Ameris Bancorp Announces Financial Results For Third Quarter 2017

Company Release - 10/19/2017 7:00 AM ET

MOULTRIE, Ga., Oct. 19, 2017 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $20.2 million, or $0.54 per diluted share, for the quarter ended September 30, 2017, compared with $21.6 million, or $0.61 per diluted share, for the quarter ended September 30, 2016.  For the year-to-date period ending September 30, 2017, the Company reported net income of $64.4 million, or $1.74 per diluted share, compared with $53.9 million, or $1.56 per diluted share, for the same period in 2016.  Results for the quarter were affected by additional charges associated with Bank Secrecy Act compliance, as well as expenses from the impact of Hurricane Irma.

Ameris Bancorp logo. (PRNewsFoto/Ameris Bancorp)

The Company reported adjusted operating net income of $23.6 million, or $0.63 per diluted share, for the quarter ended September 30, 2017, compared with $21.7 million, or $0.62 per diluted share, for the third quarter of 2016.  The Company reported adjusted operating net income of $68.7 million, or $1.86 per diluted share, for the nine months ended September 30, 2017, compared with $58.4 million, or $1.69 per diluted share, for the same period of 2016.  Adjusted operating net income excludes certain after-tax costs associated with compliance-resolution charges, expenses resulting from Hurricane Irma and acquisitions and sales of premises, as shown in the following summary of the adjustments between reported net income and adjusted operating net income:


Three Months Ended


Nine Months Ended

Adjusted Operating Net Income Reconciliation

September
2017


September
2016


September
2017


September
2016









Net income available to common shareholders

$             20,158


$                  21,557


$                  64,398


$               53,923









Merger and conversion charges

92


-


494


6,359

Certain compliance-resolution expenses

4,729


-


4,729


-

Financial impact of Hurricane Irma

410


-


410


-

Losses (gains) on the sale of premises

91


238


956


562

Tax effect of management-adjusted charges

(1,863)


(83)


(2,306)


(2,422)

Plus: After tax management-adjusted charges

3,459


155


4,283


4,499

       Adjusted Operating Net income

23,617


21,712


68,681


58,422









Reported net income per diluted share:

$                 0.54


$                      0.61


$                      1.74


$                  1.56

Adjusted operating net income per diluted share:

$                 0.63


$                      0.62


$                      1.86


$                  1.69









Reported return on average assets

1.07%


1.35%


1.20%


1.19%

Adjusted operating return on average assets

1.26%


1.36%


1.28%


1.29%

Commenting on the Company's quarterly results, Edwin W. Hortman, Jr., the Company's President and Chief Executive Officer, said, "During the quarter, we incurred a substantial amount of expense to resolve BSA compliance issues in an accelerated fashion.  Excluding this expense, our operating results were strong.  Our margin, excluding accretion income, expanded by approximately three basis points, we had core loan growth of almost $313 million, or 24% annualized, and our average deposits were 12% higher in the current quarter than a year ago."

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

  • Adjusted operating return on average assets of 1.26% and adjusted return on average tangible equity of 14.28%
  • Organic loan growth of $312.9 million for the quarter, reflecting an annualized growth rate of 24.3%
  • Excluding accretion, increases in net interest margin of 3 bps to 3.80% in the third quarter of 2017, from 3.77% in the second quarter of 2017 and 5 bps improvement from 3.75% in the third quarter of 2016
  • Growth in average deposits during the third quarter of 2017 to $5.84 billion, an increase of 11.8%, or $615.9 million, over the same period in 2016
  • 9.2% increase in total revenue, to $93.9 million, in the third quarter of 2017, compared with total revenue of $85.9 million in the third quarter of 2016
  • Increase in tangible book value per share to $17.78, compared with $17.24 per share at June 30, 2017
  • Adjusted operating efficiency ratio, on a tax-equivalent basis, essentially flat at 61.09% in the third quarter of 2017
  • Steady capital ratios despite strong growth rates, with tangible common equity to tangible assets equal to 8.81% at September 30, 2017, compared with 8.84% at June 30, 2017

Net Interest Income and Net Interest Margin
The Company's net interest margin, excluding the effect of accretion, improved during the quarter to 3.80%, compared with 3.77% in the second quarter of 2017.  Compared with the same quarter in 2016, net interest margin has improved by five basis points while average earning assets grew $1.11 billion over this period. 

Net interest income (taxable equivalent) for the third quarter of 2017 totaled $68.7 million, an increase of $10.6 million, or 18.3%, compared with $58.0 million reported for the third quarter of 2016.  Accretion income in the current quarter decreased to $2.7 million, compared with $2.9 million in the second quarter of 2017 and $3.6 million in the third quarter of 2016.  Higher levels of net interest income resulted mostly from growth in average loans outstanding of approximately $1.09 billion since the third quarter of 2016.  Average balances of short-term assets and investments, as a percentage of average earning assets, decreased to 14.1% for the current quarter, from 16.4% for the same quarter in 2016.  At the current quarter's end, loans outstanding represented 86.1% of total earning assets, compared with 83.9% at September 30, 2016.

Interest income on a tax-equivalent basis increased to $78.1 million in the third quarter of 2017, an increase of $15.0 million, or 23.7%, from the same quarter in 2016.  Yields on total earning assets moved higher during the quarter to 4.50%, compared with 4.45% for the second quarter of 2017 and 4.35% for the third quarter of 2016.  Yields on all loans, excluding the effect of accretion, increased to 4.65% in the current quarter of 2017, compared with 4.59% in the second quarter of 2017 and 4.49% in the third quarter of 2016.  Loan production in the banking division during the third quarter of 2017 totaled $463.7 million, with weighted average yields of 4.77%, compared with $527.8 million and 4.56%, respectively, in the second quarter of 2017 and $568.3 million and 4.14%, respectively, in the third quarter of 2016.  Loan production in the lines of business (to include retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $1.6 billion during the third quarter of 2017.

Interest expense during the current quarter of 2017 increased to $9.5 million, compared with $5.1 million in the same quarter in 2016.  The Company's cost of funds increased slightly to 0.57% in the third quarter of 2017 as compared with 0.52% in the second quarter of 2017.  The cost of deposits increased to 0.35% in the third quarter of 2017, compared with 0.32% in the second quarter of 2017.  Interest expense on non-deposit borrowings increased during the quarter to $4.3 million, compared with $3.7 million in the second quarter of 2017.  Overall costs on these funding sources decreased from a rate standpoint over the quarter, but the Company's use of these sources has increased from 10.6% of total funding in the second quarter of 2017 to 11.9% in the third quarter of 2017.  Management is comfortable with the current level of non-deposit borrowings, particularly in light of an accelerating pace of deposit growth and the shorter incremental duration of the loan portfolio in certain specialty lines of business.

Non-interest Income
Non-interest income in the third quarter of 2017 was $27.0 million, a decrease from the $28.9 million reported in the third quarter of 2016.  Service charges in the third quarter of 2017 were $10.5 million, a decrease of $823,000, or 7.3%, compared with the same quarter in 2016.  Service charge-related revenues on commercial and consumer accounts increased, while NSF fee income continued to decline.

Revenue from the Company's retail mortgage operations was $16.5 million, an increase of 4.4% compared with the same quarter in 2016, but flat compared with the second quarter of 2017.  Net income for the Company's retail mortgage division increased 6.9% during the third quarter of 2017 to $3.0 million, compared with $2.8 million in the third quarter of 2016.   However, profitability for the retail mortgage division in the third quarter declined compared with the second quarter of 2017 due to increased compensation costs and recruiting costs associated with hiring 15 additional mortgage production officers during the quarter.  Total retail production during the current quarter was $401.7 million, compared with $410.8 million in the third quarter of 2016.  Spreads (gain on sale) on the Company's production decreased to 3.30% in the current quarter, compared with 3.69% in the same quarter of 2016.  Open pipelines at the end of the quarter were $158.4 million, compared with $174.3 million at the beginning of the third quarter of 2017 and $145.4 million at the end of the third quarter of 2016. 

Net income for the Company's warehouse lending division decreased during the quarter, from $1.4 million in the third quarter of 2016 to $1.1 million in the third quarter of 2017.  Loan production decreased from $1.1 billion in the third quarter of 2016 to approximately $957.3 million in the current quarter.  The decline in profitability is attributable to an increase of $121,000 in the division's provision for loan loss expense and $262,000 of additional cost of funds allocated to the division.

Revenues from the Company's SBA division were $2.1 million during the third quarter of both 2017 and 2016.  However, primarily due to reduced provision for loan loss expense, net income for the division increased 9.7% from $668,000 for the third quarter of 2016 to $734,000 for the third quarter of 2017. 

Revenues from the Company's premium finance division were strong, increasing 49.6% (annualized) to $6.5 million in the third quarter of 2017.  Growth in the premium finance division's outstanding balances as well as quarterly production have exceeded management's expectations and contributed to the division's net income for the current quarter of $1.8 million.  The Company continues to recruit sales officers and support staff to support the division and believes that these attractive growth rates can be sustained into 2018 and 2019.

Non-interest Expense
During the third quarter of 2017, the Company recorded $5.3 million of management adjusted non-operating expenses, most of which were centered in an additional $4.7 million of compliance-related charges and $410,000 of hurricane-related charges, compared with an aggregate of $238,000 for similar expenses recorded in the third quarter of 2016.  Excluding these charges, operating expenses increased approximately $5.4 million, to $58.4 million, from $53.0 million in the third quarter of 2016.  The additional compliance-related charges resulted from the completion of certain look-back procedures that were required by the FDIC for the Company's compliance with its consent order relating to Bank Secrecy Act matters.

Expenses associated with the Company's new division, US Premium Finance, were $3.6 million in the third quarter of 2017 and represented the majority of the total increase in operating expenses against the same quarter of 2016.  Additionally, the Company incurred approximately $488,000 of operating expenses related to the new equipment finance line of business and approximately $1 million of recurring operating expenses (compensation and consulting charges) associated with the expanded staffing and processes in BSA. 

Salaries and benefits increased by $4.6 million, or 16.4%, to $32.6 million in the current quarter of 2017, compared with $28.0 million in the third quarter of 2016.  Increases in salaries and benefits from the third quarter of 2016 to the third quarter of 2017 relating to the Company's ongoing Bank Secrecy Act compliance efforts, expenses associated with the addition of the premium finance division and expenses resulting from the addition of the equipment finance line of business were $1.1 million, $1.3 million and $421,000, respectively.  Higher incentive accruals for the Company's production staff, as well as increased commissions in the mortgage and SBA divisions, accounted for the remaining increase in compensation costs. 

Occupancy costs were flat at approximately $6.0 million during the current quarter of 2017 compared with the same quarter in 2016.  Tighter controls on expenses were the principal drivers of minimal increases in these costs.  Data processing and telecommunications costs remained stable, at approximately $7.0 million, compared with the second quarter of 2017, but increased by 14.0% compared with the third quarter of 2016. 

Total credit costs (provision and non-provision credit resolution-related costs) totaled $3.1 million in the third quarter of 2017, compared with $2.3 million in the same quarter in 2016 and $2.8 million in the second quarter of 2017.

Balance Sheet Trends
Total assets at September 30, 2017 were $7.65 billion, compared with $6.89 billion at December 31, 2016 and $7.40 billion at June 30, 2017. 

Loans, including loans held for sale, totaled $6.09 billion at September 30, 2017, compared with $5.37 billion at December 31, 2016 and $5.82 billion at June 30, 2017.  During the quarter, growth in core loans (legacy and purchased non-covered loans) increased by $312.9 million, or 24.3%, on an annualized basis.  Growth in core loans (legacy and purchased non-covered loans) for the year-to-date period in 2017 totaled $802.8 million, or 23.1% on an annualized basis, compared with $534.6 million, or an annualized growth rate of 22.4%, for the same period in 2016.  The Company's efforts to manage a diversified loan portfolio have resulted in concentration levels that are solidly below the regulatory guidance.  Loans held for sale, which includes both residential mortgage and SBA-guaranteed loans, decreased $9.4 million during the third quarter of 2017. 

Loan production and growth associated with the new premium finance division continue to meet forecasted levels.  Loans outstanding for the division grew $11.3 million, or 9.5% annualized, from $476.6 million at the end of the second quarter of 2017 to $487.9 million at the end of the third quarter of 2017. 

Lending activity in the Company's new equipment finance line of business, which provides financing for heavy equipment in the manufacturing, transportation and construction sectors, increased during the third quarter of 2017, resulting in outstanding balances of $49.4 million at the end of the quarter, compared with $15.9 million at the end of the second quarter of 2017.  The line of business finished the quarter with approved and unfunded credit totaling $92.2 million, with an additional active pipeline of $90.3 million.  Management expects additional approvals through the remainder of the year and that usage on approved lines will increase and support the Company's overall growth goals for the remainder of 2017 and into early 2018.

Investment securities at the end of the third quarter of 2017 were $867.6 million, or 12.3% of earning assets, compared with $852.2 million, or 13.5% of earning assets, at December 31, 2016. 

At September 30, 2017, total deposits amounted to $5.90 billion, or 86.7% of total funding, compared with $5.58 billion and 89.8%, respectively, at December 31, 2016.  Non-interest bearing deposits at the end of the current quarter were $1.72 billion, or 29.1% of total deposits, compared with $1.57 billion, or 28.2%, at December 31, 2016.  Non-rate sensitive deposits (including non-interest bearing, NOW and savings) totaled $3.21 billion at September 30, 2017, compared with $3.17 billion at the end of 2016.  These funds represented 54.4% of the Company's total deposits at September 30, 2017, compared with 56.9% at the end of 2016.

Shareholders' equity at September 30, 2017 totaled $801.9 million, compared with $646.4 million at December 31, 2016.  The increase in shareholders' equity was the result of the issuance of shares of common stock in the Company's public offering in the first quarter of 2017, plus earnings of $64.4 million during the first nine months of 2017.  Tangible book value per share at September 30, 2017 was $17.78, up 23.3% from $14.42 at the end of 2016.  Tangible common equity as a percentage of tangible assets was 8.81% at the end of the third quarter of 2017, compared with 7.46% at the end of 2016. 

Conference Call
The Company will host a conference call at 10:00 a.m. EDT today (October 19, 2017) to discuss the Company's results and answer appropriate questions.  The conference call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other international participants).  The conference ID name is Ameris Bancorp ABCB.  A replay of the call will be available beginning one hour after the end of the conference call until November 2, 2017.  To listen to the replay, dial 1-877-344-7529 (or 1-855-669-9658 for participants in Canada and 1-412-317-0088 for other international participants).  The conference replay access code is 10112464.  The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at www.amerisbank.com.

About Ameris Bancorp
Ameris Bancorp is a bank holding company headquartered in Moultrie, Georgia.  The Company's banking subsidiary, Ameris Bank, had 97 locations in Georgia, Alabama, northern Florida and South Carolina at the end of the most recent quarter.  

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

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

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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






Three Months Ended


Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.


Sept.


Sept.




2017


2017


2017


2016


2016


2017


2016

















EARNINGS































Net Income 

$                 20,158


$                 23,087


$                 21,153


$             18,177


$                21,557


$          64,398


$         53,923


















Adjusted Operating Net Income

$                 23,617


$                 23,458


$                 21,606


$             22,205


$                21,712


$          68,681


$         58,422

















PER COMMON SHARE DATA















Earnings per share available to common
shareholders:
















Basic

$                     0.54


$                     0.62


$                     0.59


$                 0.52


$                    0.62


$              1.76


$             1.58



Diluted

$                     0.54


$                     0.62


$                     0.59


$                 0.52


$                    0.61


$              1.74


$             1.56



Operating Diluted EPS

$                     0.63


$                     0.63


$                     0.60


$                 0.63


$                    0.62


$              1.86


$             1.69


Cash Dividends per share

$                     0.10


$                     0.10


$                     0.10


$                 0.10


$                    0.10


$              0.30


$             0.20


Book value per share (period end)

$                   21.54


$                   21.03


$                   20.42


$               18.51


$                  18.42


$            21.54


$           18.42


Tangible book value per share (period end)

$                   17.78


$                   17.24


$                   16.60


$               14.42


$                  14.38


$            17.78


$           14.38


Weighted average number of shares:
















Basic

37,225,418


37,162,810


35,664,420


34,915,459


34,869,747


36,689,934


34,155,556



Diluted

37,552,667


37,489,348


36,040,240


35,293,035


35,194,739


37,017,486


34,470,101


Period-end number of shares

37,231,049


37,222,904


37,128,714


34,921,474


34,891,304


37,231,049


34,891,304


Market data:
















High intraday price

$                   51.28


$                   49.80


$                   49.50


$               47.70


$                  36.20


$            51.28


$           36.20



Low intraday price

$                   41.05


$                   42.60


$                   41.60


$               34.61


$                  28.90


$            41.05


$           24.96



Period end closing price

$                   48.00


$                   48.20


$                   46.10


$               43.60


$                  34.95


$            48.00


$           34.95



Average daily volume

168,911


169,617


242,982


191,894


166,841


193,555


211,351

















PERFORMANCE RATIOS















Return on average assets

1.07%


1.29%


1.24%


1.10%


1.35%


1.20%


1.19%


Return on average common equity

10.04%


11.95%


12.33%


11.06%


13.39%


11.39%


12.01%


Earning asset yield (TE)

4.50%


4.45%


4.38%


4.34%


4.35%


4.44%


4.35%


Total cost of funds

0.57%


0.52%


0.42%


0.38%


0.36%


0.51%


0.35%


Net interest margin (TE)

3.95%


3.95%


3.97%


3.95%


3.99%


3.96%


4.01%


Non-interest income excluding securities
transactions,
as a percent of total revenue
(TE)

25.68%


27.81%


27.27%


27.32%


31.36%


26.90%


31.29%


Efficiency ratio

67.94%


61.02%


61.52%


67.05%


61.91%


63.57%


66.15%

















CAPITAL ADEQUACY (period end)















Stockholders' equity to assets

10.48%


10.58%


10.69%


9.38%


9.90%


10.48%


9.90%


Tangible common equity to tangible assets

8.81%


8.84%


8.86%


7.46%


7.90%


8.81%


7.90%

















EQUITY TO ASSETS RECONCILIATION















Tangible common equity to tangible assets

8.81%


8.84%


8.86%


7.46%


7.90%


8.81%


7.90%


Effect of goodwill and other intangibles

1.67%


1.74%


1.82%


1.92%


2.00%


1.67%


2.00%



Equity to assets (GAAP)

10.48%


10.58%


10.69%


9.38%


9.90%


10.48%


9.90%

















OTHER PERIOD-END DATA















Banking Division FTE

1,080


1,082


1,039


1,014


987


1,080


987


Retail Mortgage Division FTE

272


268


252


254


254


272


254


Warehouse Lending Division FTE

8


8


8


9


5


8


5


SBA Division FTE

23


23


20


21


24


23


24


Premium Finance Division FTE

62


56


50


-


-


62


-



Total Ameris Bancorp FTE Headcount

1,445


1,437


1,369


1,298


1,270


1,445


1,270


















Assets per Banking Division FTE

$                   7,083


$                   6,837


$                   6,829


$               6,797


$                  6,579


$            7,083


$           6,579


Branch locations

97


97


97


97


99


97


99


Deposits per branch location

$                 60,778


$                 59,726


$                 58,169


$             57,476


$                53,597


$          60,778


$         53,597

































































AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




















Three Months Ended


Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.


Sept.


Sept.




2017


2017


2017


2016


2016


2017


2016

































INCOME STATEMENT






























Interest income















Interest and fees on loans

$                 70,462


$                 65,464


$                 61,521


$             57,982


$                57,322


$        197,447


$       160,677


Interest on taxable securities

5,062


5,195


4,800


4,348


4,336


15,057


13,476


Interest on nontaxable securities

392


401


416


425


397


1,209


1,297


Interest on deposits in other banks

406


351


313


193


147


1,070


634


Interest on federal funds sold

-


-


-


8


8


-


25



Total interest income

76,322


71,411


67,050


62,956


62,210


214,783


176,109

















Interest expense















Interest on deposits

$                   5,136


$                   4,580


$                   3,763


$               3,680


$                  3,074


$          13,479


$           8,730


Interest on other borrowings

4,331


3,674


2,697


1,997


2,069


10,702


5,287



Total interest expense

9,467


8,254


6,460


5,677


5,143


24,181


14,017

















Net interest income

66,855


63,157


60,590


57,279


57,067


190,602


162,092

















Provision for loan losses

1,787


2,205


1,836


1,710


811


5,828


2,381

















Net interest income after provision for loan losses

$                 65,068


$                 60,952


$                 58,754


$             55,569


$                56,256


$        184,774


$       159,711

















Noninterest income















Service charges on deposit accounts

$                 10,535


$                 10,616


$                 10,563


$             11,036


$                11,358


$          31,714


$         31,709


Mortgage banking activity

13,340


13,943


11,215


9,878


14,067


38,498


38,420


Other service charges, commissions and fees

699


729


709


706


791


2,137


2,869


Gain(loss) on sale of securities

-


37


-


-


-


37


94


Other non-interest income

2,425


2,864


3,219


2,652


2,648


8,508


8,437



Total noninterest income

26,999


28,189


25,706


24,272


28,864


80,894


81,529

















Noninterest expense















Salaries and employee benefits

32,583


29,132


27,794


25,137


27,982


89,509


81,700


Occupancy and equipment expenses

6,036


6,146


5,877


6,337


5,989


18,059


18,060


Data processing and telecommunications expenses

7,050


7,028


6,572


6,244


6,185


20,650


18,347


Credit resolution related expenses (1)

1,347


599


933


1,083


1,526


2,879


5,089


Advertising and marketing expenses

1,247


1,259


1,106


1,273


1,249


3,612


2,908


Amortization of intangible assets

941


1,013


1,036


1,044


993


2,990


3,332


Merger and conversion charges

92


-


402


17


-


494


6,359


Other non-interest expenses

14,471


10,562


9,373


13,542


9,275


34,406


25,363



Total noninterest expense

63,767


55,739


53,093


54,677


53,199


172,599


161,158

















Income before income taxes

$                 28,300


$                 33,402


$                 31,367


$             25,164


$                31,921


$          93,069


$         80,082


















Income tax expense

8,142


10,315


10,214


6,987


10,364


28,671


26,159

















Net income

$                 20,158


$                 23,087


$                 21,153


$             18,177


$                21,557


$          64,398


$         53,923

















Diluted earnings available to common shareholders

0.54


0.62


0.59


0.52


0.61


1.74


1.56


















(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.









 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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




























Three Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.




2017


2017


2017


2016


2016













PERIOD-END BALANCE SHEET






















Assets











Cash and due from banks

$               131,071


$               139,500


$               127,164


$           127,164


$              123,270


Federal funds sold and interest bearing deposits in banks

112,844


137,811


232,045


71,221


90,801


Investment securities available for sale, at fair value

819,593


818,693


830,765


822,735


838,124


Other investments

47,977


42,495


35,950


29,464


24,578


Loans held for sale

137,392


146,766


105,637


105,924


126,263














Loans, net of unearned income

4,574,678


4,230,228


3,785,480


3,626,821


3,091,039


Purchased loans (excluding loan pools)

917,126


950,499


1,006,935


1,069,191


1,129,381


Purchased loan pools

465,218


490,114


529,099


568,314


624,886


Less allowance for loan losses

(25,966)


(25,101)


(25,250)


(23,920)


(22,963)



Loans, net

5,931,056


5,645,740


5,296,264


5,240,406


4,822,343














Other real estate owned

9,391


11,483


10,466


10,874


10,392


Purchased other real estate owned

9,946


11,330


11,668


12,540


15,126



Total other real estate owned

19,337


22,813


22,134


23,414


25,518














Premises and equipment, net

119,458


121,108


121,610


121,217


122,191


Goodwill

125,532


125,532


125,532


125,532


122,545


Other intangibles, net

14,437


15,378


16,391


17,428


18,472


Deferred income taxes, net

39,365


41,124


41,505


40,776


37,626


Cash value of bank owned life insurance

79,241


78,834


78,442


78,053


77,637


Other assets

72,517


62,064


61,417


88,697


64,127



Total assets

$            7,649,820


$            7,397,858


$            7,094,856


$        6,892,031


$           6,493,495













Liabilities











Deposits:












Noninterest-bearing

$            1,718,022


$            1,672,918


$            1,654,723


$        1,573,389


$           1,563,316



Interest-bearing

4,177,482


4,120,479


3,987,646


4,001,774


3,742,782


Total deposits

5,895,504


5,793,397


5,642,369


5,575,163


5,306,098


Federal funds purchased & securities sold under












agreements to repurchase

14,156


18,400


40,415


53,505


42,647


Other borrowings

808,572


679,591


525,669


492,321


373,461


Subordinated deferrable interest debentures

85,220


84,889


84,559


84,228


83,898


Other liabilities

44,447


38,899


43,628


40,377


44,808



Total liabilities

6,847,899


6,615,176


6,336,640


6,245,594


5,850,912

























Shareholders' equity










  Preferred stock

$                           -


$                           -


$                          -


$                      -


$                         -

  Common stock

38,706


38,698


38,603


36,378


36,348

  Capital surplus

506,779


505,803


503,543


410,276


409,630

  Retained earnings

267,694


251,259


231,894


214,454


199,769

  Accumulated other comprehensive income (loss)

3,241


1,421


(1,209)


(1,058)


10,449

  Less treasury stock

(14,499)


(14,499)


(14,615)


(13,613)


(13,613)



Total shareholders' equity

801,921


782,682


758,216


646,437


642,583



Total liabilities and shareholders' equity

$            7,649,820


$            7,397,858


$            7,094,856


$        6,892,031


$           6,493,495

























Other Data










Earning Assets

7,074,828


6,816,606


6,525,911


6,293,670


5,925,072

Intangible Assets

139,969