MOULTRIE, Ga., Oct. 25, 2011 /PRNewswire/ -- AMERIS BANCORP (NASDAQ: ABCB) today reported net income available to common shareholders of $15.6 million, or $0.66 per diluted share, for the quarter ended September 30, 2011, compared to a net loss of $1.7 million, or $0.07 per diluted share, for the quarter ended September 30, 2010. For the year to date period ending September 30, 2011, the Company reported net income available to common shareholders of $17.5 million, or $0.74 per diluted share, compared to a net loss of $8.3 million, or $0.42 per diluted share, for the same period in 2010. Highlights of the results of the third quarter of 2011 include:
- The Company successfully completed its seventh and eighth FDIC-assisted transactions during the third quarter of 2011.
- Profitability and credit quality continued to improve for the fourth consecutive quarter.
- Non-accrual loans declined 34% from September 30, 2010 and 26% from December 31, 2010. "In-migration" of new legacy problem loans amounted to $14.1 million, compared to $28.9 million in the same quarter of 2010.
- Tier 1 capital to risk-based assets improved to 18.9% at September 30, 2011. Tangible common equity as a percentage of tangible assets improved to 7.96%.
- The Company's net interest margin for the quarter was 4.44%, a 40 basis-point improvement from the 4.04% reported for the third quarter of 2010.
- Allowance for loan losses as a percentage of non-performing loans increased to 60% in the current quarter compared to 38% at September 30, 2010.
- Annualized net charge-offs for the current quarter declined to 1.98% of total loans compared to 3.33% for the year ended December 31, 2010.
(Logo: http://photos.prnewswire.com/prnh/20051117/CLTH039LOGO)
Capital levels and Tangible Book Value
At September 30, 2011, the Company reported tangible common equity as a percentage of tangible assets of 7.96%, an 8% increase when compared to 7.35% at December 31, 2010. Continued earnings improvement and expected contraction in covered assets lead management to expect additional increases in tangible capital ratios in the coming quarters. Tangible book value per share also increased to $10.08 per share, up 9% from $9.22 reported at December 31, 2010.
Regulatory capital ratios continue to be very strong. Tier one capital as a percentage of risk based assets increased during the quarter to 18.9%, up from 18.2% reported at December 31, 2010. Management believes this ratio is most indicative of current capital strength because 46% of the Company's assets are cash, government-backed investment securities or assets backed by shared-loss agreements with the FDIC.
Reconciliation of Operating Results
The Company's results for the third quarter of 2011 include several amounts that are considered non-recurring. Gains on the acquisitions of One Georgia Bank and High Trust Bank totaled approximately $26.9 million. Partially offsetting this amount was non-recurring acquisition expenses that are not included in the bargain purchase calculation but relate to these acquisitions. Severance expenses, conversion expenses and other miscellaneous expenses associated with these two banks totaled $1.4 million in the third quarter of 2011. Additionally, as discussed below, the Company accelerated efforts to move problem assets through retail channels and succeeded with sales of approximately $25.3 million of non-performing or classified assets. These sales generated losses or related expenses totaling $5.8 million for the third quarter of 2011. Excluding these non-recurring income and expense amounts, the Company would have reported net income of $2.5 million, or $0.10 per diluted share, for the third quarter of 2011.
Net interest income during the third quarter of 2011 totaled $27.8 million, an increase of $5.8 million, or 26.4%, compared to the $22.0 million reported for third quarter of 2010. During the third quarter of 2011, the Company's net interest margin increased to 4.44%, compared to 4.04% during the same quarter of 2010. The Company's yield on earning assets increased to 5.55%, compared to 5.34% for the third quarter of 2010. The Company's cost of funding significantly improved from 1.33% in the third quarter of 2010 to 1.02% in the third quarter of 2011. All classes of deposits produced lower costs than in 2010, but the greatest improvement was in retail CDs which improved to 1.35% in the third quarter of 2011, compared to 1.76% in the third quarter of 2010. Additionally, the improvement in the mix of earning assets contributed to an increase in the margin as the recent acquisitions allowed the Company to replace over $150 million in short-term assets with loans backed by shared-loss agreements with the FDIC.
Excluding the gain from acquisitions, non-interest income increased during the current quarter to $6.9 million, compared to $5.0 million in the third quarter of 2010. Service charges were $905,000 higher in the third quarter of 2011 when compared to the same period in 2010. The increase in service charges and fees corresponds to significant increases in deposit balances that are subject to fee schedules. Transaction accounts (which excludes savings and CDs) were $1.57 billion at September 30, 2011, an increase of 35% when compared to $1.16 billion at September 30, 2010.
Credit Quality Improvement
At the end of the third quarter of 2011, nonperforming assets totaled $113.6 million, or 3.77% of total assets, compared to $122.1 million, or 4.27% of total assets, at June 30, 2011 and $137.2 million, or 4.62% of total assets, at December 31, 2010. Non-accrual loans declined $1.4 million to $59.1 million at September 30, 2011, compared to $60.5 million at June 30, 2011 and $79.3 million at December 31, 2010. The Company's balances in legacy OREO (other real estate owned) decreased $7.0 million to $54.5 million at September 30, 2011 from $61.5 million at June 30, 2011.
During the third quarter of 2011, the Company increased sales activity in retail channels to move problem assets (non-performing assets and classified assets). The additional effort in the third quarter was driven by lower sales prices, causing the Company to realize a loss of 36.8% on these assets in the aggregate. This compares to average losses of 18.1% on sales of OREO during the four quarter period leading up to the third quarter of 2011.
The retail sales effort resulted in total sales of approximately $25.3 million of non-performing and classified assets during the third quarter of 2011. The decrease in problem assets through these sales efforts was muted to some degree with new problem loans experienced during the quarter which totaled $14.1 million, which compared favorably to $28.9 million in the third quarter of 2010. For the year to date period in 2011, new problem loans totaled $34.1 million, down 61.6% from levels experienced in the same period in 2010.
The Company's provision for loan losses during the third quarter of 2011 amounted to $7.6 million, an improvement from the $9.7 million recorded in the third quarter of 2010. At September 30, 2011, the Company's allowance for loan losses totaled $35.2 million, or 2.57% of ending legacy loans, compared to $34.6 million, or 2.52%, at the end of 2010. The Company's allowance for loan losses represented 59.66% of nonperforming loans, a significant increase from 37.92% at September 30, 2010.
Balance Sheet Trends
At September 30, 2011, the Company reported total assets of $3.0 billion, an increase of 23.6% over amounts at September 30, 2010. Efforts to reduce concentrations in cash and short-term assets have been somewhat successful, although opportunities to invest in loans or investment securities are limited. The Company continues to maintain elevated levels of cash and short-term assets on its balance sheet, although the Company has deployed a portion into higher yielding assets through FDIC-assisted transactions. At the end of the third quarter of 2011, total short-term assets were $170.3 million, compared to $306.9 million at September 30, 2010.
Total loans at September 30, 2011 increased 18.8% to $1.96 billion, compared to $1.65 billion at September 30, 2010. Legacy loans increased $8.8 million to $1.37 billion during the third quarter of 2011 when compared to the second quarter of 2011. The third quarter represents the second consecutive quarter of modest legacy loan increases that are the result of intense sales efforts. Although recent sales efforts have caused increases in legacy loan balances, the Company's portfolio is 6.0% lower than it was at the same time in 2010. Aggressive pricing by competitors and persistently weak economic conditions could create an overhang for growth in future quarters.
Increases in loans covered by loss-sharing agreements have augmented the smaller increases in legacy loans seen in recent quarters. Total covered loans were $595.4 million at the end of the third quarter of 2011, an increase of $403.2 million compared to amounts at September 30, 2010. Additions to covered loans during the third quarter of 2011 included approximately $74.8 million from One Georgia Bank and $84.7 million from High Trust Bank, which were acquired in FDIC-assisted transactions on July 15, 2011.
Total deposits increased $93.5 million, or 4.9% on an annualized basis, during the first nine months of 2011, from $2.54 billion at December 31, 2010 to $2.63 billion at September 30, 2011. Successful efforts growing relationship-based transaction accounts have caused significant increases in non-interest bearing deposits and other transaction deposits. Non-interest bearing deposits have increased $52.5 million, or 23.2% annualized, during 2011 when compared to balances reported at December 31, 2010. Total non-CD deposits at the end of the third quarter of 2011 represent 62.4% of total deposits, an increase from 58.1% at the end of 2010.
Shareholders' equity was $294.4 million at the end of the third quarter of 2011, an increase of $21.0 million when compared to balances at December 31, 2010. At September 30, 2011, the Company's tangible common equity to tangible assets was 7.96%, compared to 7.35% at December 31, 2010. Tangible book value increased to $10.08 per share at the end of the third quarter of 2011 compared to $9.22 at the end of 2010.
Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 62 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 |
Nine Months Ended |
|||||||||||||||
Sept. |
Jun. |
Mar. |
Dec. |
Sept. |
Sept. |
Sept. |
||||||||||
2011 |
2011 |
2011 |
2010 |
2010 |
2011 |
2010 |
||||||||||
Net Income/(Loss) Available to Common Shareholders |
$ 15,643 |
$ 1,307 |
$ 580 |
$ 1,050 |
$ (1,704) |
$ 17,530 |
$ (8,254) |
|||||||||
PER COMMON SHARE DATA |
||||||||||||||||
Earnings per share available to common shareholders: |
||||||||||||||||
Basic |
$ 0.67 |
$ 0.06 |
$ 0.02 |
$ 0.04 |
$ (0.07) |
$ 0.75 |
$ (0.42) |
|||||||||
Diluted |
$ 0.66 |
$ 0.06 |
$ 0.02 |
$ 0.04 |
$ (0.07) |
$ 0.74 |
$ (0.42) |
|||||||||
Cash Dividends per share |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
|||||||||
Stock dividend |
- |
- |
- |
- |
- |
- |
3 for 157 |
|||||||||
Book value per share (period end) |
$ 10.27 |
$ 9.54 |
$ 9.41 |
$ 9.44 |
$ 9.48 |
$ 10.27 |
$ 9.48 |
|||||||||
Tangible book value per share (period end) |
$ 10.08 |
$ 9.34 |
$ 9.20 |
$ 9.22 |
$ 9.35 |
$ 10.08 |
$ 9.35 |
|||||||||
Weighted average number of shares: |
||||||||||||||||
Basic |
23,438,335 |
23,449,123 |
23,440,201 |
23,427,393 |
23,427,919 |
23,438,763 |
19,569,478 |
|||||||||
Diluted |
23,559,063 |
23,508,419 |
23,474,424 |
23,579,205 |
23,427,919 |
23,530,278 |
19,569,478 |
|||||||||
Period-end number of shares |
23,742,794 |
23,766,044 |
23,766,044 |
23,647,841 |
23,626,169 |
23,742,794 |
23,626,129 |
|||||||||
Market data: |
||||||||||||||||
High closing price |
$ 10.30 |
$ 10.16 |
$ 11.10 |
$ 11.07 |
$ 10.49 |
$ 11.10 |
$ 11.55 |
|||||||||
Low closing price |
$ 8.47 |
$ 8.49 |
$ 9.32 |
$ 8.73 |
$ 7.83 |
$ 8.47 |
$ 7.36 |
|||||||||
Period end closing price |
$ 8.71 |
$ 8.87 |
$ 10.16 |
$ 10.54 |
$ 9.35 |
$ 8.71 |
$ 9.35 |
|||||||||
Average daily volume |
71,955 |
58,706 |
46,618 |
55,281 |
75,573 |
59,275 |
106,881 |
|||||||||
PERFORMANCE RATIOS |
||||||||||||||||
Return on average assets |
2.04% |
0.18% |
0.08% |
0.15% |
(0.28%) |
0.79% |
(0.45%) |
|||||||||
Return on average common equity |
27.13% |
2.31% |
1.06% |
1.85% |
(3.01%) |
10.36% |
(4.91%) |
|||||||||
Earning asset yield (TE) |
5.55% |
5.98% |
5.35% |
5.18% |
5.34% |
5.59% |
5.48% |
|||||||||
Total cost of funds |
1.02% |
1.10% |
1.22% |
1.27% |
1.33% |
1.10% |
1.36% |
|||||||||
Net interest margin (TE) |
4.44% |
4.79% |
4.04% |
3.88% |
4.04% |
4.40% |
4.14% |
|||||||||
Non-interest income excluding securities transactions, as a percent of total revenue (TE) (1) |
9.97% |
14.15% |
15.49% |
16.12% |
16.74% |
12.57% |
14.58% |
|||||||||
Efficiency ratio |
47.56% |
65.08% |
69.59% |
62.15% |
70.08% |
57.65% |
66.42% |
|||||||||
CAPITAL ADEQUACY (period end) |
||||||||||||||||
Stockholders' equity to assets |
9.78% |
9.70% |
9.38% |
9.20% |
11.25% |
9.78% |
11.25% |
|||||||||
Tangible common equity to tangible assets |
7.96% |
7.78% |
7.51% |
7.35% |
9.08% |
7.96% |
9.08% |
|||||||||
Tangible common equity to risk-weighted assets |
13.51% |
13.29% |
13.09% |
7.52% |
7.52% |
13.51% |
7.52% |
|||||||||
EQUITY TO ASSETS RECONCILIATION |
||||||||||||||||
Tangible common equity to tangible assets |
7.96% |
7.78% |
7.51% |
7.35% |
9.08% |
7.96% |
9.08% |
|||||||||
Effect of preferred equity |
1.68% |
1.76% |
1.72% |
1.69% |
2.05% |
1.68% |
2.05% |
|||||||||
Effect of goodwill and other intangibles |
0.14% |
0.15% |
0.16% |
0.16% |
0.12% |
0.14% |
0.12% |
|||||||||
Equity to assets (GAAP) |
9.78% |
9.70% |
9.38% |
9.20% |
11.25% |
9.78% |
11.25% |
|||||||||
OTHER PERIOD-END DATA |
||||||||||||||||
FTE Headcount |
730 |
690 |
691 |
708 |
570 |
730 |
570 |
|||||||||
Assets per FTE |
$ 4,124 |
$ 4,141 |
$ 4,223 |
$ 4,198 |
$ 4,271 |
$ 4,124 |
$ 4,271 |
|||||||||
Branch locations |
62 |
59 |
59 |
59 |
50 |
59 |
50 |
|||||||||
Deposits per branch location |
$ 44,557 |
$ 42,565 |
$ 43,605 |
$ 42,257 |
$ 41,980 |
$ 44,557 |
$ 41,980 |
|||||||||
(1) Includes gain from acquisition. |
||||||||||||||||
AMERIS BANCORP |
|||||||||||||||
FINANCIAL HIGHLIGHTS |
|||||||||||||||
(unaudited) |
|||||||||||||||
(dollars in thousands except per share data and FTE headcount) |
|||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||
Sept. |
Jun. |
Mar. |
Dec. |
Sept. |
Sept. |
Sept. |
|||||||||
2011 |
2011 |
2011 |
2010 |
2010 |
2011 |
2010 |
|||||||||
INCOME STATEMENT |
|||||||||||||||
Interest income |
|||||||||||||||
Interest and fees on loans |
$ 31,633 |
$ 32,876 |
$ 28,971 |
$ 27,676 |
$ 26,465 |
$ 93,480 |
$ 79,808 |
||||||||
Interest on taxable securities |
2,672 |
2,574 |
2,658 |
2,562 |
2,295 |
7,904 |
7,259 |
||||||||
Interest on nontaxable securities |
330 |
314 |
320 |
317 |
295 |
964 |
898 |
||||||||
Interest on deposits in other banks |
144 |
150 |
175 |
204 |
104 |
469 |
258 |
||||||||
Interest on federal funds sold |
9 |
9 |
13 |
52 |
13 |
31 |
37 |
||||||||
Total interest income |
34,788 |
35,923 |
32,137 |
30,811 |
29,172 |
102,848 |
88,260 |
||||||||
Interest expense |
|||||||||||||||
Interest on deposits |
$ 6,431 |
$ 6,825 |
$ 7,375 |
$ 7,328 |
$ 6,903 |
$ 20,631 |
$ 21,319 |
||||||||
Interest on other borrowings |
555 |
351 |
555 |
477 |
270 |
1,461 |
670 |
||||||||
Total interest expense |
6,986 |
7,176 |
7,930 |
7,805 |
7,173 |
22,092 |
21,989 |
||||||||
Net interest income |
27,802 |
28,747 |
24,207 |
23,006 |
21,999 |
80,756 |
66,271 |
||||||||
Provision for loan losses |
7,552 |
9,115 |
7,043 |
11,404 |
9,739 |
23,710 |
39,117 |
||||||||
Net interest income/(loss) after provision for loan losses |
$ 20,250 |
$ 19,632 |
$ 17,164 |
$ 11,602 |
$ 12,260 |
$ 57,046 |
$ 27,154 |
||||||||
Noninterest income |
|||||||||||||||
Service charges on deposit accounts |
$ 4,666 |
$ 4,665 |
$ 4,267 |
$ 4,323 |
$ 3,761 |
$ 13,598 |
$ 10,822 |
||||||||
Mortgage banking activity |
707 |
376 |
450 |
806 |
713 |
1,533 |
1,939 |
||||||||
Other service charges, commissions and fees |
392 |
276 |
239 |
180 |
180 |
907 |
626 |
||||||||
Gain(loss) on sale of securities |
- |
14 |
224 |
- |
- |
238 |
200 |
||||||||
Gains from acquisitions |
26,867 |
- |
- |
6,442 |
- |
26,867 |
8,208 |
||||||||
Other non-interest income |
1,090 |
643 |
1,013 |
552 |
357 |
2,746 |
1,179 |
||||||||
Total noninterest income |
33,722 |
5,974 |
6,193 |
12,303 |
5,011 |
45,889 |
22,974 |
||||||||
Noninterest expense |
|||||||||||||||
Salaries and employee benefits |
10,029 |
9,421 |
9,843 |
8,510 |
7,555 |
29,293 |
23,441 |
||||||||
Occupancy and equipment expenses |
3,203 |
2,752 |
2,730 |
1,989 |
2,171 |
8,685 |
6,256 |
||||||||
Data processing and telecommunications expenses |
2,817 |
2,452 |
2,396 |
2,075 |
1,729 |
7,665 |
5,568 |
||||||||
FDIC Insurance expense |
1,096 |
1,118 |
1,245 |
1,296 |
1,304 |
3,459 |
3,837 |
||||||||
Credit related expenses (1) |
8,985 |
3,882 |
1,797 |
4,936 |
3,232 |
14,664 |
11,476 |
||||||||
Advertising and marketing expenses |
189 |
149 |
163 |
97 |
167 |
501 |
469 |
||||||||
Amortization of intangible assets |
277 |
242 |
263 |
277 |
254 |
782 |
726 |
||||||||
Goodwill impairment |
- |
- |
- |
- |
- |
0 |
- |
||||||||
Other non-interest expenses |
2,667 |
2,580 |
2,718 |
2,766 |
2,516 |
7,965 |
7,500 |
||||||||
Total noninterest expense |
29,263 |
22,596 |
21,155 |
21,946 |
18,928 |
73,014 |
59,273 |
||||||||
Operating profit/(loss) |
$ 24,709 |
$ 3,010 |
$ 2,202 |
$ 1,959 |
$ (1,657) |
$ 29,921 |
$ (9,145) |
||||||||
Income tax (benefit)/expense |
8,249 |
896 |
824 |
98 |
(760) |
9,969 |
(3,293) |
||||||||
Net income/(loss) |
$ 16,460 |
$ 2,114 |
$ 1,378 |
$ 1,861 |
$ (897) |
$ 19,952 |
$ (5,852) |
||||||||
Preferred stock dividends |
817 |
807 |
798 |
811 |
807 |
2,422 |
2,402 |
||||||||
Net income/(loss) available to common shareholders |
$ 15,643 |
$ 1,307 |
$ 580 |
$ 1,050 |
$ (1,704) |
$ 17,530 |
$ (8,254) |
||||||||
Diluted earnings available to common shareholders |
0.66 |
0.06 |
0.02 |
0.04 |
(0.07) |
0.74 |
(0.42) |
||||||||
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns. |
|||||||||||||||
AMERIS BANCORP |
||||||||||||
FINANCIAL HIGHLIGHTS |
||||||||||||
(unaudited) |
||||||||||||
(dollars in thousands except per share data and FTE headcount) |
||||||||||||
Three Months Ended |
||||||||||||
Sept. |
Jun. |
Mar. |
Dec. |
Sept. |
||||||||
2011 |
2011 |
2011 |
2010 |
2010 |
||||||||
PERIOD-END BALANCE SHEET |
||||||||||||
Assets |
||||||||||||
Cash and due from banks |
$ 55,761 |
$ 68,552 |
$ 88,386 |
$ 74,326 |
$ 43,814 |
|||||||
Federal funds sold and interest bearing balances |
170,349 |
218,330 |
264,508 |
261,262 |
306,867 |
|||||||
Investment securities available for sale, at fair value |
340,839 |
334,376 |
305,620 |
322,581 |
236,048 |
|||||||
Other investments |
11,089 |
10,354 |
12,436 |
12,440 |
7,106 |
|||||||
Mortgage loans held for sale |
8,867 |
- |
- |
- |
- |
|||||||
Loans, net of unearned income |
1,368,895 |
1,360,063 |
1,345,981 |
1,374,757 |
1,455,853 |
|||||||
Covered loans |
595,428 |
486,489 |
526,012 |
554,991 |
192,267 |
|||||||
Less allowance for loan losses |
35,238 |
34,523 |
35,443 |
34,576 |
34,072 |
|||||||
Loans, net |
1,929,085 |
1,812,029 |
1,836,550 |
1,895,172 |
1,614,048 |
|||||||
Other real estate owned |
54,487 |
61,533 |
62,258 |
57,917 |
50,919 |
|||||||
Covered other real estate owned |
81,907 |
63,583 |
59,757 |
54,931 |
28,416 |
|||||||
Total other real estate owned |
136,394 |
125,116 |
122,015 |
112,848 |
79,335 |
|||||||
Premises and equipment, net |
71,848 |
65,925 |
66,359 |
66,589 |
66,056 |
|||||||
Intangible assets, net |
3,471 |
3,745 |
3,973 |
4,261 |
3,097 |
|||||||
Goodwill |
956 |
956 |
956 |
956 |
- |
|||||||
FDIC loss sharing receivable |
239,719 |
160,927 |
167,176 |
177,187 |
42,532 |
|||||||
Other assets |
42,001 |
56,927 |
50,444 |
44,546 |
35,800 |
|||||||
Total assets |
$ 3,010,379 |
$ 2,857,237 |
$ 2,918,423 |
$ 2,972,168 |
$ 2,434,703 |
|||||||
Liabilities |
||||||||||||
Deposits: |
||||||||||||
Noninterest-bearing |
$ 354,434 |
$ 318,004 |
$ 316,060 |
$ 301,971 |
$ 235,646 |
|||||||
Interest-bearing |
2,274,458 |
2,193,359 |
2,256,629 |
2,233,455 |
1,863,355 |
|||||||
Total deposits |
2,628,892 |
2,511,363 |
2,572,689 |
2,535,426 |
2,099,001 |
|||||||
Federal funds purchased & securities sold under agreements to repurchase |
13,180 |
17,136 |
20,257 |
68,184 |
13,186 |
|||||||
Other borrowings |
21,000 |
- |
- |
43,495 |
- |
|||||||
Other liabilities |
10,616 |
9,311 |
9,351 |
9,387 |
6,279 |
|||||||
Subordinated deferrable interest debentures |
42,269 |
42,269 |
42,269 |
42,269 |
42,269 |
|||||||
Total liabilities |
2,715,957 |
2,580,079 |
2,644,566 |
2,698,761 |
2,160,735 |
|||||||
Stockholders' equity |
||||||||||||
Preferred stock |
$ 50,572 |
$ 50,419 |
$ 50,269 |
$ 50,121 |
$ 49,975 |
|||||||
Common stock |
25,079 |
25,102 |
25,102 |
24,983 |
24,961 |
|||||||
Capital surplus |
166,385 |
166,170 |
165,995 |
165,930 |
165,544 |
|||||||
Retained earnings |
54,530 |
38,888 |
37,580 |
37,000 |
35,948 |
|||||||
Accumulated other comprehensive income/(loss) |
8,687 |
7,410 |
5,742 |
6,204 |
8,371 |
|||||||
Less treasury stock |
(10,831) |
(10,831) |
(10,831) |
(10,831) |
(10,831) |
|||||||
Total stockholders' equity |
294,422 |
277,158 |
273,857 |
273,407 |
273,968 |
|||||||
Total liabilities and stockholders' equity |
$ 3,010,379 |
$ 2,857,237 |
$ 2,918,423 |
$ 2,972,168 |
$ 2,434,703 |
|||||||
Other Data |
||||||||||||
Earning Assets |
2,475,511 |
2,399,258 |
2,442,121 |
2,513,591 |
2,191,035 |
|||||||
Intangible Assets |
4,427 |
4,701 |
4,929 |
5,217 |
3,097 |
|||||||
Interest Bearing Liabilities |
2,350,907 |
2,252,764 |
2,319,155 |
2,413,319 |
1,918,810 |
|||||||
Average Assets |
3,048,337 |
2,909,012 |
2,949,943 |
2,872,207 |
2,429,709 |
|||||||
Average Common Stockholders' Equity |
228,716 |
229,794 |
222,675 |
225,088 |
224,656 |
|||||||
AMERIS BANCORP |
||||||||||||||
FINANCIAL HIGHLIGHTS |
||||||||||||||
(unaudited) |
||||||||||||||
(dollars in thousands except per share data and FTE headcount) |
||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||
Sept. |
Jun. |
Mar. |
Dec. |
Sept. |
Sept. |
Sept. |
||||||||
2011 |
2011 |
2011 |
2010 |
2010 |
2011 |
2010 |
||||||||
ASSET QUALITY INFORMATION (1) |
||||||||||||||
Allowance for loan losses |
||||||||||||||
Balance at beginning of period |
$ 34,523 |
$ 35,443 |
$ 34,576 |
$ 34,072 |
$ 33,585 |
$ 34,576 |
$ 35,762 |
|||||||
Acquired Reserves |
- |
- |
- |
- |
- |
- |
- |
|||||||
Provision for loan loss (2) |
7,544 |
7,462 |
7,092 |
10,742 |
9,602 |
22,098 |
38,097 |
|||||||
Charge-offs |
7,088 |
8,559 |
7,067 |
10,513 |
10,108 |
22,714 |
42,110 |
|||||||
Recoveries |
259 |
177 |
842 |
275 |
993 |
1,278 |
2,323 |
|||||||
Net charge-offs (recoveries) |
6,829 |
8,382 |
6,225 |
10,238 |
9,115 |
21,436 |
39,787 |
|||||||
Ending balance |
$ 35,238 |
$ 34,523 |
$ 35,443 |
$ 34,576 |
$ 34,072 |
$ 35,238 |
$ 34,072 |
|||||||
As a percentage of loans |
2.57% |
2.54% |
2.63% |
2.52% |
2.34% |
2.57% |
2.34% |
|||||||
As a percentage of nonperforming loans |
59.66% |
57.02% |
51.82% |
43.61% |
37.92% |
59.66% |
37.92% |
|||||||
Net charge-off information |
||||||||||||||
Charge-offs |
||||||||||||||
Commercial, Financial and Agricultural |
$ 614 |
$ 2,128 |
$ 1,113 |
$ 1,907 |
$ 866 |
$ 3,855 |
$ 3,577 |
|||||||
Real Estate - Residential |
1,697 |
1,135 |
809 |
1,328 |
3,100 |
3,641 |
8,763 |
|||||||
Real Estate - Commercial and Farmland |
2,962 |
2,332 |
2,557 |
2,368 |
4,118 |
7,851 |
13,734 |
|||||||
Real Estate - Construction and Development |
1,612 |
2,822 |
2,425 |
4,519 |
1,557 |
6,859 |
15,335 |
|||||||
Consumer Installment |
203 |
142 |
163 |
391 |
467 |
508 |
701 |
|||||||
Other |
- |
- |
- |
- |
- |
- |
- |
|||||||
Total charge-offs |
7,088 |
8,559 |
7,067 |
10,513 |
10,108 |
22,714 |
42,110 |
|||||||
Recoveries |
||||||||||||||
Commercial, Financial and Agricultural |
85 |
48 |
20 |
22 |
41 |
153 |
549 |
|||||||
Real Estate - Residential |
48 |
45 |
14 |
20 |
54 |
107 |
166 |
|||||||
Real Estate - Commercial and Farmland |
37 |
4 |
2 |
182 |
392 |
43 |
658 |
|||||||
Real Estate - Construction and Development |
44 |
57 |
772 |
22 |
458 |
873 |
662 |
|||||||
Consumer Installment |
45 |
23 |
34 |
29 |
48 |
102 |
288 |
|||||||
Other |
- |
- |
- |
- |
- |
- |
- |
|||||||
Total recoveries |
259 |
177 |
842 |
275 |
993 |
1,278 |
2,323 |
|||||||
Net charge-offs (recoveries) |
$ 6,829 |
$ 8,382 |
$ 6,225 |
$ 10,238 |
$ 9,115 |
$ 21,436 |
$ 39,787 |
|||||||
Non-accrual loans |
59,067 |
60,545 |
68,391 |
79,289 |
89,862 |
59,067 |
89,862 |
|||||||
Foreclosed assets |
54,487 |
61,533 |
62,258 |
57,916 |
50,919 |
54,487 |
50,919 |
|||||||
Accruing loans delinquent 90 days or more |
20 |
- |
- |
- |
- |
20 |
- |
|||||||
Total non-performing assets |
113,574 |
122,078 |
130,649 |
137,205 |
140,781 |
113,574 |
140,781 |
|||||||
Non-performing assets as a percent of total assets |
3.77% |
4.27% |
4.48% |
4.62% |
5.78% |
3.77% |
5.78% |
|||||||
Net charge offs as a percent of loans (Annualized) |
1.98% |
2.50% |
1.88% |
2.87% |
2.14% |
2.09% |
3.65% |
|||||||
(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 |
Nine Months Ended |
|||||||||||||||
Sept. |
Jun. |
Mar. |
Dec. |
Sept. |
Sept. |
Sept. |
||||||||||
2011 |
2011 |
2011 |
2010 |
2010 |
2011 |
2010 |
||||||||||
AVERAGE BALANCES |
||||||||||||||||
Federal funds sold |
$ 24,583 |
$ 34,241 |
$ 32,891 |
$ 28,523 |
$ 61,465 |
$ 29,412 |
$ 47,180 |
|||||||||
Interest bearing deposits in banks |
161,447 |
236,286 |
204,268 |
267,337 |
190,203 |
215,086 |
198,687 |
|||||||||
Investment securities - taxable |
286,807 |
250,998 |
262,778 |
246,417 |
199,244 |
265,691 |
206,080 |
|||||||||
Investment securities - nontaxable |
40,388 |
38,151 |
38,794 |
37,649 |
35,813 |
39,117 |
35,964 |
|||||||||
Other investments |
11,328 |
11,022 |
12,218 |
7,603 |
7,246 |
11,519 |
6,934 |
|||||||||
Loans |
1,978,568 |
1,855,343 |
1,902,091 |
1,790,536 |
1,690,705 |
1,913,882 |
1,685,915 |
|||||||||
Total Earning Assets |
$ 2,503,121 |
$ 2,426,041 |
$ 2,453,040 |
$ 2,378,065 |
$ 2,184,676 |
$ 2,474,707 |
$ 2,180,760 |
|||||||||
Noninterest bearing deposits |
$ 337,603 |
$ 320,735 |
$ 310,226 |
$ 275,184 |
$ 225,907 |
$ 326,942 |
$ 231,649 |
|||||||||
NOW accounts |
593,801 |
582,773 |
584,338 |
527,264 |
478,105 |
588,287 |
488,823 |
|||||||||
MMDA |
583,552 |
545,261 |
522,009 |
455,041 |
448,955 |
564,407 |
438,438 |
|||||||||
Savings accounts |
82,210 |
78,674 |
76,341 |
63,972 |
64,575 |
80,442 |
64,299 |
|||||||||
Retail CDs < $100,000 |
448,597 |
417,297 |
427,143 |
460,444 |
367,353 |
432,947 |
357,995 |
|||||||||
Retail CDs > $100,000 |
511,205 |
490,660 |
504,011 |
392,266 |
375,756 |
500,933 |
380,328 |
|||||||||
Brokered CDs |
82,880 |
105,338 |
124,441 |
$ 136,201 |
$ 128,346 |
104,068 |
139,264 |
|||||||||
Total Deposits |
2,639,848 |
2,540,738 |
2,548,509 |
2,310,372 |
2,088,997 |
2,598,025 |
2,100,796 |
|||||||||
FHLB advances |
17,804 |
- |
25,114 |
28,205 |
- |
17,099 |
908 |
|||||||||
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 |
14,504 |
23,078 |
22,100 |
49,878 |
14,246 |
18,791 |
21,138 |
|||||||||
Other borrowings |
- |
- |
- |
- |
- |
- |
- |
|||||||||
Total Non-Deposit Funding |
74,577 |
65,347 |
89,483 |
120,352 |
56,515 |
78,159 |
64,315 |
|||||||||
Total Funding |
$ 2,714,425 |
$ 2,606,085 |
$ 2,637,992 |
$ 2,430,724 |
$ 2,145,512 |
$ 2,676,184 |
$ 2,165,111 |
|||||||||
AMERIS BANCORP |
||||||||||||||||
FINANCIAL HIGHLIGHTS |
||||||||||||||||
(unaudited) |
||||||||||||||||
(dollars in thousands except per share data and FTE headcount) |
||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
Sept. |
Jun. |
Mar. |
Dec. |
Sept. |
Sept. |
Sept. |
||||||||||
2011 |
2011 |
2011 |
2010 |
2010 |
2011 |
2010 |
||||||||||
INTEREST INCOME/EXPENSE |
||||||||||||||||
INTEREST INCOME |
||||||||||||||||
Federal funds sold |
$ 9 |
$ 9 |
$ 13 |
$ 50 |
$ 13 |
$ 31 |
$ 37 |
|||||||||
Interest bearing deposits in banks |
144 |
150 |
175 |
204 |
104 |
469 |
258 |
|||||||||
Investment securities - taxable |
2,663 |
2,574 |
2,658 |
2,562 |
2,295 |
7,895 |
7,195 |
|||||||||
Investment securities - nontaxable (TE) |
508 |
483 |
492 |
489 |
453 |
1,483 |
1,381 |
|||||||||
Loans (TE) |
31,684 |
32,928 |
29,010 |
27,746 |
26,527 |
93,622 |
80,569 |
|||||||||
Covered loans |
- |
- |
- |
- |
- |
0 |
- |
|||||||||
Total Earning Assets |
$ 35,008 |
$ 36,144 |
$ 32,348 |
$ 31,051 |
$ 29,392 |
$ 103,500 |
$ 89,440 |
|||||||||
INTEREST EXPENSE |
||||||||||||||||
Non-interest bearing deposits |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
|||||||||
NOW accounts |
985 |
1,026 |
1,048 |
1,063 |
1,087 |
3,059 |
3,456 |
|||||||||
MMDA |
1,466 |
1,421 |
1,407 |
1,401 |
1,428 |
4,294 |
4,358 |
|||||||||
Savings accounts |
91 |
88 |
132 |
82 |
76 |
311 |
241 |
|||||||||
Retail CDs < $100,000 |
1,405 |
1,474 |
1,745 |
1,985 |
1,596 |
4,624 |
4,853 |
|||||||||
Retail CDs > $100,000 |
1,853 |
1,951 |
2,094 |
1,782 |
1,709 |
5,898 |
5,264 |
|||||||||
Brokered CDs |
629 |
865 |
949 |
1,017 |
1,006 |
2,443 |
3,147 |
|||||||||
Total Deposits |
6,429 |
6,825 |
7,375 |
7,330 |
6,902 |
20,629 |
21,319 |
|||||||||
FHLB advances |
154 |
- |
123 |
39 |
- |
277 |
42 |
|||||||||
Subordinated debentures |
375 |
322 |
351 |
342 |
246 |
1,048 |
537 |
|||||||||
Repurchase agreements |
22 |
28 |
81 |
96 |
19 |
131 |
81 |
|||||||||
Correspondent bank line of credit and other |
2 |
- |
- |
(1) |
5 |
2 |
9 |
|||||||||
Total Non-Deposit Funding |
553 |
350 |
555 |
476 |
270 |
1,458 |
669 |
|||||||||
Total Funding |
$ 6,982 |
$ 7,175 |
$ 7,930 |
$ 7,806 |
$ 7,172 |
$ 22,087 |
$ 21,988 |
|||||||||
Net Interest Income (TE) |
$ 28,026 |
$ 28,969 |
$ 24,418 |
$ 23,245 |
$ 22,220 |
$ 81,413 |
$ 67,452 |
|||||||||
AMERIS BANCORP |
||||||||||||||||
FINANCIAL HIGHLIGHTS |
||||||||||||||||
(unaudited) |
||||||||||||||||
(dollars in thousands except per share data and FTE headcount) |
||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
Sept. |
Jun. |
Mar. |
Dec. |
Sept. |
Sept. |
Sept. |
||||||||||
2011 |
2011 |
2011 |
2010 |
2010 |
2011 |
2010 |
||||||||||
YIELDS (1) |
||||||||||||||||
Federal funds sold |
0.15% |
0.11% |
0.16% |
0.70% |
0.08% |
0.14% |
0.10% |
|||||||||
Interest bearing deposits in banks |
0.35% |
0.25% |
0.35% |
0.30% |
0.22% |
0.29% |
0.17% |
|||||||||
Investment securities - taxable |
3.68% |
4.11% |
4.10% |
4.12% |
4.57% |
3.97% |
4.67% |
|||||||||
Investment securities - nontaxable |
4.99% |
5.08% |
5.14% |
5.15% |
5.02% |
5.07% |
5.13% |
|||||||||
Loans |
6.35% |
7.12% |
6.19% |
6.15% |
6.22% |
6.54% |
6.39% |
|||||||||
Total Earning Assets |
5.55% |
5.98% |
5.35% |
5.18% |
5.34% |
5.59% |
5.48% |
|||||||||
Noninterest bearing deposits |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
|||||||||
NOW accounts |
0.66% |
0.71% |
0.73% |
0.80% |
0.90% |
0.70% |
0.95% |
|||||||||
MMDA |
1.00% |
1.05% |
1.09% |
1.22% |
1.26% |
1.02% |
1.33% |
|||||||||
Savings accounts |
0.44% |
0.45% |
0.70% |
0.51% |
0.47% |
0.52% |
0.50% |
|||||||||
Retail CDs < $100,000 |
1.24% |
1.42% |
1.66% |
1.71% |
1.72% |
1.43% |
1.81% |
|||||||||
Retail CDs > $100,000 |
1.44% |
1.59% |
1.68% |
1.80% |
1.80% |
1.57% |
1.85% |
|||||||||
Brokered CDs |
3.01% |
3.29% |
3.09% |
2.96% |
3.11% |
3.14% |
3.02% |
|||||||||
Total Deposits |
0.97% |
1.08% |
1.17% |
1.26% |
1.31% |
1.06% |
1.36% |
|||||||||
FHLB advances |
0.00% |
0.00% |
1.99% |
0.55% |
0.00% |
2.17% |
6.17% |
|||||||||
Subordinated debentures |
3.52% |
3.06% |
3.37% |
3.21% |
2.31% |
3.31% |
1.70% |
|||||||||
Repurchase agreements |
0.60% |
0.49% |
1.49% |
0.76% |
0.53% |
0.93% |
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 |
2.94% |
2.15% |
2.52% |
1.57% |
1.90% |
2.49% |
1.39% |
|||||||||
Total funding (3) |
1.02% |
1.10% |
1.22% |
1.27% |
1.33% |
1.10% |
1.36% |
|||||||||
Net interest spread |
4.53% |
4.87% |
4.13% |
3.91% |
4.01% |
4.49% |
4.13% |
|||||||||
Net interest margin |
4.44% |
4.79% |
4.04% |
3.88% |
4.04% |
4.40% |
4.14% |
|||||||||
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 35%. |
||||||||||||||||
(2) Rate calculated based on average earning assets. |
||||||||||||||||
(3) Rate calculated based on total average funding including non-interest bearing liabilities. |
||||||||||||||||
AMERIS BANCORP |
||||||||||||||||
FINANCIAL HIGHLIGHTS |
||||||||||||||||
(unaudited) |
||||||||||||||||
(dollars in thousands except per share data and FTE headcount) |
||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
Core Earnings |
Sept. |
Jun. |
Mar. |
Dec. |
Sept. |
Sept. |
Sept. |
|||||||||
Reconciliation |
2011 |
2011 |
2011 |
2010 |
2010 |
2011 |
2010 |
|||||||||
Pre-tax operating profit/(loss) |
$ 24,709 |
$ 3,010 |
$ 2,202 |
$ 1,959 |
$ (1,657) |
$ 29,921 |
$ (9,143) |
|||||||||
Plus: Credit Related Costs |
||||||||||||||||
Provision for loan losses |
7,552 |
9,115 |
7,043 |
11,404 |
9,739 |
23,710 |
39,117 |
|||||||||
(Gains)/Losses on the sale of legacy OREO |
5,906 |
1,324 |
1,591 |
2,033 |
1,263 |
8,821 |
5,923 |
|||||||||
Problem loan and OREO expense |
3,079 |
2,558 |
2,498 |
2,903 |
1,969 |
8,134 |
5,553 |
|||||||||
Interest reversed (received) on non-accrual loans |
452 |
140 |
(389) |
478 |
533 |
203 |
2,125 |
|||||||||
Total Credit-Related Costs |
16,989 |
13,137 |
10,743 |
16,818 |
13,504 |
40,869 |
52,718 |
|||||||||
Plus: Non-recurring impairment charges |
- |
- |
- |
- |
- |
- |
- |
|||||||||
Plus: Costs associated with capital raise |
- |
- |
- |
- |
- |
- |
933 |
|||||||||
Less: Non-recurring gains |
- |
|||||||||||||||
Gains related to FDIC acquisitions |
(26,867) |
- |
- |
(6,442) |
- |
(26,867) |
(8,208) |
|||||||||
Gains on sales of securities |
- |
(14) |
(224) |
- |
- |
(238) |
(200) |
|||||||||
Gains on sales of bank premises |
(9) |
(11) |
(128) |
- |
- |
(148) |
(398) |
|||||||||
Other non-recurring adjustments |
- |
(2,631) |
- |
- |
- |
(2,631) |
(1,408) |
|||||||||
Pretax, Pre-provision earnings |
$ 14,822 |
$ 13,491 |
$ 12,593 |
$ 12,335 |
$ 11,847 |
$ 40,906 |
$ 34,294 |
|||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
Recurring Operating |
Sept. |
Jun. |
Mar. |
Dec. |
Sept. |
Sept. |
Sept. |
|||||||||
Expenses |
2011 |
2011 |
2011 |
2010 |
2010 |
2011 |
2010 |
|||||||||
Total Operating Expenses |
29,263 |
22,596 |
21,155 |
21,946 |
18,928 |
73,014 |
59,242 |
|||||||||
Less: Credit costs & non-recurring charges |
||||||||||||||||
Gains/(Losses) on the sale of legacy OREO |
(5,906) |
(1,324) |
(1,591) |
(2,033) |
(1,263) |
(8,821) |
(5,923) |
|||||||||
Gains/(Losses) on the sale of covered OREO |
- |
- |
2,292 |
- |
- |
2,292 |
- |
|||||||||
Problem loan and OREO expense |
(3,079) |
(2,558) |
(2,498) |
(2,903) |
(1,969) |
(8,134) |
(5,553) |
|||||||||
Costs associated with capital raise |
- |
- |
- |
- |
- |
- |
(933) |
|||||||||
Severance payments |
- |
- |
- |
- |
(16) |
- |
(326) |
|||||||||
(Gains)/Losses on the sale of premises |
9 |
11 |
128 |
- |
(124) |
148 |
274 |
|||||||||
FDIC insurance expense |
(1,096) |
(1,118) |
(1,245) |
(1,296) |
(1,304) |
(3,459) |
(3,837) |
|||||||||
Recurring operating expenses |
$ 19,191 |
$ 17,607 |
$ 18,241 |
$ 15,714 |
$ 14,252 |
$ 55,039 |
$ 42,944 |
|||||||||
SOURCE Ameris Bancorp
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