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Ameris Bancorp Announces Third Quarter 2012 Financial Results



        Ameris Bancorp Announces Third Quarter 2012 Financial Results

PR Newswire

MOULTRIE, Ga., Oct. 23, 2012

MOULTRIE, Ga., Oct. 23, 2012 /PRNewswire/ -- AMERIS BANCORP (NASDAQ-GS: ABCB),
today reported net income of $1.1 million, or $0.04 per diluted share, for the
quarter ended September 30, 2012, compared to $15.6 million, or $0.66 per
diluted share, for the quarter ended September 30, 2011.  For the year to date
period ending September 30, 2012, the Company reported net income available to
common shareholders of $7.3 million, or $0.30 per diluted share, compared to
$17.5 million, or $0.74 per diluted share, for the same period in 2011. 
Income in the third quarter of 2011 included an after-tax gain of $17.5
million related to an FDIC-assisted acquisition. 

(Logo: http://photos.prnewswire.com/prnh/20051117/CLTH039LOGO )

Highlights of the results of the third quarter of 2012 include:

  o Legacy loans increased $74.4 million during the third quarter,
    representing a 21.7% annualized growth rate.
  o The Company completed its tenth FDIC-assisted transaction during the third
    quarter of 2012.
  o The Company's net interest margin remained strong, at 4.52% during the
    third quarter of 2012.
  o Total revenue (excluding gains and non-recurring adjustments) increased to
    $38.1 million in the third quarter of 2012, compared to $37.8 million in
    the second quarter of 2012.
  o Non-performing assets declined 35% from December 31, 2011.
  o Legacy classified loans decreased $28.6 million, or 28%, from December 31,
    2011.
  o Annualized net charge-offs for the current quarter declined to 1.65% of
    total loans, compared to 2.23% for the year ended December 31, 2011.
  o "In-migration" of new legacy problem loans amounted to $9.7 million,
    compared to $9.4 million in the second quarter of 2012 and $12.5 million
    in the first quarter of 2012.

Operating Results

Net income in the third quarter of 2012 totaled $1.9 million before preferred
dividends, a decrease when compared to the same quarter in 2011, resulting
from the $26.9 million pre-tax gain on acquisitions recorded in the third
quarter of 2011.  For the year to date period, the Company's earnings before
preferred dividends were $9.8 million, compared to $20.0 million in the year
to date period in 2011. 

Net Interest Income and Net Interest Margin

Net interest income during the third quarter of 2012 totaled $28.2 million, an
increase of $436,000, or 1.57%, compared to the $27.8 million reported for the
third quarter of 2011.  During the third quarter of 2012, the Company's net
interest margin increased to 4.52%, compared to 4.44% during the same quarter
of 2011.  Lower yields on most earning asset classes have been offset by lower
funding costs and better allocation of earning assets.

Earning assets totaled $2.44 billion at the end of the third quarter of 2012,
compared to $2.48 billion at the end of the third quarter of 2011.  Although
earning assets declined by 1.7% during the current year, loans and investment
securities increased.  Loans comprised 81.3% of total earning assets in the
current quarter, compared to 79.1% in the same quarter in 2011, while
investment securities have grown from 14.2% of total earning assets at
September 30, 2011 to 15.1% at September 30, 2012.

Legacy loan yields continued to show little dilution, averaging 5.64% in the
current quarter, compared to 5.34% in the same quarter of 2011.  Covered loan
yields declined from 9.04% in the third quarter of 2011 to 6.19% in the third
quarter of 2012.  The decline in covered loan yields relates mostly to
one-time adjustments made during the third quarter of 2011 associated with
certain fair value determinations.

The Company has offset the declines in earning asset yields with corresponding
declines in funding costs.  Deposit costs, the Company's largest funding
expense, declined from 0.97% in the third quarter of 2011, to 0.46% in the
third quarter of 2012.  This decline relates to continued shifts in deposit
mix, favoring lower cost transaction accounts and non-interest bearing
balances, as well as lower market rates in our communities.  The Company
anticipates a continued downward trend on funding costs, albeit at a slower
pace.

Non-Interest Income

Recurring non-interest income (excluding gains on acquisitions) totaled $9.83
million during the third quarter of 2012, compared to $7.08 million during the
third quarter of 2011, representing a 38.9% increase.  The Company's mortgage
operations contributed significantly to the increase in non-interest income,
growing $2.8 million when compared to the same quarter in 2011.  Higher
volumes, mostly from growth in staffing levels over the past twelve months,
led to the increase.  During the third quarter, the Company recruited a
talented correspondent mortgage team to Ameris Bank and accelerated the
process of delivering wholesale mortgage services to banks, credit unions and
select mortgage brokers.  Mortgage pipelines continued to grow throughout the
quarter, with a majority of the business from purchase transactions rather
than refinance transactions.

Service charges increased to $5.12 million during the third quarter of 2012,
compared to $4.67 million in the third quarter of 2011.  This 9.8% increase
was driven by higher balances in accounts subject to service charges, as well
as continued growth of core accounts through the Company's FDIC-assisted
acquisition strategy.

Non-Interest Expense

Non-interest expenses totaled $28.8 million in the third quarter of 2012, a
decline from $29.5 million reported for the third quarter of 2011.  The
decrease in total operating expenses was primarily the result of declining
credit related expenses, which fell to $3.7 million in the current quarter,
compared to $9.0 million in the third quarter of 2011. Excluding credit
related expenses, non-interest expense totaled $25.1 million in the third
quarter of 2012, compared to $20.5 million in the third quarter of 2011. 

Trends in operating expenses have been heavily influenced by several factors. 
First, the Company's mortgage strategy began in earnest in the second quarter
of 2011 and has been growing steadily since that time.  As noted above,
mortgage revenue has increased substantially during 2012, growing from
$903,000 in the third quarter of 2011 to $3.7 million in the current period. 
Costs associated with this strategy have increased as well.  Mortgage related
costs, much of which are compensation costs, increased by $1.9 million in the
third quarter of 2012 to $2.9 million.  Management expects continued growth in
revenue from this strategy with moderating growth rates in expenses, as the
platform is substantially in place and able to be leveraged.

In addition, the Company's consistent participation in failed bank
transactions has caused faster growth in branches and branch operations than
desired and contractual agreements with the FDIC restrict the Company's
ability to consolidate branches acquired in FDIC-assisted transactions for a
period of one year from the date of acquisition.  Current period numbers
include $3.2 million of year to date total expenses ($1.6 million of which is
compensation) related to the two transactions completed this year that is not
included in prior periods. 

During the third quarter of 2012, the Company identified several branches for
consolidation beginning in the fourth quarter with estimated annual expense
reductions totaling approximately $2.0 million.  Additionally, other
efficiencies resulting from re-engineered processes or redistribution of work
duties were identified that the Company anticipates will result in $2.5
million of savings beginning in the latter part of the fourth quarter of
2012.  Further assessment of the Company's operations and branch
infrastructure is underway in an effort to prepare for an extended low rate
environment and to deliver higher shareholder returns.

Balance Sheet Trends

At September 30, 2012, the Company reported total assets of $2.95 billion, a
slight decrease from the $3.0 billion reported at September 30, 2011.  Total
loans at September 30, 2012 increased to $1.99 billion, compared to $1.96
billion at September 30, 2011.  Legacy loans, including mortgage loans held
for sale, have increased 9.3% since December 31, 2011, surpassing management's
estimate of 5% to 8% loan growth for 2012.  During the most recent linked
quarter, legacy loans increased $74.4 million, or 21.7% on an annualized
basis, to $1.44 billion. 

Management expects continued growth in loan balances, sufficient to offset
declines in covered and non-performing assets.  Growth from core operations,
as well as certain lines of business, in the coming year is anticipated to be
similar to or slightly higher than year to date growth rates seen in 2012.

Total deposits increased $35.4 million during the third quarter of 2012, from
$2.54 billion at June 30, 2012 to $2.58 billion at September 30, 2012.  The
majority of the deposit growth was seen in non-interest bearing deposits,
while interest bearing deposits remained stable at $2.12 billion. 
Non-interest bearing deposits increased to $464.5 million, from $354.4 million
at the same time in 2011.  Growth in non-interest bearing balances of 31.1%
over the last year has resulted from continued acquisition of deposits related
to FDIC-assisted acquisitions and the consistent efforts of the Company's
business deposit sales teams.

Shareholders' equity was $299.2 million at the end of the third quarter of
2012, an increase of $5.4 million when compared to balances at December 31,
2011.  At September 30, 2012, the Company's tangible common equity to tangible
assets was 8.27%, compared to 7.99% at December 31, 2011.  Tangible book value
increased to $10.23 per share at the end of the third quarter of 2012 compared
to $10.06 at December 31, 2011.

During the third quarter of 2012, the Company repurchased the warrant
providing for the purchase of approximately 700,000 common shares, issued as
part of the Company's participation in the United States Treasury's Capital
Purchase Program in 2008, for $2.67 million.  As previously reported, the
Company's preferred stock issued to the Treasury in 2008 was auctioned to
private investors for approximately 93.1% of par value in June of this year. 
The Company continues to evaluate repayment strategies to potentially retire
the preferred stock before the dividend rate increases to 9.0% in February
2014.  No increase in outstanding shares is needed to retire this preferred
stock.

Credit Quality

Non-performing assets at the end of the third quarter of 2012 declined to
$75.9 million, compared to $117.5 million at December 31, 2011. 
Non-performing loans declined to $38.2 million at September 30, 2012, compared
to $70.8 million at the end of 2011.

Net charge-offs on loans during the third quarter of 2012 were $6.0 million,
or 1.65% annualized as a percentage of legacy loans, compared to $8.6 million
during the second quarter of 2012 and $6.8 million during the third quarter of
2011.  The Company's provision for loan losses during the third quarter of
2012 amounted to $6.5 million, a decrease of $1.0 million as compared to the
$7.5 million posted in the third quarter of 2011.  Approximately $850,000 of
the current quarter's provision for loan losses related to decreases in
expected cash flows from recent FDIC-assisted transactions.  At September 30,
2012, the Company's loan loss allowance totaled $25.9 million, or 1.80% of
legacy loans, compared to $35.2 million, or 2.64% of legacy loans, at the end
of 2011. 

Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the
most recent quarter had 66 locations in Georgia, Alabama, northern Florida and
South Carolina.

This news release contains certain performance measures determined by methods
other than in accordance with accounting principles generally accepted in the
United States of America ("GAAP"). Management of Ameris Bancorp (the
"Company") uses these non-GAAP measures in its analysis of the Company's
performance. These measures are useful when evaluating the underlying
performance and efficiency of the Company's operations and balance sheet. The
Company's management believes that these non-GAAP measures provide a greater
understanding of ongoing operations, enhance comparability of results with
prior periods and demonstrate the effects of significant gains and charges in
the current period. The Company's management believes that investors may use
these non-GAAP financial measures to evaluate the Company's financial
performance without the impact of unusual items that may obscure trends in the
Company's underlying performance. These disclosures should not be viewed as a
substitute for financial measures determined in accordance with GAAP, nor are
they necessarily comparable to non-GAAP performance measures that may be
presented by other companies.

This news release contains statements that constitute "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. The words "believe", "estimate", "expect", "intend", "anticipate" and
similar expressions and variations thereof identify certain of such
forward-looking statements, which speak only as of the dates which they were
made. The Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. Readers are cautioned that any such forward-looking
statements are not guarantees of future performance and involve risks and
uncertainties and that actual results may differ materially from those
indicated in the forward-looking statements as a result of various factors.
Readers are cautioned not to place undue reliance on these forward-looking
statements and are referred to the Company's periodic filings with the
Securities and Exchange Commission for a summary of certain factors that may
impact the Company's results of operations and financial condition.

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
               Three Months Ended                                          Nine Months Ended
               Sept.       Jun.        Mar.        Dec.        Sept.       Sept.       Sept.
               2012        2012        2012        2011        2011        2012        2011
EARNINGS
 Net
 Income/(Loss) $           $           $           $           $           $           $        
 Available to                                                      15,643               17,530
 Common        1,076       1,678       4,550        322                    7,304
 Shareholders
PER COMMON
SHARE DATA
 Earnings per
 share
 available to
 common
 shareholders:
               $           $           $           $           $           $           $        
   Basic                                                                                    0.75
                 0.05        0.07        0.19      0.01        0.67        0.31
               $           $           $           $           $           $           $        
   Diluted                                                                                  0.74
                 0.04        0.07        0.19      0.01        0.66        0.30
 Cash          $           $           $           $           $           $           $        
 Dividends per                                                                                  
 share                 -           -           -       -           -           -        -
 Stock         -           -           -           -           -           -           -
 dividend
 Book value    $           $           $           $           $           $           $        
 per share                                                                                10.27
 (period end)  10.41       10.49       10.36       10.23       10.27       10.41
 Tangible book $           $           $           $           $           $        
 value per                                                                             $        
 share (period 10.23       10.29       10.15       10.06       10.08       10.23          10.08
 end)
 Weighted
 average
 number of
 shares:
   Basic       23,819,144  23,818,814  23,762,196  23,457,739  23,438,335  23,800,121  23,438,763
   Diluted     23,973,369  23,973,039  23,916,421  23,611,964  23,559,063  23,954,346  23,530,278
 Period-end
 number of     23,819,144  23,819,144  23,814,144  23,751,294  23,742,794  23,819,144  23,742,794
 shares
 Market data:
   High        $           $           $           $           $           $           $        
   closing                                                                                11.10
   price       12.88       13.40       13.32       10.66       10.30       13.40
   Low closing $           $           $           $           $           $           $        
   price                                                                                    8.47
               11.27       10.88       10.34       8.55        8.47        10.34
   Period end  $           $           $           $           $           $           $        
   closing                                                                                  8.71
   price       12.59       12.60       13.14       10.28       8.71        12.59
   Average
   daily       45,543      58,370      59,139      68,654      71,955      54,325      59,275
   volume
PERFORMANCE
RATIOS
 Return on
 average       0.26%       0.34%       0.72%       0.15%       2.14%       0.44%       0.79%
 assets
 Return on
 average       3.12%       4.12%       8.89%       1.82%       28.55%      5.38%       10.36%
 common equity
 Earning asset 5.06%       5.33%       5.22%       6.07%       5.55%       5.20%       5.59%
 yield (TE)
 Total cost of 0.51%       0.62%       0.69%       0.80%       1.02%       0.60%       1.10%
 funds
 Net interest  4.52%       4.66%       4.48%       5.21%       4.44%       4.55%       4.40%
 margin (TE)
 Non-interest
 income
 excluding
 securities
 transactions,
   as a
   percent of
   total       23.60%      21.10%      12.15%      14.81%      10.26%      18.11%      12.57%
   revenue
   (TE) ^(1)
 Efficiency    75.68%      70.51%      62.28%      72.76%      47.75%      68.55%      57.65%
 ratio
CAPITAL
ADEQUACY
(period end)
 Stockholders'
 equity to     10.14%      10.31%      9.78%       9.81%       9.78%       10.14%      9.78%
 assets
 Tangible
 common equity 8.27%       8.41%       7.95%       7.99%       7.96%       8.27%       7.96%
 to tangible
 assets
EQUITY TO
ASSETS
RECONCILIATION
 Tangible
 common equity 8.27%       8.41%       7.95%       7.99%       7.96%       8.27%       7.96%
 to tangible
 assets
 Effect of
 preferred     1.74%       1.75%       1.67%       1.69%       1.68%       1.74%       1.68%
 equity
 Effect of
 goodwill and  0.14%       0.15%       0.16%       0.13%       0.14%       0.14%       0.14%
 other
 intangibles
   Equity to
   assets      10.14%      10.31%      9.78%       9.81%       9.78%       10.14%      9.78%
   (GAAP)
OTHER
PERIOD-END
DATA
 FTE Headcount 872         839         827         746         730         872         730
 Assets per    $           $           $           $           $           $           $        
 FTE                                                                                      4,124
               3,382       3,481       3,680       4,014       4,124       3,382
 Branch        66          67          67          62          62          66          62
 locations
 Deposits per  $           $           $           $           $           $           $        
 branch                                                41,799      42,401      39,093   42,401
 location      39,093      37,980      39,781
 ^(1)Includes gain from acquisition.

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
                       Three Months Ended                      Nine Months
                                                               Ended
                       Sept.   Jun.    Mar.    Dec.    Sept.   Sept.   Sept.
                       2012    2012    2012    2011    2011    2012    2011
INCOME STATEMENT
Interest income
                       $       $       $       $       $       $       $      
 Interest and fees on                                                   
 loans                                                                  93,480
                       29,165  30,334  29,482  35,361  31,633  88,981
 Interest on taxable   2,017   2,187   2,309   2,350   2,672   6,513   7,904
 securities
 Interest on           365     374     365     357     330     1,104   964
 nontaxable securities
 Interest on deposits  104     108     120     148     144     332     469
 in other banks
 Interest on federal   -       4       6       7       9       10      31
 funds sold
     Total interest    31,651  33,007  32,282  38,223  34,788  96,940  102,848
     income
Interest expense
                       $       $       $       $       $       $    
                                                                       $      
 Interest on deposits                                                   
                                               4,875   6,431   10,724   20,631
                       3,005   3,635   4,084
 Interest on other     408     491     471     580     555     1,370   1,461
 borrowings
     Total interest    3,413   4,126   4,555   5,455   6,986   12,094  22,092
     expense
Net interest income    28,238  28,881  27,727  32,768  27,802  84,846  80,756
Provision for loan     6,540   7,225   12,882  9,019   7,552   26,647  23,710
losses
Net interest           $       $       $       $       $       $       $      
income/(loss) after                                                     
provision for loan                                                      57,046
losses                 21,698  21,656  14,845  23,749  20,250  58,199
Noninterest income
                       $       $       $       $       $       $    
 Service charges on                                                    $      
 deposit accounts                                                       
                                               4,483   4,666   14,277   13,598
                       5,121   4,770   4,386
 Mortgage banking      3,740   3,006   1,475   1,209   930     8,221   1,533
 activity
 Other service
 charges, commissions  331     322     391     340     392     1,044   907
 and fees
 Gain(loss) on sale of -       -       -       -       -       0       238
 securities
 Gains from            -       -       20,037  -       26,867  20,037  26,867
 acquisitions
 Other non-interest    639     777     975     657     1,090   2,391   2,746
 income
     Total noninterest 9,831   8,875   27,264  6,689   33,945  45,970  45,889
     income
Noninterest expense
 Salaries and employee 13,766  12,125  11,446  10,688  10,252  37,337  29,293
 benefits
 Occupancy and         3,340   2,880   3,335   2,705   3,203   9,555   8,685
 equipment expenses
 Data processing and
 telecommunications    2,599   2,905   1,925   2,650   2,817   7,429   7,665
 expenses
 FDIC Insurance        1,079   1,067   1,067   1,078   1,096   3,213   3,459
 expense
 Credit related        3,706   3,423   12,739  7,784   8,985   19,868  14,664
 expenses ^(1)
 Advertising and       421     364     349     221     189     1,134   501
 marketing expenses
 Amortization of       364     412     220     220     277     996     782
 intangible assets
 Goodwill impairment   -       -       -       -       -       -       -
 Other non-interest    3,535   3,447   3,165   3,364   2,667   10,147  7,965
 expenses
     Total noninterest 28,810  26,623  34,246  28,710  29,486  89,679  73,014
     expense
                       $       $       $       $       $       $    
Operating                                                              $      
profit/(loss)                                                           
                                               1,728   24,709  14,490   29,921
                       2,719   3,908   7,863
 Income tax            816     1,413   2,498   587     8,249   4,727   9,969
 (benefit)/expense
                       $       $       $       $       $       $    
                                                                       $      
Net income/(loss)                                                       
                                               1,141   16,460  9,763    19,952
                       1,903   2,495   5,365
Preferred stock        827     817     815     819     817     2,459   2,422
dividends
Net income/(loss)
available
                       $       $       $       $       $       $    
     to common                                                         $      
shareholders                                                            
                                                322    15,643  7,304    17,530
                       1,076   1,678   4,550
Diluted earnings
available to common    0.04    0.07    0.19    0.01    0.66    0.30    0.74
shareholders
 (1) Includes expenses associated with problem loans and OREO, as well as OREO
 losses and writedowns.

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
                      Three Months Ended
                      Sept.       Jun.        Mar.        Dec.        Sept.
                      2012        2012        2012        2011        2011
PERIOD-END BALANCE
SHEET
Assets
 Cash and due from    $           $           $           $           $        
 banks                                                        65,528      55,761
                      57,289      60,126      64,963
 Federal funds sold
 and interest bearing 66,872      111,251     194,172     229,042     170,349
 balances
 Investment
 securities available 361,051     366,980     371,791     339,967     340,839
 for sale, at fair
 value
 Other investments    7,003       7,884       10,967      9,878       11,089
 Mortgage loans held  29,021      19,659      14,863      11,563      8,867
 for sale
 Loans, net of        1,439,862   1,365,489   1,323,844   1,332,086   1,368,895
 unearned income
 Covered loans        546,234     601,737     653,377     571,489     595,428
 Less allowance for   25,901      26,198      28,689      35,156      35,238
 loan losses
  Loans, net          1,960,195   1,941,028   1,948,532   1,868,419   1,929,085
 Foreclosed assets    37,325      36,397      36,414      46,680      50,866
 Covered foreclosed   88,895      83,467      85,803      78,617      81,907
 assets
  Total foreclosed    126,220     119,864     122,217     125,297     132,773
  assets
 Premises and         75,609      75,192      72,755      73,124      71,848
 equipment, net
 Intangible assets,   3,404       3,767       4,179       3,250       3,471
 net
 Goodwill             956         956         956         956         956
 FDIC loss sharing    198,440     203,801     220,016     242,394     239,719
 receivable
 Cash value of bank   50,087      -           -           -           -
 owned life insurance
 Other assets         13,236      9,803       17,823      24,889      45,622
                      $           $           $           $           $      
  Total assets                                             2,994,307   3,010,379
                       2,949,383   2,920,311   3,043,234
Liabilities
 Deposits:
                      $           $           $           $           $        
  Noninterest-bearing                                       395,347     354,434
                      464,503     429,113     444,707
  Interest-bearing    2,115,614   2,115,559   2,220,653   2,196,219   2,274,458
 Total deposits       2,580,117   2,544,672   2,665,360   2,591,566   2,628,892
 Federal funds
 purchased &
 securities sold
 under
  agreements to       17,404      19,800      28,790      37,665      13,180
  repurchase
 Other borrowings     -           3,810       3,810       20,000      21,000
 Other liabilities    10,387      8,821       5,308       9,037       10,616
 Subordinated
 deferrable interest  42,269      42,269      42,269      42,269      42,269
 debentures
  Total liabilities   2,650,177   2,619,372   2,745,537   2,700,537   2,715,957
Stockholders' equity
                      $           $           $           $           $        
  Preferred stock                                             50,727      50,572
                      51,207      51,044      50,884
  Common stock        25,155      25,155      25,150      25,087      25,079
  Capital surplus     164,182     166,685     166,579     166,639     166,385
  Retained earnings   62,156      61,081      59,403      54,852      54,530
  Accumulated other
comprehensive         7,337       7,805       6,512       7,296       8,687
income/(loss)
  Less treasury stock (10,831)    (10,831)    (10,831)    (10,831)    (10,831)
  Total stockholders' 299,206     300,939     297,697     293,770     294,422
  equity
  Total liabilities   $           $           $           $           $      
  and stockholders'                                        2,994,307   3,010,379
  equity               2,949,383   2,920,311   3,043,234
Other Data
Earning Assets        2,443,040   2,465,116   2,558,047   2,484,147   2,484,378
Intangible Assets     4,360       4,723       5,135       4,206       4,427
Interest Bearing      2,175,287   2,181,438   2,295,522   2,296,153   2,350,907
Liabilities
Average Assets        2,935,715   2,966,527   2,978,469   2,965,799   3,048,337
Average Common        242,614     243,463     242,817     248,729     228,716
Stockholders' Equity

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
                   Three Months Ended                          Nine Months
                                                               Ended
                   Sept.    Jun.     Mar.    Dec.     Sept.    Sept.   Sept.
                   2012     2012     2012    2011     2011     2012    2011
ASSET QUALITY
INFORMATION^(1)
Allowance for loan
losses
  Balance at       $        $        $       $        $        $       $      
  beginning of                                                          
  period                                     35,238   34,523            34,576
                   26,198   28,689   35,156                    35,156
                                                               -       -
  Provision for    5,690    6,070    12,600  8,243    7,544    24,360  22,098
  loan loss ^(2)
      Charge-offs  6,092    8,738    19,337  8,909    7,088    34,167  22,714
      Recoveries   105      177      270     584      259      552     1,278
  Net charge-offs  5,987    8,561    19,067  8,325    6,829    33,615  21,436
  (recoveries)
                   $        $        $       $        $        $       $      
  Ending balance                                                        
                                             35,156   35,238            35,238
                   25,901   26,198   28,689                    25,901
  As a percentage  1.80%    1.92%    2.17%   2.64%    2.57%    1.80%   2.57%
  of loans
  As a percentage
  of nonperforming 67.76%   58.98%   54.90%  49.64%   59.66%   67.76%  59.66%
  loans
Net charge-off
information
  Charge-offs
                   $        $        $                         $    
  Commercial,                                $        $                $      
  Financial and                                                           
  Agricultural      235      499             1,952       614    889     3,855
                                      155
  Real Estate -    2,268    2,251    2,123   1,758    1,697    6,642   3,641
  Residential
  Real Estate -
  Commercial and   715      4,520    12,964  829      2,962    18,199  7,851
  Farmland
  Real Estate -
  Construction and 2,608    1,281    3,930   4,129    1,612    7,819   6,859
  Development
  Consumer         266      187      165     241      203      618     508
  Installment
  Other            -        -        -       -        -        -       -
      Total        6,092    8,738    19,337  8,909    7,088    34,167  22,714
      charge-offs
  Recoveries
  Commercial,
  Financial and    23       30       48      21       85       101     153
  Agricultural
  Real Estate -    37       21       141     39       48       199     107
  Residential
  Real Estate -
  Commercial and   8        8        16      9        37       32      43
  Farmland
  Real Estate -
  Construction and 4        2        17      494      44       23      873
  Development
  Consumer         33       116      48      21       45       197     102
  Installment
  Other            -        -        -       -        -        -       -
      Total        105      177      270     584      259      552     1,278
      recoveries
                   $        $        $       $        $        $       $      
  Net charge-offs                                                       
  (recoveries)                               8,325    6,829             21,436
                   5,987    8,561    19,067                    33,615
Non-accrual loans  38,225   44,421   52,258  70,823   59,067   38,225  59,067
Foreclosed         37,736   36,397   36,414  46,680   50,866   37,736  50,866
assets^ 
Accruing loans
delinquent 90 days -        1        -       -        20       -       20
or more
Total
non-performing     75,961   80,819   88,672  117,503  109,953  75,961  109,953
assets
Non-performing
assets as a        2.58%    2.77%    2.91%   3.92%    3.65%    2.58%   3.65%
percent of total
assets
Net charge offs as
a percent of loans 1.65%    2.52%    5.79%   2.48%    1.98%    3.12%   2.09%
(Annualized)
(1) Asset quality information is presented net of covered assets where the
Company's risk exposure is limited substantially by loss sharing agreements
with the FDIC.
(2) During 2011 and 2012, the Company recorded provision for loan loss expense
to account for losses where the initial estimate of cash flows was found to be
excessive on loans
      acquired in FDIC assisted acquisitions.  These amounts are excluded from
the calculation above but reflected in the Company's Consolidated Statement of
Operations.

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
                       For the quarter ended:
                       Sept.       Jun.        Mar.        Dec.        Sept.
  Loans by Type        2012        2012        2012        2011        2011
  Commercial,          $           $           $           $           $        
  financial &                                                142,960     159,020
  agricultural         189,374     174,903     149,320
  Real estate -
  construction &       125,315     124,556     122,331     130,270     145,770
  development
  Real estate -
  commercial &         713,240     675,404     658,054     672,765     677,048
  farmland
  Real estate -        343,332     332,124     328,053     330,727     331,236
  residential
  Consumer installment 43,441      41,431      42,085      37,296      38,163
  Other                25,160      17,071      24,001      18,068      17,658
      Total Legacy     $           $           $           $           $      
  (non-covered)                                             1,332,086   1,368,895
                        1,439,862   1,365,489   1,323,844
  Commercial,          $           $           $           $           $        
  financial &                                                  41,867      49,859
  agricultural         37,167      41,372      43,157
  Real estate -
  construction &       73,356      83,991      93,430      77,077      82,933
  development
  Real estate -
  commercial &         298,903     322,393     350,244     321,257     323,760
  farmland
  Real estate -        135,154     150,683     162,768     127,644     135,318
  residential
  Consumer installment 1,654       3,298       3,778       3,644       3,558
      Total Covered    $           $           $           $           $        
  (at fair value)                                            571,489     595,428
                       546,234     601,737     653,377
  Total Loan
  Portfolio:
  Commercial,          $           $           $           $           $        
  financial &                                                184,827     208,879
  agricultural         226,541     216,275     192,477
  Real estate -
  construction &       198,671     208,547     215,761     207,347     228,703
  development
  Real estate -
  commercial &         1,012,143   997,797     1,008,298   994,022     1,000,808
  farmland
  Real estate -        478,486     482,807     490,821     458,371     466,554
  residential
  Consumer installment 45,095      44,729      45,863      40,940      41,721
  Other                25,160      17,071      24,001      18,068      17,658
                       $           $           $           $           $      
      Total Loans                                           1,903,575   1,964,323
                        1,986,096   1,967,226   1,977,221
  Troubled Debt
  Restructurings:
  Accruing loan types:
  Commercial,          $           $           $           $           $        
  financial &                                                                   
  agricultural            804              -          -       -            -
  Real estate -
  construction &       1,481       1,205       1,305       1,774       1,697
  development
  Real estate -
  commercial &         9,540       13,293      17,765      9,622       7,005
  farmland
  Real estate -        8,068       8,472       7,778       6,555       7,889
  residential
      Total Accruing   $           $           $           $           $        
  TDRs                                                         17,951      16,591
                       19,893      22,970      26,848
  Non-accruing loan
  types:
  Commercial,          $           $           $           $           $        
  financial &                                                                   
  agricultural                 -        18            -       -            -
  Real estate -
  construction &       -           1,124       1,626       2,122       1,426
  development
  Real estate -
  commercial &         2,770       2,815       2,176       4,737       5,392
  farmland
  Real estate -        620         1,213       1,065       1,296       227
  residential
      Total            $           $           $           $           $        
  Non-accrual TDRs                                                          
                       3,390       5,170       4,867       8,155       7,045
  Total Troubled Debt  $           $           $           $           $        
  Restructurings                                               26,106      23,636
                       23,283      28,140      31,715
The following table presents the
non-covered loan portfolio by
risk grade:
  Grade 10 - Prime     $           $           $           $           $        
  credit                                                       23,930      23,461
                       34,809      28,282      26,454
  Grade 15 - Good      244,466     251,157     256,854     261,489     193,881
  credit
  Grade 20 -           592,282     540,562     495,252     485,364     550,748
  Satisfactory credit
  Grade 23 -
  Performing,          30,176      30,131      29,631      29,730      30,538
  under-collateralized
  credit
  Grade 25 - Minimum   427,599     397,984     387,133     386,365     425,142
  acceptable credit
  Grade 30 - Other
  asset especially     35,478      36,307      42,329      41,584      52,760
  mentioned
  Grade 40 -           74,606      80,824      85,666      102,947     91,857
  Substandard
  Grade 50 - Doubtful  446         242         522         677         508
  Grade 60 - Loss      -           -           3           -           -
                       $           $           $           $           $      
    Total                                                   1,332,086   1,368,895
                        1,439,862   1,365,489   1,323,844

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
               Three Months Ended                                          Nine Months Ended
               Sept.       Jun.        Mar.        Dec.        Sept.       Sept.       Sept.
               2012        2012        2012        2011        2011        2012        2011
AVERAGE
BALANCES
  Federal      $           $           $           $           $           $           $        
  funds sold                                           29,108      24,583      14,977   29,412
                    10     17,665      27,160
  Interest
  bearing      125,775     128,008     157,223     203,031     161,447     137,139     215,086
  deposits in
  banks
  Investment
  securities - 316,967     324,879     309,592     293,821     286,807     317,590     265,691
  taxable
  Investment
  securities - 47,819      46,049      46,520      44,255      40,388      46,800      39,117
  nontaxable
  Other        7,213       8,893       10,076      10,276      11,328      8,784       11,519
  investments
  Loans        1,430,227   1,378,448   1,329,146   1,335,242   1,437,609   1,408,642   1,373,152
  Covered      574,897     601,802     602,353     600,367     540,959     564,995     540,730
  loans
    Total      $           $           $           $           $           $           $    
  Earning                                           2,516,100   2,503,121   2,498,927  2,474,707
  Assets        2,502,908   2,505,744   2,482,070
  Noninterest  $           $           $           $           $           $           $      
  bearing                                            395,346     337,603     430,726    326,942
  deposits     452,019     432,535     405,112
  NOW accounts 593,204     605,494     619,047     607,258     593,801     605,939     588,286
  MMDA         631,231     616,449     598,956     597,088     583,552     615,827     564,407
  Savings      102,129     97,097      87,219      80,074      82,210      95,555      80,442
  accounts
  Retail CDs < 365,807     369,651     373,519     396,058     448,597     369,497     432,947
  $100,000
  Retail CDs > 430,677     410,855     444,838     471,329     511,205     424,117     500,933
  $100,000
  Brokered CDs 41,799      59,526      61,287      76,250      82,880      64,890      104,068
    Total      2,616,866   2,591,607   2,589,978   2,623,403   2,639,848   2,606,551   2,598,025
  Deposits
  FHLB         2,160       3,810       8,282       20,707      17,804      4,855       17,099
  advances
  Subordinated 42,269      42,269      42,269      42,269      42,269      42,269      42,269
  debentures
  Federal
  funds
  purchased
  and
  securities
  sold
  under
  agreements   17,146      23,042      29,898      29,417      14,504      23,339      18,791
  to
  repurchase
  Other        -           -           -           -           -           -           -
  borrowings
    Total
  Non-Deposit  61,575      69,121      80,449      92,393      74,577      70,463      78,159
  Funding
    Total      $           $           $           $           $           $           $    
  Funding                                           2,715,796   2,714,425   2,677,014  2,676,184
                2,678,441   2,660,728   2,670,427

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
                 Three Months Ended                           Nine Months
                                                              Ended
                 Sept.    Jun.     Mar.     Dec.     Sept.    Sept.   Sept.
                 2012     2012     2012     2011     2011     2012    2011
INTEREST
INCOME/EXPENSE
 INTEREST INCOME
                 $        $        $        $        $        $       $      
  Federal funds                                                              
  sold                                                                  31
                     -       4        6      7        9          10
  Interest
  bearing        104      108      120      148      144      332     469
  deposits in
  banks
  Investment
  securities -   2,017    2,187    2,309    2,350    2,672    6,513   7,895
  taxable
  Investment
  securities -   493      505      493      549      499      1,491   1,483
  nontaxable
  (TE)
  Loans (TE)     20,268   19,573   18,310   19,205   19,362   58,151  60,191
  Covered loans  8,951    10,808   10,972   16,217   12,322   30,731  33,431
                 $        $        $        $        $        $    
    Total                                                             $      
  Earning Assets                            38,476   35,008            103,500
                 31,833   33,185   32,210                     97,228
 INTEREST
 EXPENSE
                 $        $        $        $        $        $    
  Non-interest                                                        $      
  bearing                                                                    
  deposits           -        -       -      -       -                     -
                                                              -
  NOW accounts   300      447      526      671      985      1,273   3,059
  MMDA           625      808      841      930      1,466    2,274   4,294
  Savings        32       36       34       45       91       102     311
  accounts
  Retail CDs <   726      834      941      1,074    1,405    2,501   4,624
  $100,000
  Retail CDs >   989      1,072    1,240    1,557    1,855    3,301   5,898
  $100,000
  Brokered CDs   332      438      502      598      629      1,272   2,443
    Total        3,004    3,635    4,084    4,875    6,431    10,723  20,629
  Deposits
  FHLB advances  15       26       69       183      155      110     277
  Subordinated   363      427      361      363      375      1,151   1,048
  debentures
  Repurchase     29       37       40       33       22       106     131
  agreements
  Correspondent
  bank line of   2        1        1        1        3        4       2
  credit and
  other
    Total
  Non-Deposit    409      491      471      580      555      1,371   1,458
  Funding
                 $        $        $        $        $        $       $      
    Total                                                              
  Funding                                   5,455    6,986             22,087
                 3,413    4,126    4,555                      12,094
                 $        $        $        $        $        $       $      
  Net Interest                                                         
  Income (TE)                               33,021   28,022            81,413
                 28,420   29,059   27,655                     85,134

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
                     Three Months Ended                           Nine Months
                                                                  Ended
                     Sept.    Jun.     Mar.     Dec.      Sept.   Sept.  Sept.
                     2012     2012     2012     2011      2011    2012   2011
YIELDS (1)
    Federal funds    0.00%    0.09%    0.09%    0.10%     0.15%   0.09%  0.14%
    sold
    Interest bearing
    deposits in      0.33%    0.34%    0.31%    0.29%     0.35%   0.32%  0.29%
    banks
    Investment
    securities -     2.53%    2.71%    3.00%    3.17%     3.70%   2.74%  3.97%
    taxable
    Investment
    securities -     4.10%    4.41%    4.26%    4.92%     4.90%   4.25%  5.07%
    nontaxable
    Loans            5.64%    5.71%    5.54%    5.71%     5.34%   5.51%  5.86%
    Covered loans    6.19%    7.22%    7.33%    10.72%    9.04%   7.27%  8.27%
      Total Earning  5.06%    5.33%    5.22%    6.07%     5.55%   5.20%  5.59%
    Assets (2)
    Noninterest      0.00%    0.00%    0.00%    0.00%     0.00%   0.00%  0.00%
    bearing deposits
    NOW accounts     0.20%    0.30%    0.34%    0.44%     0.66%   0.28%  0.70%
    MMDA             0.39%    0.53%    0.56%    0.62%     1.00%   0.49%  1.02%
    Savings accounts 0.12%    0.15%    0.16%    0.22%     0.44%   0.14%  0.52%
    Retail CDs <     0.79%    0.91%    1.01%    1.08%     1.24%   0.90%  1.43%
    $100,000
    Retail CDs >     0.91%    1.05%    1.12%    1.31%     1.44%   1.04%  1.57%
    $100,000
    Brokered CDs     3.16%    2.96%    3.29%    3.11%     3.01%   2.62%  3.14%
      Total Deposits 0.46%    0.56%    0.63%    0.74%     0.97%   0.55%  1.06%
    FHLB advances    2.76%    2.74%    3.35%    3.51%     3.45%   3.03%  2.17%
    Subordinated     3.42%    4.06%    3.43%    3.41%     3.52%   3.64%  3.31%
    debentures
    Repurchase       0.67%    0.65%    0.54%    0.45%     0.60%   0.61%  0.93%
    agreements
    Correspondent
    bank line of     0.00%    0.00%    0.00%    0.00%     0.00%   0.00%  0.00%
    credit and other
      Total
    Non-Deposit      2.64%    2.86%    2.35%    2.49%     2.95%   2.60%  2.49%
    Funding
      Total funding  0.51%    0.62%    0.69%    0.80%     1.02%   0.60%  1.10%
    (3)
    Net interest     4.55%    4.70%    4.53%    5.27%     4.53%   4.59%  4.49%
    spread
    Net interest     4.52%    4.66%    4.48%    5.21%     4.44%   4.55%  4.40%
    margin (2)
(1) Interest and average rates are calculated on a tax-equivalent basis
using an effective tax rate of 35%.
(2) Rate calculated based on average earning assets.
(3) Rate calculated based on total average funding including
non-interest bearing liabilities.

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
                 Three Months Ended                             Nine Months Ended
                 Sept.    Jun.     Mar.      Dec.     Sept.     Sept.     Sept.
  Core Earnings  2012     2012     2012      2011     2011      2012      2011
  Reconciliation
  Pre-tax        $        $        $         $        $         $         $      
  operating                                                                
  profit/(loss)                              1,728    24,709    14,490     29,921
                 2,719    3,908    7,863
  Plus: Credit
  Related Costs
      Provision
  for loan       6,540    7,225    12,882    9,019    7,552     26,647    23,710
  losses
    
  (Gains)/Losses 983      813      7,252     4,533    5,906     9,048     8,822
  on the sale of
  legacy OREO
      Problem
  loan and OREO  2,724    2,610    5,487     3,251    3,079     10,821    8,134
  expense
      Interest
  reversed
  (received) on  160      144      187       410      452       491       203
  non-accrual
  loans
         Total
  Credit-Related 10,407   10,792   25,808    17,213   16,989    47,007    40,869
  Costs
  Plus:
  Non-recurring  -        -        -         306      611       -         -
  conversion
  charges
  Plus: Costs
  associated     -        -        -         -        -         -         -
  with capital
  raise
  Less:
  Non-recurring                                                 -
  gains
      Gains
  related to     -        -        (20,037)  -        (26,867)  (20,037)  (26,867)
  FDIC
  acquisitions
      Gains on
  sales of       -        -        -         -        -         -         (238)
  securities
   Gains on
  sales of bank  -        -        -         (19)     (9)       -         (148)
  premises
      Other
  non-recurring  602      -        -         (4,198)  -         602       (2,631)
  adjustments
  Pretax,        $        $        $         $        $         $         $      
  Pre-provision                                                            
  earnings                           13,634  15,030   15,433    42,062     40,906
                 13,728   14,700
  As percentage
  of average     1.86%    1.99%    1.84%     2.01%    2.01%     1.91%     1.79%
  assets,
  annualized
                 Three Months Ended                             Nine Months Ended
                 Sept.    Jun.     Mar.      Dec.     Sept.     Sept.     Sept.
  Recurring
  Operating      2012     2012     2012      2011     2011      2012      2011
  Expenses
  Total
  Operating      28,810   26,623   34,246    28,710   29,486    89,679    73,014
  Expenses
  Less: Credit
  costs &
  non-recurring
  charges
    
  Gains/(Losses) (983)    (813)    (7,252)   (4,533)  (5,906)   (9,048)   (8,822)
  on the sale of
  legacy OREO
    
  Gains/(Losses) -        -        -         -        -         -         2,292
  on the sale of
  covered OREO
      Problem
  loan and OREO  (2,724)  (2,610)  (5,487)   (3,251)  (3,079)   (10,821)  (8,134)
  expense
     Costs
  associated     -        -        -         -        -         -         -
  with capital
  raise
     Severance   -        (190)    (362)     (290)    -         (552)     -
  payments
  Conversion     -        (285)    -         (306)    (611)     (285)     -
  expenses
    
  (Gains)/Losses -        -        -         19       9         -         148
  on the sale of
  premises
     FDIC
  insurance      (1,079)  (1,067)  (1,067)   (1,078)  (1,096)   (3,213)   (3,459)
  expense
  Recurring      $        $        $         $        $         $         $      
  operating                                                                
  expenses                           20,078  19,271   18,803    65,760     55,039
                 24,024   21,658

SOURCE Ameris Bancorp

Website: http://www.amerisbank.com
Contact: Dennis J. Zember Jr., Executive Vice President & CFO, +1-229-890-1111
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