MOULTRIE, Ga., July, 21, 2011 /PRNewswire/ -- AMERIS BANCORP (Nasdaq: ABCB), today reported net income available to common shareholders of $1.3 million, or $0.06 per diluted share, for the quarter ended June 30, 2011, compared to a net loss of $4.2 million, or $0.20 per diluted share, for the quarter ended June 30, 2010. For the first half of 2011, Ameris Bancorp reported net income available to common shareholders of $1.9 million, or $0.08 per diluted share, compared to a net loss of $6.5 million, or $0.37 per diluted share, for the first half of 2010. Highlights of the results of the second quarter of 2011 include:
- The second quarter of 2011 represented the third consecutive quarter of profitability and credit quality improvements for the Company.
- Non-accrual loans declined 34% from June 30, 2010 and 24% from December 31, 2010. "In-migration" of new legacy problem loans amounted to $9.0 million compared to $35.6 million in the same quarter of 2010.
- Tier 1 capital to risk-based assets improved to 18.4% at June 30, 2011. Tangible common equity as a percentage of total assets improved to 7.78%.
- The Company's net interest margin improved to 4.84%, reflecting $3.8 million in second quarter accretion from improvements in the expected cash flows from recent FDIC-assisted transactions. These positive adjustments reflected in net interest income were offset by $1.6 million of loan loss provision related to decreases in expected cash flows on the same portfolios.
- Allowance for loan losses as a percentage of non-performing loans increased to 57% in the current quarter compared to 36% at June 30, 2010.
- Annualized net charge-offs for the current quarter declined to 2.50% of total loans compared to 3.33% for the year ended December 31, 2010.
Commenting on the quarter, Edwin W. Hortman, Jr., President and CEO, stated, "We are pleased with our financial performance for the second quarter of 2011. We posted another quarter of positive net income, improved our asset quality levels through the diligent work of all Ameris employees and strengthened our operations through the conversion of three previously completed FDIC-assisted transactions onto our core operating systems. The efficiencies gained through these conversions of systems have already begun to positively impact our core earnings."
Credit Quality Improvement
Non-performing assets declined for the third consecutive quarter to $122.0 million, a decrease of 11.0% when compared to $137.2 million at December 31, 2010. Non-accrual loans declined 11.5% to $60.5 million at June 30, 2011 compared to $68.4 million at March 31, 2011, and $79.3 million at December 31, 2010. The Company's balances in legacy OREO (other real estate owned) decreased for the first time in six quarters to $61.5 million at June 30, 2011 from $62.3 million at March 31, 2011.
"In-migration" of new problem loans is one of the Company's primary measures of credit trends. For the second quarter of 2011 and the year to date period in 2011, the Company has experienced in-migration of new problem loans totaling $9.0 million and $20.0 million, respectively. This compares favorably to $35.6 million and $59.9 million for the same periods in 2010 and is one of the primary reasons behind improving credit metrics.
The Company's provision for loan losses during the second quarter of 2011 amounted to $9.1 million, a significant decline from the $18.6 million recorded in the second quarter of 2010. Approximately $1.6 million of the current quarter's provision for loan losses related to decreases in expected cash flows from recent FDIC-assisted transactions. At June 30, 2011, the Company's loan loss allowance totaled $34.5 million, or 2.54% of ending legacy loans, compared to $34.6 million, or 2.52%, at the end of 2010.
Balance Sheet Trends
At June 30, 2011, the Company reported total assets of $2.9 billion, total net loans of $1.8 billion and total deposits of $2.5 billion, representing increases of 18.0%, 9.7% and 20.7%, respectively, since June 30, 2010. Loans acquired in FDIC-assisted transactions decreased by $68.5 million and the Company's legacy loan portfolio decreased by $14.7 million during the first six months of 2011. Total deposits decreased $24.1 million, or 1.9% on an annualized basis, during the first half of 2011, from $2.54 billion at December 31, 2010 to $2.51 billion at June 30, 2011. Noninterest-bearing deposits increased $16.0 million, or 10.7% on an annualized basis, and interest-bearing deposits decreased $40.1 million, or 3.6% on an annualized basis.
Improvement in Net Interest Income and Net Interest Margin
Net interest income during the second quarter of 2011 totaled $28.7 million, an increase of $4.9 million, or 20.5%, compared to the $23.9 million reported for second quarter of 2010, and an increase of $4.5 million, or 18.8%, compared to the $24.2 million reported for the first quarter of 2011. Improvements in the expected cash flows from loans acquired in the FDIC-assisted transactions completed by the Company in November 2010 amounted to $3.8 million in the second quarter of 2011, some of which related to loans that paid off. Excluding the non-recurring portion of these cash flows from paid off loans, the Company's recurring net interest income (tax equivalent basis) would have been $25.2 million in the second quarter of 2011.
During the second quarter of 2011, the Company's net interest margin increased to 4.84%, compared to 4.43% during the same quarter of 2010 and 4.04% during the first quarter of 2011. Excluding the non-recurring amounts described above, the Company's margin for the second quarter of 2011 would have been 4.21%. An unfavorable mix of earning assets continued during the second quarter of 2011 with only 76% of earning assets in loans and 11% in short-term assets. The Company expects to accelerate a return to a normal earning asset mix with its recently completed FDIC-assisted acquisitions and continued efforts to build its loan pipelines and investment portfolio.
The Company's cost of funding decreased from 1.34% in the second quarter of 2010 and 1.22% in the first quarter of 2011 to 1.12% in the second quarter of 2011. At the end of the second quarter of 2011, the Company had $1.53 billion in non-CD deposits compared to $1.23 billion at the same time in 2010. Non-interest bearing deposits increased 45.8% from $218.0 million and 10.4% of total deposits at June 30, 2010 to $318.0 million and 12.7% of total deposits at June 30, 2010.
At June 30, 2011, the Company's earning assets totaled $2.4 billion, or 84.0% of total assets, compared to $2.2 billion, or 89.3% of total assets, at the same time in 2010. This decrease is attributable to the growth in non-earning assets associated with the FDIC-assisted transactions, such as covered loans, OREO, and the FDIC indemnification asset of $189.4 million at June 30, 2011. As these assets are resolved and liquidated, the proceeds are expected to be reinvested in earning assets.
Non-Interest Expense
Non-interest expense decreased from $23.4 million in the second quarter of 2010 to $22.6 million in the second quarter of 2011. Credit related expenses decreased $2.3 million, from $6.2 million in the second quarter of 2010 to $3.9 million in the second quarter of 2011. Salaries and employee benefits increased to $9.4 million for the second quarter of 2011 from $8.0 million in the second quarter of 2010, but decreased from the $9.8 million reported in the first quarter of 2011.
Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 59 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 |
Six Months Ended |
|||||||||||||||||
Jun. |
Mar. |
Dec. |
Sept. |
Jun. |
Jun. |
Jun. |
||||||||||||
2011 |
2011 |
2010 |
2010 |
2010 |
2011 |
2010 |
||||||||||||
Net Income/(Loss) Available to Common Shareholders |
$ 1,307 |
$ 580 |
$ 1,050 |
$ (1,704) |
$ (4,218) |
$ 1,887 |
$ (6,548) |
|||||||||||
PER COMMON SHARE DATA |
||||||||||||||||||
Earnings per share available to common shareholders: |
||||||||||||||||||
Basic |
$ 0.06 |
$ 0.02 |
$ 0.04 |
$ (0.07) |
$ (0.20) |
$ 0.08 |
$ (0.37) |
|||||||||||
Diluted |
$ 0.06 |
$ 0.02 |
$ 0.04 |
$ (0.07) |
$ (0.20) |
$ 0.08 |
$ (0.37) |
|||||||||||
Cash Dividends per share |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
|||||||||||
Stock dividend |
- |
- |
- |
- |
1 for 210 |
- |
2 for 170 |
|||||||||||
Book value per share (period end) |
$ 9.54 |
$ 9.41 |
$ 9.44 |
$ 9.48 |
$ 9.57 |
$ 9.54 |
$ 9.57 |
|||||||||||
Tangible book value per share (period end) |
$ 9.34 |
$ 9.20 |
$ 9.22 |
$ 9.35 |
$ 9.43 |
$ 9.34 |
$ 9.43 |
|||||||||||
Weighted average number of shares: |
||||||||||||||||||
Basic |
23,449,123 |
23,440,201 |
23,427,393 |
23,427,919 |
21,231,367 |
23,444,662 |
17,568,752 |
|||||||||||
Diluted |
23,508,419 |
23,474,424 |
23,579,205 |
23,427,919 |
21,231,367 |
23,491,421 |
17,568,752 |
|||||||||||
Period-end number of shares |
23,766,044 |
23,766,044 |
23,647,841 |
23,626,169 |
23,515,468 |
23,766,044 |
23,515,468 |
|||||||||||
Market data: |
||||||||||||||||||
High closing price |
$ 10.16 |
$ 11.10 |
$ 11.07 |
$ 10.49 |
$ 11.55 |
$ 11.10 |
$ 11.73 |
|||||||||||
Low closing price |
$ 8.49 |
$ 9.32 |
$ 8.73 |
$ 7.83 |
$ 9.00 |
$ 8.49 |
$ 3.66 |
|||||||||||
Period end closing price |
$ 8.87 |
$ 10.16 |
$ 10.54 |
$ 9.35 |
$ 9.66 |
$ 8.87 |
$ 9.66 |
|||||||||||
Average daily volume |
58,706 |
46,618 |
55,281 |
75,573 |
205,388 |
52,545 |
32,228 |
|||||||||||
PERFORMANCE RATIOS |
||||||||||||||||||
Return on average assets |
0.18% |
0.08% |
0.15% |
(0.28%) |
(0.68%) |
0.13% |
(0.47%) |
|||||||||||
Return on average common equity |
2.31% |
1.06% |
1.85% |
(3.01%) |
(8.77%) |
1.66% |
(6.08%) |
|||||||||||
Earning asset yield (TE) |
6.04% |
5.35% |
5.18% |
5.34% |
5.32% |
5.66% |
5.56% |
|||||||||||
Total cost of funds |
1.12% |
1.22% |
1.27% |
1.33% |
1.34% |
1.16% |
1.37% |
|||||||||||
Net interest margin (TE) |
4.84% |
4.04% |
3.88% |
4.04% |
4.01% |
4.41% |
4.19% |
|||||||||||
Non-interest income excluding securities transactions, |
||||||||||||||||||
as a percent of total revenue (TE) (1) |
14.15% |
15.49% |
16.12% |
16.74% |
12.40% |
14.79% |
13.65% |
|||||||||||
Efficiency ratio |
65.08% |
69.59% |
62.15% |
70.08% |
63.35% |
67.18% |
64.81% |
|||||||||||
CAPITAL ADEQUACY (period end) |
||||||||||||||||||
Stockholders' equity to assets |
9.70% |
9.38% |
9.20% |
11.25% |
11.35% |
9.70% |
11.35% |
|||||||||||
Tangible common equity to tangible assets |
7.78% |
7.51% |
7.35% |
9.08% |
9.17% |
7.78% |
9.17% |
|||||||||||
Tangible common equity to risk-weighted assets |
13.29% |
13.09% |
7.52% |
7.52% |
13.01% |
0.00% |
0.00% |
|||||||||||
EQUITY TO ASSETS RECONCILIATION |
||||||||||||||||||
Tangible common equity to tangible assets |
7.78% |
7.51% |
7.35% |
9.08% |
9.17% |
7.78% |
9.17% |
|||||||||||
Effect of preferred equity |
1.76% |
1.72% |
1.69% |
2.05% |
2.06% |
1.76% |
2.06% |
|||||||||||
Effect of goodwill and other intangibles |
0.15% |
0.16% |
0.16% |
0.12% |
0.12% |
0.15% |
0.12% |
|||||||||||
Equity to assets (GAAP) |
9.70% |
9.38% |
9.20% |
11.25% |
11.35% |
9.70% |
11.35% |
|||||||||||
OTHER PERIOD-END DATA |
||||||||||||||||||
FTE Headcount |
690 |
691 |
708 |
570 |
581 |
690 |
581 |
|||||||||||
Assets per FTE |
$ 4,141 |
$ 4,223 |
$ 4,198 |
$ 4,271 |
$ 4,169 |
$ 4,141 |
$ 4,169 |
|||||||||||
Branch locations |
59 |
59 |
59 |
50 |
53 |
59 |
53 |
|||||||||||
Deposits per branch location |
$ 42,565 |
$ 43,605 |
$ 42,257 |
$ 41,980 |
$ 39,246 |
$ 42,565 |
$ 39,246 |
|||||||||||
(1) Includes gain from acquisition. |
||||||||||||||||||
AMERIS BANCORP |
||||||||||||||||
FINANCIAL HIGHLIGHTS |
||||||||||||||||
(unaudited) |
||||||||||||||||
(dollars in thousands except per share data and FTE headcount) |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
Jun. |
Mar. |
Dec. |
Sept. |
Jun. |
Jun. |
Jun. |
||||||||||
2011 |
2011 |
2010 |
2010 |
2010 |
2011 |
2010 |
||||||||||
INCOME STATEMENT |
||||||||||||||||
Interest income |
||||||||||||||||
Interest and fees on loans |
$ 32,876 |
$ 28,971 |
$ 27,676 |
$ 26,465 |
$ 28,187 |
$ 61,847 |
$ 53,343 |
|||||||||
Interest on taxable securities |
2,574 |
2,658 |
2,562 |
2,295 |
2,502 |
5,232 |
4,964 |
|||||||||
Interest on nontaxable securities |
314 |
320 |
317 |
295 |
299 |
634 |
603 |
|||||||||
Interest on deposits in other banks |
150 |
175 |
204 |
104 |
97 |
325 |
154 |
|||||||||
Interest on federal funds sold |
9 |
13 |
52 |
13 |
12 |
22 |
24 |
|||||||||
Total interest income |
35,923 |
32,137 |
30,811 |
29,172 |
31,097 |
68,060 |
59,088 |
|||||||||
Interest expense |
||||||||||||||||
Interest on deposits |
$ 6,825 |
$ 7,375 |
$ 7,328 |
$ 6,903 |
$ 7,084 |
$ 14,200 |
$ 14,416 |
|||||||||
Interest on federal funds purchased and securities |
||||||||||||||||
sold under agreements to repurchase |
||||||||||||||||
Interest on other borrowings |
351 |
555 |
477 |
270 |
154 |
906 |
400 |
|||||||||
Total interest expense |
7,176 |
7,930 |
7,805 |
7,173 |
7,238 |
15,106 |
14,816 |
|||||||||
Net interest income |
28,747 |
24,207 |
23,006 |
21,999 |
23,859 |
52,954 |
44,272 |
|||||||||
Provision for loan losses |
9,115 |
7,043 |
11,404 |
9,739 |
18,608 |
16,158 |
29,378 |
|||||||||
Net interest income/(loss) after provision for loan losses |
$ 19,632 |
$ 17,164 |
$ 11,602 |
$ 12,260 |
$ 5,251 |
$ 36,796 |
$ 14,894 |
|||||||||
Noninterest income |
||||||||||||||||
Service charges on deposit accounts |
$ 4,665 |
$ 4,267 |
$ 4,323 |
$ 3,761 |
$ 3,620 |
$ 8,932 |
$ 7,059 |
|||||||||
Mortgage banking activity |
376 |
450 |
806 |
713 |
675 |
826 |
1,229 |
|||||||||
Other service charges, commissions and fees |
276 |
239 |
180 |
180 |
232 |
515 |
445 |
|||||||||
Gain(loss) on sale of securities |
14 |
224 |
- |
- |
- |
238 |
200 |
|||||||||
Gains from acquisitions |
- |
- |
6,442 |
- |
8,209 |
- |
8,209 |
|||||||||
Other non-interest income |
643 |
1,013 |
552 |
357 |
313 |
1,656 |
792 |
|||||||||
Total noninterest income |
5,974 |
6,193 |
12,303 |
5,011 |
13,049 |
12,167 |
17,934 |
|||||||||
Noninterest expense |
||||||||||||||||
Salaries and employee benefits |
9,421 |
9,843 |
8,510 |
7,555 |
8,027 |
19,264 |
15,853 |
|||||||||
Occupancy and equipment expenses |
2,752 |
2,730 |
1,989 |
2,171 |
2,025 |
5,482 |
4,052 |
|||||||||
Data processing and telecommunications expenses |
2,452 |
2,396 |
2,075 |
1,729 |
2,077 |
4,848 |
3,840 |
|||||||||
FDIC Insurance expense |
1,118 |
1,245 |
1,296 |
1,304 |
1,285 |
2,363 |
2,533 |
|||||||||
Credit related expenses (1) |
3,882 |
1,797 |
4,936 |
3,232 |
6,224 |
5,679 |
8,244 |
|||||||||
Advertising and marketing expenses |
149 |
163 |
97 |
167 |
143 |
312 |
302 |
|||||||||
Amortization of intangible assets |
242 |
263 |
277 |
254 |
186 |
505 |
510 |
|||||||||
Goodwill impairment |
- |
- |
- |
- |
- |
- |
- |
|||||||||
Other non-interest expenses |
2,580 |
2,718 |
2,766 |
2,516 |
3,416 |
5,298 |
4,980 |
|||||||||
Total noninterest expense |
22,596 |
21,155 |
21,946 |
18,928 |
23,383 |
43,751 |
40,314 |
|||||||||
Operating profit/(loss) |
$ 3,010 |
$ 2,202 |
$ 1,959 |
$ (1,657) |
$ (5,083) |
$ 5,212 |
$ (7,486) |
|||||||||
Income tax (benefit)/expense |
896 |
824 |
98 |
(760) |
(1,664) |
1,720 |
(2,533) |
|||||||||
Net income/(loss) |
$ 2,114 |
$ 1,378 |
$ 1,861 |
$ (897) |
$ (3,419) |
$ 3,492 |
$ (4,953) |
|||||||||
Preferred stock dividends |
807 |
798 |
811 |
807 |
799 |
1,605 |
1,595 |
|||||||||
Net income/(loss) available |
||||||||||||||||
to common shareholders |
$ 1,307 |
$ 580 |
$ 1,050 |
$ (1,704) |
$ (4,218) |
$ 1,887 |
$ (6,548) |
|||||||||
Diluted earnings available to common shareholders |
0.06 |
0.02 |
0.04 |
(0.07) |
(0.20) |
0.08 |
(0.37) |
|||||||||
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns. |
||||||||||||||||
AMERIS BANCORP |
||||||||||||
FINANCIAL HIGHLIGHTS |
||||||||||||
(unaudited) |
||||||||||||
(dollars in thousands except per share data and FTE headcount) |
||||||||||||
Three Months Ended |
||||||||||||
Jun. |
Mar. |
Dec. |
Sept. |
Jun. |
||||||||
2011 |
2011 |
2010 |
2010 |
2010 |
||||||||
PERIOD-END BALANCE SHEET |
||||||||||||
Assets |
||||||||||||
Cash and due from banks |
$ 68,552 |
$ 88,386 |
$ 74,326 |
$ 43,814 |
$ 54,444 |
|||||||
Federal funds sold and interest bearing balances |
218,330 |
264,508 |
261,262 |
306,867 |
240,075 |
|||||||
Investment securities available for sale, at fair value |
334,376 |
305,620 |
322,581 |
236,048 |
237,985 |
|||||||
Other investments |
10,354 |
12,436 |
12,440 |
7,106 |
7,531 |
|||||||
Loans, net of unearned income |
1,360,063 |
1,345,981 |
1,374,757 |
1,455,853 |
1,493,126 |
|||||||
Covered loans |
486,489 |
526,012 |
554,991 |
192,267 |
191,663 |
|||||||
Less allowance for loan losses |
34,523 |
35,443 |
34,576 |
34,072 |
33,585 |
|||||||
Loans, net |
1,812,029 |
1,836,550 |
1,895,172 |
1,614,048 |
1,651,204 |
|||||||
Other real estate owned |
61,533 |
62,258 |
57,917 |
50,919 |
41,079 |
|||||||
Covered other real estate owned |
63,583 |
59,757 |
54,931 |
28,416 |
25,845 |
|||||||
Total other real estate owned |
125,116 |
122,015 |
112,848 |
79,335 |
66,924 |
|||||||
Premises and equipment, net |
65,925 |
66,359 |
66,589 |
66,056 |
66,708 |
|||||||
Intangible assets, net |
3,745 |
3,973 |
4,261 |
3,097 |
3,314 |
|||||||
Goodwill |
956 |
956 |
956 |
- |
- |
|||||||
FDIC loss sharing receivable |
160,927 |
167,176 |
177,187 |
42,532 |
57,946 |
|||||||
Other assets |
56,927 |
50,444 |
44,546 |
35,800 |
35,779 |
|||||||
Total assets |
$ 2,857,237 |
$ 2,918,423 |
$ 2,972,168 |
$ 2,434,703 |
$ 2,421,910 |
|||||||
Liabilities |
||||||||||||
Deposits: |
||||||||||||
Noninterest-bearing |
$ 318,004 |
$ 316,060 |
$ 301,971 |
$ 235,646 |
$ 218,012 |
|||||||
Interest-bearing |
2,193,359 |
2,256,629 |
2,233,455 |
1,863,355 |
1,862,014 |
|||||||
Total deposits |
2,511,363 |
2,572,689 |
2,535,426 |
2,099,001 |
2,080,026 |
|||||||
Federal funds purchased & securities sold under |
||||||||||||
agreements to repurchase |
17,136 |
20,257 |
68,184 |
13,186 |
17,600 |
|||||||
Other borrowings |
- |
- |
43,495 |
- |
- |
|||||||
Other liabilities |
9,311 |
9,351 |
9,387 |
6,279 |
7,145 |
|||||||
Subordinated deferrable interest debentures |
42,269 |
42,269 |
42,269 |
42,269 |
42,269 |
|||||||
Total liabilities |
2,580,079 |
2,644,566 |
2,698,761 |
2,160,735 |
2,147,040 |
|||||||
Stockholders' equity |
||||||||||||
Preferred stock |
$ 50,419 |
$ 50,269 |
$ 50,121 |
$ 49,975 |
$ 49,832 |
|||||||
Common stock |
25,102 |
25,102 |
24,983 |
24,961 |
24,961 |
|||||||
Capital surplus |
166,170 |
165,995 |
165,930 |
165,544 |
165,544 |
|||||||
Retained earnings |
38,888 |
37,580 |
37,000 |
35,948 |
37,519 |
|||||||
Accumulated other comprehensive income/(loss) |
7,410 |
5,742 |
6,204 |
8,371 |
7,834 |
|||||||
Less treasury stock |
(10,831) |
(10,831) |
(10,831) |
(10,831) |
(10,820) |
|||||||
Total stockholders' equity |
277,158 |
273,857 |
273,407 |
273,968 |
274,870 |
|||||||
Total liabilities and stockholders' equity |
$ 2,857,237 |
$ 2,918,423 |
$ 2,972,168 |
$ 2,434,703 |
$ 2,421,910 |
|||||||
Other Data |
||||||||||||
Earning Assets |
2,399,258 |
2,442,121 |
2,513,591 |
2,191,035 |
2,162,849 |
|||||||
Intangible Assets |
4,701 |
4,929 |
5,217 |
3,097 |
3,314 |
|||||||
Interest Bearing Liabilities |
2,252,764 |
2,319,155 |
2,413,319 |
1,918,810 |
1,921,883 |
|||||||
Average Assets |
2,909,012 |
2,949,943 |
2,872,207 |
2,429,709 |
2,444,425 |
|||||||
Average Common Stockholders' Equity |
229,794 |
222,675 |
225,088 |
224,656 |
217,042 |
|||||||
AMERIS BANCORP |
||||||||||||||||
FINANCIAL HIGHLIGHTS |
||||||||||||||||
(unaudited) |
||||||||||||||||
(dollars in thousands except per share data and FTE headcount) |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
Jun. |
Mar. |
Dec. |
Sept. |
Jun. |
Jun. |
Jun. |
||||||||||
2011 |
2011 |
2010 |
2010 |
2010 |
2011 |
2010 |
||||||||||
ASSET QUALITY INFORMATION (1) |
||||||||||||||||
Allowance for loan losses |
||||||||||||||||
Balance at beginning of period |
$ 35,443 |
$ 34,576 |
$ 34,072 |
$ 33,585 |
$ 33,563 |
$ 34,576 |
$ 35,762 |
|||||||||
Acquired Reserves |
- |
- |
- |
- |
- |
- |
- |
|||||||||
Provision for loan loss (2) |
7,462 |
7,092 |
10,742 |
9,602 |
17,725 |
14,554 |
28,495 |
|||||||||
Charge-offs |
8,559 |
7,067 |
10,513 |
10,108 |
18,756 |
15,626 |
32,002 |
|||||||||
Recoveries |
177 |
842 |
275 |
993 |
1,053 |
1,019 |
1,330 |
|||||||||
Net charge-offs (recoveries) |
8,382 |
6,225 |
10,238 |
9,115 |
17,703 |
14,607 |
30,672 |
|||||||||
Ending balance |
$ 34,523 |
$ 35,443 |
$ 34,576 |
$ 34,072 |
$ 33,585 |
$ 34,523 |
$ 33,585 |
|||||||||
As a percentage of loans |
2.54% |
2.63% |
2.52% |
2.34% |
2.25% |
2.54% |
2.25% |
|||||||||
As a percentage of nonperforming loans |
57.02% |
51.82% |
43.61% |
37.92% |
36.37% |
57.02% |
36.37% |
|||||||||
Net charge-off information |
||||||||||||||||
Charge-offs |
||||||||||||||||
Commercial, Financial and Agricultural |
$ 2,128 |
$ 1,113 |
$ 1,907 |
$ 866 |
$ 703 |
$ 3,241 |
$ 2,711 |
|||||||||
Real Estate - Residential |
1,135 |
809 |
1,328 |
3,100 |
4,739 |
1,944 |
5,663 |
|||||||||
Real Estate - Commercial and Farmland |
2,332 |
2,557 |
2,368 |
4,118 |
5,023 |
4,889 |
9,616 |
|||||||||
Real Estate - Construction and Development |
2,822 |
2,425 |
4,519 |
1,557 |
8,202 |
5,247 |
13,778 |
|||||||||
Consumer Installment |
142 |
163 |
391 |
467 |
89 |
305 |
234 |
|||||||||
Other |
- |
- |
- |
- |
- |
- |
- |
|||||||||
Total charge-offs |
8,559 |
7,067 |
10,513 |
10,108 |
18,756 |
15,626 |
32,002 |
|||||||||
Recoveries |
||||||||||||||||
Commercial, Financial and Agricultural |
48 |
20 |
22 |
41 |
430 |
68 |
508 |
|||||||||
Real Estate - Residential |
45 |
14 |
20 |
54 |
84 |
59 |
112 |
|||||||||
Real Estate - Commercial and Farmland |
4 |
2 |
182 |
392 |
202 |
6 |
266 |
|||||||||
Real Estate - Construction and Development |
57 |
772 |
22 |
458 |
140 |
829 |
204 |
|||||||||
Consumer Installment |
23 |
34 |
29 |
48 |
197 |
57 |
240 |
|||||||||
Other |
- |
- |
- |
- |
- |
- |
- |
|||||||||
Total recoveries |
177 |
842 |
275 |
993 |
1,053 |
1,019 |
1,330 |
|||||||||
Net charge-offs (recoveries) |
$ 8,382 |
$ 6,225 |
$ 10,238 |
$ 9,115 |
$ 17,703 |
$ 14,607 |
$ 30,672 |
|||||||||
Non-accrual loans |
60,545 |
68,391 |
79,289 |
89,862 |
92,336 |
60,545 |
92,336 |
|||||||||
Foreclosed assets |
61,533 |
62,258 |
57,916 |
50,919 |
41,079 |
61,533 |
41,079 |
|||||||||
Accruing loans delinquent 90 days or more |
- |
- |
- |
- |
- |
- |
- |
|||||||||
Total non-performing assets |
122,078 |
130,649 |
137,205 |
140,781 |
133,415 |
122,078 |
133,415 |
|||||||||
Non-performing assets as a percent of total assets |
4.27% |
4.48% |
4.62% |
5.78% |
5.62% |
4.27% |
5.51% |
|||||||||
Net charge offs as a percent of loans (Annualized) |
2.50% |
1.88% |
2.87% |
2.14% |
4.22% |
4.36% |
3.64% |
|||||||||
(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 2010 and 2011, 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) |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
Jun. |
Mar. |
Dec. |
Sept. |
Jun. |
Jun. |
Jun. |
||||||||||
2011 |
2011 |
2010 |
2010 |
2010 |
2011 |
2010 |
||||||||||
AVERAGE BALANCES |
||||||||||||||||
Federal funds sold |
$ 34,241 |
$ 32,891 |
$ 28,523 |
$ 61,465 |
$ 54,245 |
$ 33,566 |
$ 40,038 |
|||||||||
Interest bearing deposits in banks |
236,286 |
204,268 |
267,337 |
190,203 |
232,733 |
219,995 |
202,929 |
|||||||||
Investment securities - taxable |
250,998 |
262,778 |
246,417 |
199,244 |
209,532 |
256,873 |
209,499 |
|||||||||
Investment securities - nontaxable |
38,151 |
38,794 |
37,649 |
35,813 |
35,650 |
38,471 |
36,040 |
|||||||||
Other investments |
11,022 |
12,218 |
7,603 |
7,246 |
8,061 |
11,617 |
6,778 |
|||||||||
Loans |
1,855,343 |
1,902,091 |
1,790,536 |
1,690,705 |
1,683,522 |
1,880,161 |
1,683,521 |
|||||||||
Total Earning Assets |
$ 2,426,041 |
$ 2,453,040 |
$ 2,378,065 |
$ 2,184,676 |
$ 2,223,743 |
$ 2,440,683 |
$ 2,178,805 |
|||||||||
Noninterest bearing deposits |
$ 320,735 |
$ 310,226 |
$ 275,184 |
$ 225,907 |
$ 237,276 |
$ 317,975 |
$ 234,521 |
|||||||||
NOW accounts |
582,773 |
584,338 |
527,264 |
478,105 |
482,798 |
583,556 |
494,182 |
|||||||||
MMDA |
545,261 |
522,009 |
455,041 |
448,955 |
441,445 |
533,635 |
433,179 |
|||||||||
Savings accounts |
78,674 |
76,341 |
63,972 |
64,575 |
64,887 |
77,508 |
64,162 |
|||||||||
Retail CDs < $100,000 |
417,297 |
427,143 |
460,444 |
367,353 |
375,339 |
422,220 |
353,317 |
|||||||||
Retail CDs > $100,000 |
490,660 |
504,011 |
392,266 |
375,756 |
371,754 |
497,336 |
382,614 |
|||||||||
Brokered CDs |
105,338 |
124,441 |
$ 136,201 |
$ 128,346 |
138,113 |
114,837 |
144,723 |
|||||||||
Total Deposits |
2,540,738 |
2,548,509 |
2,310,372 |
2,088,997 |
2,111,612 |
2,547,066 |
2,106,698 |
|||||||||
FHLB advances |
- |
25,114 |
28,205 |
- |
747 |
16,740 |
1,374 |
|||||||||
Subordinated debentures |
42,269 |
42,269 |
42,269 |
42,269 |
42,269 |
42,269 |
42,269 |
|||||||||
Federal funds purchased and securities sold |
||||||||||||||||
under agreements to repurchase |
23,078 |
22,100 |
49,878 |
14,246 |
18,698 |
22,589 |
24,674 |
|||||||||
Other borrowings |
- |
- |
- |
- |
- |
- |
- |
|||||||||
Total Non-Deposit Funding |
65,347 |
89,483 |
120,352 |
56,515 |
61,714 |
81,598 |
68,317 |
|||||||||
Total Funding |
$ 2,606,085 |
$ 2,637,992 |
$ 2,430,724 |
$ 2,145,512 |
$ 2,173,326 |
$ 2,628,664 |
$ 2,175,015 |
|||||||||
AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount) |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
Jun. |
Mar. |
Dec. |
Sept. |
Jun. |
Jun. |
Jun. |
||||||||||
2011 |
2011 |
2010 |
2010 |
2010 |
2011 |
2010 |
||||||||||
INTEREST INCOME/EXPENSE |
||||||||||||||||
INTEREST INCOME |
||||||||||||||||
Federal funds sold |
$ 9 |
$ 13 |
$ 50 |
$ 13 |
$ 12 |
$ 22 |
$ 24 |
|||||||||
Interest bearing deposits in banks |
150 |
175 |
204 |
104 |
97 |
325 |
154 |
|||||||||
Investment securities - taxable |
2,574 |
2,658 |
2,562 |
2,295 |
2,438 |
5,232 |
4,900 |
|||||||||
Investment securities - nontaxable (TE) |
483 |
492 |
489 |
453 |
460 |
975 |
928 |
|||||||||
Loans (TE) |
32,928 |
29,010 |
27,746 |
26,527 |
28,818 |
61,938 |
54,042 |
|||||||||
Total Earning Assets |
$ 36,144 |
$ 32,348 |
$ 31,051 |
$ 29,392 |
$ 31,825 |
$ 68,492 |
$ 60,048 |
|||||||||
INTEREST EXPENSE |
||||||||||||||||
Non-interest bearing deposits |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
|||||||||
NOW accounts |
1,026 |
1,048 |
1,063 |
1,087 |
1,135 |
2,074 |
2,369 |
|||||||||
MMDA |
1,421 |
1,407 |
1,401 |
1,428 |
1,446 |
2,828 |
2,930 |
|||||||||
Savings accounts |
88 |
132 |
82 |
76 |
75 |
220 |
165 |
|||||||||
Retail CDs < $100,000 |
1,474 |
1,745 |
1,985 |
1,596 |
1,689 |
3,219 |
3,257 |
|||||||||
Retail CDs > $100,000 |
1,951 |
2,094 |
1,782 |
1,709 |
1,674 |
4,045 |
3,555 |
|||||||||
Brokered CDs |
865 |
949 |
1,017 |
1,006 |
1,065 |
1,814 |
2,141 |
|||||||||
Total Deposits |
6,825 |
7,375 |
7,330 |
6,902 |
7,084 |
14,200 |
14,417 |
|||||||||
FHLB advances |
- |
123 |
39 |
- |
12 |
123 |
42 |
|||||||||
Subordinated debentures |
322 |
351 |
342 |
246 |
113 |
673 |
291 |
|||||||||
Repurchase agreements |
28 |
81 |
96 |
19 |
26 |
109 |
62 |
|||||||||
Correspondent bank line of credit and other |
- |
- |
(1) |
5 |
2 |
- |
4 |
|||||||||
Total Non-Deposit Funding |
350 |
555 |
476 |
270 |
153 |
905 |
399 |
|||||||||
Total Funding |
$ 7,175 |
$ 7,930 |
$ 7,806 |
$ 7,172 |
$ 7,237 |
$ 15,105 |
$ 14,816 |
|||||||||
Net Interest Income (TE) |
$ 28,969 |
$ 24,418 |
$ 23,245 |
$ 22,220 |
$ 24,588 |
$ 53,387 |
$ 45,232 |
|||||||||
AMERIS BANCORP |
||||||||||||||||
FINANCIAL HIGHLIGHTS |
||||||||||||||||
(unaudited) |
||||||||||||||||
(dollars in thousands except per share data and FTE headcount) |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
Jun. |
Mar. |
Dec. |
Sept. |
Jun. |
Jun. |
Jun. |
||||||||||
2011 |
2011 |
2010 |
2010 |
2010 |
2011 |
2010 |
||||||||||
YIELDS (1) |
||||||||||||||||
Federal funds sold |
0.11% |
0.16% |
0.70% |
0.08% |
0.09% |
0.13% |
0.12% |
|||||||||
Interest bearing deposits in banks |
0.26% |
0.35% |
0.30% |
0.22% |
0.17% |
0.30% |
0.15% |
|||||||||
Investment securities - taxable |
4.16% |
4.10% |
4.12% |
4.57% |
4.67% |
4.11% |
4.72% |
|||||||||
Investment securities - nontaxable |
5.13% |
5.14% |
5.15% |
5.02% |
5.18% |
5.11% |
5.19% |
|||||||||
Loans |
7.20% |
6.19% |
6.15% |
6.22% |
6.87% |
6.64% |
6.47% |
|||||||||
Total Earning Assets |
6.04% |
5.35% |
5.18% |
5.34% |
5.74% |
5.66% |
5.56% |
|||||||||
Noninterest bearing deposits |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
|||||||||
NOW accounts |
0.71% |
0.73% |
0.80% |
0.90% |
0.94% |
0.72% |
0.97% |
|||||||||
MMDA |
1.06% |
1.09% |
1.22% |
1.26% |
1.31% |
1.07% |
1.36% |
|||||||||
Savings accounts |
0.45% |
0.70% |
0.51% |
0.47% |
0.46% |
0.57% |
0.52% |
|||||||||
Retail CDs < $100,000 |
1.43% |
1.66% |
1.71% |
1.72% |
1.80% |
1.54% |
1.86% |
|||||||||
Retail CDs > $100,000 |
1.61% |
1.68% |
1.80% |
1.80% |
1.81% |
1.64% |
1.87% |
|||||||||
Brokered CDs |
3.33% |
3.09% |
2.96% |
3.11% |
3.09% |
3.19% |
2.98% |
|||||||||
Total Deposits |
1.09% |
1.17% |
1.26% |
1.31% |
1.35% |
1.12% |
1.38% |
|||||||||
FHLB advances |
0.00% |
1.99% |
0.55% |
0.00% |
6.44% |
1.48% |
6.17% |
|||||||||
Subordinated debentures |
3.09% |
3.37% |
3.21% |
2.31% |
1.07% |
3.21% |
1.39% |
|||||||||
Repurchase agreements |
0.49% |
1.49% |
0.76% |
0.53% |
0.56% |
0.97% |
0.51% |
|||||||||
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 |
2.17% |
2.52% |
1.57% |
1.90% |
0.99% |
2.24% |
1.18% |
|||||||||
Total funding (3) |
1.12% |
1.22% |
1.27% |
1.33% |
1.34% |
1.16% |
1.37% |
|||||||||
Net interest spread |
4.93% |
4.13% |
3.91% |
4.01% |
4.40% |
4.50% |
4.18% |
|||||||||
Net interest margin |
4.84% |
4.04% |
3.88% |
4.04% |
4.43% |
4.41% |
4.19% |
|||||||||
(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 |
Six Months Ended |
|||||||||||||||
Jun. |
Mar. |
Dec. |
Sept. |
Jun. |
Jun. |
Jun. |
||||||||||
Core Earnings Reconciliation |
2011 |
2011 |
2010 |
2010 |
2010 |
2011 |
2010 |
|||||||||
Pre-tax operating profit/(loss) |
$ 3,010 |
$ 2,202 |
$ 1,959 |
$ (1,657) |
$ (5,083) |
$ 5,212 |
$ (7,486) |
|||||||||
Plus: Credit Related Costs |
||||||||||||||||
Provision for loan losses |
9,115 |
7,043 |
11,404 |
9,739 |
18,608 |
16,158 |
29,378 |
|||||||||
(Gains)/Losses on the sale of legacy OREO |
1,324 |
1,591 |
2,033 |
1,263 |
4,173 |
2,915 |
4,660 |
|||||||||
Problem loan and OREO expense |
2,558 |
2,498 |
2,903 |
1,969 |
2,051 |
5,055 |
3,584 |
|||||||||
Interest reversed (received) on non-accrual loans |
140 |
(389) |
478 |
533 |
1,017 |
(249) |
1,592 |
|||||||||
Total Credit-Related Costs |
13,137 |
10,743 |
16,818 |
13,504 |
25,849 |
23,880 |
39,214 |
|||||||||
Plus: Non-recurring impairment charges |
- |
- |
- |
- |
- |
- |
- |
|||||||||
Plus: Costs associated with capital raise |
- |
- |
- |
- |
933 |
- |
933 |
|||||||||
Less: Non-recurring gains |
- |
|||||||||||||||
Gains related to FDIC acquisitions |
- |
- |
(6,442) |
- |
(8,209) |
- |
(8,209) |
|||||||||
Gains on sales of securities |
(14) |
(224) |
- |
- |
- |
(238) |
(200) |
|||||||||
Gains on sales of bank premises |
(11) |
(128) |
- |
- |
(149) |
(139) |
(398) |
|||||||||
Other non-recurring adjustments |
(2,631) |
- |
- |
- |
(1,408) |
(2,631) |
310 |
|||||||||
Pretax, Pre-provision earnings |
$ 13,491 |
$ 12,593 |
$ 12,335 |
$ 11,847 |
$ 11,933 |
$ 26,084 |
$ 24,164 |
|||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
Mar. |
Mar. |
Dec. |
Sept. |
June |
Jun. |
Jun. |
||||||||||
Recurring Operating Expenses |
2011 |
2011 |
2010 |
2010 |
2010 |
2011 |
2010 |
|||||||||
Total Operating Expenses |
22,596 |
21,155 |
21,946 |
18,928 |
23,383 |
43,751 |
40,314 |
|||||||||
Less: Credit costs & non-recurring charges |
||||||||||||||||
Gains/(Losses) on the sale of legacy OREO |
(1,324) |
(1,591) |
(2,033) |
(1,263) |
(4,173) |
(2,915) |
(4,660) |
|||||||||
Gains/(Losses) on the sale of covered OREO |
- |
2,292 |
- |
- |
- |
2,292 |
- |
|||||||||
Problem loan and OREO expense |
(2,558) |
(2,498) |
(2,903) |
(1,969) |
(2,051) |
(5,055) |
(3,584) |
|||||||||
Costs associated with capital raise |
- |
- |
- |
- |
(933) |
- |
(933) |
|||||||||
Severance payments |
- |
- |
- |
(16) |
(310) |
- |
(310) |
|||||||||
(Gains)/Losses on the sale of premises |
11 |
128 |
- |
(124) |
149 |
139 |
398 |
|||||||||
FDIC insurance expense |
(1,118) |
(1,245) |
(1,296) |
(1,304) |
(1,285) |
(2,363) |
(2,533) |
|||||||||
Recurring operating expenses |
$ 17,607 |
$ 18,241 |
$ 15,714 |
$ 14,252 |
$ 14,780 |
$ 35,848 |
$ 28,692 |
|||||||||
SOURCE Ameris Bancorp
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