minimum
acceptable credit
|
459,903
|
|
476,954
|
|
569,026
|
|
604,272
|
|
620,489
|
|
|
Grade 30 - Other
asset especially mentioned
|
41,869
|
|
43,450
|
|
35,032
|
|
50,691
|
|
61,227
|
|
|
Grade 40 -
Substandard
|
53,870
|
|
54,820
|
|
55,983
|
|
52,233
|
|
61,302
|
|
|
Grade 50 -
Doubtful
|
-
|
|
-
|
|
-
|
|
-
|
|
30
|
|
|
Grade 60 -
Loss
|
-
|
|
-
|
|
-
|
|
-
|
|
2
|
|
|
Total
|
$
950,499
|
|
$
1,006,935
|
|
$
1,069,191
|
|
$
1,129,381
|
|
$
1,193,635
|
|
|
|
|
|
|
|
|
|
|
|
|
The following
table presents the purchased loan pools by risk
grade:
|
|
|
|
|
|
|
|
|
|
|
Grade 20 -
Satisfactory credit
|
$
489,196
|
|
$
528,181
|
|
$
567,389
|
|
$
624,022
|
|
$
609,561
|
|
|
Grade 40 -
Substandard
|
918
|
|
918
|
|
925
|
|
864
|
|
864
|
|
|
Total
|
$
490,114
|
|
$
529,099
|
|
$
568,314
|
|
$
624,886
|
|
$
610,425
|
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.
|
|
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
-
|
|
$
-
|
|
$
5,261
|
|
$
5,500
|
|
$
7,186
|
|
$
-
|
|
$
6,693
|
|
|
Interest bearing
deposits in banks
|
121,810
|
|
147,385
|
|
122,538
|
|
85,051
|
|
96,906
|
|
134,527
|
|
149,360
|
|
|
Investment securities
- taxable
|
766,375
|
|
759,850
|
|
770,373
|
|
767,421
|
|
766,006
|
|
763,130
|
|
747,137
|
|
|
Investment securities
- nontaxable
|
63,210
|
|
65,374
|
|
66,566
|
|
68,325
|
|
69,664
|
|
64,286
|
|
69,244
|
|
|
Other
investments
|
37,375
|
|
37,392
|
|
19,732
|
|
21,687
|
|
14,765
|
|
37,383
|
|
12,185
|
|
|
Loans held for
sale
|
110,933
|
|
77,617
|
|
102,926
|
|
105,859
|
|
96,998
|
|
94,368
|
|
91,528
|
|
|
Loans
|
3,994,213
|
|
3,678,149
|
|
3,145,714
|
|
2,897,771
|
|
2,653,171
|
|
3,838,324
|
|
2,536,566
|
|
|
Purchased loans
(excluding loan pools)
|
973,521
|
|
1,034,983
|
|
1,101,907
|
|
1,199,175
|
|
1,239,409
|
|
1,004,252
|
|
1,098,755
|
|
|
Purchased loan
pools
|
516,949
|
|
547,057
|
|
590,617
|
|
629,666
|
|
630,503
|
|
530,480
|
|
628,840
|
|
|
Total
Earning Assets
|
$
6,584,386
|
|
$
6,347,807
|
|
$
5,925,634
|
|
$
5,780,455
|
|
$
5,574,608
|
|
$
6,466,750
|
|
$
5,340,308
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
deposits
|
$
1,615,001
|
|
$
1,604,495
|
|
$
1,592,073
|
|
$
1,546,211
|
|
$
1,561,621
|
|
$
1,609,777
|
|
$
1,461,814
|
|
|
NOW
accounts
|
1,154,364
|
|
1,169,567
|
|
1,253,849
|
|
1,085,828
|
|
1,087,442
|
|
1,161,924
|
|
1,112,259
|
|
|
MMDA
|
1,621,487
|
|
1,486,972
|
|
1,435,958
|
|
1,435,151
|
|
1,413,503
|
|
1,554,601
|
|
1,345,851
|
|
|
Savings
accounts
|
278,666
|
|
268,741
|
|
262,782
|
|
266,344
|
|
265,936
|
|
273,731
|
|
258,522
|
|
|
Retail CDs <
$100,000
|
441,556
|
|
444,195
|
|
445,132
|
|
431,570
|
|
437,899
|
|
442,868
|
|
436,580
|
|
|
Retail CDs >
$100,000
|
560,320
|
|
517,354
|
|
497,113
|
|
451,115
|
|
439,954
|
|
538,956
|
|
424,757
|
|
|
Brokered
CDs
|
-
|
|
-
|
|
3,750
|
|
5,000
|
|
5,000
|
|
-
|
|
3,049
|
|
|
Total
Deposits
|
5,671,394
|
|
5,491,324
|
|
5,490,657
|
|
5,221,219
|
|
5,211,355
|
|
5,581,857
|
|
5,042,832
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to
repurchase
|
27,088
|
|
42,589
|
|
44,000
|
|
37,305
|
|
43,286
|
|
$
34,796
|
|
$
48,037
|
|
|
FHLB
advances
|
483,583
|
|
525,583
|
|
222,426
|
|
265,202
|
|
104,195
|
|
504,467
|
|
56,922
|
|
|
Other
borrowings
|
75,625
|
|
47,738
|
|
38,728
|
|
49,345
|
|
51,970
|
|
61,758
|
|
47,033
|
|
|
Subordinated
deferrable interest debentures
|
84,710
|
|
84,379
|
|
84,050
|
|
83,719
|
|
83,386
|
|
84,545
|
|
77,988
|
|
|
Total
Non-Deposit Funding
|
671,006
|
|
700,289
|
|
389,204
|
|
435,571
|
|
282,837
|
|
685,566
|
|
229,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Funding
|
$
6,342,400
|
|
$
6,191,613
|
|
$
5,879,861
|
|
$
5,656,790
|
|
$
5,494,192
|
|
$
6,267,423
|
|
$
5,272,812
|
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.
|
|
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME/EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
-
|
|
$
-
|
|
$
8
|
|
$
8
|
|
$
9
|
|
$
-
|
|
$
17
|
|
|
Interest bearing
deposits in banks
|
351
|
|
313
|
|
193
|
|
147
|
|
159
|
|
664
|
|
487
|
|
|
Investment securities
- taxable
|
5,195
|
|
4,800
|
|
4,348
|
|
4,336
|
|
4,554
|
|
9,995
|
|
9,140
|
|
|
Investment securities
- nontaxable (TE)
|
617
|
|
640
|
|
654
|
|
536
|
|
613
|
|
1,257
|
|
1,215
|
|
|
Loans held for
sale
|
1,058
|
|
653
|
|
989
|
|
826
|
|
821
|
|
1,711
|
|
1,576
|
|
|
Loans (TE)
|
47,255
|
|
43,157
|
|
37,418
|
|
33,672
|
|
31,531
|
|
90,412
|
|
60,215
|
|
|
Purchased loans
(excluding loan pools)
|
14,765
|
|
15,173
|
|
17,015
|
|
19,296
|
|
18,859
|
|
29,938
|
|
34,052
|
|
|
Purchased loan
pools
|
3,786
|
|
3,832
|
|
3,950
|
|
4,346
|
|
3,730
|
|
7,618
|
|
8,874
|
|
|
Total Earning
Assets
|
$
73,027
|
|
$
68,568
|
|
$
64,575
|
|
$
63,167
|
|
$
60,276
|
|
$
141,595
|
|
$
115,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion Income (included above)
|
2,896
|
|
2,810
|
|
3,370
|
|
3,604
|
|
4,196
|
|
5,706
|
|
7,138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
NOW
accounts
|
520
|
|
497
|
|
613
|
|
433
|
|
439
|
|
1,017
|
|
907
|
|
|
MMDA
|
2,008
|
|
1,538
|
|
1,405
|
|
1,241
|
|
1,168
|
|
3,546
|
|
2,208
|
|
|
Savings
accounts
|
45
|
|
43
|
|
44
|
|
45
|
|
45
|
|
88
|
|
88
|
|
|
Retail CDs <
$100,000
|
636
|
|
562
|
|
553
|
|
493
|
|
476
|
|
1,198
|
|
988
|
|
|
Retail CDs >
$100,000
|
1,371
|
|
1,123
|
|
1,060
|
|
854
|
|
779
|
|
2,494
|
|
1,455
|
|
|
Brokered
CDs
|
-
|
|
-
|
|
6
|
|
8
|
|
8
|
|
0
|
|
10
|
|
|
Total
Deposits
|
4,580
|
|
3,763
|
|
3,681
|
|
3,074
|
|
2,915
|
|
8,343
|
|
5,656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to
repurchase
|
13
|
|
20
|
|
21
|
|
18
|
|
24
|
|
33
|
|
59
|
|
|
FHLB
advances
|
1,238
|
|
907
|
|
328
|
|
393
|
|
155
|
|
2,145
|
|
178
|
|
|
Other
borrowings
|
1,158
|
|
559
|
|
432
|
|
479
|
|
484
|
|
1,717
|
|
854
|
|
|
Subordinated
deferrable interest debentures
|
1,265
|
|
1,211
|
|
1,216
|
|
1,179
|
|
1,173
|
|
2,476
|
|
2,127
|
|
|
Total
Non-Deposit Funding
|
3,674
|
|
2,697
|
|
1,997
|
|
2,069
|
|
1,836
|
|
6,371
|
|
3,218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Funding
|
$
8,254
|
|
$
6,460
|
|
$
5,678
|
|
$
5,143
|
|
$
4,751
|
|
$
14,714
|
|
$
8,874
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income (TE)
|
$
64,773
|
|
$
62,108
|
|
$
58,897
|
|
$
58,024
|
|
$
55,525
|
|
$
126,881
|
|
$
106,702
|
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.
|
|
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
YIELDS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
0.00%
|
|
0.00%
|
|
0.60%
|
|
0.58%
|
|
0.50%
|
|
0.00%
|
|
0.51%
|
|
|
Interest bearing
deposits in banks
|
1.16%
|
|
0.86%
|
|
0.63%
|
|
0.69%
|
|
0.66%
|
|
1.00%
|
|
0.66%
|
|
|
Investment securities
- taxable
|
2.72%
|
|
2.56%
|
|
2.25%
|
|
2.25%
|
|
2.39%
|
|
2.64%
|
|
2.46%
|
|
|
Investment securities
- nontaxable
|
3.91%
|
|
3.97%
|
|
3.91%
|
|
3.12%
|
|
3.54%
|
|
3.94%
|
|
3.53%
|
|
|
Loans held for
sale
|
3.83%
|
|
3.41%
|
|
3.82%
|
|
3.10%
|
|
3.40%
|
|
3.66%
|
|
3.46%
|
|
|
Loans
|
4.75%
|
|
4.76%
|
|
4.73%
|
|
4.62%
|
|
4.78%
|
|
4.75%
|
|
4.77%
|
|
|
Purchased loans
(excluding loan pools)
|
6.08%
|
|
5.95%
|
|
6.14%
|
|
6.40%
|
|
6.12%
|
|
6.01%
|
|
6.23%
|
|
|
Purchased loan
pools
|
2.94%
|
|
2.84%
|
|
2.66%
|
|
2.75%
|
|
2.38%
|
|
2.90%
|
|
2.84%
|
|
|
Total
Earning Assets
|
4.45%
|
|
4.38%
|
|
4.34%
|
|
4.35%
|
|
4.35%
|
|
4.42%
|
|
4.35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
deposits
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
|
NOW
accounts
|
0.18%
|
|
0.17%
|
|
0.19%
|
|
0.16%
|
|
0.16%
|
|
0.18%
|
|
0.16%
|
|
|
MMDA
|
0.50%
|
|
0.42%
|
|
0.39%
|
|
0.34%
|
|
0.33%
|
|
0.46%
|
|
0.33%
|
|
|
Savings
accounts
|
0.06%
|
|
0.06%
|
|
0.07%
|
|
0.07%
|
|
0.07%
|
|
0.06%
|
|
0.07%
|
|
|
Retail CDs <
$100,000
|
0.58%
|
|
0.51%
|
|
0.49%
|
|
0.45%
|
|
0.44%
|
|
0.55%
|
|
0.46%
|
|
|
Retail CDs >
$100,000
|
0.98%
|
|
0.88%
|
|
0.85%
|
|
0.75%
|
|
0.71%
|
|
0.93%
|
|
0.69%
|
|
|
Brokered
CDs
|
0.00%
|
|
0.00%
|
|
0.64%
|
|
0.64%
|
|
0.64%
|
|
0.00%
|
|
0.66%
|
|
|
Total
Deposits
|
0.32%
|
|
0.28%
|
|
0.27%
|
|
0.23%
|
|
0.22%
|
|
0.30%
|
|
0.23%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to
repurchase
|
0.19%
|
|
0.19%
|
|
0.19%
|
|
0.19%
|
|
0.22%
|
|
0.19%
|
|
0.25%
|
|
|
FHLB
advances
|
1.03%
|
|
0.70%
|
|
0.59%
|
|
0.59%
|
|
0.60%
|
|
0.86%
|
|
0.63%
|
|
|
Other
borrowings
|
6.14%
|
|
4.75%
|
|
4.44%
|
|
3.86%
|
|
3.75%
|
|
5.61%
|
|
3.65%
|
|
|
Subordinated
deferrable interest debentures
|
5.99%
|
|
5.82%
|
|
5.76%
|
|
5.60%
|
|
5.66%
|
|
5.91%
|
|
5.48%
|
|
|
Total
Non-Deposit Funding
|
2.20%
|
|
1.56%
|
|
2.04%
|
|
1.89%
|
|
2.61%
|
|
1.87%
|
|
2.81%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total funding
(2)
|
0.52%
|
|
0.42%
|
|
0.38%
|
|
0.36%
|
|
0.35%
|
|
0.47%
|
|
0.34%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread
|
3.93%
|
|
3.96%
|
|
3.95%
|
|
3.99%
|
|
4.00%
|
|
3.94%
|
|
4.01%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(3)
|
3.95%
|
|
3.97%
|
|
3.95%
|
|
3.99%
|
|
4.01%
|
|
3.96%
|
|
4.02%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interest and
average rates are calculated on a tax-equivalent basis using an
effective tax rate of 35%.
|
|
|
|
|
|
|
|
|
(2) Rate calculated
based on total average funding including non-interest bearing
deposits.
|
|
|
|
|
|
|
|
|
|
|
(3) Rate calculated
based on average earning assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
Adjusted Operating
Net Income Reconciliation
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders
|
$
23,087
|
|
$
21,153
|
|
$
18,177
|
|
$
21,557
|
|
$
20,049
|
|
$
44,240
|
|
$
32,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
-
|
|
402
|
|
17
|
|
-
|
|
-
|
|
402
|
|
6,359
|
|
|
Certain compliance
resolution expenses
|
-
|
|
-
|
|
5,750
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Losses (gains) on the
sale of premises
|
570
|
|
295
|
|
430
|
|
238
|
|
401
|
|
865
|
|
324
|
|
|
Tax effect of
management-adjusted charges
|
(199)
|
|
(244)
|
|
(2,169)
|
|
(83)
|
|
(140)
|
|
(443)
|
|
(2,339)
|
|
|
Plus: After tax
management-adjusted charges
|
371
|
|
453
|
|
4,028
|
|
155
|
|
261
|
|
824
|
|
4,344
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Operating Net income
|
23,458
|
|
21,606
|
|
22,205
|
|
21,712
|
|
20,310
|
|
45,064
|
|
36,710
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
net income per diluted share:
|
$
0.63
|
|
$
0.60
|
|
$
0.63
|
|
$
0.62
|
|
$
0.58
|
|
$
1.23
|
|
$
1.08
|
|
|
Adjusted operating
return on average assets
|
1.32%
|
|
1.27%
|
|
1.34%
|
|
1.36%
|
|
1.33%
|
|
1.29%
|
|
1.26%
|
|
|
Adjusted operating
return on average common
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
tangible equity
|
14.86%
|
|
15.84%
|
|
17.25%
|
|
17.31%
|
|
17.25%
|
|
15.31%
|
|
16.36%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Jun.
|
|
Jun.
|
|
|
Net Interest
Margin and Yields on Total Loans
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
|
|
Excluding Accretion Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest Income
(TE)
|
$
73,027
|
|
$
68,568
|
|
$
64,575
|
|
$
63,167
|
|
$
60,276
|
|
$
141,595
|
|
$
115,576
|
|
|
Accretion Income
|
2,896
|
|
2,810
|
|
3,370
|
|
3,604
|
|
4,196
|
|
5,706
|
|
7,138
|
|
|
Total Interest Income
(TE) Excluding Accretion
|
$
70,131
|
|
$
65,758
|
|
$
61,205
|
|
$
59,563
|
|
$
56,080
|
|
$
135,889
|
|
$
108,438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest
Expense
|
$
8,254
|
|
$
6,460
|
|
$
5,677
|
|
$
5,143
|
|
$
4,751
|
|
$
14,714
|
|
$
8,874
|
|
|
Net Interest Income
(TE) Excluding Accretion
|
$
61,877
|
|
$
59,298
|
|
$
55,528
|
|
$
54,420
|
|
$
51,329
|
|
$
121,175
|
|
$
99,564
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on Total Loans
(TE) Excluding Accretion
|
4.59%
|
|
4.56%
|
|
4.51%
|
|
4.49%
|
|
4.42%
|
|
4.57%
|
|
4.51%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin
(TE) Excluding Accretion
|
3.77%
|
|
3.79%
|
|
3.73%
|
|
3.75%
|
|
3.70%
|
|
3.78%
|
|
3.75%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Jun.
|
|
Jun.
|
|
|
Management-Adjusted Operating
Expenses
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
55,739
|
|
53,093
|
|
54,677
|
|
53,199
|
|
52,359
|
|
108,832
|
|
107,959
|
|
|
Less:
Management-adjusted charges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
expenses
|
-
|
|
(402)
|
|
(17)
|
|
-
|
|
-
|
|
(402)
|
|
(6,359)
|
|
|
Certain
compliance resolution expenses
|
-
|
|
-
|
|
(5,750)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Gains/(Losses) on the sale of premises
|
(570)
|
|
(295)
|
|
(430)
|
|
(238)
|
|
(401)
|
|
(865)
|
|
(324)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management-adjusted
operating expenses
|
$
55,169
|
|
$
52,396
|
|
$
48,480
|
|
$
52,961
|
|
$
51,958
|
|
$
107,565
|
|
$
101,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management-adjusted
operating efficiency ratio (TE)
|
59.37%
|
|
59.67%
|
|
58.29%
|
|
60.95%
|
|
61.93%
|
|
59.51%
|
|
63.59%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Jun.
|
|
Jun.
|
|
|
Tangible Book
Value per Share Reconciliation
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
782,682
|
|
$
758,216
|
|
$
646,437
|
|
$
642,583
|
|
$
625,915
|
|
$
782,682
|
|
$
625,915
|
|
|
Less:
Goodwill
|
125,532
|
|
125,532
|
|
125,532
|
|
122,545
|
|
121,422
|
|
$
125,532
|
|
121,422
|
|
|
Less:Other
intangibles, net
|
15,378
|
|
16,391
|
|
17,428
|
|
18,472
|
|
20,574
|
|
15,378
|
|
20,574
|
|
|
Total tangible
shareholders' equity
|
$
641,772
|
|
$
616,293
|
|
$
503,477
|
|
$
501,566
|
|
$
483,919
|
|
$
641,772
|
|
$
483,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end number of
shares
|
37,222,904
|
|
37,128,714
|
|
34,921,474
|
|
34,891,304
|
|
34,847,311
|
|
37,222,904
|
|
34,847,311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value
per share (period end)
|
$
17.24
|
|
$
16.60
|
|
$
14.42
|
|
$
14.38
|
|
$
13.89
|
|
$
17.24
|
|
$
13.89
|
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.
|
|
|
Segment
Reporting
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
51,800
|
|
$
50,126
|
|
$
50,528
|
|
$
51,653
|
|
$
49,820
|
|
$
101,926
|
|
$
96,303
|
|
|
Provision for loan losses
|
1,491
|
|
1,982
|
|
502
|
|
57
|
|
733
|
|
3,473
|
|
1,414
|
|
|
Noninterest income
|
12,954
|
|
13,013
|
|
13,466
|
|
13,949
|
|
13,018
|
|
25,967
|
|
25,753
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
19,359
|
|
18,844
|
|
17,084
|
|
18,323
|
|
18,428
|
|
38,203
|
|
37,417
|
|
|
Occupancy
|
5,427
|
|
5,257
|
|
5,668
|
|
5,490
|
|
5,901
|
|
10,684
|
|
11,051
|
|
|
Data
Processing
|
6,378
|
|
6,043
|
|
5,841
|
|
5,794
|
|
5,685
|
|
12,421
|
|
11,505
|
|
|
Other
expenses
|
10,209
|
|
9,241
|
|
15,398
|
|
11,533
|
|
11,071
|
|
19,450
|
|
27,507
|
|
|
Total noninterest expense
|
41,373
|
|
39,385
|
|
43,991
|
|
41,140
|
|
41,085
|
|
80,758
|
|
87,480
|
|
|
Income before income
taxes
|
21,890
|
|
21,772
|
|
19,501
|
|
24,405
|
|
21,020
|
|
43,662
|
|
33,162
|
|
|
Income
Tax
|
6,095
|
|
6,856
|
|
5,005
|
|
7,733
|
|
6,626
|
|
12,951
|
|
10,545
|
|
|
Net
income
|
$
15,795
|
|
$
14,916
|
|
$
14,496
|
|
$
16,672
|
|
$
14,394
|
|
$
30,711
|
|
$
22,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Mortgage
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
3,470
|
|
$
2,976
|
|
$
3,032
|
|
$
2,625
|
|
$
2,554
|
|
$
6,446
|
|
$
4,984
|
|
|
Provision for loan losses
|
347
|
|
8
|
|
33
|
|
447
|
|
93
|
|
355
|
|
93
|
|
|
Noninterest income
|
13,053
|
|
10,513
|
|
9,036
|
|
13,198
|
|
13,304
|
|
23,566
|
|
22,928
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
7,763
|
|
7,216
|
|
7,098
|
|
8,940
|
|
8,304
|
|
14,979
|
|
14,651
|
|
|
Occupancy
|
610
|
|
519
|
|
602
|
|
433
|
|
405
|
|
1,129
|
|
893
|
|
|
Data
Processing
|
440
|
|
317
|
|
326
|
|
364
|
|
338
|
|
757
|
|
610
|
|
|
Other
expenses
|
888
|
|
1,141
|
|
1,093
|
|
1,303
|
|
1,133
|
|
2,029
|
|
2,089
|
|
|
Total noninterest expense
|
9,701
|
|
9,193
|
|
9,119
|
|
11,040
|
|
10,180
|
|
18,894
|
|
18,243
|
|
|
Income before income
taxes
|
6,475
|
|
4,288
|
|
2,916
|
|
4,336
|
|
5,585
|
|
10,763
|
|
9,576
|
|
|
Income
Tax
|
2,361
|
|
1,501
|
|
1,021
|
|
1,518
|
|
1,955
|
|
3,862
|
|
3,352
|
|
|
Net
income
|
$
4,114
|
|
$
2,787
|
|
$
1,895
|
|
$
2,818
|
|
$
3,630
|
|
$
6,901
|
|
$
6,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse Lending
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
1,254
|
|
$
1,105
|
|
$
1,706
|
|
$
1,848
|
|
$
1,481
|
|
$
2,359
|
|
$
2,408
|
|
|
Provision for loan losses
|
176
|
|
(232)
|
|
496
|
|
94
|
|
-
|
|
(56)
|
|
-
|
|
|
Noninterest income
|
438
|
|
319
|
|
462
|
|
555
|
|
440
|
|
757
|
|
773
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
127
|
|
147
|
|
220
|
|
103
|
|
108
|
|
274
|
|
296
|
|
|
Occupancy
|
1
|
|
1
|
|
1
|
|
1
|
|
1
|
|
2
|
|
2
|
|
|
Data
Processing
|
25
|
|
27
|
|
32
|
|
26
|
|
25
|
|
52
|
|
45
|
|
|
Other
expenses
|
54
|
|
32
|
|
29
|
|
26
|
|
26
|
|
86
|
|
51
|
|
|
Total noninterest expense
|
207
|
|
207
|
|
282
|
|
156
|
|
160
|
|
414
|
|
394
|
|
|
Income before income
taxes
|
1,309
|
|
1,449
|
|
1,390
|
|
2,153
|
|
1,761
|
|
2,758
|
|
2,787
|
|
|
Income
Tax
|
472
|
|
507
|
|
487
|
|
754
|
|
616
|
|
979
|
|
975
|
|
|
Net
income
|
$
837
|
|
$
942
|
|
$
904
|
|
$
1,399
|
|
$
1,145
|
|
$
1,779
|
|
$
1,812
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
885
|
|
$
907
|
|
$
949
|
|
$
941
|
|
$
734
|
|
$
1,792
|
|
$
1,330
|
|
|
Provision for loan losses
|
51
|
|
48
|
|
571
|
|
213
|
|
63
|
|
99
|
|
63
|
|
|
Noninterest income
|
1,718
|
|
1,815
|
|
1,308
|
|
1,162
|
|
1,617
|
|
3,533
|
|
3,211
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
890
|
|
591
|
|
735
|
|
616
|
|
691
|
|
1,481
|
|
1,354
|
|
|
Occupancy
|
54
|
|
51
|
|
64
|
|
65
|
|
64
|
|
105
|
|
125
|
|
|
Data
Processing
|
2
|
|
1
|
|
1
|
|
1
|
|
1
|
|
3
|
|
2
|
|
|
Other
expenses
|
259
|
|
211
|
|
170
|
|
181
|
|
178
|
|
470
|
|
361
|
|
|
Total noninterest expense
|
1,205
|
|
854
|
|
970
|
|
863
|
|
934
|
|
2,059
|
|
1,842
|
|
|
Income before income
taxes
|
1,347
|
|
1,820
|
|
716
|
|
1,027
|
|
1,354
|
|
3,167
|
|
2,636
|
|
|
Income
Tax
|
472
|
|
637
|
|
251
|
|
359
|
|
474
|
|
1,109
|
|
923
|
|
|
Net
income
|
$
875
|
|
$
1,183
|
|
$
465
|
|
$
668
|
|
$
880
|
|
$
2,058
|
|
$
1,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium Finance
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
5,748
|
|
$
5,476
|
|
$
1,064
|
|
$
-
|
|
$
-
|
|
$
11,224
|
|
$
-
|
|
|
Provision for loan losses
|
140
|
|
30
|
|
108
|
|
-
|
|
-
|
|
170
|
|
-
|
|
|
Noninterest income
|
26
|
|
46
|
|
-
|
|
-
|
|
-
|
|
72
|
|
-
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
993
|
|
996
|
|
-
|
|
-
|
|
-
|
|
1,989
|
|
-
|
|
|
Occupancy
|
54
|
|
49
|
|
2
|
|
-
|
|
-
|
|
103
|
|
-
|
|
|
Data
Processing
|
183
|
|
184
|
|
44
|
|
-
|
|
-
|
|
367
|
|
-
|
|
|
Other
expenses
|
2,023
|
|
2,225
|
|
269
|
|
-
|
|
-
|
|
4,248
|
|
-
|
|
|
Total noninterest expense
|
3,253
|
|
3,454
|
|
315
|
|
-
|
|
-
|
|
6,707
|
|
-
|
|
|
Income before income
taxes
|
2,381
|
|
2,038
|
|
641
|
|
-
|
|
-
|
|
4,419
|
|
-
|
|
|
Income
Tax
|
915
|
|
713
|
|
224
|
|
-
|
|
-
|
|
1,628
|
|
-
|
|
|
Net
income
|
$
1,466
|
|
$
1,325
|
|
$
417
|
|
$
-
|
|
$
-
|
|
$
2,791
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Consolidated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
63,157
|
|
$
60,590
|
|
$
57,279
|
|
$
57,067
|
|
$
54,589
|
|
$
123,747
|
|
$
105,025
|
|
|
Provision for loan losses
|
2,205
|
|
1,836
|
|
1,710
|
|
811
|
|
889
|
|
4,041
|
|
1,570
|
|
|
Noninterest income
|
28,189
|
|
25,706
|
|
24,272
|
|
28,864
|
|
28,379
|
|
53,895
|
|
52,665
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
29,132
|
|
27,794
|
|
25,137
|
|
27,982
|
|
27,531
|
|
56,926
|
|
53,718
|
|
|
Occupancy
|
6,146
|
|
5,877
|
|
6,337
|
|
5,989
|
|
6,371
|
|
12,023
|
|
12,071
|
|
|
Data
Processing
|
7,028
|
|
6,572
|
|
6,244
|
|
6,185
|
|
6,049
|
|
13,600
|
|
12,162
|
|
|
Other
expenses
|
13,433
|
|
12,850
|
|
16,959
|
|
13,043
|
|
12,408
|
|
26,283
|
|
30,008
|
|
|
Total noninterest expense
|
55,739
|
|
53,093
|
|
54,677
|
|
53,199
|
|
52,359
|
|
108,832
|
|
107,959
|
|
|
Income before income
taxes
|
33,402
|
|
31,367
|
|
25,164
|
|
31,921
|
|
29,720
|
|
64,769
|
|
48,161
|
|
|
Income
Tax
|
10,315
|
|
10,214
|
|
6,987
|
|
10,364
|
|
9,671
|
|
20,529
|
|
15,795
|
|
|
Net
income
|
$
23,087
|
|
$
21,153
|
|
$
18,177
|
|
$
21,557
|
|
$
20,049
|
|
$
44,240
|
|
$
32,366
|
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SOURCE Ameris Bancorp