MOULTRIE, Ga., April 21, 2017 /PRNewswire/ -- Ameris
Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of
$21.2 million, or $0.59 per diluted share, for the quarter ended
March 31, 2017, compared with
$12.3 million, or $0.37 per diluted share, for the quarter ended
March 31, 2016. Commenting on
the Company's quarterly results, Edwin W.
Hortman, Jr., the Company's President and Chief Executive
Officer, said, "We delivered another quarter of consistent
financial results with very little noise. Generally, the
first quarter is our most challenging quarter, but control of
operating expenses and double digit growth in year-over-year
revenue led us to solid results. Our pipelines are very
strong and I expect reliable growth in earnings through the
remainder of 2017."
The Company reported operating net income of $21.6 million, or $0.60 per diluted share, for the quarter ended
March 31, 2017, compared with
$16.4 million, or $0.50 per diluted share, for the first quarter of
2016. Operating net income for the first quarter of 2017
and 2016 excludes certain after-tax costs associated with
acquisitions and sales of premises, as shown below. Operating
returns on average assets and average tangible common equity were
1.27% and 15.84%, respectively, for the first quarter of 2017,
compared with 1.17% and 15.37%, respectively, for the same quarter
of 2016.
Following is a summary of the adjustments between reported net
income and adjusted operating net income:
|
Three Months
Ended
|
|
|
Adjusted Operating
Net Income Reconciliation
|
Mar
17
|
|
Mar
16
|
|
|
Net income available
to common shareholders
|
$
21,153
|
|
$
12,317
|
|
|
Merger and conversion
charges
|
402
|
|
6,359
|
|
|
Losses (gains) on
sale of premises
|
295
|
|
(77)
|
|
|
Tax effect of
management-adjusted charges
|
(244)
|
|
(2,199)
|
|
|
Plus: After tax
management-adjusted charges
|
453
|
|
4,083
|
|
|
Adjusted
Operating Net Income
|
$
21,606
|
|
$
16,400
|
|
|
Reported Return on
Average Assets
|
1.24%
|
|
0.88%
|
|
|
Adjusted Operating
Return on Average Assets
|
1.27%
|
|
1.17%
|
|
Highlights of the Company's performance and results for the
first quarter of 2017 include the following:
- Operating return on average assets of 1.27% and return on
average tangible equity of 15.84%
- Increase in tangible book value per share to $16.57, compared with $14.42 per share at December 31, 2016
- Organic loan growth of $98.5
million for the quarter, reflecting an annualized growth
rate of 8.5%
- Growth in non-interest bearing demand deposits of $81.3 million for the quarter, reflecting an
annualized growth rate of 21.0%
- 15.5% increase in total revenue, to $86.3 million, in the first quarter of 2017,
compared with total revenue of $74.7
million in the first quarter of 2016
- 12% improvement in the Company's net overhead ratio from 1.79%
in the first quarter of 2016 to 1.57% in the first quarter of
2017
- Improvement in operating efficiency ratio, on a tax-equivalent
basis, to 59.67% in the first quarter of 2017, compared with 65.4%
in the same quarter in 2016
- Improvement in net interest margin to 3.97% from 3.95% in the
fourth quarter of 2016
- Successful public offering of 2,012,500 shares of the Company's
common stock to prepare for future growth
- Completion of public offering of $75
million of fixed-to-floating rate subordinated notes
Net Interest Income and Net Interest Margin
Net
interest income on a tax-equivalent basis for the first quarter of
2017 totaled $62.1 million, compared
with $51.2 million for the first
quarter of 2016, an increase of $10.9
million, or 21.4%. The Company's net interest margin
increased during the quarter to 3.97%, compared with 3.95% during
the fourth quarter of 2016, but declined from 4.03% for the first
quarter of 2016. Accretion income for the first quarter of
2017 was $2.8 million, compared with
$2.9 million in the first quarter of
2016. Excluding the effect of accretion on purchased assets,
the Company's net interest margin was 3.79% in the first quarter of
2017, compared with 3.73% in the fourth quarter of 2016 and 3.80%
in the first quarter of 2016. During the first quarter of
2017, the Company experienced an increase in the margin of
approximately 0.07% related to activity in the premium finance
division. The capital raise and debt offering completed
during the first quarter of the year negatively impacted the margin
by approximately 0.02%. The Company's improved asset mix with
more concentrations in loans outstanding improved the margin by
approximately 0.01%.
Yields on earning assets in the first quarter of 2017 were
4.38%, compared with 4.36% in the first quarter of 2016.
Interest income on loans on a tax-equivalent basis increased during
the first quarter of 2017 to $62.8
million, compared with $59.4
million in the fourth quarter of 2016 and $49.8 million in the first quarter of 2016.
Yields on the funds invested in purchased mortgage pools were 2.84%
during the first quarter of 2017, compared with 3.30% during the
same period in 2016. Excluding accretion income, yields on
all loans were 4.56% in the first quarter of 2017, an increase of
0.05% from the fourth quarter of 2016, reflecting success in the
Company's pricing efforts on new and renewed credits in the current
interest rate environment.
Total interest expense for the first quarter of 2017 was
$6.5 million, compared with
$4.1 million for the same quarter of
2016. This increase in total interest expense was driven by
increases in total deposits and other borrowings. Deposit
costs increased slightly, from 0.23% in the first quarter of 2016
to 0.28% in the first quarter of 2017. Continued improvement
in the Company's mix of deposits, primarily toward non-interest
bearing deposits, has allowed for more aggressive retention efforts
on money market deposit accounts and CDs without negatively
impacting overall deposit costs. Non-interest bearing
deposits were 29.2% of the total average deposits during the first
quarter of 2017, compared with 27.9% for the first quarter of
2016. During the first quarter of 2017, the average balance
of Federal Home Loan Bank advances increased significantly as the
Company used those proceeds to fund loans generated by the
Company's new premium finance division.
Non-interest Income
Non-interest income in the
first quarter of 2017 was $25.7
million, an increase of $1.4
million, or 5.8%, compared with the same quarter in
2016. Service charges in the first quarter of 2017 were
$10.6 million, an increase of
$648,000, or 6.5%, compared with the
same quarter in 2016. Growth in service charge-related
revenues on commercial and consumer accounts was responsible for
much of the increase in service charges, while NSF fee income was
flat.
The Company's mortgage divisions continued to make strides in
revenues and net income. Revenue in the retail mortgage group
totaled $13.5 million in the first
quarter of 2017, an increase of 11.9% compared with the same
quarter in 2016. Net income for the Company's retail mortgage
division increased 7.4% during the first quarter of 2017 to
$2.8 million, compared with
$2.6 million in the first quarter of
2016. Total production in the first quarter of 2017 for the
retail mortgage group amounted to $311.8
million (85% retail and 15% wholesale), compared with
$268.6 million in the same quarter of
2016 (also 85% retail and 15% wholesale). In addition to the
strong results, the Company reported that its mortgage division
received approval late in the quarter to become a GNMA (Government
National Mortgage Association, or Ginnie
Mae) issuer effective immediately. Production in the
first quarter that was GNMA eligible totaled approximately
$120 million, and management
estimates that between 35% - 40% of 2017 production will be
eligible for these programs.
Net income for the Company's warehouse lending division
increased 41.2% during the quarter, from $667,000 in the first quarter of 2016 to
$942,000 in the first quarter of
2017. Loan production increased from $565.2 million in the first quarter of 2016 to
approximately $647.4 million in the
current quarter. Sales efforts are focused on improving
already strong penetration and capture rates among the customer
base, as well as targeted sales towards mortgage companies focused
more heavily on purchase transactions. Although the average
balances and production were strong compared with the linked
quarter, the Company experienced a contraction in quarter-end
balances of approximately $83 million
that impacted overall loan growth. Management believes the
decline was centered more heavily in unusually high balances at the
end of the year and that growth rates and comparisons against the
same quarter in 2016 are more indicative of where the division is
with respect to profitability and growth.
Revenues from the Company's SBA division increased 24.3% during
the first quarter of 2017 to $2.7
million, compared with $2.2
million during the first quarter of 2016. Net income
for the division increased 42.0%, from $833,000 for the first quarter of 2016 to
$1.2 million for the first quarter of
2017. The SBA pipeline totaled $55.0
million at the end of the first quarter, up $5.6 million compared with the same time in
2016.
Non-interest Expense
During the first quarter
of 2017 and 2016, the Company incurred pre-tax merger and
conversion charges of $402,000 and
$6.4 million, respectively, as well
as losses on the sale of premises totaling $295,000 in 2017 and gains on the sale of
premises totaling $77,000 in
2016. Excluding these charges, operating expenses increased
approximately $3.1 million, to
$52.4 million, from $49.3 million in the first quarter of 2016.
The acquisition of JAXB in the first quarter of 2016, together with
the additional operating expenses associated with the premium
finance division, impacted operating expenses by approximately
$4.0 million in the first quarter of
2017.
Efforts to improve operating efficiency and the net overhead
ratio have been very successful. During the first quarter of
2017, the Company's operating efficiency ratio declined to 59.67%,
compared with 65.44% in the same quarter of 2016. The
Company's operating net overhead ratio also declined materially, to
1.57% in the first quarter of 2017, compared with 1.79% in the
first quarter of 2016. Management attributes the improvement
in efficiency-related ratios to expanded average portfolios of the
Company's commercial lenders, branches with higher deposit balances
and the Company's lending lines of business reaching a certain
level of critical mass.
Salaries and benefits increased by $1.6
million to $27.8 million in
the current quarter of 2017, compared with $26.2 million in the first quarter of 2016.
Growth in salaries and benefits from the first quarter of 2016 to
the first quarter of 2017 relating to the Company's ongoing Bank
Secrecy Act compliance efforts and the addition of the premium
finance division was $565,000 and
$996,000, respectively.
Compared with the fourth quarter of 2016, salaries and benefits
increased $2.7 million, primarily due
to $996,000 of premium finance
division salaries and benefits, $441,000 of Bank Secrecy Act compliance salaries
and benefits and $1.0 million of
payroll taxes that are typical for the first quarter of each
year.
Data processing and telecommunications costs for the quarter
were $6.6 million, an increase of
$459,000, or 7.5%, over the first
quarter in 2016. Significant improvements in the Company's
infrastructure have been achieved and are included in the current
run rate, including data center relocation, upgrades in
connectivity speeds, hardware and data management and reporting,
and the development of an on-line deposit origination platform that
should augment the Company's approach to deposit gathering in its
local markets in the near future. Repurposing of existing
resources into new contracts and tools has allowed the Company to
achieve material improvements in the reliability of its systems
with only moderate increase in costs.
Total credit costs (provision and non-provision credit
resolution-related costs) totaled $2.8
million in the first quarter of 2017, compared with
$2.5 million in the same quarter in
2016 and $2.8 million in the fourth
quarter of 2016.
Balance Sheet Trends
Total assets at
March 31, 2017 were $7.09 billion, compared with $6.89 billion at December
31, 2016. The growth in total assets was driven by the
increase in interest bearing deposits held as a result of the
Company's capital raise and debt offering transactions.
Loans, including loans held for sale, totaled $5.43 billion at March 31,
2017, compared with $5.37
billion at December 31,
2016. During the quarter, growth in core loans (legacy and
purchased non-covered loans) increased by $98.5 million, or 8.5% on an annualized
basis.
Lending activities in the core bank in the first quarter of 2017
were notably stronger than normal for the first quarter.
Commercial real estate lending grew $51.9
million during the quarter, or 15.0% on an annualized basis,
while commercial and industrial lending (excluding operations of
the new premium finance division) expanded $20.0 million, or 13.2% on an annualized
basis. Pipelines for the bank at the end of the first quarter
of 2017 were similar to those at the end of 2016.
Loan production and growth associated with the new premium
finance division were very close to forecasted levels. Loans
outstanding grew from $353.9 million
at the end of 2016 to $425.9 million
at the end of the first quarter of 2017. The Company believes
it can sustain annualized growth rates in this division of 15% -
20% for the next few years, with steady credit and profitability
levels.
The Company's newest lending effort is in the equipment finance
division, which provides financing for heavy equipment in the
manufacturing, transportation and construction sectors. At
the end of the first quarter of 2017, the division had booked
approximately $2.3 million in loans
and had an immediate pipeline of approximately $50.0 million that is expected to close during
the second quarter. Activity and client calls have been
brisk, and management remains confident in its full year forecast
of $200 million of growth in this
division.
Mortgage warehouse balances fell during the quarter from
$189.3 million at the end of 2016 to
$107.8 million at the end of the
first quarter of 2017. Mortgage warehouse balances were
unusually high at the end of 2016, as mortgage volume swelled in
the month following the presidential election. While average
balances were lower, the group's loan production moved higher by
14.5% compared with the same quarter in 2016. This increase
resulted from continued growth in customers and approved lines of
credit. Management expects a rebound in the outstanding
balances throughout the remainder of 2017 as mortgage volume picks
up in the seasonally strong second and third quarters.
Investment securities at the end of the first quarter of 2017
were $866.7 million, or 13.3% of
earning assets, compared with $852.2
million, or 13.5% of earning assets, at December 31, 2016.
Deposits increased $67.2 million
during the first quarter of 2017 to end the quarter at $5.64 billion, despite the runoff of
approximately $67.6 million in
seasonal deposits that the Company holds for municipal clients at
the end of each year. Excluding this runoff, the Company
managed growth in deposits of $134.8
million during the first quarter, or 9.8% on an annualized
basis.
At March 31, 2017, non-interest
bearing deposit accounts were $1.65
billion, or 29.3% of total deposits, compared with
$1.57 billion and 28.2%,
respectively, at December 31,
2016. Non-rate sensitive deposits (including non-interest
bearing, NOW and savings) totaled $3.09
billion at March 31, 2017,
compared with $3.17 billion at the
end of 2016. These funds represented 54.8% of the Company's
total deposits at March 31, 2017,
compared with 56.9% at the end of 2016.
Shareholders' equity at March 31,
2017 totaled $758.2 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, plus earnings of
$21.2 million during the
quarter. Tangible book value per share at March 31, 2017 was $16.57, up 14.9% from $14.42 at the end of 2016. Tangible common
equity as a percentage of tangible assets increased to 8.85% at the
end of the first quarter of 2017, compared with 7.46% at the end of
2016.
Conference Call
The Company will host a
teleconference at 10:00 a.m. EDT
today (April 21, 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 one hour after the end of the conference
call until May 5, 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 10104743. 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
|
|
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
$
21,153
|
|
$
18,177
|
|
$
21,557
|
|
$
20,049
|
|
$
12,317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Net Income
|
$
21,606
|
|
$
22,205
|
|
$
21,712
|
|
$
20,310
|
|
$
16,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
available to common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.59
|
|
$
0.52
|
|
$
0.62
|
|
$
0.58
|
|
$
0.38
|
|
|
Diluted
|
$
0.59
|
|
$
0.52
|
|
$
0.61
|
|
$
0.57
|
|
$
0.37
|
|
Cash Dividends per
share
|
$
0.10
|
|
$
0.10
|
|
$
0.10
|
|
$
0.05
|
|
$
0.05
|
|
Book value per share
(period end)
|
$
20.42
|
|
$
18.51
|
|
$
18.42
|
|
$
17.96
|
|
$
17.25
|
|
Tangible book value
per share (period end)
|
$
16.57
|
|
$
14.42
|
|
$
14.38
|
|
$
13.89
|
|
$
13.13
|
|
Weighted average
number of shares:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
35,664,420
|
|
34,915,459
|
|
34,869,747
|
|
34,832,621
|
|
32,752,063
|
|
|
Diluted
|
36,040,240
|
|
35,293,035
|
|
35,194,739
|
|
35,153,311
|
|
33,053,554
|
|
Period-end number of
shares
|
37,128,714
|
|
34,921,474
|
|
34,891,304
|
|
34,847,311
|
|
34,837,454
|
|
Market
data:
|
|
|
|
|
|
|
|
|
|
|
|
High intraday
price
|
$
49.50
|
|
$
47.70
|
|
$
36.20
|
|
$
32.76
|
|
$
33.81
|
|
|
Low intraday
price
|
$
41.60
|
|
$
34.61
|
|
$
28.90
|
|
$
27.73
|
|
$
24.96
|
|
|
Period end closing
price
|
$
46.10
|
|
$
43.60
|
|
$
34.95
|
|
$
29.70
|
|
$
29.58
|
|
|
Average daily
volume
|
242,982
|
|
191,894
|
|
166,841
|
|
215,409
|
|
253,779
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.24%
|
|
1.10%
|
|
1.35%
|
|
1.31%
|
|
0.88%
|
|
Return on average
common equity
|
12.33%
|
|
11.06%
|
|
13.39%
|
|
13.08%
|
|
9.14%
|
|
Earning asset yield
(TE)
|
4.38%
|
|
4.34%
|
|
4.35%
|
|
4.35%
|
|
4.36%
|
|
Total cost of
funds
|
0.42%
|
|
0.38%
|
|
0.36%
|
|
0.35%
|
|
0.33%
|
|
Net interest margin
(TE)
|
3.97%
|
|
3.95%
|
|
3.99%
|
|
4.01%
|
|
4.03%
|
|
Non-interest income
excluding securities transactions,
|
|
|
|
|
|
|
|
|
|
|
|
as a percent of total
revenue (TE)
|
27.27%
|
|
27.32%
|
|
31.36%
|
|
32.01%
|
|
30.40%
|
|
Efficiency
ratio
|
61.52%
|
|
67.05%
|
|
61.91%
|
|
63.11%
|
|
74.41%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY
(period end)
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
to assets
|
10.69%
|
|
9.38%
|
|
9.90%
|
|
10.06%
|
|
9.85%
|
|
Tangible common
equity to tangible assets
|
8.85%
|
|
7.46%
|
|
7.90%
|
|
7.96%
|
|
7.68%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY TO ASSETS
RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets
|
8.85%
|
|
7.46%
|
|
7.90%
|
|
7.96%
|
|
7.68%
|
|
Effect of goodwill
and other intangibles
|
1.83%
|
|
1.92%
|
|
2.00%
|
|
2.10%
|
|
2.17%
|
|
|
Equity to assets
(GAAP)
|
10.69%
|
|
9.38%
|
|
9.90%
|
|
10.06%
|
|
9.85%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER PERIOD-END
DATA
|
|
|
|
|
|
|
|
|
|
|
Banking Division
FTE
|
1,039
|
|
1,014
|
|
987
|
|
1,000
|
|
1,063
|
|
Retail Mortgage
Division FTE
|
252
|
|
254
|
|
254
|
|
239
|
|
227
|
|
Warehouse Lending
Division FTE
|
8
|
|
9
|
|
5
|
|
6
|
|
6
|
|
SBA Division
FTE
|
20
|
|
21
|
|
24
|
|
23
|
|
22
|
|
Premium Finance
Division FTE
|
50
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total Ameris Bancorp
FTE Headcount
|
1,369
|
|
1,298
|
|
1,270
|
|
1,268
|
|
1,318
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets per Banking
Division FTE
|
$
6,829
|
|
$
6,797
|
|
$
6,579
|
|
$
6,221
|
|
$
5,736
|
|
Branch
locations
|
97
|
|
97
|
|
99
|
|
102
|
|
103
|
|
Deposits per branch
location
|
$
58,169
|
|
$
57,476
|
|
$
53,597
|
|
$
50,780
|
|
$
50,784
|
|
AMERIS
BANCORP
|
|
FINANCIAL
HIGHLIGHTS
|
|
(unaudited)
|
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
61,521
|
|
$
57,982
|
|
$
57,322
|
|
$
54,164
|
|
$
49,191
|
|
Interest on taxable
securities
|
4,800
|
|
4,348
|
|
4,336
|
|
4,554
|
|
4,586
|
|
Interest on
nontaxable securities
|
416
|
|
425
|
|
397
|
|
454
|
|
446
|
|
Interest on deposits
in other banks
|
313
|
|
193
|
|
147
|
|
159
|
|
328
|
|
Interest on federal
funds sold
|
-
|
|
8
|
|
8
|
|
9
|
|
8
|
|
|
Total interest
income
|
67,050
|
|
62,956
|
|
62,210
|
|
59,340
|
|
54,559
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
Interest on
deposits
|
$
3,763
|
|
$
3,680
|
|
$
3,074
|
|
$
2,915
|
|
$
2,741
|
|
Interest on other
borrowings
|
2,697
|
|
1,997
|
|
2,069
|
|
1,836
|
|
1,382
|
|
|
Total interest
expense
|
6,460
|
|
5,677
|
|
5,143
|
|
4,751
|
|
4,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
60,590
|
|
57,279
|
|
57,067
|
|
54,589
|
|
50,436
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
1,836
|
|
1,710
|
|
811
|
|
889
|
|
681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provision for loan losses
|
$
58,754
|
|
$
55,569
|
|
$
56,256
|
|
$
53,700
|
|
$
49,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
$
10,563
|
|
$
11,036
|
|
$
11,358
|
|
$
10,436
|
|
$
9,915
|
|
Mortgage banking
activity
|
11,215
|
|
9,878
|
|
14,067
|
|
14,142
|
|
10,211
|
|
Other service
charges, commissions and fees
|
709
|
|
706
|
|
791
|
|
967
|
|
1,111
|
|
Gain(loss) on sale of
securities
|
-
|
|
-
|
|
-
|
|
-
|
|
94
|
|
Other non-interest
income
|
3,219
|
|
2,652
|
|
2,648
|
|
2,834
|
|
2,955
|
|
|
Total noninterest
income
|
25,706
|
|
24,272
|
|
28,864
|
|
28,379
|
|
24,286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
27,794
|
|
25,137
|
|
27,982
|
|
27,531
|
|
26,187
|
|
Occupancy and
equipment expenses
|
5,877
|
|
6,337
|
|
5,989
|
|
6,371
|
|
5,700
|
|
Data processing and
telecommunications expenses
|
6,572
|
|
6,244
|
|
6,185
|
|
6,049
|
|
6,113
|
|
Credit resolution
related expenses (1)
|
933
|
|
1,083
|
|
1,526
|
|
1,764
|
|
1,799
|
|
Advertising and
marketing expenses
|
1,106
|
|
1,273
|
|
1,249
|
|
854
|
|
805
|
|
Amortization of
intangible assets
|
1,036
|
|
1,044
|
|
993
|
|
1,319
|
|
1,020
|
|
Merger and conversion
charges
|
402
|
|
17
|
|
-
|
|
-
|
|
6,359
|
|
Other non-interest
expenses
|
9,373
|
|
13,542
|
|
9,275
|
|
8,471
|
|
7,617
|
|
|
Total noninterest
expense
|
53,093
|
|
54,677
|
|
53,199
|
|
52,359
|
|
55,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
$
31,367
|
|
$
25,164
|
|
$
31,921
|
|
$
29,720
|
|
$
18,441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
10,214
|
|
6,987
|
|
10,364
|
|
9,671
|
|
6,124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
21,153
|
|
$
18,177
|
|
$
21,557
|
|
$
20,049
|
|
$
12,317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
available to common shareholders
|
0.59
|
|
0.52
|
|
0.61
|
|
0.57
|
|
0.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes expenses
associated with problem loans and OREO, as well as OREO losses and
writedowns.
|
|
AMERIS
BANCORP
|
|
FINANCIAL
HIGHLIGHTS
|
|
(unaudited)
|
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERIOD-END BALANCE
SHEET
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
127,164
|
|
$
127,164
|
|
$
123,270
|
|
$
116,255
|
|
$
146,863
|
|
Federal funds sold
and interest bearing deposits in banks
|
232,045
|
|
71,221
|
|
90,801
|
|
68,273
|
|
107,373
|
|
Investment securities
available for sale, at fair value
|
830,765
|
|
822,735
|
|
838,124
|
|
843,646
|
|
837,103
|
|
Other
investments
|
35,950
|
|
29,464
|
|
24,578
|
|
19,125
|
|
12,802
|
|
Loans held for
sale
|
105,637
|
|
105,924
|
|
126,263
|
|
102,757
|
|
97,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of
unearned income
|
3,785,480
|
|
3,626,821
|
|
3,091,039
|
|
2,819,071
|
|
2,528,007
|
|
Purchased loans
(excluding loan pools)
|
1,006,935
|
|
1,069,191
|
|
1,129,381
|
|
1,193,635
|
|
1,260,198
|
|
Purchased loan
pools
|
529,099
|
|
568,314
|
|
624,886
|
|
610,425
|
|
656,734
|
|
Less allowance for
loan losses
|
(25,250)
|
|
(23,920)
|
|
(22,963)
|
|
(21,734)
|
|
(21,482)
|
|
|
Loans, net
|
5,296,264
|
|
5,240,406
|
|
4,822,343
|
|
4,601,397
|
|
4,423,457
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate
owned
|
10,466
|
|
10,874
|
|
10,392
|
|
13,765
|
|
14,967
|
|
Purchased other real
estate owned
|
11,668
|
|
12,540
|
|
15,126
|
|
16,670
|
|
18,812
|
|
|
Total other real
estate owned
|
22,134
|
|
23,414
|
|
25,518
|
|
30,435
|
|
33,779
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and
equipment, net
|
121,610
|
|
121,217
|
|
122,191
|
|
123,978
|
|
124,747
|
|
Goodwill
|
126,419
|
|
125,532
|
|
122,545
|
|
121,422
|
|
121,512
|
|
Other intangibles,
net
|
16,391
|
|
17,428
|
|
18,472
|
|
20,574
|
|
21,892
|
|
Deferred income
taxes, net
|
40,618
|
|
40,776
|
|
37,626
|
|
39,286
|
|
44,579
|
|
Cash value of bank
owned life insurance
|
78,442
|
|
78,053
|
|
77,637
|
|
77,095
|
|
76,676
|
|
Other
assets
|
61,417
|
|
88,697
|
|
64,127
|
|
57,051
|
|
49,549
|
|
|
Total
assets
|
$
7,094,856
|
|
$
6,892,031
|
|
$
6,493,495
|
|
$
6,221,294
|
|
$
6,097,771
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
1,654,723
|
|
$
1,573,389
|
|
$
1,563,316
|
|
$
1,553,972
|
|
$
1,529,037
|
|
|
Interest-bearing
|
3,987,646
|
|
4,001,774
|
|
3,742,782
|
|
3,625,560
|
|
3,701,750
|
|
Total
deposits
|
5,642,369
|
|
5,575,163
|
|
5,306,098
|
|
5,179,532
|
|
5,230,787
|
|
Federal funds
purchased & securities sold under
|
|
|
|
|
|
|
|
|
|
|
|
agreements to
repurchase
|
40,415
|
|
53,505
|
|
42,647
|
|
37,139
|
|
43,741
|
|
Other
borrowings
|
525,669
|
|
492,321
|
|
373,461
|
|
260,191
|
|
110,531
|
|
Subordinated
deferrable interest debentures
|
84,559
|
|
84,228
|
|
83,898
|
|
83,570
|
|
83,237
|
|
Other
liabilities
|
43,628
|
|
40,377
|
|
44,808
|
|
34,947
|
|
28,647
|
|
|
Total
liabilities
|
6,336,640
|
|
6,245,594
|
|
5,850,912
|
|
5,595,379
|
|
5,496,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
Common
stock
|
38,603
|
|
36,378
|
|
36,348
|
|
36,303
|
|
36,272
|
|
Capital
surplus
|
503,543
|
|
410,276
|
|
409,630
|
|
408,549
|
|
407,726
|
|
Retained
earnings
|
231,894
|
|
214,454
|
|
199,769
|
|
181,701
|
|
163,395
|
|
Accumulated
other comprehensive income (loss)
|
(1,209)
|
|
(1,058)
|
|
10,449
|
|
12,960
|
|
6,411
|
|
Less treasury
stock
|
(14,615)
|
|
(13,613)
|
|
(13,613)
|
|
(13,598)
|
|
(12,976)
|
|
|
Total shareholders'
equity
|
758,216
|
|
646,437
|
|
642,583
|
|
625,915
|
|
600,828
|
|
|
Total liabilities and
shareholders' equity
|
$
7,094,856
|
|
$
6,892,031
|
|
$
6,493,495
|
|
$
6,221,294
|
|
$
6,097,771
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data
|
|
|
|
|
|
|
|
|
|
|
Earning
Assets
|
6,525,911
|
|
6,293,670
|
|
5,925,072
|
|
5,656,932
|
|
5,499,656
|
|
Intangible
Assets
|
142,810
|
|
142,960
|
|
141,017
|
|
141,996
|
|
143,404
|
|
Interest Bearing
Liabilities
|
4,638,289
|
|
4,631,828
|
|
4,242,788
|
|
4,006,460
|
|
3,939,259
|
|
Average
Assets
|
6,915,965
|
|
6,573,344
|
|
6,330,350
|
|
6,138,757
|
|
5,618,397
|
|
Average Common
Stockholders' Equity
|
695,830
|
|
653,991
|
|
640,382
|
|
616,361
|
|
542,264
|
|
AMERIS
BANCORP
|
|
FINANCIAL
HIGHLIGHTS
|
|
(unaudited)
|
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
23,920
|
|
$
22,963
|
|
$
21,734
|
|
$
21,482
|
|
$
21,062
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
loss
|
1,836
|
|
1,710
|
|
811
|
|
889
|
|
681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
1,102
|
|
1,686
|
|
1,451
|
|
1,376
|
|
1,814
|
|
|
Recoveries
|
596
|
|
933
|
|
1,869
|
|
739
|
|
1,553
|
|
Net charge-offs
(recoveries)
|
506
|
|
753
|
|
(418)
|
|
637
|
|
261
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending
balance
|
$
25,250
|
|
$
23,920
|
|
$
22,963
|
|
$
21,734
|
|
$
21,482
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-off
information
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
104
|
|
$
726
|
|
$
326
|
|
$
541
|
|
$
406
|
|
Real estate -
residential
|
216
|
|
239
|
|
292
|
|
123
|
|
468
|
|
Real estate -
commercial & farmland
|
9
|
|
-
|
|
-
|
|
361
|
|
347
|
|
Real estate -
construction & development
|
53
|
|
264
|
|
60
|
|
109
|
|
155
|
|
Consumer
installment
|
164
|
|
159
|
|
74
|
|
59
|
|
59
|
|
Purchased loans
(excluding loan pools)
|
556
|
|
298
|
|
699
|
|
183
|
|
379
|
|
Purchased loan
pools
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total
charge-offs
|
1,102
|
|
1,686
|
|
1,451
|
|
1,376
|
|
1,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
69
|
|
121
|
|
119
|
|
87
|
|
73
|
|
Real estate -
residential
|
61
|
|
23
|
|
40
|
|
14
|
|
314
|
|
Real estate -
commercial & farmland
|
9
|
|
78
|
|
13
|
|
57
|
|
121
|
|
Real estate -
construction & development
|
20
|
|
16
|
|
131
|
|
221
|
|
122
|
|
Consumer
installment
|
17
|
|
8
|
|
78
|
|
16
|
|
25
|
|
Purchased loans
(excluding loan pools)
|
420
|
|
687
|
|
1,488
|
|
344
|
|
898
|
|
Purchased loan
pools
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total
recoveries
|
596
|
|
933
|
|
1,869
|
|
739
|
|
1,553
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries)
|
$
506
|
|
$
753
|
|
$
(418)
|
|
$
637
|
|
$
261
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans
(excluding purchased loans)
|
18,281
|
|
18,114
|
|
16,379
|
|
16,003
|
|
15,700
|
|
Non-accrual purchased
loans
|
23,606
|
|
22,966
|
|
23,827
|
|
26,736
|
|
32,518
|
|
Non-accrual purchased
loan pools
|
-
|
|
-
|
|
864
|
|
864
|
|
-
|
|
Foreclosed assets
(excluding purchased assets)
|
10,466
|
|
10,874
|
|
10,392
|
|
13,765
|
|
14,967
|
|
Purchased other real
estate owned
|
11,668
|
|
12,540
|
|
15,126
|
|
16,670
|
|
18,812
|
|
Accruing loans
delinquent 90 days or more
|
933
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Total
non-performing assets
|
64,954
|
|
64,494
|
|
66,588
|
|
74,038
|
|
81,997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets
as a percent of total assets
|
0.92%
|
|
0.94%
|
|
1.03%
|
|
1.19%
|
|
1.34%
|
|
Net charge offs as a
percent of average loans (annualized)
|
0.04%
|
|
0.06%
|
|
-0.04%
|
|
0.06%
|
|
0.03%
|
|
Net charge offs,
excluding purchased loans as a percent
|
|
|
|
|
|
|
|
|
|
|
of
average loans (annualized)
|
0.04%
|
|
0.14%
|
|
0.05%
|
|
0.12%
|
|
0.13%
|
|
AMERIS
BANCORP
|
|
FINANCIAL
HIGHLIGHTS
|
|
(unaudited)
|
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the quarter
ended:
|
|
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
|
Loans by
Type
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
|
Commercial, financial
& agricultural
|
$
1,061,599
|
|
$
967,138
|
|
$
625,947
|
|
$
564,343
|
|
$
434,073
|
|
|
Real estate -
construction & development
|
415,029
|
|
363,045
|
|
328,308
|
|
274,717
|
|
264,820
|
|
|
Real estate -
commercial & farmland
|
1,458,110
|
|
1,406,219
|
|
1,297,582
|
|
1,248,580
|
|
1,154,887
|
|
|
Real estate -
residential
|
726,795
|
|
781,018
|
|
766,933
|
|
680,233
|
|
629,138
|
|
|
Consumer
installment
|
115,919
|
|
96,915
|
|
68,305
|
|
33,245
|
|
31,901
|
|
|
Other
|
8,028
|
|
12,486
|
|
3,964
|
|
17,953
|
|
13,188
|
|
|
Total Legacy (excluding purchased loans)
|
$
3,785,480
|
|
$
3,626,821
|
|
$
3,091,039
|
|
$
2,819,071
|
|
$
2,528,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
89,897
|
|
$
96,537
|
|
$
100,426
|
|
$
103,407
|
|
$
116,276
|
|
|
Real estate -
construction & development
|
82,378
|
|
81,368
|
|
89,319
|
|
96,264
|
|
110,958
|
|
|
Real estate -
commercial & farmland
|
538,046
|
|
576,355
|
|
604,076
|
|
639,921
|
|
665,990
|
|
|
Real estate -
residential
|
292,911
|
|
310,277
|
|
330,626
|
|
348,353
|
|
360,946
|
|
|
Consumer
installment
|
3,703
|
|
4,654
|
|
4,934
|
|
5,690
|
|
6,028
|
|
|
Total Purchased loans (net of discounts)
|
$
1,006,935
|
|
$
1,069,191
|
|
$
1,129,381
|
|
$
1,193,635
|
|
$
1,260,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
Real estate -
construction & development
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Real estate -
commercial & farmland
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Real estate -
residential
|
529,099
|
|
568,314
|
|
624,886
|
|
610,425
|
|
656,734
|
|
|
Consumer
installment
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total Purchased loan pools
|
$
529,099
|
|
$
568,314
|
|
$
624,886
|
|
$
610,425
|
|
$
656,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loan
Portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
1,151,496
|
|
$
1,063,675
|
|
$
726,373
|
|
$
667,750
|
|
$
550,349
|
|
|
Real estate -
construction & development
|
497,407
|
|
444,413
|
|
417,627
|
|
370,981
|
|
375,778
|
|
|
Real estate -
commercial & farmland
|
1,996,156
|
|
1,982,574
|
|
1,901,658
|
|
1,888,501
|
|
1,820,877
|
|
|
Real estate -
residential
|
1,548,805
|
|
1,659,609
|
|
1,722,445
|
|
1,639,011
|
|
1,646,818
|
|
|
Consumer
installment
|
119,622
|
|
101,569
|
|
73,239
|
|
38,935
|
|
37,929
|
|
|
Other
|
8,028
|
|
12,486
|
|
3,964
|
|
17,953
|
|
13,188
|
|
|
Total Loans
|
$
5,321,514
|
|
$
5,264,326
|
|
$
4,845,306
|
|
$
4,623,131
|
|
$
4,444,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt
Restructurings, excluding purchased loans:
|
|
|
|
|
|
|
|
|
|
|
Accruing loan
types:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
42
|
|
$
47
|
|
$
53
|
|
$
275
|
|
$
279
|
|
|
Real estate -
construction & development
|
435
|
|
686
|
|
691
|
|
468
|
|
476
|
|
|
Real estate -
commercial & farmland
|
3,944
|
|
4,119
|
|
5,535
|
|
5,802
|
|
5,945
|
|
|
Real estate -
residential
|
9,220
|
|
9,340
|
|
7,713
|
|
8,226
|
|
7,648
|
|
|
Consumer
installment
|
18
|
|
17
|
|
21
|
|
24
|
|
37
|
|
|
Total Accruing TDRs
|
$
13,659
|
|
$
14,209
|
|
$
14,013
|
|
$
14,795
|
|
$
14,385
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accruing loan
types:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial
& agricultural
|
$
142
|
|
$
114
|
|
$
112
|
|
$
86
|
|
$
75
|
|
|
Real estate -
construction & development
|
34
|
|
35
|
|
35
|
|
36
|
|
30
|
|
|
Real estate -
commercial & farmland
|
1,617
|
|
2,970
|
|
2,015
|
|
1,832
|
|
1,871
|
|
|
Real estate -
residential
|
998
|
|
738
|
|
849
|
|
899
|
|
1,040
|
|
|
Consumer
installment
|
129
|
|
130
|
|
120
|
|
113
|
|
87
|
|
|
Total Non-accrual TDRs
|
$
2,920
|
|
$
3,987
|
|
$
3,131
|
|
$
2,966
|
|
$
3,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Troubled
Debt Restructurings
|
$
16,579
|
|
$
18,196
|
|
$
17,144
|
|
$
17,761
|
|
$
17,488
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following
table presents the loan portfolio by risk grade, excluding
purchased loans:
|
|
|
|
|
|
|
|
|
Grade 10 - Prime
credit
|
$
420,814
|
|
$
414,564
|
|
$
398,781
|
|
$
349,725
|
|
$
254,203
|
|
|
Grade 15 - Good
credit
|
587,180
|
|
539,147
|
|
190,389
|
|
191,574
|
|
213,510
|
|
|
Grade 20 -
Satisfactory credit
|
1,718,749
|
|
1,669,998
|
|
1,608,265
|
|
1,493,561
|
|
1,346,050
|
|
|
Grade 23 -
Performing, under-collateralized credit
|
20,889
|
|
23,186
|
|
22,763
|
|
23,665
|
|
25,047
|
|
|
Grade 25 - Minimum
acceptable credit
|
958,623
|
|
907,588
|
|
797,148
|
|
687,817
|
|
628,042
|
|
|
Grade 30 - Other
asset especially mentioned
|
37,298
|
|
29,172
|
|
31,764
|
|
32,468
|
|
22,141
|
|
|
Grade 40 -
Substandard
|
41,821
|
|
43,067
|
|
41,929
|
|
40,261
|
|
39,013
|
|
|
Grade 50 -
Doubtful
|
106
|
|
99
|
|
-
|
|
-
|
|
-
|
|
|
Grade 60 -
Loss
|
-
|
|
-
|
|
-
|
|
-
|
|
1
|
|
|
Total
|
$
3,785,480
|
|
$
3,626,821
|
|
$
3,091,039
|
|
$
2,819,071
|
|
$
2,528,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following
table presents the purchased loan portfolio by risk
grade:
|
|
|
|
|
|
|
|
|
|
|
Grade 10 - Prime
credit
|
$
6,017
|
|
$
6,536
|
|
$
6,543
|
|
$
6,899
|
|
$
10,505
|
|
|
Grade 15 - Good
credit
|
38,179
|
|
40,786
|
|
42,257
|
|
45,245
|
|
48,229
|
|
|
Grade 20 -
Satisfactory credit
|
365,434
|
|
334,353
|
|
341,544
|
|
364,624
|
|
365,374
|
|
|
Grade 23 -
Performing, under-collateralized credit
|
22,081
|
|
27,475
|
|
31,841
|
|
33,817
|
|
34,291
|
|
|
Grade 25 - Minimum
acceptable credit
|
476,954
|
|
569,026
|
|
604,272
|
|
620,489
|
|
674,149
|
|
|
Grade 30 - Other
asset especially mentioned
|
43,450
|
|
35,032
|
|
50,691
|
|
61,227
|
|
58,733
|
|
|
Grade 40 -
Substandard
|
54,820
|
|
55,983
|
|
52,233
|
|
61,302
|
|
68,885
|
|
|
Grade 50 -
Doubtful
|
-
|
|
-
|
|
-
|
|
30
|
|
30
|
|
|
Grade 60 -
Loss
|
-
|
|
-
|
|
-
|
|
2
|
|
2
|
|
|
Total
|
$
1,006,935
|
|
$
1,069,191
|
|
$
1,129,381
|
|
$
1,193,635
|
|
$
1,260,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following
table presents the purchased loan pools by risk
grade:
|
|
|
|
|
|
|
|
|
|
|
Grade 20 -
Satisfactory credit
|
$
528,181
|
|
$
567,389
|
|
$
624,022
|
|
$
609,561
|
|
$
656,734
|
|
|
Grade 40 -
Substandard
|
918
|
|
925
|
|
864
|
|
864
|
|
-
|
|
|
Total
|
$
529,099
|
|
$
568,314
|
|
$
624,886
|
|
$
610,425
|
|
$
656,734
|
|
AMERIS
BANCORP
|
|
FINANCIAL
HIGHLIGHTS
|
|
(unaudited)
|
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
-
|
|
$
5,261
|
|
$
5,500
|
|
$
7,186
|
|
$
6,200
|
|
|
Interest bearing
deposits in banks
|
147,385
|
|
122,538
|
|
85,051
|
|
96,906
|
|
201,814
|
|
|
Investment securities
- taxable
|
759,850
|
|
770,373
|
|
767,421
|
|
766,006
|
|
728,269
|
|
|
Investment securities
- nontaxable
|
65,374
|
|
66,566
|
|
68,325
|
|
69,664
|
|
68,824
|
|
|
Other
investments
|
37,392
|
|
19,732
|
|
21,687
|
|
14,765
|
|
9,606
|
|
|
Loans held for
sale
|
77,617
|
|
102,926
|
|
105,859
|
|
96,998
|
|
82,803
|
|
|
Loans
|
3,678,149
|
|
3,145,714
|
|
2,897,771
|
|
2,653,171
|
|
2,410,747
|
|
|
Purchased loans
(excluding loan pools)
|
1,034,983
|
|
1,101,907
|
|
1,199,175
|
|
1,239,409
|
|
970,570
|
|
|
Purchased loan
pools
|
547,057
|
|
590,617
|
|
629,666
|
|
630,503
|
|
627,178
|
|
|
Total
Earning Assets
|
$
6,347,807
|
|
$
5,925,634
|
|
$
5,780,455
|
|
$
5,574,608
|
|
$
5,106,011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
deposits
|
$
1,604,495
|
|
$
1,592,073
|
|
$
1,546,211
|
|
$
1,561,621
|
|
$
1,362,007
|
|
|
NOW
accounts
|
1,169,567
|
|
1,253,849
|
|
1,085,828
|
|
1,087,442
|
|
1,137,076
|
|
|
MMDA
|
1,486,972
|
|
1,435,958
|
|
1,435,151
|
|
1,413,503
|
|
1,278,199
|
|
|
Savings
accounts
|
268,741
|
|
262,782
|
|
266,344
|
|
265,936
|
|
251,108
|
|
|
Retail CDs <
$100,000
|
444,195
|
|
445,132
|
|
431,570
|
|
437,899
|
|
438,122
|
|
|
Retail CDs >
$100,000
|
517,354
|
|
497,113
|
|
451,115
|
|
439,954
|
|
406,699
|
|
|
Brokered
CDs
|
-
|
|
3,750
|
|
5,000
|
|
5,000
|
|
1,099
|
|
|
Total
Deposits
|
5,491,324
|
|
5,490,657
|
|
5,221,219
|
|
5,211,355
|
|
4,874,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to
repurchase
|
42,589
|
|
44,000
|
|
37,305
|
|
43,286
|
|
52,787
|
|
|
FHLB
advances
|
525,583
|
|
222,426
|
|
265,202
|
|
104,195
|
|
9,648
|
|
|
Other
borrowings
|
47,738
|
|
38,728
|
|
49,345
|
|
51,970
|
|
42,096
|
|
|
Subordinated
deferrable interest debentures
|
84,379
|
|
84,050
|
|
83,719
|
|
83,386
|
|
72,589
|
|
|
Total
Non-Deposit Funding
|
700,289
|
|
389,204
|
|
435,571
|
|
282,837
|
|
177,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Funding
|
$
6,191,613
|
|
$
5,879,861
|
|
$
5,656,790
|
|
$
5,494,192
|
|
$
5,051,430
|
|
AMERIS
BANCORP
|
|
FINANCIAL
HIGHLIGHTS
|
|
(unaudited)
|
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME/EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
-
|
|
$
8
|
|
$
8
|
|
$
9
|
|
$
8
|
|
|
Interest bearing
deposits in banks
|
313
|
|
193
|
|
147
|
|
159
|
|
328
|
|
|
Investment securities
- taxable
|
4,800
|
|
4,348
|
|
4,336
|
|
4,554
|
|
4,586
|
|
|
Investment securities
- nontaxable (TE)
|
640
|
|
654
|
|
536
|
|
613
|
|
602
|
|
|
Loans held for
sale
|
653
|
|
989
|
|
826
|
|
821
|
|
755
|
|
|
Loans (TE)
|
43,157
|
|
37,418
|
|
33,672
|
|
31,531
|
|
28,684
|
|
|
Purchased loans
(excluding loan pools)
|
15,173
|
|
17,015
|
|
19,296
|
|
18,859
|
|
15,193
|
|
|
Purchased loan
pools
|
3,832
|
|
3,950
|
|
4,346
|
|
3,730
|
|
5,144
|
|
|
Total Earning
Assets
|
$
68,568
|
|
$
64,575
|
|
$
63,167
|
|
$
60,276
|
|
$
55,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion Income (included above)
|
2,810
|
|
3,370
|
|
3,604
|
|
4,196
|
|
2,942
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
NOW
accounts
|
497
|
|
613
|
|
433
|
|
439
|
|
468
|
|
|
MMDA
|
1,538
|
|
1,405
|
|
1,241
|
|
1,168
|
|
1,040
|
|
|
Savings
accounts
|
43
|
|
44
|
|
45
|
|
45
|
|
43
|
|
|
Retail CDs <
$100,000
|
562
|
|
553
|
|
493
|
|
476
|
|
512
|
|
|
Retail CDs >
$100,000
|
1,123
|
|
1,060
|
|
854
|
|
779
|
|
676
|
|
|
Brokered
CDs
|
-
|
|
6
|
|
8
|
|
8
|
|
2
|
|
|
Total
Deposits
|
3,763
|
|
3,681
|
|
3,074
|
|
2,915
|
|
2,741
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to
repurchase
|
20
|
|
21
|
|
18
|
|
24
|
|
35
|
|
|
FHLB
advances
|
907
|
|
328
|
|
393
|
|
155
|
|
23
|
|
|
Other
borrowings
|
559
|
|
432
|
|
479
|
|
484
|
|
370
|
|
|
Subordinated
deferrable interest debentures
|
1,211
|
|
1,216
|
|
1,179
|
|
1,173
|
|
954
|
|
|
Total
Non-Deposit Funding
|
2,697
|
|
1,997
|
|
2,069
|
|
1,836
|
|
1,382
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Funding
|
$
6,460
|
|
$
5,678
|
|
$
5,143
|
|
$
4,751
|
|
$
4,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income (TE)
|
$
62,108
|
|
$
58,897
|
|
$
58,024
|
|
$
55,525
|
|
$
51,177
|
|
AMERIS
BANCORP
|
|
FINANCIAL
HIGHLIGHTS
|
|
(unaudited)
|
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
YIELDS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
0.00%
|
|
0.60%
|
|
0.58%
|
|
0.50%
|
|
0.52%
|
|
|
Interest bearing
deposits in banks
|
0.86%
|
|
0.63%
|
|
0.69%
|
|
0.66%
|
|
0.65%
|
|
|
Investment securities
- taxable
|
2.56%
|
|
2.25%
|
|
2.25%
|
|
2.39%
|
|
2.53%
|
|
|
Investment securities
- nontaxable
|
3.97%
|
|
3.91%
|
|
3.12%
|
|
3.54%
|
|
3.52%
|
|
|
Loans held for
sale
|
3.41%
|
|
3.82%
|
|
3.10%
|
|
3.40%
|
|
3.67%
|
|
|
Loans
|
4.76%
|
|
4.73%
|
|
4.62%
|
|
4.78%
|
|
4.79%
|
|
|
Purchased loans
(excluding loan pools)
|
5.95%
|
|
6.14%
|
|
6.40%
|
|
6.12%
|
|
6.30%
|
|
|
Purchased loan
pools
|
2.84%
|
|
2.66%
|
|
2.75%
|
|
2.38%
|
|
3.30%
|
|
|
Total
Earning Assets
|
4.38%
|
|
4.34%
|
|
4.35%
|
|
4.35%
|
|
4.36%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing
deposits
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
|
NOW
accounts
|
0.17%
|
|
0.19%
|
|
0.16%
|
|
0.16%
|
|
0.17%
|
|
|
MMDA
|
0.42%
|
|
0.39%
|
|
0.34%
|
|
0.33%
|
|
0.33%
|
|
|
Savings
accounts
|
0.06%
|
|
0.07%
|
|
0.07%
|
|
0.07%
|
|
0.07%
|
|
|
Retail CDs <
$100,000
|
0.51%
|
|
0.49%
|
|
0.45%
|
|
0.44%
|
|
0.47%
|
|
|
Retail CDs >
$100,000
|
0.88%
|
|
0.85%
|
|
0.75%
|
|
0.71%
|
|
0.67%
|
|
|
Brokered
CDs
|
0.00%
|
|
0.64%
|
|
0.64%
|
|
0.64%
|
|
0.73%
|
|
|
Total
Deposits
|
0.28%
|
|
0.27%
|
|
0.23%
|
|
0.22%
|
|
0.23%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to
repurchase
|
0.19%
|
|
0.19%
|
|
0.19%
|
|
0.22%
|
|
0.27%
|
|
|
FHLB
advances
|
0.70%
|
|
0.59%
|
|
0.59%
|
|
0.60%
|
|
0.96%
|
|
|
Other
borrowings
|
4.75%
|
|
4.44%
|
|
3.86%
|
|
3.75%
|
|
3.54%
|
|
|
Subordinated
deferrable interest debentures
|
5.82%
|
|
5.76%
|
|
5.60%
|
|
5.66%
|
|
5.29%
|
|
|
Total
Non-Deposit Funding
|
1.56%
|
|
2.04%
|
|
1.89%
|
|
2.61%
|
|
3.14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total funding
(2)
|
0.42%
|
|
0.38%
|
|
0.36%
|
|
0.35%
|
|
0.33%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread
|
3.96%
|
|
3.95%
|
|
3.99%
|
|
4.00%
|
|
4.03%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(3)
|
3.97%
|
|
3.95%
|
|
3.99%
|
|
4.01%
|
|
4.03%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Adjusted Operating
Net Income Reconciliation
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders
|
$
21,153
|
|
$
18,177
|
|
$
21,557
|
|
$
20,049
|
|
$
12,317
|
|
|
|
|
|
|
|
|
|
|
|
Merger and conversion
charges
|
402
|
|
17
|
|
-
|
|
-
|
|
6,359
|
|
Certain compliance
resolution expenses
|
-
|
|
5,750
|
|
-
|
|
-
|
|
-
|
|
Losses (gains) on the
sale of premises
|
295
|
|
430
|
|
238
|
|
401
|
|
(77)
|
|
Tax effect of
management-adjusted charges
|
(244)
|
|
(2,169)
|
|
(83)
|
|
(140)
|
|
(2,199)
|
|
Plus: After tax
management-adjusted charges
|
453
|
|
4,028
|
|
155
|
|
261
|
|
4,083
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Operating Net income
|
21,606
|
|
22,205
|
|
21,712
|
|
20,310
|
|
16,400
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
net income per diluted share:
|
$
0.60
|
|
$
0.63
|
|
$
0.62
|
|
$
0.58
|
|
$
0.50
|
|
Adjusted operating
return on average assets
|
1.27%
|
|
1.34%
|
|
1.36%
|
|
1.33%
|
|
1.17%
|
|
Adjusted operating
return on average common
|
|
|
|
|
|
|
|
|
|
|
tangible equity
|
15.84%
|
|
17.25%
|
|
17.31%
|
|
17.25%
|
|
15.37%
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Net Interest
Margin and Yields on Total Loans
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
Excluding Accretion Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest Income
(TE)
|
$
68,568
|
|
$
64,575
|
|
$
63,167
|
|
$
60,276
|
|
$
55,300
|
|
Accretion Income
|
2,810
|
|
3,370
|
|
3,604
|
|
4,196
|
|
2,942
|
|
Total Interest Income
(TE) Excluding Accretion
|
$
65,758
|
|
$
61,205
|
|
$
59,563
|
|
$
56,080
|
|
$
52,358
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest
Expense
|
$
6,460
|
|
$
5,677
|
|
$
5,143
|
|
$
4,751
|
|
$
4,123
|
|
Net Interest Income
(TE) Excluding Accretion
|
$
59,298
|
|
$
55,528
|
|
$
54,420
|
|
$
51,329
|
|
$
48,235
|
|
|
|
|
|
|
|
|
|
|
|
Yield on Total Loans
(TE) Excluding Accretion
|
4.56%
|
|
4.51%
|
|
4.49%
|
|
4.42%
|
|
4.60%
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin
(TE) Excluding Accretion
|
3.79%
|
|
3.73%
|
|
3.75%
|
|
3.70%
|
|
3.80%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Management-Adjusted Operating
Expenses
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
53,093
|
|
54,677
|
|
53,199
|
|
52,359
|
|
55,600
|
|
Less:
Management-adjusted charges
|
|
|
|
|
|
|
|
|
|
|
Merger and
conversion expenses
|
(402)
|
|
(17)
|
|
-
|
|
-
|
|
(6,359)
|
|
Certain
compliance resolution expenses
|
-
|
|
(5,750)
|
|
-
|
|
-
|
|
-
|
|
Gains/(Losses) on the sale of premises
|
(295)
|
|
(430)
|
|
(238)
|
|
(401)
|
|
77
|
|
|
|
|
|
|
|
|
|
|
|
Management-adjusted
operating expenses
|
$
52,396
|
|
$
48,480
|
|
$
52,961
|
|
$
51,958
|
|
$
49,318
|
|
|
|
|
|
|
|
|
|
|
|
Management-adjusted
operating efficiency ratio (TE)
|
59.67%
|
|
58.29%
|
|
60.95%
|
|
61.93%
|
|
65.44%
|
|
AMERIS
BANCORP
|
|
FINANCIAL
HIGHLIGHTS
|
|
(unaudited)
|
|
(dollars in thousands
except per share data and FTE headcount)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Mar.
|
|
Dec.
|
|
Sept.
|
|
Jun.
|
|
Mar.
|
|
Segment
Reporting
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
Banking
Division:
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
50,126
|
|
$
50,528
|
|
$
51,653
|
|
$
49,820
|
|
$
46,483
|
|
Provision for loan losses
|
1,982
|
|
502
|
|
57
|
|
733
|
|
681
|
|
Noninterest income
|
13,013
|
|
13,466
|
|
13,949
|
|
13,018
|
|
12,735
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
18,844
|
|
17,084
|
|
18,323
|
|
18,428
|
|
18,989
|
|
Occupancy
|
5,257
|
|
5,668
|
|
5,490
|
|
5,901
|
|
5,150
|
|
Data
Processing
|
6,043
|
|
5,841
|
|
5,794
|
|
5,685
|
|
5,820
|
|
Other
expenses
|
9,241
|
|
15,398
|
|
11,533
|
|
11,071
|
|
16,436
|
|
Total noninterest expense
|
39,385
|
|
43,991
|
|
41,140
|
|
41,085
|
|
46,395
|
|
Income before income
taxes
|
21,772
|
|
19,501
|
|
24,405
|
|
21,020
|
|
12,142
|
|
Income
Tax
|
6,856
|
|
5,005
|
|
7,733
|
|
6,626
|
|
3,919
|
|
Net
income
|
$
14,916
|
|
$
14,496
|
|
$
16,672
|
|
$
14,394
|
|
$
8,223
|
|
|
|
|
|
|
|
|
|
|
|
Retail Mortgage
Division:
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
2,976
|
|
$
3,032
|
|
$
2,625
|
|
$
2,554
|
|
$
2,430
|
|
Provision for loan losses
|
8
|
|
33
|
|
447
|
|
93
|
|
-
|
|
Noninterest income
|
10,513
|
|
9,036
|
|
13,198
|
|
13,304
|
|
9,624
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
7,216
|
|
7,098
|
|
8,940
|
|
8,304
|
|
6,347
|
|
Occupancy
|
519
|
|
602
|
|
433
|
|
405
|
|
488
|
|
Data
Processing
|
317
|
|
326
|
|
364
|
|
338
|
|
272
|
|
Other
expenses
|
1,141
|
|
1,093
|
|
1,303
|
|
1,133
|
|
956
|
|
Total noninterest expense
|
9,193
|
|
9,119
|
|
11,040
|
|
10,180
|
|
8,063
|
|
Income before income
taxes
|
4,288
|
|
2,916
|
|
4,336
|
|
5,585
|
|
3,991
|
|
Income
Tax
|
1,501
|
|
1,021
|
|
1,518
|
|
1,955
|
|
1,397
|
|
Net
income
|
$
2,787
|
|
$
1,895
|
|
$
2,818
|
|
$
3,630
|
|
$
2,594
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse Lending
Division:
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
1,105
|
|
$
1,706
|
|
$
1,848
|
|
$
1,481
|
|
$
927
|
|
Provision for loan losses
|
(232)
|
|
496
|
|
94
|
|
-
|
|
-
|
|
Noninterest income
|
319
|
|
462
|
|
555
|
|
440
|
|
333
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
147
|
|
220
|
|
103
|
|
108
|
|
188
|
|
Occupancy
|
1
|
|
1
|
|
1
|
|
1
|
|
1
|
|
Data
Processing
|
27
|
|
32
|
|
26
|
|
25
|
|
20
|
|
Other
expenses
|
32
|
|
29
|
|
26
|
|
26
|
|
25
|
|
Total noninterest expense
|
207
|
|
282
|
|
156
|
|
160
|
|
234
|
|
Income before income
taxes
|
1,449
|
|
1,390
|
|
2,153
|
|
1,761
|
|
1,026
|
|
Income
Tax
|
507
|
|
487
|
|
754
|
|
616
|
|
359
|
|
Net
income
|
$
942
|
|
$
904
|
|
$
1,399
|
|
$
1,145
|
|
$
667
|
|
|
|
|
|
|
|
|
|
|
|
SBA
Division:
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
907
|
|
$
949
|
|
$
941
|
|
$
734
|
|
$
596
|
|
Provision for loan losses
|
48
|
|
571
|
|
213
|
|
63
|
|
-
|
|
Noninterest income
|
1,815
|
|
1,308
|
|
1,162
|
|
1,617
|
|
1,594
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
591
|
|
735
|
|
616
|
|
691
|
|
663
|
|
Occupancy
|
51
|
|
64
|
|
65
|
|
64
|
|
61
|
|
Data
Processing
|
1
|
|
1
|
|
1
|
|
1
|
|
1
|
|
Other
expenses
|
211
|
|
170
|
|
181
|
|
178
|
|
183
|
|
Total noninterest expense
|
854
|
|
970
|
|
863
|
|
934
|
|
908
|
|
Income before income
taxes
|
1,820
|
|
716
|
|
1,027
|
|
1,354
|
|
1,282
|
|
Income
Tax
|
637
|
|
251
|
|
359
|
|
474
|
|
449
|
|
Net
income
|
$
1,183
|
|
$
465
|
|
$
668
|
|
$
880
|
|
$
833
|
|
|
|
|
|
|
|
|
|
|
|
Premium Finance
Division:
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
5,476
|
|
$
1,064
|
|
$
-
|
|
$
-
|
|
$
-
|
|
Provision for loan losses
|
30
|
|
108
|
|
-
|
|
-
|
|
-
|
|
Noninterest income
|
46
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
996
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Occupancy
|
49
|
|
2
|
|
-
|
|
-
|
|
-
|
|
Data
Processing
|
184
|
|
44
|
|
-
|
|
-
|
|
-
|
|
Other
expenses
|
2,225
|
|
269
|
|
-
|
|
-
|
|
-
|
|
Total noninterest expense
|
3,454
|
|
315
|
|
-
|
|
-
|
|
-
|
|
Income before income
taxes
|
2,038
|
|
641
|
|
-
|
|
-
|
|
-
|
|
Income
Tax
|
713
|
|
224
|
|
-
|
|
-
|
|
-
|
|
Net
income
|
$
1,325
|
|
$
417
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
Total
Consolidated:
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
$
60,590
|
|
$
57,279
|
|
$
57,067
|
|
$
54,589
|
|
$
50,436
|
|
Provision for loan losses
|
1,836
|
|
1,710
|
|
811
|
|
889
|
|
681
|
|
Noninterest income
|
25,706
|
|
24,272
|
|
28,864
|
|
28,379
|
|
24,286
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
27,794
|
|
25,137
|
|
27,982
|
|
27,531
|
|
26,187
|
|
Occupancy
|
5,877
|
|
6,337
|
|
5,989
|
|
6,371
|
|
5,700
|
|
Data
Processing
|
6,572
|
|
6,244
|
|
6,185
|
|
6,049
|
|
6,113
|
|
Other
expenses
|
12,850
|
|
16,959
|
|
13,043
|
|
12,408
|
|
17,600
|
|
Total noninterest expense
|
53,093
|
|
54,677
|
|
53,199
|
|
52,359
|
|
55,600
|
|
Income before income
taxes
|
31,367
|
|
25,164
|
|
31,921
|
|
29,720
|
|
18,441
|
|
Income
Tax
|
10,214
|
|
6,987
|
|
10,364
|
|
9,671
|
|
6,124
|
|
Net
income
|
$
21,153
|
|
$
18,177
|
|
$
21,557
|
|
$
20,049
|
|
$
12,317
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ameris-bancorp-announces-20-increase-in-operating-results-for-first-quarter-2017-300443222.html
SOURCE Ameris Bancorp