Ameris Bancorp Reports Operating Net Income of $9.8 Million, or $0.32 Per Diluted Share, for First Quarter 2015

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Apr 23, 2015, 08:00 ET

MOULTRIE, Ga., April 23, 2015 /PRNewswire/ -- AMERIS BANCORP (NASDAQ-GS: ABCB) today reported operating net income of $9.8 million, or $0.32 per diluted share, for the quarter ended March 31, 2015, compared to $8.1 million, or $0.32 per diluted share, for the quarter ended March 31, 2014. Commenting on the Company's quarterly results, Edwin W. Hortman, Jr., the Company's President and Chief Executive Officer, said, "In the first quarter of 2015, we announced two highly accretive acquisitions and a supporting capital raise. We had our strongest quarter in new loan originations with better than expected yields. Our mortgage group had its strongest quarter of profitability and finished the quarter with very robust pipelines. As we move into the second quarter and the last half of 2015, our challenge is to continue developing the pipelines and investment opportunities for the liquidity in our two pending acquisitions while limiting the impact on operating expenses."

Highlights of the Company's performance and results for the first quarter of 2015 include the following:

Net income available to common shareholders increased 21.1% compared to the first quarter of 2014
The Company completed a private placement of 5,320,000 shares of common stock during the quarter
The Company announced agreements to acquire Merchants & Southern Banks of Florida, Inc. and 18 additional branches located in North Florida and South Georgia
Loans, excluding purchased non-covered and covered loans, increased by $109.5 million during the quarter, reflecting an annualized growth rate of 23.5%
Return on assets and return on average tangible equity were 0.97% and 8.76%, respectively
Total revenue increased to $59.9 million in the first quarter of 2015, compared to $50.6 million in the first quarter of 2014
The Company's net interest margin remained strong at 4.39%
Noninterest income increased 37.8% in the first quarter of 2015 to $17.6 million, compared to $12.8 million in the first quarter of 2014
Tangible common equity to tangible assets increased to 10.26%, a 38.3% increase compared to December 31, 2014
Tangible book value per share increased to $13.01, compared to $10.99 at December 31, 2014

Pending Acquisitions
During the first quarter of 2015, the Company announced its intent to acquire Merchants & Southern Banks of Florida, Inc., the largest non-regional bank operating in Gainesville, Florida. The Company has received regulatory approval and anticipates an estimated closing date of May 22, 2015.

Additionally, the Company announced its intention to acquire 18 branches in its existing footprint from Bank of America. The branches, located in South Georgia and North Florida, include approximately $864 million of total deposits and a small amount of performing loans. The Company anticipates that the closing of this acquisition will occur during the second quarter of 2015.

The acquisitions, combined with the supporting capital raise, are expected to be over 15% accretive to 2016 earnings per share and 4.50% accretive to tangible book value reported at December 31, 2014.

Operating Results
Net income available to common shareholders in the first quarter of 2015 totaled $9.8 million, an increase of 21.1% compared to the same quarter in 2014. Revenue during the first quarter totaled $59.9 million, an increase of 18.4% compared to the first quarter of 2014. Increases in revenue resulted from the addition of The Coastal Bank, as well as strong organic growth in loans, excluding purchased non-covered and covered loans. Returns on average assets and average tangible common equity were 0.97% and 8.76%, respectively, in the first quarter of 2015 compared to 0.96% and 11.66%, respectively, in the same quarter of 2014. The capital raise was completed in the first quarter of 2015, but the Company does not expect to have the capital fully deployed until the second half of 2015, at which time management believes return on average tangible common equity will approach historical levels.

Net Interest Income and Net Interest Margin
Net interest income for the first quarter of 2015 totaled $38.8 million, an increase of $4.3 million, or 12.6%, compared to the $34.5 million reported for the first quarter of 2014. The Company's net interest margin decreased during the quarter to 4.39%, compared to 4.57% during the first quarter of 2014. Excluding accretion on purchased assets, the Company's net interest margin was 4.05% in the first quarter of 2015, compared to 4.17%% in the fourth quarter of 2014 and 4.21% in the first quarter of 2014. The Company's net interest margin was negatively impacted by 10bps due to the higher level of short-term assets as a percentage of earning assets. The Company intends to be fully invested in either investment securities or loans by the end of the year and to maintain minimal levels of short-term assets as it has in the past.

Yields on earning assets in the first quarter of 2015 were 4.79%, compared to 5.01% in the first quarter of 2014. Yields on total loans outstanding, excluding accretion, in the first quarter were 5.01%, compared to 5.05% in the fourth quarter of 2014. New loan production in the first quarter totaled $254.0 million, with weighted average yields of 4.55%, compared to $228.6 million and 4.65% in the fourth quarter of 2014.

Total interest expense for the first quarter of 2015 was $3.5 million, compared to $3.4 million in the same quarter of 2014. Increases in total interest expense were driven primarily by increases in total deposits and other borrowings resulting from both acquisition activity and organic growth. Deposit costs were lower during the first quarter of 2015 at 0.27%, compared to 0.30% during the first quarter of 2014. Yields on each deposit class were essentially unchanged from the prior year. Management does not expect deposit costs or overall funding costs to decrease materially in the coming quarters given tightening liquidity and increasingly stronger forecasts for asset growth.

Non-interest Income
Non-interest income in the first quarter of 2015 was $17.6 million, an increase of $4.8 million, or 37.8%, compared to the same quarter in 2014. The Company's mortgage operations continued to make improvements in revenues and net income, reporting its best quarter ever for the Company. Total revenue in the mortgage group grew to $10.3 million, an improvement of 64% compared to the same quarter in 2014. Net income improved at a faster pace to $2.5 million, compared to $947,000 in the first quarter of 2014. Total production in the first quarter of 2015 amounted to $188.3 million (83% retail and 17% wholesale), compared to $130.8 million in the same quarter of 2014 (80% retail and 20% wholesale). Relationships with larger builders and real estate firms continue to drive the Company's production from this division. Open pipelines finished the first quarter of 2015 at $110.9 million, compared to $57.0 million at the beginning of the first quarter of 2015 and $75.2 million at the end of the first quarter of 2014.

Service charges in the first quarter of 2015 were $6.4 million, an increase of $843,000, or 15.1%, compared to the same quarter in 2014. Stronger growth in commercial and treasury management accounts contributed to the growth in income, as did strong growth in balances that resulted from the Company's acquisition of The Coastal Bank in June 2014.

During the quarter, the Company recorded approximately $1.5 million of revenue from its SBA division, compared to $685,000 in the same quarter in 2014. Expenses related to SBA lending also increased, from $400,000 in the first quarter of 2014 to $705,000 in the first quarter of 2015. The pipeline of opportunities and closed loans going into the second quarter indicate a much stronger second quarter in revenue than what the Company experienced in the first quarter.

Non-interest Expense
During the first quarter of 2015, operating expenses decreased approximately $906,000 to $40.8 million from $41.7 million in the fourth quarter of 2014. Excluding merger and credit related costs, the Company's total operating expenses increased approximately $0.7 million during the current quarter of 2015 as compared to the fourth quarter of 2014. These increases related to the Company's aggressive investment in the scale of its operations, particularly in information technology and customer care centers. Additional costs are anticipated in the coming quarters as the Company approaches the closing of the acquisitions announced early in the first quarter of 2015.

Salaries and benefits increased to $20.6 million in the current quarter of 2015, compared to $17.4 million in the same quarter in 2014. Increases in compensation costs relate to staffing additions from the acquisition of The Coastal Bank in June 2014, as well as increases associated with higher mortgage revenue and originations in the current quarter compared to the same quarter in 2014.

Non-provision credit resolution-related costs increased from $2.2 million in the first quarter of 2014 to $3.2 million in the first quarter of 2015. During the quarter, the Company brought several larger non-performing assets closer to resolution and incurred higher than normal expenses associated with these efforts. Legal fees associated with OREO and non-accrual loans totaled $754,000 in the first quarter of 2015 compared to $403,000 in the first quarter of 2014.

Occupancy and equipment costs increased from $4.1 million in the first quarter of 2014 to $4.6 million in the first quarter of 2015, due to the increased number of branches operated by the Company since its acquisition of The Coastal Bank. Data processing and telecommunications expenses increased from $3.5 million in the first quarter of 2014 to $4.3 million in the first quarter of 2015. During the quarter, the Company renegotiated a series of contracts with its core service provider that should provide some savings in the coming quarters on a relative basis with the anticipated acquisitions.

Balance Sheet Trends
Total assets at March 31, 2015 were $4.15 billion, compared to $4.04 billion at December 31, 2014. Loans, including loans held for sale, totaled $2.96 billion at March 31, 2015, compared to $2.93 billion at December 31, 2014. During the first quarter, growth in legacy loans (loans excluding purchased non-covered and covered loans) amounted to $109.5 million, or 23.5% on an annualized basis. Growth during the first quarter of 2015 was spread evenly across most loan types, including agriculture, municipal, commercial real estate and mortgage.

Funding sources continued to improve over year end levels. At March 31, 2015, total deposits amounted to $3.48 billion, or 95.5% of total funding, compared to $3.43 billion and 94.0%, respectively, at December 31, 2014. Non-interest bearing deposits reflected the largest growth, ending the current quarter at $967.0 million, or 27.8% of total deposits, compared to $839.4 million, or 24.5%, at December 31, 2014. Aggressive sales efforts on both commercial and consumer balances, as well as the Coastal Bank acquisition, were the reason for the 38.4% growth in noninterest bearing deposits from March 31, 2014 to March 31, 2015.

Stockholders' equity at March 31, 2015 totaled $489.8 million, compared to $366.0 million reported at December 31, 2014. The increase in stockholders' equity was the result of the issuance of $114.9 million of common shares in the first quarter of 2015, together with earnings of $9.8 million during the quarter.

Tangible common equity as a percentage of tangible assets increased to 10.26% at the end of the first quarter of 2015, compared to 7.42% at the end of 2014. The additional common equity associated with the private placement completed during the quarter, together with net income for the quarter, account for the majority of the increase in the Company's capital ratios. Tangible book value increased to $13.01 per share at March 31, 2015, compared to $10.99 per share at December 31, 2014. On a pro forma basis, assuming the impacts of the pending mergers, the Company's tangible common equity to tangible assets ratio would be 7.04% and tangible book value would be $11.74 per share.

Conference Call
The Company will host a teleconference at 10:00 a.m. EDT today (April 23, 2015) to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190 or 1-412-902-6630 for international participants and 1-855-669-9657 for Canada. The conference ID name is Ameris Bancorp. A replay of the call will be available one hour after the end of the conference call until May 8, 2015. To listen to the replay, dial 1-877-344-7529 or 1-412-317-0088 for international participants and 1-855-669-9658 for Canada. The conference replay access code is 10064031. The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at www.amerisbank.com.

Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 73 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
			Mar.	Dec.	Sept.	Jun.	Mar.
			2015	2014	2014	2014	2014

EARNINGS

	Net Income Available to Common Shareholders		$ 9,764	$ 10,580	$ 11,663	$ 8,130	$ 8,064

PER COMMON SHARE DATA
	Earnings per share available to common shareholders:
		Basic	$ 0.32	$ 0.40	$ 0.44	$ 0.32	$ 0.32
		Diluted	$ 0.32	$ 0.39	$ 0.43	$ 0.32	$ 0.32
	Cash Dividends per share		$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ -
	Book value per share (period end)		$ 15.22	$ 13.67	$ 13.22	$ 12.83	$ 11.93
	Tangible book value per share (period end)		$ 13.01	$ 10.99	$ 10.68	$ 10.26	$ 10.31
	Weighted average number of shares:
		Basic	30,442,998	26,771,636	26,773,033	25,180,665	25,144,342
		Diluted	30,796,148	27,090,293	27,160,886	25,633,130	25,573,320
	Period-end number of shares		32,182,143	26,773,863	26,774,402	26,771,821	25,159,073
	Market data:
		High closing price	$ 26.55	$ 26.48	$ 24.04	$ 23.90	$ 24.00
		Low closing price	$ 22.75	$ 21.95	$ 21.00	$ 19.73	$ 19.86
		Period end closing price	$ 26.39	$ 25.64	$ 21.95	$ 21.56	$ 23.30
		Average daily volume	105,152	111,473	79,377	79,038	103,279

PERFORMANCE RATIOS
	Return on average assets		0.97%	1.05%	1.17%	0.93%	0.96%
	Return on average common equity		8.76%	11.57%	13.19%	10.53%	11.66%
	Earning asset yield (TE)		4.79%	5.08%	4.96%	5.08%	5.01%
	Total cost of funds		0.40%	0.43%	0.45%	0.42%	0.43%
	Net interest margin (TE)		4.39%	4.64%	4.50%	4.65%	4.57%
	Non-interest income excluding securities transactions,
		as a percent of total revenue (TE)	29.06%	26.50%	28.86%	28.87%	25.02%
	Efficiency ratio		72.38%	72.75%	67.64%	73.05%	70.36%

CAPITAL ADEQUACY (period end)
	Stockholders' equity to assets		11.79%	9.07%	8.85%	8.64%	8.60%
	Tangible common equity to tangible assets		10.26%	7.42%	7.27%	7.04%	7.53%

EQUITY TO ASSETS RECONCILIATION
	Tangible common equity to tangible assets		10.26%	7.42%	7.27%	7.04%	7.53%
	Effect of goodwill and other intangibles		1.54%	1.65%	1.58%	1.61%	1.07%
		Equity to assets (GAAP)	11.79%	9.07%	8.85%	8.64%	8.60%

OTHER PERIOD-END DATA
	Banking Division FTE		852	853	867	888	785
	Mortgage Division FTE		170	174	176	175	161
		Total Ameris Bancorp FTE Headcount	1,022	1,027	1,043	1,063	946

	Assets per Banking Division FTE		$ 4,874	$ 4,733	$ 4,613	$ 4,474	$ 4,443
	Branch locations		73	73	74	74	68
	Deposits per branch location		$ 47,674	$ 47,002	$ 45,583	$ 45,798	$ 44,274

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)

			Three Months Ended
			Mar.	Dec.	Sept.	Jun.	Mar.
			2015	2014	2014	2014	2014


INCOME STATEMENT

Interest income
	Interest and fees on loans		$ 38,618	$ 41,235	$ 39,610	$ 35,297	$ 34,469
	Interest on taxable securities		3,153	3,114	3,034	2,953	2,985
	Interest on nontaxable securities		469	483	496	312	335
	Interest on deposits in other banks		124	66	46	45	79
	Interest on federal funds sold		4	2	-	-	5
		Total interest income	42,368	44,900	43,186	38,607	37,873

Interest expense
	Interest on deposits		$ 2,280	$ 2,560	$ 2,540	$ 2,205	$ 2,183
	Interest on other borrowings		1,256	1,334	1,514	1,138	1,206
		Total interest expense	3,536	3,894	4,054	3,343	3,389

Net interest income			38,832	41,006	39,132	35,264	34,484

Provision for loan losses			1,069	888	1,669	1,365	1,726

Net interest income after provision for loan losses			$ 37,763	$ 40,118	$ 37,463	$ 33,899	$ 32,758

Noninterest income
	Service charges on deposit accounts		$ 6,429	$ 6,522	$ 6,659	$ 5,847	$ 5,586
	Mortgage banking activity		8,083	6,476	7,498	6,944	5,068
	Other service charges, commissions and fees		668	643	690	662	652
	Gain(loss) on sale of securities		12	-	132	-	6
	Other non-interest income		2,383	2,721	2,922	2,366	1,442
		Total noninterest income	17,575	16,362	17,901	15,819	12,754

Noninterest expense
	Salaries and employee benefits		20,632	19,316	20,226	16,942	17,394
	Occupancy and equipment expenses		4,554	4,717	4,669	4,071	4,064
	Data processing and telecommunications expenses		4,260	4,229	3,928	3,940	3,454
	Credit resolution related expenses ⁽¹⁾		3,161	5,290	3,186	2,840	2,190
	Advertising and marketing expenses		641	847	594	718	710
	Amortization of intangible assets		630	662	698	437	533
	Merger and conversion charges		15	67	551	2,872	450
	Other non-interest expenses		6,934	6,605	4,727	5,498	4,444
		Total noninterest expense	40,827	41,733	38,579	37,318	33,239

Income before income taxes			$ 14,511	$ 14,747	$ 16,785	$ 12,400	$ 12,273

	Income tax expense		4,747	4,167	5,122	4,270	3,923

Net income			$ 9,764	$ 10,580	$ 11,663	$ 8,130	$ 8,350

Preferred stock dividends			-	-	-	-	286

Net income available to common shareholders			$ 9,764	$ 10,580	$ 11,663	$ 8,130	$ 8,064

Diluted earnings available to common shareholders			0.32	0.39	0.43	0.32	0.32

	(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
			Mar.	Dec.	Sept.	Jun.	Mar.
			2015	2014	2014	2014	2014

PERIOD-END BALANCE SHEET

Assets
	Cash and due from banks		$ 80,142	$ 78,036	$ 69,421	$ 80,986	$ 71,387
	Federal funds sold and interest bearing balances		126,157	92,323	40,165	44,800	48,677
	Investment securities available for sale, at fair value		610,330	541,805	529,509	535,630	456,713
	Other investments		8,636	10,275	12,687	10,971	9,322
	Mortgage loans held for sale		73,796	94,759	110,059	81,491	51,693

	Loans, net of unearned income		1,999,420	1,889,881	1,848,759	1,770,059	1,695,382
	Purchased, non-covered loans		643,092	674,239	673,724	702,131	437,269
	Covered loans		245,745	271,279	313,589	331,250	372,694
	Less allowance for loan losses		(21,852)	(21,157)	(22,212)	(22,254)	(22,744)
		Loans, net	2,866,405	2,814,242	2,813,860	2,781,186	2,482,601

	Other real estate owned		32,339	33,160	35,320	35,373	33,839
	Purchased, non-covered other real estate owned		13,818	15,585	13,660	16,598	3,864
	Covered other real estate owned		16,089	19,907	28,883	38,426	42,636
		Total other real estate owned	62,246	68,652	77,863	90,397	80,339

	Premises and equipment, net		98,292	97,251	98,752	99,495	87,430
	Goodwill		63,547	63,547	58,879	58,903	35,049
	Other intangibles, net		7,591	8,221	9,114	9,812	5,477
	FDIC loss sharing receivable		23,312	31,351	38,233	49,180	53,181
	Cash value of bank owned life insurance		59,212	58,867	58,217	57,864	49,738
	Other assets		73,238	77,748	82,649	72,420	56,377
		Total assets	$ 4,152,904	$ 4,037,077	$ 3,999,408	$ 3,973,135	$ 3,487,984

Liabilities
	Deposits:
		Noninterest-bearing	$ 967,015	$ 839,377	$ 816,517	$ 790,798	$ 698,866
		Interest-bearing	2,513,216	2,591,772	2,556,602	2,598,237	2,311,781
	Total deposits		3,480,231	3,431,149	3,373,119	3,389,035	3,010,647
	Federal funds purchased & securities sold under
		agreements to repurchase	55,520	73,310	32,351	51,109	49,974
	Other borrowings		43,851	78,881	147,409	100,293	59,677
	Other liabilities		17,952	22,384	27,615	24,457	12,028
	Subordinated deferrable interest debentures		65,567	65,325	65,084	64,842	55,628
		Total liabilities	3,663,121	3,671,049	3,645,578	3,629,736	3,187,954


Stockholders' equity
Preferred stock			$ -	$ -	$ -	$ -	$ -
Common stock			33,593	28,159	28,158	28,155	26,536
Capital surplus			335,578	225,015	224,142	222,550	190,513
Retained earnings			126,566	118,412	109,170	100,185	92,055
Accumulated other comprehensive income/(loss)			6,353	6,098	3,974	4,123	2,374
Less treasury stock			(12,307)	(11,656)	(11,614)	(11,614)	(11,448)
		Total stockholders' equity	489,783	366,028	353,830	343,399	300,030
		Total liabilities and stockholders' equity	$ 4,152,904	$ 4,037,077	$ 3,999,408	$ 3,973,135	$ 3,487,984


Other Data
Earning Assets			3,698,540	3,564,286	3,515,805	3,465,361	3,062,428
Intangible Assets			71,138	71,768	67,993	68,715	40,526
Interest Bearing Liabilities			2,678,154	2,809,288	2,801,446	2,814,481	2,477,060
Average Assets			4,079,750	4,011,128	3,969,893	3,494,466	3,521,588
Average Common Stockholders' Equity			452,132	362,659	350,733	309,696	290,462

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)


			Three Months Ended
			Mar.	Dec.	Sept.	Jun.	Mar.
			2015	2014	2014	2014	2014

ASSET QUALITY INFORMATION⁽¹⁾

Allowance for loan losses
	Balance at beginning of period		$ 21,157	$ 22,212	$ 22,254	$ 22,744	$ 22,377

	Provision for loan loss ⁽²⁾		1,100	650	1,573	997	1,501

		Charge-offs	855	2,071	1,975	1,973	1,606
		Recoveries	450	366	360	486	472
	Net charge-offs (recoveries)		405	1,705	1,615	1,487	1,134

	Ending balance		$ 21,852	$ 21,157	$ 22,212	$ 22,254	$ 22,744

	As a percentage of loans		1.09%	1.12%	1.20%	1.26%	1.34%
	As a percentage of nonperforming loans		104.85%	97.37%	97.38%	100.65%	85.09%


Net charge-off information
	Charge-offs
	Commercial, financial & agricultural		$ 392	$ 468	$ 191	$ 165	$ 743
	Real estate - residential		268	368	406	752	181
	Real estate - commercial & farmland		12	1,033	953	769	533
	Real estate - construction & development		97	74	296	157	65
	Consumer installment		86	128	129	130	84
		Total charge-offs	855	2,071	1,975	1,973	1,606

	Recoveries
	Commercial, financial & agricultural		285	91	47	134	49
	Real estate - residential		57	71	52	48	83
	Real estate - commercial & farmland		15	91	31	9	143
	Real estate - construction & development		31	49	96	96	108
	Consumer installment		62	64	134	199	89
		Total recoveries	450	366	360	486	472

	Net charge-offs (recoveries)		$ 405	$ 1,705	$ 1,615	$ 1,487	$ 1,134



Non-accrual loans (excluding purchased non-covered
and covered loans)			$ 20,841	$ 21,728	$ 22,810	$ 22,111	$ 26,729
Non-accrual purchased non-covered loans			17,308	18,249	17,007	15,770	15,318
Foreclosed assets (excluding purchased assets)			32,339	33,160	35,320	35,373	33,839
Purchased, non-covered other real estate owned			13,818	15,585	13,660	16,598	3,864
Accruing loans delinquent 90 days or more			-	1	-	-	-
Total non-performing assets, excluding covered assets			$ 84,306	$ 88,723	$ 88,797	$ 89,852	$ 79,750

Non-performing assets as a percent of total assets			2.03%	2.20%	2.22%	2.26%	2.29%
Net charge offs as a percent of loans (Annualized)			0.08%	0.36%	0.35%	0.34%	0.27%


(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 2014 and 2015, 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:
		Mar.	Dec.	Sept.	Jun.	Mar.
	Loans by Type	2015	2014	2014	2014	2014
	Commercial, financial & agricultural	$ 334,917	$ 319,654	$ 334,783	$ 304,588	$ 270,571
	Real estate - construction & development	178,568	161,507	154,315	149,346	149,543
	Real estate - commercial & farmland	947,274	907,524	882,160	850,000	836,230
	Real estate - residential	496,043	456,106	436,515	422,731	393,001
	Consumer installment	29,113	30,782	31,403	31,902	32,345
	Other	13,505	14,308	9,583	11,492	13,692
	Total Non-purchased	$ 1,999,420	$ 1,889,881	$ 1,848,759	$ 1,770,059	$ 1,695,382

	Commercial, financial & agricultural	$ 36,258	$ 38,041	$ 38,077	$ 41,583	$ 30,810
	Real estate - construction & development	53,668	58,362	60,262	64,084	31,820
	Real estate - commercial & farmland	291,760	306,706	296,790	311,748	174,281
	Real estate - residential	257,216	266,342	273,347	278,451	196,078
	Consumer installment	4,190	4,788	5,248	6,265	4,280
	Total Purchased non-covered (net of discounts)	$ 643,092	$ 674,239	$ 673,724	$ 702,131	$ 437,269

	Commercial, financial & agricultural	$ 20,905	$ 21,467	$ 22,545	$ 25,209	$ 24,813
	Real estate - construction & development	19,519	23,447	27,756	31,600	41,434
	Real estate - commercial & farmland	130,290	147,627	180,566	188,643	214,649
	Real estate - residential	74,847	78,520	82,445	85,518	91,372
	Consumer installment	184	218	277	280	426
	Total Covered (net of discounts)	$ 245,745	$ 271,279	$ 313,589	$ 331,250	$ 372,694

	Total Loan Portfolio:
	Commercial, financial & agricultural	$ 392,080	$ 379,162	$ 395,405	$ 371,380	$ 326,194
	Real estate - construction & development	251,755	243,316	242,333	245,030	222,797
	Real estate - commercial & farmland	1,369,324	1,361,857	1,359,516	1,350,391	1,225,160
	Real estate - residential	828,106	800,968	792,307	786,700	680,451
	Consumer installment	33,487	35,788	36,928	38,447	37,051
	Other	13,505	14,308	9,583	11,492	13,692
	Total Loans	$ 2,888,257	$ 2,835,399	$ 2,836,072	$ 2,803,440	$ 2,505,345



	Troubled Debt Restructurings, excluding purchased non-covered and covered loans:
	Accruing loan types:
	Commercial, financial & agricultural	$ 277	$ 290	$ 257	$ 257	$ 711
	Real estate - construction & development	789	679	1,917	2,080	1,953
	Real estate - commercial & farmland	7,309	6,477	7,080	7,590	8,733
	Real estate - residential	4,513	5,258	7,973	7,335	7,364
	Consumer installment	47	55	34	75	87
	Total Accruing TDRs	$ 12,935	$ 12,759	$ 17,261	$ 17,337	$ 18,848

	Non-accruing loan types:
	Commercial, financial & agricultural	$ 17	$ 13	$ 507	$ 465	$ 40
	Real estate - construction & development	90	228	196	32	29
	Real estate - commercial & farmland	64	724	1,672	2,151	1,316
	Real estate - residential	736	1,485	759	1,044	961
	Consumer installment	90	73	93	51	19
	Total Non-accrual TDRs	$ 997	$ 2,523	$ 3,227	$ 3,743	$ 2,365

	Total Troubled Debt Restructurings	$ 13,932	$ 15,282	$ 20,488	$ 21,080	$ 21,213



The following table presents the loan portfolio by risk grade, excluding purchased non-covered and covered loans:
	Grade 10 - Prime credit	$ 157,462	$ 128,577	$ 121,486	$ 110,842	$ 93,805
	Grade 15 - Good credit	205,929	217,804	222,714	226,652	243,963
	Grade 20 - Satisfactory credit	1,012,733	947,948	908,054	866,356	817,718
	Grade 23 - Performing, under-collateralized credit	28,643	29,205	28,826	28,429	31,056
	Grade 25 - Minimum acceptable credit	513,009	488,187	484,200	450,363	417,177
	Grade 30 - Other asset especially mentioned	25,461	25,983	31,750	33,360	38,240
	Grade 40 - Substandard	56,179	52,176	51,640	54,047	53,286
	Grade 50 - Doubtful	4	1	88	10	137
	Grade 60 - Loss	-	-	1	-	-
	Total	$ 1,999,420	$ 1,889,881	$ 1,848,759	$ 1,770,059	$ 1,695,382

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)


		Three Months Ended
		Mar.	Dec.	Sept.	Jun.	Mar.
		2015	2014	2014	2014	2014


AVERAGE BALANCES

	Federal funds sold	$ 5,500	$ 3,163	$ 500	$ 500	$ 7,455
	Interest bearing deposits in banks	158,286	69,772	63,355	50,850	99,751
	Investment securities - taxable	485,922	461,800	451,563	418,498	411,251
	Investment securities - nontaxable	71,229	72,072	74,176	49,631	51,092
	Other investments	9,450	9,804	8,209	6,629	12,330
	Mortgage loans held for sale	75,831	97,406	83,751	54,517	49,397
	Loans	1,911,601	1,871,618	1,795,059	1,706,564	1,639,672
	Purchased non-covered loans	650,331	659,472	688,452	433,249	441,138
	Covered loans	262,693	299,981	324,498	354,766	379,460
	Total Earning Assets	$ 3,630,843	$ 3,545,088	$ 3,489,563	3,075,204	3,091,546

	Noninterest bearing deposits	$ 897,937	$ 850,879	$ 807,416	$ 680,058	$ 666,493
	NOW accounts	756,795	786,511	743,352	691,353	675,199
	MMDA	857,346	840,397	861,197	770,047	749,150
	Savings accounts	163,624	156,663	155,559	145,528	143,109
	Retail CDs < $100,000	372,463	386,844	439,150	356,483	373,523
	Retail CDs > $100,000	383,962	401,934	370,166	360,703	361,861
	Brokered CDs	-	4,023	5,970	5,970	5,970
	Total Deposits	3,432,127	3,427,251	3,382,810	3,010,142	2,975,305

	FHLB advances	16,778	35,815	55,435	28,626	68,333
	Other borrowings	43,871	46,508	47,346	35,280	30,004
	Subordinated debentures	65,436	65,195	64,953	55,789	55,092
	Federal funds purchased and securities sold
	under agreements to repurchase	52,707	47,247	44,316	40,008	57,112
	Total Non-Deposit Funding	178,792	194,765	212,050	159,703	210,541

	Total Funding	$ 3,610,919	$ 3,622,016	$ 3,594,860	$ 3,169,845	$ 3,185,846

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)

			Three Months Ended
			Mar.	Dec.	Sept.	Jun.	Mar.
			2015	2014	2014	2014	2014

INTEREST INCOME/EXPENSE

	INTEREST INCOME
		Federal funds sold	$ 4	$ 2	$ -	$ -	$ 5
		Interest bearing deposits in banks	124	66	47	45	79
		Investment securities - taxable	3,153	3,114	3,034	2,953	2,985
		Investment securities - nontaxable (TE)	633	652	670	421	452
		Mortgage loans held for sale	692	947	787	457	403
		Loans (TE)	22,418	23,294	21,790	21,996	20,647
		Purchased non-covered loans	11,840	12,612	12,610	7,933	6,865
		Covered loans	3,995	4,704	4,726	5,164	6,761
		Total Earning Assets	$ 42,859	$ 45,391	$ 43,663	$ 38,969	$ 38,197

	INTEREST EXPENSE
		Non-interest bearing deposits	$ -	$ -	$ -	$ -	$ -
		NOW accounts	376	414	324	291	288
		MMDA	663	768	783	722	681
		Savings accounts	37	45	42	40	37
		Retail CDs < $100,000	513	553	596	478	489
		Retail CDs > $100,000	691	746	749	626	640
		Brokered CDs	-	34	47	48	48
		Total Deposits	2,280	2,560	2,541	2,205	2,183

		FHLB advances	15	26	51	26	37
		Other borrowings	366	379	558	415	408
		Subordinated debentures	832	887	866	666	708
		Federal funds purchased and securities sold
		under agreements to repurchase	43	41	39	31	53
		Total Non-Deposit Funding	1,256	1,333	1,514	1,138	1,206

		Total Funding	$ 3,536	$ 3,893	$ 4,055	$ 3,343	$ 3,389

		Net Interest Income (TE)	$ 39,323	$ 41,498	$ 39,608	$ 35,626	$ 34,808

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)


		Three Months Ended
		Mar.	Dec.	Sept.	Jun.	Mar.
		2015	2014	2014	2014	2014
YIELDS (1)

	Federal funds sold	0.29%	0.25%	0.00%	0.00%	0.27%
	Interest bearing deposits in banks	0.32%	0.38%	0.29%	0.35%	0.32%
	Investment securities - taxable	2.63%	2.68%	2.67%	2.83%	2.94%
	Investment securities - nontaxable	3.60%	3.59%	3.58%	3.40%	3.59%
	Mortgage loans held for sale	3.70%	3.86%	3.73%	3.36%	3.31%
	Loans	4.76%	4.94%	4.82%	5.17%	5.11%
	Purchased non-covered loans	7.38%	7.59%	7.27%	7.34%	6.31%
	Covered loans	6.17%	6.22%	5.78%	5.84%	7.23%
	Total Earning Assets	4.79%	5.08%	4.96%	5.08%	5.01%

	Noninterest bearing deposits	0.00%	0.00%	0.00%	0.00%	0.00%
	NOW accounts	0.20%	0.21%	0.17%	0.17%	0.17%
	MMDA	0.31%	0.36%	0.36%	0.38%	0.37%
	Savings accounts	0.09%	0.11%	0.11%	0.11%	0.10%
	Retail CDs < $100,000	0.56%	0.57%	0.54%	0.54%	0.53%
	Retail CDs > $100,000	0.73%	0.74%	0.80%	0.70%	0.72%
	Brokered CDs	0.00%	3.35%	3.12%	3.22%	3.26%
	Total Deposits	0.27%	0.30%	0.30%	0.29%	0.30%

	FHLB advances	0.36%	0.29%	0.36%	0.36%	0.22%
	Other borrowings	3.38%	3.23%	4.68%	4.72%	5.51%
	Subordinated debentures	5.16%	5.40%	5.29%	4.79%	5.21%
	Federal funds purchased and securities sold
	under agreements to repurchase	0.33%	0.34%	0.35%	0.31%	0.38%
	Total Non-Deposit Funding	2.85%	2.72%	2.83%	2.86%	2.32%

	Total funding (3)	0.40%	0.43%	0.45%	0.42%	0.43%

	Net interest spread	4.39%	4.65%	4.52%	4.66%	4.58%

	Net interest margin	4.39%	4.64%	4.50%	4.65%	4.57%



(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
		Mar.	Dec.	Sept.	Jun.	Mar.
	Net Operating Income Reconciliation	2015	2014	2014	2014	2014

	Net income available to common shareholders	$ 9,764	$ 10,580	$ 11,663	$ 8,130	$ 8,064

	Conversion charges	15	67	551	2,872	450
	Tax effect of conversion charges	(5)	(23)	(193)	(1,005)	(158)
	Plus: After tax conversion charges	10	44	358	1,867	293

	Net operating income	9,774	10,624	12,021	9,997	8,357


		Three Months Ended
		Mar.	Dec.	Sept.	Jun.	Mar.
	Net Interest Margin and Yields on Total Loans	2015	2014	2014	2014	2014
	Excluding Accretion Reconciliation

	Total Interest Income (TE)	$ 42,859	$ 45,391	$ 43,663	$ 38,969	$ 38,197
	Accretion Income	3,097	4,280	2,964	2,572	2,727
	Total Interest Income (TE) Excluding Accretion	$ 39,762	$ 41,111	$ 40,699	$ 36,397	$ 35,470

	Yield on Total Loans Excluding Accretion	5.01%	5.05%	5.07%	5.19%	5.16%

	Net Interest Margin Excluding Accretion	4.05%	4.17%	4.17%	4.31%	4.21%


		Three Months Ended
		Mar.	Dec.	Sept.	Jun.	Mar.
	Core Earnings Reconciliation	2015	2014	2014	2014	2014

	Pre-tax operating profit	$ 14,511	$ 14,747	$ 16,785	$ 12,400	$ 12,273
	Plus: Credit Related Costs
	Provision for loan losses	1,069	888	1,669	1,365	1,726
	(Gains)/Losses on the sale of legacy OREO	110	(228)	(3)	283	(55)
	Gains/(Losses) on the sale of covered OREO	20	344	(184)	249	118
	Problem loan and OREO expense	3,031	5,175	3,373	2,309	2,127
	Interest reversed (received) on non-accrual loans	156	(6)	94	71	246
	Total Credit-Related Costs	4,386	6,173	4,949	4,277	4,162

	Plus: Conversion charges	15	67	551	2,872	450
	Less: Non-recurring gains
	Gains on sales of securities	(12)	-	(132)	-	(6)
	Gains on sales of bank premises	-	-	(616)	-	-
	Other non-recurring adjustments	-	188	-	(870)	-

	Pretax, Pre-provision earnings	$ 18,900	$ 21,175	$ 21,537	$ 18,679	$ 16,879

	As percentage of average assets, annualized	1.88%	2.09%	2.15%	2.14%	1.94%


		Three Months Ended
		Mar.	Dec.	Sept.	Jun.	Mar.
	Recurring Operating Expenses	2015	2014	2014	2014	2014

	Total Operating Expenses	40,827	41,733	38,579	37,318	33,239
	Less: Credit costs & non-recurring charges
	Gains/(Losses) on the sale of legacy OREO	(110)	228	3	(283)	55
	Gains/(Losses) on the sale of covered OREO	(20)	(344)	184	(249)	(118)
	Problem loan and OREO expense	(3,031)	(5,175)	(3,373)	(2,309)	(2,127)
	Severance payments	-	(188)	-	-	-
	Conversion expenses	(15)	(67)	(551)	(2,872)	(450)
	Gains/(Losses) on the sale of premises	-	-	616	-	-

	Recurring operating expenses	$ 37,651	$ 36,187	$ 35,458	$ 31,605	$ 30,599

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)


		Three Months Ended
		Mar.	Dec.	Sept.	Jun.	Mar.
	Segment Reporting	2015	2014	2014	2014	2014

	Banking Division:
	Net interest income	$ 35,839	$ 38,045	$ 36,142	$ 33,345	$ 32,928
	Provision for loan losses	927	737	994	1,365	1,726
	Noninterest income	8,780	8,595	8,932	7,449	7,361
	Noninterest expense:
	Salaries and employee benefits	15,362	14,196	14,819	12,509	13,577
	Occupancy	4,144	4,319	4,277	3,752	3,749
	Data Processing	4,011	3,901	3,619	3,590	3,326
	Other expenses	10,356	12,320	8,722	10,753	7,380
	Total noninterest expense	33,873	34,736	31,437	30,604	28,032
	Income before income taxes	9,819	11,167	12,643	8,825	10,531
	Income Tax	3,105	2,914	3,672	3,019	3,313
	Net income	6,714	8,253	8,971	5,806	7,218
	Preferred stock dividends	-	-	-	-	286
	Net income available to common shareholders	$ 6,714	$ 8,253	$ 8,971	$ 5,806	$ 6,932


	Mortgage Division:
	Net interest income	$ 2,380	$ 2,574	$ 2,347	$ 1,339	$ 1,100
	Provision for loan losses	142	151	675	-	-
	Noninterest income	7,883	6,313	7,135	7,002	5,164
	Noninterest expense:
	Salaries and employee benefits	4,654	4,259	4,409	3,937	3,568
	Occupancy	382	373	368	300	302
	Data Processing	245	326	306	343	122
	Other expenses	968	999	869	1,312	815
	Total noninterest expense	6,249	5,957	5,952	5,892	4,807
	Income before income taxes	3,872	2,779	2,855	2,449	1,457
	Income Tax	1,355	973	999	857	510
	Net income	2,517	1,806	1,856	1,592	947
	Preferred stock dividends	-	-	-	-	-
	Net income available to common shareholders	$ 2,517	$ 1,806	$ 1,856	$ 1,592	$ 947


	SBA Division:
	Net interest income	$ 613	$ 387	$ 643	$ 580	$ 456
	Provision for loan losses	-	-	-	-	-
	Noninterest income	912	1,454	1,834	1,368	229
	Noninterest expense:
	Salaries and employee benefits	616	861	998	496	249
	Occupancy	28	25	24	19	13
	Data Processing	4	2	3	7	6
	Other expenses	57	152	165	300	132
	Total noninterest expense	705	1,040	1,190	822	400
	Income before income taxes	820	801	1,287	1,126	285
	Income Tax	287	280	450	394	100
	Net income	533	521	837	732	185
	Preferred stock dividends	-	-	-	-	-
	Net income available to common shareholders	$ 533	$ 521	$ 837	$ 732	$ 185


	Total Consolidated:
	Net interest income	$ 38,832	$ 41,006	$ 39,132	$ 35,264	$ 34,484
	Provision for loan losses	1,069	888	1,669	1,365	1,726
	Noninterest income	17,575	16,362	17,901	15,819	12,754
	Noninterest expense:
	Salaries and employee benefits	20,632	19,316	20,226	16,942	17,394
	Occupancy	4,554	4,717	4,669	4,071	4,064
	Data Processing	4,260	4,229	3,928	3,940	3,454
	Other expenses	11,381	13,471	9,756	12,365	8,327
	Total noninterest expense	40,827	41,733	38,579	37,318	33,239
	Income before income taxes	14,511	14,747	16,785	12,400	12,273
	Income Tax	4,747	4,167	5,122	4,270	3,923
	Net income	9,764	10,580	11,663	8,130	8,350
	Preferred stock dividends	-	-	-	-	286
	Net income available to common shareholders	$ 9,764	$ 10,580	$ 11,663	$ 8,130	$ 8,064