Ameris Bancorp Reports Second Quarter 2010 Results

MOULTRIE, Ga., July 22 /PRNewswire-FirstCall/ -- AMERIS BANCORP (Nasdaq-GS: ABCB), Moultrie, Georgia, today reported a net loss available to common shareholders of $4.2 million, or $0.20 per diluted share, for the quarter ended June 30, 2010, compared to a net loss of $3.5 million, or $0.25 per diluted share, for the second quarter of 2009.  For the first half of 2010, Ameris Bancorp reported a net loss available to common shareholders of $6.5 million, or $0.37 per diluted share, compared to a net loss of $4.8 million, or $0.35 per diluted share, for the first half of 2009.  Improvements in the Company's net interest margin and continued strong capital position were overshadowed by larger loan loss provisions.

Highlights of the second quarter of 2010 include the following:

  • Completion of a $90 million public offering, increasing already strong capital ratios
  • Continued increase in pretax, pre-credit related income to $11.9 million per quarter
  • Completion of a third FDIC-assisted transaction
  • Net interest margin of 4.43% for the quarter and 4.19% for the year to date period
  • Completion after quarter end of an asset sale comprising of mostly non-performing assets that when closed would reduce non-performing assets by $13.3 million

Capital Ratios

Early in the second quarter of 2010, the Company completed a public offering for $90 million of the Company's common stock, issuing approximately 9.5 million new shares at $9.50 per share.  The Company's tangible common equity ratio increased from 5.65% at June 30, 2009 to 9.17% at June 30, 2010.  Ameris Bank's tier one capital and total capital ratios increased as well, from 7.40% at the end of the second quarter of 2009 to 12.36% at the end of the current quarter.   Edwin W. Hortman, Jr., President and CEO, commented on the successful capital raise and stated, "The success of the capital raise affirms our decisions early in this downturn to preserve capital through hard decisions that increased our core earnings.  Our focus now is on deploying the capital by being in 'do business' mode in our local markets and taking advantage of the consolidation our industry is experiencing."

Core Earnings

The Company's income before taxes and credit costs continue to increase and provide meaningful protection for capital levels during the current economic cycle.  In the current period, pre-tax, pre-credit earnings totaled $11.9 million, an increase of 62%, or $4.6 million, when compared to the same quarter in 2009.  For the year-to-date period, core earnings increased $9.4 million to $24.1 million.  Increases in core earnings have been achieved through higher net interest margins, incremental earnings on acquired banks through FDIC-assisted transactions and reduction in non-credit related operating expenses.  "We believe our stretch goal of $50 million of core earnings for 2010 is achievable, despite limited investment opportunities for our large position in short-term assets.  Until the economy improves and offers the Company more revenue opportunities, we will benefit from a very attractive deposit mix and the momentum we gained in operating expenses through our successful efforts in 'Project 2010'" said Mr. Hortman.

Completion of Third FDIC-Assisted Acquisition

The Company's results for the quarter include an after-tax gain on the FDIC-assisted acquisition of certain assets and deposits of Satilla Community Bank totaling $5.2 million.  As a result of the acquisition, the Company added $68.8 million in loans and $75.8 million in deposits.  The Company believes that incremental earnings from this acquisition will be meaningful because of the opportunity for consolidating operations with existing Ameris Bank locations and because the Company is protected from credit losses through the Company's loss share agreements with the FDIC.

Significant Increase in the Company's Net Interest Margin

For the second quarter of 2010, the Company reported a net interest margin of 4.43%, compared to 3.59% for the same quarter in 2009.  For the year-to-date period in 2010, the Company reported a net interest margin of 4.19% compared to 3.39% during the first six months of 2009.  During the second quarter, the Company recognized $2.35 million of interest income representing certain "accretable differences" relating to the Company's first two FDIC-assisted acquisitions, which were completed in 2009.  Excluding the non-recurring portion of these amounts, the Company's net interest margin would have been 4.11% and 4.02% for the second quarter and the first six months of 2010, respectively.

Net interest income (tax equivalent basis) for the second quarter of 2010 totaled $24.6 million, compared to $18.7 million in the same quarter of 2009.  Excluding the non-recurring portion of the accretable difference, the Company's interest income would have increased slightly, from $29.3 million in the second quarter of 2009 to $30.0 million in the second quarter of 2010.  Improvements in interest expense were more significant, falling to $7.2 million during the current quarter compared to $10.6 million in the same quarter of 2009.  The improved deposit mix along with greatly reduced yields on time deposits accounted for the decrease in funding costs.

Yields on earning assets, on a tax equivalent basis and excluding the non-recurring accretable differences, were 5.41% during the second quarter of 2010 compared to 5.60% in the second quarter of 2009.  Increases in the concentration of lower yielding short-term assets, from 7.7% of earning assets in the second quarter of 2009 to 12.9% in the second quarter of 2010, along with lower yields on the Company's investment portfolio, were the primary drivers for lower earning asset yields.  

Decreases in the yields on earning assets were more than offset with decreases in funding costs for the Company.  Total cost of funding for the second quarter of 2010 decreased to 1.34% compared to 2.08% in the same quarter of 2009.  The Company attributes continued improvement in deposit mix as the driver for this decrease in funding cost.  Average non-CD deposits increased during the past year from 54.4% of total deposits to 58.1% during the second quarter of 2010.  In addition, the Company's dependency on retail deposits continues to increase from already high levels.  During the second quarter of 2010, 90.8% of the Company's total funding came from retail deposits as compared to 89.4% at the same time in 2009.

Non-Interest Expense

Operating expenses totaled $23.4 million for the second quarter of 2010, an increase over the same quarter in 2009 when the Company reported $17.7 million in total non-interest expense.  Credit, merger and other non-recurring costs totaled $7.3 million during the current quarter, compared to $1.4 million in the same quarter in 2009.  Excluding these costs, recurring operating expenses decreased slightly to $16.1 million in the current quarter compared to $16.3 million in the same quarter in 2009.  Efforts to reduce operating expenses over the past two years have been successful and have allowed the Company to still post lower recurring operating expenses despite absorbing approximately $1.1 million per quarter in operating expenses associated with the FDIC-assisted acquisitions.

Asset Sale and Credit Quality Trends

Subsequent to quarter end, the Company will close a sale of mostly non-performing assets that will result in a reduction of non-performing assets totaling $13.3 million.  Included in the second quarter of 2010 results is approximately $8.0 million of charges associated with the sale.

Nonperforming assets totaled $136.0 million or 7.75% of total loans and OREO at June 30, 2010, compared to $122.4 million or 7.16% of total loans and OREO at March 31, 2010.  Net charge offs were higher in the current quarter, at 4.21% annualized, of total loans, compared to 1.63% in the same quarter in 2009.  Excluding the effects of the note sale, the Company's loan loss provision expense was $11.8 million during the second quarter of 2010 compared to $10.8 million in the first quarter of 2010.  Aggressive write downs on non-accrual loans continued during the quarter such that the current carrying value of non-accrual loans is 49.7% of the original appraisal amount.

Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter, had 53 locations in Georgia, Alabama, northern Florida and South Carolina.

Ameris Bancorp Common Stock is quoted on the NASDAQ Global Select Market under the symbol "ABCB". The preceding release contains statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe", "estimate", "expect", "intend", "anticipate" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements.

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)





















Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2010


2010


2009


2009


2009


2010


2009

















EARNINGS































Net Income/(Loss) Available to Common Shareholders

$      (4,218)


$      (2,330)


$    (39,139)


$         (791)


$      (3,498)


$      (6,548)


$      (4,835)

















PER COMMON SHARE DATA















Earnings per share available to common shareholders:
















Basic

$        (0.20)


$        (0.17)


$        (2.81)


$        (0.06)


$        (0.25)


$        (0.37)


$        (0.33)



Diluted

$        (0.20)


$        (0.17)


$        (2.81)


$        (0.06)


$        (0.25)


$        (0.37)


$        (0.33)


Cash Dividends per share

$              -


$              -


$              -


$              -


$          0.05


$              -


0.05


Stock dividend

1 for 210


1 for 130


1 for 130


1 for 130


-


2 for 170


-


Common Book value per share (period end)

$          9.57


$        10.23


$        10.51


$        13.52


$        13.17


$          9.57


13.17


Tangible book value per share (period end)

$          9.43


$          9.94


$        10.13


$          9.00


$          9.00


$          9.43


9.00


Weighted average number of shares:
















Basic

21,231,367


13,906,137


13,912,458


13,906,299


13,904,215


17,568,752


13,906,073



Diluted

21,231,367


13,906,137


13,912,458


13,906,299


13,904,215


17,568,752


13,906,073


Period-end number of shares

23,515,468


14,108,672


14,001,044


13,961,597


13,963,184


18,812,070


13,964,689


Market data:
















High closing price

$        11.55


$        10.32


$          7.25


$          7.47


$          8.09


$        11.73


$        16.55



Low closing price

$          9.00


$          7.36


$          5.13


$          5.93


$          5.29


$          3.66


$          7.19



Period end closing price

$          9.66


$          9.03


$          7.16


$          7.15


$          6.32


$          7.16


$        11.85



Average daily volume

205,389


37,715


38,583


30,407


28,778


32,228


49,736

















PERFORMANCE RATIOS















Return on average assets

(0.69%)


(0.26%)


(6.54%)


(0.14%)


(0.61%)


(0.47%)


(0.22%)


Return on average common equity

(7.79%)


(4.33%)


(75.56%)


(1.68%)


(7.45%)


(6.08%)


(2.53%)


Earning asset yield (TE)

5.74%


5.36%


5.01%


5.42%


5.60%


5.56%


5.59%


Total cost of funds

1.34%


1.41%


1.51%


1.83%


2.08%


1.37%


2.27%


Net interest margin (TE)

4.43%


3.92%


3.55%


3.65%


3.59%


4.19%


3.39%


Non-interest income excluding securities transactions,
















as a percent of total revenue (TE)

12.40%


14.15%


7.12%


13.89%


13.27%


13.65%


13.41%


Efficiency ratio

63.35%


66.93%


119.77%


65.83%


76.63%


64.81%


73.36%

















CAPITAL ADEQUACY (period end)















Stockholders' equity to assets

11.35%


8.22%


8.04%


10.56%


10.20%


11.35%


7.91%


Tangible common equity to tangible assets

9.17%


5.97%


5.86%


5.84%


5.65%


9.17%


5.65%

















EQUITY TO ASSETS RECONCILIATION















Tangible common equity to tangible assets

9.17%


5.97%


5.86%


5.84%


5.65%


9.17%


5.65%


Effect of preferred equity

2.06%


2.11%


2.04%


2.24%


2.16%


2.06%


2.16%


Effect of goodwill and other intangibles

0.12%


0.13%


0.14%


2.47%


2.40%


0.12%


2.40%



Equity to assets (GAAP)

11.35%


8.22%


8.04%


10.56%


10.20%


11.35%


10.20%

















OTHER PERIOD-END DATA















FTE Headcount

581


594


615


595


589


581


589


Assets per FTE

$        4,169


$        3,959


$        3,928


$        3,710


$        3,880


$        4,169


$        3,959


Branch locations

53


53


53


50


50


53


50


Deposits per branch location

$      39,246


$      39,402


$      40,059


$      37,751


$      39,527


$      39,246


$      39,402


















(1) Excludes gain from acquisition of $38.6 million, net of income tax expense of $13.5 million in the fourth quarter of 2009 .






(2) Excludes the non-recurring, non-cash goodwill impairment charge of $54.8 million in the fourth quarter of 2009.

























AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)




















Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2010


2010


2009


2009


2009


2010


2009

































INCOME STATEMENT






























Interest income















Interest and fees on loans

$      28,187


$      25,156


$      24,864


$      24,888


$      25,829


$      53,343


$      51,556


Interest on taxable securities

2,502


2,462


2,570


2,725


2,906


4,964


6,563


Interest on nontaxable securities

299


304


319


329


255


603


422


Interest on deposits in other banks

97


57


60


68


109


154


134


Interest on federal funds sold

12


12


18


12


1


24


42



Total interest income

31,097


27,991


27,831


28,022


29,100


59,088


58,717

















Interest expense















Interest on deposits

$        7,084


$        7,332


$        7,637


$        8,684


$      10,030


14,416


22,185


Interest on other borrowings

154


246


493


526


531


400


1,025



Total interest expense

7,238


7,578


8,130


9,210


10,561


14,816


23,210

















Net interest income

23,859


20,413


19,701


18,812


18,539


44,272


35,507

















Provision for loan losses

18,608


10,770


16,468


8,298


9,390


29,378


17,302

















Net interest income/(loss) after provision

$        5,251


$        9,643


$        3,233


$      10,514


$        9,149


$      14,894


$      18,205

















Noninterest income















Service charges on deposit accounts

$        3,620


$        3,439


$        3,654


$        3,510


$        3,393


7,059


6,428


Mortgage banking activity

675


554


718


692


877


1,229


1,640


Other service charges, commissions and fees

232


213


259


131


77


445


140


Gain(loss) on sale of securities

-


200


77


(20)


101


200


814


Gains from acquisitions

8,209


-


38,566


-


-


8,209


0


Other non-interest income

313


479


465


208


148


792


1,070



Total noninterest income

13,049


4,885


43,739


4,521


4,596


17,934


10,092

















Noninterest expense















Salaries and employee benefits

8,027


7,826


8,616


7,431


7,899


15,853


15,890


Occupancy and equipment expenses

2,025


2,027


2,417


2,114


2,224


4,052


4,382


Amortization of intangible assets

239


271


205


146


147


510


293


Data processing & telecommunications expenses

2,077


1,763


1,801


1,746


1,704


3,840


3,331


Business restructuring

-


-


-


-


-


-


-


Advertising and marketing expenses

143


159


336


301


439


302


1,013


Goodwill impairment

-


-


54,813


-


-


-


-


Other non-interest expenses

10,872


4,885


7,794


3,622


5,316


15,757


8,547



Total noninterest expense

23,383


16,931


75,982


15,360


17,729


40,314


33,456

















Operating profit/(loss)

$      (5,083)


$      (2,403)


$    (29,010)


$         (325)


$      (3,984)


$      (7,486)


$      (5,159)


















Income tax (benefit)/expense

(1,664)


(869)


9,323


(198)


(1,290)


(2,533)


(1,829)

















Net income/(loss)

$      (3,419)


$      (1,534)


$    (38,333)


$         (127)


$      (2,694)


$      (4,953)


$      (3,330)

















Preferred stock dividends

$           799


796


859


796


804


1,595


1,505

















Net income/(loss) available














    to common shareholders

$      (4,218)


$      (2,330)


$    (39,192)


$         (923)


$      (3,498)


$      (6,548)


$      (4,835)

















Diluted earnings available to common shareholders

(0.20)


(0.17)


(2.84)


(0.06)


(0.25)


(0.37)


(0.35)



















AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)




































Three Months Ended







Jun.


Mar.


Dec.


Sept.


Jun.








2010


2010


2009


2009


2009





















PERIOD-END BALANCE SHEET






























Assets















Cash and due from banks

$      54,444


$      68,859


$      81,060


$      43,761


$      46,773






Federal funds sold and interest bearing balances

240,075


200,942


220,363


114,335


163,343






Investment securities available for sale, at fair value

237,985


248,013


245,556


251,189


257,771






Other investments

7,531


7,260


7,260


4,441


4,441






















Loans, net of unearned income

1,493,126


1,536,528


1,584,359


1,652,689


1,677,045






Less allowance for loan losses

34,468


33,562


35,762


41,946


44,998







Loans, net

1,458,658


1,502,966


1,548,597


1,610,743


1,632,047







Covered loans

192,545


123,771


137,248


-


-







Total loans

1,651,204


1,626,737


1,685,845


1,610,743


1,632,047






















Other real estate owned

41,079


34,682


23,316


21,923


19,180






Covered other real estate owned

25,845


17,862


9,337


-


-







Total other real estate owned

66,924


52,544


32,653


21,923


19,180






















Premises and equipment, net

66,708


66,523


67,637


67,641


67,334






Intangible assets, net

3,314


3,364


3,586


3,193


3,339






Goodwill

-


-


-


54,813


54,813






FDIC loss sharing receivable

57,946


47,579


45,840


-


-






Other assets

35,779


29,711


34,171


35,436


36,204







Total assets

$ 2,421,910


$ 2,351,658


$ 2,423,971


$ 2,207,475


$ 2,285,245





















Liabilities















Deposits:
















Noninterest-bearing

$    218,012


$    222,454


$    236,962


$    205,699


$    210,456







Interest-bearing

1,862,014


1,865,852


1,886,154


1,681,830


1,765,915






Total deposits

2,080,026


2,088,306


2,123,116


1,887,529


1,976,371






Federal funds purchased & securities sold under
















agreements to repurchase

17,600


20,640


55,254


30,393


16,484






Other borrowings

-


2,000


2,000


7,000


7,000






Other liabilities

7,145


5,082


6,368


7,268


9,967






Subordinated deferrable interest debentures

42,269


42,269


42,269


42,269


42,269







Total liabilities

2,147,040


2,158,297


2,229,007


1,974,459


2,052,091





































Stockholders' equity














 Preferred stock

$      49,832


$      49,691


$      49,552


$      49,411


$      49,279





 Common stock

24,851


15,269


15,163


15,018


15,018





 Capital surplus

164,378


87,830


87,790


86,432


86,286





 Retained earnings

38,795


43,707


46,031


86,425


87,348





 Accumulated other comprehensive income/(loss)

7,834


7,676


7,240


6,542


6,033





 Less treasury stock

(10,820)


(10,812)


(10,812)


(10,812)


(10,810)







Total stockholders' equity

274,870


193,361


194,964


233,016


233,154







Total liabilities and stockholders' equity

$ 2,421,910


$ 2,351,658


$ 2,423,971


$ 2,207,475


$ 2,285,245





































Other Data














Earning Assets

2,171,262


2,270,427


2,188,622


2,024,442


2,099,947





Intangible Assets

3,314


3,364


4,053


58,006


58,152





Interest Bearing Liabilities

1,921,883


1,930,761


1,985,677


1,761,492


1,831,668





Average Assets

2,444,425


2,377,348


2,374,352


2,244,527


2,285,190





Average Common Stockholders' Equity

217,042


143,655


205,500


186,858


188,442























AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)



Three Months Ended


Six Months Ended


Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.


2010


2010


2009


2009


2009


2010


2009















ASSET QUALITY INFORMATION (1)






























Allowance for loan losses















Balance at beginning of period

$      33,563


$      35,762


$      41,946


$      44,998


$      42,417


$      44,998


$      39,652


Acquired Reserves

-


-


-


-


-


-


-


Provision for loan loss

18,608


10,770


16,468


8,298


9,390


29,378


17,302



















Charge-offs

18,756


13,246


22,515


11,993


7,102


32,002


12,623



Recoveries

1,053


277


(137)


643


293


1,330


667


Net charge-offs (recoveries)

17,703


12,969


22,652


11,350


6,809


30,672


11,956


















Ending balance

$      34,468


$      33,563


$      35,762


$      41,946


$      44,998


$      43,704


$      44,998


















As a percentage of loans

2.31%


2.18%


2.26%


2.54%


2.68%


2.31%


2.93%


As a percentage of nonperforming loans

37.33%


37.44%


37.20%


49.99%


65.35%


47.33%


65.35%


As a percentage of nonperforming assets

25.34%


27.41%


30.39%


39.63%


51.11%


32.13%


51.11%

































Net charge-off information















Charge-offs















Commercial, Financial and Agricultural

$           703


$        2,008


$        1,831


$           601


$           815


$        2,711


$        2,204


Real Estate - Residential

4,739


924


3,911


3,846


1,364


5,663


3,102


Real Estate - Commercial and Farmland

5,023


4,593


4,571


482


902


9,616


1,179


Real Estate - Construction and Development

8,202


5,576


11,831


6,871


3,731


13,778


5,661


Consumer Installment

89


145


371


193


290


234


477


Other

-


-


-


-


-


-


-



Total charge-offs

18,756


13,246


22,515


11,993


7,102


32,002


12,623


















Recoveries















Commercial, Financial and Agricultural

430


78


79


64


16


508


98


Real Estate - Residential

84


28


(174)


228


216


112


224


Real Estate - Commercial and Farmland

202


64


11


3


13


266


243


Real Estate - Construction and Development

140


64


(88)


314


8


204


18


Consumer Installment

197


43


35


34


40


240


84


Other

-


-


-


-


-


-


-



Total recoveries

1,053


277


(137)


643


293


1,330


667


















Net charge-offs (recoveries)

$      17,703


$      12,969


$      22,652


$      11,350


$        6,809


$      30,672


$      11,956

















































Non-accrual loans

92,336


89,649


96,131


83,917


68,858


92,336


68,858

Foreclosed assets

43,686


32,800


21,551


21,923


19,180


43,686


19,180

Accruing loans delinquent 90 days or more

-


-


-


-


-




-

Total non-performing assets

136,022


122,449


117,682


105,840


88,038


136,022


88,038

















Non-performing assets as a percent of loans















and foreclosed assets

7.75%


7.16%


6.72%


6.32%


5.19%


7.75%


5.19%

Net charge offs as a percent of loans (Annualized)

4.21%


3.08%


5.18%


2.72%


1.63%


3.64%


1.43%

















(1) Excludes loans and OREO covered under loss-sharing agreements with the FDIC



AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)




















Three Months Ended


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2010


2010


2009


2009


2009


2010


2009

































AVERAGE BALANCES
































Federal funds sold

$      54,245


$      25,831


$      25,652


$      25,000


$        2,444


$      40,038


$      17,739



Interest bearing deposits in banks

232,733


173,125


127,092


112,827


159,510


202,929


121,467



Investment securities - taxable

209,532


209,465


215,610


216,471


229,493


209,499


286,289



Investment securities - nontaxable

35,650


36,430


39,038


38,693


27,488


36,040


22,973



Other investments

8,061


5,495


5,472


4,441


6,226


6,778


6,511



Loans

1,528,220


1,563,307


1,669,753


1,666,821


1,671,808


1,545,764


1,677,712



Covered loans

155,302


120,211


79,795


-


-


137,757


-



 Total Earning Assets

$ 2,223,743


$ 2,133,864


$ 2,162,412


$ 2,064,253


$ 2,096,969


$ 2,178,804


$ 2,132,691



















Noninterest bearing deposits

$    237,276


$    231,765


$    232,215


$    207,495


$    205,403


$    234,521


$    204,706



NOW accounts

482,798


505,566


492,434


493,253


475,498


494,182


422,636



MMDA

441,445


424,913


410,909


384,266


333,998


433,179


301,472



Savings accounts

64,887


63,436


61,645


57,532


57,503


64,162


56,516



Retail CDs < $100,000

375,339


331,294


382,131


341,495


365,771


353,317


402,776



Retail CDs > $100,000

371,754


393,473


338,378


331,763


381,719


382,614


428,338



Brokered CDs

138,113


151,333


125,439


$    116,186


151,780


144,723


170,659



 Total Deposits

2,111,612


2,101,780


2,043,151


1,931,990


1,971,672


2,106,696


1,987,103



















FHLB advances

747


2,000


2,583


2,000


2,000


1,374


13,607



Subordinated debentures

42,269


42,269


42,269


42,269


42,269


42,269


42,269



Federal funds purchased and securities sold
















under agreements to repurchase

18,698


30,650


48,375


20,047


15,211


24,674


17,222



Other borrowings

-


-


4,946


5,000


5,000


-


5,000



 Total Non-Deposit Funding

61,714


74,919


98,173


69,316


64,480


68,317


78,098



















 Total Funding

$ 2,173,326


$ 2,176,699


$ 2,141,324


$ 2,001,306


$ 2,036,152


$ 2,175,013


$ 2,065,201



AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)
















Three Months Ended


Six Months Ended


Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.


2010


2010


2009


2009


2009


2010


2009

















INTEREST INCOME/EXPENSE































INTEREST INCOME
















Federal funds sold

$             12


$             12


$             18


$             12


$               1


$             24


$             42



Interest bearing deposits in banks

97


57


60


68


109


154


134



Investment securities - taxable

2,438


2,462


2,570


2,725


2,890


4,900


6,565



Investment securities - nontaxable (TE)

460


468


491


506


392


928


650



Loans (TE)

22,986


22,849


23,668


24,895


25,886


45,835


51,680



Covered loans

5,832


2,375


1,261






8,207


-



Total Earning Assets

$      31,825


$      28,223


$      28,068


$      28,206


$      29,278


$      60,048


$      59,071


INTEREST EXPENSE
































Non-interest bearing deposits

$                -


$                -


$                -


$                -


$                -


$                -


$                -



NOW accounts

1,135


1,234


1,300


1,433


1,504


2,369


2,470



MMDA

1,446


1,484


1,520


1,510


1,404


2,930


2,455



Savings accounts

75


90


107


102


106


165


211



Retail CDs < $100,000

1,689


1,568


1,769


2,165


2,625


3,257


6,561



Retail CDs > $100,000

1,674


1,881


1,894


2,304


2,970


3,555


7,564



Brokered CDs

1,065


1,076


1,047


1,169


1,424


2,141


2,927



Total Deposits

7,084


7,333


7,637


8,683


10,033


14,417


22,188



















FHLB advances

12


30


49


31


31


42


23



Subordinated debentures

113


178


351


438


443


291


879



Repurchase agreements

26


36


70


33


33


62


71



Correspondent bank line of credit and other

2


2


22


23


35


4


63



 Total Non-Deposit Funding

153


246


492


525


542


399


1,036



















 Total Funding

$        7,237


$        7,579


$        8,129


$        9,208


$      10,575


$      14,816


$      23,224



















Net Interest Income (TE)

$      24,588


$      20,644


$      19,939


$      18,998


$      18,703


$      45,232


$      35,847



































AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)




















Three Months Ended

Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2010


2010


2009


2009


2009


2010


2009

YIELDS (1)
































Federal funds sold

0.09%


0.19%


0.28%


0.19%


0.16%


0.12%


0.48%



Interest bearing deposits in banks

0.17%


0.13%


0.19%


0.24%


0.27%


0.15%


0.22%



Investment securities - taxable

4.67%


4.77%


4.73%


4.99%


5.05%


4.72%


4.62%



Investment securities - nontaxable (1)

5.18%


5.21%


4.99%


5.19%


5.72%


5.19%


5.71%



Loans  (1)

6.03%


5.93%


5.62%


5.93%


6.21%


5.98%


6.21%



Covered loans

15.06%


8.01%


6.27%


0.00%


0.00%


0.00%


0.00%



 Total Earning Assets

5.74%


5.36%


5.15%


5.42%


5.60%


5.56%


5.59%



















Noninterest bearing deposits

0.00%


0.00%


0.00%


0.00%


0.00%


0.00%


0.00%



NOW accounts

0.94%


0.99%


1.05%


1.15%


1.27%


0.97%


1.18%



MMDA

1.31%


1.42%


1.47%


1.56%


1.69%


1.36%


1.64%



Savings accounts

0.46%


0.58%


0.69%


0.70%


0.74%


0.52%


0.75%



Retail CDs < $100,000

1.80%


1.92%


1.84%


2.52%


2.88%


1.86%


3.28%



Retail CDs > $100,000

1.81%


1.94%


2.22%


2.76%


3.12%


1.87%


3.56%



Brokered CDs

3.09%


2.88%


3.31%


3.99%


3.76%


2.98%


3.46%



 Total Deposits

1.35%


1.41%


1.48%


1.78%


2.04%


1.38%


2.25%



















FHLB advances

6.44%


6.08%


7.53%


6.15%


6.22%


6.17%


0.34%



Subordinated debentures

1.07%


1.71%


3.29%


4.11%


4.20%


1.39%


4.19%



Repurchase agreements

0.56%


0.48%


0.57%


0.65%


0.87%


0.00%


5.12%



Correspondent bank line of credit and other

0.00%


0.00%


1.76%


1.83%


2.81%


1.18%


2.68%



 Total Non-Deposit Funding

0.99%


1.33%


1.99%


3.00%


3.37%


1.18%


2.68%



















 Total funding (3)

1.34%


1.41%


1.51%


1.83%


2.08%


1.37%


2.27%



















Net interest spread

4.40%


3.95%


3.64%


3.60%


3.53%


4.18%


3.32%



















Net interest margin (2)

4.43%


3.92%


3.66%


3.65%


3.59%


4.19%


3.39%

































(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 35%.

(2) Rate calculated based on average earning assets.

(3) Rate calculated based on total average funding including non-interest bearing liabilities.



FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)


















Three Months Ended


 Six Months Ended



Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.



Core Earnings Reconciliation

2010


2010


2009


2009


2009


2010


2009



















Pre-tax operating profit/(loss)

$      (5,083)


$      (2,403)


$    (29,010)


$         (325)


$      (3,984)


$      (7,486)


$      (5,159)



Plus: Credit Related Costs
















   Provision for loan losses

18,608


10,770


16,468


8,298


9,390


29,378


17,302



  (Gains)/Losses on the sale of OREO

4,173


487


3,572


(76)


621


4,660


782



   Problem loan and OREO expense

2,051


1,533


990


1,069


793


3,584


1,306



   Interest reversed on non-accrual loans

1,017


575


1,398


1,267


605


1,592


1,339



      Total Credit-Related Costs

25,849


13,365


22,428


10,558


11,409


39,214


20,729



















Plus: Non-recurring impairment charges

-


-


54,813


-


-


-


-



Plus: Costs associated with capital raise

933


-


-


-


-


933


-



Less: Non-recurring accretable differences

(1,776)


-


-


-


-


-





Less: Non-recurring gains

-


-


-


-


-


-





   Gains related to FDIC acquisitions

(8,208)


-


(38,566)


-


-


(8,208)


-



   Gains on sales of securities

-


(200)


(77)


20


(101)


(200)


(814)



Gains on sales of bank premises

(149)


(249)


-


-


-


(398)


-



   Other non-recurring adjustments

310


-


-


(812)


-


310


-



















Pretax, Pre-provision earnings

$      11,876


$      10,513


$        9,588


$        9,441


$        7,324


$      24,165


$      14,756



FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)




















Three Months Ended


 Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.



Recurring Operating Expenses

2010


2010


2009


2009


2009


2010


2009



















Total Operating Expenses

23,383


16,931


75,982


15,360


17,729


40,314


33,456



Less: Credit costs & non-recurring charges
















  (Gains)/Losses on the sale of OREO

(4,173)


(487)


(3,572)


76


(621)


(4,660)


(782)



   Problem loan and OREO expense

(2,051)


(1,533)


(990)


(1,069)


(793)


(3,584)


(1,306)



  Costs associated with capital raise

(933)


-


-


-


-


(933)


-



  Goodwill impairment

-


-


(54,813)


-


-


-


-



  Severance payments

(310)


-


-


-


-


(310)


-



  (Gains)/Losses on the sale of premises

149


249


-


-


-


398


-



















Recurring operating expenses

$      16,065


$      15,160


$      16,607


$      14,367


$      16,315


$      31,225


$      31,368



SOURCE Ameris Bancorp

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.