MOULTRIE, Ga., July, 19 /PRNewswire-FirstCall/ -- AMERIS BANCORP
(Nasdaq: ABCB), Moultrie, Georgia, and Edwin W. Hortman, Jr., President and
CEO of Ameris Bancorp, today announced earnings for the quarter ended June 30,
2006. Ameris's second quarter 2006 earnings were $5.3 million, an increase of
$1.8 million, or 51.43%, from the second quarter of 2005. Diluted earnings
per share for the second quarter of 2006 were $.40, an increase of $.11, or
37.93%, over the same quarter a year ago. Earnings for the year to date
ending June 30, 2006 were $10.4 million, or $0.79 per diluted share, an
increase of 31.67% in diluted earnings per share when compared to the same
period in 2005.
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Ameris's second quarter performance was highlighted by the following
significant items:
- Profitability Improvement: Return on average assets and return on
average equity was 1.23% and 14.60%, respectively, for the second
quarter of 2006.
- Balance Sheet Growth: Total assets for the second quarter were $1.78
billion, an increase of $478.2 million, or 36.64%, over the second
quarter of 2005.
- Net interest income increased 40.61% over the same quarter in 2005, due
to strong growth in earning assets and control of deposit costs.
- Non-recurring, pre-tax loss to restructure a portion of the investment
portfolio of $315,000, or $0.02 per diluted share.
- Asset Quality improvements continued with non-performing assets down
13.27%, compared to levels at December 31, 2005.
- Efficiency ratio improved to 57.97% in the second quarter of 2006,
compared to 62.84% in the same quarter of 2005.
- Announcement, subsequent to quarter end, of agreements for transfer of
certain banking operations to result in one-time pre-tax gain of
approximately $3.1 million, or $0.15 (net of tax) per diluted share.
Profitability Return on assets for the second quarter of 2006 improved to 1.23%,
compared to 1.10% for the same quarter in 2005. Return on equity for the same
period improved to 14.60%, compared to 11.29% for the second quarter of 2005.
Return on assets and return on equity were 1.21% and 13.78%, respectively for
the year to date period in 2006, compared to 1.12% and 11.55% in 2005.
Continued growth in earning assets, control of deposit costs, improvement in
operating efficiency, and minimal loan charge-offs continue to fuel the
Company's profitability.
Net Interest Income Expansion
Net interest income expanded in the second quarter to $17.7 million, an
improvement of 40.6% over the same quarter in 2005. The Company's net
interest margin was 4.48% in the second quarter of 2006, compared to 4.30% for
the same quarter in 2005. The Company's net interest margin was 4.43% for the
year to date period ending June 30, 2006, compared to 4.38% in 2005.
Yields on earning assets climbed to 7.56% during the second quarter of
2006 compared to 6.35% for the same quarter in 2005. Loan and investment
yields benefited from rising short term interest rates, and the loan portfolio
comprised a larger percentage of earning assets than in the past. Loans
represented 80.55% of the Company's average earning assets during the second
quarter of 2006, compared to 78.57% for the same quarter a year ago.
Deposit costs increased during the quarter, due to the interest rate
environment as well as to aggressive deposit acquisition campaigns in several
of the Company's growth markets. Even with an aggressive posture on rates in
some markets, the Company's base of core deposits has been less rate sensitive
and is a significant contributor to the improving net interest margin.
Balance Sheet Growth
Total assets at June 30, 2006 were $1.78 billion, an increase of $478
million, or 36.64%, over total assets reported at the same time in 2005.
Strong growth in assets in many of Ameris's markets combined with the First
National acquisition in December 2005 contributed to the increase. Ameris's
internal growth rate in loans, excluding acquisitions, was 18.1% when compared
to balances at June 30, 2005.
Deposits grew at a slightly slower pace than loans, increasing to $1.45
billion at June 30, 2006, compared to $1.04 billion at June 30, 2005.
Deposits at quarter end represented 89.56% of our total funding compared to
88.30% a year ago. Excluding the deposits acquired in the First National
transaction, the Company's growth rate in deposits was 16.5% when compared to
June 30, 2005 balances. The Company has continued its efforts to improve
deposit growth to a level that can match the attractive growth in loans. This
focus includes prioritizing sales goals and initiatives, better measurement of
expectations and various other strategies to improve deposit growth rates.
Focused efforts in all markets have been supported by aggressive sales and
media campaigns in key markets where growth potential is considered to be
good, including Jacksonville, Florida.
Credit Quality and the Provision for Loan Losses
The provision for loan losses in the second quarter of 2006 amounted to
$901,000, compared to the $753,000 recorded in the second quarter of 2005.
The Company's allowance for loan losses was 1.76% and 1.72% of total loans at
June 30, 2006 and 2005, respectively. The increased loan loss provision
expense related primarily to loan growth experienced in the quarter as loan
net charge-offs were again minimal. Annualized net charge-offs as a
percentage of loans for the second quarter was 0.05%, compared to 0.07% for
the same quarter in 2005. Year to date net charge-offs as a percentage of
loans through June 30, 2006 were 0.03%, compared to net recoveries of 0.02%
for the same period in 2005.
Non-performing assets as a percentage of total loans and foreclosed assets
were $9.3 million, or 0.70%, as a percentage of loans and foreclosed assets at
June 30, 2006, compared to $10.7 million, or 0.90%, as a percentage of loans
and foreclosed assets at December 31, 2005. Non-performing assets decreased
$1.4 million from December 31, 2005, reflecting primarily from a decrease in
non-accrual loans.
Efficiency Improvements
Ameris's efficiency ratio continued to improve, mostly through strong
gains in revenue. The Company's efficiency ratio improved to 57.97% during
the second quarter of 2006, compared to 62.84% in the second quarter of 2005.
Non-interest income (excluding the loss on investment sales) increased 8.4% to
$3.9 million, compared to $3.6 million for the same quarter in 2005.
Increases in service charges on deposit accounts were responsible for most of
the increase, moving higher by 11.5% compared to the same period in 2005.
Non-interest expense increased to $12.3 million during the second quarter
of 2006, an increase of 21.4% over the same quarter in 2005. Increased
advertising and marketing expenses, professional fees and the merger of First
National late in 2005 accounted for the majority of this increase. The
Company anticipates little improvement from the current level of efficiency as
efforts to build and staff additional branches in several growth markets will
likely replace most of the savings generated from improvements in its existing
operational structure.
One time Gain
In a press release dated July 13, 2006, Ameris announced various
definitive agreements for the transfer of certain limited banking operations
to three unrelated financial institutions. As a result, the Company
anticipates a pre-tax gain of approximately $3.1 million, or $0.15 (net of
tax) per share. The transactions are subject to various regulatory approvals
and are expected to close before December 31, 2006.
Ameris Bancorp is headquartered in Moultrie, Georgia, and has 42 locations
in Georgia, Alabama and northern Florida.
Ameris Bancorp Common Stock is quoted on the NASDAQ National Market under
the symbol "ABCB". The preceding release contains statements that constitute
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. The words "believe", "estimate", "expect", "intend",
"anticipate" and similar expressions and variations thereof identify certain
of such forward-looking statements, which speak only as of the dates which
they were made. The Company undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new information,
future events, or otherwise. Readers are cautioned that any such forward-
looking statements are not guarantees of future performance and involve risks
and uncertainties, and that actual results may differ materially from those
indicated in the forward-looking statements as a result of various factors.
Readers are cautioned not to place undue reliance on these forward-looking
statements.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
June Mar. Dec.
2006 2006 2005
EARNINGS
Net Income $5,315 $5,100 $2,723
PER COMMON SHARE DATA
Earnings per share:
Basic 0.41 0.39 0.22
Diluted 0.40 0.39 0.22
Cash Dividends per share 0.14 0.14 0.14
Book value per share (period end) 11.75 11.68 11.48
Tangible book value per share
(period end) 7.99 7.86 7.64
Weighted average number of shares:
Basic 12,985,424 12,951,765 12,232,165
Diluted 13,139,130 13,102,633 12,365,296
Period-end number of shares 13,021,510 12,967,576 12,952,318
Market data:
High closing price 23.24 23.29 20.99
Low closing price 20.23 19.71 17.57
Period end closing price 23.14 23.26 19.84
Average daily volume 21,949 15,952 13,687
PERFORMANCE RATIOS
Return on average assets 1.23% 1.20% 0.77%
Return on average equity 14.60% 13.60% 8.51%
Earning asset yield (TE) 7.56% 7.13% 6.97%
Total cost of funds 3.10% 2.83% 2.58%
Net interest margin (TE) 4.48% 4.32% 4.46%
Non-interest income excluding
securities transactions,
as a percent of total revenue (TE) 11.53% 12.48% 12.35%
Efficiency ratio 57.97% 59.57% 74.71%
CAPITAL ADEQUACY
Equity to assets 8.58% 8.71% 8.76%
Tangible common equity to assets 6.00% 6.03% 6.01%
OTHER PERIOD-END DATA
FTE Headcount 585 584 585
Assets per FTE $3,048 $2,978 $2,901
Branch locations 42 42 42
Deposits per branch location $34,432 $33,836 $32,744
Three Months Ended
Sept. June
2005 2005
EARNINGS
Net Income $3,905 $3,500
PER COMMON SHARE DATA
Earnings per share:
Basic 0.33 0.30
Diluted 0.33 0.29
Cash Dividends per share 0.14 0.14
Book value per share (period end) 10.67 10.54
Tangible book value per share
(period end) 8.30 8.15
Weighted average number of shares:
Basic 11,865,107 11,849,739
Diluted 11,990,917 11,958,176
Period-end number of shares 11,865,991 11,866,295
Market data:
High closing price 20.32 19.20
Low closing price 17.60 16.42
Period end closing price 19.19 18.08
Average daily volume 14,611 16,777
PERFORMANCE RATIOS
Return on average assets 1.18% 1.10%
Return on average equity 12.40% 11.29%
Earning asset yield (TE) 6.68% 6.35%
Total cost of funds 2.39% 2.11%
Net interest margin (TE) 4.35% 4.30%
Non-interest income excluding
securities transactions,
as a percent of total revenue (TE) 15.08% 15.99%
Efficiency ratio 61.16% 62.84%
CAPITAL ADEQUACY
Equity to assets 9.24% 9.58%
Tangible common equity to assets 7.34% 7.58%
OTHER PERIOD-END DATA
FTE Headcount 523 533
Assets per FTE $2,620 $2,449
Branch locations 37 37
Deposits per branch location $29,005 $27,996
Six Months Ended
June June
2006 2005
EARNINGS
Net Income $10,415 $7,100
PER COMMON SHARE DATA
Earnings per share:
Basic 0.80 0.60
Diluted 0.79 0.60
Cash Dividends per share 0.28 0.28
Book value per share (period end) 11.75 10.54
Tangible book value per share
(period end) 7.99 8.15
Weighted average number of shares:
Basic 12,968,687 11,816,619
Diluted 13,118,881 11,921,183
Period-end number of shares 13,021,510 11,866,295
Market data:
High closing price 23.24 18.35
Low closing price 19.45 14.78
Period end closing price 23.14 17.59
Average daily volume 19,127 17,877
PERFORMANCE RATIOS
Return on average assets 1.21% 1.12%
Return on average equity 13.78% 11.55%
Earning asset yield (TE) 7.40% 6.41%
Total cost of funds 2.97% 2.03%
Net interest margin (TE) 4.43% 4.38%
Non-interest income excluding
securities transactions,
as a percent of total revenue (TE) 11.99% 16.33%
Efficiency ratio 58.75% 63.71%
CAPITAL ADEQUACY
Equity to assets 8.58% 9.58%
Tangible common equity to assets 6.00% 7.58%
OTHER PERIOD-END DATA
FTE Headcount 585 533
Assets per FTE $3,048 $2,449
Branch locations 42 37
Deposits per branch location $34,432 $27,996
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
June Mar. Dec.
2006 2006 2005
INCOME STATEMENT
Interest income
Interest and fees on loans $26,355 $23,476 $19,836
Interest on taxable securities 2,950 2,742 2,186
Interest on nontaxable securities 127 98 43
Interest on deposits in other banks 390 667 774
Interest on federal funds sold - 158 53
Total interest income 29,822 27,141 22,892
Interest expense
Interest on deposits 9,979 8,628 6,238
Interest on federal funds purchased
and securities sold under agreements
to repurchase 48 33 38
Interest on other borrowings 2,122 2,088 2,015
Total interest expense 12,149 10,749 8,291
Net interest income 17,673 16,392 14,601
Provision for loan losses 901 510 28
Net interest income after provision
for loan losses 16,772 15,882 14,573
Noninterest income
Service charges on deposit accounts 2,926 2,631 2,695
Other service charges, commissions
and fees 803 719 286
Other 121 535 191
Gain(loss) on sale of securities (314) 9 (452)
Total noninterest income 3,536 3,894 2,720
Noninterest expense
Salaries and employee benefits 6,042 6,624 5,205
Equipment and occupancy expense 1,544 1,353 1,033
Amortization of intangible assets 232 209 206
Other operating expenses 4,476 3,899 6,496
Total noninterest expense 12,294 12,085 12,940
Operating Profit 8,014 7,691 4,353
Provision for income taxes 2,699 2,591 1,630
Net Income $5,315 $5,100 $2,723
Diluted earnings per share 0.40 0.39 0.22
Three Months Ended
Sept. June
2005 2005
INCOME STATEMENT
Interest income
Interest and fees on loans $18,140 $16,209
Interest on taxable securities 2,138 2,149
Interest on nontaxable securities 40 37
Interest on deposits in other banks 176 45
Interest on federal funds sold - 155
Total interest income 20,494 18,595
Interest expense
Interest on deposits 4,861 4,020
Interest on federal funds purchased
and securities sold under agreements to
repurchase 24 20
Interest on other borrowings 2,297 1,986
Total interest expense 7,182 6,026
Net interest income 13,312 12,569
Provision for loan losses 718 753
Net interest income after provision
for loan losses 12,594 11,816
Noninterest income
Service charges on deposit accounts 2,690 2,625
Other service charges, commissions
and fees 843 881
Other 121 46
Gain(loss) on sale of securities - -
Total noninterest income 3,654 3,552
Noninterest expense
Salaries and employee benefits 5,675 5,665
Equipment and occupancy expense 1,423 1,273
Amortization of intangible assets 204 198
Other operating expenses 3,075 2,995
Total noninterest expense 10,377 10,131
Operating Profit 5,871 5,237
Provision for income taxes 1,966 1,737
Net Income $3,905 $3,500
Diluted earnings per share 0.33 0.29
Six Months Ended
June June
2006 2005
INCOME STATEMENT
Interest income
Interest and fees on loans $49,831 $31,262
Interest on taxable securities 5,692 4,223
Interest on nontaxable securities 225 80
Interest on deposits in other banks 1,057 552
Interest on federal funds sold 158 36
Total interest income 56,963 36,153
Interest expense
Interest on deposits 18,607 7,530
Interest on federal funds purchased
and securities sold under agreements
to repurchase 81 41
Interest on other borrowings 4,210 3,890
Total interest expense 22,898 11,461
Net interest income 34,065 24,692
Provision for loan losses 1,411 905
Net interest income after provision
for loan losses 32,654 23,787
Noninterest income
Service charges on deposit accounts 5,557 5,043
Other service charges, commissions
and fees 1,522 1,741
Other 656 311
Gain(loss) on sale of securities (305) 61
Total noninterest income 7,430 7,156
Noninterest expense
Salaries and employee benefits 12,666 11,603
Equipment and occupancy expense 2,897 2,475
Amortization of intangible assets 441 409
Other operating expenses 8,375 5,803
Total noninterest expense 24,379 20,290
Operating Profit 15,705 10,653
Provision for income taxes 5,290 3,553
Net Income $10,415 $7,100
Diluted earnings per share 0.79 0.60
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
June Mar. Dec.
2006 2006 2005
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks $63,894 $67,570 $74,420
Federal funds sold & interest
bearing balances 26,642 56,998 99,781
Securities available for sale, at
fair value 257,283 273,031 235,145
Loans 1,330,713 1,240,436 1,186,601
Less: allowance for loan losses 23,366 22,616 22,294
Loans, net 1,307,347 1,217,820 1,164,307
Premises and equipment, net 40,625 40,194 39,606
Intangible assets, net 5,971 6,203 6,412
Goodwill 42,933 43,304 43,304
Other assets 38,649 33,771 34,234
Total Assets $1,783,344 $1,738,891 $1,697,209
Liabilities
Deposits:
Noninterest-bearing demand $201,489 $193,869 $200,840
Interest-bearing demand 418,310 423,682 420,248
Savings 71,873 73,532 73,268
Time deposits 754,456 730,023 680,876
Total deposits 1,446,128 1,421,106 1,375,232
Federal funds purchased & securities
sold under agreements to repurchase 3,769 8,502 10,307
Other borrowings 124,094 100,095 106,022
Other liabilities 15,629 17,036 16,223
Subordinated deferrable interest
debentures 40,722 40,722 40,722
Total liabilities 1,630,342 1,587,461 1,548,506
Stockholders' equity
Common stock 14,340 14,286 14,271
Capital surplus 68,459 67,520 67,381
Retained earnings 87,466 83,970 80,683
Accumulated other comprehensive loss (5,675) (3,442) (2,625)
Unearned compensation (1,107) (423) (526)
Less treasury stock (10,481) (10,481) (10,481)
Total stockholders' equity 153,002 151,430 148,703
Total liabilities and
stockholders' equity $1,783,344 $1,738,891 $1,697,209
Other Balance Sheet Data
Earning Assets 1,614,638 1,570,465 1,521,527
Intangible Assets 48,904 49,507 49,716
Interest bearing liabilities 1,413,224 1,376,556 1,331,443
Sept. June
2005 2005
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks $47,548 $40,070
Federal funds sold & interest
bearing balances 42,021 17,948
Securities available for sale, at
fair value 207,832 218,371
Loans 1,004,614 962,412
Less: allowance for loan losses 17,261 16,557
Loans, net 987,353 945,855
Premises and equipment, net 28,355 28,218
Intangible assets, net 3,091 3,296
Goodwill 25,054 25,054
Other assets 29,185 26,344
Total Assets $1,370,439 $1,305,156
Liabilities
Deposits:
Noninterest-bearing demand $153,946 $150,930
Interest-bearing demand 312,880 311,220
Savings 70,911 72,700
Time deposits 535,440 501,013
Total deposits 1,073,177 1,035,863
Federal funds purchased & securities
sold under agreements to repurchase 5,448 6,387
Other borrowings 121,130 95,237
Other liabilities 8,507 7,018
Subordinated deferrable interest
debentures 35,567 35,567
Total liabilities 1,243,829 1,180,072
Stockholders' equity
Common stock 13,184 13,181
Capital surplus 46,202 46,173
Retained earnings 79,791 77,549
Accumulated other comprehensive loss (1,490) (736)
Unearned compensation (603) (681)
Less treasury stock (10,474) (10,402)
Total stockholders' equity 126,610 125,084
Total liabilities and
stockholders' equity $1,370,439 $1,305,156
Other Balance Sheet Data
Earning Assets 1,254,467 1,198,731
Intangible Assets 28,145 28,350
Interest bearing liabilities 1,081,376 983,400
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
June Mar. Dec.
2006 2006 2005
ASSET QUALITY INFORMATION
Allowance for loan losses
Balance at beginning of period $22,616 $22,294 $17,261
Acquired Reserves - - 5,528
Provision for loan loss 901 510 28
Charge-offs (339) (1,419) (863)
Recoveries 188 1,231 340
Net (charge-offs) recoveries (151) (188) (523)
Ending balance $23,366 $22,616 $22,294
As a percentage of loans 1.76% 1.82% 1.88%
As a percentage of nonperforming
loans 316.74% 231.67% 232.57%
As a percentage of nonperforming
assets 250.95% 203.05% 207.68%
Net Charge-off information
Charge-offs
Commercial $153 $181 $385
Installment 167 163 259
Real Estate 14 1,005 199
Agriculture 3 - 18
Other 2 70 2
Total charge-offs 339 1,419 863
Recoveries
Commercial 55 636 150
Installment 62 247 100
Real Estate 27 335 42
Agriculture 32 - 47
Other 12 13 1
Total recoveries 188 1,231 340
Net (charge-offs) recoveries $151 $188 $523
Non-accrual loans 7,377 9,762 9,586
Foreclosed assets 1,934 1,376 1,149
Total non-performing assets 9,311 11,138 10,735
Non-performing assets as a percent of
loans and foreclosed assets 0.70% 0.90% 0.90%
Three Months Ended
Sept. June
2005 2005
ASSET QUALITY INFORMATION
Allowance for loan losses
Balance at beginning of period $16,557 $15,976
Acquired Reserves - -
Provision for loan loss 718 753
Charge-offs (321) (625)
Recoveries 307 453
Net (charge-offs) recoveries (14) (172)
Ending balance $17,261 $16,557
As a percentage of loans 1.72% 1.72%
As a percentage of nonperforming
loans 437.65% 377.50%
As a percentage of nonperforming
assets 383.32% 323.25%
Net Charge-off information
Charge-offs
Commercial $55 $167
Installment 113 202
Real Estate 81 155
Agriculture 72 97
Other - 4
Total charge-offs 321 625
Recoveries
Commercial 182 138
Installment 50 64
Real Estate 55 147
Agriculture 17 99
Other 3 5
Total recoveries 307 453
Net (charge-offs) recoveries $14 $172
Non-accrual loans 3,944 4,386
Foreclosed assets 559 736
Total non-performing assets 4,503 5,122
Non-performing assets as a percent of
loans and foreclosed assets 0.45% 0.53%
Six Months Ended
June June
2006 2005
ASSET QUALITY INFORMATION
Allowance for loan losses
Balance at beginning of period $22,294 $15,493
Acquired Reserves - -
Provision for loan loss 1,411 905
Charge-offs (1,758) (971)
Recoveries 1,419 1,130
Net (charge-offs) recoveries (339) 159
Ending balance $23,366 $16,557
As a percentage of loans 1.76% 1.72%
As a percentage of nonperforming
loans 316.74% 377.50%
As a percentage of nonperforming
assets 250.95% 323.25%
Net Charge-off information
Charge-offs
Commercial $334 $194
Installment 330 347
Real Estate 1,019 375
Agriculture 3 44
Other 72 11
Total charge-offs 1,758 971
Recoveries
Commercial 691 172
Installment 309 158
Real Estate 362 758
Agriculture 32 35
Other 25 7
Total recoveries 1,419 1,130
Net (charge-offs) recoveries $339 $(159)
Non-accrual loans 7,377 4,386
Foreclosed assets 1,934 736
Total non-performing assets 9,311 5,122
Non-performing assets as a percent of
loans and foreclosed assets 0.70% 0.53%
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
June Mar. Dec.
2006 2006 2005
AVERAGE BALANCES
Short term assets $25,277 $69,529 $62,080
Investment securities 270,842 265,680 215,867
Loans 1,289,354 1,213,916 1,028,705
Total Earning Assets 1,585,473 1,549,125 1,306,652
Noninterest bearing deposits 188,562 190,075 161,398
Interest bearing deposits 417,953 409,215 332,980
Savings 73,368 73,062 70,502
CDs 738,859 707,895 568,205
Deposits 1,418,742 1,380,247 1,133,085
FHLB advances 101,044 100,866 97,794
Subordinated debentures 40,722 40,722 36,426
Other borrowings 12,737 17,664 8,879
Total non-deposit funding 154,503 159,252 143,099
Total funding $1,573,245 $1,539,499 $1,276,184
Three Months Ended
Sept. June
2005 2005
AVERAGE BALANCES
Short term assets $20,376 $25,691
Investment securities 220,283 226,724
Loans 981,895 925,652
Total Earning Assets 1,222,554 1,178,067
Noninterest bearing deposits 152,521 149,068
Interest bearing deposits 310,807 319,203
Savings 71,927 74,768
CDs 514,614 462,829
Deposits 1,049,869 1,005,868
FHLB advances 99,869 99,907
Subordinated debentures 35,567 35,567
Other borrowings 5,856 5,830
Total non-deposit funding 141,292 141,304
Total funding $1,191,161 $1,147,172
Six Months Ended
June June
2006 2005
AVERAGE BALANCES
Short term assets $40,445 $20,334
Investment securities 264,550 222,194
Loans 1,251,841 900,229
Total Earning Assets 1,556,836 1,142,757
Noninterest bearing deposits 189,315 148,798
Interest bearing deposits 413,608 317,028
Savings 73,216 77,136
CDs 723,462 454,814
Deposits 1,399,601 997,776
FHLB advances 100,955 100,818
Subordinated debentures 40,722 35,567
Other borrowings 12,751 6,013
Total non-deposit funding 154,428 142,398
Total funding $1,554,029 $1,140,174
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
June Mar. Dec.
2006 2006 2005
INTEREST INCOME/EXPENSE
Short term assets $303 $825 $827
Investment securities (TE) 3,143 2,890 2,252
Loans (TE) 26,419 23,529 19,890
Total Earning Assets 29,865 27,244 22,969
Noninterest bearing deposits - - -
Interest bearing deposits 2,045 1,635 1,279
Savings 186 174 167
CDs 7,748 6,819 4,792
Deposits 9,979 8,628 6,238
FHLB advances 1,131 1,129 1,174
Subordinated debentures 909 884 800
Other borrowings 130 108 79
Total non-deposit funding 2,170 2,121 2,053
Total funding $12,149 $10,749 $8,291
Net Interest Income (TE) $17,716 $16,495 $14,678
Three Months Ended
Sept. June
2005 2005
INTEREST INCOME/EXPENSE
Short term assets $176 $200
Investment securities (TE) 2,199 2,207
Loans (TE) 18,197 16,258
Total Earning Assets 20,572 18,665
Noninterest bearing deposits - -
Interest bearing deposits 906 766
Savings 153 138
CDs 3,802 3,116
Deposits 4,861 4,020
FHLB advances 1,135 1,042
Subordinated debentures 800 801
Other borrowings 386 163
Total non-deposit funding 2,321 2,006
Total funding $7,182 $6,026
Net Interest Income (TE) $13,390 $12,639
Six Months Ended
June June
2006 2005
INTEREST INCOME/EXPENSE
Short term assets $1,128 $588
Investment securities (TE) 6,033 4,345
Loans (TE) 49,948 31,364
Total Earning Assets 57,109 36,297
Noninterest bearing deposits - -
Interest bearing deposits 3,680 1,423
Savings 360 260
CDs 14,567 5,848
Deposits 18,607 7,531
FHLB advances 2,260 2,067
Subordinated debentures 1,793 1,815
Other borrowings 238 49
Total non-deposit funding 4,291 3,931
Total funding $22,898 $11,462
Net Interest Income (TE) $34,211 $24,835
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Six Months
Three Months Ended Ended
June Mar. Dec. Sept. June June June
2006 2006 2005 2005 2005 2006 2005
YIELDS (1)
Short term assets 4.81% 4.81% 5.29% 3.43% 3.12% 5.62% 5.83%
Investment securities 4.65% 4.41% 4.14% 3.96% 3.90% 4.60% 3.94%
Loans 8.22% 7.86% 7.67% 7.35% 7.04% 8.05% 7.03%
Total Earning
Assets (2) 7.56% 7.13% 6.97% 6.68% 6.35% 7.40% 6.41%
Noninterest bearing
deposits
Interest bearing
deposits 1.96% 1.62% 1.52% 1.16% 0.96% 1.79% 0.91%
Savings 1.02% 0.97% 0.94% 0.84% 0.74% 0.99% 0.68%
CDs 4.21% 3.91% 3.35% 2.93% 2.70% 4.06% 2.59%
Deposits 2.82% 2.54% 2.18% 1.84% 1.60% 2.68% 1.52%
FHLB advances 4.49% 4.54% 4.76% 4.51% 4.18% 4.51% 4.13%
Subordinated
debentures 8.95% 8.80% 8.71% 8.92% 9.03% 8.88% 10.29%
Other borrowings 4.09% 2.48% 3.53% 5.62% 5.85% 3.76% 1.64%
Total non-deposit
funding 5.63% 5.40% 5.69% 6.52% 5.69% 5.60% 5.57%
Total funding (3) 3.10% 2.83% 2.58% 2.39% 2.11% 2.97% 2.03%
Net interest spread 4.46% 4.30% 4.40% 4.28% 4.25% 4.43% 4.38%
Net interest margin 4.48% 4.32% 4.46% 4.35% 4.30% 4.43% 4.38%
(1) Interest and average rates are calculated on a tax-equivalent basis
using an effective tax rate of 34%.
(2) Rate calculated based on average earning assets.
(3) Rate calculated based on average interest bearing liabilities.
SOURCE Ameris Bancorp