Ameris Bancorp Announces 2016 Financial Results

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January 20, 2017 7:00 AM EST

MOULTRIE, Ga., Jan. 20, 2017 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $72.1 million, or $2.08 per share, for the year ended December 31, 2016, compared with $40.8 million, or $1.27 per share, for 2015.  For the quarter ending December 31, 2016, reported results include net income of $18.2 million, or $0.52 per diluted share, compared with $14.1 million, or $0.43 per diluted share, for the same period in 2015.

The Company reported adjusted operating net income of $80.0 million, or $2.30 per share, for the year ended December 31, 2016, compared with $53.3 million, or $1.66 per share, for 2015.  Adjusted operating net income for the fourth quarter of 2016 increased 43% to $21.9 million, or $0.62 per share, compared with $15.3 million, or $0.47 per share, for the same quarter of 2015. 

For the year ended December 31, 2016, the Company's adjusted operating return on average assets improved to 1.30%, compared with 1.11% for 2015.  For the fourth quarter of 2016, the Company's adjusted operating return on average assets improved to 1.33%, compared with 1.12% in the same quarter of 2015.  Commenting on the Company's earnings, Edwin W. Hortman, Jr., President and Chief Executive Officer of the Company, said, "In 2016, we delivered a 39% increase in adjusted operating earnings per share by driving strong growth in revenue and managing operating expenses.  We grew organic loans by approximately 21% in 2016, up significantly from the 13% that we experienced during 2015.  For 2017, we are focused on maintaining this pace of organic growth while also maintaining a level of operating results that puts us in the top quartile of our peer group."

Following is a summary of the adjustments between reported net income and adjusted operating net income:

 

Three Months Ended

Twelve Months Ended

Adjusted Operating Net Income Reconciliation

Dec 16

Dec 15

Dec 16

Dec 15

Net income available to common shareholders

$       18,177

$       14,148

$       72,100

$       40,847

Merger and conversion charges

17

1,807

6,376

7,980

Certain credit resolution related expenses

-

-

-

11,241

Certain compliance resolution expenses

5,750

-

5,750

-

Tax effect of management-adjusted charges

(2,018)

(632)

(4,244)

(6,727)

Plus: After tax management-adjusted charges

3,749

1,175

7,882

12,494

       Adjusted Operating Net income

$       21,926

$       15,323

$       79,982

$       53,341

Reported Return on average assets

1.10%

1.03%

1.17%

0.85%

Adjusted Operating Return on average assets

1.33%

1.12%

1.30%

1.11%

 

Highlights of the Company's results for 2016 include the following:

  • Adjusted operating return on average assets of 1.30%, compared with 1.11% in 2015
  • Adjusted operating return on average tangible common equity of 16.71%, compared with 13.66% in 2015
  • Improvement in adjusted operating efficiency ratio to 62.7%, compared with 68.9% for 2015
  • Organic growth in loans of $660.4 million, or 20.8%
  • Total growth in non-interest bearing demand deposits of $243.5 million, or 18.3%, to end the year at 28.2% of total deposits
  • Increase in total revenue of 24.5% to $325.2 million
  • Decline in the growth rate of operating expenses (less one-time oriented charges)
  • Decline in annualized net charge-offs to 0.03% of total loans and 0.11% of non-purchased loans
  • Increase in tangible book value per share of 14.0% to $14.42, compared with $12.65 per share at December 31, 2015
  • Continued improvement in non-performing assets, decreasing to 0.85% of total assets
  • Increase in net income from retail mortgage, warehouse lending and SBA lines of business of 35.7% to $20.6 million, compared with $15.2 million in 2015

Increase in Net Interest Income Net interest income on a tax-equivalent basis increased 25.6% in 2016 to $223.6 million, up from $178.1 million for 2015.  Growth in earning assets from internal sources, as well as from acquisition activity, contributed to the increase.  Average earning assets increased 29.6% in 2016 to $5.60 billion, compared with $4.32 billion for 2015.  Although the Company's net interest income increased, net interest margin for 2016, including accretion, declined to 3.99%, compared with 4.12% for 2015.  The Company's net interest margin was 3.95% for the fourth quarter of 2016, down from 3.99% reported for the third quarter of 2016 and 3.98% reported for the fourth quarter of 2015. 

Accretion income for 2016 increased to $14.1 million, compared with $11.7 million for 2015.  Accretion income for the fourth quarter of 2016 decreased slightly to $3.4 million, compared with $3.6 million for the third quarter of 2016, but increased from $2.9 million reported for the fourth quarter of 2015.  Excluding the effect of accretion, the Company's margin for 2016 was 3.74%, compared with 3.85% for 2015.  Excluding the effect of accretion, the Company's margin for the fourth quarter of 2016 was 3.73%, a slight decline compared with 3.75% for the third quarter of 2016 and 3.74% for the fourth quarter of 2015.  

Yields on earning assets in 2016 were 4.35%, compared with 4.47% in 2015.  This decline relates principally to the short-term investment strategy associated with the Company's 2015 acquisitions.  Yields on the funds invested in purchased mortgage pools were 2.77% during 2016, compared with 3.21% during 2015.  Interest income on loans on a tax-equivalent basis increased substantially during 2016 to $218.8 million, compared with $170.0 million for 2015.  During the quarter ended December 31, 2016, interest income on loans increased to $58.4 million, compared with $57.3 million for the third quarter of 2016 and $46.9 million for the fourth quarter of 2015.

Total interest expense for 2016 was $19.7 million, compared with $14.9 million for 2015.  Deposit costs were stable for most of 2016, ending the year at 0.24%, compared with 0.23% for 2015.  Deposit costs increased slightly in the fourth quarter of 2016 to 0.27%, compared with 0.23% for the third quarter of 2016.  Non-interest bearing deposits represented 29.1% of the total average deposits for 2016, compared with 29.2% for 2015.

Non-Interest Income Non-interest income increased 23.6% in 2016 to $105.8 million, compared with $85.6 million for 2015.  Service charges on deposit accounts increased by $8.3 million to $42.7 million during 2016, an increase of 24.0% compared with 2015.  Growth in service charge related revenues on commercial and consumer accounts was responsible for most of the increase in service charges, while NSF and debit card revenues were mostly flat. 

Retail mortgage revenues increased 36.8% during 2016, from $43.3 million for 2015 to $59.3 million for 2016.  Net income for the Company's retail mortgage division grew 42.3% during 2016 to $13.2 million.  Revenues from the Company's warehouse lending division increased 54.1% during the year, from $5.5 million for 2015 to $8.5 million for 2016, and net income for the division increased 48.3%, from $3.1 million for 2015 to $4.6 million for 2016.  Revenues and profitability slowed for both mortgage and warehouse lending in the fourth quarter, which is traditionally a slower time of the year.  Net income for the Company's retail mortgage division was $2.6 million for the fourth quarter of 2016, compared with $3.5 million in the third quarter of 2016 and $2.0 million for the fourth quarter of 2015.  Net income for the Company's wholesale lending division was $1.1 million for the fourth quarter of 2016, compared with $1.5 million for the third quarter of 2015 and $731,000 for the fourth quarter of 2015.

Revenues from the Company's SBA division continued to increase during 2016, rising from $8.3 million for 2015 to $8.9 million for 2016.  Net income for the division remained stable at $2.8 million for both 2016 and 2015. 

Non-Interest Expense Non-interest expense increased $16.7 million, or 8.4%, to $215.8 million for the year ended December 31, 2016, compared with $199.1 million for the year 2015.  Total expenses in 2016 include approximately $6.4 million in merger-related charges and $5.75 million in compliance-related charges, while total expenses in 2015 include approximately $8.0 million in merger-related charges.  Excluding these amounts, expenses in 2016 increased by only $12.6 million, or 6.6%, compared with 2015 levels. 

Salaries and benefits increased $12.8 million during 2016, driven by $2.5 million associated with the Company's acquisition of The Jacksonville Bank in March 2016 and $8.2 million relating to higher compensation levels in the Company's mortgage and SBA divisions.

Occupancy costs increased $3.2 million, or 15.1%, during 2016, principally as a result of the increased number of retail branches operated during the year, as well as additional expenses for administrative offices.

Data processing and IT-related costs increased $4.7 million, or 23.9%, in 2016.  Growth in accounts associated with the acquisition of The Jacksonville Bank accounted for a portion of this increase, while the majority of the increase related to much higher online and mobile banking adoption.

Other non-interest expenses, excluding $5.75 million in compliance-related charges in 2016, increased 5.8% to $33.2 million during the year. 

Balance Sheet Trends Total assets increased $1.30 billion, or 23.3%, during 2016.  This growth includes $528.9 million resulting from the acquisition of The Jacksonville Bank in March 2016 and $373.0 million resulting from the acquisition of the loan portfolio of US Premium Finance in December 2016.    

Total loans, including loans held for sale, purchased non-covered loan pools and covered loans, were $5.37 billion at the end of 2016, compared with $4.02 billion at the end of 2015.  Organic growth in loans totaled $660.4 million, or 20.8%, during 2016, compared with $344.2 million, or 13.5%, in 2015.  As expected, loan growth rates in the fourth quarter of 2016 slowed, declining to 12.1% on an annualized basis, compared with 15.7% on an annualized basis in the same quarter of 2015.

Deposits increased $695.9 million during 2016 to end the year at $5.58 billion.  At December 31, 2016, non-interest bearing deposit accounts were $1.57 billion, or 28.2% of total deposits, compared with $1.33 billion, or 27.3% of total deposits, at December 31, 2015.  Non-rate sensitive deposits (including NIB, NOW and savings) totaled $3.17 billion at December 31, 2016, compared with $2.71 billion at the end of 2015.  These funds represented 56.9% of the Company's total deposits at the end of 2016, compared with 55.6% at the end of 2015.

Stockholders' equity at December 31, 2016 totaled $646.4 million, an increase of $131.7 million, or 25.6%, from December 31, 2015.  The increase in stockholders' equity was the result of the Company's issuance of $72.5 million of common shares in the acquisition of The Jacksonville Bank, plus earnings of $72.1 million during 2016, offset by dividends paid to shareholders of $10.5 million.  Tangible book value per share was $14.42 at the end of 2016, up 14.0% from $12.65 at the end of 2015.

Equipment Finance In addition to reporting its operating results, the Company also announced that it has hired a team of accomplished equipment finance industry veterans to launch a new division of its bank, "Ameris Equipment Finance".  The team will be led by Chris Regas, who comes to the Company from Caterpillar Financial, which purchased a captive finance company that Mr. Regas had founded and grown successfully.  Joining Mr. Regas are other industry veterans with expertise in origination, capital markets, underwriting, risk management and servicing.

Ameris Equipment Finance will focus on a growing, yet underserved, client base across a wide range of equipment sectors, including construction, transportation and manufacturing.  Targeted transaction sizes will range from $500,000 to $10 million, with an average relationship size of approximately $1.5 million to $5.0 million.  Current and prospective corporate clients of Ameris Bank will benefit from the expanded product offerings, as the Company leverages its core competency of lending to qualified middle-market clients nationwide.

Commenting on the new group, Mr. Hortman said, "The team we have recruited has a proven track record in this industry, managing a very large portfolio and managing through several credit cycles with outstanding results.  We expect this strategy to further augment our organic growth rates and also be accretive to our credit quality, earnings per share growth rates and return on average assets.  We are excited to welcome Chris and his team to the Company and believe that this is a great opportunity to diversify our portfolio."

Conference Call The Company will host a teleconference at 11:00 a.m. Eastern time today (January 20, 2017) to discuss the Company's results and answer appropriate questions.  The conference call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other international participants).  The conference ID name is Ameris Bancorp ABCB.   A replay of the call will be available one hour after the end of the conference call until February 3, 2017.  To listen to the replay, dial 1-877-344-7529 (or 1-855-669-9658 for participants in Canada and 1-412-317-0088 for other international participants).  The conference replay access code is 10099453.  The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at www.amerisbank.com. 

About Ameris Bancorp Ameris Bancorp is a bank holding company headquartered in Moultrie, Georgia.  The Company's banking subsidiary, Ameris Bank, had 97 locations in Georgia, Alabama, northern Florida and South Carolina at the end of the most recent quarter.  

This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management of Ameris Bancorp (the "Company") uses these non-GAAP measures in its analysis of the Company's performance. These measures are useful when evaluating the underlying performance and efficiency of the Company's operations and balance sheet. The Company's management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company's management believes that investors may use these non-GAAP financial measures to evaluate the Company's financial performance without the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

This news release contains statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe", "estimate", "expect", "intend", "anticipate" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements and are referred to the Company's periodic filings with the Securities and Exchange Commission, including the Company's 2015 Annual Report on Form 10-K,  for a summary of certain factors that may impact the Company's results of operations and financial condition.

 

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)

Three Months Ended

Twelve Months Ended

Dec.

Sept.

Jun.

Mar.

Dec.

Dec.

Dec.

2016

2016

2016

2016

2015

2016

2015

EARNINGS

Net Income 

$                 18,177

$                 21,557

$                 20,049

$             12,317

$             14,148

$             72,100

$             40,847

Adjusted Operating Net Income

$                 21,926

$                 21,557

$                 20,049

$             16,450

$             15,323

$             79,982

$             53,341

PER COMMON SHARE DATA

Earnings per share available to common shareholders:

Basic

$                     0.52

$                     0.62

$                     0.58

$                 0.38

$                 0.44

$                 2.10

$                 1.29

Diluted

$                     0.52

$                     0.61

$                     0.57

$                 0.37

$                 0.43

$                 2.08

$                 1.27

Cash Dividends per share

$                     0.10

$                     0.10

$                     0.05

$                 0.05

$                 0.05

$                 0.30

$                 0.20

Book value per share (period end)

$                   18.51

$                   18.42

$                   17.96

$               17.25

$               15.98

$               18.51

$               15.98

Tangible book value per share (period end)

$                   14.42

$                   14.38

$                   13.89

$               13.13

$               12.65

$               14.42

$               12.65

Weighted average number of shares:

Basic

34,915,459

34,869,747

34,832,621

32,752,063

32,199,632

34,346,570

31,761,624

Diluted

35,293,035

35,194,739

35,153,311

33,053,554

32,594,929

34,701,732

32,126,667

Period-end number of shares

34,921,474

34,891,304

34,847,311

34,837,454

32,211,385

34,921,474

32,211,385

Market data:

High closing price

$                   47.30

$                   35.80

$                   32.39

$               32.68

$               34.90

$               47.30

$               34.90

Low closing price

$                   35.02

$                   29.09

$                   27.89

$               25.09

$               27.65

$               25.09

$               22.75

Period end closing price

$                   43.60

$                   34.95

$                   29.70

$               29.58

$               33.99

$               43.60

$               33.99

Average daily volume

191,894

166,841

215,409

253,779

301,775

206,487

173,391

PERFORMANCE RATIOS

Return on average assets

1.10%

1.35%

1.31%

0.88%

1.03%

1.17%

0.85%

Return on average common equity

11.06%

13.39%

13.08%

9.14%

10.94%

11.75%

8.37%

Earning asset yield (TE)

4.34%

4.35%

4.35%

4.36%

4.30%

4.35%

4.47%

Total cost of funds

0.38%

0.36%

0.35%

0.33%

0.32%

0.36%

0.34%

Net interest margin (TE)

3.95%

3.99%

4.01%

4.03%

3.98%

3.99%

4.12%

Non-interest income excluding securities transactions,

as a percent of total revenue (TE)

27.32%

31.36%

32.01%

30.40%

29.56%

30.28%

30.68%

Efficiency ratio

67.05%

61.91%

63.11%

74.41%

74.66%

66.38%

76.25%

CAPITAL ADEQUACY (period end)

Stockholders' equity to assets

9.38%

9.90%

10.06%

9.85%

9.21%

9.38%

9.21%

Tangible common equity to tangible assets

7.46%

7.90%

7.96%

7.68%

7.44%

7.46%

7.44%

EQUITY TO ASSETS RECONCILIATION

Tangible common equity to tangible assets

7.46%

7.90%

7.96%

7.68%

7.44%

7.46%

7.44%

Effect of goodwill and other intangibles

1.92%

2.00%

2.10%

2.17%

1.77%

1.92%

1.77%

Equity to assets (GAAP)

9.38%

9.90%

10.06%

9.85%

9.21%

9.38%

9.21%

OTHER PERIOD-END DATA

Banking Division FTE

1,035

1,011

1,023

1,085

1,075

1,035

1,075

Mortgage Division FTE

263

259

245

233

229

263

229

Total Ameris Bancorp FTE Headcount

1,298

1,270

1,268

1,318

1,304

1,298

1,304

Assets per Banking Division FTE

$                   6,659

$                   6,423

$                   6,081

$               5,620

$               5,199

$               6,659

$               5,199

Branch locations

97

99

102

103

101

97

101

Deposits per branch location

$                 57,476

$                 53,597

$                 50,780

$             50,784

$             48,310

$             57,476

$             48,310

 

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)

Three Months Ended

Twelve Months Ended

Dec.

Sept.

Jun.

Mar.

Dec.

Dec.

Dec.

2016

2016

2016

2016

2015

2016

2015

INCOME STATEMENT

Interest income

Interest and fees on loans

$                 57,982

$                 57,322

$                 54,164

$             49,191

$             47,336

$           218,659

$           171,567

Interest on taxable securities

4,348

4,336

4,554

4,586

4,540

17,824

16,134

Interest on nontaxable securities

425

397

454

446

458

1,722

1,869

Interest on deposits in other banks

193

147

159

328

262

827

790

Interest on federal funds sold

8

8

9

8

5

33

33

Total interest income

62,956

62,210

59,340

54,559

52,601

239,065

190,393

Interest expense

Interest on deposits

$                   3,680

$                   3,074

$                   2,915

$               2,741

$               2,687

$             12,410

$               9,752

Interest on other borrowings

1,997

2,069

1,836

1,382

1,296

7,284

5,104

Total interest expense

5,677

5,143

4,751

4,123

3,983

19,694

14,856

Net interest income

57,279

57,067

54,589

50,436

48,618

219,371

175,537

Provision for loan losses

1,710

811

889

681

553

4,091

5,264

Net interest income after provision for loan losses

$                 55,569

$                 56,256

$                 53,700

$             49,755

$             48,065

$           215,280

$           170,273

Noninterest income

Service charges on deposit accounts

$                 11,036

$                 11,358

$                 10,436

$               9,915

$             10,119

$             42,745

$             34,465

Mortgage banking activity

9,878

14,067

14,142

10,211

8,586

48,298

36,800

Other service charges, commissions and fees

706

791

967

1,111

1,112

3,575

3,754

Gain(loss) on sale of securities

-

-

-

94

-

94

137

Other non-interest income

2,652

2,648

2,834

2,955

2,590

11,089

10,430

Total noninterest income

24,272

28,864

28,379

24,286

22,407

105,801

85,586

Noninterest expense

Salaries and employee benefits

25,137

27,982

27,531

26,187

25,972

106,837

94,003

Occupancy and equipment expenses

6,337

5,989

6,371

5,700

5,917

24,397

21,195

Data processing and telecommunications expenses

6,244

6,185

6,049

6,113

6,046

24,591

19,849

Credit resolution related expenses (1)

1,083

1,526

1,764

1,799

2,223

6,172

17,707

Advertising and marketing expenses

1,273

1,249

854

805

1,171

4,181

3,312

Amortization of intangible assets

1,044

993

1,319

1,020

1,160

4,376

3,741

Merger and conversion charges

17

-

-

6,359

1,807

6,376

7,980

Other non-interest expenses

13,542

9,275

8,471

7,617

8,732

38,905

31,328

Total noninterest expense

54,677

53,199

52,359

55,600

53,028

215,835

199,115

Income before income taxes

$                 25,164

$                 31,921

$                 29,720

$             18,441

$             17,444

$           105,246

$             56,744

Income tax expense

6,987

10,364

9,671

6,124

3,296

33,146

15,897

Net income

$                 18,177

$                 21,557

$                 20,049

$             12,317

$             14,148

$             72,100

$             40,847

Diluted earnings available to common shareholders

0.52

0.61

0.57

0.37

0.43

2.08

1.27

(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.

 

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)

Three Months Ended

Dec.

Sept.

Jun.

Mar.

Dec.

2016

2016

2016

2016

2015

PERIOD-END BALANCE SHEET

Assets

Cash and due from banks

$               127,164

$               123,270

$               116,255

$           146,863

$           118,518

Federal funds sold and interest bearing balances

71,221

90,801

68,273

107,373

272,045

Investment securities available for sale, at fair value

822,735

838,124

843,646

837,103

783,185

Other investments

29,464

24,578

19,125

12,802

9,323

Mortgage loans held for sale

105,924

126,263

102,757

97,439

111,182

Loans, net of unearned income

3,626,821

3,091,039

2,819,071

2,528,007

2,406,877

Purchased, non-covered loans (excluding loan pools)

1,011,031

1,067,090

1,072,217

1,129,919

771,554

Purchased, non-covered loan pools

568,314

624,886

610,425

656,734

592,963

Covered loans

58,160

62,291

121,418

130,279

137,529

Less allowance for loan losses

(23,920)

(22,963)

(21,734)

(21,482)

(21,062)

Loans, net

5,240,406

4,822,343

4,601,397

4,423,457

3,887,861

Other real estate owned

10,874

10,392

13,765

14,967

16,147

Purchased, non-covered other real estate owned

11,332

14,126

13,928

15,048

14,333

Covered other real estate owned

1,208

1,000

2,742

3,764

5,011

Total other real estate owned

23,414

25,518

30,435

33,779

35,491

Premises and equipment, net

121,217

122,191

123,978

124,747

121,639

Goodwill

125,532

122,545

121,422

121,512

90,082

Other intangibles, net

17,428

18,472

20,574

21,892

17,058

FDIC loss sharing receivable

-

-

-

1,197

6,301

Cash value of bank owned life insurance

78,053

77,637

77,095

76,676

64,251

Other assets

129,473

101,753

96,337

92,931

72,004

Total assets

$            6,892,031

$            6,493,495

$            6,221,294

$        6,097,771

$        5,588,940

Liabilities

Deposits:

Noninterest-bearing

$            1,573,389

$            1,563,316

$            1,553,972

$        1,529,037

$        1,329,857

Interest-bearing

4,001,774

3,742,782

3,625,560

3,701,750

3,549,433

Total deposits

5,575,163

5,306,098

5,179,532

5,230,787

4,879,290

Federal funds purchased & securities sold under

agreements to repurchase

53,505

42,647

37,139

43,741

63,585

FDIC loss sharing payable, net

6,313

7,775

1,897

-

-

Other borrowings

492,321

373,461

260,191

110,531

39,000

Other liabilities

34,064

37,033

33,050

28,647

22,432

Subordinated deferrable interest debentures

84,228

83,898

83,570

83,237

69,874

Total liabilities

6,245,594

5,850,912

5,595,379

5,496,943

5,074,181

Stockholders' equity

  Preferred stock

$                           -

$                           -

$                          -

$                      -

$                       -

  Common stock

36,378

36,348

36,303

36,272

33,625

  Capital surplus

410,276

409,630

408,549

407,726

337,349

  Retained earnings

214,454

199,769

181,701

163,395

152,820

  Accumulated other comprehensive income/(loss)

(1,058)

10,449

12,960

6,411

3,353

  Less treasury stock

(13,613)

(13,613)

(13,598)

(12,976)

(12,388)

Total stockholders' equity

646,437

642,583

625,915

600,828

514,759

Total liabilities and stockholders' equity

$            6,892,031

$            6,493,495

$            6,221,294

$        6,097,771

$        5,588,940

Other Data

Earning Assets

6,293,670

5,925,072

5,656,932

5,499,656

5,084,658

Intangible Assets

142,960

141,017

141,996

143,404

107,140

Interest Bearing Liabilities

4,631,828

4,242,788

4,006,460

3,939,259

3,721,892

Average Assets

6,573,344

6,330,350

6,138,757

5,618,397

5,427,367

Average Common Stockholders' Equity

653,991

640,382

616,361

542,264

513,098

 

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)

Three Months Ended

Twelve Months Ended

Dec.

Sept.

Jun.

Mar.

Dec.

Dec.

Dec.

2016

2016

2016

2016

2015

2016

2015

ASSET QUALITY INFORMATION(1)

Allowance for loan losses

Balance at beginning of period

$                 22,963

$                 21,734

$                 21,482

$             21,062

$             22,471

$             21,062

$             21,157

Provision for loan loss

1,710

811

889

681

553

4,091

5,264

Charge-offs

1,686

1,451

1,376

1,814

2,675

6,327

9,133

Recoveries

933

1,869

739

1,553

713

5,094

3,774

Net charge-offs (recoveries)

753

(418)

637

261

1,962

1,233

5,359

Ending balance

$                 23,920

$                 22,963

$                 21,734

$             21,482

$             21,062

$             23,920

$             21,062

As a percentage of loans

0.66%

0.74%

0.77%

0.85%

0.88%

0.66%

0.88%

As a percentage of nonperforming loans

132.05%

140.20%

135.81%

136.83%

124.92%

132.05%

124.92%

Net charge-off information

Charge-offs

Commercial, financial & agricultural

$                      726

$                      326

$                      541

$                  406

$                  501

$               1,999

$               1,438

Real estate - residential

239

292

123

468

621

1,122

1,587

Real estate - commercial & farmland

-

-

361

347

1,009

708

2,367

Real estate - construction & development

264

60

109

155

157

588

622

Consumer installment

159

74

59

59

110

351

410

Purchased non-covered, including pools

240

408

111

307

178

1,066

950

Covered

58

291

72

72

99

493

1,759

Total charge-offs

1,686

1,451

1,376

1,814

2,675

6,327

9,133

Recoveries

Commercial, financial & agricultural

121

119

87

73

134

400

651

Real estate - residential

23

40

14

314

13

391

151

Real estate - commercial & farmland

78

13

57

121

13

269

317

Real estate - construction & development

16

131

221

122

9

490

323

Consumer installment

8

78

16

25

20

127

137

Purchased non-covered, including pools

458

399

208

658

232

1,723

1,187

Covered

229

1,089

136

240

292

1,694

1,008

Total recoveries

933

1,869

739

1,553

713

5,094

3,774

Net charge-offs (recoveries)

$                      753

$                    (418)

$                      637

$                  261

$               1,962

$               1,233

$               5,359

Non-accrual loans (excluding purchased non-covered

    and covered loans)

18,114

16,379

16,003

15,700

16,860

18,114

16,860

Non-accrual purchased non-covered loans

18,420

17,993

15,767

19,187

13,330

18,420

13,330

Non-accrual purchased loan pools

-

864

864

-

-

-

-

Foreclosed assets (excluding purchased assets)

10,874

10,392

13,765

14,967

16,147

10,874

16,147

Purchased, non-covered other real estate owned

11,332

14,126

13,928

15,048

14,333

11,332

14,333

Accruing loans delinquent 90 days or more

-

-

-

-

-

-

-

Total non-performing assets, excluding covered assets

58,740

59,754

60,327

64,902

60,670

58,740

60,670

Non-performing assets as a percent of total assets

0.85%

0.92%

0.97%

1.06%

1.09%

0.85%

1.09%

Net charge offs as a percent of loans (Annualized)

0.06%

-0.04%

0.06%

0.03%

0.21%

0.03%

0.16%

Net charge offs, excluding purchased loans, loan pools and

    covered loans, as a percent of loans (Annualized)

0.14%

0.05%

0.12%

0.13%

0.38%

0.11%

0.22%

(1) Asset quality information is presented net of covered assets where the Company's risk exposure is limited substantially by loss sharing agreements with the FDIC.

 

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)

For the quarter ended:

Dec.

Sept.

Jun.

Mar.

Dec.

Loans by Type

2016

2016

2016

2016

2015

Commercial, financial & agricultural

$               967,138

$               625,947

$               564,343

$           434,073

$           449,623

Real estate - construction & development

363,045

328,308

274,717

264,820

244,693

Real estate - commercial & farmland

1,406,219

1,297,582

1,248,580

1,154,887

1,104,991

Real estate - residential

781,018

766,933

680,233

629,138

570,430

Consumer installment

96,915

68,305

33,245

31,901

31,125

Other

12,486

3,964

17,953

13,188

6,015

    Total Legacy (excluding purchased

          non-covered and covered)

$            3,626,821

$            3,091,039

$            2,819,071

$        2,528,007

$        2,406,877

Commercial, financial & agricultural

$                 95,743

$                 99,596

$               101,803

$           111,537

$             45,462

Real estate - construction & development

78,376

86,099

89,096

103,753

72,080

Real estate - commercial & farmland

563,438

590,388

574,830

598,935

390,755

Real estate - residential

268,888

286,169

300,898

309,770

258,153

Consumer installment

4,586

4,838

5,590

5,924

5,104

    Total Purchased non-covered (net of discounts)

$            1,011,031

$            1,067,090

$            1,072,217

$        1,129,919

$           771,554

Commercial, financial & agricultural

$                           -

$                           -

$                          -

$                      -

$                       -

Real estate - construction & development

-

-

-

-

-

Real estate - commercial & farmland

-

-

-

-

-

Real estate - residential

568,314

624,886

610,425

656,734

592,963

Consumer installment

-

-

-

-

-

    Total Purchased non-covered loan pools

$               568,314

$               624,886

$               610,425

$           656,734

$           592,963

Commercial, financial & agricultural

$                      794

$                      830

$                   1,604

$               4,739

$               5,546

Real estate - construction & development

2,992

3,220

7,168

7,205

7,612

Real estate - commercial & farmland

12,917

13,688

65,091

67,055

71,226

Real estate - residential

41,389

44,457

47,455

51,176

53,038

Consumer installment

68

96

100

104

107

    Total Covered (net of discounts)

$                 58,160

$                 62,291

$               121,418

$           130,279

$           137,529

Total Loan Portfolio:

Commercial, financial & agricultural

$            1,063,675

$               726,373

$               667,750

$           550,349

$           500,631

Real estate - construction & development

444,413

417,627

370,981

375,778

324,385

Real estate - commercial & farmland

1,982,574

1,901,658

1,888,501

1,820,877

1,566,972

Real estate - residential

1,659,609

1,722,445

1,639,011

1,646,818

1,474,584

Consumer installment

101,569

73,239

38,935

37,929

36,336

Other

12,486

3,964

17,953

13,188

6,015

    Total Loans

$            5,264,326

$            4,845,306

$            4,623,131

$        4,444,939

$        3,908,923

Troubled Debt Restructurings, excluding purchased non-covered and covered loans:

Accruing loan types:

Commercial, financial & agricultural

$                        47

$                        53

$                      275

$                  279

$                  240

Real estate - construction & development

686

691

468

476

792

Real estate - commercial & farmland

4,119

5,535

5,802

5,945

5,766

Real estate - residential

9,340

7,713

8,226

7,648

7,574

Consumer installment

17

21

24

37

46

    Total Accruing TDRs

$                 14,209

$                 14,013

$                 14,795

$             14,385

$             14,418

Non-accruing loan types:

Commercial, financial & agricultural

$                      114

$                      112

$                        86

$                    75

$                  110

Real estate - construction & development

35

35

36

30

63

Real estate - commercial & farmland

2,970

2,015

1,832

1,871

596

Real estate - residential

738

849

899

1,040

1,123

Consumer installment

130

120

113

87

94

    Total Non-accrual TDRs

$                   3,987

$                   3,131

$                   2,966

$               3,103

$               1,986

Total Troubled Debt Restructurings

$                 18,196

$                 17,144

$                 17,761

$             17,488

$             16,404

The following table presents the loan portfolio by risk grade, excluding purchased non-covered and covered loans:

Grade 10 - Prime credit

$               414,564

$               398,781

$               349,725

$           254,203

$           250,609

Grade 15 - Good credit

539,147

190,389

191,574

213,510

227,730

Grade 20 - Satisfactory credit

1,669,998

1,608,265

1,493,561

1,346,050

1,224,320

Grade 23 - Performing, under-collateralized credit

23,186

22,763

23,665

25,047

27,607

Grade 25 - Minimum acceptable credit

907,588

797,148

687,817

628,042

609,413

Grade 30 - Other asset especially mentioned

29,172

31,764

32,468

22,141

24,423

Grade 40 - Substandard

43,067

41,929

40,261

39,013

42,773

Grade 50 - Doubtful

99

-

-

-

-

Grade 60 - Loss

-

-

-

1

2

  Total

$            3,626,821

$            3,091,039

$            2,819,071

$        2,528,007

$        2,406,877

The following table presents the purchased, non-covered loan portfolio by risk grade:

Grade 10 - Prime credit

$                   6,536

$                   6,543

$                   6,899

$             10,505

$               9,602

Grade 15 - Good credit

40,786

42,257

45,245

48,229

51,168

Grade 20 - Satisfactory credit

324,838

331,309

345,480

344,479

336,990

Grade 23 - Performing, under-collateralized credit

23,813

27,504

27,387

27,445

12,029

Grade 25 - Minimum acceptable credit

541,408

575,280

557,221

607,838

294,829

Grade 30 - Other asset especially mentioned

29,606

44,838

52,536

50,517

30,693

Grade 40 - Substandard

44,044

39,359

37,417

40,874

36,211

Grade 50 - Doubtful

-

-

30

30

30

Grade 60 - Loss

-

-

2

2

2

  Total

$            1,011,031

$            1,067,090

$            1,072,217

$        1,129,919

$           771,554

 

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)

Three Months Ended

Twelve Months Ended

Dec.

Sept.

Jun.

Mar.

Dec.

Dec.

Dec.

2016

2016

2016

2016

2015

2016

2015

AVERAGE BALANCES

Federal funds sold

$                   5,261

$                   5,500

$                   7,186

$               6,200

$               5,500

$               6,033

$               5,500

Interest bearing deposits in banks

122,538

85,051

96,906

201,814

291,303

126,453

214,120

Investment securities - taxable

770,373

767,421

766,006

728,269

730,608

758,076

650,708

Investment securities - nontaxable

66,566

68,325

69,664

68,824

69,711

68,340

71,035

Other investments

19,732

21,687

14,765

9,606

9,322

16,470

9,422

Mortgage loans held for sale

102,926

105,859

96,998

82,803

98,765

97,995

87,952

Loans

3,145,714

2,897,771

2,653,171

2,410,747

2,333,577

2,777,505

2,161,726

Purchased non-covered loans

1,042,333

1,086,039

1,111,814

836,187

752,508

1,019,093

712,022

Purchased non-covered loan pools

590,617

629,666

630,503

627,178

454,884

619,440

201,689

Covered loans

59,574

113,136

127,595

134,383

180,493

108,672

206,774

  Total Earning Assets

$            5,925,634

$            5,780,455

$            5,574,608

$        5,106,011

$        4,926,671

$        5,598,077

$        4,320,948

Noninterest bearing deposits

$            1,592,073

$            1,546,211

$            1,561,621

$        1,362,007

$        1,324,999

$        1,515,771

$        1,227,682

NOW accounts

1,253,849

1,085,828

1,087,442

1,137,076

1,100,972

1,141,206

877,949

MMDA

1,435,958

1,435,151

1,413,503

1,278,199

1,212,087

1,390,948

1,074,349

Savings accounts

262,782

266,344

265,936

251,108

241,337

261,559

209,206

Retail CDs

445,132

431,570

437,899

438,122

449,158

438,798

425,583

Retail CDs > $100,000

497,113

451,115

439,954

406,699

395,978

448,243

384,761

Brokered CDs

3,750

5,000

5,000

1,099

-

3,716

-

  Total Deposits

5,490,657

5,221,219

5,211,355

4,874,310

4,724,531

5,200,241

4,199,530

FHLB advances

222,426

265,202

104,195

9,648

-

150,879

8,444

Other borrowings

38,728

49,345

51,970

42,096

39,000

45,526

40,931

Subordinated debentures

84,050

83,719

83,386

72,589

69,723

80,952

67,962

Federal funds purchased and securities sold

under agreements to repurchase

44,000

37,305

43,286

52,787

61,986

44,324

50,988

  Total Non-Deposit Funding

389,204

435,571

282,837

177,120

170,709

321,681

168,325

  Total Funding

$            5,879,861

$            5,656,790

$            5,494,192

$        5,051,430

$        4,895,240

$        5,521,922

$        4,367,855

 

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)

Three Months Ended

Twelve Months Ended

Dec.

Sept.

Jun.

Mar.

Dec.

Dec.

Dec.

2016

2016

2016

2016

2015

2016

2015

INTEREST INCOME/EXPENSE

INTEREST INCOME

Federal funds sold

$                          8

$                          8

$                          9

$                      8

$                      5

$                    33

$                    33

Interest bearing deposits in banks

193

147

159

328

262

827

790

Investment securities - taxable

4,348

4,336

4,554

4,586

4,540

17,824

16,134

Investment securities - nontaxable (TE)

654

536

613

602

618

2,405

2,523

Mortgage loans held for sale

989

826

821

755

1,040

3,391

3,466

Loans (TE)

37,418

33,672

31,531

28,684

27,901

131,305

103,206

Purchased non-covered loans

16,036

17,629

17,062

13,133

12,129

63,860

46,208

Purchased non-covered loan pools

3,950

4,346

3,730

5,144

3,335

17,170

6,481

Covered loans

979

1,667

1,797

2,060

3,556

6,503

14,128

Total Earning Assets

$                 64,575

$                 63,167

$                 60,276

$             55,300

$             53,386

$           243,318

$           192,969

    Accretion Income (included above)

3,370

3,604

4,196

2,942

2,912

14,112

11,681

INTEREST EXPENSE

Non-interest bearing deposits

$                           -

$                           -

$                          -

$                      -

$                       -

$                       -

$                       -

NOW accounts

613

433

439

468

463

1,953

1,461

MMDA

1,405

1,241

1,168

1,040

929

4,854

3,229

Savings accounts

44

45

45

43

42

177

158

Retail CDs

553

493

476

512

594

2,034

2,202

Retail CDs > $100,000

1,060

854

779

676

659

3,369

2,703

Brokered CDs

6

8

8

2

-

24

-

Total Deposits

3,681

3,074

2,915

2,741

2,687

12,411

9,753

FHLB advances

328

393

155

23

-

899

31

Other borrowings

432

479

484

370

328

1,765

1,362

Subordinated debentures

1,216

1,179

1,173

954

924

4,522

3,536

Federal funds purchased and securities sold

under agreements to repurchase

21

18

24

35

44

98

174

  Total Non-Deposit Funding

1,997

2,069

1,836

1,382

1,296

7,284

5,103

  Total Funding

$                   5,678

$                   5,143

$                   4,751

$               4,123

$               3,983

$             19,695

$             14,856

Net Interest Income (TE)

$                 58,897

$                 58,024

$                 55,525

$             51,177

$             49,403

$           223,623

$           178,113

 

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)

Three Months Ended

Twelve Months Ended

Dec.

Sept.

Jun.

Mar.

Dec.

Dec.

Dec.

2016

2016

2016

2016

2015

2016

2015

YIELDS (1)

Federal funds sold

0.60%

0.58%

0.50%

0.52%

0.36%

0.55%

0.60%

Interest bearing deposits in banks

0.63%

0.69%

0.66%

0.65%

0.36%

0.65%

0.37%

Investment securities - taxable

2.25%

2.25%

2.39%

2.53%

2.47%

2.35%

2.48%

Investment securities - nontaxable

3.91%

3.12%

3.54%

3.52%

3.52%

3.52%

3.55%

Mortgage loans held for sale

3.82%

3.10%

3.40%

3.67%

4.18%

3.46%

3.94%

Loans

4.73%

4.62%

4.78%

4.79%

4.74%

4.73%

4.77%

Purchased non-covered loans

6.12%

6.46%

6.17%

6.32%

6.39%

6.27%

6.49%

Purchased non-covered loan pools

2.66%

2.75%

2.38%

3.30%

2.91%

2.77%

3.21%

Covered loans

6.54%

5.86%

5.66%

6.17%

7.82%

5.98%

6.83%

  Total Earning Assets

4.34%

4.35%

4.35%

4.36%

4.30%

4.35%

4.47%

Noninterest bearing deposits

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

NOW accounts

0.19%

0.16%

0.16%

0.17%

0.17%

0.17%

0.17%

MMDA

0.39%

0.34%

0.33%

0.33%

0.30%

0.35%

0.30%

Savings accounts

0.07%

0.07%

0.07%

0.07%

0.07%

0.07%

0.08%

Retail CDs

0.49%

0.45%

0.44%

0.47%

0.52%

0.46%

0.52%

Retail CDs > $100,000

0.85%

0.75%

0.71%

0.67%

0.66%

0.75%

0.70%

Brokered CDs

0.64%

0.64%

0.64%

0.73%

0.00%

0.65%

0.00%

  Total Deposits

0.27%

0.23%

0.22%

0.23%

0.23%

0.24%

0.23%

FHLB advances

0.59%

0.59%

0.60%

0.96%

0.00%

0.60%

0.37%

Other borrowings

4.44%

3.86%

3.75%

3.54%

3.34%

3.88%

3.33%

Subordinated debentures

5.76%

5.60%

5.66%

5.29%

5.26%

5.59%

5.20%

Federal funds purchased and securities sold

under agreements to repurchase

0.19%

0.19%

0.22%

0.27%

0.28%

0.22%

0.34%

  Total Non-Deposit Funding

2.04%

1.89%

2.61%

3.14%

3.01%

2.26%

3.03%

  Total funding (3)

0.38%

0.36%

0.35%

0.33%

0.32%

0.36%

0.34%

Net interest spread

3.95%

3.99%

4.00%

4.03%

3.98%

3.99%

4.13%

Net interest margin

3.95%

3.99%

4.01%

4.03%

3.98%

3.99%

4.12%

(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 35%.

(2) Rate calculated based on average earning assets.

(3) Rate calculated based on total average funding including non-interest bearing liabilities.

 

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)

Three Months Ended

Twelve Months Ended

Dec.

Sept.

Jun.

Mar.

Dec.

Dec.

Dec.

Adjusted Operating Net Income Reconciliation

2016

2016

2016

2016

2015

2016

2015

Net income available to common shareholders

$                 18,177

$                 21,557

$                 20,049

$             12,317

$             14,148

$             72,100

$             40,847

Merger and conversion charges

17

-

-

6,359

1,807

6,376

7,980

Certain credit resolution related expenses

-

-

-

-

-

-

11,241

Certain compliance resolution expenses

5,750

-

-

-

-

5,750

-

Tax effect of management-adjusted charges

(2,018)

-

-

(2,226)

(632)

(4,244)

(6,727)

Plus: After tax management-adjusted charges

3,749

-

-

4,133

1,175

7,882

12,494

       Adjusted Operating Net income

21,926

21,557

20,049

16,450

15,323

79,982

53,341

Adjusted operating net income per diluted share:

$                     0.62

$                     0.61

$                     0.57

$                 0.50

$                 0.47

$                 2.30

$                 1.66

Adjusted operating return on average assets

1.33%

1.35%

1.31%

1.18%

1.12%

1.30%

1.11%

Adjusted operating return on average common

    tangible equity

17.04%

17.18%

17.03%

15.42%

14.97%

16.71%

13.66%

Three Months Ended

Twelve Months Ended

Dec.

Sept.

Jun.

Mar.

Dec.

Dec.

Dec.

Net Interest Margin and Yields on Total Loans

2016

2016

2016

2016

2015

2016

2015

    Excluding Accretion Reconciliation

Total Interest Income (TE)

$                 64,575

$                 63,167

$                 60,276

$             55,300

$             53,386

$           243,318

$           192,969

    Accretion Income

3,370

3,604

4,196

2,942

2,912

14,112

11,681

Total Interest Income (TE) Excluding Accretion

$                 61,205

$                 59,563

$                 56,080

$             52,358

$             50,474

$           229,206

$           181,288

Total Interest Expense

$                   5,677

$                   5,143

$                   4,751

$               4,123

$               3,983

$             19,694

$             14,856

Net Interest Income (TE) Excluding Accretion

$                 55,528

$                 54,420

$                 51,329

$             48,235

$             46,491

$           209,512

$           166,432

Yield on Total Loans Excluding Accretion

4.51%

4.49%

4.42%

4.60%

4.68%

4.50%

4.80%

Net Interest Margin Excluding Accretion

3.73%

3.75%

3.70%

3.80%

3.74%

3.74%

3.85%

Three Months Ended

Twelve Months Ended

Dec.

Sept.

Jun.

Mar.

Dec.

Dec.

Dec.

Core Earnings Reconciliation

2016

2016

2016

2016

2015

2016

2015

Pre-tax operating profit/(loss)

$                 25,164

$                 31,921

$                 29,720

$             18,441

$             17,444

$           105,246

$             56,744

Plus: Credit Related Costs

    Provision for loan losses

1,710

811

889

681

553

4,091

5,264

   (Gains)/Losses on the sale of legacy OREO

72

377

447

753

535

1,649

1,117

   Gains/(Losses) on the sale of covered OREO

1

(89)

28

166

610

106

880

    Problem loan and OREO expense

1,010

1,238

1,289

880

1,078

4,417

15,732

    Interest reversed (received) on non-accrual loans

21

41

35

34

58

131

644

       Total Credit-Related Costs

2,814

2,378

2,688

2,514

2,834

10,394

23,637

Plus: Management-adjusted charges

    Conversion charges

17

-

-

6,359

1,807

6,376

7,980

    Compliance resolution expenses

5,750

-

-

-

-

5,750

-

Less: Management-adjusted gains (losses)

    Gains on sales of securities

-

-

-

(94)

-

(94)

(137)

 Gains/(Losses) on sales of bank premises

430

238

401

(77)

(267)

992

(267)

Pretax, Pre-provision earnings

$                 34,175

$                 34,537

$                 32,809

$             27,143

$             21,818

$           128,664

$             87,957

As percentage of average assets, annualized

2.07%

2.17%

2.15%

1.94%

1.59%

2.09%

1.62%

Three Months Ended

Twelve Months Ended

Dec.

Sept.

Jun.

Mar.

Dec.

Dec.

Dec.

Management-Adjusted Operating Expenses

2016

2016

2016

2016

2015

2016

2015

Total Operating Expenses

54,677

53,199

52,359

55,600

53,028

215,835

199,115

Less: Credit costs & managemnt-adjusted charges

   Gains/(Losses) on the sale of legacy OREO

(72)

(377)

(447)

(753)

(535)

(1,649)

(1,117)

   Gains/(Losses) on the sale of covered OREO

(1)

89

(28)

(166)

(610)

(106)

(880)

    Problem loan and OREO expense

(1,010)

(1,238)

(1,289)

(880)

(1,078)

(4,417)

(15,732)

Conversion expenses

(17)

-

-

(6,359)

(1,807)

(6,376)

(7,980)

   Compliance resolution expenses

(5,750)

-

-

-

-

(5,750)

-

   Gains/(Losses) on the sale of premises

(430)

(238)

(401)

77

267

(992)

267

Management-adjusted operating expenses

$                 47,397

$                 51,435

$                 50,194

$             47,519

$             49,265

$           196,545

$           173,673

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)

Three Months Ended

Twelve Months Ended

Dec.

Sept.

Jun.

Mar.

Dec.

Dec.

Dec.

Segment Reporting

2016

2016

2016

2016

2015

2016

2015

Banking Division:

   Net interest income

$                 50,240

$                 50,374

$                 48,940

$             45,801

$             44,088

$           195,355

$           159,777

   Provision for loan losses

610

57

733

681

504

2,081

4,847

   Noninterest income

13,466

13,949

13,018

12,735

12,739

53,168

44,251

   Noninterest expense:

      Salaries and employee benefits

17,084

18,323

18,428

18,989

19,225

72,824

68,183

      Occupancy

5,670

5,490

5,901

5,150

5,356

22,211

19,320

      Data Processing

5,885

5,794

5,685

5,820

5,759

23,184

18,681

      Other expenses

15,667

11,533

11,071

16,436

13,853

54,707

59,636

         Total noninterest expense

44,306

41,140

41,085

46,395

44,193

172,926

165,820

Income before income taxes

18,790

23,126

20,140

11,460

12,130

73,516

33,361

   Income Tax

4,756

7,286

6,318

3,681

1,436

22,041

7,713

         Net income

$                 14,034

$                 15,840

$                 13,822

$               7,779

$             10,694

$             51,476

$             25,648

Retail Mortgage Division:

   Net interest income

$                   4,118

$                   3,679

$                   3,293

$               3,020

$               2,812

$             14,110

$               8,821

   Provision for loan losses

33

447

93

-

49

573

417

   Noninterest income

9,036

13,198

13,304

9,624

7,966

45,162

34,498

   Noninterest expense:

      Salaries and employee benefits

7,098

8,940

8,304

6,347

5,855

30,689

22,112

      Occupancy

602

433

405

488

501

1,928

1,674

      Data Processing

326

364

338

272

266

1,300

1,065

      Other expenses

1,093

1,303

1,133

956

1,043

4,485

3,787

         Total noninterest expense

9,119

11,040

10,180

8,063

7,665

38,402

28,638

Income before income taxes

4,002

5,390

6,324

4,581

3,064

20,297

14,264

   Income Tax

1,401

1,887

2,213

1,603

1,072

7,104

4,992

         Net income

$                   2,601

$                   3,504

$                   4,111

$               2,978

$               1,992

$             13,193

$               9,272

Warehouse Lending:

   Net interest income

$                   1,972

$                   2,073

$                   1,622

$               1,019

$                  995

$               6,686

$               4,137

   Provision for loan losses

496

94

-

-

-

590

-

   Noninterest income

462

555

440

333

336

1,790

1,364

   Noninterest expense:

      Salaries and employee benefits

220

103

108

188

156

619

519

      Occupancy

1

1

1

1

3

4

7

      Data Processing

32

26

25

20

20

103

95

      Other expenses

29

26

26

25

28

106

123

         Total noninterest expense

282

156

160

234

207

832

744

Income before income taxes

1,656

2,378

1,902

1,118

1,124

7,054

4,757

   Income Tax

580

832

666

391

393

2,469

1,665

         Net income

$                   1,076

$                   1,546

$                   1,236

$                  727

$                  731

$               4,585

$               3,092

SBA Division:

   Net interest income

$                      949

$                      941

$                      734

$                  596

$                  723

$               3,220

$               2,802

   Provision for loan losses

571

213

63

-

-

847

-

   Noninterest income

1,308

1,162

1,617

1,594

1,366

5,681

5,473

   Noninterest expense:

      Salaries and employee benefits

735

616

691

663

736

2,705

3,189

      Occupancy

64

65

64

61

57

254

194

      Data Processing

1

1

1

1

1

4

8

      Other expenses

170

181

178

183

169

712

522

         Total noninterest expense

970

863

934

908

963

3,675

3,913

Income before income taxes

716

1,027

1,354

1,282

1,126

4,379

4,362

   Income Tax

251

359

474

449

394

1,533

1,527

         Net income

$                      465

$                      668

$                      880

$                  833

$                  732

$               2,846

$               2,835

Total Consolidated:

   Net interest income

$                 57,279

$                 57,067

$                 54,589

$             50,436

$             48,618

$           219,371

$           175,537

   Provision for loan losses

1,710

811

889

681

553

4,091

5,264

   Noninterest income

24,272

28,864

28,379

24,286

22,407

105,801

85,586

   Noninterest expense:

      Salaries and employee benefits

25,137

27,982

27,531

26,187

25,972

106,837

94,003

      Occupancy

6,337

5,989

6,371

5,700

5,917

24,397

21,195

      Data Processing

6,244

6,185

6,049

6,113

6,046

24,591

19,849

      Other expenses

16,959

13,043

12,408

17,600

15,093

60,010

64,068

         Total noninterest expense

54,677

53,199

52,359

55,600

53,028

215,835

199,115

Income before income taxes

25,164

31,921

29,720

18,441

17,444

105,246

56,744

   Income Tax

6,987

10,364

9,671

6,124

3,296

33,146

15,897

         Net income

$                 18,177

$                 21,557

$                 20,049

$             12,317

$             14,148

$             72,100

$             40,847

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ameris-bancorp-announces-2016-financial-results-300394037.html

SOURCE Ameris Bancorp


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