MOULTRIE, Ga., Oct. 17, 2016 /PRNewswire/ -- Ameris Bancorp
(Nasdaq: ABCB) (the "Company") today reported operating net
income of $21.6 million, or
$0.61 per diluted share, for the
quarter ended September 30, 2016, a
35% increase when compared with $15.9
million, or $0.49 per diluted
share, for the quarter ended September
30, 2015. Operating earnings and reported earnings for
the third quarter of 2016 are identical, though operating earnings
for the third quarter of 2015 exclude $290,000, or $0.01
per diluted share, of after-tax merger costs.
For the year-to-date period ending September 30, 2016, the Company reported
operating net income of $58.1
million, or $1.68 per diluted
share, compared with $38.0 million,
or $1.19 per diluted share, for the
same period in 2015. Operating earnings for 2016 exclude
$4.1 million, or $0.12 per diluted share, of after-tax merger
costs while operating earnings for 2015 exclude $11.3 million, or $0.35 per diluted share, of after-tax merger
costs and nonrecurring credit resolution expenses.
Commenting on the Company's quarterly results, Edwin W. Hortman, Jr., the Company's President
and Chief Executive Officer, said, "In the third quarter, we
continued to see reliable trends in the growth of both our balance
sheet and our net earnings. The growth initiatives we began
in recent years to invest our excess liquidity have been
successful, and our Company is experiencing a pace of organic
growth that we have not seen in many years. I am proud of the
work our team has done producing another record quarter for Ameris
Bank and am confident that our momentum will propel us to a strong
2017."
Highlights of the Company's performance and results for the
third quarter of 2016 include the following:
- Operating return on assets and operating return on average
tangible equity of 1.35% and 17.18%, respectively
- Organic growth in loans of $222.8
million, or 22.9% annualized
- Total revenue growth of $13.6
million, or 18.7%, compared with the same quarter of
2015
- Continued improvement in non-performing assets, decreasing to
0.92% of total assets
- Net charge-offs on non-purchased loans of 0.05% annualized
- Growth in net income from the retail mortgage, warehouse
lending and SBA lines of business, increasing to $5.7 million, or 26.5% of total net income
Net Interest Income and Net Interest Margin
Net interest income (taxable equivalent) for the third quarter
of 2016 totaled $58.0 million, an
increase of $9.9 million, or 20.6%,
compared with $48.1 million reported
for the third quarter of 2015. Accretion income in the
current quarter increased to $3.6
million, compared with $3.0
million in the third quarter of 2015, but decreased compared
with $4.2 million reported in the
second quarter of 2016. Higher levels of net interest income
resulted mostly from growth in average loans outstanding of
approximately $1.2 billion since the
third quarter of 2015. Average balances of short-term assets
and investments shrank over the past year by 10.5%, from
$1.06 billion in the third quarter of
2015 to $948 million in the current
quarter. At the current quarter end, loans outstanding
represented 83.9% of total earning assets, compared with 80.0% at
September 30, 2015.
Despite the persistent low interest rate environment and
continued deterioration of loan and investment yield opportunities,
the Company has maintained a generally consistent net interest
margin. During the current quarter, the Company reported a
net interest margin, excluding accretion income, of 3.75%, compared
with 3.70% in the prior quarter and 3.81% in the same quarter of
2015. Trends in the margin over the past year include the
effects of yield deterioration on loans and investments resulting
from a persistently low interest rate environment, offset by stable
costs of deposits and an improved mix of earning assets, more
heavily weighted toward loans than short-term assets or
investments.
Non-interest Income
Non-interest income in the third quarter of 2016 improved to
$28.9 million, an increase of
$3.9 million, or 15.6%, compared with
the same quarter in 2015. Continued growth and profitability
in the Company's mortgage operations provided most of the
improvement, with revenue from mortgage operations increasing to
$14.1 million, a 35% increase
compared with the same quarter of 2015. Total retail mortgage
loan production increased to $410.8
million in the current quarter, compared with $311.0 million in the third quarter of 2015,
while spreads (gain on sale) improved to 3.69% in the current
quarter, compared with 3.52% in the same quarter of 2015.
Service charges on deposit accounts increased by $592,000 to $11.4
million during the current quarter, an increase of 5.5%
compared with the same quarter in 2015. Growth in service
charge related revenues on commercial and consumer accounts was
responsible for most of the increase in service charges, while NSF
and debit card revenues were mostly flat.
Non-interest Expense
Non-interest expense totaled $53.2
million in the third quarter of 2016, an increase of
$4.8 million compared with
$48.4 million in the third quarter of
2015. Substantially all of the increase in operating expenses
related to additional compensation and occupancy costs associated
with the acquisition of Jacksonville Bancorp, Inc. during the first
quarter of 2016, as well as additional compensation related to
mortgage and SBA lines of business.
Salaries and benefits increased to $28.0
million in the current quarter of 2016, compared with
$24.9 million in the third quarter of
2015. Higher incentive accruals for the Company's production
staff, as well as increased commissions in the mortgage and SBA
divisions, accounted for the majority of the increase in
compensation costs. Management anticipates lower compensation
costs in the fourth quarter of 2016 due to seasonally slower
commercial and agricultural loan production and generally slower
originations in retail mortgage.
Occupancy costs were flat at approximately $6.0 million during the current quarter of 2016
as compared with the same quarter in 2015. Reduction in
branch offices and tighter controls on other non-depreciation
expenses were the principal drivers of minimal increases in these
costs. Data processing and telecommunications costs increased
by 16.1% during the quarter, mostly due to higher customer counts
and continued implementation of mobile and electronic
initiatives. Other operating costs increased by $574,000 to $9.3
million in the third quarter of 2016, primarily as a result
of increases in professional fees associated with several
reengineering efforts in various administrative cost centers.
Balance Sheet Trends
Total assets at September 30, 2016
were $6.49 billion, compared with
$5.59 billion at December 31, 2015. Commenting on the growth
in total assets, Mr. Hortman said, "The pace of loan growth during
2016 has quickened as a result of several strategies. First,
our bankers are deepening existing relationships, and our efforts
to bank selectively larger relationships have put us in front of
new customers that we might have passed on before because of their
size. Second, our efforts at developing lending expertise and
niches that diversify our sales efforts away from commercial real
estate were initially needed to help deploy the liquidity from
acquisitions in 2015. These niches and lending efforts have
reached maturity and are producing reliable incremental growth at
profitability levels that are equal to or greater than our existing
return on assets. Looking forward, we expect pay-downs in our
warehouse and agricultural lines of credit that normally slow our
growth in the fourth quarter, but we believe that our current pace
of growth for 2016 can be sustained or even improved upon as we
move into 2017."
Loans, including loans held for sale, totaled $4.97 billion at September
30, 2016, compared with $4.02
billion at December 31,
2015. During the third quarter of 2016, organic growth in
loans totaled $222.8 million, or
22.9% on an annualized basis. Organic growth in loans for the
year-to-date period in 2016 totaled $534.6
million, or 22.5%, compared with $419.2 million, or a growth rate of 21.9%, for
the same period in 2015. The Company's efforts to manage a
diversified loan portfolio have resulted in concentration levels
that are solidly below the regulatory guidance.
Investment securities at the end of the current quarter amounted
to $838.1 million, or 14.1% of
earning assets, compared with $783.2
million, or 15.4% of earning assets, at December 31, 2015.
At September 30, 2016, total
deposits amounted to $5.31 billion,
or 91.4% of total funding, compared with $4.88 billion and 96.6%, respectively, at
December 31, 2015. Growth in
total deposits during the quarter quickened relative to prior
quarters, with total growth of $126.6
million, or 9.8%, annualized. The Company has
increased efforts to match deposit growth rates with loan growth
rates, increasing interest rates where needed and reviewing other
opportunities in anticipation of continued growth in earning
assets.
Tangible common equity at September 30,
2016 totaled $501.6 million,
compared with $407.6 million reported
at December 31, 2015. Increases
in stockholders' equity are primarily the result of net earnings
and the issuance of shares of common stock in the acquisition of
Jacksonville Bancorp, Inc. during the first quarter of 2016, less
an increased dividend payout ratio as of the most recent
quarter. Tangible book value increased at an annualized pace
of 18.3% during the first nine months of 2016, up from $12.65 per share at December 31, 2015 to $14.38 per share at September 30, 2016.
Conference Call
The Company will host a conference call at 11:00 a.m. EDT today (October 17, 2016) to discuss the Company's
results and answer appropriate questions. The conference call
can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 for
participants in Canada and
1-412-902-6630 for other international participants). The
conference ID name is Ameris Bancorp ABCB. A replay of the
call will be available beginning one hour after the end of the
conference call until October 31,
2016. To listen to the replay, dial 1-877-344-7529 (or
1-855-669-9658 for participants in Canada and 1-412-317-0088 for other
international participants). The conference replay access
code is 10092982. The conference call replay and the
financial information discussed will also be available on the
Investor Relations page of the Ameris Bank website at
www.amerisbank.com.
About Ameris Bancorp
Ameris Bancorp is a bank holding company headquartered in
Moultrie, Georgia. The
Company's banking subsidiary, Ameris Bank, had 99 locations in
Georgia, Alabama, northern Florida and South
Carolina at the end of the most recent quarter, with two of
those locations announced to be consolidated within the coming
months.
This news release contains certain performance measures
determined by methods other than in accordance with accounting
principles generally accepted in the
United States of America ("GAAP"). Management of Ameris
Bancorp (the "Company") uses these non-GAAP measures in its
analysis of the Company's performance. These measures are useful
when evaluating the underlying performance and efficiency of the
Company's operations and balance sheet. The Company's management
believes that these non-GAAP measures provide a greater
understanding of ongoing operations, enhance comparability of
results with prior periods and demonstrate the effects of
significant gains and charges in the current period. The Company's
management believes that investors may use these non-GAAP financial
measures to evaluate the Company's financial performance without
the impact of unusual items that may obscure trends in the
Company's underlying performance. These disclosures should not be
viewed as a substitute for financial measures determined in
accordance with GAAP, nor are they necessarily comparable to
non-GAAP performance measures that may be presented by other
companies.
This news release contains statements that constitute
"forward-looking statements" within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. The words
"believe", "estimate", "expect", "intend", "anticipate" and similar
expressions and variations thereof identify certain of such
forward-looking statements, which speak only as of the dates which
they were made. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Readers are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties and that actual results may differ materially from
those indicated in the forward-looking statements as a result of
various factors. Readers are cautioned not to place undue reliance
on these forward-looking statements and are referred to the
Company's periodic filings with the Securities and Exchange
Commission for a summary of certain factors that may impact the
Company's results of operations and financial condition.
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
$
21,557
|
|
$
20,049
|
|
$
12,317
|
|
$
14,148
|
|
$
15,627
|
|
$
53,923
|
|
$
26,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Net
Income
|
$
21,557
|
|
$
20,049
|
|
$
16,450
|
|
$
15,323
|
|
$
15,917
|
|
$
58,056
|
|
$
38,018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
available to common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.62
|
|
$
0.58
|
|
$
0.38
|
|
$
0.44
|
|
$
0.49
|
|
$
1.58
|
|
$
0.84
|
|
|
Diluted
|
$
0.61
|
|
$
0.57
|
|
$
0.37
|
|
$
0.43
|
|
$
0.48
|
|
$
1.56
|
|
$
0.84
|
|
Cash Dividends per
share
|
$
0.10
|
|
$
0.05
|
|
$
0.05
|
|
$
0.05
|
|
$
0.05
|
|
$
0.20
|
|
$
0.15
|
|
Book value per share
(period end)
|
$
18.42
|
|
$
17.96
|
|
$
17.25
|
|
$
15.98
|
|
$
15.60
|
|
$
18.42
|
|
$
15.60
|
|
Tangible book value
per share (period end)
|
$
14.38
|
|
$
13.89
|
|
$
13.13
|
|
$
12.65
|
|
$
12.31
|
|
$
14.38
|
|
$
12.31
|
|
Weighted average
number of shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
34,869,747
|
|
34,832,621
|
|
32,752,063
|
|
32,199,632
|
|
32,195,435
|
|
34,155,556
|
|
31,614,015
|
|
|
Diluted
|
35,194,739
|
|
35,153,311
|
|
33,053,554
|
|
32,594,929
|
|
32,553,167
|
|
34,470,101
|
|
31,961,969
|
|
Period-end number of
shares
|
34,891,304
|
|
34,847,311
|
|
34,837,454
|
|
32,211,385
|
|
32,196,117
|
|
34,891,304
|
|
32,196,117
|
|
Market
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High closing
price
|
$
35.80
|
|
$
32.39
|
|
$
32.68
|
|
$
34.90
|
|
$
28.75
|
|
$
35.80
|
|
$
28.75
|
|
|
Low closing
price
|
$
29.09
|
|
$
27.89
|
|
$
25.09
|
|
$
27.65
|
|
$
24.97
|
|
$
25.09
|
|
$
22.75
|
|
|
Period end closing
price
|
$
34.95
|
|
$
29.70
|
|
$
29.58
|
|
$
33.99
|
|
$
28.75
|
|
$
34.95
|
|
$
28.75
|
|
|
Average daily
volume
|
166,841
|
|
215,409
|
|
253,779
|
|
301,775
|
|
174,900
|
|
211,351
|
|
129,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.35%
|
|
1.31%
|
|
0.88%
|
|
1.03%
|
|
1.19%
|
|
1.16%
|
|
0.74%
|
|
Return on average
common equity
|
13.39%
|
|
13.08%
|
|
9.14%
|
|
10.94%
|
|
12.53%
|
|
11.46%
|
|
7.21%
|
|
Earning asset yield
(TE)
|
4.35%
|
|
4.35%
|
|
4.36%
|
|
4.30%
|
|
4.39%
|
|
4.35%
|
|
4.54%
|
|
Total cost of
funds
|
0.36%
|
|
0.35%
|
|
0.33%
|
|
0.32%
|
|
0.32%
|
|
0.35%
|
|
0.36%
|
|
Net interest margin
(TE)
|
3.99%
|
|
4.01%
|
|
4.03%
|
|
3.98%
|
|
4.07%
|
|
4.01%
|
|
4.18%
|
|
Non-interest income
excluding securities transactions,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as a percent of total
revenue (TE)
|
31.36%
|
|
32.01%
|
|
30.40%
|
|
29.56%
|
|
32.33%
|
|
31.29%
|
|
31.09%
|
|
Efficiency
ratio
|
61.91%
|
|
63.11%
|
|
74.41%
|
|
74.66%
|
|
66.87%
|
|
66.15%
|
|
76.85%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY
(period end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
to assets
|
9.90%
|
|
10.06%
|
|
9.85%
|
|
9.21%
|
|
9.63%
|
|
9.90%
|
|
9.63%
|
|
Tangible common
equity to tangible assets
|
7.90%
|
|
7.96%
|
|
7.68%
|
|
7.44%
|
|
7.76%
|
|
7.90%
|
|
7.76%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY TO ASSETS
RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets
|
7.90%
|
|
7.96%
|
|
7.68%
|
|
7.44%
|
|
7.76%
|
|
7.90%
|
|
7.76%
|
|
Effect of goodwill
and other intangibles
|
2.00%
|
|
2.10%
|
|
2.17%
|
|
1.77%
|
|
1.87%
|
|
2.00%
|
|
1.87%
|
|
|
Equity to assets
(GAAP)
|
9.90%
|
|
10.06%
|
|
9.85%
|
|
9.21%
|
|
9.63%
|
|
9.90%
|
|
9.63%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER PERIOD-END
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking Division
FTE
|
1,011
|
|
1,023
|
|
1,085
|
|
1,075
|
|
1,110
|
|
1,011
|
|
1,110
|
|
Mortgage Division
FTE
|
259
|
|
245
|
|
233
|
|
229
|
|
218
|
|
259
|
|
218
|
|
|
Total Ameris Bancorp
FTE Headcount
|
1,270
|
|
1,268
|
|
1,318
|
|
1,304
|
|
1,328
|
|
1,270
|
|
1,328
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets per Banking
Division FTE
|
$
6,423
|
|
$
6,081
|
|
$
5,620
|
|
$
5,199
|
|
$
4,699
|
|
$
6,423
|
|
$
4,699
|
|
Branch
locations
|
99
|
|
102
|
|
103
|
|
101
|
|
103
|
|
99
|
|
103
|
|
Deposits per branch
location
|
$
53,597
|
|
$
50,780
|
|
$
50,784
|
|
$
48,310
|
|
$
43,986
|
|
$
53,597
|
|
$
43,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
57,322
|
|
$
54,164
|
|
$
49,191
|
|
$
47,336
|
|
$
45,775
|
|
$
160,677
|
|
$
124,231
|
|
Interest on taxable
securities
|
4,336
|
|
4,554
|
|
4,586
|
|
4,540
|
|
4,694
|
|
13,476
|
|
11,594
|
|
Interest on
nontaxable securities
|
397
|
|
454
|
|
446
|
|
458
|
|
480
|
|
1,297
|
|
1,411
|
|
Interest on deposits
in other banks
|
147
|
|
159
|
|
328
|
|
262
|
|
227
|
|
634
|
|
528
|
|
Interest on federal
funds sold
|
8
|
|
9
|
|
8
|
|
5
|
|
19
|
|
25
|
|
28
|
|
|
Total interest
income
|
62,210
|
|
59,340
|
|
54,559
|
|
52,601
|
|
51,195
|
|
176,109
|
|
137,792
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
$
3,074
|
|
$
2,915
|
|
$
2,741
|
|
$
2,687
|
|
$
2,521
|
|
$
8,730
|
|
$
7,065
|
|
Interest on other
borrowings
|
2,069
|
|
1,836
|
|
1,382
|
|
1,296
|
|
1,275
|
|
5,287
|
|
3,808
|
|
|
Total interest
expense
|
5,143
|
|
4,751
|
|
4,123
|
|
3,983
|
|
3,796
|
|
14,017
|
|
10,873
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
57,067
|
|
54,589
|
|
50,436
|
|
48,618
|
|
47,399
|
|
162,092
|
|
126,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
811
|
|
889
|
|
681
|
|
553
|
|
986
|
|
2,381
|
|
4,711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
$
56,256
|
|
$
53,700
|
|
$
49,755
|
|
$
48,065
|
|
$
46,413
|
|
$
159,711
|
|
$
122,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
$
11,358
|
|
$
10,436
|
|
$
9,915
|
|
$
10,119
|
|
$
10,766
|
|
$
31,709
|
|
$
24,346
|
|
Mortgage banking
activity
|
14,067
|
|
14,142
|
|
10,211
|
|
8,586
|
|
10,404
|
|
38,420
|
|
28,214
|
|
Other service
charges, commissions and fees
|
791
|
|
967
|
|
1,111
|
|
1,112
|
|
1,145
|
|
2,869
|
|
2,642
|
|
Gain(loss) on sale of
securities
|
-
|
|
-
|
|
94
|
|
-
|
|
115
|
|
94
|
|
137
|
|
Other non-interest
income
|
2,648
|
|
2,834
|
|
2,955
|
|
2,590
|
|
2,548
|
|
8,437
|
|
7,840
|
|
|
Total noninterest
income
|
28,864
|
|
28,379
|
|
24,286
|
|
22,407
|
|
24,978
|
|
81,529
|
|
63,179
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
27,982
|
|
27,531
|
|
26,187
|
|
25,972
|
|
24,934
|
|
81,700
|
|
68,031
|
|
Occupancy and
equipment expenses
|
5,989
|
|
6,371
|
|
5,700
|
|
5,917
|
|
5,915
|
|
18,060
|
|
15,278
|
|
Data processing and
telecommunications expenses
|
6,185
|
|
6,049
|
|
6,113
|
|
6,046
|
|
5,329
|
|
18,347
|
|
13,803
|
|
Credit resolution
related expenses (1)
|
1,526
|
|
1,764
|
|
1,799
|
|
2,223
|
|
1,083
|
|
5,089
|
|
15,484
|
|
Advertising and
marketing expenses
|
1,249
|
|
854
|
|
805
|
|
1,171
|
|
667
|
|
2,908
|
|
2,141
|
|
Amortization of
intangible assets
|
993
|
|
1,319
|
|
1,020
|
|
1,160
|
|
1,321
|
|
3,332
|
|
2,581
|
|
Merger and conversion
charges
|
-
|
|
-
|
|
6,359
|
|
1,807
|
|
446
|
|
6,359
|
|
6,173
|
|
Other non-interest
expenses
|
9,275
|
|
8,471
|
|
7,617
|
|
8,732
|
|
8,701
|
|
25,363
|
|
22,596
|
|
|
Total noninterest
expense
|
53,199
|
|
52,359
|
|
55,600
|
|
53,028
|
|
48,396
|
|
161,158
|
|
146,087
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
$
31,921
|
|
$
29,720
|
|
$
18,441
|
|
$
17,444
|
|
$
22,995
|
|
$
80,082
|
|
$
39,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
10,364
|
|
9,671
|
|
6,124
|
|
3,296
|
|
7,368
|
|
26,159
|
|
12,601
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
21,557
|
|
$
20,049
|
|
$
12,317
|
|
$
14,148
|
|
$
15,627
|
|
$
53,923
|
|
$
26,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
available to common shareholders
|
0.61
|
|
0.57
|
|
0.37
|
|
0.43
|
|
0.48
|
|
1.56
|
|
0.84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes expenses
associated with problem loans and OREO, as well as OREO losses and
writedowns.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
PERIOD-END BALANCE
SHEET
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
123,270
|
|
$
116,255
|
|
$
146,863
|
|
$
118,518
|
|
$
114,396
|
|
Federal funds sold
and interest bearing balances
|
90,801
|
|
68,273
|
|
107,373
|
|
272,045
|
|
120,925
|
|
Investment securities
available for sale, at fair value
|
838,124
|
|
843,646
|
|
837,103
|
|
783,185
|
|
811,385
|
|
Other
investments
|
24,578
|
|
19,125
|
|
12,802
|
|
9,323
|
|
9,322
|
|
Mortgage loans held
for sale
|
126,263
|
|
102,757
|
|
97,439
|
|
111,182
|
|
111,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of
unearned income
|
3,091,039
|
|
2,819,071
|
|
2,528,007
|
|
2,406,877
|
|
2,290,649
|
|
Purchased,
non-covered loans (excluding loan pools)
|
1,067,090
|
|
1,072,217
|
|
1,129,919
|
|
771,554
|
|
767,494
|
|
Purchased,
non-covered loan pools
|
624,886
|
|
610,425
|
|
656,734
|
|
592,963
|
|
410,072
|
|
Covered
loans
|
62,291
|
|
121,418
|
|
130,279
|
|
137,529
|
|
191,021
|
|
Less allowance for
loan losses
|
(22,963)
|
|
(21,734)
|
|
(21,482)
|
|
(21,062)
|
|
(22,471)
|
|
|
Loans, net
|
4,822,343
|
|
4,601,397
|
|
4,423,457
|
|
3,887,861
|
|
3,636,765
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
10,392
|
|
13,765
|
|
14,967
|
|
16,147
|
|
20,730
|
|
Purchased,
non-covered other real estate owned
|
14,126
|
|
13,928
|
|
15,048
|
|
14,333
|
|
11,538
|
|
Covered other real
estate owned
|
1,000
|
|
2,742
|
|
3,764
|
|
5,011
|
|
12,203
|
|
|
Total other real
estate owned
|
25,518
|
|
30,435
|
|
33,779
|
|
35,491
|
|
44,471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and
equipment, net
|
122,191
|
|
123,978
|
|
124,747
|
|
121,639
|
|
124,756
|
|
Goodwill
|
122,545
|
|
121,422
|
|
121,512
|
|
90,082
|
|
87,701
|
|
Other intangibles,
net
|
18,472
|
|
20,574
|
|
21,892
|
|
17,058
|
|
18,218
|
|
FDIC loss sharing
receivable
|
-
|
|
-
|
|
1,197
|
|
6,301
|
|
4,506
|
|
Cash value of bank
owned life insurance
|
77,637
|
|
77,095
|
|
76,676
|
|
64,251
|
|
59,894
|
|
Other
assets
|
101,753
|
|
96,337
|
|
92,931
|
|
72,004
|
|
72,154
|
|
|
Total
assets
|
$
6,493,495
|
|
$
6,221,294
|
|
$
6,097,771
|
|
$
5,588,940
|
|
$
5,216,300
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
1,563,316
|
|
$
1,553,972
|
|
$
1,529,037
|
|
$
1,329,857
|
|
$
1,275,800
|
|
|
Interest-bearing
|
3,742,782
|
|
3,625,560
|
|
3,701,750
|
|
3,549,433
|
|
3,254,723
|
|
Total
deposits
|
5,306,098
|
|
5,179,532
|
|
5,230,787
|
|
4,879,290
|
|
4,530,523
|
|
Federal funds
purchased & securities sold under
|
|
|
|
|
|
|
|
|
|
|
|
agreements to
repurchase
|
42,647
|
|
37,139
|
|
43,741
|
|
63,585
|
|
51,506
|
|
FDIC loss sharing
payable, net
|
7,775
|
|
1,897
|
|
-
|
|
-
|
|
-
|
|
Other
borrowings
|
373,461
|
|
260,191
|
|
110,531
|
|
39,000
|
|
39,000
|
|
Other
liabilities
|
37,033
|
|
33,050
|
|
28,647
|
|
22,432
|
|
23,371
|
|
Subordinated
deferrable interest debentures
|
83,898
|
|
83,570
|
|
83,237
|
|
69,874
|
|
69,600
|
|
|
Total
liabilities
|
5,850,912
|
|
5,595,379
|
|
5,496,943
|
|
5,074,181
|
|
4,714,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
Common
stock
|
36,348
|
|
36,303
|
|
36,272
|
|
33,625
|
|
33,610
|
Capital
surplus
|
409,630
|
|
408,549
|
|
407,726
|
|
337,349
|
|
336,599
|
Retained
earnings
|
199,769
|
|
181,701
|
|
163,395
|
|
152,820
|
|
140,282
|
Accumulated
other comprehensive income/(loss)
|
10,449
|
|
12,960
|
|
6,411
|
|
3,353
|
|
4,197
|
Less treasury
stock
|
(13,613)
|
|
(13,598)
|
|
(12,976)
|
|
(12,388)
|
|
(12,388)
|
|
|
Total stockholders'
equity
|
642,583
|
|
625,915
|
|
600,828
|
|
514,759
|
|
502,300
|
|
|
Total liabilities and
stockholders' equity
|
$
6,493,495
|
|
$
6,221,294
|
|
$
6,097,771
|
|
$
5,588,940
|
|
$
5,216,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
Earning
Assets
|
5,925,072
|
|
5,656,932
|
|
5,499,656
|
|
5,084,658
|
|
4,712,675
|
Intangible
Assets
|
141,017
|
|
141,996
|
|
143,404
|
|
107,140
|
|
105,919
|
Interest Bearing
Liabilities
|
4,242,788
|
|
4,006,460
|
|
3,939,259
|
|
3,721,892
|
|
3,414,829
|
Average
Assets
|
6,330,350
|
|
6,138,757
|
|
5,618,397
|
|
5,427,367
|
|
5,213,275
|
Average Common
Stockholders' Equity
|
640,382
|
|
616,361
|
|
542,264
|
|
513,098
|
|
494,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
INFORMATION(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
21,734
|
|
$
21,482
|
|
$
21,062
|
|
$
22,471
|
|
$
21,658
|
|
$
21,062
|
|
$
21,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
loss
|
811
|
|
889
|
|
681
|
|
553
|
|
986
|
|
2,381
|
|
4,711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
1,451
|
|
1,376
|
|
1,814
|
|
2,675
|
|
1,268
|
|
4,641
|
|
6,458
|
|
|
Recoveries
|
1,869
|
|
739
|
|
1,553
|
|
713
|
|
1,095
|
|
4,161
|
|
3,061
|
|
Net charge-offs
(recoveries)
|
(418)
|
|
637
|
|
261
|
|
1,962
|
|
173
|
|
480
|
|
3,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending
balance
|
$
22,963
|
|
$
21,734
|
|
$
21,482
|
|
$
21,062
|
|
$
22,471
|
|
$
22,963
|
|
$
22,471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a percentage of
loans
|
0.74%
|
|
0.77%
|
|
0.85%
|
|
0.88%
|
|
0.98%
|
|
0.74%
|
|
0.98%
|
|
As a percentage of
nonperforming loans
|
140.20%
|
|
135.81%
|
|
136.83%
|
|
124.92%
|
|
109.31%
|
|
140.20%
|
|
109.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-off
information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
326
|
|
$
541
|
|
$
406
|
|
$
501
|
|
$
135
|
|
$
1,273
|
|
$
937
|
|
Real estate -
residential
|
292
|
|
123
|
|
468
|
|
621
|
|
234
|
|
883
|
|
966
|
|
Real estate -
commercial & farmland
|
-
|
|
361
|
|
347
|
|
1,009
|
|
184
|
|
708
|
|
1,358
|
|
Real estate -
construction & development
|
60
|
|
109
|
|
155
|
|
157
|
|
105
|
|
324
|
|
465
|
|
Consumer
installment
|
74
|
|
59
|
|
59
|
|
110
|
|
61
|
|
192
|
|
300
|
|
Purchased
non-covered, including pools
|
408
|
|
111
|
|
307
|
|
178
|
|
302
|
|
826
|
|
772
|
|
Covered
|
291
|
|
72
|
|
72
|
|
99
|
|
247
|
|
435
|
|
1,660
|
|
|
Total
charge-offs
|
1,451
|
|
1,376
|
|
1,814
|
|
2,675
|
|
1,268
|
|
4,641
|
|
6,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
119
|
|
87
|
|
73
|
|
134
|
|
117
|
|
279
|
|
517
|
|
Real estate -
residential
|
40
|
|
14
|
|
314
|
|
13
|
|
54
|
|
368
|
|
138
|
|
Real estate -
commercial & farmland
|
13
|
|
57
|
|
121
|
|
13
|
|
272
|
|
191
|
|
304
|
|
Real estate -
construction & development
|
131
|
|
221
|
|
122
|
|
9
|
|
6
|
|
474
|
|
314
|
|
Consumer
installment
|
78
|
|
16
|
|
25
|
|
20
|
|
33
|
|
119
|
|
117
|
|
Purchased
non-covered, including pools
|
399
|
|
208
|
|
658
|
|
232
|
|
174
|
|
1,265
|
|
955
|
|
Covered
|
1,089
|
|
136
|
|
240
|
|
292
|
|
439
|
|
1,465
|
|
716
|
|
|
Total
recoveries
|
1,869
|
|
739
|
|
1,553
|
|
713
|
|
1,095
|
|
4,161
|
|
3,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries)
|
$
(418)
|
|
$
637
|
|
$
261
|
|
$
1,962
|
|
$
173
|
|
$
480
|
|
$
3,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
(excluding purchased non-covered
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and covered loans)
|
16,379
|
|
16,003
|
|
15,700
|
|
16,860
|
|
20,558
|
|
16,379
|
|
20,558
|
Non-accrual purchased
non-covered loans
|
17,993
|
|
15,767
|
|
19,187
|
|
13,330
|
|
11,374
|
|
17,993
|
|
11,374
|
Non-accrual purchased
loan pools
|
864
|
|
864
|
|
-
|
|
-
|
|
-
|
|
864
|
|
-
|
Foreclosed assets
(excluding purchased assets)
|
10,392
|
|
13,765
|
|
14,967
|
|
16,147
|
|
20,730
|
|
10,392
|
|
20,730
|
Purchased,
non-covered other real estate owned
|
14,126
|
|
13,928
|
|
15,048
|
|
14,333
|
|
11,538
|
|
14,126
|
|
11,538
|
Accruing loans
delinquent 90 days or more
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total
non-performing assets, excluding covered assets
|
59,754
|
|
60,327
|
|
64,902
|
|
60,670
|
|
64,200
|
|
59,754
|
|
64,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
as a percent of total assets
|
0.92%
|
|
0.97%
|
|
1.06%
|
|
1.09%
|
|
1.23%
|
|
0.92%
|
|
1.23%
|
Net charge offs as a
percent of loans (Annualized)
|
-0.04%
|
|
0.06%
|
|
0.03%
|
|
0.21%
|
|
0.02%
|
|
0.01%
|
|
0.15%
|
Net charge offs,
excluding purchased loans, loan pools and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
covered loans, as a percent of loans (Annualized)
|
0.05%
|
|
0.12%
|
|
0.13%
|
|
0.38%
|
|
0.04%
|
|
0.10%
|
|
0.17%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Asset quality
information is presented net of covered assets where the Company's
risk exposure is limited substantially by loss sharing agreements
with the FDIC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERIS
BANCORP
|
|
|
|
|
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
(unaudited)
|
|
|
|
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the quarter
ended:
|
|
|
|
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
|
|
|
|
|
Loans by
Type
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
625,947
|
|
$
564,343
|
|
$
434,073
|
|
$
449,623
|
|
$
427,747
|
|
|
|
|
|
|
Real estate -
construction & development
|
328,308
|
|
274,717
|
|
264,820
|
|
244,693
|
|
220,798
|
|
|
|
|
|
|
Real estate -
commercial & farmland
|
1,297,582
|
|
1,248,580
|
|
1,154,887
|
|
1,104,991
|
|
1,067,828
|
|
|
|
|
|
|
Real estate -
residential
|
766,933
|
|
680,233
|
|
629,138
|
|
570,430
|
|
532,285
|
|
|
|
|
|
|
Consumer
installment
|
68,305
|
|
33,245
|
|
31,901
|
|
31,125
|
|
31,299
|
|
|
|
|
|
|
Other
|
3,964
|
|
17,953
|
|
13,188
|
|
6,015
|
|
10,692
|
|
|
|
|
|
|
Total Legacy (excluding purchased
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-covered and covered)
|
$
3,091,039
|
|
$
2,819,071
|
|
$
2,528,007
|
|
$
2,406,877
|
|
$
2,290,649
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
99,596
|
|
$
101,803
|
|
$
111,537
|
|
$
45,462
|
|
$
42,350
|
|
|
|
|
|
|
Real estate -
construction & development
|
86,099
|
|
89,096
|
|
103,753
|
|
72,080
|
|
71,109
|
|
|
|
|
|
|
Real estate -
commercial & farmland
|
590,388
|
|
574,830
|
|
598,935
|
|
390,755
|
|
385,032
|
|
|
|
|
|
|
Real estate -
residential
|
286,169
|
|
300,898
|
|
309,770
|
|
258,153
|
|
263,312
|
|
|
|
|
|
|
Consumer
installment
|
4,838
|
|
5,590
|
|
5,924
|
|
5,104
|
|
5,691
|
|
|
|
|
|
|
Total Purchased non-covered (net of discounts)
|
$
1,067,090
|
|
$
1,072,217
|
|
$
1,129,919
|
|
$
771,554
|
|
$
767,494
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
|
|
|
|
Real estate -
construction & development
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
Real estate -
commercial & farmland
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
Real estate -
residential
|
624,886
|
|
610,425
|
|
656,734
|
|
592,963
|
|
410,072
|
|
|
|
|
|
|
Consumer
installment
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
Total Purchased non-covered loan pools
|
$
624,886
|
|
$
610,425
|
|
$
656,734
|
|
$
592,963
|
|
$
410,072
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
830
|
|
$
1,604
|
|
$
4,739
|
|
$
5,546
|
|
$
13,349
|
|
|
|
|
|
|
Real estate -
construction & development
|
3,220
|
|
7,168
|
|
7,205
|
|
7,612
|
|
14,266
|
|
|
|
|
|
|
Real estate -
commercial & farmland
|
13,688
|
|
65,091
|
|
67,055
|
|
71,226
|
|
103,399
|
|
|
|
|
|
|
Real estate -
residential
|
44,457
|
|
47,455
|
|
51,176
|
|
53,038
|
|
59,835
|
|
|
|
|
|
|
Consumer
installment
|
96
|
|
100
|
|
104
|
|
107
|
|
172
|
|
|
|
|
|
|
Total Covered (net of discounts)
|
$
62,291
|
|
$
121,418
|
|
$
130,279
|
|
$
137,529
|
|
$
191,021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loan
Portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
726,373
|
|
$
667,750
|
|
$
550,349
|
|
$
500,631
|
|
$
483,446
|
|
|
|
|
|
|
Real estate -
construction & development
|
417,627
|
|
370,981
|
|
375,778
|
|
324,385
|
|
306,173
|
|
|
|
|
|
|
Real estate -
commercial & farmland
|
1,901,658
|
|
1,888,501
|
|
1,820,877
|
|
1,566,972
|
|
1,556,259
|
|
|
|
|
|
|
Real estate -
residential
|
1,722,445
|
|
1,639,011
|
|
1,646,818
|
|
1,474,584
|
|
1,265,504
|
|
|
|
|
|
|
Consumer
installment
|
73,239
|
|
38,935
|
|
37,929
|
|
36,336
|
|
37,162
|
|
|
|
|
|
|
Other
|
3,964
|
|
17,953
|
|
13,188
|
|
6,015
|
|
10,692
|
|
|
|
|
|
|
Total Loans
|
$
4,845,306
|
|
$
4,623,131
|
|
$
4,444,939
|
|
$
3,908,923
|
|
$
3,659,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt
Restructurings, excluding purchased non-covered and covered
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing loan
types:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
53
|
|
$
275
|
|
$
279
|
|
$
240
|
|
$
238
|
|
|
|
|
|
|
Real estate -
construction & development
|
691
|
|
468
|
|
476
|
|
792
|
|
838
|
|
|
|
|
|
|
Real estate -
commercial & farmland
|
5,535
|
|
5,802
|
|
5,945
|
|
5,766
|
|
5,719
|
|
|
|
|
|
|
Real estate -
residential
|
7,713
|
|
8,226
|
|
7,648
|
|
7,574
|
|
5,209
|
|
|
|
|
|
|
Consumer
installment
|
21
|
|
24
|
|
37
|
|
46
|
|
71
|
|
|
|
|
|
|
Total Accruing TDRs
|
$
14,013
|
|
$
14,795
|
|
$
14,385
|
|
$
14,418
|
|
$
12,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accruing loan
types:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
112
|
|
$
86
|
|
$
75
|
|
$
110
|
|
$
68
|
|
|
|
|
|
|
Real estate -
construction & development
|
35
|
|
36
|
|
30
|
|
63
|
|
30
|
|
|
|
|
|
|
Real estate -
commercial & farmland
|
2,015
|
|
1,832
|
|
1,871
|
|
596
|
|
942
|
|
|
|
|
|
|
Real estate -
residential
|
849
|
|
899
|
|
1,040
|
|
1,123
|
|
759
|
|
|
|
|
|
|
Consumer
installment
|
120
|
|
113
|
|
87
|
|
94
|
|
64
|
|
|
|
|
|
|
Total Non-accrual TDRs
|
$
3,131
|
|
$
2,966
|
|
$
3,103
|
|
$
1,986
|
|
$
1,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Troubled
Debt Restructurings
|
$
17,144
|
|
$
17,761
|
|
$
17,488
|
|
$
16,404
|
|
$
13,938
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following
table presents the loan portfolio by risk grade, excluding
purchased non-covered and covered loans:
|
|
|
|
|
|
|
|
|
|
|
Grade 10 - Prime
credit
|
$
398,781
|
|
$
349,725
|
|
$
254,203
|
|
$
250,609
|
|
$
231,281
|
|
|
|
|
|
|
Grade 15 - Good
credit
|
190,389
|
|
191,574
|
|
213,510
|
|
227,730
|
|
234,185
|
|
|
|
|
|
|
Grade 20 -
Satisfactory credit
|
1,608,265
|
|
1,493,561
|
|
1,346,050
|
|
1,224,320
|
|
1,148,024
|
|
|
|
|
|
|
Grade 23 -
Performing, under-collateralized credit
|
22,763
|
|
23,665
|
|
25,047
|
|
27,607
|
|
26,477
|
|
|
|
|
|
|
Grade 25 - Minimum
acceptable credit
|
797,148
|
|
687,817
|
|
628,042
|
|
609,413
|
|
579,642
|
|
|
|
|
|
|
Grade 30 - Other
asset especially mentioned
|
31,764
|
|
32,468
|
|
22,141
|
|
24,423
|
|
22,190
|
|
|
|
|
|
|
Grade 40 -
Substandard
|
41,929
|
|
40,261
|
|
39,013
|
|
42,773
|
|
48,848
|
|
|
|
|
|
|
Grade 50 -
Doubtful
|
-
|
|
-
|
|
-
|
|
-
|
|
2
|
|
|
|
|
|
|
Grade 60 -
Loss
|
-
|
|
-
|
|
1
|
|
2
|
|
-
|
|
|
|
|
|
|
Total
|
$
3,091,039
|
|
$
2,819,071
|
|
$
2,528,007
|
|
$
2,406,877
|
|
$
2,290,649
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following
table presents the purchased, non-covered loan portfolio by risk
grade:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grade 10 - Prime
credit
|
$
6,543
|
|
$
6,899
|
|
$
10,505
|
|
$
9,602
|
|
$
9,801
|
|
|
|
|
|
|
Grade 15 - Good
credit
|
42,257
|
|
45,245
|
|
48,229
|
|
51,168
|
|
50,906
|
|
|
|
|
|
|
Grade 20 -
Satisfactory credit
|
331,309
|
|
345,480
|
|
344,479
|
|
336,990
|
|
348,034
|
|
|
|
|
|
|
Grade 23 -
Performing, under-collateralized credit
|
27,504
|
|
27,387
|
|
27,445
|
|
12,029
|
|
10,612
|
|
|
|
|
|
|
Grade 25 - Minimum
acceptable credit
|
575,280
|
|
557,221
|
|
607,838
|
|
294,829
|
|
290,272
|
|
|
|
|
|
|
Grade 30 - Other
asset especially mentioned
|
44,838
|
|
52,536
|
|
50,517
|
|
30,693
|
|
26,458
|
|
|
|
|
|
|
Grade 40 -
Substandard
|
39,359
|
|
37,417
|
|
40,874
|
|
36,211
|
|
31,381
|
|
|
|
|
|
|
Grade 50 -
Doubtful
|
-
|
|
30
|
|
30
|
|
30
|
|
30
|
|
|
|
|
|
|
Grade 60 -
Loss
|
-
|
|
2
|
|
2
|
|
2
|
|
-
|
|
|
|
|
|
|
Total
|
$
1,067,090
|
|
$
1,072,217
|
|
$
1,129,919
|
|
$
771,554
|
|
$
767,494
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
5,500
|
|
$
7,186
|
|
$
6,200
|
|
$
5,500
|
|
$
5,500
|
|
$
6,293
|
|
$
5,500
|
|
|
Interest bearing
deposits in banks
|
85,051
|
|
96,906
|
|
201,814
|
|
291,303
|
|
199,057
|
|
127,767
|
|
188,110
|
|
|
Investment securities
- taxable
|
767,421
|
|
766,006
|
|
728,269
|
|
730,608
|
|
772,252
|
|
756,378
|
|
620,500
|
|
|
Investment securities
- nontaxable
|
68,325
|
|
69,664
|
|
68,824
|
|
69,711
|
|
72,549
|
|
68,935
|
|
71,481
|
|
|
Other
investments
|
21,687
|
|
14,765
|
|
9,606
|
|
9,322
|
|
9,322
|
|
15,375
|
|
9,456
|
|
|
Mortgage loans held
for sale
|
105,859
|
|
96,998
|
|
82,803
|
|
98,765
|
|
102,961
|
|
96,340
|
|
86,387
|
|
|
Loans
|
2,897,771
|
|
2,653,171
|
|
2,410,747
|
|
2,333,577
|
|
2,224,490
|
|
2,642,498
|
|
2,097,996
|
|
|
Purchased non-covered
loans
|
1,086,039
|
|
1,111,814
|
|
836,187
|
|
752,508
|
|
788,351
|
|
1,022,680
|
|
702,117
|
|
|
Purchased non-covered
loan pools
|
629,666
|
|
630,503
|
|
627,178
|
|
454,884
|
|
323,258
|
|
629,118
|
|
116,363
|
|
|
Covered
loans
|
113,136
|
|
127,595
|
|
134,383
|
|
180,493
|
|
195,175
|
|
125,141
|
|
215,631
|
|
|
Total
Earning Assets
|
$
5,780,455
|
|
$
5,574,608
|
|
$
5,106,011
|
|
$
4,926,671
|
|
$
4,692,915
|
|
$
5,490,525
|
|
$
4,113,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
deposits
|
$
1,546,211
|
|
$
1,561,621
|
|
$
1,362,007
|
|
$
1,324,999
|
|
$
1,300,870
|
|
$
1,490,152
|
|
$
1,097,750
|
|
|
NOW
accounts
|
1,085,828
|
|
1,087,442
|
|
1,137,076
|
|
1,100,972
|
|
907,618
|
|
1,103,385
|
|
802,800
|
|
|
MMDA
|
1,435,151
|
|
1,413,503
|
|
1,278,199
|
|
1,212,087
|
|
1,219,736
|
|
1,375,835
|
|
1,027,932
|
|
|
Savings
accounts
|
266,344
|
|
265,936
|
|
251,108
|
|
241,337
|
|
239,999
|
|
261,148
|
|
198,379
|
|
|
Retail CDs <
$100,000
|
431,570
|
|
437,899
|
|
438,122
|
|
449,158
|
|
484,007
|
|
434,898
|
|
417,638
|
|
|
Retail CDs >
$100,000
|
451,115
|
|
439,954
|
|
406,699
|
|
395,978
|
|
387,485
|
|
433,607
|
|
380,980
|
|
|
Brokered
CDs
|
5,000
|
|
5,000
|
|
1,099
|
|
-
|
|
-
|
|
3,704
|
|
-
|
|
|
Total
Deposits
|
5,221,219
|
|
5,211,355
|
|
4,874,310
|
|
4,724,531
|
|
4,539,715
|
|
5,102,729
|
|
3,925,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB
advances
|
265,202
|
|
104,195
|
|
9,648
|
|
-
|
|
-
|
|
126,855
|
|
11,289
|
|
|
Other
borrowings
|
49,345
|
|
51,970
|
|
42,096
|
|
39,000
|
|
39,000
|
|
47,809
|
|
41,582
|
|
|
Subordinated
debentures
|
83,719
|
|
83,386
|
|
72,589
|
|
69,723
|
|
69,448
|
|
79,912
|
|
67,369
|
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to
repurchase
|
37,305
|
|
43,286
|
|
52,787
|
|
61,986
|
|
44,480
|
|
44,433
|
|
47,282
|
|
|
Total
Non-Deposit Funding
|
435,571
|
|
282,837
|
|
177,120
|
|
170,709
|
|
152,928
|
|
299,009
|
|
167,522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Funding
|
$
5,656,790
|
|
$
5,494,192
|
|
$
5,051,430
|
|
$
4,895,240
|
|
$
4,692,643
|
|
$
5,401,738
|
|
$
4,093,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME/EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
8
|
|
$
9
|
|
$
8
|
|
$
5
|
|
$
19
|
|
$
25
|
|
$
28
|
|
|
Interest bearing
deposits in banks
|
147
|
|
159
|
|
328
|
|
262
|
|
227
|
|
634
|
|
528
|
|
|
Investment securities
- taxable
|
4,336
|
|
4,554
|
|
4,586
|
|
4,540
|
|
4,694
|
|
13,476
|
|
11,594
|
|
|
Investment securities
- nontaxable (TE)
|
536
|
|
613
|
|
602
|
|
618
|
|
648
|
|
1,751
|
|
1,905
|
|
|
Mortgage loans held
for sale
|
826
|
|
821
|
|
755
|
|
1,040
|
|
970
|
|
2,402
|
|
2,426
|
|
|
Loans (TE)
|
33,672
|
|
31,531
|
|
28,684
|
|
27,901
|
|
27,258
|
|
93,887
|
|
75,305
|
|
|
Purchased non-covered
loans
|
17,629
|
|
17,062
|
|
13,133
|
|
12,129
|
|
11,911
|
|
47,824
|
|
34,079
|
|
|
Purchased non-covered
loan pools
|
4,346
|
|
3,730
|
|
5,144
|
|
3,335
|
|
2,997
|
|
13,220
|
|
3,146
|
|
|
Covered
loans
|
1,667
|
|
1,797
|
|
2,060
|
|
3,556
|
|
3,192
|
|
5,524
|
|
10,572
|
|
|
Total Earning
Assets
|
$
63,167
|
|
$
60,276
|
|
$
55,300
|
|
$
53,386
|
|
$
51,916
|
|
$
178,743
|
|
$
139,583
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion Income (included above)
|
3,604
|
|
4,196
|
|
2,942
|
|
2,912
|
|
3,037
|
|
10,742
|
|
8,769
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
NOW
accounts
|
433
|
|
439
|
|
468
|
|
463
|
|
304
|
|
1,340
|
|
998
|
|
|
MMDA
|
1,241
|
|
1,168
|
|
1,040
|
|
929
|
|
877
|
|
3,449
|
|
2,300
|
|
|
Savings
accounts
|
45
|
|
45
|
|
43
|
|
42
|
|
42
|
|
133
|
|
116
|
|
|
Retail CDs <
$100,000
|
493
|
|
476
|
|
512
|
|
594
|
|
607
|
|
1,481
|
|
1,608
|
|
|
Retail CDs >
$100,000
|
854
|
|
779
|
|
676
|
|
659
|
|
691
|
|
2,309
|
|
2,044
|
|
|
Brokered
CDs
|
8
|
|
8
|
|
2
|
|
-
|
|
-
|
|
18
|
|
-
|
|
|
Total
Deposits
|
3,074
|
|
2,915
|
|
2,741
|
|
2,687
|
|
2,521
|
|
8,730
|
|
7,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB
advances
|
393
|
|
155
|
|
23
|
|
-
|
|
-
|
|
571
|
|
31
|
|
|
Other
borrowings
|
479
|
|
484
|
|
370
|
|
328
|
|
322
|
|
1,333
|
|
1,034
|
|
|
Subordinated
debentures
|
1,179
|
|
1,173
|
|
954
|
|
924
|
|
914
|
|
3,306
|
|
2,612
|
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
under agreements to
repurchase
|
18
|
|
24
|
|
35
|
|
44
|
|
39
|
|
77
|
|
130
|
|
|
Total
Non-Deposit Funding
|
2,069
|
|
1,836
|
|
1,382
|
|
1,296
|
|
1,275
|
|
5,287
|
|
3,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Funding
|
$
5,143
|
|
$
4,751
|
|
$
4,123
|
|
$
3,983
|
|
$
3,796
|
|
$
14,017
|
|
$
10,873
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income (TE)
|
$
58,024
|
|
$
55,525
|
|
$
51,177
|
|
$
49,403
|
|
$
48,120
|
|
$
164,726
|
|
$
128,710
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
YIELDS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
0.58%
|
|
0.50%
|
|
0.52%
|
|
0.36%
|
|
1.37%
|
|
0.53%
|
|
0.68%
|
|
|
Interest bearing
deposits in banks
|
0.69%
|
|
0.66%
|
|
0.65%
|
|
0.36%
|
|
0.45%
|
|
0.66%
|
|
0.38%
|
|
|
Investment securities
- taxable
|
2.25%
|
|
2.39%
|
|
2.53%
|
|
2.47%
|
|
2.41%
|
|
2.38%
|
|
2.50%
|
|
|
Investment securities
- nontaxable
|
3.12%
|
|
3.54%
|
|
3.52%
|
|
3.52%
|
|
3.54%
|
|
3.39%
|
|
3.56%
|
|
|
Mortgage loans held
for sale
|
3.10%
|
|
3.40%
|
|
3.67%
|
|
4.18%
|
|
3.74%
|
|
3.33%
|
|
3.75%
|
|
|
Loans
|
4.62%
|
|
4.78%
|
|
4.79%
|
|
4.74%
|
|
4.86%
|
|
4.75%
|
|
4.80%
|
|
|
Purchased non-covered
loans
|
6.46%
|
|
6.17%
|
|
6.32%
|
|
6.39%
|
|
5.99%
|
|
6.25%
|
|
6.49%
|
|
|
Purchased non-covered
loan pools
|
2.75%
|
|
2.38%
|
|
3.30%
|
|
2.91%
|
|
3.68%
|
|
2.81%
|
|
3.61%
|
|
|
Covered
loans
|
5.86%
|
|
5.66%
|
|
6.17%
|
|
7.82%
|
|
6.49%
|
|
5.90%
|
|
6.56%
|
|
|
Total
Earning Assets
|
4.35%
|
|
4.35%
|
|
4.36%
|
|
4.30%
|
|
4.39%
|
|
4.35%
|
|
4.54%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
deposits
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
|
NOW
accounts
|
0.16%
|
|
0.16%
|
|
0.17%
|
|
0.17%
|
|
0.13%
|
|
0.16%
|
|
0.17%
|
|
|
MMDA
|
0.34%
|
|
0.33%
|
|
0.33%
|
|
0.30%
|
|
0.29%
|
|
0.33%
|
|
0.30%
|
|
|
Savings
accounts
|
0.07%
|
|
0.07%
|
|
0.07%
|
|
0.07%
|
|
0.07%
|
|
0.07%
|
|
0.08%
|
|
|
Retail CDs <
$100,000
|
0.45%
|
|
0.44%
|
|
0.47%
|
|
0.52%
|
|
0.50%
|
|
0.45%
|
|
0.51%
|
|
|
Retail CDs >
$100,000
|
0.75%
|
|
0.71%
|
|
0.67%
|
|
0.66%
|
|
0.71%
|
|
0.71%
|
|
0.72%
|
|
|
Brokered
CDs
|
0.64%
|
|
0.64%
|
|
0.73%
|
|
0.00%
|
|
0.00%
|
|
0.65%
|
|
0.00%
|
|
|
Total
Deposits
|
0.23%
|
|
0.22%
|
|
0.23%
|
|
0.23%
|
|
0.22%
|
|
0.23%
|
|
0.24%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB
advances
|
0.59%
|
|
0.60%
|
|
0.96%
|
|
0.00%
|
|
0.00%
|
|
0.60%
|
|
0.37%
|
|
|
Other
borrowings
|
3.86%
|
|
3.75%
|
|
3.54%
|
|
3.34%
|
|
3.28%
|
|
3.72%
|
|
3.32%
|
|
|
Subordinated
debentures
|
5.60%
|
|
5.66%
|
|
5.29%
|
|
5.26%
|
|
5.22%
|
|
5.53%
|
|
5.18%
|
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to
repurchase
|
0.19%
|
|
0.22%
|
|
0.27%
|
|
0.28%
|
|
0.35%
|
|
0.23%
|
|
0.37%
|
|
|
Total
Non-Deposit Funding
|
1.89%
|
|
2.61%
|
|
3.14%
|
|
3.01%
|
|
3.31%
|
|
2.36%
|
|
3.04%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total funding
(3)
|
0.36%
|
|
0.35%
|
|
0.33%
|
|
0.32%
|
|
0.32%
|
|
0.35%
|
|
0.36%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread
|
3.99%
|
|
4.00%
|
|
4.03%
|
|
3.98%
|
|
4.07%
|
|
4.00%
|
|
4.18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
3.99%
|
|
4.01%
|
|
4.03%
|
|
3.98%
|
|
4.07%
|
|
4.01%
|
|
4.18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interest and
average rates are calculated on a tax-equivalent basis using an
effective tax rate of 35%.
|
|
|
|
|
|
|
|
|
|
|
(2) Rate calculated
based on average earning assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Rate calculated
based on total average funding including non-interest bearing
liabilities.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
Operating Net
Income Reconciliation
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders
|
$
21,557
|
|
$
20,049
|
|
$
12,317
|
|
$
14,148
|
|
$
15,627
|
|
$
53,923
|
|
$
26,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
-
|
|
-
|
|
6,359
|
|
1,807
|
|
446
|
|
6,359
|
|
6,173
|
|
|
Non-recurring credit
resolution related expenses
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
11,241
|
|
|
Tax effect of
non-recurring charges
|
-
|
|
-
|
|
(2,226)
|
|
(632)
|
|
(156)
|
|
(2,226)
|
|
(6,095)
|
|
|
Plus: After tax
non-recurring charges
|
-
|
|
-
|
|
4,133
|
|
1,175
|
|
290
|
|
4,133
|
|
11,319
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Net
income
|
21,557
|
|
20,049
|
|
16,450
|
|
15,323
|
|
15,917
|
|
58,056
|
|
38,018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating net income
per diluted share:
|
$
0.61
|
|
$
0.57
|
|
$
0.50
|
|
$
0.47
|
|
$
0.49
|
|
$
1.68
|
|
$
1.19
|
|
|
Return on average
assets
|
1.35%
|
|
1.31%
|
|
1.18%
|
|
1.12%
|
|
1.21%
|
|
1.24%
|
|
1.05%
|
|
|
Return on average
common tangible equity
|
17.18%
|
|
17.03%
|
|
15.42%
|
|
14.97%
|
|
16.23%
|
|
15.95%
|
|
12.74%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
Net Interest
Margin and Yields on Total Loans
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
|
|
Excluding Accretion Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest Income
(TE)
|
$
63,167
|
|
$
60,276
|
|
$
55,300
|
|
$
53,386
|
|
$
51,916
|
|
$
178,743
|
|
$
139,583
|
|
|
Accretion Income
|
3,604
|
|
4,196
|
|
2,942
|
|
2,912
|
|
3,037
|
|
10,742
|
|
8,769
|
|
|
Total Interest Income
(TE) Excluding Accretion
|
$
59,563
|
|
$
56,080
|
|
$
52,358
|
|
$
50,474
|
|
$
48,879
|
|
$
168,001
|
|
$
130,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest
Expense
|
$
5,143
|
|
$
4,751
|
|
$
4,123
|
|
$
3,983
|
|
$
3,796
|
|
$
14,017
|
|
$
10,873
|
|
|
Net Interest Income
(TE) Excluding Accretion
|
$
54,420
|
|
$
51,329
|
|
$
48,235
|
|
$
46,491
|
|
$
45,083
|
|
$
153,984
|
|
$
119,941
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on Total Loans
Excluding Accretion
|
4.75%
|
|
4.74%
|
|
4.84%
|
|
4.92%
|
|
4.83%
|
|
4.77%
|
|
4.90%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin
Excluding Accretion
|
3.75%
|
|
3.70%
|
|
3.80%
|
|
3.74%
|
|
3.81%
|
|
3.75%
|
|
3.90%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
Core Earnings
Reconciliation
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax operating
profit/(loss)
|
$
31,921
|
|
$
29,720
|
|
$
18,441
|
|
$
17,444
|
|
$
22,995
|
|
$
80,082
|
|
$
39,300
|
|
|
Plus: Credit Related
Costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses
|
811
|
|
889
|
|
681
|
|
553
|
|
986
|
|
2,381
|
|
4,711
|
|
|
(Gains)/Losses on the sale of legacy OREO
|
377
|
|
447
|
|
753
|
|
535
|
|
36
|
|
1,577
|
|
582
|
|
|
Gains/(Losses) on the sale of covered OREO
|
(89)
|
|
28
|
|
166
|
|
610
|
|
56
|
|
105
|
|
270
|
|
|
Problem loan and OREO expense
|
1,238
|
|
1,289
|
|
880
|
|
1,078
|
|
991
|
|
3,407
|
|
14,654
|
|
|
Interest reversed (received) on non-accrual loans
|
41
|
|
35
|
|
34
|
|
58
|
|
17
|
|
110
|
|
586
|
|
|
Total
Credit-Related Costs
|
2,378
|
|
2,688
|
|
2,514
|
|
2,834
|
|
2,086
|
|
7,580
|
|
20,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: Cconversion
charges
|
-
|
|
-
|
|
6,359
|
|
1,807
|
|
446
|
|
6,359
|
|
6,173
|
|
|
Less: Non-recurring
gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on sales of securities
|
-
|
|
-
|
|
(94)
|
|
-
|
|
(115)
|
|
(94)
|
|
(137)
|
|
|
Gains/(Losses)
on sales of bank premises
|
238
|
|
401
|
|
(77)
|
|
(267)
|
|
-
|
|
562
|
|
-
|
|
|
Other non-recurring adjustments
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pretax, Pre-provision
earnings
|
$
34,537
|
|
$
32,809
|
|
$
27,143
|
|
$
21,818
|
|
$
25,412
|
|
$
94,489
|
|
$
66,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As percentage of
average assets, annualized
|
2.17%
|
|
2.15%
|
|
1.94%
|
|
1.59%
|
|
1.93%
|
|
1.99%
|
|
1.70%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
Recurring
Operating Expenses
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Expenses
|
53,199
|
|
52,359
|
|
55,600
|
|
53,028
|
|
48,396
|
|
161,158
|
|
146,087
|
|
|
Less: Credit costs
& non-recurring charges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains/(Losses) on the sale of legacy OREO
|
(377)
|
|
(447)
|
|
(753)
|
|
(535)
|
|
(36)
|
|
(1,577)
|
|
(582)
|
|
|
Gains/(Losses) on the sale of covered OREO
|
89
|
|
(28)
|
|
(166)
|
|
(610)
|
|
(56)
|
|
(105)
|
|
(270)
|
|
|
Problem loan and OREO expense
|
(1,238)
|
|
(1,289)
|
|
(880)
|
|
(1,078)
|
|
(991)
|
|
(3,407)
|
|
(14,654)
|
|
|
Conversion
expenses
|
-
|
|
-
|
|
(6,359)
|
|
(1,807)
|
|
(446)
|
|
(6,359)
|
|
(6,173)
|
|
|
Gains/(Losses) on the sale of premises
|
(238)
|
|
(401)
|
|
77
|
|
267
|
|
-
|
|
(562)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring operating
expenses
|
$
51,435
|
|
$
50,194
|
|
$
47,519
|
|
$
49,265
|
|
$
46,867
|
|
$
149,148
|
|
$
124,408
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERIS
BANCORP
|
FINANCIAL
HIGHLIGHTS
|
(unaudited)
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Sept.
|
|
Sept.
|
|
|
Segment
Reporting
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
50,374
|
|
$
48,940
|
|
$
45,801
|
|
$
44,088
|
|
$
43,044
|
|
$
145,115
|
|
$
115,689
|
|
|
Provision for loan losses
|
57
|
|
733
|
|
681
|
|
504
|
|
960
|
|
1,471
|
|
4,343
|
|
|
Noninterest income
|
13,949
|
|
13,018
|
|
12,735
|
|
12,739
|
|
13,470
|
|
39,702
|
|
31,512
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
18,323
|
|
18,428
|
|
18,989
|
|
19,225
|
|
17,921
|
|
55,740
|
|
48,958
|
|
|
Occupancy
|
5,490
|
|
5,901
|
|
5,150
|
|
5,356
|
|
5,444
|
|
16,541
|
|
13,964
|
|
|
Data
Processing
|
5,794
|
|
5,685
|
|
5,820
|
|
5,759
|
|
4,998
|
|
17,299
|
|
12,922
|
|
|
Other
expenses
|
11,533
|
|
11,071
|
|
16,436
|
|
13,853
|
|
11,379
|
|
39,040
|
|
45,783
|
|
|
Total noninterest expense
|
41,140
|
|
41,085
|
|
46,395
|
|
44,193
|
|
39,742
|
|
128,620
|
|
121,627
|
|
|
Income before income
taxes
|
23,126
|
|
20,140
|
|
11,460
|
|
12,130
|
|
15,812
|
|
54,726
|
|
21,231
|
|
|
Income
Tax
|
7,286
|
|
6,318
|
|
3,681
|
|
1,436
|
|
4,854
|
|
17,285
|
|
6,277
|
|
|
Net
income
|
$
15,840
|
|
$
13,822
|
|
$
7,779
|
|
$
10,694
|
|
$
10,958
|
|
$
37,441
|
|
$
14,954
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Mortgage
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
3,679
|
|
$
3,293
|
|
$
3,020
|
|
$
2,812
|
|
$
2,485
|
|
$
9,992
|
|
$
6,009
|
|
|
Provision for loan losses
|
447
|
|
93
|
|
-
|
|
49
|
|
26
|
|
540
|
|
368
|
|
|
Noninterest income
|
13,198
|
|
13,304
|
|
9,624
|
|
7,966
|
|
9,827
|
|
36,126
|
|
26,532
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
8,940
|
|
8,304
|
|
6,347
|
|
5,855
|
|
6,138
|
|
23,591
|
|
16,257
|
|
|
Occupancy
|
433
|
|
405
|
|
488
|
|
501
|
|
397
|
|
1,326
|
|
1,173
|
|
|
Data
Processing
|
364
|
|
338
|
|
272
|
|
266
|
|
308
|
|
974
|
|
799
|
|
|
Other
expenses
|
1,303
|
|
1,133
|
|
956
|
|
1,043
|
|
662
|
|
3,392
|
|
2,744
|
|
|
Total noninterest expense
|
11,040
|
|
10,180
|
|
8,063
|
|
7,665
|
|
7,505
|
|
29,283
|
|
20,973
|
|
|
Income before income
taxes
|
5,390
|
|
6,324
|
|
4,581
|
|
3,064
|
|
4,781
|
|
16,295
|
|
11,200
|
|
|
Income
Tax
|
1,887
|
|
2,213
|
|
1,603
|
|
1,072
|
|
1,673
|
|
5,703
|
|
3,920
|
|
|
Net
income
|
$
3,503
|
|
$
4,111
|
|
$
2,978
|
|
$
1,992
|
|
$
3,108
|
|
$
10,592
|
|
$
7,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse
Lending:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
2,073
|
|
$
1,622
|
|
$
1,019
|
|
$
995
|
|
$
1,128
|
|
$
4,714
|
|
$
3,142
|
|
|
Provision for loan losses
|
94
|
|
-
|
|
-
|
|
-
|
|
-
|
|
94
|
|
-
|
|
|
Noninterest income
|
555
|
|
440
|
|
333
|
|
336
|
|
372
|
|
1,328
|
|
1,028
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
103
|
|
108
|
|
188
|
|
156
|
|
137
|
|
399
|
|
363
|
|
|
Occupancy
|
1
|
|
1
|
|
1
|
|
3
|
|
1
|
|
3
|
|
4
|
|
|
Data
Processing
|
26
|
|
25
|
|
20
|
|
20
|
|
22
|
|
71
|
|
75
|
|
|
Other
expenses
|
26
|
|
26
|
|
25
|
|
28
|
|
40
|
|
77
|
|
95
|
|
|
Total noninterest expense
|
156
|
|
160
|
|
234
|
|
207
|
|
200
|
|
550
|
|
537
|
|
|
Income before income
taxes
|
2,378
|
|
1,902
|
|
1,118
|
|
1,124
|
|
1,300
|
|
5,398
|
|
3,633
|
|
|
Income
Tax
|
832
|
|
666
|
|
391
|
|
393
|
|
455
|
|
1,889
|
|
1,272
|
|
|
Net
income
|
$
1,546
|
|
$
1,236
|
|
$
727
|
|
$
731
|
|
$
845
|
|
$
3,509
|
|
$
2,361
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
941
|
|
$
734
|
|
$
596
|
|
$
723
|
|
$
742
|
|
$
2,271
|
|
$
2,079
|
|
|
Provision for loan losses
|
213
|
|
63
|
|
-
|
|
-
|
|
-
|
|
276
|
|
-
|
|
|
Noninterest income
|
1,162
|
|
1,617
|
|
1,594
|
|
1,366
|
|
1,309
|
|
4,373
|
|
4,107
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
616
|
|
691
|
|
663
|
|
736
|
|
738
|
|
1,970
|
|
2,453
|
|
|
Occupancy
|
65
|
|
64
|
|
61
|
|
57
|
|
73
|
|
190
|
|
137
|
|
|
Data
Processing
|
1
|
|
1
|
|
1
|
|
1
|
|
1
|
|
3
|
|
7
|
|
|
Other
expenses
|
181
|
|
178
|
|
183
|
|
169
|
|
137
|
|
542
|
|
353
|
|
|
Total noninterest expense
|
863
|
|
934
|
|
908
|
|
963
|
|
949
|
|
2,705
|
|
2,950
|
|
|
Income before income
taxes
|
1,027
|
|
1,354
|
|
1,282
|
|
1,126
|
|
1,102
|
|
3,663
|
|
3,236
|
|
|
Income
Tax
|
359
|
|
474
|
|
449
|
|
394
|
|
386
|
|
1,282
|
|
1,133
|
|
|
Net
income
|
$
668
|
|
$
880
|
|
$
833
|
|
$
732
|
|
$
716
|
|
$
2,381
|
|
$
2,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Consolidated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
57,067
|
|
$
54,589
|
|
$
50,436
|
|
$
48,618
|
|
$
47,399
|
|
$
162,092
|
|
$
126,919
|
|
|
Provision for loan losses
|
811
|
|
889
|
|
681
|
|
553
|
|
986
|
|
2,381
|
|
4,711
|
|
|
Noninterest income
|
28,864
|
|
28,379
|
|
24,286
|
|
22,407
|
|
24,978
|
|
81,529
|
|
63,179
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
27,982
|
|
27,531
|
|
26,187
|
|
25,972
|
|
24,934
|
|
81,700
|
|
68,031
|
|
|
Occupancy
|
5,989
|
|
6,371
|
|
5,700
|
|
5,917
|
|
5,915
|
|
18,060
|
|
15,278
|
|
|
Data
Processing
|
6,185
|
|
6,049
|
|
6,113
|
|
6,046
|
|
5,329
|
|
18,347
|
|
13,803
|
|
|
Other
expenses
|
13,043
|
|
12,408
|
|
17,600
|
|
15,093
|
|
12,218
|
|
43,051
|
|
48,975
|
|
|
Total noninterest expense
|
53,199
|
|
52,359
|
|
55,600
|
|
53,028
|
|
48,396
|
|
161,158
|
|
146,087
|
|
|
Income before income
taxes
|
31,921
|
|
29,720
|
|
18,441
|
|
17,444
|
|
22,995
|
|
80,082
|
|
39,300
|
|
|
Income
Tax
|
10,364
|
|
9,671
|
|
6,124
|
|
3,296
|
|
7,368
|
|
26,159
|
|
12,601
|
|
|
Net
income
|
$
21,557
|
|
$
20,049
|
|
$
12,317
|
|
$
14,148
|
|
$
15,627
|
|
$
53,923
|
|
$
26,699
|
Logo -
http://photos.prnewswire.com/prnh/20051117/CLTH039LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ameris-bancorp-reports-record-net-income-for-third-quarter-2016-300345495.html
SOURCE Ameris Bancorp