Ameris Bancorp Announces Financial Results For Second Quarter 2017

Company Release - 7/21/2017 7:00 AM ET

MOULTRIE, Ga., July 21, 2017 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $23.1 million, or $0.62 per diluted share, for the quarter ended June 30, 2017, compared with $20.0 million, or $0.57 per diluted share, for the quarter ended June 30, 2016.  For the year-to-date period ending June 30, 2017, the Company reported net income of $44.2 million, or $1.20 per diluted share, compared with $32.4 million, or $0.95 per share, for the same period in 2016.

Ameris Bancorp logo. (PRNewsFoto/Ameris Bancorp)

Commenting on the Company's quarterly results, Edwin W. Hortman, Jr., the Company's President and Chief Executive Officer, said, "We are pleased to announce solid second quarter financial results, including an adjusted operating ROA of 1.32% and an adjusted operating efficiency ratio of 59.37%.  Additionally, we grew loans organically by approximately $391 million, or 33% annualized in the second quarter of 2017 in the same diversified manner as in past quarters.  As we move into the second half of 2017, we see enough momentum and opportunity to give us confidence in our initial loan growth goals in the 20% range."

The Company reported adjusted operating net income of $23.5 million, or $0.63 per diluted share, for the quarter ended June 30, 2017, compared with $20.3 million, or $0.58 per diluted share, for the second quarter of 2016.  The Company reported adjusted operating net income of $45.1 million, or $1.23 per diluted share, for the six months ended June 30, 2017, compared with $36.7 million, or $1.08 per diluted share, for the same period of 2016.  Adjusted operating net income for the periods excludes certain after-tax costs associated with acquisitions and sales of premises, as shown in the following summary of the adjustments between reported net income and adjusted operating net income:


Three Months Ended


Six Months Ended

Adjusted Operating Net Income Reconciliation

June 2017


June 2016


June 2017


June 2016









Net income available to common shareholders

$          23,087


$           20,049


$               44,240


$            32,366

Merger and conversion charges

-


-


402


6,359

Losses (gains) on the sale of premises

570


401


865


324

Tax effect of management-adjusted charges

(199)


(140)


(443)


(2,339)

Plus: After tax management-adjusted charges

371


261


824


4,344

       Adjusted Operating Net income

23,458


20,310


45,064


36,710









Reported net income per diluted share:

$              0.62


$                0.57


$                   1.20


$                0.95

Adjusted operating net income per diluted share:

$              0.63


$                0.58


$                   1.23


$                1.08

Reported return on average assets

1.29%


1.31%


1.27%


1.11%

Adjusted operating return on average assets

1.32%


1.33%


1.29%


1.26%

 

Highlights of the Company's performance and results for the second quarter of 2017 include the following:

  • Adjusted operating return on average assets of 1.32% and adjusted return on average tangible equity of 14.86%
  • Increase in tangible book value per share to $17.24, compared with $16.60 per share at March 31, 2017
  • Organic loan growth of $391.3 million for the quarter, reflecting an annualized growth rate of 32.9%
  • 10.1% increase in total revenue, to $91.3 million, in the second quarter of 2017, compared with total revenue of $83.0 million in the second quarter of 2016
  • Improvement in adjusted operating efficiency ratio, on a tax-equivalent basis, to 59.37% in the second quarter of 2017, compared with 61.93% in the same quarter in 2016
  • Tangible common equity to tangible assets of 8.84% at June 30, 2017, compared with 8.86% at March 31, 2017 and 7.46% at December 31, 2016
  • Net income from mortgage, Small Business Administration ("SBA") and premium finance lines of business totaling $7.3 million in the second quarter, compared with $6.2 million in the first quarter of 2017

Net Interest Income and Net Interest Margin
Interest income on a tax-equivalent basis increased to $73.0 million in the current quarter of 2017, an increase of $12.8 million, or 21.2%, from the same quarter in 2016.  Yields on total earning assets moved higher during the quarter to 4.45%, compared with 4.38% for the first quarter in 2017.  Yields on all loans excluding the effect of accretion increased to 4.59% in the current quarter of 2017, compared with 4.56% in the first quarter of 2017 and 4.42% in the second quarter of 2016.  Past increases in overall loan yields were attributable primarily to moves in short-term rates, while incremental loan production yields generally trailed the portfolio yield.  In the second quarter of 2017, incremental production yields increased to such a point that the dilutive effect to overall yields was very small.  Management believes production yields going forward will be accretive to overall yields and will combine with rate movements to produce a faster pace of yield improvements.

Interest expense during the second quarter of 2017 moved higher to $8.3 million, compared with $4.8 million in the same quarter in 2016.  The Company's cost of funds moved higher to 0.52% in the second quarter of 2017 as compared with the first quarter of 2017.  This relatively material move in cost of funds was impacted by the Company's issuance of $75 million of subordinated debt late in the first quarter of 2017.  Additionally, the Company adopted a more aggressive posture on deposit pricing that drove the cost of deposits in the second quarter of 2017 higher to 0.32%.  As of the end of the quarter, the Company's largest deposit customers are more aggressively priced and management believes that future moves in the cost of deposits will be less dramatic.

Interest expense on non-deposit borrowings increased during the quarter to $3.7 million, compared with $1.8 million in the same quarter in 2016.  Overall costs on these funding sources have decreased from a rate perspective over the past year, but the Company's use of these sources has increased from 4.4% of total funding in the first half of 2016 to 10.9% in the first half of 2017.  Management is comfortable with the reliance on non-deposit borrowings at its current level but expects to manage the usage to a lower level over time with a higher velocity of deposit growth.

Non-interest Income
Non-interest income in the second quarter of 2017 was $28.2 million, a slight decrease from the $28.4 million reported in the second quarter of 2016.  Service charges in the second quarter of 2017 were $10.6 million, an increase of $180,000, or 1.7%, compared with the same quarter in 2016.  Service charge-related revenues on commercial and consumer accounts increased, while NSF fee income declined.

Operational efficiency continued to improve the financial results of the Company's retail mortgage group.  Revenue from mortgage operations increased to $16.5 million, an increase of 4.2% compared with the same quarter in 2016.  However, net income for the Company's retail mortgage division increased 13.3% during the second quarter of 2017 to $4.1 million, compared with $3.6 million in the second quarter of 2016.   Total retail production increased to $400.2 million in the quarter, compared with $375.7 million in the second quarter of 2016, while spread (gain on sale) decreased to 3.46% in the current quarter compared with 3.90% in the same quarter of 2016.  Open pipelines at the end of the quarter were $174.3 million, compared with $146.3 million at the beginning of the second quarter of 2017 and $162.6 million at the end of the second quarter of 2016. 

Net income for the Company's warehouse lending division decreased during the quarter, from $1.1 million in the second quarter of 2016 to $837,000 in the second quarter of 2017.  However, loan production increased from $790.6 million in the second quarter of 2016 to approximately $966.8 million in the current quarter.  The decline in profitability is attributable to an increase of $176,000 in the Company's provision for loan loss expense and $219,000 of additional cost of funds allocated to the division.  The Company experienced a contraction in quarter-end balances at the end of the first quarter, but rebounded as expected during the second quarter, bringing average balances down quarter-over-quarter.

Revenues from the Company's SBA division were $2.6 million during the second quarter of 2017, compared with $2.4 million during the second quarter of 2016.  Net income for the division decreased slightly from $880,000 for the second quarter of 2016 to $875,000 for the second quarter of 2017, due to increased compensation costs. 

Revenues from the premium finance division continued to meet management's expectations, reporting $1.5 million of net income for the second quarter of 2017, compared with $1.3 million in the first quarter of 2017.  Management continues to be pleased with the profitability metrics and the franchise potential from this new partnership with US Premium Finance and believes that the management and sales talent in place are adequate to achieve the strong growth goals that were initially forecasted.

Non-interest Expense
During the second quarter of 2017 and 2016, the Company incurred pre-tax losses on the sale of premises totaling $570,000 in 2017 and $401,000 in 2016.  Excluding these charges, operating expenses increased approximately $3.2 million, to $55.2 million, from $52.0 million in the second quarter of 2016.  Additional operating expenses associated with the premium finance division impacted operating expenses by approximately $3.3 million in the second quarter of 2017.  During the second quarter of 2017, the Company incurred approximately $401,000 of operating expenses related to the new equipment finance line of business.  Management expects loan production to grow in the remainder of 2017 to offset these operating expenses.

Management continues to focus its efforts on improving the operating efficiency and the net overhead ratio of the Company.  During the second quarter of 2017, the Company's adjusted operating efficiency ratio declined to 59.37%, compared with 59.67% in the first quarter of 2017 and 61.93% in the second quarter of 2016.  The Company's adjusted operating net overhead ratio also declined, to 1.51% in the second quarter of 2017, compared with 1.57% in the first quarter of 2017.  

Salaries and benefits increased by $1.6 million to $29.1 million in the current quarter of 2017, compared with $27.5 million in the second quarter of 2016.  Increases in salaries and benefits from the second quarter of 2016 to the second quarter of 2017 relating to the Company's ongoing Bank Secrecy Act compliance efforts, the addition of the premium finance division and the addition of the equipment finance line of business were $863,000, $993,000 and $338,000, respectively. 

Total credit costs (provision and non-provision credit resolution-related costs) totaled $2.8 million in the second quarter of 2017, compared with $2.7 million in the same quarter in 2016 and $2.8 million in the first quarter of 2017.

Balance Sheet Trends
Total assets at June 30, 2017 were $7.40 billion, compared with $6.89 billion reported at December 31, 2016 and $7.09 billion reported at March 31, 2017.

Loans, including loans held for sale, totaled $5.82 billion at June 30, 2017, compared with $5.37 billion at December 31, 2016 and $5.43 billion at March 31, 2017.  During the quarter, growth in core loans (legacy and purchased non-covered loans) increased by $391.3 million, or 32.9% on an annualized basis.  Growth in legacy loans was diversified across product type, with commercial and industrial and agriculture at 35% of incremental growth, residential real estate at 29%, construction and development at 16%, CRE at 14%, and consumer and other loans at 6% of the total.  Loans held for sale, which includes both residential mortgage and SBA-guaranteed loans, increased $41.1 million during the second quarter of 2017. 

Loan production and growth associated with the new premium finance division continue to meet forecasted levels.  Loans outstanding grew $50.7 million, or 47.7% annualized, from $425.9 million at the end of the first quarter of 2017 to $476.6 million at the end of the second quarter of 2017. 

Lending activity in the Company's new equipment finance line of business, which provides financing for heavy equipment in the manufacturing, transportation and construction sectors, finished the quarter with approved credit totaling $126.7 million at a weighted average yield of approximately 4.18%.  Outstanding balances have been slower to book and ended the quarter at $15.9 million.  Management expects additional approvals throughout the remainder of the year and that usage on approved lines will increase and support the Company's overall growth goals in the second half of 2017.

Mortgage warehouse balances rebounded during the quarter to finish at $173.9 million at June 30, 2017, compared with $107.8 million at the end of the first quarter of 2017 and $150.5 million at the same time in 2016.  Loan production increased to $966.8 million, or 22.3%, from the same quarter in 2016. 

Investment securities at the end of the second quarter of 2017 were $861.2 million, or 12.6% of earning assets, compared with $852.2 million, or 13.5% of earning assets, at December 31, 2016. 

At June 30, 2017, total deposits amounted to $5.79 billion, or 88.1% of total funding, compared with $5.58 billion and 89.8%, respectively, at December 31, 2016.  Non-interest bearing deposits at the end of the current quarter were $1.67 billion, or 28.9% of total deposits, compared with $1.57 billion, or 28.2%, at December 31, 2016.  Non-rate sensitive deposits (including non-interest bearing, NOW and savings) totaled $3.10 billion at June 30, 2017, compared with $3.04 billion at the end of 2016.  These funds represented 53.6% of the Company's total deposits at June 30, 2017, compared with 54.6% at the end of 2016.

Shareholders' equity at June 30, 2017 totaled $782.7 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 $44.2 million during the first six months of 2017.  Tangible book value per share at June 30, 2017 was $17.24, up 19.6% from $14.42 at the end of 2016.  Tangible common equity as a percentage of tangible assets was to 8.84% at the end of the second 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 (July 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 August 4, 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 10109634. 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


Six Months Ended




Jun.


Mar.


Dec.


Sept.


Jun.


Jun.


Jun.




2017


2017


2016


2016


2016


2017


2016

















EARNINGS































Net Income 

$                 23,087


$                 21,153


$                 18,177


$             21,557


$                20,049


$          44,240


$         32,366


















Adjusted Operating Net Income

$                 23,458


$                 21,606


$                 22,205


$             21,712


$                20,310


$          45,064


$         36,710

















PER COMMON SHARE DATA















Earnings per share available to common shareholders:
















Basic

$                     0.62


$                     0.59


$                     0.52


$                 0.62


$                    0.58


$              1.21


$             0.96



Diluted

$                     0.62


$                     0.59


$                     0.52


$                 0.61


$                    0.57


$              1.20


$             0.95



Operating Diluted EPS

$                     0.63


$                     0.60


$                     0.63


$                 0.62


$                    0.58


$              1.23


$             1.08


Cash Dividends per share

$                     0.10


$                     0.10


$                     0.10


$                 0.10


$                    0.05


$              0.20


$             0.10


Book value per share (period end)

$                   21.03


$                   20.42


$                   18.51


$               18.42


$                  17.96


$            21.03


$           17.96


Tangible book value per share (period end)

$                   17.24


$                   16.60


$                   14.42


$               14.38


$                  13.89


$            17.24


$           13.89


Weighted average number of shares:
















Basic

37,162,810


35,664,420


34,915,459


34,869,747


34,832,621


36,417,754


33,792,343



Diluted

37,489,348


36,040,240


35,293,035


35,194,739


35,153,311


36,744,190


34,107,298


Period-end number of shares

37,222,904


37,128,714


34,921,474


34,891,304


34,847,311


37,222,904


34,847,311


Market data:
















High intraday price

$                   49.80


$                   49.50


$                   47.70


$               36.20


$                  32.76


$            49.80


$           32.68



Low intraday price

$                   42.60


$                   41.60


$                   34.61


$               28.90


$                  27.73


$            41.60


$           25.09



Period end closing price

$                   48.20


$                   46.10


$                   43.60


$               34.95


$                  29.70


$            48.20


$           29.70



Average daily volume

169,617


242,982


191,894


166,841


215,409


205,998


234,141

















PERFORMANCE RATIOS















Return on average assets

1.29%


1.24%


1.10%


1.35%


1.31%


1.27%


1.11%


Return on average common equity

11.95%


12.33%


11.06%


13.39%


13.08%


12.13%


11.24%


Earning asset yield (TE)

4.45%


4.38%


4.34%


4.35%


4.35%


4.42%


4.35%


Total cost of funds

0.52%


0.42%


0.38%


0.36%


0.35%


0.47%


0.34%


Net interest margin (TE)

3.95%


3.97%


3.95%


3.99%


4.01%


3.96%


4.02%


Non-interest income excluding securities transactions,
















as a percent of total revenue (TE)

27.81%


27.27%


27.32%


31.36%


32.01%


27.55%


31.25%


Efficiency ratio

61.02%


61.52%


67.05%


61.91%


63.11%


61.26%


68.46%

















CAPITAL ADEQUACY (period end)















Stockholders' equity to assets

10.58%


10.69%


9.38%


9.90%


10.06%


10.58%


10.06%


Tangible common equity to tangible assets

8.84%


8.86%


7.46%


7.90%


7.96%


8.84%


7.96%

















EQUITY TO ASSETS RECONCILIATION















Tangible common equity to tangible assets

8.84%


8.86%


7.46%


7.90%


7.96%


8.84%


7.96%


Effect of goodwill and other intangibles

1.74%


1.82%


1.92%


2.00%


2.10%


1.74%


2.10%



Equity to assets (GAAP)

10.58%


10.69%


9.38%


9.90%


10.06%


10.58%


10.06%

















OTHER PERIOD-END DATA















Banking Division FTE

1,082


1,039


1,014


987


1,000


1,082


1,000


Retail Mortgage Division FTE

268


252


254


254


239


268


239


Warehouse Lending Division FTE

8


8


9


5


6


8


6


SBA Division FTE

23


20


21


24


23


23


23


Premium Finance Division FTE

56


50


-


-


-


56


-



Total Ameris Bancorp FTE Headcount

1,437


1,369


1,298


1,270


1,268


1,437


1,268


















Assets per Banking Division FTE

$                   6,837


$                   6,829


$                   6,797


$               6,579


$                  6,221


$            6,837


$           6,221


Branch locations

97


97


97


99


102


97


102


Deposits per branch location

$                 59,726


$                 58,169


$                 57,476


$             53,597


$                50,780


$          59,726


$         50,780

 

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.




2017


2017


2016


2016


2016


2017


2016

































INCOME STATEMENT






























Interest income















Interest and fees on loans

$                 65,464


$                 61,521


$                 57,982


$             57,322


$                54,164


$        126,985


$       103,355


Interest on taxable securities

5,195


4,800


4,348


4,336


4,554


9,995


9,140


Interest on nontaxable securities

401


416


425


397


454


817


900


Interest on deposits in other banks

351


313


193


147


159


664


487


Interest on federal funds sold

-


-


8


8


9


0


17



Total interest income

71,411


67,050


62,956


62,210


59,340


138,461


113,899

















Interest expense















Interest on deposits

$                   4,580


$                   3,763


$                   3,680


$               3,074


$                  2,915


$            8,343


$           5,656


Interest on other borrowings

3,674


2,697


1,997


2,069


1,836


6,371


3,218



Total interest expense

8,254


6,460


5,677


5,143


4,751


14,714


8,874

















Net interest income

63,157


60,590


57,279


57,067


54,589


123,747


105,025

















Provision for loan losses

2,205


1,836


1,710


811


889


4,041


1,570

















Net interest income after provision for loan losses

$                 60,952


$                 58,754


$                 55,569


$             56,256


$                53,700


$        119,706


$       103,455

















Noninterest income















Service charges on deposit accounts

$                 10,616


$                 10,563


$                 11,036


$             11,358


$                10,436


$          21,179


$         20,351


Mortgage banking activity

13,943


11,215


9,878


14,067


14,142


25,158


24,353


Other service charges, commissions and fees

729


709


706


791


967


1,438


2,078


Gain(loss) on sale of securities

37


-


-


-


-


37


94


Other non-interest income

2,864


3,219


2,652


2,648


2,834


6,083


5,789



Total noninterest income

28,189


25,706


24,272


28,864


28,379


53,895


52,665

















Noninterest expense















Salaries and employee benefits

29,132


27,794


25,137


27,982


27,531


56,926


53,718


Occupancy and equipment expenses

6,146


5,877


6,337


5,989


6,371


12,023


12,071


Data processing and telecommunications expenses

7,028


6,572


6,244


6,185


6,049


13,600


12,162


Credit resolution related expenses (1)

599


933


1,083


1,526


1,764


1,532


3,563


Advertising and marketing expenses

1,259


1,106


1,273


1,249


854


2,365


1,659


Amortization of intangible assets

1,013


1,036


1,044


993


1,319


2,049


2,339


Merger and conversion charges

-


402


17


-


-


402


6,359


Other non-interest expenses

10,562


9,373


13,542


9,275


8,471


19,935


16,088



Total noninterest expense

55,739


53,093


54,677


53,199


52,359


108,832


107,959

















Income before income taxes

$                 33,402


$                 31,367


$                 25,164


$             31,921


$                29,720


$          64,769


$         48,161


















Income tax expense

10,315


10,214


6,987


10,364


9,671


20,529


15,795

















Net income

$                 23,087


$                 21,153


$                 18,177


$             21,557


$                20,049


$          44,240


$         32,366

















Diluted earnings available to common shareholders

0.62


0.59


0.52


0.61


0.57


1.20


0.95


















(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




Jun.


Mar.


Dec.


Sept.


Jun.




2017


2017


2016


2016


2016













PERIOD-END BALANCE SHEET






















Assets











Cash and due from banks

$               139,500


$               127,164


$               127,164


$           123,270


$              116,255


Federal funds sold and interest bearing deposits in banks

137,811


232,045


71,221


90,801


68,273


Investment securities available for sale, at fair value

818,693


830,765


822,735


838,124


843,646


Other investments

42,495


35,950


29,464


24,578


19,125


Loans held for sale

146,766


105,637


105,924


126,263


102,757














Loans, net of unearned income

4,230,228


3,785,480


3,626,821


3,091,039


2,819,071


Purchased loans (excluding loan pools)

950,499


1,006,935


1,069,191


1,129,381


1,193,635


Purchased loan pools

490,114


529,099


568,314


624,886


610,425


Less allowance for loan losses

(25,101)


(25,250)


(23,920)


(22,963)


(21,734)



Loans, net

5,645,740


5,296,264


5,240,406


4,822,343


4,601,397














Other real estate owned

11,483


10,466


10,874


10,392


13,765


Purchased other real estate owned

11,330


11,668


12,540


15,126


16,670



Total other real estate owned

22,813


22,134


23,414


25,518


30,435














Premises and equipment, net

121,108


121,610


121,217


122,191


123,978


Goodwill

125,532


125,532


125,532


122,545


121,422


Other intangibles, net

15,378


16,391


17,428


18,472


20,574


Deferred income taxes, net

41,124


41,505


40,776


37,626


39,286


Cash value of bank owned life insurance

78,834


78,442


78,053


77,637


77,095


Other assets

62,064


61,417


88,697


64,127


57,051



Total assets

$            7,397,858


$            7,094,856


$            6,892,031


$        6,493,495


$           6,221,294













Liabilities











Deposits:












Noninterest-bearing

$            1,672,918


$            1,654,723


$            1,573,389


$        1,563,316


$           1,553,972



Interest-bearing

4,120,479


3,987,646


4,001,774


3,742,782


3,625,560


Total deposits

5,793,397


5,642,369


5,575,163


5,306,098


5,179,532


Federal funds purchased & securities sold under












agreements to repurchase

18,400


40,415


53,505


42,647


37,139


Other borrowings

679,591


525,669


492,321


373,461


260,191


Subordinated deferrable interest debentures

84,889


84,559


84,228


83,898


83,570


Other liabilities

38,899


43,628


40,377


44,808


34,947



Total liabilities

6,615,176


6,336,640


6,245,594


5,850,912


5,595,379

























Shareholders' equity










  Preferred stock

$                           -


$                           -


$                          -


$                      -


$                         -

  Common stock

38,698


38,603


36,378


36,348


36,303

  Capital surplus

505,803


503,543


410,276


409,630


408,549

  Retained earnings

251,259


231,894


214,454


199,769


181,701

  Accumulated other comprehensive income (loss)

1,421


(1,209)


(1,058)


10,449


12,960

  Less treasury stock

(14,499)


(14,615)


(13,613)


(13,613)


(13,598)



Total shareholders' equity

782,682


758,216


646,437


642,583


625,915



Total liabilities and shareholders' equity

$            7,397,858


$            7,094,856


$            6,892,031


$        6,493,495


$           6,221,294

























Other Data










Earning Assets

6,816,606


6,525,911


6,293,670


5,925,072


5,656,932

Intangible Assets

140,910


141,923


142,960


141,017


141,996

Interest Bearing Liabilities

4,903,359


4,638,289


4,631,828


4,242,788


4,006,460

Average Assets

7,152,024


6,915,965


6,573,344


6,330,350


6,138,757

Average Common Stockholders' Equity

774,664


695,830


653,991


640,382


616,361

 

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.




2017


2017


2016


2016


2016


2017


2016

















ASSET QUALITY INFORMATION






























Allowance for loan losses















Balance at beginning of period

$                 25,250


$                 23,920


$                 22,963


$             21,734


$                21,482


$          23,920


$         21,062


















Provision for loan loss