MOULTRIE, Ga., Jan. 31 /PRNewswire-FirstCall/ -- AMERIS BANCORP
(Nasdaq: ABCB) reported record net income of $22.1 million, or $1.67 per
diluted share, for the year ended December 31, 2006, compared to net income in
2005 of $13.7 million, or $1.14 per diluted share. Net income for the fourth
quarter of 2006 was $5.8 million or $0.43 per diluted share compared to $2.7
million or $0.22 per diluted share in the fourth quarter of 2005.
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Ameris Bancorp's quarterly and yearly performance were highlighted by the
following significant items:
* Sustained balance sheet growth from existing markets during the year
with total assets at year's end of $2.04 billion.
* Record net income of $22.1 million or $1.67 per diluted share, an
increase of $8.4 million.
* Substantially improved credit quality ratios, with total non-performing
assets at December 31, 2006 of 0.60%, a decrease of 33.3% during 2006.
* Completed purchase of Islands Bancorp on December 31, 2006, and
recruited a visible and successful management team to quickly build a
meaningful franchise in South Carolina.
* Closed 2006 as one bank with a single, recognizable brand.
Record level of total assets from sustained growth in existing markets Total assets at December 31, 2006 were $2.04 billion, an increase of
20.3%, or $345.6 million, from December 31, 2005. Of the increase reported in
total assets, approximately $92 million was related to the acquisition of
Islands Bancorp that was consummated on December 31, 2006.
Loans outstanding increased to $1.44 billion at the end of 2006, an
increase of 21.6% or $256.4 million compared to levels reported at the end of
2005. Of this increase in loans outstanding, $63.4 million related to the
acquisition of Islands Bancorp. Internal growth in loans from the Company's
existing markets was $193.0 million, an increase of 16.3% from December 2005.
Stronger sales efforts, additional producers in many of the Company's markets
and momentum from the single bank and brand strategies were the major reasons
behind the Company's second consecutive year of improved growth rates.
Total deposits at year-end were $1.71 billion, an increase of $338.1
million, or 24.6% from balances at December 2005. Internal growth rates in
deposits accounted for $271.6 million in growth, or 19.8%, while the Islands
Bancorp transaction added approximately $66.5 million in total deposits.
Aggressive marketing of interest-bearing and non-interest -bearing demand
deposits, together with intense training and sales efforts, yielded improved
results across the Company's markets, both in growth markets and in the legacy
markets. Several markets, including Jacksonville, Florida and Gainesville,
Florida reported growth rates in core deposits in excess of 20% for the year.
Record levels of net income
The Company reported net income for 2006 of $22.1 million, or $1.67 per
share. This level of net income included some core and non-core amounts,
including:
* Three bank charter sales totaling $1.9 million after tax or $0.14 per
diluted share. Total assets, loans and deposits disposed of during
these sales amounted to $11.3 million, $1.0 million and $7.3 million,
respectively. Two of the charter sales totaling approximately $1.2
million or $0.09 per share were recorded during the fourth quarter of
2006.
* Charges taken during 2006 associated with the Company's conversion to a
single bank with a recognizable brand, including costs to complete data
and process re-engineering totaled approximately $900,000, or $0.07 per
diluted share. Of these charges, approximately $750,000 after tax, or
$0.06 per diluted share, was recorded during the fourth quarter of 2006.
Total costs incurred to date, including amounts booked in 2005,
associated with the Company's restructuring efforts amount to
approximately $2.5 million after tax or $0.19 per diluted share.
* Losses on the sale of investment securities amounting to $308,000 before
tax, or $0.01 per diluted share, taken during the second quarter of
2006.
Net income for the fourth quarter of 2006 was $5.8 million or $0.43 per
diluted share, compared to $2.7 million, or $0.21 per diluted share, for the
same quarter in 2005. Results for the fourth quarter of 2005 included a
special charge to earnings of approximately $1.8 million after tax, or $0.14
per diluted share. Operating net income for the fourth quarter of 2006
amounted to $5.3 million or $0.40 per diluted share, an increase of 16% when
compared to operating net income of $4.5 million, or $0.36 per diluted share,
for the fourth quarter of 2005. Operating net income excludes income
associated with the sales of banking charters and the charges associated with
the Company's restructuring efforts.
Improvement in credit quality
Ameris concentrated significant efforts during 2006 on improving credit
quality, capitalizing on each opportunity to reduce exposure to credits that
the Company did not believe met its desired risk profile. Non-performing
assets at December 31, 2006 were 0.60% of total loans, representing a
reduction in problem loans of 33.3% from the levels reported at December 31,
2005. The Company also continued an important trend related to peer level or
better losses on its loan portfolio. Net charge-offs for 2006 were 0.10% of
total loans, compared to 0.04% for 2005.
The Company's loan loss reserve at December 31, 2006 amounted to $24.9
million or 1.72% of total loans outstanding. This compares to a loan loss
reserve equal to 1.88% of loans outstanding at December 31, 2005. The
Company's provision for loan losses increased $1.2 million in 2006 to $2.8
million, due primarily to continued growth in loans outstanding.
Recruited successful management team in efforts to expand franchise to
South Carolina
Efforts to expand the franchise to additional growth markets led Ameris to
several experienced bankers in South Carolina. With the completion of its
acquisition of Islands Bancorp on December 31, 2006, Ameris began official
banking operations in South Carolina and expects to continue recruiting
talented and successful decision makers to build a meaningful franchise in
South Carolina's larger markets. Branching and staff expansion efforts are
currently underway in Beaufort, Charleston and Columbia, as well as in the
mortgage and private banking lines of business, across the Company's
footprint.
Edwin W. Hortman, Jr., President and CEO, commented on the record year for
Ameris Bancorp and said, "2006 was a year of many accomplishments in our
Company. Many distractions existed with our efforts to build a single bank,
but our employees focused intensely on our customers and on our bottom line,
producing a memorable year for our shareholders. I am thankful for the
decision makers at every level in Ameris that understand our vision and share
our passion for being a company of distinction."
Ameris Bancorp is headquartered in Moultrie, Georgia, and has 44 locations
in Georgia, Alabama, northern Florida and South Carolina.
Ameris Bancorp Common Stock is quoted on the NASDAQ Global Select Market
under the symbol "ABCB". The preceding release contains statements that
constitute "forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. The words "believe", "estimate", "expect",
"intend", "anticipate" and similar expressions and variations thereof identify
certain of such forward-looking statements, which speak only as of the dates
which they were made. The Company undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events, or otherwise. Readers are cautioned that any such
forward-looking statements are not guarantees of future performance and
involve risks and uncertainties, and that actual results may differ materially
from those indicated in the forward-looking statements as a result of various
factors. Readers are cautioned not to place undue reliance on these forward-
looking statements.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
Dec. Sept. June Mar.
2006 2006 2006 2006
EARNINGS
Net Income $5,758 $5,954 $5,315 $5,100
PER COMMON SHARE DATA
Earnings per share:
Basic 0.44 0.46 0.41 0.39
Diluted 0.43 0.45 0.40 0.39
Cash Dividends per share 0.14 0.14 0.14 0.14
Book value per share
(period end) 13.24 12.31 11.75 11.68
Tangible book value per
share (period end) 8.88 8.58 7.99 7.86
Weighted average number
of shares:
Basic 13,044,493 13,022,400 12,985,424 12,951,765
Diluted 13,269,289 13,226,055 13,139,130 13,102,633
Period-end number of
shares 13,553,002 13,033,193 13,021,510 12,967,576
Market data:
High closing price 29.13 27.91 23.24 23.29
Low closing price 25.90 21.09 20.23 19.71
Period end closing price 28.18 27.21 23.14 23.26
Average daily volume 23,016 36,957 21,949 15,952
PERFORMANCE RATIOS
Return on average assets 1.17% 1.28% 1.23% 1.20%
Return on average equity 13.51% 14.65% 14.60% 13.60%
Earning asset yield (TE) 7.64% 7.73% 7.58% 7.13%
Total cost of funds 3.65% 3.50% 3.10% 2.83%
Net interest margin (TE) 4.03% 4.26% 4.50% 4.32%
Non-interest income
excluding securities
transactions, as a percent
of total revenue (TE) 17.02% 13.82% 11.50% 12.48%
Efficiency ratio 62.66% 58.24% 57.97% 59.57%
CAPITAL ADEQUACY
Equity to assets 8.78% 8.25% 8.58% 8.71%
Tangible common equity to
assets 6.07% 5.90% 6.00% 6.03%
OTHER PERIOD-END DATA
FTE Headcount 600 588 585 584
Assets per FTE $3,405 $3,309 $3,048 $2,978
Branch locations 44 43 42 42
Deposits per branch
location $38,940 $38,162 $34,432 $33,836
Three Twelve
Months Ended Months Ended
Dec. Dec. Dec.
2005 2006 2005
EARNINGS
Net Income $2,723 $22,127 $13,728
PER COMMON SHARE DATA
Earnings per share:
Basic 0.22 1.70 1.15
Diluted 0.22 1.67 1.14
Cash Dividends per share 0.14 0.56 0.56
Book value per share (period end) 11.48 13.24 11.48
Tangible book value per share
(period end) 7.64 8.88 7.64
Weighted average number of shares:
Basic 12,232,165 13,001,333 11,933,582
Diluted 12,365,296 13,288,633 12,047,046
Period-end number of shares 12,952,318 13,553,002 12,952,709
Market data:
High closing price 20.99 29.13 20.93
Low closing price 17.57 19.71 15.43
Period end closing price 19.84 28.18 19.84
Average daily volume 13,687 24,502 15,921
PERFORMANCE RATIOS
Return on average assets 0.77% 1.22% 1.04%
Return on average equity 8.51% 13.90% 10.87%
Earning asset yield (TE) 6.97% 7.54% 6.44%
Total cost of funds 2.58% 3.29% 2.54%
Net interest margin (TE) 4.46% 4.27% 4.31%
Non-interest income excluding
securities transactions,
as a percent of total revenue (TE) 12.35% 13.91% 15.19%
Efficiency ratio 74.71% 59.71% 65.94%
CAPITAL ADEQUACY
Equity to assets 8.76% 8.78% 8.75%
Tangible common equity to assets 6.01% 6.07% 6.09%
OTHER PERIOD-END DATA
FTE Headcount 585 600 585
Assets per FTE $2,901 $3,405 $2,901
Branch locations 42 44 42
Deposits per branch location $32,744 $38,940 $32,744
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
Dec. Sept. June Mar.
2006 2006 2006 2006
INCOME STATEMENT
Interest income
Interest and fees on loans $29,175 $28,553 $26,355 $23,476
Interest on taxable securities 3,032 2,986 2,950 2,742
Interest on nontaxable securities 174 156 127 98
Interest on deposits in other banks 1,626 899 390 667
Interest on federal funds sold 73 30 - 158
Total interest income 34,080 32,624 29,822 27,141
Interest expense
Interest on deposits 14,392 12,600 9,979 8,628
Interest on federal funds purchased
and securities sold under
agreements to repurchase 62 37 48 33
Interest on other borrowings 1,713 2,090 2,122 2,088
Total interest expense 16,167 14,727 12,149 10,749
Net interest income 17,913 17,897 17,673 16,392
Provision for loan losses 713 713 901 510
Net interest income after provision
for loan losses 17,200 17,184 16,772 15,882
Noninterest income
Service charges on deposit accounts 3,665 2,978 2,926 2,631
Other service charges, commissions
and fees 871 857 803 719
Other 2,486 1,420 121 535
Gain(loss) on sale of securities - (3) (314) 9
Total noninterest income 7,022 5,252 3,536 3,894
Noninterest expense
Salaries and employee benefits 7,445 7,131 6,042 6,624
Equipment and occupancy expense 2,281 1,658 1,544 1,353
Amortization of intangible assets 322 344 232 209
Other operating expenses 5,577 4,348 4,476 3,899
Total noninterest expense 15,625 13,481 12,294 12,085
Operating Profit 8,597 8,955 8,014 7,691
Provision for income taxes 2,838 3,001 2,699 2,591
Net Income $5,758 $5,954 $5,315 $5,100
Diluted earnings per share 0.43 0.45 0.40 0.39
Three Twelve
Months Ended Months Ended
Dec. Dec. Dec.
2005 2006 2005
INCOME STATEMENT
Interest income
Interest and fees on loans $19,836 $107,559 $69,238
Interest on taxable securities 2,186 11,710 8,547
Interest on nontaxable securities 43 555 163
Interest on deposits in other banks 774 3,582 1,502
Interest on federal funds sold 53 261 89
Total interest income 22,892 123,667 79,539
Interest expense
Interest on deposits 6,238 45,599 18,629
Interest on federal funds purchased
and securities sold under
agreements to repurchase 38 185 103
Interest on other borrowings 2,015 8,008 8,202
Total interest expense 8,291 53,792 26,934
Net interest income 14,601 69,875 52,605
Provision for loan losses 28 2,837 1,651
Net interest income after provision
for loan losses 14,573 67,038 50,954
Noninterest income
Service charges on deposit accounts 2,695 12,200 10,428
Other service charges, commissions
and fees 286 3,250 2,870
Other 191 4,562 623
Gain(loss) on sale of securities (452) (308) (391)
Total noninterest income 2,720 19,704 13,530
Noninterest expense
Salaries and employee benefits 5,205 27,242 22,483
Equipment and occupancy expense 1,033 6,836 4,931
Amortization of intangible assets 206 1,107 819
Other operating expenses 6,496 18,300 15,374
Total noninterest expense 12,940 53,485 43,607
Operating Profit 4,353 33,257 20,877
Provision for income taxes 1,630 11,129 7,149
Net Income $2,723 $22,127 $13,728
Diluted earnings per share 0.22 1.67 1.14
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Dec. Sept. June
2006 2006 2006
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks $70,041 $54,093 $63,894
Federal funds sold & interest
bearing balances 135,232 148,118 26,642
Securities available for sale, at
fair value 282,972 266,546 257,283
Loans 1,442,951 1,373,071 1,330,713
Less: allowance for loan losses 24,863 23,905 23,366
Loans, net 1,418,088 1,349,166 1,307,347
Premises and equipment, net 46,604 42,266 40,625
Intangible assets, net 6,099 5,640 5,971
Goodwill 52,991 42,933 42,933
Other assets 30,771 37,142 38,649
Total Assets $2,042,798 $1,945,904 $1,783,344
Liabilities
Deposits:
Noninterest-bearing demand $225,095 $226,939 $201,489
Interest-bearing demand 544,005 517,300 418,310
Savings 63,254 66,645 71,873
Time deposits 880,995 830,082 754,456
Total deposits 1,713,349 1,640,966 1,446,128
Federal funds purchased &
securities sold under
agreements to repurchase 15,933 6,725 3,769
Other borrowings 75,591 76,287 124,094
Other liabilities 16,209 19,217 15,629
Subordinated deferrable interest
debentures 42,269 42,269 40,722
Total liabilities 1,863,351 1,785,464 1,630,342
Stockholders' equity
Common stock 14,876 14,356 14,340
Capital surplus 82,791 68,663 68,459
Retained earnings 95,523 91,589 87,466
Accumulated other comprehensive loss (2,488) (2,640) (5,675)
Unearned compensation (662) (935) (1,107)
Less treasury stock (10,593) (10,593) (10,481)
Total stockholders' equity 179,447 160,440 153,002
Total liabilities and
stockholders' equity $2,042,798 $1,945,904 $1,783,344
Other Balance Sheet Data
Earning Assets 1,861,155 1,787,735 1,614,638
Intangible Assets 59,091 48,573 48,904
Interest bearing liabilities 1,622,047 1,539,308 1,413,224
Mar. Dec.
2006 2005
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks $67,570 $74,420
Federal funds sold & interest
bearing balances 56,998 99,781
Securities available for sale, at
fair value 273,031 235,145
Loans 1,240,436 1,186,601
Less: allowance for loan losses 22,616 22,294
Loans, net 1,217,820 1,164,307
Premises and equipment, net 40,194 39,606
Intangible assets, net 6,203 6,412
Goodwill 43,304 43,304
Other assets 33,771 34,234
Total Assets $1,738,891 $1,697,209
Liabilities
Deposits:
Noninterest-bearing demand $193,869 $200,840
Interest-bearing demand 423,682 420,248
Savings 73,532 73,268
Time deposits 730,023 680,876
Total deposits 1,421,106 1,375,232
Federal funds purchased & securities
sold under agreements to repurchase 8,502 10,307
Other borrowings 100,095 106,022
Other liabilities 17,036 16,223
Subordinated deferrable interest
debentures 40,722 40,722
Total liabilities 1,587,461 1,548,506
Stockholders' equity
Common stock 14,286 14,271
Capital surplus 67,520 67,381
Retained earnings 83,970 80,683
Accumulated other comprehensive loss (3,442) (2,625)
Unearned compensation (423) (526)
Less treasury stock (10,481) (10,481)
Total stockholders' equity 151,430 148,703
Total liabilities and
stockholders' equity $1,738,891 $1,697,209
Other Balance Sheet Data
Earning Assets 1,570,465 1,521,527
Intangible Assets 49,507 49,716
Interest bearing liabilities 1,376,556 1,331,443
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
Dec. Sept. June Mar.
2006 2006 2006 2006
ASSET QUALITY INFORMATION
Allowance for loan losses
Balance at beginning of period $23,905 $23,366 $22,616 $22,294
Acquired Reserves 1,024 - - -
Provision for loan loss 713 713 901 510
Charge-offs 1,635 744 339 1,419
Recoveries 856 570 188 1,231
Net charge-offs (recoveries) 779 174 151 188
Ending balance $24,863 $23,905 $23,366 $22,616
As a percentage of loans 1.72% 1.74% 1.76% 1.82%
As a percentage of nonperforming
loans 361.54% 283.37% 316.74% 231.67%
As a percentage of nonperforming
assets 285.29% 237.91% 250.95% 203.05%
Net Charge-off information
Charge-offs
Commercial $1,078 $300 $153 $181
Installment 385 159 167 163
Real Estate 145 280 14 1,005
Agriculture 7 4 3 -
Other 20 1 2 70
Total charge-offs 1,635 744 339 1,419
Recoveries
Commercial 356 481 55 636
Installment 107 61 62 247
Real Estate 362 21 27 335
Agriculture 31 4 32 -
Other - 3 12 13
Total recoveries 856 570 188 1,231
Net charge-offs (recoveries) $779 $174 $151 $188
Non-accrual loans 6,877 8,436 7,377 9,762
Foreclosed assets 1,838 1,612 1,934 1,376
Total non-performing assets 8,715 10,048 9,311 11,138
Non-performing assets as a percent of
loans and foreclosed assets 0.60% 0.73% 0.70% 0.90%
Net charge offs as a percent of loans 0.05% 0.01% 0.01% 0.02%
Three Twelve
Months Ended Months Ended
Dec. Dec. Dec.
2005 2006 2005
ASSET QUALITY INFORMATION
Allowance for loan losses
Balance at beginning of period $17,261 $22,294 $15,493
Acquired Reserves 5,528 1,024 5,528
Provision for loan loss 28 2,837 1,651
Charge-offs 863 4,137 2,154
Recoveries 340 2,845 1,776
Net charge-offs (recoveries) 523 1,292 378
Ending balance $22,294 $24,863 $22,294
As a percentage of loans 1.88% 1.72% 1.88%
As a percentage of nonperforming
loans 232.57% 361.54% 232.57%
As a percentage of nonperforming
assets 207.68% 285.29% 207.68%
Net Charge-off information
Charge-offs
Commercial $385 $1,712 $649
Installment 259 874 718
Real Estate 199 1,444 543
Agriculture 18 14 231
Other 2 93 14
Total charge-offs 863 4,137 2,155
Recoveries
Commercial 150 1,528 601
Installment 100 477 308
Real Estate 42 745 644
Agriculture 47 67 213
Other 1 28 11
Total recoveries 340 2,845 1,777
Net charge-offs (recoveries) $523 $1,292 $378
Non-accrual loans 9,586 6,877 9,586
Foreclosed assets 1,149 1,838 1,149
Total non-performing assets 10,735 8,715 10,735
Non-performing assets as a percent of
loans and foreclosed assets 0.90% 0.60% 0.90%
Net charge offs as a percent of loans 0.04% 0.10% 0.04%
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
Dec. Sept. June Mar.
2006 2006 2006 2006
AVERAGE BALANCES
Short term assets $126,332 $64,374 $25,277 $69,529
Investment securities 272,769 266,450 270,842 265,680
Loans 1,377,824 1,351,601 1,289,354 1,213,916
Total Earning Assets 1,776,925 1,682,425 1,585,473 1,549,125
Noninterest bearing
deposits 199,812 180,932 188,562 190,075
Interest bearing
deposits 521,539 476,371 417,953 409,215
Savings 64,450 70,282 73,368 73,062
CDs 841,387 801,856 738,859 707,895
Deposits 1,627,188 1,529,441 1,418,742 1,380,247
FHLB advances 71,087 86,141 101,044 100,866
Subordinated debentures 42,269 43,580 40,722 40,722
Other borrowings 14,810 11,884 12,737 17,664
Total non-deposit
funding 128,166 141,605 154,503 159,252
Total funding $1,755,354 $1,671,046 $1,573,245 $1,539,499
Three Twelve
Months Ended Months Ended
Dec. Dec. Dec.
2005 2006 2005
AVERAGE BALANCES
Short term assets $62,080 $72,183 $55,762
Investment securities 215,867 267,343 223,633
Loans 1,028,705 1,308,405 952,647
Total Earning Assets 1,306,652 1,647,931 1,232,042
Noninterest bearing deposits 161,398 194,150 152,906
Interest bearing deposits 332,980 452,192 317,384
Savings 70,502 69,591 72,058
CDs 568,205 773,089 500,606
Deposits 1,133,085 1,489,021 1,042,954
FHLB advances 97,794 91,119 99,555
Subordinated debentures 36,426 41,841 35,595
Other borrowings 8,879 11,910 8,279
Total non-deposit funding 143,099 144,869 143,429
Total funding $1,276,184 $1,633,890 $1,186,383
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
Dec. Sept. June Mar.
2006 2006 2006 2006
INTEREST INCOME/EXPENSE
Short term assets $1,699 $929 $390 $825
Investment securities (TE) 3,294 3,223 3,143 2,890
Loans (TE) 29,239 28,622 26,419 23,529
Total Earning Assets 34,232 32,774 29,952 27,244
Noninterest bearing deposits - - - -
Interest bearing deposits 3,866 3,120 2,045 1,635
Savings 178 193 186 174
CDs 10,349 9,287 7,748 6,819
Deposits 14,392 12,600 9,979 8,628
FHLB advances 899 1,087 1,131 1,129
Subordinated debentures 724 916 909 884
Other borrowings 152 124 130 108
Total non-deposit funding 1,775 2,127 2,170 2,121
Total funding $16,167 $14,727 $12,149 $10,749
Net Interest Income (TE) $18,065 $18,047 $17,803 $16,495
Three Twelve
Months Ended Months Ended
Dec. Dec. Dec.
2005 2006 2005
INTEREST INCOME/EXPENSE
Short term assets $827 $3,843 $1,371
Investment securities (TE) 2,252 12,550 8,637
Loans (TE) 19,890 107,809 69,329
Total Earning Assets 22,969 124,202 79,337
Noninterest bearing deposits - - -
Interest bearing deposits 1,279 10,666 3,260
Savings 167 731 559
CDs 4,792 34,203 14,562
Deposits 6,238 45,599 18,381
FHLB advances 1,174 4,246 4,665
Subordinated debentures 800 3,433 3,477
Other borrowings 79 514 51
Total non-deposit funding 2,053 8,193 8,193
Total funding $8,291 $53,792 $26,574
Net Interest Income (TE) $14,678 $70,410 $52,763
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Twelve Months
Three Months Ended Ended
Dec. Sept. June Mar. Dec. Dec. Dec.
2006 2006 2006 2006 2005 2006 2005
YIELDS (1)
Short term assets 5.34% 5.73% 6.19% 4.81% 5.29% 5.32% 2.46%
Investment securities 4.79% 4.80% 4.65% 4.41% 4.14% 4.69% 3.86%
Loans 8.42% 8.40% 8.22% 7.86% 7.67% 8.24% 7.28%
Total Earning Assets
(2) 7.64% 7.73% 7.58% 7.13% 6.97% 7.54% 6.44%
Noninterest bearing
deposits
Interest bearing
deposits 2.94% 2.60% 1.96% 1.62% 1.52% 2.36% 1.03%
Savings 1.09% 1.09% 1.02% 0.97% 0.94% 1.05% 0.78%
CDs 4.88% 4.59% 4.21% 3.91% 3.35% 4.42% 2.91%
Deposits 3.51% 3.27% 2.82% 2.54% 2.18% 3.06% 1.76%
FHLB advances 5.02% 5.01% 4.49% 4.54% 4.76% 4.66% 4.69%
Subordinated debentures 6.80% 8.34% 8.95% 8.80% 8.71% 8.20% 9.77%
Other borrowings 4.07% 4.14% 4.09% 2.48% 3.53% 4.32% 0.61%
Total non-deposit
funding 5.49% 5.96% 5.63% 5.40% 5.69% 5.66% 5.71%
Total funding (3) 3.65% 3.50% 3.10% 2.83% 2.58% 3.29% 2.24%
Net interest spread 3.99% 4.23% 4.48% 4.30% 4.40% 4.24% 4.20%
Net interest margin 4.03% 4.26% 4.50% 4.32% 4.46% 4.27% 4.28%
(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
Contact: Dennis J. Zember Jr., Ameris Bancorp Executive Vice President & CFO, +1-229-890-1111