MOULTRIE, Ga., July 22 /PRNewswire-FirstCall/ -- AMERIS BANCORP (Nasdaq-GS: ABCB), Moultrie, Georgia, today reported a net loss available to common shareholders of $4.2 million, or $0.20 per diluted share, for the quarter ended June 30, 2010, compared to a net loss of $3.5 million, or $0.25 per diluted share, for the second quarter of 2009. For the first half of 2010, Ameris Bancorp reported a net loss available to common shareholders of $6.5 million, or $0.37 per diluted share, compared to a net loss of $4.8 million, or $0.35 per diluted share, for the first half of 2009. Improvements in the Company's net interest margin and continued strong capital position were overshadowed by larger loan loss provisions.
Highlights of the second quarter of 2010 include the following:
- Completion of a $90 million public offering, increasing already strong capital ratios
- Continued increase in pretax, pre-credit related income to $11.9 million per quarter
- Completion of a third FDIC-assisted transaction
- Net interest margin of 4.43% for the quarter and 4.19% for the year to date period
- Completion after quarter end of an asset sale comprising of mostly non-performing assets that when closed would reduce non-performing assets by $13.3 million
Capital Ratios
Early in the second quarter of 2010, the Company completed a public offering for $90 million of the Company's common stock, issuing approximately 9.5 million new shares at $9.50 per share. The Company's tangible common equity ratio increased from 5.65% at June 30, 2009 to 9.17% at June 30, 2010. Ameris Bank's tier one capital and total capital ratios increased as well, from 7.40% at the end of the second quarter of 2009 to 12.36% at the end of the current quarter. Edwin W. Hortman, Jr., President and CEO, commented on the successful capital raise and stated, "The success of the capital raise affirms our decisions early in this downturn to preserve capital through hard decisions that increased our core earnings. Our focus now is on deploying the capital by being in 'do business' mode in our local markets and taking advantage of the consolidation our industry is experiencing."
Core Earnings
The Company's income before taxes and credit costs continue to increase and provide meaningful protection for capital levels during the current economic cycle. In the current period, pre-tax, pre-credit earnings totaled $11.9 million, an increase of 62%, or $4.6 million, when compared to the same quarter in 2009. For the year-to-date period, core earnings increased $9.4 million to $24.1 million. Increases in core earnings have been achieved through higher net interest margins, incremental earnings on acquired banks through FDIC-assisted transactions and reduction in non-credit related operating expenses. "We believe our stretch goal of $50 million of core earnings for 2010 is achievable, despite limited investment opportunities for our large position in short-term assets. Until the economy improves and offers the Company more revenue opportunities, we will benefit from a very attractive deposit mix and the momentum we gained in operating expenses through our successful efforts in 'Project 2010'" said Mr. Hortman.
Completion of Third FDIC-Assisted Acquisition
The Company's results for the quarter include an after-tax gain on the FDIC-assisted acquisition of certain assets and deposits of Satilla Community Bank totaling $5.2 million. As a result of the acquisition, the Company added $68.8 million in loans and $75.8 million in deposits. The Company believes that incremental earnings from this acquisition will be meaningful because of the opportunity for consolidating operations with existing Ameris Bank locations and because the Company is protected from credit losses through the Company's loss share agreements with the FDIC.
Significant Increase in the Company's Net Interest Margin
For the second quarter of 2010, the Company reported a net interest margin of 4.43%, compared to 3.59% for the same quarter in 2009. For the year-to-date period in 2010, the Company reported a net interest margin of 4.19% compared to 3.39% during the first six months of 2009. During the second quarter, the Company recognized $2.35 million of interest income representing certain "accretable differences" relating to the Company's first two FDIC-assisted acquisitions, which were completed in 2009. Excluding the non-recurring portion of these amounts, the Company's net interest margin would have been 4.11% and 4.02% for the second quarter and the first six months of 2010, respectively.
Net interest income (tax equivalent basis) for the second quarter of 2010 totaled $24.6 million, compared to $18.7 million in the same quarter of 2009. Excluding the non-recurring portion of the accretable difference, the Company's interest income would have increased slightly, from $29.3 million in the second quarter of 2009 to $30.0 million in the second quarter of 2010. Improvements in interest expense were more significant, falling to $7.2 million during the current quarter compared to $10.6 million in the same quarter of 2009. The improved deposit mix along with greatly reduced yields on time deposits accounted for the decrease in funding costs.
Yields on earning assets, on a tax equivalent basis and excluding the non-recurring accretable differences, were 5.41% during the second quarter of 2010 compared to 5.60% in the second quarter of 2009. Increases in the concentration of lower yielding short-term assets, from 7.7% of earning assets in the second quarter of 2009 to 12.9% in the second quarter of 2010, along with lower yields on the Company's investment portfolio, were the primary drivers for lower earning asset yields.
Decreases in the yields on earning assets were more than offset with decreases in funding costs for the Company. Total cost of funding for the second quarter of 2010 decreased to 1.34% compared to 2.08% in the same quarter of 2009. The Company attributes continued improvement in deposit mix as the driver for this decrease in funding cost. Average non-CD deposits increased during the past year from 54.4% of total deposits to 58.1% during the second quarter of 2010. In addition, the Company's dependency on retail deposits continues to increase from already high levels. During the second quarter of 2010, 90.8% of the Company's total funding came from retail deposits as compared to 89.4% at the same time in 2009.
Non-Interest Expense
Operating expenses totaled $23.4 million for the second quarter of 2010, an increase over the same quarter in 2009 when the Company reported $17.7 million in total non-interest expense. Credit, merger and other non-recurring costs totaled $7.3 million during the current quarter, compared to $1.4 million in the same quarter in 2009. Excluding these costs, recurring operating expenses decreased slightly to $16.1 million in the current quarter compared to $16.3 million in the same quarter in 2009. Efforts to reduce operating expenses over the past two years have been successful and have allowed the Company to still post lower recurring operating expenses despite absorbing approximately $1.1 million per quarter in operating expenses associated with the FDIC-assisted acquisitions.
Asset Sale and Credit Quality Trends
Subsequent to quarter end, the Company will close a sale of mostly non-performing assets that will result in a reduction of non-performing assets totaling $13.3 million. Included in the second quarter of 2010 results is approximately $8.0 million of charges associated with the sale.
Nonperforming assets totaled $136.0 million or 7.75% of total loans and OREO at June 30, 2010, compared to $122.4 million or 7.16% of total loans and OREO at March 31, 2010. Net charge offs were higher in the current quarter, at 4.21% annualized, of total loans, compared to 1.63% in the same quarter in 2009. Excluding the effects of the note sale, the Company's loan loss provision expense was $11.8 million during the second quarter of 2010 compared to $10.8 million in the first quarter of 2010. Aggressive write downs on non-accrual loans continued during the quarter such that the current carrying value of non-accrual loans is 49.7% of the original appraisal amount.
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.
Ameris Bancorp Common Stock is quoted on the NASDAQ Global Select Market under the symbol "ABCB". The preceding 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.
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. |
||||||||||
2010 |
2010 |
2009 |
2009 |
2009 |
2010 |
2009 |
||||||||||
EARNINGS |
||||||||||||||||
Net Income/(Loss) Available to Common Shareholders |
$ (4,218) |
$ (2,330) |
$ (39,139) |
$ (791) |
$ (3,498) |
$ (6,548) |
$ (4,835) |
|||||||||
PER COMMON SHARE DATA |
||||||||||||||||
Earnings per share available to common shareholders: |
||||||||||||||||
Basic |
$ (0.20) |
$ (0.17) |
$ (2.81) |
$ (0.06) |
$ (0.25) |
$ (0.37) |
$ (0.33) |
|||||||||
Diluted |
$ (0.20) |
$ (0.17) |
$ (2.81) |
$ (0.06) |
$ (0.25) |
$ (0.37) |
$ (0.33) |
|||||||||
Cash Dividends per share |
$ - |
$ - |
$ - |
$ - |
$ 0.05 |
$ - |
0.05 |
|||||||||
Stock dividend |
1 for 210 |
1 for 130 |
1 for 130 |
1 for 130 |
- |
2 for 170 |
- |
|||||||||
Common Book value per share (period end) |
$ 9.57 |
$ 10.23 |
$ 10.51 |
$ 13.52 |
$ 13.17 |
$ 9.57 |
13.17 |
|||||||||
Tangible book value per share (period end) |
$ 9.43 |
$ 9.94 |
$ 10.13 |
$ 9.00 |
$ 9.00 |
$ 9.43 |
9.00 |
|||||||||
Weighted average number of shares: |
||||||||||||||||
Basic |
21,231,367 |
13,906,137 |
13,912,458 |
13,906,299 |
13,904,215 |
17,568,752 |
13,906,073 |
|||||||||
Diluted |
21,231,367 |
13,906,137 |
13,912,458 |
13,906,299 |
13,904,215 |
17,568,752 |
13,906,073 |
|||||||||
Period-end number of shares |
23,515,468 |
14,108,672 |
14,001,044 |
13,961,597 |
13,963,184 |
18,812,070 |
13,964,689 |
|||||||||
Market data: |
||||||||||||||||
High closing price |
$ 11.55 |
$ 10.32 |
$ 7.25 |
$ 7.47 |
$ 8.09 |
$ 11.73 |
$ 16.55 |
|||||||||
Low closing price |
$ 9.00 |
$ 7.36 |
$ 5.13 |
$ 5.93 |
$ 5.29 |
$ 3.66 |
$ 7.19 |
|||||||||
Period end closing price |
$ 9.66 |
$ 9.03 |
$ 7.16 |
$ 7.15 |
$ 6.32 |
$ 7.16 |
$ 11.85 |
|||||||||
Average daily volume |
205,389 |
37,715 |
38,583 |
30,407 |
28,778 |
32,228 |
49,736 |
|||||||||
PERFORMANCE RATIOS |
||||||||||||||||
Return on average assets |
(0.69%) |
(0.26%) |
(6.54%) |
(0.14%) |
(0.61%) |
(0.47%) |
(0.22%) |
|||||||||
Return on average common equity |
(7.79%) |
(4.33%) |
(75.56%) |
(1.68%) |
(7.45%) |
(6.08%) |
(2.53%) |
|||||||||
Earning asset yield (TE) |
5.74% |
5.36% |
5.01% |
5.42% |
5.60% |
5.56% |
5.59% |
|||||||||
Total cost of funds |
1.34% |
1.41% |
1.51% |
1.83% |
2.08% |
1.37% |
2.27% |
|||||||||
Net interest margin (TE) |
4.43% |
3.92% |
3.55% |
3.65% |
3.59% |
4.19% |
3.39% |
|||||||||
Non-interest income excluding securities transactions, |
||||||||||||||||
as a percent of total revenue (TE) |
12.40% |
14.15% |
7.12% |
13.89% |
13.27% |
13.65% |
13.41% |
|||||||||
Efficiency ratio |
63.35% |
66.93% |
119.77% |
65.83% |
76.63% |
64.81% |
73.36% |
|||||||||
CAPITAL ADEQUACY (period end) |
||||||||||||||||
Stockholders' equity to assets |
11.35% |
8.22% |
8.04% |
10.56% |
10.20% |
11.35% |
7.91% |
|||||||||
Tangible common equity to tangible assets |
9.17% |
5.97% |
5.86% |
5.84% |
5.65% |
9.17% |
5.65% |
|||||||||
EQUITY TO ASSETS RECONCILIATION |
||||||||||||||||
Tangible common equity to tangible assets |
9.17% |
5.97% |
5.86% |
5.84% |
5.65% |
9.17% |
5.65% |
|||||||||
Effect of preferred equity |
2.06% |
2.11% |
2.04% |
2.24% |
2.16% |
2.06% |
2.16% |
|||||||||
Effect of goodwill and other intangibles |
0.12% |
0.13% |
0.14% |
2.47% |
2.40% |
0.12% |
2.40% |
|||||||||
Equity to assets (GAAP) |
11.35% |
8.22% |
8.04% |
10.56% |
10.20% |
11.35% |
10.20% |
|||||||||
OTHER PERIOD-END DATA |
||||||||||||||||
FTE Headcount |
581 |
594 |
615 |
595 |
589 |
581 |
589 |
|||||||||
Assets per FTE |
$ 4,169 |
$ 3,959 |
$ 3,928 |
$ 3,710 |
$ 3,880 |
$ 4,169 |
$ 3,959 |
|||||||||
Branch locations |
53 |
53 |
53 |
50 |
50 |
53 |
50 |
|||||||||
Deposits per branch location |
$ 39,246 |
$ 39,402 |
$ 40,059 |
$ 37,751 |
$ 39,527 |
$ 39,246 |
$ 39,402 |
|||||||||
(1) Excludes gain from acquisition of $38.6 million, net of income tax expense of $13.5 million in the fourth quarter of 2009 . |
||||||||||||||||
(2) Excludes the non-recurring, non-cash goodwill impairment charge of $54.8 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 |
Six Months Ended |
|||||||||||||||
Jun. |
Mar. |
Dec. |
Sept. |
Jun. |
Jun. |
Jun. |
||||||||||
2010 |
2010 |
2009 |
2009 |
2009 |
2010 |
2009 |
||||||||||
INCOME STATEMENT |
||||||||||||||||
Interest income |
||||||||||||||||
Interest and fees on loans |
$ 28,187 |
$ 25,156 |
$ 24,864 |
$ 24,888 |
$ 25,829 |
$ 53,343 |
$ 51,556 |
|||||||||
Interest on taxable securities |
2,502 |
2,462 |
2,570 |
2,725 |
2,906 |
4,964 |
6,563 |
|||||||||
Interest on nontaxable securities |
299 |
304 |
319 |
329 |
255 |
603 |
422 |
|||||||||
Interest on deposits in other banks |
97 |
57 |
60 |
68 |
109 |
154 |
134 |
|||||||||
Interest on federal funds sold |
12 |
12 |
18 |
12 |
1 |
24 |
42 |
|||||||||
Total interest income |
31,097 |
27,991 |
27,831 |
28,022 |
29,100 |
59,088 |
58,717 |
|||||||||
Interest expense |
||||||||||||||||
Interest on deposits |
$ 7,084 |
$ 7,332 |
$ 7,637 |
$ 8,684 |
$ 10,030 |
14,416 |
22,185 |
|||||||||
Interest on other borrowings |
154 |
246 |
493 |
526 |
531 |
400 |
1,025 |
|||||||||
Total interest expense |
7,238 |
7,578 |
8,130 |
9,210 |
10,561 |
14,816 |
23,210 |
|||||||||
Net interest income |
23,859 |
20,413 |
19,701 |
18,812 |
18,539 |
44,272 |
35,507 |
|||||||||
Provision for loan losses |
18,608 |
10,770 |
16,468 |
8,298 |
9,390 |
29,378 |
17,302 |
|||||||||
Net interest income/(loss) after provision |
$ 5,251 |
$ 9,643 |
$ 3,233 |
$ 10,514 |
$ 9,149 |
$ 14,894 |
$ 18,205 |
|||||||||
Noninterest income |
||||||||||||||||
Service charges on deposit accounts |
$ 3,620 |
$ 3,439 |
$ 3,654 |
$ 3,510 |
$ 3,393 |
7,059 |
6,428 |
|||||||||
Mortgage banking activity |
675 |
554 |
718 |
692 |
877 |
1,229 |
1,640 |
|||||||||
Other service charges, commissions and fees |
232 |
213 |
259 |
131 |
77 |
445 |
140 |
|||||||||
Gain(loss) on sale of securities |
- |
200 |
77 |
(20) |
101 |
200 |
814 |
|||||||||
Gains from acquisitions |
8,209 |
- |
38,566 |
- |
- |
8,209 |
0 |
|||||||||
Other non-interest income |
313 |
479 |
465 |
208 |
148 |
792 |
1,070 |
|||||||||
Total noninterest income |
13,049 |
4,885 |
43,739 |
4,521 |
4,596 |
17,934 |
10,092 |
|||||||||
Noninterest expense |
||||||||||||||||
Salaries and employee benefits |
8,027 |
7,826 |
8,616 |
7,431 |
7,899 |
15,853 |
15,890 |
|||||||||
Occupancy and equipment expenses |
2,025 |
2,027 |
2,417 |
2,114 |
2,224 |
4,052 |
4,382 |
|||||||||
Amortization of intangible assets |
239 |
271 |
205 |
146 |
147 |
510 |
293 |
|||||||||
Data processing & telecommunications expenses |
2,077 |
1,763 |
1,801 |
1,746 |
1,704 |
3,840 |
3,331 |
|||||||||
Business restructuring |
- |
- |
- |
- |
- |
- |
- |
|||||||||
Advertising and marketing expenses |
143 |
159 |
336 |
301 |
439 |
302 |
1,013 |
|||||||||
Goodwill impairment |
- |
- |
54,813 |
- |
- |
- |
- |
|||||||||
Other non-interest expenses |
10,872 |
4,885 |
7,794 |
3,622 |
5,316 |
15,757 |
8,547 |
|||||||||
Total noninterest expense |
23,383 |
16,931 |
75,982 |
15,360 |
17,729 |
40,314 |
33,456 |
|||||||||
Operating profit/(loss) |
$ (5,083) |
$ (2,403) |
$ (29,010) |
$ (325) |
$ (3,984) |
$ (7,486) |
$ (5,159) |
|||||||||
Income tax (benefit)/expense |
(1,664) |
(869) |
9,323 |
(198) |
(1,290) |
(2,533) |
(1,829) |
|||||||||
Net income/(loss) |
$ (3,419) |
$ (1,534) |
$ (38,333) |
$ (127) |
$ (2,694) |
$ (4,953) |
$ (3,330) |
|||||||||
Preferred stock dividends |
$ 799 |
796 |
859 |
796 |
804 |
1,595 |
1,505 |
|||||||||
Net income/(loss) available |
||||||||||||||||
to common shareholders |
$ (4,218) |
$ (2,330) |
$ (39,192) |
$ (923) |
$ (3,498) |
$ (6,548) |
$ (4,835) |
|||||||||
Diluted earnings available to common shareholders |
(0.20) |
(0.17) |
(2.84) |
(0.06) |
(0.25) |
(0.37) |
(0.35) |
|||||||||
AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount) |
||||||||||||||||
Three Months Ended |
||||||||||||||||
Jun. |
Mar. |
Dec. |
Sept. |
Jun. |
||||||||||||
2010 |
2010 |
2009 |
2009 |
2009 |
||||||||||||
PERIOD-END BALANCE SHEET |
||||||||||||||||
Assets |
||||||||||||||||
Cash and due from banks |
$ 54,444 |
$ 68,859 |
$ 81,060 |
$ 43,761 |
$ 46,773 |
|||||||||||
Federal funds sold and interest bearing balances |
240,075 |
200,942 |
220,363 |
114,335 |
163,343 |
|||||||||||
Investment securities available for sale, at fair value |
237,985 |
248,013 |
245,556 |
251,189 |
257,771 |
|||||||||||
Other investments |
7,531 |
7,260 |
7,260 |
4,441 |
4,441 |
|||||||||||
Loans, net of unearned income |
1,493,126 |
1,536,528 |
1,584,359 |
1,652,689 |
1,677,045 |
|||||||||||
Less allowance for loan losses |
34,468 |
33,562 |
35,762 |
41,946 |
44,998 |
|||||||||||
Loans, net |
1,458,658 |
1,502,966 |
1,548,597 |
1,610,743 |
1,632,047 |
|||||||||||
Covered loans |
192,545 |
123,771 |
137,248 |
- |
- |
|||||||||||
Total loans |
1,651,204 |
1,626,737 |
1,685,845 |
1,610,743 |
1,632,047 |
|||||||||||
Other real estate owned |
41,079 |
34,682 |
23,316 |
21,923 |
19,180 |
|||||||||||
Covered other real estate owned |
25,845 |
17,862 |
9,337 |
- |
- |
|||||||||||
Total other real estate owned |
66,924 |
52,544 |
32,653 |
21,923 |
19,180 |
|||||||||||
Premises and equipment, net |
66,708 |
66,523 |
67,637 |
67,641 |
67,334 |
|||||||||||
Intangible assets, net |
3,314 |
3,364 |
3,586 |
3,193 |
3,339 |
|||||||||||
Goodwill |
- |
- |
- |
54,813 |
54,813 |
|||||||||||
FDIC loss sharing receivable |
57,946 |
47,579 |
45,840 |
- |
- |
|||||||||||
Other assets |
35,779 |
29,711 |
34,171 |
35,436 |
36,204 |
|||||||||||
Total assets |
$ 2,421,910 |
$ 2,351,658 |
$ 2,423,971 |
$ 2,207,475 |
$ 2,285,245 |
|||||||||||
Liabilities |
||||||||||||||||
Deposits: |
||||||||||||||||
Noninterest-bearing |
$ 218,012 |
$ 222,454 |
$ 236,962 |
$ 205,699 |
$ 210,456 |
|||||||||||
Interest-bearing |
1,862,014 |
1,865,852 |
1,886,154 |
1,681,830 |
1,765,915 |
|||||||||||
Total deposits |
2,080,026 |
2,088,306 |
2,123,116 |
1,887,529 |
1,976,371 |
|||||||||||
Federal funds purchased & securities sold under |
||||||||||||||||
agreements to repurchase |
17,600 |
20,640 |
55,254 |
30,393 |
16,484 |
|||||||||||
Other borrowings |
- |
2,000 |
2,000 |
7,000 |
7,000 |
|||||||||||
Other liabilities |
7,145 |
5,082 |
6,368 |
7,268 |
9,967 |
|||||||||||
Subordinated deferrable interest debentures |
42,269 |
42,269 |
42,269 |
42,269 |
42,269 |
|||||||||||
Total liabilities |
2,147,040 |
2,158,297 |
2,229,007 |
1,974,459 |
2,052,091 |
|||||||||||
Stockholders' equity |
||||||||||||||||
Preferred stock |
$ 49,832 |
$ 49,691 |
$ 49,552 |
$ 49,411 |
$ 49,279 |
|||||||||||
Common stock |
24,851 |
15,269 |
15,163 |
15,018 |
15,018 |
|||||||||||
Capital surplus |
164,378 |
87,830 |
87,790 |
86,432 |
86,286 |
|||||||||||
Retained earnings |
38,795 |
43,707 |
46,031 |
86,425 |
87,348 |
|||||||||||
Accumulated other comprehensive income/(loss) |
7,834 |
7,676 |
7,240 |
6,542 |
6,033 |
|||||||||||
Less treasury stock |
(10,820) |
(10,812) |
(10,812) |
(10,812) |
(10,810) |
|||||||||||
Total stockholders' equity |
274,870 |
193,361 |
194,964 |
233,016 |
233,154 |
|||||||||||
Total liabilities and stockholders' equity |
$ 2,421,910 |
$ 2,351,658 |
$ 2,423,971 |
$ 2,207,475 |
$ 2,285,245 |
|||||||||||
Other Data |
||||||||||||||||
Earning Assets |
2,171,262 |
2,270,427 |
2,188,622 |
2,024,442 |
2,099,947 |
|||||||||||
Intangible Assets |
3,314 |
3,364 |
4,053 |
58,006 |
58,152 |
|||||||||||
Interest Bearing Liabilities |
1,921,883 |
1,930,761 |
1,985,677 |
1,761,492 |
1,831,668 |
|||||||||||
Average Assets |
2,444,425 |
2,377,348 |
2,374,352 |
2,244,527 |
2,285,190 |
|||||||||||
Average Common Stockholders' Equity |
217,042 |
143,655 |
205,500 |
186,858 |
188,442 |
|||||||||||
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. |
||||||||||
2010 |
2010 |
2009 |
2009 |
2009 |
2010 |
2009 |
||||||||||
ASSET QUALITY INFORMATION (1) |
||||||||||||||||
Allowance for loan losses |
||||||||||||||||
Balance at beginning of period |
$ 33,563 |
$ 35,762 |
$ 41,946 |
$ 44,998 |
$ 42,417 |
$ 44,998 |
$ 39,652 |
|||||||||
Acquired Reserves |
- |
- |
- |
- |
- |
- |
- |
|||||||||
Provision for loan loss |
18,608 |
10,770 |
16,468 |
8,298 |
9,390 |
29,378 |
17,302 |
|||||||||
Charge-offs |
18,756 |
13,246 |
22,515 |
11,993 |
7,102 |
32,002 |
12,623 |
|||||||||
Recoveries |
1,053 |
277 |
(137) |
643 |
293 |
1,330 |
667 |
|||||||||
Net charge-offs (recoveries) |
17,703 |
12,969 |
22,652 |
11,350 |
6,809 |
30,672 |
11,956 |
|||||||||
Ending balance |
$ 34,468 |
$ 33,563 |
$ 35,762 |
$ 41,946 |
$ 44,998 |
$ 43,704 |
$ 44,998 |
|||||||||
As a percentage of loans |
2.31% |
2.18% |
2.26% |
2.54% |
2.68% |
2.31% |
2.93% |
|||||||||
As a percentage of nonperforming loans |
37.33% |
37.44% |
37.20% |
49.99% |
65.35% |
47.33% |
65.35% |
|||||||||
As a percentage of nonperforming assets |
25.34% |
27.41% |
30.39% |
39.63% |
51.11% |
32.13% |
51.11% |
|||||||||
Net charge-off information |
||||||||||||||||
Charge-offs |
||||||||||||||||
Commercial, Financial and Agricultural |
$ 703 |
$ 2,008 |
$ 1,831 |
$ 601 |
$ 815 |
$ 2,711 |
$ 2,204 |
|||||||||
Real Estate - Residential |
4,739 |
924 |
3,911 |
3,846 |
1,364 |
5,663 |
3,102 |
|||||||||
Real Estate - Commercial and Farmland |
5,023 |
4,593 |
4,571 |
482 |
902 |
9,616 |
1,179 |
|||||||||
Real Estate - Construction and Development |
8,202 |
5,576 |
11,831 |
6,871 |
3,731 |
13,778 |
5,661 |
|||||||||
Consumer Installment |
89 |
145 |
371 |
193 |
290 |
234 |
477 |
|||||||||
Other |
- |
- |
- |
- |
- |
- |
- |
|||||||||
Total charge-offs |
18,756 |
13,246 |
22,515 |
11,993 |
7,102 |
32,002 |
12,623 |
|||||||||
Recoveries |
||||||||||||||||
Commercial, Financial and Agricultural |
430 |
78 |
79 |
64 |
16 |
508 |
98 |
|||||||||
Real Estate - Residential |
84 |
28 |
(174) |
228 |
216 |
112 |
224 |
|||||||||
Real Estate - Commercial and Farmland |
202 |
64 |
11 |
3 |
13 |
266 |
243 |
|||||||||
Real Estate - Construction and Development |
140 |
64 |
(88) |
314 |
8 |
204 |
18 |
|||||||||
Consumer Installment |
197 |
43 |
35 |
34 |
40 |
240 |
84 |
|||||||||
Other |
- |
- |
- |
- |
- |
- |
- |
|||||||||
Total recoveries |
1,053 |
277 |
(137) |
643 |
293 |
1,330 |
667 |
|||||||||
Net charge-offs (recoveries) |
$ 17,703 |
$ 12,969 |
$ 22,652 |
$ 11,350 |
$ 6,809 |
$ 30,672 |
$ 11,956 |
|||||||||
Non-accrual loans |
92,336 |
89,649 |
96,131 |
83,917 |
68,858 |
92,336 |
68,858 |
|||||||||
Foreclosed assets |
43,686 |
32,800 |
21,551 |
21,923 |
19,180 |
43,686 |
19,180 |
|||||||||
Accruing loans delinquent 90 days or more |
- |
- |
- |
- |
- |
- |
||||||||||
Total non-performing assets |
136,022 |
122,449 |
117,682 |
105,840 |
88,038 |
136,022 |
88,038 |
|||||||||
Non-performing assets as a percent of loans |
||||||||||||||||
and foreclosed assets |
7.75% |
7.16% |
6.72% |
6.32% |
5.19% |
7.75% |
5.19% |
|||||||||
Net charge offs as a percent of loans (Annualized) |
4.21% |
3.08% |
5.18% |
2.72% |
1.63% |
3.64% |
1.43% |
|||||||||
(1) Excludes loans and OREO covered under loss-sharing agreements with the FDIC |
||||||||||||||||
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. |
||||||||||
2010 |
2010 |
2009 |
2009 |
2009 |
2010 |
2009 |
||||||||||
AVERAGE BALANCES |
||||||||||||||||
Federal funds sold |
$ 54,245 |
$ 25,831 |
$ 25,652 |
$ 25,000 |
$ 2,444 |
$ 40,038 |
$ 17,739 |
|||||||||
Interest bearing deposits in banks |
232,733 |
173,125 |
127,092 |
112,827 |
159,510 |
202,929 |
121,467 |
|||||||||
Investment securities - taxable |
209,532 |
209,465 |
215,610 |
216,471 |
229,493 |
209,499 |
286,289 |
|||||||||
Investment securities - nontaxable |
35,650 |
36,430 |
39,038 |
38,693 |
27,488 |
36,040 |
22,973 |
|||||||||
Other investments |
8,061 |
5,495 |
5,472 |
4,441 |
6,226 |
6,778 |
6,511 |
|||||||||
Loans |
1,528,220 |
1,563,307 |
1,669,753 |
1,666,821 |
1,671,808 |
1,545,764 |
1,677,712 |
|||||||||
Covered loans |
155,302 |
120,211 |
79,795 |
- |
- |
137,757 |
- |
|||||||||
Total Earning Assets |
$ 2,223,743 |
$ 2,133,864 |
$ 2,162,412 |
$ 2,064,253 |
$ 2,096,969 |
$ 2,178,804 |
$ 2,132,691 |
|||||||||
Noninterest bearing deposits |
$ 237,276 |
$ 231,765 |
$ 232,215 |
$ 207,495 |
$ 205,403 |
$ 234,521 |
$ 204,706 |
|||||||||
NOW accounts |
482,798 |
505,566 |
492,434 |
493,253 |
475,498 |
494,182 |
422,636 |
|||||||||
MMDA |
441,445 |
424,913 |
410,909 |
384,266 |
333,998 |
433,179 |
301,472 |
|||||||||
Savings accounts |
64,887 |
63,436 |
61,645 |
57,532 |
57,503 |
64,162 |
56,516 |
|||||||||
Retail CDs < $100,000 |
375,339 |
331,294 |
382,131 |
341,495 |
365,771 |
353,317 |
402,776 |
|||||||||
Retail CDs > $100,000 |
371,754 |
393,473 |
338,378 |
331,763 |
381,719 |
382,614 |
428,338 |
|||||||||
Brokered CDs |
138,113 |
151,333 |
125,439 |
$ 116,186 |
151,780 |
144,723 |
170,659 |
|||||||||
Total Deposits |
2,111,612 |
2,101,780 |
2,043,151 |
1,931,990 |
1,971,672 |
2,106,696 |
1,987,103 |
|||||||||
FHLB advances |
747 |
2,000 |
2,583 |
2,000 |
2,000 |
1,374 |
13,607 |
|||||||||
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 |
18,698 |
30,650 |
48,375 |
20,047 |
15,211 |
24,674 |
17,222 |
|||||||||
Other borrowings |
- |
- |
4,946 |
5,000 |
5,000 |
- |
5,000 |
|||||||||
Total Non-Deposit Funding |
61,714 |
74,919 |
98,173 |
69,316 |
64,480 |
68,317 |
78,098 |
|||||||||
Total Funding |
$ 2,173,326 |
$ 2,176,699 |
$ 2,141,324 |
$ 2,001,306 |
$ 2,036,152 |
$ 2,175,013 |
$ 2,065,201 |
|||||||||
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. |
||||||||||
2010 |
2010 |
2009 |
2009 |
2009 |
2010 |
2009 |
||||||||||
INTEREST INCOME/EXPENSE |
||||||||||||||||
INTEREST INCOME |
||||||||||||||||
Federal funds sold |
$ 12 |
$ 12 |
$ 18 |
$ 12 |
$ 1 |
$ 24 |
$ 42 |
|||||||||
Interest bearing deposits in banks |
97 |
57 |
60 |
68 |
109 |
154 |
134 |
|||||||||
Investment securities - taxable |
2,438 |
2,462 |
2,570 |
2,725 |
2,890 |
4,900 |
6,565 |
|||||||||
Investment securities - nontaxable (TE) |
460 |
468 |
491 |
506 |
392 |
928 |
650 |
|||||||||
Loans (TE) |
22,986 |
22,849 |
23,668 |
24,895 |
25,886 |
45,835 |
51,680 |
|||||||||
Covered loans |
5,832 |
2,375 |
1,261 |
8,207 |
- |
|||||||||||
Total Earning Assets |
$ 31,825 |
$ 28,223 |
$ 28,068 |
$ 28,206 |
$ 29,278 |
$ 60,048 |
$ 59,071 |
|||||||||
INTEREST EXPENSE |
||||||||||||||||
Non-interest bearing deposits |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
|||||||||
NOW accounts |
1,135 |
1,234 |
1,300 |
1,433 |
1,504 |
2,369 |
2,470 |
|||||||||
MMDA |
1,446 |
1,484 |
1,520 |
1,510 |
1,404 |
2,930 |
2,455 |
|||||||||
Savings accounts |
75 |
90 |
107 |
102 |
106 |
165 |
211 |
|||||||||
Retail CDs < $100,000 |
1,689 |
1,568 |
1,769 |
2,165 |
2,625 |
3,257 |
6,561 |
|||||||||
Retail CDs > $100,000 |
1,674 |
1,881 |
1,894 |
2,304 |
2,970 |
3,555 |
7,564 |
|||||||||
Brokered CDs |
1,065 |
1,076 |
1,047 |
1,169 |
1,424 |
2,141 |
2,927 |
|||||||||
Total Deposits |
7,084 |
7,333 |
7,637 |
8,683 |
10,033 |
14,417 |
22,188 |
|||||||||
FHLB advances |
12 |
30 |
49 |
31 |
31 |
42 |
23 |
|||||||||
Subordinated debentures |
113 |
178 |
351 |
438 |
443 |
291 |
879 |
|||||||||
Repurchase agreements |
26 |
36 |
70 |
33 |
33 |
62 |
71 |
|||||||||
Correspondent bank line of credit and other |
2 |
2 |
22 |
23 |
35 |
4 |
63 |
|||||||||
Total Non-Deposit Funding |
153 |
246 |
492 |
525 |
542 |
399 |
1,036 |
|||||||||
Total Funding |
$ 7,237 |
$ 7,579 |
$ 8,129 |
$ 9,208 |
$ 10,575 |
$ 14,816 |
$ 23,224 |
|||||||||
Net Interest Income (TE) |
$ 24,588 |
$ 20,644 |
$ 19,939 |
$ 18,998 |
$ 18,703 |
$ 45,232 |
$ 35,847 |
|||||||||
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. |
||||||||||
2010 |
2010 |
2009 |
2009 |
2009 |
2010 |
2009 |
||||||||||
YIELDS (1) |
||||||||||||||||
Federal funds sold |
0.09% |
0.19% |
0.28% |
0.19% |
0.16% |
0.12% |
0.48% |
|||||||||
Interest bearing deposits in banks |
0.17% |
0.13% |
0.19% |
0.24% |
0.27% |
0.15% |
0.22% |
|||||||||
Investment securities - taxable |
4.67% |
4.77% |
4.73% |
4.99% |
5.05% |
4.72% |
4.62% |
|||||||||
Investment securities - nontaxable (1) |
5.18% |
5.21% |
4.99% |
5.19% |
5.72% |
5.19% |
5.71% |
|||||||||
Loans (1) |
6.03% |
5.93% |
5.62% |
5.93% |
6.21% |
5.98% |
6.21% |
|||||||||
Covered loans |
15.06% |
8.01% |
6.27% |
0.00% |
0.00% |
0.00% |
0.00% |
|||||||||
Total Earning Assets |
5.74% |
5.36% |
5.15% |
5.42% |
5.60% |
5.56% |
5.59% |
|||||||||
Noninterest bearing deposits |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
|||||||||
NOW accounts |
0.94% |
0.99% |
1.05% |
1.15% |
1.27% |
0.97% |
1.18% |
|||||||||
MMDA |
1.31% |
1.42% |
1.47% |
1.56% |
1.69% |
1.36% |
1.64% |
|||||||||
Savings accounts |
0.46% |
0.58% |
0.69% |
0.70% |
0.74% |
0.52% |
0.75% |
|||||||||
Retail CDs < $100,000 |
1.80% |
1.92% |
1.84% |
2.52% |
2.88% |
1.86% |
3.28% |
|||||||||
Retail CDs > $100,000 |
1.81% |
1.94% |
2.22% |
2.76% |
3.12% |
1.87% |
3.56% |
|||||||||
Brokered CDs |
3.09% |
2.88% |
3.31% |
3.99% |
3.76% |
2.98% |
3.46% |
|||||||||
Total Deposits |
1.35% |
1.41% |
1.48% |
1.78% |
2.04% |
1.38% |
2.25% |
|||||||||
FHLB advances |
6.44% |
6.08% |
7.53% |
6.15% |
6.22% |
6.17% |
0.34% |
|||||||||
Subordinated debentures |
1.07% |
1.71% |
3.29% |
4.11% |
4.20% |
1.39% |
4.19% |
|||||||||
Repurchase agreements |
0.56% |
0.48% |
0.57% |
0.65% |
0.87% |
0.00% |
5.12% |
|||||||||
Correspondent bank line of credit and other |
0.00% |
0.00% |
1.76% |
1.83% |
2.81% |
1.18% |
2.68% |
|||||||||
Total Non-Deposit Funding |
0.99% |
1.33% |
1.99% |
3.00% |
3.37% |
1.18% |
2.68% |
|||||||||
Total funding (3) |
1.34% |
1.41% |
1.51% |
1.83% |
2.08% |
1.37% |
2.27% |
|||||||||
Net interest spread |
4.40% |
3.95% |
3.64% |
3.60% |
3.53% |
4.18% |
3.32% |
|||||||||
Net interest margin (2) |
4.43% |
3.92% |
3.66% |
3.65% |
3.59% |
4.19% |
3.39% |
|||||||||
(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. |
||||||||||||||||
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 |
2010 |
2010 |
2009 |
2009 |
2009 |
2010 |
2009 |
|||||||||
Pre-tax operating profit/(loss) |
$ (5,083) |
$ (2,403) |
$ (29,010) |
$ (325) |
$ (3,984) |
$ (7,486) |
$ (5,159) |
|||||||||
Plus: Credit Related Costs |
||||||||||||||||
Provision for loan losses |
18,608 |
10,770 |
16,468 |
8,298 |
9,390 |
29,378 |
17,302 |
|||||||||
(Gains)/Losses on the sale of OREO |
4,173 |
487 |
3,572 |
(76) |
621 |
4,660 |
782 |
|||||||||
Problem loan and OREO expense |
2,051 |
1,533 |
990 |
1,069 |
793 |
3,584 |
1,306 |
|||||||||
Interest reversed on non-accrual loans |
1,017 |
575 |
1,398 |
1,267 |
605 |
1,592 |
1,339 |
|||||||||
Total Credit-Related Costs |
25,849 |
13,365 |
22,428 |
10,558 |
11,409 |
39,214 |
20,729 |
|||||||||
Plus: Non-recurring impairment charges |
- |
- |
54,813 |
- |
- |
- |
- |
|||||||||
Plus: Costs associated with capital raise |
933 |
- |
- |
- |
- |
933 |
- |
|||||||||
Less: Non-recurring accretable differences |
(1,776) |
- |
- |
- |
- |
- |
||||||||||
Less: Non-recurring gains |
- |
- |
- |
- |
- |
- |
||||||||||
Gains related to FDIC acquisitions |
(8,208) |
- |
(38,566) |
- |
- |
(8,208) |
- |
|||||||||
Gains on sales of securities |
- |
(200) |
(77) |
20 |
(101) |
(200) |
(814) |
|||||||||
Gains on sales of bank premises |
(149) |
(249) |
- |
- |
- |
(398) |
- |
|||||||||
Other non-recurring adjustments |
310 |
- |
- |
(812) |
- |
310 |
- |
|||||||||
Pretax, Pre-provision earnings |
$ 11,876 |
$ 10,513 |
$ 9,588 |
$ 9,441 |
$ 7,324 |
$ 24,165 |
$ 14,756 |
|||||||||
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. |
||||||||||
Recurring Operating Expenses |
2010 |
2010 |
2009 |
2009 |
2009 |
2010 |
2009 |
|||||||||
Total Operating Expenses |
23,383 |
16,931 |
75,982 |
15,360 |
17,729 |
40,314 |
33,456 |
|||||||||
Less: Credit costs & non-recurring charges |
||||||||||||||||
(Gains)/Losses on the sale of OREO |
(4,173) |
(487) |
(3,572) |
76 |
(621) |
(4,660) |
(782) |
|||||||||
Problem loan and OREO expense |
(2,051) |
(1,533) |
(990) |
(1,069) |
(793) |
(3,584) |
(1,306) |
|||||||||
Costs associated with capital raise |
(933) |
- |
- |
- |
- |
(933) |
- |
|||||||||
Goodwill impairment |
- |
- |
(54,813) |
- |
- |
- |
- |
|||||||||
Severance payments |
(310) |
- |
- |
- |
- |
(310) |
- |
|||||||||
(Gains)/Losses on the sale of premises |
149 |
249 |
- |
- |
- |
398 |
- |
|||||||||
Recurring operating expenses |
$ 16,065 |
$ 15,160 |
$ 16,607 |
$ 14,367 |
$ 16,315 |
$ 31,225 |
$ 31,368 |
|||||||||
SOURCE Ameris Bancorp
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