SYS-CON MEDIA Authors: Ava Smith, Scott Bampton, Elizabeth White, Glenn Rossman, Pat Romanski

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Ameris Bancorp Announces 2013 Financial Results

MOULTRIE, Ga., Jan. 23, 2014 /PRNewswire/ -- AMERIS BANCORP (NASDAQ-GS: ABCB), Moultrie, Georgia, today reported unaudited operating net income of $23.6 million for the year ended December 31, 2013, compared to $14.4 million in 2012.  Operating net income excludes $3.6 million of after-tax merger charges from the Company's net income for 2013. On an operating basis, net income available to common shareholders increased 101% to $21.9 million and $0.90 per share in 2013, compared to $10.9 million and $0.46 per share in 2012.

(Logo: http://photos.prnewswire.com/prnh/20051117/CLTH039LOGO )

Net income available to common shareholders, on an operating basis, was $4.3 million and $0.18 per share in the fourth quarter of 2013, compared to $3.6 million and $0.15 in the same quarter in 2012.   Results in the fourth quarter of 2013 were adversely impacted by higher than normal credit costs and lower profitability associated with mortgage operations.  Additionally, because the merger with The Prosperity Banking Company occurred on December 23, 2013, the acquisition's impacts to the Company's revenue and net income were minimal.

Highlights of the Company's results for 2013 include the following:

  • Completed the acquisition of The Prosperity Banking Company, increasing total assets by $744.9 million.
  • Total revenue (excluding gains on investments and FDIC-assisted transactions) increased by 7.2% to $162.6 million as compared to 2012.
  • Internally driven growth in non-covered loans totaled $167.8 million, or 11.6%.
  • Net interest margin increased slightly to 4.74% in 2013 from 4.60% in 2012.
  • Return on average assets and return on average tangible equity (excluding merger-related charges) improved to 0.82% and 9.51%, respectively.
  • Annualized net charge-offs for the year declined to 0.69% of total loans, compared to 2.76% for the year ended December 31, 2012.
  • Credit costs (provision and problem loan and OREO expenses) declined to $27.0 million in 2013, compared to $53.5 million in 2012.
  • Non-performing legacy assets declined 20.6% during 2013, ending the year at $62.6 million, compared to $78.7 million at the end of December 31, 2012.
  • Noninterest income, excluding gains on FDIC-assisted transactions, increased $8.7 million, or 23.0%, from $37.8 million in 2012 to $46.5 million in 2013.

Acquisition of The Prosperity Banking Company
The Company successfully completed the acquisition of The Prosperity Banking Company on December 23, 2013.  Highlights of the merger are as follows:

  • Added $744.9 million in total assets and 12 retail offices in northern Florida.
  • Added $449.7 million in loans and $473.7 million in total deposits.
  • The Company recorded $34.1 million in additional goodwill and $4.4 million in core deposit intangibles associated with the merger.
  • Non-accretable credit marks totaling $37.7 million were recorded on the loan portfolio.  An additional $1.3 million was recorded against OREO balances.
  • A total of 1,168,918 shares were issued, with a closing price of $21.07 per share on the merger date,  in exchange for the outstanding stock of The Prosperity Banking Company.

Increase in Net Interest Income
Net interest income increased in 2013 to $116.2 million, up from $114.4 million reported in 2012.  Lower levels of accretion on covered assets were more than offset by lower deposit costs, pushing the Company's net interest margin higher in 2013 to 4.74%, compared to 4.60% during 2012.  Yields on earning assets in 2013 declined only slightly to 5.15%, compared to 5.20% in 2012.  Better allocation of earning assets helped mitigate the impact to overall yields on earning assets from lower yields on loans and investments.  Average loans comprised 82.6% of total earning assets during 2013, compared to 79.0% during 2012.  Short-term assets fell to 4.0% of earning assets during 2013 compared to 6.2% during 2012.

Non-covered loan yields decreased during the year, averaging 5.41% in 2013, compared to 5.58% in 2012.  Yields on new loan production in the fourth quarter of 2013 were 4.87%, compared to 4.94% in the fourth quarter of 2012.   While yields on production of new and renewed loans are below current portfolio yields, management anticipates the revenue impact to be muted as they expect continued growth in total loans and less interest rate pressure due to a recent increase in interest rates.  Covered loan yields increased from 7.33% in 2012 to 7.62% in 2013, as adjustments made to certain fair value determinations and resolutions of problem credit positively impacted the covered loan yield.  As expected cash flow on covered loans improves, a portion of the loan discount that was previously attributable to credit problems is reclassified into interest income.  This reclassification occurs over the estimated life of the loan. 

The Company has offset the declines in earning asset yields with corresponding declines in funding costs.  Deposit costs, the Company's largest funding expense, declined from 0.51% in 2012 to 0.34% in 2013.  That decline relates to continued shifts in deposit mix, favoring lower cost transaction accounts and non-interest bearing balances, and lower market rates in the Company's communities.  Savings on time deposits were most significant, with CD costs falling from 1.06% in 2012 to 0.73% in 2013.  Additional savings have been achieved from improvement in the deposit mix, with average time deposits representing only 27.0% of total deposits in 2013, compared to 32.0% in 2012.

Non-Interest Income
Excluding gains on FDIC-assisted transactions, non-interest income increased by 23.0% in 2013 to $46.5 million, compared to $37.8 million in 2012.  The majority of the growth resulted from the Company's mortgage operations, although additional revenues were recorded on SBA activities and bank owned life insurance.

Mortgage revenue increased by 47.3% in 2013, to $19.1 million, compared to 2012.  However, on a quarterly basis, mortgage revenue declined 15.1% against the third quarter of 2013. The decline in mortgage revenue relates to a slower quarter in loan closings and a measurable drop in the Company's open pipeline.  Loan production declined in the fourth quarter by $2.7 million to $149.3 million and the open pipeline declined from $72.5 million at September 30, 2013 to $40.5 million at December 31, 2013.  Pipelines are refilling rapidly in the first quarter of 2014, despite the aggressive restructuring actions taken in the fourth quarter. 

During 2013, the Company recorded pre-tax gains of approximately $1.5 million on sales of SBA loans, compared to $264,000 during 2012.  During the fourth quarter of 2013, the Company began hiring dedicated development officers, and the Company expects to continue hiring for most of 2014.  Management believes that combined production from the dedicated SBA officers and the existing branch referrals pose a meaningful opportunity for revenue growth in 2014 and beyond.

Non-Interest Expense
Total operating expenses increased 2.0% in 2013 to $121.9 million, compared to $119.5 million for 2012.  Excluding the effect of credit-related costs in both years and merger charges in 2013, operating expenses would have reflected an increase of 9.7% to $106.5 million in 2013, compared to $97.1 million in 2012.  This growth in operating expenses relates almost entirely to the increased costs associated with the Company's mortgage operations, which reflected 63.8% growth in total revenue.  Costs associated with this growth in revenues totaled $18.1 million in 2013, compared to $9.9 million in 2012.

 






Three Month Period:


Twelve Months Period:


4Q '13


3Q '13


2Q '13


1Q '13


4Q '12


Dec

2013


Dec

2012

Total reported operating expenses

37,624


28,749


26,688


28,884


29,791


121,945


119,469

Less: merger related charges

4,350


512


-


-


-


4,862


-

Less: mortgage related expenses

5,493


4,540


4,351


3,721


3,589


18,105


9,891

Less: credit and OREO costs

5,322


2,971


2,349


4,844


2,548


15,486


22,417















Recurring operating expenses – Banking

Division

22,459


20,726


19,988


20,319


23,654


83,492


87,161


As reflected above, mortgage expenses declined compared to the third quarter of 2013.  However, restructuring charges and non-recurring amounts totaling approximately $600,000 were reflected in the current quarter.  Restructuring efforts in the current quarter centered on significantly scaling back the Company's wholesale division, as well as reducing lower level producers and accompanying back office overhead.  Management believes these efforts, combined with current levels of production and open pipelines, are adequate to regain profitability at appropriate levels.

Balance Sheet Trends
Total assets increased $648.6 million during 2013, ending the year at $3.67 billion, compared to $3.01 billion at December 31, 2012.  Total loans, excluding purchased non-covered and covered loans, were $1.62 billion at December 31, 2013, increasing 11.6%, or $167.8 million, during the year.  Expansion of loan officer teams in the Company's larger metro markets contributed significantly to the growth, as did several newer lines of business, including mortgage banking.  Purchased non-covered loans of $448.8 million are attributable to the acquisition of The Prosperity Banking Company during 2013.  Covered loans declined by $117.5 million during 2013 to $390.2 million at year-end, compared to $507.7 million reported at December 31, 2012.

Total deposits increased $374.6 million to $3.00 billion during 2013, compared to $2.62 billion at December 31, 2012.  Noninterest-bearing demand deposits grew 30.9% in 2013 after growing 29.2% in 2012, ending the year at $668.5 million, or 22.3% of total deposits, compared to 19.5% of total deposits at December 31, 2012.

Credit Expenses and Asset Quality
Credit expenses for the year ended December 31, 2013, totaled $27.4 million, compared to $54.2 million in 2012.  The decline in credit costs were driven by declines in levels of existing non-performing assets and declines in the in-migration of new non-accrual loans.  Management expects that the improving market conditions for the resolution and/or sale of problem assets and the slower pace of new problem assets will allow for continued reduction in credit costs in 2014.

Total non-covered, non-performing assets at December 31, 2013 were $73.5 million, compared to $78.7 million at December 31, 2012.  Included in levels reported at the end of 2013 were $10.9 million in non-performing assets acquired in the Prosperity merger.  Total classified loans, excluding purchased non-covered and covered loans, declined 20.7% during 2013, ending the year at $58.1 million, compared to $73.3 million at December 31, 2012.  A slower pace of migration to classified and non-accrual status during 2013 compared to prior years and an accelerated pace of resolution led to the improvement in classified assets.

Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 68 locations in Georgia, Alabama, northern Florida and South Carolina.



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


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

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




































Three Months Ended


Twelve Months Ended




Dec.


Sept.


Jun.


Mar.


Dec.


Dec.


Dec.




2013


2013


2013


2013


2012


2013


2012

















EARNINGS































Net Income Available to Common Shareholders

$                      966


$                   6,234


$                   6,236


$               4,844


$               3,554


$             18,280


$          10,859

















PER COMMON SHARE DATA















Earnings per share available to common shareholders:
















Basic

$                     0.04


$                     0.26


$                     0.26


$                 0.20


$                 0.15


$                 0.76


$              0.46



Diluted

$                     0.04


$                     0.26


$                     0.26


$                 0.20


$                 0.15


$                 0.75


$              0.46


Cash Dividends per share

$                           -


$                           -


$                           -


$                       -


$                       -


$                       -


$                    -


Stock dividend

-


-


-


-


-


-


-


Book value per share (period end)

$                   11.50


$                   10.98


$                   10.88


$               10.72


$               10.56


$               11.50


$            10.56


Tangible book value per share (period end)

$                     9.87


$                   10.85


$                   10.74


$               10.57


$               10.39


$                 9.87


$            10.39


Weighted average number of shares:
















Basic

24,021,447


23,900,665


23,878,898


23,867,691


23,815,583


23,917,551


23,801,500



Diluted

24,450,619


24,315,821


24,287,628


24,246,346


23,857,095


24,346,723


23,843,012


Period-end number of shares

25,098,427


23,907,509


23,894,327


23,875,680


23,799,768


25,098,427


23,799,768


Market data:
















High closing price

$                   21.42


$                   19.79


$                   16.94


$               14.51


$               12.71


$               21.42


$            13.40



Low closing price

$                   17.69


$                   17.35


$                   13.16


$               12.79


$               10.50


$               12.79


$            10.34



Period end closing price

$                   21.11


$                   18.38


$                   16.85


$               14.35


$               12.49


$               21.11


$            12.49



Average daily volume

94,636


75,545


53,403


51,887


48,295


69,137


52,830

















PERFORMANCE RATIOS















Return on average assets

0.19%


0.94%


0.95%


0.75%


0.62%


0.70%


0.49%


Return on average common equity

2.20%


10.75%


10.66%


8.53%


7.72%


8.06%


6.00%


Earning asset yield (TE)

4.84%


5.20%


5.38%


5.21%


5.22%


5.15%


5.20%


Total cost of funds

0.40%


0.39%


0.40%


0.40%


0.44%


0.40%


0.56%


Net interest margin (TE)

4.43%


4.80%


4.96%


4.79%


4.75%


4.74%


4.60%


Non-interest income excluding securities transactions,
















as a percent of total revenue (TE) (1)

26.45%


27.76%


26.16%


26.27%


25.86%


26.67%


19.84%


Efficiency ratio

92.74%


69.09%


65.32%


72.76%


71.85%


74.94%


69.35%

















CAPITAL ADEQUACY (period end)















Stockholders' equity to assets

8.63%


10.30%


10.25%


9.91%


9.24%


8.63%


9.24%


Tangible common equity to tangible assets

6.83%


9.22%


9.15%


8.83%


8.20%


6.83%


8.20%

















EQUITY TO ASSETS RECONCILIATION















Tangible common equity to tangible assets

6.83%


9.22%


9.15%


8.83%


8.20%


6.83%


8.20%


Effect of preferred equity

0.76%


0.99%


0.99%


0.97%


0.92%


0.76%


0.92%


Effect of goodwill and other intangibles

1.04%


0.09%


0.11%


0.12%


0.12%


1.04%


0.12%



Equity to assets (GAAP)

8.63%


10.30%


10.25%


9.91%


9.24%


8.63%


9.24%

















OTHER PERIOD-END DATA















Banking Division FTE

820


678


683


693


736


820


736


Mortgage Division FTE

164


158


155


127


130


164


130



Total Ameris Bancorp FTE Headcount

984


836


838


820


866


984


866


















Assets per Banking Division FTE

$                   4,473


$                   4,157


$                   4,112


$               4,129


$               4,102


$               4,473


$            4,102


Branch locations

68


57


57


57


66


68


66


Deposits per branch location

$                 44,106


$                 42,867


$                 42,861


$             43,684


$             39,768


$             44,106


$          39,768


















(1)Includes gain from acquisition.














 

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.




2013


2013


2013


2013


2012


2013


2012

































INCOME STATEMENT






























Interest income















Interest and fees on loans

$                 29,289


$                 29,633


$                 29,859


$             28,716


$             30,329


$           117,497


$        119,310


Interest on taxable securities

1,998


1,720


1,719


1,697


1,737


7,134


8,250


Interest on nontaxable securities

342


352


344


375


371


1,413


1,475


Interest on deposits in other banks

118


44


29


85


102


276


434


Interest on federal funds sold

2


-


-


-


-


2


10



Total interest income

31,749


31,749


31,951


30,873


32,539


126,322


129,479

















Interest expense















Interest on deposits

$                   2,066


$                   2,025


$                   2,083


$               2,226


$               2,603


$               8,400


$          13,327


Interest on other borrowings

632


404


392


309


377


1,737


1,747



Total interest expense

2,698


2,429


2,475


2,535


2,980


10,137


15,074

















Net interest income

29,051


29,320


29,476


28,338


29,559


116,185


114,405

















Provision for loan losses

1,478


2,920


4,165


2,923


4,442


11,486


31,089

















Net interest income/(loss) after provision for loan losses

$                 27,573


$                 26,400


$                 25,311


$             25,415


$             25,117


$           104,699


$          83,316

















Noninterest income















Service charges on deposit accounts

$                   5,065


$                   4,948


$                   4,695


$               4,837


$               5,299


$             19,545


$          19,576


Mortgage banking activity

4,431


5,232


5,001


4,464


4,768


19,128


12,989


Other service charges, commissions and fees

612


593


617


329


387


2,151


1,431


Gain(loss) on sale of securities

-


-


(1)


172


322


171


536


Gains from acquisitions

-


-


-


-


-


0


20,037


Other non-interest income

1,409


1,515


1,072


1,558


1,128


5,554


3,305



Total noninterest income

11,517


12,288


11,384


11,360


11,904


46,549


57,874

















Noninterest expense















Salaries and employee benefits

15,071


14,412


13,381


13,806


15,785


56,670


53,122


Occupancy and equipment expenses

3,228


3,149


2,978


2,931


3,653


12,286


13,208


Data processing and telecommunications expenses

3,061


3,072


2,836


2,570


3,254


11,539


10,683


Credit related expenses (1)

5,322


2,971


2,349


4,844


2,548


15,486


22,416


Advertising and marketing expenses

604


434


327


255


488


1,620


1,622


Amortization of intangible assets

346


346


358


364


364


1,414


1,359


Other non-interest expenses

9,992


4,365


4,459


4,114


3,699


22,930


17,059



Total noninterest expense

37,624


28,749


26,688


28,884


29,791


121,945


119,469

















Operating profit

$                   1,466


$                   9,939


$                 10,007


$               7,891


$               7,230


$             29,303


$          21,721


















Income tax expense

88


3,262


3,329


2,606


2,558


9,285


7,285

















Net income

$                   1,378


$                   6,677


$                   6,678


$               5,285


$               4,672


$             20,018


$          14,436

















Preferred stock dividends

412


443


442


441


1,118


1,738


3,577

















Net income available to common shareholders

$                      966


$                   6,234


$                   6,236


$               4,844


$               3,554


$             18,280


$          10,859

















Diluted earnings available to common shareholders

0.04


0.26


0.26


0.20


0.15


0.75


0.46


















(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.




2013


2013


2013


2013


2012













PERIOD-END BALANCE SHEET






















Assets











Cash and due from banks

$                 62,955


$                 53,516


$                 50,343


$             50,487


$             80,256


Federal funds sold and interest bearing balances

204,984


73,899


43,904


81,205


193,677


Investment securities available for sale, at fair value

486,235


312,248


316,168


324,029


346,909


Other investments

16,828


7,764


7,764


5,528


6,832


Mortgage loans held for sale

67,278


69,634


62,580


42,332


48,786














Loans, net of unearned income

1,618,454


1,589,267


1,555,827


1,492,753


1,450,635


Purchased non-covered loans

448,753


-


-


-


-


Covered loans

390,237


417,649


443,517


460,724


507,712


Less allowance for loan losses

22,377


23,854


24,217


23,382


23,593



Loans, net

2,435,067


1,983,062


1,975,127


1,930,095


1,934,754














Other real estate owned

33,351


37,978


39,885


40,434


39,850


Purchased, non-covered other real estate owned

4,276


-


-


-


-


Covered other real estate owned

45,893


52,552


62,178


77,915


88,273



Total other real estate owned

83,520


90,530


102,063


118,349


128,123














Premises and equipment, net

103,188


65,661


70,167


72,340


75,983


Intangible assets, net

6,009


1,972


2,318


2,676


3,040


Goodwill

35,049


956


956


956


956


FDIC loss sharing receivable

65,441


81,763


105,513


160,979


159,724


Cash value of bank owned life insurance

49,432


49,095


47,495


45,832


15,603


Other assets

51,663


28,402


24,277


26,843


24,409



Total assets

$            3,667,649


$            2,818,502


$            2,808,675


$        2,861,651


$        3,019,052













Liabilities











Deposits:












Noninterest-bearing

$               668,531


$               475,505


$               475,445


$           490,961


$           510,751



Interest-bearing

2,330,700


1,967,916


1,967,658


1,999,012


2,113,912


Total deposits

2,999,231


2,443,421


2,443,103


2,489,973


2,624,663


Federal funds purchased & securities sold under












agreements to repurchase

83,516


20,255


19,142


22,919


50,120


Other borrowings

195,000


5,000


-


-


-


Other liabilities

3,439


17,201


16,384


22,768


22,983


Subordinated deferrable interest debentures

69,764


42,269


42,269


42,269


42,269



Total liabilities

3,350,950


2,528,146


2,520,898


2,577,929


2,740,035

























Stockholders' equity










  Preferred stock

$                 28,000


$                 27,938


$                 27,845


$             27,753


$             27,662

  Common stock

26,462


25,271


25,258


25,239


25,155

  Capital surplus

189,722


165,835


165,483


165,078


164,949

  Retained earnings

83,991


83,025


76,791


70,554


65,710

  Accumulated other comprehensive income/(loss)

(294)


(531)


3,582


6,274


6,607

  Less treasury stock

(11,182)


(11,182)


(11,182)


(11,176)


(11,066)



Total stockholders' equity

316,699


290,356


287,777


283,722


279,017



Total liabilities and stockholders' equity

$            3,667,649


$            2,818,502


$            2,808,675


$        2,861,651


$        3,019,052

























Other Data










Earning Assets

3,215,941


2,462,697


2,421,996


2,401,043


2,547,719

Intangible Assets

41,058


2,928


3,274


3,632


3,996

Interest Bearing Liabilities

2,678,980


2,035,440


2,029,069


2,064,200


2,206,301

Average Assets

2,937,434


2,806,799


2,820,863


2,875,274


2,985,116

Average Common Stockholders' Equity

248,429


246,490


251,240


251,214


240,787

 

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.




2013


2013


2013


2013


2012


2013


2012

















ASSET QUALITY INFORMATION(1)






























Allowance for loan losses















Balance at beginning of period

$                 23,854


$                 24,217


$                 23,382


$             23,593


$             25,901


$             23,593


$          35,156


















Provision for loan loss (2)

1,200


2,449


3,695


2,603


4,091


9,947


28,451



















Charge-offs

3,591


3,457


3,200


3,036


6,996


13,284


41,163



Recoveries

914


645


340


222


597


2,121


1,149


Net charge-offs (recoveries)

2,677


2,812


2,860


2,814


6,399


11,163


40,014


















Ending balance

$                 22,377


$                 23,854


$                 24,217


$             23,382


$             23,593


$             22,377


$          23,593


















As a percentage of loans

1.38%


1.50%


1.56%


1.57%


1.63%


1.38%


1.63%


As a percentage of nonperforming loans

76.63%


75.20%


76.13%


62.39%


60.67%


76.63%


60.67%

































Net charge-off information















Charge-offs















Commercial, Financial and Agricultural

$                      543


$                      482


$                      324


$                  410


$                  562


$               1,759


$            1,451


Real Estate - Residential

1,785


1,323


1,328


779


2,080


5,215


8,722


Real Estate - Commercial and Farmland

698


1,080


768


1,025


2,352


3,571


20,551


Real Estate - Construction and Development

422


367


576


655


1,561


2,020


9,380


Consumer Installment

143


205


204


167


441


719


1,059



Total charge-offs

3,591


3,457


3,200


3,036


6,996


13,284


41,163


















Recoveries















Commercial, Financial and Agricultural

92


212


44


84


56


432


157


Real Estate - Residential

368


291


144


85


26


888


225


Real Estate - Commercial and Farmland

12


5


10


3


450


30


482


Real Estate - Construction and Development

385


84


2


2


17


473


40


Consumer Installment

57


53


140


48


48


298


245



Total recoveries

914


645


340


222


597


2,121


1,149


















Net charge-offs (recoveries)

$                   2,677


$                   2,812


$                   2,860


$               2,814


$               6,399


$             11,163


$          40,014

















































Non-accrual loans (excluding purchased non-covered
     and covered loans)

29,203


31,720


31,811


37,476


38,885


29,203


38,885

Non-accrual purchased non-covered loans

6,659


-


-


-


-


6,659


-

Foreclosed assets (excluding purchased assets)

33,351


37,978


39,885


40,434


39,850


33,351


39,850

Purchased, non-covered other real estate owned

4,276


-


-


-


-


4,276


-

Accruing loans delinquent 90 days or more

-


-


-


-


-


-


-

Total non-performing assets, excluding covered assets

73,489


69,698


71,696


77,910


78,735


73,489


78,735

















Non-performing assets as a percent of total assets

2.00%


2.47%


2.55%


2.72%


2.61%


2.00%


2.61%

Net charge offs as a percent of loans (Annualized)

0.66%


0.70%


0.74%


0.76%


1.75%


0.69%


2.76%

































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

(2) During 2012 and 2013, the Company recorded provision for loan loss expense to account for losses where the initial estimate of cash flows was found to be excessive on loans

      acquired in FDIC assisted acquisitions.  These amounts are excluded from the calculation above but reflected in the Company's Consolidated Statement of Operations.

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




























For the quarter ended:




Dec.


Sept.


Jun.


Mar.


Dec.



Loans by Type

2013


2013


2013


2013


2012



Commercial, financial & agricultural

$               244,373


$               244,991


$               208,424


$           180,888


$           174,217



Real estate - construction & development

146,371


132,277


134,607


130,161


114,199



Real estate - commercial & farmland

808,323


799,149


788,654


766,227


732,322



Real estate - residential

351,886


355,920


357,685


355,716


346,480



Consumer installment

34,249


36,303


36,923


37,335


40,178



Other

33,252


20,627


29,534


22,426


43,239



    Total Legacy (excluding purchased non-covered and covered)

$            1,618,454


$            1,589,267


$            1,555,827


$        1,492,753


$        1,450,635















Commercial, financial & agricultural

$                 32,141


$                           -


$                          -


$                      -


$                       -



Real estate - construction & development

31,176


-


-


-


-



Real estate - commercial & farmland

179,898


-


-


-


-



Real estate - residential

200,851


-


-


-


-



Consumer installment

4,687


-


-


-


-



    Total Purchased non-covered (at fair value)

$               448,753


$                           -


$                          -


$                      -


$                       -















Commercial, financial & agricultural

$                 26,550


$                 27,768


$                 27,371


$             28,568


$             32,606



Real estate - construction & development

43,179


50,702


52,972


57,114


70,184



Real estate - commercial & farmland

224,451


237,086


255,102


260,159


278,506



Real estate - residential

95,173


101,146


107,107


113,668


125,056



Consumer installment

884


947


965


1,215


1,360



    Total Covered (at fair value)

$               390,237


$               417,649


$               443,517


$           460,724


$           507,712















Total Loan Portfolio:












Commercial, financial & agricultural

$               303,064


$               272,759


$               235,795


$           209,456


$           206,823



Real estate - construction & development

220,726


182,979


187,579


187,275


184,383



Real estate - commercial & farmland

1,212,672


1,036,235


1,043,756


1,026,386


1,010,828



Real estate - residential

647,910


457,066


464,792


469,384


471,536



Consumer installment

39,820


37,250


37,888


38,550


41,538



Other

33,252


20,627


29,534


22,426


43,239



    Total Loans

$            2,457,444


$            2,006,916


$            1,999,344


$        1,953,477


$        1,958,347







































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









Accruing loan types:












Commercial, financial & agricultural

$                      515


$                      521


$                   1,059


$                  799


$                  802



Real estate - construction & development

1,896


1,926


1,946


1,883


1,735



Real estate - commercial & farmland

6,913


6,693


7,529


8,878


8,947



Real estate - residential

7,818


7,871


7,468


6,953


7,254



Consumer installment

72


13


13


-


6



    Total Accruing TDRs

$                 17,214


$                 17,024


$                 18,015


$             18,513


$             18,744















Non-accruing loan types:












Commercial, financial & agricultural

$                      525


$                      533


$                          -


$                      -


$                       -



Real estate - construction & development

32


29


29


43


-



Real estate - commercial & farmland

2,273


1,858


1,493


3,595


4,149



Real estate - residential

834


704


1,046


1,111


1,022



Consumer installment

19


26


-


6


-



    Total Non-accrual TDRs

$                   3,683


$                   3,150


$                   2,568


$               4,755


$               5,171















Total Troubled Debt Restructurings

$                 20,897


$                 20,174


$                 20,583


$             23,268


$             23,915





































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







Grade 10 - Prime credit

$                 74,381


$                 72,759


$                 44,852


$             40,268


$             32,993



Grade 15 - Good credit

230,212


230,810


241,690


232,773


236,500



Grade 20 - Satisfactory credit

773,051


731,154


708,606


665,777


641,950



Grade 23 - Performing, under-collateralized credit

31,604


30,729


29,829


29,403


31,433



Grade 25 - Minimum acceptable credit

420,491


433,358


443,105


425,646


399,210



Grade 30 - Other asset especially mentioned

30,591


28,952


29,265


32,485


35,298



Grade 40 - Substandard

57,987


61,270


57,880


66,147


72,994



Grade 50 - Doubtful

137


235


598


254


257



Grade 60 - Loss

-


-


2


-


-



  Total

$            1,618,454


$            1,589,267


$            1,555,827


$        1,492,753


$        1,450,635

 

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.




2013


2013


2013


2013


2012


2013


2012

































AVERAGE BALANCES
































Federal funds sold

$                   3,243


$                           -


$                          -


$                      -


$                    57


$                  817


$          14,800



Interest bearing deposits in banks

172,117


66,424


52,090


101,452


152,875


98,128


140,701



Investment securities - taxable

276,702


260,262


271,282


286,745


300,773


273,065


313,362



Investment securities - nontaxable

51,291


52,279


50,300


53,819


52,017


51,917


48,111



Other investments

8,255


7,764


7,002


6,687


6,702


7,431


8,261



Mortgage loans held for sale

130,971


125,113


100,766


63,732


46,763


110,542


29,194



Loans

1,537,654


1,500,447


1,471,778


1,424,594


1,424,302


1,478,816


1,393,012



Purchased non-covered loans

43,900


-


-


-


-


11,065


-



Covered loans

401,045


427,482


444,616


491,691


519,892


440,923


553,657



  Total Earning Assets

$            2,625,178


$            2,439,771


$            2,397,834


2,428,720


2,503,381


$        2,472,704


$     2,501,098



















Noninterest bearing deposits

$               528,732


$               468,588


$               479,054


$           481,760


$           502,069


$           489,613


$        447,111



NOW accounts

604,828


573,088


579,312


633,313


626,440


597,490


610,399



MMDA

655,782


639,304


611,562


592,842


606,908


625,085


613,296



Savings accounts

107,058


104,498


104,534


102,380


100,722


104,630


96,493



Retail CDs < $100,000

293,689


290,771


298,553


313,191


342,518


300,184


361,083



Retail CDs > $100,000

352,043


349,931


358,980


368,577


391,075


356,108


412,185



Brokered CDs

10,687


12,970


16,176


19,448


34,588


14,791


57,273



  Total Deposits

2,552,819


2,439,150


2,448,171


2,511,511


2,604,320


2,487,901


2,597,840



















FHLB advances

9,521


-


-


-


-


2,400


3,635



Other borrowings

6,304


1,739


-


-


-


2,027


-



Subordinated debentures

46,263


42,269


42,269


42,269


42,269


43,276


42,269



Federal funds purchased and securities sold
















under agreements to repurchase

41,402


18,446


20,530


27,191


36,165


26,908


26,563



  Total Non-Deposit Funding

103,490


62,454


62,799


69,460


78,434


74,611


72,467



















  Total Funding

$            2,656,309


$            2,501,604


$            2,510,970


$        2,580,971


$        2,682,754


$        2,562,512


$     2,670,307

 

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.




2013


2013


2013


2013


2012


2013


2012

















INTEREST INCOME/EXPENSE































INTEREST INCOME
















Federal funds sold

$                          2


$                           -


$                          -


$                      -


$                       -


$                      2


$                 10



Interest bearing deposits in banks

118


44


29


85


102


276


434



Investment securities - taxable

1,998


1,720


1,719


1,697


1,737


7,134


8,250



Investment securities - nontaxable (TE)

462


475


464


506


501


1,907


1,991



Mortgage loans held for sale

1,121


1,231


959


572


455


3,883


1,058



Loans (TE)

20,243


20,254


19,904


19,604


20,224


80,005


77,772



Purchased non-covered loans

570


-


-


-


-


570


-



Covered loans

7,508


8,248


9,066


8,765


9,859


33,587


40,590



Total Earning Assets

$                 32,022


$                 31,972


$                 32,141


$             31,229


$             32,878


$           127,364


$        130,105


















INTEREST EXPENSE
















Non-interest bearing deposits

$                           -


$                           -


$                          -


$                      -


$                       -


$                       -


$                    -



NOW accounts

297


248


250


302


340


1,097


1,613



MMDA

625


606


555


522


537


2,308


2,811



Savings accounts

29


29


29


29


30


116


132



Retail CDs < $100,000

399


406


437


498


600


1,740


3,101



Retail CDs > $100,000

629


635


675


706


815


2,645


4,117



Brokered CDs

86


101


137


169


281


493


1,553



Total Deposits

2,065


2,025


2,083


2,226


2,603


8,399


13,327



















FHLB advances

63


-


-


-


-


63


110



Other borrowings

137


20


-


-


-


157


-



Subordinated debentures

376


359


363


270


332


1,368


1,482



Repurchase agreements

56


25


28


37


43


146


149



Correspondent bank line of credit and other

-


1


1


2


2


4


6



  Total Non-Deposit Funding

632


405


392


309


377


1,738


1,747



















  Total Funding

$                   2,697


$                   2,430


$                   2,475


$               2,535


$               2,980


$             10,137


$          15,074



















Net Interest Income (TE)

$                 29,325


$                 29,542


$                 29,666


$             28,694


$             29,898


$           117,227


$        115,031

 

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.




2013


2013


2013


2013


2012


2013


2012

YIELDS (1)
































Federal funds sold

0.24%


0.00%


0.00%


0.00%


0.00%


0.24%


0.07%



Interest bearing deposits in banks

0.27%


0.26%


0.22%


0.34%


0.27%


0.28%


0.31%



Investment securities - taxable

2.86%


2.62%


2.54%


2.40%


2.30%


2.61%


2.63%



Investment securities - nontaxable

3.57%


3.61%


3.70%


3.81%


3.83%


3.67%


4.14%



Mortgage loans held for sale

3.40%


3.90%


3.82%


3.64%


3.87%


3.51%


3.62%



Loans

5.22%


5.36%


5.42%


5.58%


5.65%


5.41%


5.58%



Purchased non-covered loans

5.15%


0.00%


0.00%


0.00%


0.00%


5.15%


0.00%



Covered loans

7.43%


7.65%


8.18%


7.23%


7.54%


7.62%


7.33%



  Total Earning Assets

4.84%


5.20%


5.38%


5.21%


5.22%


5.15%


5.20%



















Noninterest bearing deposits

0.00%


0.00%


0.00%


0.00%


0.00%


0.00%


0.00%



NOW accounts

0.19%


0.17%


0.17%


0.19%


0.22%


0.18%


0.26%



MMDA

0.38%


0.38%


0.36%


0.36%


0.35%


0.37%


0.46%



Savings accounts

0.11%


0.11%


0.11%


0.11%


0.12%


0.11%


0.14%



Retail CDs < $100,000

0.54%


0.55%


0.59%


0.64%


0.70%


0.58%


0.86%



Retail CDs > $100,000

0.71%


0.72%


0.75%


0.78%


0.83%


0.74%


1.00%



Brokered CDs

3.19%


3.09%


3.40%


3.52%


3.23%


3.33%


2.71%



  Total Deposits

0.32%


0.33%


0.34%


0.36%


0.40%


0.34%


0.51%



















FHLB advances

2.63%


0.00%


0.00%


0.00%


0.00%


2.63%


3.03%



Subordinated debentures

3.22%


3.37%


3.44%


2.59%


3.12%


3.16%


3.51%



Repurchase agreements

0.54%


0.54%


0.55%


0.55%


0.47%


0.54%


0.56%



Correspondent bank line of credit and other

0.00%


0.00%


0.00%


0.00%


0.00%


0.00%


0.00%



  Total Non-Deposit Funding

2.42%


2.57%


2.50%


1.80%


1.91%


2.33%


2.41%



















  Total funding (3)

0.40%


0.39%


0.40%


0.40%


0.44%


0.40%


0.56%



















Net interest spread

4.44%


4.81%


4.98%


4.81%


4.78%


4.76%


4.64%



















Net interest margin

4.43%


4.80%


4.96%


4.79%


4.75%


4.74%


4.60%

















































(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.

Pretax, Pre-provision Earnings Reconciliation

2013


2013


2013


2013


2012


2013


2012















Pre-tax operating profit/(loss)

$                   1,466


$                   9,939


$                 10,007


$               7,891


$               7,230


$             29,303


$          21,721

Plus: Credit Related Costs














    Provision for loan losses

1,478


2,920


4,165


2,923


4,442


11,486


31,089

   (Gains)/Losses on the sale of legacy OREO

310


(157)


134


(20)


464


267


9,512

    Problem loan and OREO expense

5,012


3,128


2,215


4,864


2,084


15,219


12,905

    Interest reversed (received) on non-accrual loans

29


216


118


54


227


417


718

       Total Credit-Related Costs

6,829


6,107


6,632


7,821


7,217


27,389


54,224















Plus: Non-recurring acquisition/conversion charges

4,350


512


-


-


2,125


4,862


2,125

Less: Non-recurring gains














    Gains related to FDIC acquisitions

-


-


-


-


-


-


(20,037)

    Gains on sales of securities

-


-


1


(172)


(322)


(171)


(536)

       Gains on sales of bank premises

-


159


(227)


(242)


-


(310)


-

    Other non-recurring adjustments

-


(1,771)


(2,067)


(1,017)


(2,423)


(4,855)


1,402















Pretax, Pre-provision earnings

$                 12,645


$                 14,946


$                 14,346


$             14,281


$             13,827


$             56,218


$          58,899















As percentage of average assets, annualized

1.71%


2.11%


2.04%


2.01%


1.84%


1.91%


1.97%












































Three Months Ended


Twelve Months Ended


Dec.


Sept.


Jun.


Mar.


Dec.


Dec.


Dec.

Recurring Operating Expenses

2013


2013


2013


2013


2012


2013


2012















Total Operating Expenses

37,624


28,749


26,688


28,884


29,791


121,945


119,469

Less: Credit costs & non-recurring charges














   Gains/(Losses) on the sale of legacy OREO

(310)


157


(134)


20


(464)


(267)


(9,512)

   Gains/(Losses) on the sale of covered OREO

-


-


-


(3,176)


-


(3,176)


-

    Problem loan and OREO expense

(5,012)


(3,128)


(2,215)


(1,688)


(2,084)


(12,043)


(12,905)

   Severance payments

-


(99)


-


-


(750)


(99)


(1,302)

       Conversion/acquisition expenses

(4,350)


(413)


-


-


(1,375)


(4,763)


(1,660)

   Gains/(Losses) on the sale of premises

-


(159)


227


242


-


310


-















Recurring operating expenses

$                 27,952


$                 25,107


$                 24,566


$             24,282


$             25,118


$           101,907


$          94,090

 

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

2013


2013


2013


2013


2012


2013


2012















Banking Division:














   Net interest income

$                 27,930


$                 28,089


$                 28,517


$             27,766


$             29,104


$           112,302


$        113,347

   Provision for loan losses

1,478


2,920


4,165


2,923


4,442


11,486


31,089

   Noninterest income

7,086


7,054


6,383


6,896


7,136


27,419


44,885

   Noninterest expense:














      Salaries and employee benefits

11,841


10,799


10,478


11,037


13,021


44,155


45,456

      Occupancy

3,080


3,029


2,781


2,765


3,476


11,655


12,726

      Data Processing

2,953


2,908


2,634


2,471


3,119


10,966


10,341

      Other expenses

14,257


7,473


6,444


8,890


6,586


37,064


41,055

         Total noninterest expense

32,131


24,209


22,337


25,163


26,202


103,840


109,578

Income before income taxes

1,407


8,014


8,398


6,576


5,596


24,395


17,565

   Income Tax

67


2,588


2,766


2,146


1,986


7,567


5,831

         Net income

1,340


5,426


5,632


4,430


3,610


16,828


11,734

   Preferred stock dividends

412


443


442


441


1,118


1,738


3,577

Net income available to common shareholders

$                      928


$                   4,983


$                   5,190


$               3,989


$               2,492


$             15,090


$            8,157





























Mortgage Division:














   Net interest income

$                   1,121


$                   1,231


$                      959


$                  572


$                  455


$               3,883


$            1,058

   Provision for loan losses

-


-


-


-


-


-


-

   Noninterest income

4,431


5,234


5,001


4,464


4,768


19,130


12,989

   Noninterest expense:














      Salaries and employee benefits

3,230


3,613


2,903


2,769


2,764


12,515


7,666

      Occupancy

148


120


197


166


177


631


482

      Data Processing

108


164


202


99


135


573


342

      Other expenses

2,007


643


1,049


687


513


4,386


1,401

         Total noninterest expense

5,493


4,540


4,351


3,721


3,589


18,105


9,891

Income before income taxes

59


1,925


1,609


1,315


1,634


4,908


4,156

   Income Tax

21


674


563


460


572


1,718


1,454

         Net income

38


1,251


1,046


855


1,062


3,190


2,702

   Preferred stock dividends

-


-


-


-


-


-


-

Net income available to common shareholders

$                        38


$                   1,251


$                   1,046


$                  855


$               1,062


$               3,190


$            2,702





























Total Consolidated:














   Net interest income

$                 29,051


$                 29,320


$                 29,476


$             28,338


$             29,559


$           116,185


$        114,405

   Provision for loan losses

1,478


2,920


4,165


2,923


4,442


11,486


31,089

   Noninterest income

11,517


12,288


11,384


11,360


11,904


46,549


57,874

   Noninterest expense:














      Salaries and employee benefits

15,071


14,412


13,381


13,806


15,785


56,670


53,122

      Occupancy

3,228


3,149


2,978


2,931


3,653


12,286


13,208

      Data Processing

3,061


3,072


2,836


2,570


3,254


11,539


10,683

      Other expenses

16,264


8,116


7,493


9,577


7,099


41,450


42,456

         Total noninterest expense

37,624


28,749


26,688


28,884


29,791


121,945


119,469

Income before income taxes

1,466


9,939


10,007


7,891


7,230


29,303


21,721

   Income Tax

88


3,262


3,329


2,606


2,558


9,285


7,285

         Net income

1,378


6,677


6,678


5,285


4,672


20,018


14,436

   Preferred stock dividends

412


443


442


441


1,118


1,738


3,577

Net income available to common shareholders

$                      966


$                   6,234


$                   6,236


$               4,844


$               3,554


$             18,280


$          10,859

 

SOURCE Ameris Bancorp

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