MOULTRIE, Ga., July 24, 2012 /PRNewswire/ -- AMERIS BANCORP (NASDAQ-GS: ABCB) today reported net income available to common shareholders of $1.7 million, or $0.07 per diluted share, for the quarter ended June 30, 2012, compared to $1.3 million, or $0.06 per diluted share, for the quarter ended June 30, 2011. For the year to date period ending June 30, 2012, the Company reported net income available to common shareholders of $6.2 million, or $0.26 per diluted share, compared to $1.9 million, or $0.08 per diluted share, for the same period in 2011. Highlights of the results of the second quarter of 2012 include:
- Legacy loans increased $41.6 million, representing a 12.6% annualized growth rate for the quarter.
- The Company's net interest margin was 4.66%, compared to 4.48% in the first quarter of 2012.
- Total revenue (excluding gains and non-recurring adjustments) increased to $37.8 million in the second quarter of 2012, compared to $35.0 million in the first quarter of 2012, and $32.1 million in the second quarter of 2011.
- Non-performing assets declined 30% from December 31, 2011.
- Legacy classified loans decreased $22.6 million, or 22%, from December 31, 2011.
- The allowance for loan losses as a percentage of non-performing loans increased to 59% in the current quarter, compared to 50% at December 31, 2011.
- "In-migration" of new legacy problem loans amounted to $9.4 million, compared to $12.5 million in the first quarter of 2012, and $24.1 million in the fourth quarter of 2011.
- Tangible common equity as a percentage of tangible assets improved to 8.41%, and tangible common book value increased 10.2% to $10.29, compared to the June 30, 2011 amount.
(Logo: http://photos.prnewswire.com/prnh/20051117/CLTH039LOGO)
Operating Results
Net income in the second quarter of 2012 totaled $2.5 million before preferred dividends, an increase of 18.0% when compared to the same quarter in 2011. For the year to date period, the Company's earnings before preferred dividends were $7.9 million, compared to $3.5 million in the year to date period in 2011.
Net Interest Income and Net Interest Margin
Net interest income increased slightly during the period, growing to $28.9 million in the second quarter of 2012, compared to $28.7 million in the same quarter in 2011. The Company's net interest margin in the second quarter of 2012 was 4.66%, compared to 4.79% in the same period in 2011. Lower yields on most earning asset classes were offset substantially by lower funding costs and better allocation of earning assets.
Declines in the yields on earning assets were driven primarily by lower yields on loans. Yields on legacy loans for the second quarter of 2012 were 5.71%, compared to 5.92% in the same quarter in 2011. Yields on all loan production (new and renewed) during the second quarter of 2012 were 5.40%. The yields on the new loan production approximate the current portfolio yield and suggest that declines in loan yields will be smaller in future quarters than they have been over the last 12 months.
Yields on covered loans for the second quarter of 2012 were 7.22%, which included a weighted average contractual rate of interest of approximately 5.29% with accretion totaling approximately 1.92% of average covered loans. This compares to a yield on covered loans of 10.30% in the same quarter in 2011, which included contractual rates of interest of 5.24% and accretion of 5.05% of average covered loans. Contractual rates of interest on covered loans are primarily affected by the levels of non-accrual loans, as well as the Company's renewal of these notes with market interest rates. Amounts of accretion vary quarter to quarter depending on payoffs, principal reduction, and revaluations of estimated cash flows on purchased loans.
Funding costs declined significantly, with deposits costing 0.56% in the second quarter of 2012, compared to 1.08% in the same quarter in 2011. Costs of NOW, MMDA and savings accounts collectively decreased by more than 50% over the period, while CD costs fell approximately 35%. Additionally, the Company's mix improved noticeably as growth in non-interest bearing deposits nearly matched the decline in retail CDs from June 30, 2011 to June 30, 2012.
Deposit costs continue to benefit from lower incremental costs on new accounts (non-CD accounts) and from much lower costs on renewals of retail CDs. Costs on new production of deposits were favorable when compared to prior quarters. CD costs on production during the second quarter of 2012 were 0.61%, compared to 0.65% in the first quarter of 2012. Additionally, cost of new NOW accounts and new MMDA accounts were 0.31% and 0.58%, respectively, in the second quarter, compared to 0.31% and 0.63%, respectively, in the first quarter of 2012.
Non-Interest Income
Non-interest income totaled $8.88 million during the second quarter of 2012, a 48.4% increase when compared to $5.98 million during the second quarter of 2011. The Company's mortgage operations grew significantly during the quarter with over $3.0 million in revenue, compared to $400,000 for the same quarter in 2011 and $1.5 million in the first quarter of 2012. Mortgage loan pipelines continued to grow throughout the quarter with a majority of the business from purchase transactions rather than refinance transactions.
Service charges increased to $4.77 million during the second quarter of 2012, compared to $4.67 million in the second quarter of 2011. Increases in service charges relate primarily to strong increases in transaction accounts that are subject to service charges and fees.
Non-Interest Expense
Non-interest expense increased from $22.6 million in the second quarter of 2011 to $26.6 million in the second quarter of 2012. Increases in salaries and employee benefits were the primary drivers of increases in operating expenses, with salary and benefits costs growing by $2.7 million to $12.1 million for the quarter ending June 30, 2012 from $9.4 million in the same quarter in 2011. Compensation costs related to the Company's mortgage operations accounted for $1.0 million of the increase and reinstated employee benefits, including retirement and 401(k) expenses, accounted for an additional $720,000 compared to the same quarter in 2011. Additionally, the Company has participated in three FDIC-assisted acquisitions since June 30, 2011, with acquired branch operations and loan resolution staff accounting for the majority of the growth in compensation costs not resulting from mortgage or reinstated employee benefits.
Credit-related expenses in the second quarter of 2012 totaled $3.4 million, a significant decrease from the $12.7 million recorded in the first quarter of 2012 and the $7.8 million posted in the fourth quarter of 2011. The $12.7 million recorded in the first quarter of 2012 included $8.4 million of non-provision credit costs related to the Company's bulk sale of problem assets.
Loan Growth
Loans increased at the fastest pace in over five years, growing at an annualized pace of 12.6% when compared to the first quarter of 2012. New loan growth during the quarter came from diversified loan types with an emphasis on new loans to existing customers. Initial yields on new loan production for the quarter were 5.45%, compared to 5.48% in the first quarter of 2012 and 5.38% in the fourth quarter of 2011. Commenting on loan growth for the quarter, Edwin W. Hortman, Jr., the Company's President and Chief Executive Officer, said, "Intense market competition for loan growth has pushed loan yields to levels that in some cases are inconsistent with quality or term. Our bankers continue to work hard preserving the yields on our portfolio and creating a "win-win" with our customers. Our sales strategies focus on relationships and customized lending ideas rather than leading with price, and our results indicate that we have been successful."
Deposits and Funding
Total deposits at the end of the second quarter of 2012 were $2.54 billion, a nominal increase from levels seen at the same time in 2011 but a decrease of 4.53% when compared to levels at the end of the first quarter of 2012. These decreases over the linked quarter represented the deleveraging activities that followed the FDIC-assisted purchase of the assets of Central Bank of Georgia on February 24, 2012.
Success in the sales and management of low-cost deposit balances have been sufficient to offset the decreases in retail and brokered CDs over the last twelve months. The Company continues to make progress toward its goal of 20% of total deposits in non-interest bearing types with a 35% improvement in this deposit class over the past 12 months. Additionally, declines in retail time deposits through renewals have slowed but not completely ceased, with slower levels of decline noted in the most recent quarter.
The following table details deposits by class and percentage of total as of June 30, 2012 and 2011:
June 30, 2012 |
June 30, 2011 |
|||||||
Deposit Type |
Balances |
% of total |
Balances |
% of total |
$ Change |
% Change |
||
Non-interest bearing |
$ 429,113 |
16.9% |
$ 318,004 |
12.7% |
$ 111,109 |
34.9% |
||
NOW accounts |
589,444 |
23.2% |
589,686 |
23.5% |
(242) |
0.0% |
||
Money Market |
621,461 |
24.4% |
552,514 |
22.0% |
68,947 |
12.5% |
||
Savings |
97,867 |
3.8% |
79,248 |
3.2% |
18,619 |
23.5% |
||
Retail CDs |
764,988 |
30.1% |
889,031 |
35.4% |
(124,043) |
-13.9% |
||
Brokered CDs |
41,799 |
1.6% |
82,880 |
3.3% |
(41,081) |
-49.5% |
||
$ 2,544,672 |
$ 2,511,363 |
$ 33,309 |
1.3% |
Shareholders Equity and Capital Levels
Stockholders' equity at the end of the second quarter of 2012 totaled $300.9 million, an increase of $23.8 million, or 8.6%, when compared to the same period in 2011. Tangible common equity grew at a faster pace, increasing from $222.0 million at June 30, 2011 to $245.2 million at June 30, 2012. Tangible book value increased 10.2% to $10.29 per share over the same period, with such growth being the result of earnings.
During the second quarter of 2012, the Company's preferred stock issued to the United States Treasury as part of its Capital Purchase Program in 2008 was auctioned to private investors for 93.1% of par value. The Company continues to evaluate repayment strategies and anticipates retiring the obligation before the dividend rate increases to 9.0% in February 2012. .
Credit Quality
"We have been laser-focused on making a significant move on credit quality in the first half of 2012," said Mr. Hortman concerning the Company's attention to asset quality. "To that end, we have reduced non-performing assets by over 30% in the first two quarters, while increasing our loan loss reserve coverage of non-performing assets by approximately 19%. We anticipate continued reductions in classified assets through the remainder of 2012 but at a slower pace and with lower levels of credit costs," continued Mr. Hortman.
Net charge-offs on loans during the second quarter of 2012 were $8.6 million, compared to $19.1 million during the first quarter of 2012 and $8.3 million during the fourth quarter of 2011. Increased levels of charge-offs during the first quarter of 2012 relate almost entirely to the Company's bulk sale of non-performing loans. Excluding amounts charged-off in the bulk sale, the Company's net charge-offs would have been $8.7 million for the first quarter of 2012.
The Company's provision for loan losses during the second quarter of 2012 amounted to $7.2 million, a decrease of $1.9 million as compared to the $9.1 million posted in the second quarter of 2011. Approximately $1.2 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, 2012, the Company's loan loss allowance totaled $26.2 million, or 1.92% of legacy loans, compared to $35.2 million, or 2.64% of legacy loans, at the end of 2011.
Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 67 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. |
|||||||||
2012 |
2012 |
2011 |
2011 |
2011 |
2012 |
2011 |
|||||||||
EARNINGS |
|||||||||||||||
Net Income/(Loss) Available to Common Shareholders |
$ 1,678 |
$ 4,550 |
$ 322 |
$ 15,643 |
$ 1,307 |
$ 6,228 |
$ 1,887 |
||||||||
PER COMMON SHARE DATA |
|||||||||||||||
Earnings per share available to common shareholders: |
|||||||||||||||
Basic |
$ 0.07 |
$ 0.19 |
$ 0.01 |
$ 0.67 |
$ 0.06 |
$ 0.26 |
$ 0.08 |
||||||||
Diluted |
$ 0.07 |
$ 0.19 |
$ 0.01 |
$ 0.66 |
$ 0.06 |
$ 0.26 |
$ 0.08 |
||||||||
Cash Dividends per share |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
||||||||
Stock dividend |
- |
- |
- |
- |
- |
- |
- |
||||||||
Book value per share (period end) |
$ 10.49 |
$ 10.36 |
$ 10.23 |
$ 10.27 |
$ 9.54 |
$ 10.49 |
$ 9.54 |
||||||||
Tangible book value per share (period end) |
$ 10.29 |
$ 10.15 |
$ 10.06 |
$ 10.08 |
$ 9.34 |
$ 10.29 |
$ 9.34 |
||||||||
Weighted average number of shares: |
|||||||||||||||
Basic |
23,818,814 |
23,762,196 |
23,457,739 |
23,438,335 |
23,449,123 |
23,790,505 |
23,444,662 |
||||||||
Diluted |
23,973,039 |
23,916,421 |
23,611,964 |
23,559,063 |
23,508,419 |
23,944,730 |
23,491,421 |
||||||||
Period-end number of shares |
23,819,144 |
23,814,144 |
23,751,294 |
23,742,794 |
23,766,044 |
23,819,144 |
23,766,044 |
||||||||
Market data: |
|||||||||||||||
High closing price |
$ 13.40 |
$ 13.32 |
$ 10.66 |
$ 10.30 |
$ 10.16 |
$ 13.40 |
$ 11.10 |
||||||||
Low closing price |
$ 10.88 |
$ 10.34 |
$ 8.55 |
$ 8.47 |
$ 8.49 |
$ 10.34 |
$ 8.49 |
||||||||
Period end closing price |
$ 12.60 |
$ 13.14 |
$ 10.28 |
$ 8.71 |
$ 8.87 |
$ 12.60 |
$ 8.87 |
||||||||
Average daily volume |
58,370 |
59,139 |
68,654 |
71,955 |
58,706 |
58,751 |
52,545 |
||||||||
PERFORMANCE RATIOS |
|||||||||||||||
Return on average assets |
0.34% |
0.72% |
0.15% |
2.14% |
0.29% |
0.53% |
0.13% |
||||||||
Return on average common equity |
4.12% |
8.89% |
1.82% |
28.55% |
3.69% |
6.49% |
1.66% |
||||||||
Earning asset yield (TE) |
5.33% |
5.22% |
6.07% |
5.55% |
5.98% |
5.25% |
5.66% |
||||||||
Total cost of funds |
0.62% |
0.69% |
0.80% |
1.02% |
1.10% |
0.66% |
1.16% |
||||||||
Net interest margin (TE) |
4.66% |
4.48% |
5.21% |
4.44% |
4.79% |
4.56% |
4.41% |
||||||||
Non-interest income excluding securities transactions, |
|||||||||||||||
as a percent of total revenue (TE) (1) |
21.10% |
12.15% |
14.81% |
10.26% |
14.16% |
15.86% |
14.79% |
||||||||
Efficiency ratio |
70.51% |
62.28% |
72.76% |
47.75% |
65.08% |
65.63% |
67.18% |
||||||||
CAPITAL ADEQUACY (period end) |
|||||||||||||||
Stockholders' equity to assets |
10.31% |
9.78% |
9.81% |
9.78% |
9.70% |
10.31% |
9.70% |
||||||||
Tangible common equity to tangible assets |
8.41% |
7.95% |
7.99% |
7.96% |
7.78% |
8.41% |
7.78% |
||||||||
EQUITY TO ASSETS RECONCILIATION |
|||||||||||||||
Tangible common equity to tangible assets |
8.41% |
7.95% |
7.99% |
7.96% |
7.78% |
8.41% |
7.78% |
||||||||
Effect of preferred equity |
1.75% |
1.67% |
1.69% |
1.68% |
1.76% |
1.75% |
1.76% |
||||||||
Effect of goodwill and other intangibles |
0.15% |
0.16% |
0.13% |
0.14% |
0.15% |
0.15% |
0.15% |
||||||||
Equity to assets (GAAP) |
10.31% |
9.78% |
9.81% |
9.78% |
9.70% |
10.31% |
9.70% |
||||||||
OTHER PERIOD-END DATA |
|||||||||||||||
FTE Headcount |
839 |
827 |
746 |
730 |
690 |
839 |
690 |
||||||||
Assets per FTE |
$ 3,481 |
$ 3,680 |
$ 4,014 |
$ 4,124 |
$ 4,141 |
$ 3,481 |
$ 4,141 |
||||||||
Branch locations |
67 |
67 |
62 |
62 |
59 |
67 |
59 |
||||||||
Deposits per branch location |
$ 37,980 |
$ 39,781 |
$ 41,799 |
$ 42,401 |
$ 42,565 |
$ 37,980 |
$ 42,565 |
||||||||
(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. |
|||||||||
2012 |
2012 |
2011 |
2011 |
2011 |
2012 |
2011 |
|||||||||
INCOME STATEMENT |
|||||||||||||||
Interest income |
|||||||||||||||
Interest and fees on loans |
$ 30,334 |
$ 29,482 |
$ 35,361 |
$ 31,633 |
$ 32,876 |
$ 59,816 |
$ 61,847 |
||||||||
Interest on taxable securities |
2,187 |
2,309 |
2,350 |
2,672 |
2,574 |
4,496 |
5,232 |
||||||||
Interest on nontaxable securities |
374 |
365 |
357 |
330 |
314 |
739 |
634 |
||||||||
Interest on deposits in other banks |
108 |
120 |
148 |
144 |
150 |
228 |
325 |
||||||||
Interest on federal funds sold |
4 |
6 |
7 |
9 |
9 |
10 |
22 |
||||||||
Total interest income |
33,007 |
32,282 |
38,223 |
34,788 |
35,923 |
65,289 |
68,060 |
||||||||
Interest expense |
|||||||||||||||
Interest on deposits |
$ 3,635 |
$ 4,084 |
$ 4,875 |
$ 6,431 |
$ 6,825 |
$ 7,719 |
$ 14,200 |
||||||||
Interest on other borrowings |
491 |
471 |
580 |
555 |
351 |
962 |
906 |
||||||||
Total interest expense |
4,126 |
4,555 |
5,455 |
6,986 |
7,176 |
8,681 |
15,106 |
||||||||
Net interest income |
28,881 |
27,727 |
32,768 |
27,802 |
28,747 |
56,608 |
52,954 |
||||||||
Provision for loan losses |
7,225 |
12,882 |
9,019 |
7,552 |
9,115 |
20,107 |
16,158 |
||||||||
Net interest income/(loss) after provision for loan losses |
$ 21,656 |
$ 14,845 |
$ 23,749 |
$ 20,250 |
$ 19,632 |
$ 36,501 |
$ 36,796 |
||||||||
Noninterest income |
|||||||||||||||
Service charges on deposit accounts |
$ 4,770 |
$ 4,386 |
$ 4,483 |
$ 4,666 |
$ 4,665 |
$ 9,156 |
$ 8,932 |
||||||||
Mortgage banking activity |
3,006 |
1,475 |
1,209 |
930 |
382 |
4,481 |
826 |
||||||||
Other service charges, commissions and fees |
322 |
391 |
340 |
392 |
276 |
713 |
515 |
||||||||
Gain(loss) on sale of securities |
- |
- |
- |
- |
14 |
0 |
238 |
||||||||
Gains from acquisitions |
- |
20,037 |
- |
26,867 |
- |
20,037 |
- |
||||||||
Other non-interest income |
777 |
975 |
657 |
1,090 |
643 |
1,752 |
1,656 |
||||||||
Total noninterest income |
8,875 |
27,264 |
6,689 |
33,945 |
5,980 |
36,139 |
12,167 |
||||||||
Noninterest expense |
|||||||||||||||
Salaries and employee benefits |
12,125 |
11,446 |
10,688 |
10,252 |
9,427 |
23,571 |
19,264 |
||||||||
Occupancy and equipment expenses |
2,880 |
3,335 |
2,705 |
3,203 |
2,752 |
6,215 |
5,482 |
||||||||
Data processing and telecommunications expenses |
2,905 |
1,925 |
2,650 |
2,817 |
2,452 |
4,830 |
4,848 |
||||||||
FDIC Insurance expense |
1,067 |
1,067 |
1,078 |
1,096 |
1,118 |
2,134 |
2,363 |
||||||||
Credit related expenses (1) |
3,423 |
12,739 |
7,784 |
8,985 |
3,882 |
16,162 |
5,679 |
||||||||
Advertising and marketing expenses |
364 |
349 |
221 |
189 |
149 |
713 |
312 |
||||||||
Amortization of intangible assets |
412 |
220 |
220 |
277 |
242 |
632 |
505 |
||||||||
Goodwill impairment |
- |
- |
- |
- |
- |
- |
- |
||||||||
Other non-interest expenses |
3,447 |
3,165 |
3,364 |
2,667 |
2,580 |
6,612 |
5,298 |
||||||||
Total noninterest expense |
26,623 |
34,246 |
28,710 |
29,486 |
22,602 |
60,869 |
43,751 |
||||||||
Operating profit/(loss) |
$ 3,908 |
$ 7,863 |
$ 1,728 |
$ 24,709 |
$ 3,010 |
$ 11,771 |
$ 5,212 |
||||||||
Income tax (benefit)/expense |
1,413 |
2,498 |
587 |
8,249 |
896 |
3,911 |
1,720 |
||||||||
Net income/(loss) |
$ 2,495 |
$ 5,365 |
$ 1,141 |
$ 16,460 |
$ 2,114 |
$ 7,860 |
$ 3,492 |
||||||||
Preferred stock dividends |
817 |
815 |
819 |
817 |
807 |
1,632 |
1,605 |
||||||||
Net income/(loss) available |
|||||||||||||||
to common shareholders |
$ 1,678 |
$ 4,550 |
$ 322 |
$ 15,643 |
$ 1,307 |
$ 6,228 |
$ 1,887 |
||||||||
Diluted earnings available to common shareholders |
0.07 |
0.19 |
0.01 |
0.66 |
0.06 |
0.26 |
0.08 |
||||||||
(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. |
|||||||
2012 |
2012 |
2011 |
2011 |
2011 |
|||||||
PERIOD-END BALANCE SHEET |
|||||||||||
Assets |
|||||||||||
Cash and due from banks |
$ 60,126 |
$ 64,963 |
$ 65,528 |
$ 55,761 |
$ 68,552 |
||||||
Federal funds sold and interest bearing balances |
111,251 |
194,172 |
229,042 |
170,349 |
218,330 |
||||||
Investment securities available for sale, at fair value |
366,980 |
371,791 |
339,967 |
340,839 |
334,376 |
||||||
Other investments |
7,884 |
10,967 |
9,878 |
11,089 |
10,354 |
||||||
Mortgage loans held for sale |
19,659 |
14,863 |
11,563 |
8,867 |
- |
||||||
Loans, net of unearned income |
1,365,489 |
1,323,844 |
1,332,086 |
1,368,895 |
1,360,063 |
||||||
Covered loans |
601,737 |
653,377 |
571,489 |
595,428 |
486,489 |
||||||
Less allowance for loan losses |
26,198 |
28,689 |
35,156 |
35,238 |
34,523 |
||||||
Loans, net |
1,941,028 |
1,948,532 |
1,868,419 |
1,929,085 |
1,812,029 |
||||||
Other real estate owned |
40,018 |
40,035 |
50,301 |
54,487 |
61,533 |
||||||
Covered other real estate owned |
83,467 |
85,803 |
78,617 |
81,907 |
63,583 |
||||||
Total other real estate owned |
123,485 |
125,838 |
128,918 |
136,394 |
125,116 |
||||||
Premises and equipment, net |
75,192 |
72,755 |
73,124 |
71,848 |
65,925 |
||||||
Intangible assets, net |
3,767 |
4,179 |
3,250 |
3,471 |
3,745 |
||||||
Goodwill |
956 |
956 |
956 |
956 |
956 |
||||||
FDIC loss sharing receivable |
203,801 |
220,016 |
242,394 |
239,719 |
160,927 |
||||||
Other assets |
6,182 |
14,202 |
21,268 |
42,001 |
56,927 |
||||||
Total assets |
$ 2,920,311 |
$ 3,043,234 |
$ 2,994,307 |
$ 3,010,379 |
$ 2,857,237 |
||||||
Liabilities |
|||||||||||
Deposits: |
|||||||||||
Noninterest-bearing |
$ 429,113 |
$ 444,707 |
$ 395,347 |
$ 354,434 |
$ 318,004 |
||||||
Interest-bearing |
2,115,559 |
2,220,653 |
2,196,219 |
2,274,458 |
2,193,359 |
||||||
Total deposits |
2,544,672 |
2,665,360 |
2,591,566 |
2,628,892 |
2,511,363 |
||||||
Federal funds purchased & securities sold under |
|||||||||||
agreements to repurchase |
19,800 |
28,790 |
37,665 |
13,180 |
17,136 |
||||||
Other borrowings |
3,810 |
3,810 |
20,000 |
21,000 |
- |
||||||
Other liabilities |
8,821 |
5,308 |
9,037 |
10,616 |
9,311 |
||||||
Subordinated deferrable interest debentures |
42,269 |
42,269 |
42,269 |
42,269 |
42,269 |
||||||
Total liabilities |
2,619,372 |
2,745,537 |
2,700,537 |
2,715,957 |
2,580,079 |
||||||
Stockholders' equity |
|||||||||||
Preferred stock |
$ 51,044 |
$ 50,884 |
$ 50,727 |
$ 50,572 |
$ 50,419 |
||||||
Common stock |
25,155 |
25,150 |
25,087 |
25,079 |
25,102 |
||||||
Capital surplus |
166,685 |
166,579 |
166,639 |
166,385 |
166,170 |
||||||
Retained earnings |
61,081 |
59,403 |
54,852 |
54,530 |
38,888 |
||||||
Accumulated other comprehensive income/(loss) |
7,805 |
6,512 |
7,296 |
8,687 |
7,410 |
||||||
Less treasury stock |
(10,831) |
(10,831) |
(10,831) |
(10,831) |
(10,831) |
||||||
Total stockholders' equity |
300,939 |
297,697 |
293,770 |
294,422 |
277,158 |
||||||
Total liabilities and stockholders' equity |
$ 2,920,311 |
$ 3,043,234 |
$ 2,994,307 |
$ 3,010,379 |
$ 2,857,237 |
||||||
Other Data |
|||||||||||
Earning Assets |
2,465,116 |
2,558,047 |
2,484,147 |
2,484,378 |
2,399,258 |
||||||
Intangible Assets |
4,723 |
5,135 |
4,206 |
4,427 |
4,701 |
||||||
Interest Bearing Liabilities |
2,181,438 |
2,295,522 |
2,296,153 |
2,350,907 |
2,252,764 |
||||||
Average Assets |
2,966,527 |
2,978,469 |
2,965,799 |
3,048,337 |
2,909,012 |
||||||
Average Common Stockholders' Equity |
243,463 |
242,817 |
248,729 |
228,716 |
229,794 |
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. |
|||||||||
2012 |
2012 |
2011 |
2011 |
2011 |
2012 |
2011 |
|||||||||
ASSET QUALITY INFORMATION(1) |
|||||||||||||||
Allowance for loan losses |
|||||||||||||||
Balance at beginning of period |
$ 28,689 |
$ 35,156 |
$ 35,238 |
$ 34,523 |
$ 35,443 |
$ 35,156 |
$ 34,576 |
||||||||
- |
- |
||||||||||||||
Provision for loan loss (2) |
6,070 |
12,600 |
8,243 |
7,544 |
7,462 |
18,670 |
14,554 |
||||||||
Charge-offs |
8,738 |
19,337 |
8,909 |
7,088 |
8,559 |
28,075 |
15,626 |
||||||||
Recoveries |
177 |
270 |
584 |
259 |
177 |
447 |
1,019 |
||||||||
Net charge-offs (recoveries) |
8,561 |
19,067 |
8,325 |
6,829 |
8,382 |
27,628 |
14,607 |
||||||||
Ending balance |
$ 26,198 |
$ 28,689 |
$ 35,156 |
$ 35,238 |
$ 34,523 |
$ 26,198 |
$ 34,523 |
||||||||
As a percentage of loans |
1.92% |
2.17% |
2.64% |
2.57% |
2.54% |
1.92% |
2.54% |
||||||||
As a percentage of nonperforming loans |
58.98% |
54.90% |
49.64% |
59.66% |
57.02% |
58.98% |
57.02% |
||||||||
Net charge-off information |
|||||||||||||||
Charge-offs |
|||||||||||||||
Commercial, Financial and Agricultural |
$ 499 |
$ 155 |
$ 1,952 |
$ 614 |
$ 2,128 |
$ 654 |
$ 3,241 |
||||||||
Real Estate - Residential |
2,251 |
2,123 |
1,758 |
1,697 |
1,135 |
4,374 |
1,944 |
||||||||
Real Estate - Commercial and Farmland |
4,520 |
12,964 |
829 |
2,962 |
2,332 |
17,484 |
4,889 |
||||||||
Real Estate - Construction and Development |
1,281 |
3,930 |
4,129 |
1,612 |
2,822 |
5,211 |
5,247 |
||||||||
Consumer Installment |
187 |
165 |
241 |
203 |
142 |
352 |
305 |
||||||||
Other |
- |
- |
- |
- |
- |
- |
- |
||||||||
Total charge-offs |
8,738 |
19,337 |
8,909 |
7,088 |
8,559 |
28,075 |
15,626 |
||||||||
Recoveries |
|||||||||||||||
Commercial, Financial and Agricultural |
30 |
48 |
21 |
85 |
48 |
78 |
68 |
||||||||
Real Estate - Residential |
21 |
141 |
39 |
48 |
45 |
162 |
59 |
||||||||
Real Estate - Commercial and Farmland |
8 |
16 |
9 |
37 |
4 |
24 |
6 |
||||||||
Real Estate - Construction and Development |
2 |
17 |
494 |
44 |
57 |
19 |
829 |
||||||||
Consumer Installment |
116 |
48 |
21 |
45 |
23 |
164 |
57 |
||||||||
Other |
- |
- |
- |
- |
- |
- |
- |
||||||||
Total recoveries |
177 |
270 |
584 |
259 |
177 |
447 |
1,019 |
||||||||
Net charge-offs (recoveries) |
$ 8,561 |
$ 19,067 |
$ 8,325 |
$ 6,829 |
$ 8,382 |
$ 27,628 |
$ 14,607 |
||||||||
Non-accrual loans |
44,421 |
52,258 |
70,823 |
59,067 |
60,545 |
44,421 |
60,545 |
||||||||
Foreclosed assets |
40,018 |
40,035 |
50,301 |
54,487 |
61,533 |
40,018 |
61,533 |
||||||||
Accruing loans delinquent 90 days or more |
1 |
- |
- |
20 |
- |
1 |
- |
||||||||
Total non-performing assets |
84,440 |
92,293 |
121,124 |
113,574 |
122,078 |
84,440 |
122,078 |
||||||||
Non-performing assets as a percent of total assets |
2.89% |
3.03% |
4.05% |
3.77% |
4.27% |
2.89% |
4.27% |
||||||||
Net charge offs as a percent of loans (Annualized) |
2.52% |
5.79% |
2.51% |
2.01% |
2.48% |
4.07% |
2.17% |
||||||||
(1) Asset quality information is presented net of covered assets where the Company's risk exposure is limited substantially by loss sharing agreements with the FDIC. |
|||||||||||||||
(2) During 2011 and 2012, 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: |
|||||||||||
Jun. |
Mar. |
Dec. |
Sept. |
Jun. |
|||||||
Loans by Type |
2012 |
2012 |
2011 |
2011 |
2011 |
||||||
Commercial, financial & agricultural |
$ 174,903 |
$ 149,320 |
$ 142,960 |
$ 159,020 |
$ 150,377 |
||||||
Real estate - construction & development |
124,556 |
122,331 |
130,270 |
145,770 |
143,684 |
||||||
Real estate - commercial & farmland |
675,404 |
658,054 |
672,765 |
677,048 |
681,228 |
||||||
Real estate - residential |
332,124 |
328,053 |
330,727 |
331,236 |
336,485 |
||||||
Consumer installment |
41,431 |
42,085 |
37,296 |
38,163 |
35,584 |
||||||
Other |
17,071 |
24,001 |
18,068 |
17,658 |
12,705 |
||||||
Total Legacy (non-covered) |
$ 1,365,489 |
$ 1,323,844 |
$ 1,332,086 |
$ 1,368,895 |
$ 1,360,063 |
||||||
Commercial, financial & agricultural |
$ 41,372 |
$ 43,157 |
$ 41,867 |
$ 49,859 |
$ 42,494 |
||||||
Real estate - construction & development |
83,991 |
93,430 |
77,077 |
82,933 |
79,540 |
||||||
Real estate - commercial & farmland |
322,393 |
350,244 |
321,257 |
323,760 |
229,924 |
||||||
Real estate - residential |
150,683 |
162,768 |
127,644 |
135,318 |
129,721 |
||||||
Consumer installment |
3,298 |
3,778 |
3,644 |
3,558 |
4,810 |
||||||
Total Covered (at fair value) |
$ 601,737 |
$ 653,377 |
$ 571,489 |
$ 595,428 |
$ 486,489 |
||||||
Total Loan Portfolio: |
|||||||||||
Commercial, financial & agricultural |
$ 216,275 |
$ 192,477 |
$ 184,827 |
$ 208,879 |
$ 192,871 |
||||||
Real estate - construction & development |
208,547 |
215,761 |
207,347 |
228,703 |
223,224 |
||||||
Real estate - commercial & farmland |
997,797 |
1,008,298 |
994,022 |
1,000,808 |
911,152 |
||||||
Real estate - residential |
482,807 |
490,821 |
458,371 |
466,554 |
466,206 |
||||||
Consumer installment |
44,729 |
45,863 |
40,940 |
41,721 |
40,394 |
||||||
Other |
17,071 |
24,001 |
18,068 |
17,658 |
12,705 |
||||||
Total Loans |
$ 1,967,226 |
$ 1,977,221 |
$ 1,903,575 |
$ 1,964,323 |
$ 1,846,552 |
||||||
Troubled Debt Restructurings: |
|||||||||||
Accruing loan types: |
|||||||||||
Real estate - construction & development |
$ 1,205 |
$ 1,305 |
$ 1,774 |
$ 1,697 |
$ 2,179 |
||||||
Real estate - commercial & farmland |
13,293 |
17,765 |
9,622 |
7,005 |
13,936 |
||||||
Real estate - residential |
8,472 |
7,778 |
6,555 |
7,889 |
5,043 |
||||||
Total Accruing TDRs |
$ 22,970 |
$ 26,848 |
$ 17,951 |
$ 16,591 |
$ 21,158 |
||||||
Non-accruing loan types: |
|||||||||||
Commercial, financial & agricultural |
$ 18 |
$ - |
$ - |
$ - |
$ - |
||||||
Real estate - construction & development |
1,124 |
1,626 |
2,122 |
1,426 |
1,315 |
||||||
Real estate - commercial & farmland |
2,815 |
2,176 |
4,737 |
5,392 |
8,541 |
||||||
Real estate - residential |
1,213 |
1,065 |
1,296 |
227 |
233 |
||||||
Total Non-accrual TDRs |
$ 5,170 |
$ 4,867 |
$ 8,155 |
$ 7,045 |
$ 10,089 |
||||||
Total Troubled Debt Restructurings |
$ 28,140 |
$ 31,715 |
$ 26,106 |
$ 23,636 |
$ 31,247 |
||||||
The following table presents the non-covered loan portfolio by risk grade: |
|||||||||||
Grade 10 - Prime credit |
$ 28,283 |
$ 26,454 |
$ 23,930 |
$ 23,461 |
$ 20,376 |
||||||
Grade 15 - Good credit |
251,156 |
256,854 |
261,489 |
193,881 |
202,152 |
||||||
Grade 20 - Satisfactory credit |
540,561 |
495,252 |
485,364 |
550,748 |
534,498 |
||||||
Grade 23 - Performing, under-collateralized credit |
30,131 |
29,631 |
29,730 |
30,538 |
29,833 |
||||||
Grade 25 - Minimum acceptable credit |
397,984 |
387,133 |
386,365 |
425,142 |
407,133 |
||||||
Grade 30 - Other asset especially mentioned |
36,306 |
42,329 |
41,584 |
52,760 |
65,528 |
||||||
Grade 40 - Substandard |
80,825 |
85,666 |
102,947 |
91,857 |
99,612 |
||||||
Grade 50 - Doubtful |
243 |
522 |
677 |
508 |
922 |
||||||
Grade 60 - Loss |
- |
3 |
- |
- |
9 |
||||||
Total |
$ 1,365,489 |
$ 1,323,844 |
$ 1,332,086 |
$ 1,368,895 |
$ 1,360,063 |
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. |
|||||||||
2012 |
2012 |
2011 |
2011 |
2011 |
2012 |
2011 |
|||||||||
AVERAGE BALANCES |
|||||||||||||||
Federal funds sold |
$ 17,665 |
$ 27,160 |
$ 29,108 |
$ 24,583 |
$ 34,241 |
$ 28,005 |
$ 33,566 |
||||||||
Interest bearing deposits in banks |
128,008 |
157,223 |
203,031 |
161,447 |
236,286 |
142,953 |
219,995 |
||||||||
Investment securities - taxable |
324,879 |
309,592 |
293,821 |
286,807 |
250,998 |
317,904 |
256,873 |
||||||||
Investment securities - nontaxable |
46,049 |
46,520 |
44,255 |
40,388 |
38,151 |
46,285 |
38,471 |
||||||||
Other investments |
8,893 |
10,076 |
10,276 |
11,328 |
11,022 |
9,579 |
11,617 |
||||||||
Loans |
1,378,448 |
1,329,146 |
1,335,242 |
1,351,695 |
1,348,067 |
1,356,338 |
1,357,664 |
||||||||
Covered loans |
601,802 |
602,353 |
600,367 |
626,873 |
507,276 |
601,507 |
522,497 |
||||||||
Total Earning Assets |
$ 2,505,744 |
$ 2,482,070 |
$ 2,516,100 |
$ 2,503,121 |
$ 2,426,041 |
$ 2,502,571 |
$ 2,440,683 |
||||||||
Noninterest bearing deposits |
$ 432,535 |
$ 405,112 |
$ 395,346 |
$ 337,603 |
$ 320,735 |
$ 420,131 |
$ 317,975 |
||||||||
NOW accounts |
605,494 |
619,047 |
607,258 |
593,801 |
582,773 |
612,459 |
583,556 |
||||||||
MMDA |
616,449 |
598,956 |
597,088 |
583,552 |
545,261 |
608,074 |
533,635 |
||||||||
Savings accounts |
97,097 |
87,219 |
80,074 |
82,210 |
78,674 |
92,269 |
77,508 |
||||||||
Retail CDs < $100,000 |
369,651 |
373,519 |
396,058 |
448,597 |
417,297 |
371,512 |
422,220 |
||||||||
Retail CDs > $100,000 |
410,855 |
444,838 |
471,329 |
511,205 |
490,660 |
421,112 |
497,336 |
||||||||
Brokered CDs |
59,526 |
61,287 |
76,250 |
82,880 |
105,338 |
76,563 |
114,837 |
||||||||
Total Deposits |
2,591,607 |
2,589,978 |
2,623,403 |
2,639,848 |
2,540,738 |
2,547,066 |
2,547,066 |
||||||||
FHLB advances |
3,810 |
8,282 |
20,707 |
17,804 |
- |
6,217 |
16,740 |
||||||||
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 |
23,042 |
29,898 |
29,417 |
14,504 |
23,078 |
26,470 |
22,589 |
||||||||
Other borrowings |
- |
- |
- |
- |
- |
- |
- |
||||||||
Total Non-Deposit Funding |
69,121 |
80,449 |
92,393 |
74,577 |
65,347 |
81,598 |
81,598 |
||||||||
Total Funding |
$ 2,660,728 |
$ 2,670,427 |
$ 2,715,796 |
$ 2,714,425 |
$ 2,606,085 |
$ 2,628,664 |
$ 2,628,664 |
||||||||
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. |
|||||||||
2012 |
2012 |
2011 |
2011 |
2011 |
2012 |
2011 |
|||||||||
INTEREST INCOME/EXPENSE |
|||||||||||||||
INTEREST INCOME |
|||||||||||||||
Federal funds sold |
$ 4 |
$ 6 |
$ 7 |
$ 9 |
$ 9 |
$ 10 |
$ 22 |
||||||||
Interest bearing deposits in banks |
108 |
120 |
148 |
144 |
150 |
228 |
325 |
||||||||
Investment securities - taxable |
2,187 |
2,309 |
2,350 |
2,672 |
2,574 |
4,496 |
5,232 |
||||||||
Investment securities - nontaxable (TE) |
505 |
493 |
549 |
499 |
483 |
998 |
975 |
||||||||
Loans (TE) |
19,573 |
18,310 |
19,205 |
19,362 |
19,906 |
37,883 |
40,829 |
||||||||
Covered loans |
10,808 |
10,972 |
16,217 |
12,322 |
13,022 |
21,780 |
21,109 |
||||||||
Total Earning Assets |
$ 33,184 |
$ 32,210 |
$ 38,476 |
$ 35,008 |
$ 36,144 |
$ 65,394 |
$ 68,492 |
||||||||
INTEREST EXPENSE |
|||||||||||||||
Non-interest bearing deposits |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
||||||||
NOW accounts |
447 |
526 |
671 |
985 |
1,026 |
973 |
2,074 |
||||||||
MMDA |
808 |
841 |
930 |
1,466 |
1,421 |
1,649 |
2,828 |
||||||||
Savings accounts |
36 |
34 |
45 |
91 |
88 |
70 |
220 |
||||||||
Retail CDs < $100,000 |
834 |
941 |
1,074 |
1,405 |
1,474 |
1,775 |
3,219 |
||||||||
Retail CDs > $100,000 |
1,072 |
1,240 |
1,557 |
1,855 |
1,951 |
2,312 |
4,045 |
||||||||
Brokered CDs |
438 |
502 |
598 |
629 |
865 |
940 |
1,814 |
||||||||
Total Deposits |
3,635 |
4,084 |
4,875 |
6,431 |
6,825 |
7,719 |
14,200 |
||||||||
FHLB advances |
26 |
69 |
183 |
155 |
- |
95 |
123 |
||||||||
Subordinated debentures |
427 |
361 |
363 |
375 |
323 |
788 |
673 |
||||||||
Repurchase agreements |
37 |
40 |
33 |
22 |
28 |
77 |
109 |
||||||||
Correspondent bank line of credit and other |
1 |
1 |
1 |
3 |
- |
2 |
- |
||||||||
Total Non-Deposit Funding |
491 |
471 |
580 |
555 |
351 |
962 |
905 |
||||||||
Total Funding |
$ 4,126 |
$ 4,555 |
$ 5,455 |
$ 6,986 |
$ 7,176 |
$ 8,681 |
$ 15,105 |
||||||||
Net Interest Income (TE) |
$ 29,058 |
$ 27,655 |
$ 33,021 |
$ 28,022 |
$ 28,968 |
$ 56,713 |
$ 53,387 |
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. |
|||||||||
2012 |
2012 |
2011 |
2011 |
2011 |
2012 |
2011 |
|||||||||
YIELDS (1) |
|||||||||||||||
Federal funds sold |
0.09% |
0.09% |
0.10% |
0.15% |
0.11% |
0.07% |
0.13% |
||||||||
Interest bearing deposits in banks |
0.34% |
0.31% |
0.29% |
0.35% |
0.25% |
0.32% |
0.30% |
||||||||
Investment securities - taxable |
2.71% |
3.00% |
3.17% |
3.70% |
4.11% |
2.84% |
4.11% |
||||||||
Investment securities - nontaxable |
4.41% |
4.26% |
4.92% |
4.90% |
5.08% |
4.33% |
5.11% |
||||||||
Loans |
5.71% |
5.54% |
5.71% |
5.68% |
5.92% |
5.62% |
6.06% |
||||||||
Covered loans |
7.22% |
7.33% |
10.72% |
7.80% |
10.30% |
7.28% |
8.15% |
||||||||
Total Earning Assets |
5.33% |
5.22% |
6.07% |
5.55% |
5.98% |
5.25% |
5.66% |
||||||||
Noninterest bearing deposits |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
||||||||
NOW accounts |
0.30% |
0.34% |
0.44% |
0.66% |
0.71% |
0.32% |
0.72% |
||||||||
MMDA |
0.53% |
0.56% |
0.62% |
1.00% |
1.05% |
0.55% |
1.07% |
||||||||
Savings accounts |
0.15% |
0.16% |
0.22% |
0.44% |
0.45% |
0.15% |
0.57% |
||||||||
Retail CDs < $100,000 |
0.91% |
1.01% |
1.08% |
1.24% |
1.42% |
0.96% |
1.54% |
||||||||
Retail CDs > $100,000 |
1.05% |
1.12% |
1.31% |
1.44% |
1.59% |
1.10% |
1.64% |
||||||||
Brokered CDs |
2.96% |
3.29% |
3.11% |
3.01% |
3.29% |
2.47% |
3.19% |
||||||||
Total Deposits |
0.56% |
0.63% |
0.74% |
0.97% |
1.08% |
0.61% |
1.12% |
||||||||
FHLB advances |
2.74% |
3.35% |
3.51% |
3.45% |
0.00% |
3.07% |
1.48% |
||||||||
Subordinated debentures |
4.06% |
3.43% |
3.41% |
3.52% |
3.07% |
3.75% |
3.21% |
||||||||
Repurchase agreements |
0.65% |
0.54% |
0.45% |
0.60% |
0.49% |
0.58% |
0.97% |
||||||||
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 |
2.86% |
2.35% |
2.49% |
2.95% |
2.15% |
2.37% |
2.24% |
||||||||
Total funding (3) |
0.62% |
0.69% |
0.80% |
1.02% |
1.10% |
0.66% |
1.16% |
||||||||
Net interest spread |
4.70% |
4.53% |
5.27% |
4.53% |
4.87% |
4.59% |
4.50% |
||||||||
Net interest margin |
4.66% |
4.48% |
5.21% |
4.44% |
4.79% |
4.56% |
4.41% |
||||||||
(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 |
2012 |
2012 |
2011 |
2011 |
2011 |
2012 |
2011 |
||||||||
Pre-tax operating profit/(loss) |
$ 3,908 |
$ 7,863 |
$ 1,728 |
$ 24,709 |
$ 3,010 |
$ 11,771 |
$ 5,212 |
||||||||
Plus: Credit Related Costs |
|||||||||||||||
Provision for loan losses |
7,225 |
12,882 |
9,019 |
7,552 |
9,115 |
20,107 |
16,158 |
||||||||
(Gains)/Losses on the sale of legacy OREO |
813 |
7,252 |
4,533 |
5,906 |
1,324 |
8,065 |
2,915 |
||||||||
Problem loan and OREO expense |
2,610 |
5,487 |
3,251 |
3,079 |
2,558 |
8,097 |
5,055 |
||||||||
Interest reversed (received) on non-accrual loans |
144 |
187 |
410 |
452 |
140 |
331 |
(249) |
||||||||
Total Credit-Related Costs |
10,792 |
25,808 |
17,213 |
16,989 |
13,137 |
36,600 |
23,880 |
||||||||
Plus: Non-recurring conversion charges |
- |
- |
306 |
611 |
370 |
- |
- |
||||||||
Plus: Costs associated with capital raise |
- |
- |
- |
- |
- |
- |
- |
||||||||
Less: Non-recurring gains |
- |
||||||||||||||
Gains related to FDIC acquisitions |
- |
(20,037) |
- |
(26,867) |
- |
(20,037) |
- |
||||||||
Gains on sales of securities |
- |
- |
- |
- |
(14) |
- |
(238) |
||||||||
Gains on sales of bank premises |
- |
- |
(19) |
(9) |
(11) |
- |
(139) |
||||||||
Other non-recurring adjustments |
- |
- |
(4,198) |
- |
(2,631) |
- |
(2,631) |
||||||||
Pretax, Pre-provision earnings |
$ 14,700 |
$ 13,634 |
$ 15,030 |
$ 15,433 |
$ 13,861 |
$ 28,334 |
$ 26,084 |
||||||||
As percentage of average assets, annualized |
1.99% |
1.84% |
1.97% |
2.01% |
1.91% |
1.92% |
1.81% |
||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||
Jun. |
Mar. |
Dec. |
Sept. |
Jun. |
Jun. |
Jun. |
|||||||||
Recurring Operating Expenses |
2012 |
2012 |
2011 |
2011 |
2011 |
2012 |
2011 |
||||||||
Total Operating Expenses |
26,623 |
34,246 |
28,710 |
29,486 |
22,602 |
60,869 |
43,751 |
||||||||
Less: Credit costs & non-recurring charges |
|||||||||||||||
Gains/(Losses) on the sale of legacy OREO |
(813) |
(7,252) |
(4,533) |
(5,906) |
(1,324) |
(8,065) |
(2,915) |
||||||||
Gains/(Losses) on the sale of covered OREO |
- |
- |
- |
- |
- |
- |
2,292 |
||||||||
Problem loan and OREO expense |
(2,610) |
(5,487) |
(3,251) |
(3,079) |
(2,558) |
(8,097) |
(5,055) |
||||||||
Costs associated with capital raise |
- |
- |
- |
- |
- |
- |
- |
||||||||
Severance payments |
(190) |
(362) |
(290) |
- |
- |
(552) |
- |
||||||||
Conversion expenses |
(285) |
- |
(306) |
(611) |
(370) |
(285) |
- |
||||||||
(Gains)/Losses on the sale of premises |
- |
- |
19 |
9 |
11 |
- |
139 |
||||||||
FDIC insurance expense |
(1,067) |
(1,067) |
(1,078) |
(1,096) |
(1,118) |
(2,134) |
(2,363) |
||||||||
Recurring operating expenses |
$ 21,658 |
$ 20,078 |
$ 19,271 |
$ 18,803 |
$ 17,243 |
$ 41,736 |
$ 35,848 |
||||||||
SOURCE Ameris Bancorp
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