AMERIS BANCORP MOULTRIE, Ga., Oct. 19, 2017 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $20.2 million, or $0.54 per diluted share, for the quarter ended September 30, 2017, compared with $21.6 million, or $0.61 per diluted share, for the quarter ended September 30, 2016. For the year-to-date period ending September 30, 2017, the Company reported net income of $64.4 million, or $1.74 per diluted share, compared with $53.9 million, or $1.56 per diluted share, for the same period in 2016. Results for the quarter were affected by additional charges associated with Bank Secrecy Act compliance, as well as expenses from the impact of Hurricane Irma.
The Company reported adjusted operating net income of $23.6 million, or $0.63 per diluted share, for the quarter ended September 30, 2017, compared with $21.7 million, or $0.62 per diluted share, for the third quarter of 2016. The Company reported adjusted operating net income of $68.7 million, or $1.86 per diluted share, for the nine months ended September 30, 2017, compared with $58.4 million, or $1.69 per diluted share, for the same period of 2016. Adjusted operating net income excludes certain after-tax costs associated with compliance-resolution charges, expenses resulting from Hurricane Irma and acquisitions and sales of premises, as shown in the following summary of the adjustments between reported net income and adjusted operating net income:
Three Months Ended Nine Months Ended
------------------ -----------------
Adjusted Operating Net Income Reconciliation September September September September
2017 2016 2017 2016
---- ---- ---- ----
Net income available to common shareholders $20,158 $21,557 $64,398 $53,923
Merger and conversion charges 92 - 494 6,359
Certain compliance-resolution expenses 4,729 - 4,729 -
Financial impact of Hurricane Irma 410 - 410 -
Losses (gains) on the sale of premises 91 238 956 562
--- --- --- ---
Tax effect of management-adjusted charges (1,863) (83) (2,306) (2,422)
------ --- ------ ------
Plus: After tax management-adjusted charges 3,459 155 4,283 4,499
Adjusted Operating Net income 23,617 21,712 68,681 58,422
------ ------ ------ ------
Reported net income per diluted share: $0.54 $0.61 $1.74 $1.56
Adjusted operating net income per diluted share: $0.63 $0.62 $1.86 $1.69
Reported return on average assets 1.07% 1.35% 1.20% 1.19%
Adjusted operating return on average assets 1.26% 1.36% 1.28% 1.29%
Commenting on the Company's quarterly results, Edwin W. Hortman, Jr., the Company's President and Chief Executive Officer, said, "During the quarter, we incurred a substantial amount of expense to resolve BSA compliance issues in an accelerated fashion. Excluding this expense, our operating results were strong. Our margin, excluding accretion income, expanded by approximately three basis points, we had core loan growth of almost $313 million, or 24% annualized, and our average deposits were 12% higher in the current quarter than a year ago."
Highlights of the Company's performance and results for the third quarter of 2017 include the following:
-- Adjusted operating return on average assets of 1.26% and adjusted return
on average tangible equity of 14.28%
-- Organic loan growth of $312.9 million for the quarter, reflecting an
annualized growth rate of 24.3%
-- Excluding accretion, increases in net interest margin of 3 bps to 3.80%
in the third quarter of 2017, from 3.77% in the second quarter of 2017
and 5 bps improvement from 3.75% in the third quarter of 2016
-- Growth in average deposits during the third quarter of 2017 to $5.84
billion, an increase of 11.8%, or $615.9 million, over the same period
in 2016
-- 9.2% increase in total revenue, to $93.9 million, in the third quarter
of 2017, compared with total revenue of $85.9 million in the third
quarter of 2016
-- Increase in tangible book value per share to $17.78, compared with
$17.24 per share at June 30, 2017
-- Adjusted operating efficiency ratio, on a tax-equivalent basis,
essentially flat at 61.09% in the third quarter of 2017
-- Steady capital ratios despite strong growth rates, with tangible common
equity to tangible assets equal to 8.81% at September 30, 2017, compared
with 8.84% at June 30, 2017
Net Interest Income and Net Interest Margin
The Company's net interest margin, excluding the effect of accretion, improved during the quarter to 3.80%, compared with 3.77% in the second quarter of 2017. Compared with the same quarter in 2016, net interest margin has improved by five basis points while average earning assets grew $1.11 billion over this period.
Net interest income (taxable equivalent) for the third quarter of 2017 totaled $68.7 million, an increase of $10.6 million, or 18.3%, compared with $58.0 million reported for the third quarter of 2016. Accretion income in the current quarter decreased to $2.7 million, compared with $2.9 million in the second quarter of 2017 and $3.6 million in the third quarter of 2016. Higher levels of net interest income resulted mostly from growth in average loans outstanding of approximately $1.09 billion since the third quarter of 2016. Average balances of short-term assets and investments, as a percentage of average earning assets, decreased to 14.1% for the current quarter, from 16.4% for the same quarter in 2016. At the current quarter's end, loans outstanding represented 86.1% of total earning assets, compared with 83.9% at September 30, 2016.
Interest income on a tax-equivalent basis increased to $78.1 million in the third quarter of 2017, an increase of $15.0 million, or 23.7%, from the same quarter in 2016. Yields on total earning assets moved higher during the quarter to 4.50%, compared with 4.45% for the second quarter of 2017 and 4.35% for the third quarter of 2016. Yields on all loans, excluding the effect of accretion, increased to 4.65% in the current quarter of 2017, compared with 4.59% in the second quarter of 2017 and 4.49% in the third quarter of 2016. Loan production in the banking division during the third quarter of 2017 totaled $463.7 million, with weighted average yields of 4.77%, compared with $527.8 million and 4.56%, respectively, in the second quarter of 2017 and $568.3 million and 4.14%, respectively, in the third quarter of 2016. Loan production in the lines of business (to include retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $1.6 billion during the third quarter of 2017.
Interest expense during the current quarter of 2017 increased to $9.5 million, compared with $5.1 million in the same quarter in 2016. The Company's cost of funds increased slightly to 0.57% in the third quarter of 2017 as compared with 0.52% in the second quarter of 2017. The cost of deposits increased to 0.35% in the third quarter of 2017, compared with 0.32% in the second quarter of 2017. Interest expense on non-deposit borrowings increased during the quarter to $4.3 million, compared with $3.7 million in the second quarter of 2017. Overall costs on these funding sources decreased from a rate standpoint over the quarter, but the Company's use of these sources has increased from 10.6% of total funding in the second quarter of 2017 to 11.9% in the third quarter of 2017. Management is comfortable with the current level of non-deposit borrowings, particularly in light of an accelerating pace of deposit growth and the shorter incremental duration of the loan portfolio in certain specialty lines of business.
Non-interest Income
Non-interest income in the third quarter of 2017 was $27.0 million, a decrease from the $28.9 million reported in the third quarter of 2016. Service charges in the third quarter of 2017 were $10.5 million, a decrease of $823,000, or 7.3%, compared with the same quarter in 2016. Service charge-related revenues on commercial and consumer accounts increased, while NSF fee income continued to decline.
Revenue from the Company's retail mortgage operations was $16.5 million, an increase of 4.4% compared with the same quarter in 2016, but flat compared with the second quarter of 2017. Net income for the Company's retail mortgage division increased 6.9% during the third quarter of 2017 to $3.0 million, compared with $2.8 million in the third quarter of 2016. However, profitability for the retail mortgage division in the third quarter declined compared with the second quarter of 2017 due to increased compensation costs and recruiting costs associated with hiring 15 additional mortgage production officers during the quarter. Total retail production during the current quarter was $401.7 million, compared with $410.8 million in the third quarter of 2016. Spreads (gain on sale) on the Company's production decreased to 3.30% in the current quarter, compared with 3.69% in the same quarter of 2016. Open pipelines at the end of the quarter were $158.4 million, compared with $174.3 million at the beginning of the third quarter of 2017 and $145.4 million at the end of the third quarter of 2016.
Net income for the Company's warehouse lending division decreased during the quarter, from $1.4 million in the third quarter of 2016 to $1.1 million in the third quarter of 2017. Loan production decreased from $1.1 billion in the third quarter of 2016 to approximately $957.3 million in the current quarter. The decline in profitability is attributable to an increase of $121,000 in the division's provision for loan loss expense and $262,000 of additional cost of funds allocated to the division.
Revenues from the Company's SBA division were $2.1 million during the third quarter of both 2017 and 2016. However, primarily due to reduced provision for loan loss expense, net income for the division increased 9.7% from $668,000 for the third quarter of 2016 to $734,000 for the third quarter of 2017.
Revenues from the Company's premium finance division were strong, increasing 49.6% (annualized) to $6.5 million in the third quarter of 2017. Growth in the premium finance division's outstanding balances as well as quarterly production have exceeded management's expectations and contributed to the division's net income for the current quarter of $1.8 million. The Company continues to recruit sales officers and support staff to support the division and believes that these attractive growth rates can be sustained into 2018 and 2019.
Non-interest Expense
During the third quarter of 2017, the Company recorded $5.3 million of management adjusted non-operating expenses, most of which were centered in an additional $4.7 million of compliance-related charges and $410,000 of hurricane-related charges, compared with an aggregate of $238,000 for similar expenses recorded in the third quarter of 2016. Excluding these charges, operating expenses increased approximately $5.4 million, to $58.4 million, from $53.0 million in the third quarter of 2016. The additional compliance-related charges resulted from the completion of certain look-back procedures that were required by the FDIC for the Company's compliance with its consent order relating to Bank Secrecy Act matters.
Expenses associated with the Company's new division, US Premium Finance, were $3.6 million in the third quarter of 2017 and represented the majority of the total increase in operating expenses against the same quarter of 2016. Additionally, the Company incurred approximately $488,000 of operating expenses related to the new equipment finance line of business and approximately $1 million of recurring operating expenses (compensation and consulting charges) associated with the expanded staffing and processes in BSA.
Salaries and benefits increased by $4.6 million, or 16.4%, to $32.6 million in the current quarter of 2017, compared with $28.0 million in the third quarter of 2016. Increases in salaries and benefits from the third quarter of 2016 to the third quarter of 2017 relating to the Company's ongoing Bank Secrecy Act compliance efforts, expenses associated with the addition of the premium finance division and expenses resulting from the addition of the equipment finance line of business were $1.1 million, $1.3 million and $421,000, respectively. Higher incentive accruals for the Company's production staff, as well as increased commissions in the mortgage and SBA divisions, accounted for the remaining increase in compensation costs.
Occupancy costs were flat at approximately $6.0 million during the current quarter of 2017 compared with the same quarter in 2016. Tighter controls on expenses were the principal drivers of minimal increases in these costs. Data processing and telecommunications costs remained stable, at approximately $7.0 million, compared with the second quarter of 2017, but increased by 14.0% compared with the third quarter of 2016.
Total credit costs (provision and non-provision credit resolution-related costs) totaled $3.1 million in the third quarter of 2017, compared with $2.3 million in the same quarter in 2016 and $2.8 million in the second quarter of 2017.
Balance Sheet Trends
Total assets at September 30, 2017 were $7.65 billion, compared with $6.89 billion at December 31, 2016 and $7.40 billion at June 30, 2017.
Loans, including loans held for sale, totaled $6.09 billion at September 30, 2017, compared with $5.37 billion at December 31, 2016 and $5.82 billion at June 30, 2017. During the quarter, growth in core loans (legacy and purchased non-covered loans) increased by $312.9 million, or 24.3%, on an annualized basis. Growth in core loans (legacy and purchased non-covered loans) for the year-to-date period in 2017 totaled $802.8 million, or 23.1% on an annualized basis, compared with $534.6 million, or an annualized growth rate of 22.4%, for the same period in 2016. The Company's efforts to manage a diversified loan portfolio have resulted in concentration levels that are solidly below the regulatory guidance. Loans held for sale, which includes both residential mortgage and SBA-guaranteed loans, decreased $9.4 million during the third quarter of 2017.
Loan production and growth associated with the new premium finance division continue to meet forecasted levels. Loans outstanding for the division grew $11.3 million, or 9.5% annualized, from $476.6 million at the end of the second quarter of 2017 to $487.9 million at the end of the third quarter of 2017.
Lending activity in the Company's new equipment finance line of business, which provides financing for heavy equipment in the manufacturing, transportation and construction sectors, increased during the third quarter of 2017, resulting in outstanding balances of $49.4 million at the end of the quarter, compared with $15.9 million at the end of the second quarter of 2017. The line of business finished the quarter with approved and unfunded credit totaling $92.2 million, with an additional active pipeline of $90.3 million. Management expects additional approvals through the remainder of the year and that usage on approved lines will increase and support the Company's overall growth goals for the remainder of 2017 and into early 2018.
Investment securities at the end of the third quarter of 2017 were $867.6 million, or 12.3% of earning assets, compared with $852.2 million, or 13.5% of earning assets, at December 31, 2016.
At September 30, 2017, total deposits amounted to $5.90 billion, or 86.7% of total funding, compared with $5.58 billion and 89.8%, respectively, at December 31, 2016. Non-interest bearing deposits at the end of the current quarter were $1.72 billion, or 29.1% of total deposits, compared with $1.57 billion, or 28.2%, at December 31, 2016. Non-rate sensitive deposits (including non-interest bearing, NOW and savings) totaled $3.21 billion at September 30, 2017, compared with $3.17 billion at the end of 2016. These funds represented 54.4% of the Company's total deposits at September 30, 2017, compared with 56.9% at the end of 2016.
Shareholders' equity at September 30, 2017 totaled $801.9 million, compared with $646.4 million at December 31, 2016. The increase in shareholders' equity was the result of the issuance of shares of common stock in the Company's public offering in the first quarter of 2017, plus earnings of $64.4 million during the first nine months of 2017. Tangible book value per share at September 30, 2017 was $17.78, up 23.3% from $14.42 at the end of 2016. Tangible common equity as a percentage of tangible assets was 8.81% at the end of the third quarter of 2017, compared with 7.46% at the end of 2016.
Conference Call
The Company will host a conference call at 10:00 a.m. EDT today (October 19, 2017) to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other international participants). The conference ID name is Ameris Bancorp ABCB. A replay of the call will be available beginning one hour after the end of the conference call until November 2, 2017. To listen to the replay, dial 1-877-344-7529 (or 1-855-669-9658 for participants in Canada and 1-412-317-0088 for other international participants). The conference replay access code is 10112464. 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.
About Ameris Bancorp
Ameris Bancorp is a bank holding company headquartered in Moultrie, Georgia. The Company's banking subsidiary, Ameris Bank, had 97 locations in Georgia, Alabama, northern Florida and South Carolina at the end of the most recent quarter.
This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management of Ameris Bancorp (the "Company") uses these non-GAAP measures in its analysis of the Company's performance. These measures are useful when evaluating the underlying performance and efficiency of the Company's operations and balance sheet. The Company's management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company's management believes that investors may use these non-GAAP financial measures to evaluate the Company's financial performance without the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
This news release contains statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe", "estimate", "expect", "intend", "anticipate" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements and are referred to the Company's periodic filings with the Securities and Exchange Commission for a summary of certain factors that may impact the Company's results of operations and financial condition.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
2017 2017 2017 2016 2016 2017 2016
---- ---- ---- ---- ---- ---- ----
EARNINGS
Net Income $20,158 $23,087 $21,153 $18,177 $21,557 $64,398 $53,923
Adjusted Operating Net Income $23,617 $23,458 $21,606 $22,205 $21,712 $68,681 $58,422
PER COMMON SHARE DATA
Earnings per share available to common
shareholders:
Basic $0.54 $0.62 $0.59 $0.52 $0.62 $1.76 $1.58
Diluted $0.54 $0.62 $0.59 $0.52 $0.61 $1.74 $1.56
Operating Diluted EPS $0.63 $0.63 $0.60 $0.63 $0.62 $1.86 $1.69
Cash Dividends per share $0.10 $0.10 $0.10 $0.10 $0.10 $0.30 $0.20
Book value per share (period end) $21.54 $21.03 $20.42 $18.51 $18.42 $21.54 $18.42
Tangible book value per share (period end) $17.78 $17.24 $16.60 $14.42 $14.38 $17.78 $14.38
Weighted average number of shares:
Basic 37,225,418 37,162,810 35,664,420 34,915,459 34,869,747 36,689,934 34,155,556
Diluted 37,552,667 37,489,348 36,040,240 35,293,035 35,194,739 37,017,486 34,470,101
Period-end number of shares 37,231,049 37,222,904 37,128,714 34,921,474 34,891,304 37,231,049 34,891,304
Market data:
High intraday price $51.28 $49.80 $49.50 $47.70 $36.20 $51.28 $36.20
Low intraday price $41.05 $42.60 $41.60 $34.61 $28.90 $41.05 $24.96
Period end closing price $48.00 $48.20 $46.10 $43.60 $34.95 $48.00 $34.95
Average daily volume 168,911 169,617 242,982 191,894 166,841 193,555 211,351
PERFORMANCE RATIOS
Return on average assets 1.07% 1.29% 1.24% 1.10% 1.35% 1.20% 1.19%
Return on average common equity 10.04% 11.95% 12.33% 11.06% 13.39% 11.39% 12.01%
Earning asset yield (TE) 4.50% 4.45% 4.38% 4.34% 4.35% 4.44% 4.35%
Total cost of funds 0.57% 0.52% 0.42% 0.38% 0.36% 0.51% 0.35%
Net interest margin (TE) 3.95% 3.95% 3.97% 3.95% 3.99% 3.96% 4.01%
Non-interest income excluding securities
transactions, as a percent of total revenue
(TE) 25.68% 27.81% 27.27% 27.32% 31.36% 26.90% 31.29%
Efficiency ratio 67.94% 61.02% 61.52% 67.05% 61.91% 63.57% 66.15%
CAPITAL ADEQUACY (period end)
Stockholders' equity to assets 10.48% 10.58% 10.69% 9.38% 9.90% 10.48% 9.90%
Tangible common equity to tangible assets 8.81% 8.84% 8.86% 7.46% 7.90% 8.81% 7.90%
EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible assets 8.81% 8.84% 8.86% 7.46% 7.90% 8.81% 7.90%
Effect of goodwill and other intangibles 1.67% 1.74% 1.82% 1.92% 2.00% 1.67% 2.00%
Equity to assets (GAAP) 10.48% 10.58% 10.69% 9.38% 9.90% 10.48% 9.90%
===== ===== ===== ==== ==== ===== ====
OTHER PERIOD-END DATA
Banking Division FTE 1,080 1,082 1,039 1,014 987 1,080 987
Retail Mortgage Division FTE 272 268 252 254 254 272 254
Warehouse Lending Division FTE 8 8 8 9 5 8 5
SBA Division FTE 23 23 20 21 24 23 24
Premium Finance Division FTE 62 56 50 - - 62 -
--------------------
Total Ameris Bancorp FTE Headcount 1,445 1,437 1,369 1,298 1,270 1,445 1,270
----- ----- ----- ----- ----- ----- -----
Assets per Banking Division FTE $7,083 $6,837 $6,829 $6,797 $6,579 $7,083 $6,579
Branch locations 97 97 97 97 99 97 99
Deposits per branch location $60,778 $59,726 $58,169 $57,476 $53,597 $60,778 $53,597
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
2017 2017 2017 2016 2016 2017 2016
---- ---- ---- ---- ---- ---- ----
INCOME STATEMENT
Interest income
Interest and fees on loans $70,462 $65,464 $61,521 $57,982 $57,322 $197,447 $160,677
Interest on taxable securities 5,062 5,195 4,800 4,348 4,336 15,057 13,476
Interest on nontaxable securities 392 401 416 425 397 1,209 1,297
Interest on deposits in other banks 406 351 313 193 147 1,070 634
Interest on federal funds sold - - - 8 8 - 25
Total interest income 76,322 71,411 67,050 62,956 62,210 214,783 176,109
------ ------ ------ ------ ------ ------- -------
Interest expense
Interest on deposits $5,136 $4,580 $3,763 $3,680 $3,074 $13,479 $8,730
Interest on other borrowings 4,331 3,674 2,697 1,997 2,069 10,702 5,287
--------------------
Total interest expense 9,467 8,254 6,460 5,677 5,143 24,181 14,017
----- ----- ----- ----- ----- ------ ------
Net interest income 66,855 63,157 60,590 57,279 57,067 190,602 162,092
Provision for loan losses 1,787 2,205 1,836 1,710 811 5,828 2,381
----- ----- ----- ----- --- ----- -----
Net interest income after provision for loan losses $65,068 $60,952 $58,754 $55,569 $56,256 $184,774 $159,711
------- ------- ------- ------- ------- -------- --------
Noninterest income
Service charges on deposit accounts $10,535 $10,616 $10,563 $11,036 $11,358 $31,714 $31,709
Mortgage banking activity 13,340 13,943 11,215 9,878 14,067 38,498 38,420
Other service charges, commissions and fees 699 729 709 706 791 2,137 2,869
Gain(loss) on sale of securities - 37 - - - 37 94
Other non-interest income 2,425 2,864 3,219 2,652 2,648 8,508 8,437
Total noninterest income 26,999 28,189 25,706 24,272 28,864 80,894 81,529
------ ------ ------ ------ ------ ------ ------
Noninterest expense
Salaries and employee benefits 32,583 29,132 27,794 25,137 27,982 89,509 81,700
Occupancy and equipment expenses 6,036 6,146 5,877 6,337 5,989 18,059 18,060
Data processing and telecommunications
expenses 7,050 7,028 6,572 6,244 6,185 20,650 18,347
Credit resolution related expenses (1) 1,347 599 933 1,083 1,526 2,879 5,089
Advertising and marketing expenses 1,247 1,259 1,106 1,273 1,249 3,612 2,908
Amortization of intangible assets 941 1,013 1,036 1,044 993 2,990 3,332
Merger and conversion charges 92 - 402 17 - 494 6,359
Other non-interest expenses 14,471 10,562 9,373 13,542 9,275 34,406 25,363
Total noninterest expense 63,767 55,739 53,093 54,677 53,199 172,599 161,158
------ ------ ------ ------ ------ ------- -------
Income before income taxes $28,300 $33,402 $31,367 $25,164 $31,921 $93,069 $80,082
Income tax expense 8,142 10,315 10,214 6,987 10,364 28,671 26,159
------------------
Net income $20,158 $23,087 $21,153 $18,177 $21,557 $64,398 $53,923
======= ======= ======= ======= ======= ======= =======
Diluted earnings available to common shareholders 0.54 0.62 0.59 0.52 0.61 1.74 1.56
==== ==== ==== ==== ==== ==== ====
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Sept. Jun. Mar. Dec. Sept.
2017 2017 2017 2016 2016
---- ---- ---- ---- ----
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks $131,071 $139,500 $127,164 $127,164 $123,270
Federal funds sold and interest bearing deposits in
banks 112,844 137,811 232,045 71,221 90,801
Investment securities available for sale, at fair
value 819,593 818,693 830,765 822,735 838,124
Other investments 47,977 42,495 35,950 29,464 24,578
Loans held for sale 137,392 146,766 105,637 105,924 126,263
Loans, net of unearned income 4,574,678 4,230,228 3,785,480 3,626,821 3,091,039
Purchased loans (excluding loan pools) 917,126 950,499 1,006,935 1,069,191 1,129,381
Purchased loan pools 465,218 490,114 529,099 568,314 624,886
Less allowance for loan losses (25,966) (25,101) (25,250) (23,920) (22,963)
-------------------
Loans, net 5,931,056 5,645,740 5,296,264 5,240,406 4,822,343
Other real estate owned 9,391 11,483 10,466 10,874 10,392
Purchased other real estate owned 9,946 11,330 11,668 12,540 15,126
-------------------
Total other real estate owned 19,337 22,813 22,134 23,414 25,518
Premises and equipment, net 119,458 121,108 121,610 121,217 122,191
Goodwill 125,532 125,532 125,532 125,532 122,545
Other intangibles, net 14,437 15,378 16,391 17,428 18,472
Deferred income taxes, net 39,365 41,124 41,505 40,776 37,626
Cash value of bank owned life insurance 79,241 78,834 78,442 78,053 77,637
Other assets 72,517 62,064 61,417 88,697 64,127
Total assets $7,649,820 $7,397,858 $7,094,856 $6,892,031 $6,493,495
========== ========== ========== ========== ==========
Liabilities
Deposits:
Noninterest-bearing $1,718,022 $1,672,918 $1,654,723 $1,573,389 $1,563,316
Interest-bearing 4,177,482 4,120,479 3,987,646 4,001,774 3,742,782
--------- --------- --------- --------- ---------
Total deposits 5,895,504 5,793,397 5,642,369 5,575,163 5,306,098
Federal funds purchased & securities sold under
agreements to repurchase 14,156 18,400 40,415 53,505 42,647
Other borrowings 808,572 679,591 525,669 492,321 373,461
Subordinated deferrable interest debentures 85,220 84,889 84,559 84,228 83,898
Other liabilities 44,447 38,899 43,628 40,377 44,808
Total liabilities 6,847,899 6,615,176 6,336,640 6,245,594 5,850,912
--------- --------- --------- --------- ---------
Shareholders' equity
Preferred stock $ - $ - $ - $ - $ -
Common stock 38,706 38,698 38,603 36,378 36,348
Capital surplus 506,779 505,803 503,543 410,276 409,630
Retained earnings 267,694 251,259 231,894 214,454 199,769
Accumulated other comprehensive income (loss) 3,241 1,421 (1,209) (1,058) 10,449
Less treasury stock (14,499) (14,499) (14,615) (13,613) (13,613)
Total shareholders' equity 801,921 782,682 758,216 646,437 642,583
------- ------- ------- ------- -------
Total liabilities and shareholders' equity $7,649,820 $7,397,858 $7,094,856 $6,892,031 $6,493,495
========== ========== ========== ========== ==========
Other Data
Earning Assets 7,074,828 6,816,606 6,525,911 6,293,670 5,925,072
Intangible Assets 139,969 140,910 141,923 142,960 141,017
Interest Bearing Liabilities 5,085,430 4,903,359 4,638,289 4,631,828 4,242,788
Average Assets 7,461,367 7,152,024 6,915,965 6,573,344 6,330,350
Average Common Stockholders' Equity 796,856 774,664 695,830 653,991 640,382
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
2017 2017 2017 2016 2016 2017 2016
---- ---- ---- ---- ---- ---- ----
ASSET QUALITY INFORMATION
Allowance for loan losses
Balance at beginning of period $25,101 $25,250 $23,920 $22,963 $21,734 $23,920 $21,062
Provision for loan loss 1,787 2,205 1,836 1,710 811 5,828 2,381
Charge-offs 2,443 3,284 1,102 1,686 1,451 6,829 4,641
Recoveries 1,521 930 596 933 1,869 3,047 4,161
----- --- --- --- ----- ----- -----
Net charge-offs (recoveries) 922 2,354 506 753 (418) 3,782 480
Ending balance $25,966 $25,101 $25,250 $23,920 $22,963 $25,966 $22,963
==============
Net charge-off information
Charge-offs
Commercial, financial & agricultural $1,091 $701 $104 $726 $326 $1,896 $1,273
Real estate - residential 852 963 216 239 292 2,031 883
Real estate - commercial & farmland 18 386 9 - - 413 708
Real estate - construction & development 1 41 53 264 60 95 324
Consumer installment 320 438 164 159 74 922 192
Purchased loans (excluding loan pools) 161 755 556 298 699 1,472 1,261
Purchased loan pools - - - - - - -
Total charge-offs 2,443 3,284 1,102 1,686 1,451 6,829 4,641
----- ----- ----- ----- ----- ----- -----
Recoveries
Commercial, financial & agricultural 409 221 69 121 119 699 279
Real estate - residential 56 73 61 23 40 190 368
Real estate - commercial & farmland 26 121 9 78 13 156 191
Real estate - construction & development 126 98 20 16 131 244 474
Consumer installment 17 44 17 8 78 78 119
Purchased loans (excluding loan pools) 887 373 420 687 1,488 1,680 2,730
Purchased loan pools - - - - - - -
Total recoveries 1,521 930 596 933 1,869 3,047 4,161
----- --- --- --- ----- ----- -----
Net charge-offs (recoveries) $922 $2,354 $506 $753 $(418) $3,782 $480
===========================
Non-accrual loans (excluding purchased loans) 15,325 17,083 18,281 18,114 16,379 15,325 16,379
Non-accrual purchased loans 19,049 17,357 23,606 22,966 23,827 19,049 23,827
Non-accrual purchased loan pools 915 918 - - 864 915 864
Foreclosed assets (excluding purchased assets) 9,391 11,483 10,466 10,874 10,392 9,391 10,392
Purchased other real estate owned 9,946 11,330 11,668 12,540 15,126 9,946 15,126
Accruing loans delinquent 90 days or more 2,941 1,784 933 - - 2,941 -
(excluding purchased loans)
Accruing purchased loans delinquent 90 days or - 147 - - - - -
more
Total non-performing assets 57,567 60,102 64,954 64,494 66,588 57,567 66,588
------ ------ ------ ------ ------ ------ ------
Non-performing assets as a percent of total assets 0.75% 0.81% 0.92% 0.94% 1.03% 0.75% 1.03%
Net charge offs as a percent of average loans 0.06% 0.17% 0.04% 0.06% -0.04% 0.09% 0.01%
(annualized)
Net charge offs, excluding purchased loans as a
percent of average loans (annualized)
0.15% 0.20% 0.04% 0.14% 0.05% 0.13% 0.10%
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
For the quarter ended:
----------------------
Sept. Jun. Mar. Dec. Sept.
Loans by Type 2017 2017 2017 2016 2016
---- ---- ---- ---- ----
Commercial, financial & agricultural $1,307,209 $1,218,633 $1,061,599 $967,138 $625,947
Real estate - construction & development 550,189 486,858 415,029 363,045 328,308
Real estate - commercial & farmland 1,558,882 1,519,002 1,458,110 1,406,219 1,297,582
Real estate - residential 969,289 857,069 726,795 781,018 766,933
Consumer installment 183,314 147,505 115,919 96,915 68,305
Other 5,795 1,161 8,028 12,486 3,964
Total Legacy (excluding purchased loans) $4,574,678 $4,230,228 $3,785,480 $3,626,821 $3,091,039
---------- ---------- ---------- ---------- ----------
Commercial, financial & agricultural $80,895 $87,612 $89,897 $96,537 $100,426
Real estate - construction & development 68,583 73,567 82,378 81,368 89,319
Real estate - commercial & farmland 500,169 510,312 538,046 576,355 604,076
Real estate - residential 264,312 275,504 292,911 310,277 330,626
Consumer installment 3,167 3,504 3,703 4,654 4,934
Total Purchased loans (net of discounts) $917,126 $950,499 $1,006,935 $1,069,191 $1,129,381
-------- -------- ---------- ---------- ----------
Commercial, financial & agricultural $ - $ - $ - $ - $ -
Real estate - construction & development - - - - -
Real estate - commercial & farmland - - - - -
Real estate - residential 465,218 490,114 529,099 568,314 624,886
Consumer installment - - - - -
Total Purchased loan pools $465,218 $490,114 $529,099 $568,314 $624,886
-------- -------- -------- -------- --------
Total Loan Portfolio:
Commercial, financial & agricultural $1,388,104 $1,306,245 $1,151,496 $1,063,675 $726,373
Real estate - construction & development 618,772 560,425 497,407 444,413 417,627
Real estate - commercial & farmland 2,059,051 2,029,314 1,996,156 1,982,574 1,901,658
Real estate - residential 1,698,819 1,622,687 1,548,805 1,659,609 1,722,445
Consumer installment 186,481 151,009 119,622 101,569 73,239
Other 5,795 1,161 8,028 12,486 3,964
Total Loans $5,957,022 $5,670,841 $5,321,514 $5,264,326 $4,845,306
---------- ---------- ---------- ---------- ----------
Troubled Debt Restructurings, excluding purchased loans:
Accruing loan types:
Commercial, financial & agricultural $44 $40 $42 $47 $53
Real estate - construction & development 424 429 435 686 691
Real estate - commercial & farmland 4,769 4,859 3,944 4,119 5,535
Real estate - residential 7,209 6,829 9,220 9,340 7,713
Consumer installment 6 12 18 17 21
Total Accruing TDRs $12,452 $12,169 $13,659 $14,209 $14,013
------- ------- ------- ------- -------
Non-accruing loan types:
Commercial, financial & agricultural $129 $136 $142 $114 $112
Real estate - construction & development 34 34 34 35 35
Real estate - commercial & farmland 209 192 1,617 2,970 2,015
Real estate - residential 1,212 1,975 998 738 849
Consumer installment 130 133 129 130 120
Total Non-accrual TDRs $1,714 $2,470 $2,920 $3,987 $3,131
------ ------ ------ ------ ------
Total Troubled Debt Restructurings $14,166 $14,639 $16,579 $18,196 $17,144
======= ======= ======= ======= =======
The following table presents the loan portfolio by risk grade, excluding purchased loans:
Grade 10 - Prime credit $510,262 $490,514 $420,814 $414,564 $398,781
Grade 15 - Good credit 692,217 631,141 587,180 539,147 190,389
Grade 20 - Satisfactory credit 2,003,173 1,875,308 1,718,749 1,669,998 1,608,265
Grade 23 - Performing, under-collateralized credit 14,977 15,386 20,889 23,186 22,763
Grade 25 - Minimum acceptable credit 1,277,969 1,147,786 958,623 907,588 797,148
Grade 30 - Other asset especially mentioned 36,143 32,871 37,298 29,172 31,764
Grade 40 - Substandard 39,930 37,116 41,821 43,067 41,929
Grade 50 - Doubtful 7 106 106 99 -
Grade 60 - Loss - - - - -
--- --- --- --- ---
Total $4,574,678 $4,230,228 $3,785,480 $3,626,821 $3,091,039
---------- ---------- ---------- ---------- ----------
The following table presents the purchased loan portfolio by risk grade:
Grade 10 - Prime credit $4,039 $5,959 $6,017 $6,536 $6,543
Grade 15 - Good credit 107,097 39,391 38,179 40,786 42,257
Grade 20 - Satisfactory credit 275,855 327,449 365,434 334,353 341,544
Grade 23 - Performing, under-collateralized credit 19,859 22,058 22,081 27,475 31,841
Grade 25 - Minimum acceptable credit 411,776 459,903 476,954 569,026 604,272
Grade 30 - Other asset especially mentioned 50,696 41,869 43,450 35,032 50,691
Grade 40 - Substandard 47,804 53,870 54,820 55,983 52,233
Grade 50 - Doubtful - - - - -
Grade 60 - Loss - - - - -
--- --- --- --- ---
Total $917,126 $950,499 $1,006,935 $1,069,191 $1,129,381
-------- -------- ---------- ---------- ----------
The following table presents the purchased loan pools by risk grade:
Grade 20 - Satisfactory credit $464,303 $489,196 $528,181 $567,389 $624,022
Grade 40 - Substandard 915 918 918 925 864
--- --- --- --- ---
Total $465,218 $490,114 $529,099 $568,314 $624,886
-------- -------- -------- -------- --------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
2017 2017 2017 2016 2016 2017 2016
---- ---- ---- ---- ---- ---- ----
AVERAGE BALANCES
Federal funds sold $ - $ - $ - $5,261 $5,500 $ - $6,293
Interest bearing deposits in banks 109,266 121,810 147,385 122,538 85,051 126,014 127,767
Investment securities - taxable 760,907 766,375 759,850 770,373 767,421 762,381 756,378
Investment securities - nontaxable 60,862 63,210 65,374 66,566 68,325 63,132 68,935
Other investments 42,687 37,375 37,392 19,732 21,687 39,171 15,375
Loans held for sale 126,798 110,933 77,617 102,926 105,859 105,296 96,340
Loans 4,379,082 3,994,213 3,678,149 3,145,714 2,897,771 4,018,597 2,642,498
Purchased loans (excluding loan pools) 937,595 973,521 1,034,983 1,101,907 1,199,175 982,033 1,147,821
Purchased loan pools 475,742 516,949 547,057 590,617 629,666 513,750 629,118
Total Earning Assets $6,892,939 $6,584,386 $6,347,807 $5,925,634 $5,780,455 $6,610,374 $5,490,525
---------- ---------- ---------- ---------- ---------- ---------- ----------
Noninterest bearing deposits $1,654,467 $1,615,001 $1,604,495 $1,592,073 $1,546,211 $1,624,837 $1,490,152
NOW accounts 1,201,151 1,154,364 1,169,567 1,253,849 1,085,828 1,175,143 1,103,385
MMDA 1,682,306 1,621,487 1,486,972 1,435,958 1,435,151 1,597,637 1,375,835
Savings accounts 278,991 278,666 268,741 262,782 266,344 275,504 261,148
Retail CDs < $100,000 437,641 441,556 444,195 445,132 431,570 441,107 434,898
Retail CDs > $100,000 582,598 560,320 517,354 497,113 451,115 553,663 433,607
Brokered CDs - - - 3,750 5,000 - 3,704
Total Deposits 5,837,154 5,671,394 5,491,324 5,490,657 5,221,219 5,667,891 5,102,729
--------- --------- --------- --------- --------- --------- ---------
Federal funds purchased and securities sold
under agreements to repurchase 19,414 27,088 42,589 44,000 37,305 $29,612 $44,433
FHLB advances 608,413 483,583 525,583 222,426 265,202 539,496 126,855
Other borrowings 75,590 75,625 47,738 38,728 49,345 66,420 47,809
Subordinated deferrable interest debentures 85,040 84,710 84,379 84,050 83,719 84,712 79,912
Total Non-Deposit Funding 788,457 671,006 700,289 389,204 435,571 720,240 299,009
------- ------- ------- ------- ------- ------- -------
Total Funding $6,625,611 $6,342,400 $6,191,613 $5,879,861 $5,656,790 $6,388,131 $5,401,738
---------- ---------- ---------- ---------- ---------- ---------- ----------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
2017 2017 2017 2016 2016 2017 2016
---- ---- ---- ---- ---- ---- ----
INTEREST INCOME/EXPENSE
INTEREST INCOME
Federal funds sold $ - $ - $ - $8 $8 $ - $25
Interest bearing deposits in banks 406 351 313 193 147 1,070 634
Investment securities - taxable 5,062 5,195 4,800 4,348 4,336 15,057 13,476
Investment securities - nontaxable (TE) 603 617 640 654 536 1,860 1,751
Loans held for sale 1,131 1,058 653 989 826 2,842 2,402
Loans (TE) 53,383 47,255 43,157 37,418 33,672 143,796 93,887
Purchased loans (excluding loan pools) 14,058 14,765 15,173 17,015 19,296 43,996 53,348
Purchased loan pools 3,491 3,786 3,832 3,950 4,346 11,109 13,220
Total Earning Assets $78,135 $73,027 $68,568 $64,575 $63,167 $219,730 $178,743
------- ------- ------- ------- ------- -------- --------
Accretion Income (included above) 2,725 2,896 2,810 3,370 3,604 8,431 10,742
INTEREST EXPENSE
Non-interest bearing deposits $ - $ - $ - $ - $ - $ - $ -
NOW accounts 600 520 497 613 433 1,617 1,340
MMDA 2,316 2,008 1,538 1,405 1,241 5,862 3,449
Savings accounts 47 45 43 44 45 135 133
Retail CDs < $100,000 684 636 562 553 493 1,882 1,481
Retail CDs > $100,000 1,489 1,371 1,123 1,060 854 3,983 2,309
Brokered CDs - - - 6 8 0 18
Total Deposits 5,136 4,580 3,763 3,681 3,074 13,479 8,730
----- ----- ----- ----- ----- ------ -----
Federal funds purchased and securities sold
under agreements to repurchase 11 13 20 21 18 44 77
FHLB advances 1,849 1,238 907 328 393 3,994 571
Other borrowings 1,183 1,158 559 432 479 2,900 1,333
Subordinated deferrable interest debentures 1,288 1,265 1,211 1,216 1,179 3,764 3,306
Total Non-Deposit Funding 4,331 3,674 2,697 1,997 2,069 10,702 5,287
----- ----- ----- ----- ----- ------ -----
Total Funding $9,467 $8,254 $6,460 $5,678 $5,143 $24,181 $14,017
------ ------ ------ ------ ------ ------- -------
Net Interest Income (TE) $68,668 $64,773 $62,108 $58,897 $58,024 $195,549 $164,726
------- ------- ------- ------- ------- -------- --------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
2017 2017 2017 2016 2016 2017 2016
---- ---- ---- ---- ---- ---- ----
YIELDS (1)
Federal funds sold 0.00% 0.00% 0.00% 0.60% 0.58% 0.00% 0.53%
Interest bearing deposits in banks 1.47% 1.16% 0.86% 0.63% 0.69% 1.14% 0.66%
Investment securities - taxable 2.64% 2.72% 2.56% 2.25% 2.25% 2.64% 2.38%
Investment securities - nontaxable 3.93% 3.91% 3.97% 3.91% 3.12% 3.94% 3.39%
Loans held for sale 3.54% 3.83% 3.41% 3.82% 3.10% 3.61% 3.33%
Loans 4.84% 4.75% 4.76% 4.73% 4.62% 4.78% 4.75%
Purchased loans (excluding loan pools) 5.95% 6.08% 5.95% 6.14% 6.40% 5.99% 6.21%
Purchased loan pools 2.91% 2.94% 2.84% 2.66% 2.75% 2.89% 2.81%
---- ---- ---- ---- ---- ---- ----
Total Earning Assets 4.50% 4.45% 4.38% 4.34% 4.35% 4.44% 4.35%
Noninterest bearing deposits 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
NOW accounts 0.20% 0.18% 0.17% 0.19% 0.16% 0.18% 0.16%
MMDA 0.55% 0.50% 0.42% 0.39% 0.34% 0.49% 0.33%
Savings accounts 0.07% 0.06% 0.06% 0.07% 0.07% 0.07% 0.07%
Retail CDs < $100,000 0.62% 0.58% 0.51% 0.49% 0.45% 0.57% 0.45%
Retail CDs > $100,000 1.01% 0.98% 0.88% 0.85% 0.75% 0.96% 0.71%
Brokered CDs 0.00% 0.00% 0.00% 0.64% 0.64% 0.00% 0.65%
---- ---- ---- ---- ---- ---- ----
Total Deposits 0.35% 0.32% 0.28% 0.27% 0.23% 0.32% 0.23%
Federal funds purchased and securities sold
under agreements to repurchase 0.22% 0.19% 0.19% 0.19% 0.19% 0.20% 0.23%
FHLB advances 1.21% 1.03% 0.70% 0.59% 0.59% 0.99% 0.60%
Other borrowings 6.21% 6.14% 4.75% 4.44% 3.86% 5.84% 3.72%
Subordinated deferrable interest debentures 6.01% 5.99% 5.82% 5.76% 5.60% 5.94% 5.53%
---- ---- ---- ---- ---- ---- ----
Total Non-Deposit Funding 2.18% 2.20% 1.56% 2.04% 1.89% 1.99% 2.36%
Total funding (2) 0.57% 0.52% 0.42% 0.38% 0.36% 0.51% 0.35%
---- ---- ---- ---- ---- ---- ----
Net interest spread 3.93% 3.93% 3.96% 3.95% 3.99% 3.93% 4.00%
Net interest margin (3) 3.95% 3.95% 3.97% 3.95% 3.99% 3.96% 4.01%
==== ==== ==== ==== ==== ==== ====
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 35%.
(2) Rate calculated based on total average funding including non-interest bearing deposits.
(3) Rate calculated based on average earning assets.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
Adjusted Operating Net Income Reconciliation 2017 2017 2017 2016 2016 2017 2016
---- ---- ---- ---- ---- ---- ----
Net income available to common shareholders $20,158 $23,087 $21,153 $18,177 $21,557 $64,398 $53,923
Merger and conversion charges 92 - 402 17 - 494 6,359
Certain compliance resolution expenses 4,729 - - 5,750 - 4,729 -
Financial impact of Hurricane Irma 410 - - - - 410 -
Losses (gains) on the sale of premises 91 570 295 430 238 956 562
--- --- --- --- --- --- ---
Tax effect of management-adjusted charges (1,863) (200) (244) (2,169) (83) (2,306) (2,422)
------ ---- ---- ------ --- ------ ------
Plus: After tax management-adjusted charges 3,459 371 453 4,028 155 4,283 4,499
Adjusted Operating Net income 23,617 23,458 21,606 22,205 21,712 68,681 58,422
------ ------ ------ ------ ------ ------ ------
Adjusted operating net income per diluted share: $0.63 $0.63 $0.60 $0.63 $0.62 $1.86 $1.69
Adjusted operating return on average assets 1.26% 1.32% 1.27% 1.34% 1.36% 1.28% 1.29%
Adjusted operating return on average common
tangible equity 14.28% 14.86% 15.84% 17.25% 17.31% 14.94% 16.70%
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
Net Interest Margin and Yields on Total Loans 2017 2017 2017 2016 2016 2017 2016
---- ---- ---- ---- ---- ---- ----
Excluding Accretion Reconciliation
Total Interest Income (TE) $78,135 $73,027 $68,568 $64,575 $63,167 $219,730 $178,743
Accretion Income 2,725 2,896 2,810 3,370 3,604 8,431 10,742
----- ----- ----- ----- ----- ----- ------
Total Interest Income (TE) Excluding Accretion $75,410 $70,131 $65,758 $61,205 $59,563 $211,299 $168,001
Total Interest Expense $9,467 $8,254 $6,460 $5,677 $5,143 $24,181 $14,017
Net Interest Income (TE) Excluding Accretion $65,943 $61,877 $59,298 $55,528 $54,420 $187,118 $153,984
Yield on Total Loans (TE) Excluding Accretion 4.65% 4.59% 4.56% 4.51% 4.49% 4.60% 4.50%
---- ---- ---- ---- ---- ---- ----
Net Interest Margin (TE) Excluding Accretion 3.80% 3.77% 3.79% 3.73% 3.75% 3.78% 3.75%
---- ---- ---- ---- ---- ---- ----
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
Management-Adjusted Operating Expenses 2017 2017 2017 2016 2016 2017 2016
---- ---- ---- ---- ---- ---- ----
Total operating expenses 63,767 55,739 53,093 54,677 53,199 172,599 161,158
Less: Management-adjusted charges
Merger and conversion expenses (92) - (402) (17) - (494) (6,359)
Certain compliance resolution expenses (4,729) - - (5,750) - (4,729) -
Financial impact of Hurricane Irma (410) - - - - (410) -
Gains/(Losses) on the sale of premises (91) (570) (295) (430) (238) (956) (562)
--- ---- ---- ---- ---- ---- ----
Management-adjusted operating expenses $58,445 $55,169 $52,396 $48,480 $52,961 $166,010 $154,237
======= ======= ======= ======= ======= ======== ========
Management-adjusted operating efficiency ratio (TE) 61.09% 59.37% 59.67% 58.29% 60.95% 60.06% 62.66%
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
Tangible Book Value per Share Reconciliation 2017 2017 2017 2016 2016 2017 2016
---- ---- ---- ---- ---- ---- ----
Total shareholders' equity $801,921 $782,682 $758,216 $646,437 $642,583 $801,921 $642,583
Less: Goodwill 125,532 125,532 125,532 125,532 122,545 $125,532 122,545
Less:Other intangibles, net 14,437 15,378 16,391 17,428 18,472 14,437 18,472
------ ------ ------ ------ ------ ------ ------
Total tangible shareholders' equity $661,952 $641,772 $616,293 $503,477 $501,566 $661,952 $501,566
Period-end number of shares 37,231,049 37,222,904 37,128,714 34,921,474 34,891,304 37,231,049 34,891,304
Tangible book value per share (period end) $17.78 $17.24 $16.60 $14.42 $14.38 $17.78 $14.38
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Jun. Mar. Dec. Sept. Sept. Sept.
Segment Reporting 2017 2017 2017 2016 2016 2017 2016
---- ---- ---- ---- ---- ---- ----
Banking Division:
Net interest income $53,600 $51,800 $50,126 $50,528 $51,653 $155,526 $147,956
Provision for loan losses 1,037 1,491 1,982 502 57 4,510 1,471
Noninterest income 13,007 12,954 13,013 13,466 13,949 38,974 39,702
Noninterest expense:
Salaries and employee benefits 20,554 19,359 18,844 17,084 18,323 58,757 55,740
Occupancy 5,384 5,427 5,257 5,668 5,490 16,068 16,541
Data Processing 6,357 6,378 6,043 5,841 5,794 18,778 17,299
Other expenses 14,905 10,209 9,241 15,398 11,533 34,355 39,040
------ ------ ----- ------ ------ ------ ------
Total noninterest expense 47,200 41,373 39,385 43,991 41,140 127,958 128,620
------ ------ ------ ------ ------ ------- -------
Income before income taxes 18,370 21,890 21,772 19,501 24,405 62,032 57,567
Income Tax 4,850 6,095 6,856 5,005 7,733 17,801 18,278
----- ----- ----- ----- ----- ------ ------
Net income $13,520 $15,795 $14,916 $14,496 $16,672 $44,231 $39,289
======= ======= ======= ======= ======= ======= =======
Retail Mortgage Division:
Net interest income $4,265 $3,470 $2,976 $3,032 $2,625 $10,711 $7,609
Provision for loan losses 262 347 8 33 447 617 540
Noninterest income 12,257 13,053 10,513 9,036 13,198 35,823 36,126
Noninterest expense:
Salaries and employee benefits 9,792 7,763 7,216 7,098 8,940 24,771 23,591
Occupancy 555 610 519 602 433 1,684 1,326
Data Processing 425 440 317 326 364 1,182 974
Other expenses 1,001 888 1,141 1,093 1,303 3,030 3,392
----- --- ----- ----- ----- ----- -----
Total noninterest expense 11,773 9,701 9,193 9,119 11,040 30,667 29,283
------ ----- ----- ----- ------ ------ ------
Income before income taxes 4,487 6,475 4,288 2,916 4,336 15,250 13,912
Income Tax 1,475 2,361 1,501 1,021 1,518 5,337 4,870
----- ----- ----- ----- ----- ----- -----
Net income $3,012 $4,114 $2,787 $1,895 $2,818 $9,913 $9,042
====== ====== ====== ====== ====== ====== ======
Warehouse Lending Division:
Net interest income $1,535 $1,254 $1,105 $1,706 $1,848 $3,894 $4,256
Provision for loan losses 215 176 (232) 496 94 159 94
Noninterest income 583 438 319 462 555 1,340 1,328
Noninterest expense:
Salaries and employee benefits 129 127 147 220 103 403 399
Occupancy 1 1 1 1 1 3 3
Data Processing 28 25 27 32 26 80 71
Other expenses 51 54 32 29 26 137 77
--- --- --- --- --- --- ---
Total noninterest expense 209 207 207 282 156 623 550
--- --- --- --- --- --- ---
Income before income taxes 1,694 1,309 1,449 1,390 2,153 4,452 4,940
Income Tax 580 472 507 487 754 1,559 1,729
--- --- --- --- --- ----- -----
Net income $1,114 $837 $942 $904 $1,399 $2,893 $3,211
====== ==== ==== ==== ====== ====== ======
SBA Division:
Net interest income $981 $885 $907 $949 $941 $2,773 $2,271
Provision for loan losses (1) 51 48 571 213 98 276
Noninterest income 1,130 1,718 1,815 1,308 1,162 4,663 4,373
Noninterest expense:
Salaries and employee benefits 858 890 591 735 616 2,339 1,970
Occupancy 54 54 51 64 65 159 190
Data Processing 9 2 1 1 1 12 3
Other expenses 63 259 211 170 181 533 542
--- --- --- --- --- --- ---
Total noninterest expense 984 1,205 854 970 863 3,043 2,705
--- ----- --- --- --- ----- -----
Income before income taxes 1,128 1,347 1,820 716 1,027 4,295 3,663
Income Tax 394 472 637 251 359 1,503 1,282
--- --- --- --- --- ----- -----
Net income $734 $875 $1,183 $465 $668 $2,792 $2,381
==== ==== ====== ==== ==== ====== ======
Premium Finance Division:
Net interest income $6,474 $5,748 $5,476 $1,064 $ - $17,698 $ -
Provision for loan losses 274 140 30 108 - 444 -
Noninterest income 22 26 46 - - 94 -
Noninterest expense:
Salaries and employee benefits 1,250 993 996 - - 3,239 -
Occupancy 42 54 49 2 - 145 -
Data Processing 231 183 184 44 - 598 -
Other expenses 2,078 2,023 2,225 269 - 6,326 -
----- ----- ----- --- --- ----- ---
Total noninterest expense 3,601 3,253 3,454 315 - 10,308 -
----- ----- ----- --- --- ------ ---
Income before income taxes 2,621 2,381 2,038 641 - 7,040 -
Income Tax 843 915 713 224 - 2,471 -
--- --- --- --- --- ----- ---
Net income $1,778 $1,466 $1,325 $417 $ - $4,569 $ -
====== ====== ====== ==== =========================== ====== =====================
Total Consolidated:
Net interest income $66,855 $63,157 $60,590 $57,279 $57,067 $190,602 $162,092
Provision for loan losses 1,787 2,205 1,836 1,710 811 5,828 2,381
Noninterest income 26,999 28,189 25,706 24,272 28,864 80,894 81,529
Noninterest expense:
Salaries and employee benefits 32,583 29,132 27,794 25,137 27,982 89,509 81,700
Occupancy 6,036 6,146 5,877 6,337 5,989 18,059 18,060
Data Processing 7,050 7,028 6,572 6,244 6,185 20,650 18,347
Other expenses 18,098 13,433 12,850 16,959 13,043 44,381 43,051
------ ------ ------ ------ ------ ------ ------
Total noninterest expense 63,767 55,739 53,093 54,677 53,199 172,599 161,158
------ ------ ------ ------ ------ ------- -------
Income before income taxes 28,300 33,402 31,367 25,164 31,921 93,069 80,082
Income Tax 8,142 10,315 10,214 6,987 10,364 28,671 26,159
----- ------ ------ ----- ------ ------ ------
Net income $20,158 $23,087 $21,153 $18,177 $21,557 $64,398 $53,923
======= ======= ======= ======= ======= ======= =======
View original content with multimedia:http://www.prnewswire.com/news-releases/ameris-bancorp-announces-financial-results-for-third-quarter-2017-300539595.html
SOURCE Ameris Bancorp
