MOULTRIE, Ga., Jan. 28 /PRNewswire-FirstCall/ -- AMERIS BANCORP (NASDAQ-GS: ABCB) today reported results for 2009, including the following highlights:
- Tangible book value and tangible common equity as a percentage of tangible assets increased during 2009 due to operating activities and FDIC-assisted transactions.
- Higher levels of net interest income were achieved in 2009 than in 2008.
- Non-CD deposits increased to 61% of total deposits at the end of 2009, up from 46% in 2008.
- Net income available to common shareholders was affected by $54.8 million goodwill impairment recorded in the fourth quarter of 2009.
Earnings Summary
Excluding a non-cash charge for goodwill impairment that did not affect the Company's tangible equity or liquidity, the Company reported net income available to common shareholders of $10.4 million, or $0.76 per diluted share, for the year ended December 31, 2009 compared to a net loss of $4.2 million, or $0.31 per diluted share, for 2008. On the same basis, the Company's net income available to common shareholders for the fourth quarter of 2009 totaled $15.8 million, or $1.15 per diluted share, compared to a net loss available to common shareholders of $10.7 million, or $0.78 per diluted share, for the same period in 2008. The Company's results were partially driven by gains recorded on FDIC-assisted transactions totaling approximately $25.1 million after tax.
During the fourth quarter of 2009, the Company recorded a non-cash charge for goodwill impairment totaling $54.8 million. Including the effects of this charge, the Company's net loss available to common shareholders during 2009 was $44.4 million, or $3.23 per diluted share. On the same basis, the Company's net loss available to common shareholders totaled $39.0 million, or $2.83 per common share, for the fourth quarter of 2009.
Capital Levels – Improved Capital Levels without Shareholder Dilution
The Company strengthened capital levels with tangible book value increasing for the fifth consecutive year, as shown seen below, despite the recent economic challenges. In addition to strong consolidated capital ratios, regulatory capital of Ameris Bank was higher at December 31, 2009 than at any other time during the past five years. Significantly, improvements in capital ratios have been accomplished without issuing additional shares of Ameris Bancorp common stock and without shareholder dilution.
As of December 31,
(dollars in thousands)
Consolidated: 2009 2008 2007 2006 2005
Tangible Common
Equity (TCE) $141,367 $131,887 $131,634 $118,268 $98,987
TCE /Tangible
Common Assets 5.84% 5.62% 6.41% 5.95% 6.01%
Tangible Book Value $10.22 $9.74 $9.67 $8.73 $7.64
Ameris Bank
Tier 1 Leverage
Capital 9.52% 7.25% 8.47% 8.64% 9.09%
Total Risk Based
Capital 14.34% 10.41% 11.68% 11.94% 12.14%
Improvement in Pre-tax, Pre-Credit Net Income
The Company continues to increase its core earnings (pre-tax, pre-credit) through various income and expense initiatives. Pre-tax, pre-credit income increased during the current quarter to $9.6 million, compared to $9.4 million in the third quarter of 2009 and $4.7 million in the fourth quarter of 2008. For the year to date period ended December 31, 2009, the Company's pre-tax, pre-credit income totaled $33.8 million, an increase of $2.1 million, or 6.6%, when compared to 2008. Edwin W. Hortman, Jr., President and CEO, commented on the Company's trends in core earnings saying, "Although our current run rate suggests that 2010's core earnings will continue to improve, we have developed and begun implementing "Project 2010". This new project covers numerous initiatives with the goal of improving our pre-tax, pre-credit income by approximately $7.5 million in 2010. These improvements are anticipated to further strengthen our capital base as we manage through the current economic environment. I am proud of our Company and the pace at which our employees have embraced the changes necessary to be successful in this initiative."
Balance Sheet Trends
During 2009, the Company saw several significant trends in earning assets and in its funding mix. With regard to earning assets, short-term assets (federal funds sold and interest bearing deposits) averaged $151.3 million during 2009 compared to $49.3 million in 2008. Traditionally, the Company's year-end balance sheet contains approximately $100 million of excess deposits from municipalities and businesses. Expected declines in these balances will reduce the Company's position in short-term assets and further improve capital ratios. Loans increased during 2009 to $1.71 billion from $1.70 billion at the end of 2008. The increase was the result of the loans acquired in the FDIC-assisted transactions during the fourth quarter of 2009 which amounted to $129.3 million at December 31, 2009. Investment securities decreased substantially during 2009, from $367.9 million at the end of 2008 to $247.3 million at the end of 2009 because management has not invested material amounts of short-term assets in the current interest rate environment.
The Company's funding mix improved dramatically during 2009, leading to significant savings in cost of funds. At December 31, 2009, demand deposits (interest-bearing and non-interest bearing) amounted to $1.2 billion and comprised 55.8% of total deposits compared to $878 million, or 43.6% of total deposits, at December 31, 2008. During the same time, the Company's time deposits fell to $877 million, or 41.4% of total deposits, compared to $1.1 billion, or 56.4% of total deposits, at the end of 2008. Aggressive efforts marketing the Company's treasury management platform as well as retail deposit sales efforts were successful, particularly in the fourth quarter of 2009. Mr. Hortman commented on the Company's momentum with regard to core deposits saying, "The current economy has limited our outlook for loan growth, but the opportunities to grow our core deposits with individuals and small to medium size businesses have grown exponentially. I expect our Company to benefit significantly in 2010 and beyond from the expertise we have developed on business deposit sales in 2009."
Net Interest Income
In 2009, the Company reported $74.0 million in net interest income, a modest increase of $1.3 million, or 1.9%, from levels reported in 2008. Declines in interest income and yields on earning assets were offset by savings on interest expense realized from substantial improvements in the Company's funding mix.
Yields on earning assets declined to 5.43% in 2009 compared to 6.43% in 2008. Declines in loan yields and the Company's concentration in low-yielding short-term assets accounted for the majority of the declines. Loan yields in 2009 were 6.03% compared to 6.85% in 2008. The concentration in short-term assets during 2009 amounted to 7.1% of earning assets, compared to 2.4% in 2008. The average yield on this higher level of liquidity in 2009 was 0.20%, a decline from 1.06% in 2008. The Company expects to begin managing toward incrementally lower levels of liquidity early in 2010.
Provision for Loan Losses and Credit Quality
Credit quality continues to be managed aggressively with significant impacts on the Company's overall profitability. During 2009, the Company reduced exposure in C&D and CRE concentrations considerably with yearend C&D and total CRE concentrations of 97% and 247%, respectively, as a percentage of bank capital. This compares to 183% and 343% at December 31, 2008. "I'm encouraged with our progress reducing concentrations in problem areas, but there remains much work to be done on non-performing assets," said Mr. Hortman. Non-performing assets at December 31, 2009 were 6.73%, up from 6.32% at the end of the third quarter of 2009 and from 4.13% at December 31, 2008. "We believe that our level of investment in non-performing assets relative to current appraisals will allow us to move these assets quickly once activity and interest rebounds," continued Mr. Hortman.
Non-interest Income
During the fourth quarter, the Company participated in two FDIC-assisted transactions in the metro-Atlanta area. The Company has recorded gains on these transactions totaling $25.1 million after tax. Excluding these gains and gain on the sales of investments, the Company's non-interest income during 2009 decreased slightly to $18.9 million. The decline was driven by a decrease in service charges totaling $323,000, or 2.3%, as well as a decline in mortgage fees of $130,000, or 4.1%. The Company's efforts to increase service charges in 2009 focused on the acquisition of new accounts as opposed to higher fees per account.
Lower Core Operating Expenses
During 2009, the Company recorded $124.8 million of operating expenses, including a non-cash charge of $54.8 million for impairment of the Company's goodwill. Excluding the charge for goodwill impairment, the Company's operating expenses reflect an increase of $7.2 million, or 11.5%, when compared to 2008 levels. This increase in operating expenses is attributable to increases in FDIC insurance premiums of $2.5 million over 2008 levels and increases in OREO and problem loan expenses totaling $6.6 million over 2008 levels. Excluding these expenses, the Company's operating expenses declined 3.0% when compared to 2008 amounts. Mr. Hortman stated, "We have reduced our monthly run rate on core operating expenses, but I believe we can do more. Success in our "Project 2010" initiative will provide meaningful savings in current operating expenses and allow us to continue increasing our core earnings, an important statement about our Company's resolve to protect our capital ratios and to add shareholder value."
Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter, had 53 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. Tangible common equity and Tier 1 capital ratios are non-GAAP measures. The Company calculates the Tier 1 capital using current call report instructions. The Company's management uses these measures to assess the quality of capital and believes that investors may find them useful in their evaluation of the Company. These capital measures may or may not be necessarily comparable to similar capital 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
------------------
Dec. Sept. June Mar. Dec.
2009 2009 2009 2009 2008
---- ---- ---- ---- ----
EARNINGS
Net Income/
(Loss)
excluding
Goodwill
Impairment(1) 15,815 (791) (3,359) (1,225) (10,725)
Net Income/
(Loss)
Available
to Common
Shareholders$(38,998) $(791) $(3,359) $(1,225) $(10,725)
PER COMMON
SHARE DATA
Earnings
per share
available
to common
shareholders:
Basic $(2.83) $(0.06) $(0.24) $(0.09) $(0.78)
Diluted $(2.83) $(0.06) $(0.24) $(0.09) $(0.78)
Cash
Dividends
per share $- $- $0.05 $0.05 $0.05
Stock
dividend 1 for 130 1 for 130 - - -
Book value
per share
(period
end) $10.52 $13.52 $13.33 $13.69 $13.85
Tangible
book value
per share
(period
end) $10.22 $9.25 $9.12 $9.46 $9.60
Weighted
average
number of
shares:
Basic 13,761,824 13,734,740 13,732,682 13,736,352 13,721,360
Diluted 13,761,824 13,734,740 13,732,682 13,736,352 13,721,360
Period-
end
number
of shares 13,829,674 13,789,356 13,790,924 13,793,897 13,743,626
Market data:
High
closing
price $7.25 $7.47 $8.09 $11.73 $14.21
Low
closing
price $5.13 $5.93 $5.29 $3.66 $7.19
Period end
closing
price $7.16 $7.15 $6.32 $4.71 $11.85
Average
daily
volume 38,583 30,407 28,778 31,931 31,527
PERFORMANCE RATIOS
Return on
average
assets(1)(2) (1.44%) (0.02%) (0.47%) (0.11%) (1.76%)
Return on
average
common
equity(1)(2) (16.58%) (0.27%) (5.73%) (1.35%) (21.43%)
Earning
asset
yield (TE) 5.06% 5.42% 5.61% 5.57% 5.61%
Total
cost
of funds 1.51% 1.83% 2.08% 2.45% 2.73%
Net interest
margin (TE) 3.59% 3.65% 3.60% 3.21% 2.96%
Non-interest
income
excluding
securities
transactions,
as a percent
of total
revenue(TE) 7.10% 13.89% 13.26% 12.02% 11.62%
Efficiency
ratio(1)(2) 85.10% 65.83% 76.63% 70.01% 80.67%
CAPITAL ADEQUACY
(period end)
Stockholders'
equity
to assets 8.04% 10.56% 10.20% 10.14% 9.94%
Tangible
common
equity to
tangible
assets 5.84% 5.84% 5.65% 5.71% 5.62%
OTHER PERIOD-END
DATA
FTE Headcount 615 595 589 597 595
Asset per FTE $3,941 $3,710 $3,880 $3,930 $4,046
Branch
locations 53 50 50 48 50
Deposits per
branch
location $40,059 $37,751 $39,527 $42,264 $40,271
Twelve Months Ended
-------------------
Dec. Dec.
2009 2008
---- ----
EARNINGS
Net Income/(Loss)
excluding Goodwill
Impairment(1) 10,441 (4,244)
Net Income/(Loss)
Available to Common
Shareholders $(44,372) $(4,244)
PER COMMON SHARE DATA
Earnings per share
available to common
shareholders:
Basic $(3.23) $(0.31)
Diluted $(3.23) $(0.31)
Cash Dividends per share $- 0.38
Stock dividend 2 for 130 -
Book value per share
(period end) $10.52 13.85
Tangible book value per
share (period end) $10.22 9.60
Weighted average number
of shares:
Basic 13,741,399 13,722,844
Diluted 13,741,399 13,722,844
Period-end number of
shares 13,829,674 13,743,626
Market data:
High closing price $11.73 $16.55
Low closing price $3.66 $7.19
Period end closing price $7.16 $11.85
Average daily volume 32,228 49,736
PERFORMANCE RATIOS
Return on average assets
(1) (2) (0.52%) (0.18%)
Return on average common
equity (1) (2) (6.25%) (2.05%)
Earning asset yield (TE) 5.43% 6.43%
Total cost of funds 1.97% 2.82%
Net interest margin (TE) 3.52% 3.65%
Non-interest income
excluding securities
transactions,
as a percent of total
revenue (TE) 10.89% 12.60%
Efficiency ratio (1) (2) 74.61% 68.34%
CAPITAL ADEQUACY (period end)
Stockholders' equity to
assets 8.04% 7.91%
Tangible common equity to
tangible assets 5.84% 5.62%
OTHER PERIOD-END DATA
FTE Headcount 615 595
Assets per FTE $3,941 $4,046
Branch locations 53 50
Deposits per branch
location $40,059 $40,271
(1) Excludes the non-recurring, non-cash goodwill impairment charge of
$54.8 million in the fourth quarter of 2009.
(2) Excludes acquisition gains associated with FDIC-assisted transactions
totaling $38.6 million in the fourth quarter of 2009.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Dec. Sept. June Mar. Dec.
2009 2009 2009 2009 2008
---- ---- ---- ---- ----
INCOME STATEMENT
Interest income
Interest and fees on
loans $24,864 $24,888 $25,829 $25,727 $26,582
Interest on taxable
securities 2,570 2,725 2,906 3,657 3,677
Interest on nontaxable
securities 319 329 255 167 171
Interest on deposits
in other banks 60 68 109 25 123
Interest on federal
funds sold 18 12 1 41 5
--- --- --- --- ---
Total interest income 27,831 28,022 29,100 29,617 30,558
------ ------ ------ ------ ------
Interest expense
Interest on deposits $7,637 $8,684 $10,030 $12,155 $13,769
Interest on other
borrowings 493 526 531 494 817
--- --- --- --- ---
Total interest expense 8,130 9,210 10,561 12,649 14,586
----- ----- ------ ------ ------
Net interest income 19,701 18,812 18,539 16,968 15,972
Provision for loan
losses 16,468 8,298 9,390 7,912 19,890
------ ----- ----- ----- ------
Net interest income/
(loss) after provision for
loan losses $3,233 $10,514 $9,149 $9,056 $(3,918)
------ ------- ------ ------ -------
Noninterest income
Service charges on
deposit accounts $3,654 $3,510 $3,393 $3,035 $3,279
Mortgage banking
activity 718 692 877 763 711
Other service charges,
commissions and fees 259 131 77 63 90
Gain(loss) on sale of
securities 77 (20) 101 713 316
Gains from acquisitions 38,566 - - - -
Other non-interest
income 465 208 148 922 (3)
--- --- --- --- ---
Total noninterest
income 43,739 4,521 4,596 5,496 4,393
------ ----- ----- ----- -----
Noninterest expense
Salaries and employee
benefits 8,616 7,431 7,899 7,991 7,309
Occupancy and equipment
expenses 2,417 2,114 2,224 2,158 2,070
Amortization of
intangible assets 205 146 147 146 291
Data processing and
telecommunications
expenses 1,801 1,746 1,704 1,627 1,600
Business restructuring - - - - -
Advertising and
marketing expenses 336 301 439 574 739
Goodwill impairment 54,813 - - - -
Other non-interest
expenses 7,794 3,622 5,316 3,231 4,419
----- ----- ----- ----- -----
Total noninterest
expense 75,982 15,360 17,729 15,727 16,428
------ ------ ------ ------ ------
Operating profit/(loss) $(29,010) $(325) $(3,984) $(1,175) $(15,953)
Income tax
(benefit)/expense 9,323 (198) (1,290) (539) (5,556)
----- ---- ------ ---- ------
Net income/(loss) $(38,333) $(127) $(2,694) $(636) $(10,397)
======== ===== ======= ===== ========
Preferred stock
dividends 665 664 665 589 328
--- --- --- --- ---
Net income/(loss)
available to
common shareholders $(38,998) $(791) $(3,359) $(1,225) $(10,725)
======== ===== ======= ======= ========
Diluted earnings
available to (2.83) (0.06) (0.24) (0.09) (0.78)
common shareholders ===== ===== ===== ===== =====
Twelve Months Ended
-------------------
Dec. Dec.
2009 2008
---- ----
INCOME STATEMENT
Interest income
Interest and fees on
loans $101,310 $113,335
Interest on taxable
securities 11,858 14,469
Interest on nontaxable
securities 1,070 685
Interest on deposits
in other banks 262 514
Interest on federal
funds sold 72 5
--- ---
Total interest income 114,572 129,008
------- -------
Interest expense
Interest on deposits 38,506 51,942
Interest on other
borrowings 2,044 4,401
----- -----
Total interest expense 40,550 56,343
------ ------
Net interest income 74,022 72,665
Provision for loan losses 42,068 35,030
------ ------
Net interest income/
(loss) after provision for
loan losses $31,954 37,635
------- ------
Noninterest income
Service charges on
deposit accounts 13,593 13,916
Mortgage banking
activity 3,050 3,180
Other service charges,
commissions and fees 530 708
Gain(loss) on sale of
securities 871 316
Gains from acquisitions 38,566 -
Other non-interest
income 1,743 1,029
----- -----
Total noninterest
income 58,353 19,149
------ ------
Noninterest expense
Salaries and employee
benefits 31,939 31,700
Occupancy and equipment
expenses 8,913 8,069
Amortization of
intangible assets 644 1,170
Data processing and
telecommunications
expenses 6,878 6,457
Business restructuring - -
Advertising and
marketing expenses 1,650 3,083
Goodwill impairment 54,813 -
Other non-interest
expenses 19,963 12,274
------ ------
Total noninterest
expense 124,800 62,753
------- ------
Operating profit/(loss) $(34,493) (5,969)
Income tax
(benefit)/expense 7,296 (2,053)
----- ------
Net income/(loss) $(41,789) $(3,916)
======== =======
Preferred stock
dividends 2,583 328
----- ---
Net income/(loss)
available to
common shareholders $(44,372) $(4,244)
======== =======
Diluted earnings
available to
common shareholders (3.23) (0.31)
===== =====
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------------------------------------------
Dec. Sept. June Mar. Dec.
2009 2009 2009 2009 2008
---- ---- ---- ---- ----
PERIOD-END
BALANCE SHEET
Assets
Cash and due
from banks $81,060 $43,761 $46,773 $54,758 $66,787
Federal funds
sold and
interest
bearing
balances 220,363 114,335 163,343 137,770 144,383
Investment
securities
available
for sale,
at fair
value 247,344 251,189 257,771 344,032 367,894
Other
investments 5,472 4,441 4,441 3,914 6,839
Loans, net
of unearned
income 1,584,359 1,652,689 1,677,045 1,672,923 1,695,777
Less allowance
for loan
losses 35,762 41,946 44,998 42,417 39,652
------ ------ ------ ------ ------
Loans,
net 1,548,597 1,610,743 1,632,047 1,630,506 1,656,125
Covered
loans 129,296 - - - -
------- --- --- --- ---
Total
loans 1,677,893 1,610,743 1,632,047 1,630,506 1,656,125
Other real
estate
owned 21,551 21,923 19,180 14,271 4,742
Covered
other real
estate
owned 12,807 - - - -
------ --- --- --- ---
Total
other real
estate
owned 34,358 21,923 19,180 14,271 4,742
Premises and
equipment,
net 67,637 67,641 67,334 65,152 66,107
Intangible
assets, net 4,053 3,193 3,339 3,485 3,631
Goodwill - 54,813 54,813 54,813 54,813
FDIC loss
sharing
receivable 49,069 - - - -
Other assets 36,721 35,436 36,204 37,577 35,769
------ ------ ------ ------ ------
Total
assets $2,423,970 $2,207,475 $2,285,245 $2,346,278 $2,407,090
========== ========== ========== ========== ==========
Liabilities
Deposits:
Noninterest
-bearing $236,962 $205,699 $210,456 $207,686 $208,532
Interest
-bearing 1,886,154 1,681,830 1,765,915 1,820,998 1,804,993
--------- --------- --------- --------- ---------
Total
deposits 2,123,116 1,887,529 1,976,371 2,028,684 2,013,525
Federal funds
purchased &
securities
sold under
agreements to
repurchase 55,254 30,393 16,484 18,295 27,416
Other
borrowings 2,000 7,000 7,000 7,000 72,000
Other
liabilities 6,359 7,268 9,967 12,046 12,521
Subordinated
deferrable
interest
debentures 42,269 42,269 42,269 42,269 42,269
------ ------ ------ ------ ------
Total
liabil-
ities 2,228,998 1,974,459 2,052,091 2,108,294 2,167,731
--------- --------- --------- --------- ---------
Stockholders'
equity
Preferred
stock $49,552 $49,411 $49,279 $49,140 $49,028
Common
stock 15,058 15,018 15,018 15,018 14,968
Capital
surplus 87,220 86,432 86,286 86,141 86,038
Retained
earnings 46,714 86,425 87,348 91,516 93,594
Accumulated
other
comprehensive
income/(loss) 7,240 6,542 6,033 6,956 6,518
Less treasury
stock (10,812) (10,812) (10,810) (10,787) (10,787)
------- ------- ------- ------- -------
Total
stockholders'
equity 194,972 233,016 233,154 237,984 239,359
------- ------- ------- ------- -------
Total
liabil-
ities
and
stockholders'
equity $2,423,970 $2,207,475 $2,285,245 $2,346,278 $2,407,090
========== ========== ========== ========== ==========
Other Data
Earning
Assets 2,188,622 2,024,442 2,099,947 2,156,513 2,209,842
Intangible
Assets 4,053 58,006 58,152 58,298 58,444
Interest
Bearing
Liabil-
ities 1,985,677 1,761,492 1,831,668 1,888,562 1,946,678
Average
Assets 2,361,508 2,244,527 2,285,190 2,346,958 2,354,142
Average Common
Stockholders'
Equity 205,500 186,858 188,442 190,395 192,479
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
----------------------------------------
Dec. Sept. June Mar. Dec.
2009 2009 2009 2009 2008
---- ---- ---- ---- ----
ASSET QUALITY
INFORMATION (1) (2)
Allowance for loan losses
Balance at beginning
of period $41,946 $44,998 $42,417 $39,652 $30,144
Acquired Reserves - - - - -
Provision for loan
loss 16,468 8,298 9,390 7,912 19,890
Charge-offs 22,515 11,993 7,102 5,521 10,648
Recoveries (137) 643 293 374 266
---- --- --- --- ---
Net charge-offs
(recoveries) 22,652 11,350 6,809 5,147 10,382
Ending balance $35,762 $41,946 $44,998 $42,417 $39,652
======= ======= ======= ======= =======
As a percentage of
loans 2.26% 2.54% 2.68% 2.54% 2.34%
As a percentage of
nonperforming loans 37.20% 49.99% 65.35% 66.37% 60.62%
As a percentage of
nonperforming assets 30.39% 39.63% 51.11% 54.25% 56.52%
Net charge-off
information
Charge-offs
Commercial, Financial
and Agricultural $1,831 $601 $815 $1,389 $1,090
Real Estate -
Residential 3,911 3,846 1,364 1,738 1,951
Real Estate -
Commercial and
Farmland 4,571 482 902 277 1,288
Real Estate -
Construction and
Development 11,831 6,871 3,731 1,930 5,932
Consumer Installment 371 193 290 187 387
Other - - - - -
--- --- --- --- ---
Total charge-offs 22,515 11,993 7,102 5,521 10,648
------ ------ ----- ----- ------
Recoveries
Commercial, Financial
and Agricultural 79 64 16 82 11
Real Estate -
Residential (174) 228 216 8 30
Real Estate -
Commercial and
Farmland 11 3 13 230 10
Real Estate -
Construction and
Development (88) 314 8 10 27
Consumer Installment 35 34 40 44 187
Other - - - - 1
--- --- --- --- ---
Total recoveries (137) 643 293 374 266
---- --- --- --- ---
Net charge-offs
(recoveries) $22,652 11,350 $6,809 $5,147 $10,382
======= ====== ====== ====== =======
Non-accrual loans (1) 96,131 83,917 68,858 63,908 65,414
Foreclosed assets (2) 21,551 21,923 19,180 14,271 4,742
Accruing loans
delinquent 90 days or
more - - - 2 2
--- --- --- --- ---
Total non-performing
assets (1) (2) 117,682 105,840 88,038 78,181 70,158
------- ------- ------ ------ ------
Non-performing assets
as a percent of loans
and foreclosed assets
(excluding covered
assets) 6.73% 6.32% 5.19% 4.63% 4.13%
Net charge offs as a
percent of loans
(Annualized) 5.67% 2.75% 1.63% 1.23% 2.45%
Twelve Months Ended
-------------------
Dec. Dec.
2009 2008
---- ----
ASSET QUALITY INFORMATION (1) (2)
Allowance for loan losses
Balance at beginning of period $39,652 $27,640
Acquired Reserves -
Provision for loan loss 42,068 35,030
Charge-offs 47,131 24,340
Recoveries 1,173 1,322
----- -----
Net charge-offs (recoveries) 45,958 23,018
Ending balance $35,762 $39,652
======= =======
As a percentage of loans 2.26% 2.33%
As a percentage of nonperforming
loans 37.20% 60.62%
As a percentage of nonperforming
assets 30.39% 56.52%
Net charge-off information
Charge-offs
Commercial, Financial and
Agricultural $4,636 $2,725
Real Estate - Residential 10,859 4,514
Real Estate -Commercial and
Farmland 6,232 2,264
Real Estate -Construction and
Development 24,363 13,722
Consumer Installment 1,041 1,115
Other - -
--- ---
Total charge-offs 47,131 24,340
------ ------
Recoveries
Commercial, Financial and
Agricultural 241 $202
Real Estate - Residential 278 199
Real Estate -Commercial and
Farmland 257 119
Real Estate -Construction and
Development 244 410
Consumer Installment 153 390
Other - 2
--- ---
Total recoveries 1,173 1,322
----- -----
Net charge-offs (recoveries) $45,958 $23,018
======= =======
Non-accrual loans (1) 96,131 65,414
Foreclosed assets (2) 21,551 4,742
Accruing loans delinquent 90 days
or more -
---
Total non-performing assets (1)
(2) 117,682 70,156
------- ------
Non-performing assets as a
percent of loans
and foreclosed assets (excluding
covered assets) 6.73% 4.13%
Net charge offs as a percent of
loans (Annualized) 2.77% 1.36%
(1) Excludes total loans of $129.3 million, respectively, covered
under loss-sharing agreements with the FDIC related to the
acquisitions of American United Bank and United Security Bank
during the fourth quarter of 2009.
(2) Excludes foreclosed assets of $12.7 million, covered under
loss-sharing agreements with the FDIC related to the acquisitions
of American United Bank and United Security Bank during the fourth
quarter of 2009.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
-------------------------------------------------------
Dec. Sept. June Mar. Dec.
2009 2009 2009 2009 2008
---- ---- ---- ---- ---- AVERAGE BALANCES
Federal funds
sold $25,652 $25,000 $2,444 $33,034 $9,516
Interest
bearing
deposits
in banks 127,092 112,827 159,510 83,424 123,876
Investment
securities
-taxable 254,648 216,471 229,493 339,508 309,036
Investment
securities
-nontaxable 39,038 38,693 27,488 18,458 18,132
Other
investments 5,472 4,441 6,226 6,797 8,902
Loans 1,749,548 1,666,821 1,671,808 1,683,615 1,703,137
--------- --------- --------- --------- ---------
Total
Earning
Assets $2,201,450 $2,064,253 $2,096,969 $2,164,836 $2,172,599
---------- ---------- ---------- ---------- ----------
Noninterest
bearing
deposits $232,215 $207,495 $205,403 $204,010 $203,810
NOW accounts 492,434 493,253 475,498 369,774 306,483
MMDA 410,909 384,266 333,998 268,946 276,106
Savings
accounts 61,645 57,532 57,503 55,529 53,055
Retail CDs
< $100,000 382,131 341,495 365,771 439,781 443,358
Retail CDs
> $100,000 338,378 331,763 381,719 474,956 486,833
Brokered CDs 125,439 $116,186 151,780 189,538 218,195
------- -------- ------- ------- -------
Total
Deposits 2,043,151 1,931,990 1,971,672 2,002,534 1,987,840
--------- --------- --------- --------- ---------
FHLB
advances 2,583 2,000 2,000 25,214 70,630
Subordinated
debentures 42,269 42,269 42,269 42,269 42,269
Federal
funds
purchased
and securities
sold under
agreements to
repurchase 48,375 20,047 15,211 19,233 22,158
Other
borrowings 4,946 5,000 5,000 5,000 5,000
----- ----- ----- ----- -----
Total
Non-Deposit
Funding 98,173 69,316 64,480 91,716 140,057
------ ------ ------ ------
Total
Funding $2,141,324 $2,001,306 $2,036,152 $2,094,250 $2,127,897
---------- ---------- ---------- ---------- ----------
Twelve Months Ended
Dec. Dec.
2009 2008
---- ----
AVERAGE BALANCES
Federal funds $32,731 2,418
Interest bearing
deposits in banks 118,587 46,833
Investment securities
- 253,475 281,916
Investment securities
- nontaxable 31,110 18,567
Other investments 4,735 8,457
Loans 1,684,910 1,667,483
--------- ---------
Total Earning Assets $2,125,548 2,025,674
---------- ---------
Noninterest bearing
deposits $213,786 198,422
NOW accounts 458,104 278,217
MMDA 349,073 324,311
Savings accounts 57,824 54,348
Retail CDs
< $100,000 379,662 372,357
Retail CDs
> $100,000 378,388 425,086
Brokered CDs 142,694 170,681
------- -------
Total Deposits 1,979,531 1,823,422
--------- ---------
FHLB advances 7,974 102,641
Subordinated
42,269 42,269
Federal funds purchased
and securities sold
under agreements
to repurchase 25,813 17,294
Other borrowings 4,986 5,000
----- -----
Total Non-Deposit
Funding 81,042 167,204
------ -------
Total Funding $2,060,573 1,990,626
---------- ---------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
-----------------------------------------
Dec. Sept. June Mar. Dec.
2009 2009 2009 2009 2008
---- ---- ---- ---- ----
INTEREST INCOME/EXPENSE
INTEREST INCOME
Federal funds sold $18 $12 $1 $41 $5
Interest bearing
deposits in banks 60 68 109 25 118
Investment securities
-taxable 2,570 2,725 2,923 3,640 3,662
Investment securities
-nontaxable (TE) 491 506 392 258 262
Loans (TE) 24,929 24,950 25,886 25,794 26,656
------ ------ ------ ------ ------
Total Earning Assets $28,068 $28,261 $29,311 $29,758 $30,703
------- ------- ------- ------- -------
INTEREST EXPENSE
Non-interest bearing
deposits $- $- $- $- $-
NOW accounts 1,300 1,433 1,504 966 924
MMDA 1,520 1,510 1,404 1,051 1,444
Savings accounts 107 102 106 105 123
Retail CDs < $100,000 1,767 2,165 2,625 3,936 4,181
Retail CDs > $100,000 1,894 2,304 2,970 4,594 4,836
Brokered CDs 1,049 1,169 1,424 1,503 2,260
----- ----- ----- ----- -----
Total Deposits 7,637 8,683 10,033 12,155 13,768
FHLB advances 49 31 31 (8) 186
Subordinated
debentures 351 438 443 436 494
Repurchase agreements 70 33 33 38 73
Correspondent bank
line of credit and
other 22 23 25 28 65
--- --- --- --- ---
Total Non-Deposit
Funding 492 525 532 494 818
--- --- --- --- ---
Total Funding $8,129 $9,208 $10,565 $12,649 $14,586
------ ------ ------- ------- -------
Net Interest Income (TE) $19,939 $19,053 $18,746 $17,109 $16,117
------- ------- ------- ------- -------
Twelve Months Ended
-------------------
Dec. Dec.
2009 2008
---- ----
INTEREST INCOME/EXPENSE
INTEREST INCOME
Federal funds sold $72 $5
Interest bearing deposits in banks 262 514
Investment securities - taxable 11,858 14,469
Investment securities -nontaxable (TE) 1,647 1,054
Loans (TE) 101,559 114,186
Total Earning Assets $115,398 $130,228
-------- --------
INTEREST EXPENSE
Non-interest bearing deposits $- $-
NOW accounts 5,203 2,968
MMDA 5,484 8,152
Savings accounts 420 491
Retail CDs < $100,000 10,495 14,840
Retail CDs > $100,000 11,761 17,692
Brokered CDs 5,143 7,799
Total Deposits 38,506 51,942
FHLB advances 104 1,500
Subordinated debentures 1,668 2,160
Repurchase agreements 174 353
Correspondent bank line of credit and
other 98 388
--- ---
Total Non-Deposit Funding 2,044 4,401
Total Funding $40,550 $56,343
------- -------
Net Interest Income (TE) $74,848 $73,885
------- -------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Twelve
Months
Three Months Ended Ended
------------------------------------ ------------
Dec. Sept. June Mar. Dec. Dec. Dec.
2009 2009 2009 2009 2008 2009 2008
---- ---- ---- ---- ---- ---- ----
YIELDS (1)
Federal funds
sold 0.28% 0.19% 0.16% 0.50% 0.21% 0.22% 0.21%
Interest
bearing
deposits
in banks 0.19% 0.24% 0.27% 0.12% 0.38% 0.22% 1.10%
Investment
securities
- taxable 4.00% 4.99% 5.11% 4.35% 4.70% 4.68% 5.13%
Investment
securities
- nontaxable 4.99% 5.19% 5.72% 5.67% 5.73% 5.29% 5.68%
Loans 5.65% 5.93% 6.21% 6.21% 6.21% 6.03% 6.85%
---- ---- ---- ---- ---- ---- ----
Total Earning
Assets 5.06% 5.42% 5.61% 5.57% 5.61% 5.43% 6.43%
Noninterest
bearing
deposits 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
NOW accounts 1.05% 1.15% 1.27% 1.06% 1.20% 1.14% 1.07%
MMDA 1.47% 1.56% 1.69% 1.58% 2.07% 1.57% 2.51%
Savings
accounts 0.69% 0.70% 0.74% 0.77% 0.92% 0.73% 0.90%
Retail CDs
< $100,000 1.83% 2.52% 2.88% 3.63% 3.74% 2.76% 3.99%
Retail CDs
> $100,000 2.22% 2.76% 3.12% 3.92% 3.94% 3.11% 4.16%
Brokered CDs 3.32% 3.99% 3.76% 3.22% 4.11% 3.60% 4.57%
---- ---- ---- ---- ---- ---- ----
Total
Deposits 1.48% 1.78% 2.04% 2.46% 2.76% 1.95% 2.85%
FHLB advances 7.53% 6.15% 6.22% (0.13%) 1.04% 1.30% 1.46%
Subordinated
debentures 3.29% 4.11% 4.20% 4.18% 4.64% 3.95% 5.11%
Repurchase
agreements 0.57% 0.65% 0.87% 0.80% 1.31% 1.97% 7.76%
Correspondent
bank line of
credit and
other 1.76% 1.83% 2.01% 2.27% 5.16% 2.52% 2.63%
---- ---- ---- ---- ---- ---- ----
Total
Non-Deposit
Funding 1.99% 3.00% 3.31% 2.18% 2.32% 2.52% 2.63%
Total
funding (3) 1.51% 1.83% 2.08% 2.45% 2.73% 1.97% 2.82%
---- ---- ---- ---- ---- ---- ----
Net interest
spread 3.55% 3.60% 3.54% 3.13% 2.88% 3.46% 3.60%
Net interest
margin 3.59% 3.65% 3.60% 3.21% 2.96% 3.52% 3.65%
==== ==== ==== ==== ==== ==== ====
(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
--------------------------------------------------
Core Earnings Dec. Sept. June Mar. Dec.
Reconciliation 2009 2009 2009 2009 2008
---- ---- ---- ---- ----
Pre- tax operating
profit/loss)
(GAAP) $(29,010) $(325) $(3,984) $(1,175) $(15,953)
Plus: Credit
Related Costs
Provision
for loan
losses 16,468 8,298 9,390 7,912 19,890
Losses on
the sale
of OREO 3,572 (76) 621 161 27
Problem loan
& OREO
expense 990 1,069 793 513 433
Interest
reversed
on non-accrual
loans 1,398 1,267 605 734 618
----- ----- --- --- ---
Total
Credit-
Related
Costs 22,428 10,558 11,409 9,320 20,968
------ ------ ------ ----- ------
Plus: Non-recurring
impairment
charges 54,813 - - - -
Less: Non-
recurring
gains
Gains related
to FDIC
acquisitions (38,566) - - - -
Gains on
sales of
securities (77) 20 (101) (713) (316)
Other
non-recurring
adjustments - (812) - - -
--- ---- --- --- ---
Pretax,
Pre-provision
earnings $9,588 $9,441 $7,324 $7,432 $4,699
====== ====== ====== ====== ======
Twelve Months Ended
------------------------------
Dec. Dec.
Core Earnings Reconciliation 2009 2008
---- ----
Pre-tax operating profit/
(loss) (GAAP) $(34,493) $(5,969)
Plus: Credit Related Costs
Provision for loan losses 42,068 35,030
Losses on the sale of OREO 4,278 (232)
Problem loan & OREO expense 3,365 1,273
Interest reversed on non-
accrual loans 4,004 1,897
----- -----
Total Credit-Related Costs 53,715 37,968
Plus: Non-recurring
impairment charges 54,813 -
Less: Non-recurring gains
Gains related to FDIC
acquisitions (38,566) -
Gains on sales of securities (871) (316)
Other non-recurring
adjustments (812)
---- ---
Pretax, Pre-provision
earnings $33,786 $31,683
======= =======
AMERIS BANCORP FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
---------------------------------------------
GAAP
RECONCILIATIONS Dec. Sept. June Mar. Dec.
2009 2009 2009 2009 2008
---- ---- ---- ---- ----
Efficiency
ratio
Operating
efficiency
ratio 85.10% 65.83% 76.63% 70.01% 80.67%
Goodwill
Impairment 86.40% - - - -
Gains from
Acquisitions -51.74% - - - -
------ --- --- --- ---
Efficiency
ratio
(GAAP) 119.77% 65.83% 76.63% 70.01% 80.67%
====== ===== ===== ===== =====
Net Income/
(Loss)
Net Income
excluding
Goodwill
Impairment 15,815 (791) (3,359) (1,225) (10,725)
Goodwill
Impairment 54,813 0 0 0 0
------ --- --- --- ---
Net Income/
(loss) GAAP $(38,998) $(791) $(3,359) $(1,225) $(10,725)
======== ===== ======= ======= ========
Equity to
Assets
Tangible common
equity to
tangible
assets 5.84% 5.84% 5.65% 5.71% 5.62%
Effect of
preferred
equity 2.04% 2.24% 2.16% 2.09% 2.04%
Effect of
goodwill
and other
intangibles 0.16% 2.47% 2.40% 2.34% 2.29%
---- ---- ---- ---- ----
Equity to
assets (GAAP) 8.04% 10.56% 10.20% 10.14% 9.94%
==== ===== ===== ===== ====
Equity to
Tangible
Common
Equity
Shareholders'
Equity
(GAAP) 194,972 233,016 233,154 237,984 239,359
Preferred
Stock 49,552 49,411 49,279 49,140 49,028
Intangible
assets - 54,813 54,813 54,813 54,813
Goodwill 4,053 3,193 3,339 3,485 3,631
----- ----- ----- ----- -----
Tangible
Common
Equity 141,367 125,599 125,723 130,546 131,887
======= ======= ======= ======= =======
Return on
Average
Assets
Return on
average
assets
(operating) -1.44% -0.02% -0.47% -0.11% -1.76%
Effect of
goodwill
impairment -9.21% 0.00% 0.00% 0.00% 0.00%
Effect of
gains from
acquisitions 4.21% 0.00% 0.00% 0.00% 0.00%
---- ---- ---- ---- ----
Return on
average
assets
(GAAP) -6.44% -0.02% -0.47% -0.11% -1.76%
===== ===== ===== ===== =====
Return on
Average
Equity
Return on
average
equity
(operating) -16.58% -0.27% -5.73% -1.35% -21.43%
Effect of
goodwill
impairment -105.82% 0.00% 0.00% 0.00% 0.00%
Effect of
gains from
acquisitions 48.40% 0.00% 0.00% 0.00% 0.00%
----- ---- ---- ---- ----
Return
on
average
equity
(GAAP) -74.01% -0.27% -5.73% -1.35% -21.43%
====== ===== ===== ===== ======
Twelve Months Ended
-------------------
GAAP RECONCILIATIONS Dec. Dec.
2009 2008
---- ----
Efficiency ratio
Operating efficiency ratio 74.61% 68.34%
Goodwill Impairment 41.41% -
Gains from Acquisitions -21.74% -
------ ---
Efficiency ratio (GAAP) 94.28% 68.35%
===== =====
Net Income/(Loss)
Net Income excluding
Goodwill Impairment 10,441 (4,244)
Goodwill Impairment 54,813 0
------ ---
Net Income/(loss) GAAP $(44,372) $(4,244)
======== =======
Equity to Assets
Tangible common equity to
tangible assets 5.84% 5.62%
Effect of preferred
equity 2.04% 2.04%
Effect of goodwill and
other intangibles 0.16% 2.29%
---- ----
Equity to assets (GAAP) 8.04% 9.94%
==== ====
Equity to Tangible Common Equity
Shareholders' Equity (GAAP) 194,972 239,359
Preferred Stock 49,552 49,028
Intangible assets - 54,813
Goodwill 4,053 3,631
----- -----
Tangible Common Equity 141,367 131,887
======= =======
Return on Average Assets
Return on average assets (operating) -0.52% -0.18%
Effect of goodwill
impairment -2.32% 0.00%
Effect of gains from
acquisitions 1.06% 0.00%
---- ----
Return on average assets (GAAP) -1.78% -0.18%
===== =====
Return on Average Equity
Return on average equity
(operating) -6.25% -2.05%
Effect of goodwill
impairment -28.43% 0.00%
Effect of gains from
acquisitions 13.00% 0.00%
----- ----
Return on average equity
(GAAP) -21.67% -2.05%
====== =====
SOURCE Ameris Bancorp
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