MOULTRIE, Ga., July 19 /PRNewswire-FirstCall/ -- AMERIS BANCORP
(Nasdaq: ABCB), , reported net income of $5.4 million, or $0.39 per share, for
the quarter ended June 30, 2007, compared to net income of $5.3 million, or
$0.40 per share, in the same quarter of 2006. Year to date earnings totaled
$10.4 million or $0.76 per share compared to $10.4 million or $0.79 per share
for the same period in 2006.
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Continued momentum in balance sheet growth
Total assets at June 30, 2007 were $2.05 billion, an increase of $265.7
million or 14.9% over total assets at June 30, 2006. Loans increased $226.1
million or 17.0% to $1.56 billion from $1.33 billion at June 30, 2006.
Deposits grew to $1.70 billion, an increase of 17.2% or $249.1 million from
the same time in 2006. Management attributes continued double digit growth in
loans and deposits to several on-going initiatives. First, management in the
Company's core markets has recruited heavily during the previous two years and
has succeeded in strengthening sales and production teams, primarily with
business bankers and mortgage bankers. Secondly, recent expansion into
larger, metropolitan markets has led to the hiring of seasoned bankers and
executives at a faster pace than was originally planned. Growth in loans and
deposits in these markets has exceeded plans as well while the Company
attempts to build a meaningful franchise in these new markets. Management
estimates that recent expansion efforts in South Carolina and Jacksonville,
Florida have cost approximately $0.02 per share in the current quarter and
$0.05 per share for the year to date period. Ameris anticipated that these
efforts will be accretive to current shareholders sometime in 2008.
Growth in net interest income and efforts to manage the margin to higher
levels
Net interest income for the second quarter of 2007 was $18.3 million, an
increase of 3.7% over the same period in 2006. Growth in interest and fees on
loans of $5.2 million or 19.8% was fully offset with higher funding costs as
total interest expense increased $5.4 million or 44.1% compared to the same
quarter in 2006.
The Company's net interest margin for the second quarter of 2007 was
4.03%, down from the 4.50% reported in the same quarter in 2006. During the
second quarter of 2007, the Company reversed the accrued interest on a loan
relationship under which interest payments became past due. This reduced loan
yields by 0.13% and the overall net interest margin by 0.11% for the second
quarter of 2007. Excluding this non-recurring adjustment, the net interest
margin increased to 4.14% from 4.10% in the first quarter of 2007. Excluding
the adjustment, yield on loans increased to 8.59% in the second quarter of
2007 from 8.57% in the first quarter of 2007 while total earning asset yields
improved to 7.91%, compared to 7.85% for the same periods.
Funding cost increases moderated during the quarter as total cost of funds
increased only 0.05% to 3.84%. Deposit costs increased to 3.68% during the
second quarter compared to 3.64% in the first quarter of the year while non-
deposit borrowing costs increased more substantially, from 5.68% to 5.81%
during the same periods.
Disciplines being practiced to maintain profitability in the net interest
margin and to manage to higher levels have improved significantly during the
first half of the year. The Company's bankers have negotiated diligently on
both sides of the balance sheet and have worked aggressively to determine the
sensitivity of the customer base to rate changes. Management is confident
that the positively shaped yield curve which materialized late in the second
quarter will provide a boost to margins, particularly impacting the asset side
of the balance sheet. The pricing disciplines being worked by the Company's
bankers and leadership will allow Ameris to benefit from the positive yield
curve and should be evident in yields and margins for the last half of the
year and fully in 2008.
Focus on operating expenses
Operating expenses during the second quarter of 2007 were $13.8 million
compared to $12.3 million for the same quarter in 2006. Operating expense
growth relates mostly to expanding the sales force in markets such as South
Carolina and Jacksonville. In many of the Company's core markets, sales
forces have been expanded over the past two years as well. These expansions
in core markets have typically been offset by fewer employees in non-customer
contact roles and ultimately resulted in little growth in operating expense
while providing a more robust platform for growth. The expansion expenses for
newer markets totaled approximately $1.1 million for the quarter and $2.1
million for the year to date period. Excluding these expenses, operating
expenses grew 2.4% and 7.1% for the quarter and year to date periods,
respectively. Additional efforts to improve operating expenses are underway
and the Company's efforts to streamline back room functions such as loan
operations and deposit operations should be completed by the end of 2007.
Improvement in operating income
Operating income during the second quarter of 2007 increased by 31.3% to
$4.6 million when compared to the same quarter in 2006. Operating income for
the same quarter in 2006 was negatively impacted by the loss on the sale of
investment securities totaling approximately $314,000.
Service charges on deposit accounts increased 4.8% during the current
quarter compared to the same period in 2006. Increases in fees, both monthly
charges and insufficient funds charges were offset by limited offerings of
free or reduced-fee checking products. It is anticipated that during the
third and fourth quarters of 2007 the Company's marketing efforts will center
on campaigns to sell lower cost deposit accounts. Management believes these
new accounts will produce little or no service charges but will further
improve net interest margins and provide the expanded sales force additional
avenues to sell profitable products and services.
Income from mortgage banking activities grew solidly during the quarter,
increasing 61.7% to approximately $800,000 during the second quarter of 2007.
For the year to date period, income from mortgage banking activities has
improved 56.3% to approximately $1.5 million. As mentioned earlier, efforts
to expand sales and production staffs have regularly included mortgage
bankers. Over the last six months, the Company's new and existing mortgage
bankers have solidified their place in the market and have begun to produce at
levels expected by management. Further improvement in the second half of 2007
is expected as additional bankers are being recruited and pipelines for
current production remain strong.
Focus on credit risk
Non-performing assets at the end of the quarter were $18.3 million or
1.17% of total loans and OREO. Approximately 33% of total non-performing
assets is held in a single loan relationship that management classified as
non-accrual during the second quarter. The loan, totaling approximately $6.5
million at the end of the quarter, is secured by improved real estate. The
Company's assessment of the loan relationship lead us to believe that minimal
loss exposure exists in the loan. Aggressive legal efforts are underway to
force compliance with the loan terms. Management believes that the
relationship will be classified as non-performing through the end of 2007.
Excluding this loan relationship, non-performing assets increased slightly
to 0.77% compared to 0.67% at March 31, 2007 and 0.60% at December 31, 2006.
The Company's loan loss reserve was 1.61% of total loans, compared to 1.72% at
December 31, 2006.
Management continues to focus on assessing and managing credit risk. That
effort is concentrated in two primary areas: sound credit administration
oversight coupled with high-quality underwriting, and early recognition of
developing weaknesses in the loan portfolio. Credit administration monitors
market conditions and directs the lending focus, both in generating new
business and ensuring risk analysis is completed to Ameris' high standards.
Ameris Bancorp is headquartered in Moultrie, Georgia, and has 46 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
June Mar. Dec. Sept.
2007 2007 2006 2006
EARNINGS
Net Income $5,373 $5,024 $5,758 $5,954
PER COMMON SHARE DATA
Earnings per share:
Basic 0.40 0.37 0.44 0.46
Diluted 0.39 0.37 0.43 0.45
Cash Dividends per share 0.14 0.14 0.14 0.14
Book value per share
(period end) 13.60 13.51 13.24 12.31
Tangible book value per
share (period end) 9.16 9.06 8.73 8.58
Weighted average number
of shares:
Basic 13,485,683 13,443,850 13,044,493 13,022,400
Diluted 13,663,072 13,667,509 13,269,289 13,226,055
Period-end number of
shares 13,541,476 13,527,520 13,553,002 13,033,193
Market data:
High closing price 25.58 28.32 29.13 27.91
Low closing price 21.76 23.25 25.90 21.09
Period end closing price 22.47 24.48 28.18 27.21
Average daily volume 38,941 41,130 23,016 36,957
PERFORMANCE RATIOS
Return on average assets 1.06% 1.01% 1.17% 1.28%
Return on average equity 11.64% 11.22% 13.51% 15.15%
Earning asset yield (TE) 7.80% 7.85% 7.64% 7.73%
Total cost of funds 3.84% 3.79% 3.65% 3.50%
Net interest margin (TE) 4.03% 4.10% 4.03% 4.26%
Non-interest income
excluding securities
transactions,
as a percent of total
revenue (TE) 11.34% 11.29% 17.02% 13.82%
Efficiency ratio 59.98% 62.96% 62.66% 58.24%
CAPITAL ADEQUACY
Equity to assets 8.98% 8.97% 8.73% 8.25%
Tangible common equity to
assets 6.24% 6.20% 5.95% 5.90%
OTHER PERIOD-END DATA
FTE Headcount 604 600 600 588
Assets per FTE $3,393 $3,394 $3,413 $3,309
Branch locations 46 46 44 43
Deposits per branch
location $36,852 $37,228 $38,867 $38,162
Three Months Six Months Ended
Ended June
June 2006 2007 2006
EARNINGS
Net Income $5,315 $10,397 $10,415
PER COMMON SHARE DATA
Earnings per share:
Basic 0.41 0.77 0.80
Diluted 0.40 0.76 0.79
Cash Dividends per share 0.14 0.28 0.28
Book value per share (period end) 11.75 13.60 11.75
Tangible book value per share
(period end) 7.99 9.16 7.99
Weighted average number of shares:
Basic 12,985,424 13,464,766 12,968,687
Diluted 13,139,130 13,665,050 13,118,881
Period-end number of shares 13,021,510 13,541,476 13,021,510
Market data:
High closing price 23.24 28.15 22.75
Low closing price 20.23 21.76 19.36
Period end closing price 23.14 22.47 22.78
Average daily volume 21,949 40,017 19,127
PERFORMANCE RATIOS
Return on average assets 1.23% 1.04% 1.21%
Return on average equity 13.99% 11.43% 13.91%
Earning asset yield (TE) 7.58% 7.83% 7.36%
Total cost of funds 3.10% 3.81% 2.97%
Net interest margin (TE) 4.50% 4.07% 4.41%
Non-interest income excluding
securities transactions,
as a percent of total revenue (TE) 11.50% 11.31% 11.97%
Efficiency ratio 57.97% 61.47% 58.75%
CAPITAL ADEQUACY
Equity to assets 8.58% 8.98% 8.58%
Tangible common equity to assets 6.00% 6.24% 6.00%
OTHER PERIOD-END DATA
FTE Headcount 585 604 585
Assets per FTE $3,048 $3,393 $3,048
Branch locations 42 46 42
Deposits per branch location $34,432 $36,852 $34,432
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
June Mar. Dec. Sept.
2007 2007 2006 2006
INCOME STATEMENT
Interest income
Interest and fees on loans $31,573 $30,760 $29,175 $28,553
Interest on taxable securities 3,434 3,337 3,032 2,986
Interest on nontaxable securities 176 179 174 156
Interest on deposits in other banks 659 1,042 1,626 899
Interest on federal funds sold 1 91 73 30
Total interest income 35,842 35,409 34,080 32,624
Interest expense
Interest on deposits 15,540 15,205 14,392 12,600
Interest on federal funds purchased
and securities sold under agreements
to repurchase 34 59 62 37
Interest on other borrowings 1,939 1,727 1,713 2,090
Total interest expense 17,512 16,991 16,167 14,727
Net interest income 18,330 18,419 17,913 17,897
Provision for loan losses 936 507 713 713
Net interest income after provision
for loan losses 17,394 17,911 17,200 17,184
Noninterest income
Service charges on deposit accounts 3,066 2,870 3,665 2,978
Mortgage banking activity 799 683 639 547
Other non-interest income 769 972 2,718 1,730
Gain(loss) on sale of securities 8 - - (3)
Total noninterest income 4,643 4,525 7,023 5,252
Noninterest expense
Salaries and employee benefits 7,492 7,732 7,445 7,131
Equipment and occupancy expense 1,718 1,676 2,281 1,658
Amortization of intangible assets 324 324 322 344
Other operating expenses 4,245 4,712 5,577 4,348
Total noninterest expense 13,780 14,444 15,626 13,481
Operating Profit 8,257 7,992 8,597 8,955
Provision for income taxes 2,884 2,968 2,838 3,001
Net Income $5,373 $5,024 $5,759 $5,954
Diluted earnings per share 0.39 0.37 0.43 0.45
Three Months Six Months Ended
Ended June
June 2006 2007 2006
INCOME STATEMENT
Interest income
Interest and fees on loans $26,355 $62,332 $49,831
Interest on taxable securities 2,950 6,771 5,692
Interest on nontaxable securities 127 355 225
Interest on deposits in other banks 390 1,700 1,057
Interest on federal funds sold - 92 158
Total interest income 29,822 71,251 56,963
Interest expense
Interest on deposits 9,979 30,744 18,607
Interest on federal funds purchased
and securities sold under agreements
to repurchase 48 93 81
Interest on other borrowings 2,122 3,665 4,210
Total interest expense 12,149 34,503 22,898
Net interest income 17,673 36,748 34,065
Provision for loan losses 901 1,444 1,411
Net interest income after provision
for loan losses 16,772 35,304 32,654
Noninterest income
Service charges on deposit accounts 2,926 5,936 5,557
Mortgage banking activity 494 1,482 948
Other non-interest income 430 1,742 1,230
Gain(loss) on sale of securities (314) 8 (305)
Total noninterest income 3,536 9,168 7,430
Noninterest expense
Salaries and employee benefits 6,042 15,224 12,666
Equipment and occupancy expense 1,544 3,394 2,897
Amortization of intangible assets 232 649 441
Other operating expenses 4,476 8,956 8,375
Total noninterest expense 12,294 28,224 24,379
Operating Profit 8,014 16,248 15,705
Provision for income taxes 2,699 5,852 5,290
Net Income $5,315 $10,397 $10,415
Diluted earnings per share 0.40 0.76 0.79
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
June Mar. Dec.
2007 2007 2006
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks $50,328 $49,640 $66,856
Federal funds sold & interest
bearing balances 16,342 94,496 135,232
Securities available for sale, at
fair value 300,642 300,322 283,192
Loans 1,556,862 1,475,869 1,442,951
Less: allowance for loan losses 25,032 25,113 24,863
Loans, net 1,531,831 1,450,756 1,418,088
Premises and equipment, net 52,385 47,251 46,604
Intangible assets, net 5,450 5,775 6,099
Goodwill 54,629 54,419 54,365
Other assets 37,466 33,754 37,106
Total Assets $2,049,073 $2,036,413 $2,047,542
Liabilities
Deposits:
Noninterest-bearing demand $200,849 $197,845 $221,592
Interest-bearing demand 576,309 574,089 545,564
Savings 60,243 64,182 63,255
Time deposits 857,785 876,391 879,752
Total deposits 1,695,185 1,712,507 1,710,163
Federal funds purchased & securities
sold under agreements to repurchase 6,966 5,370 15,933
Other borrowings 105,500 75,500 75,500
Other liabilities 15,054 18,003 24,945
Subordinated deferrable interest
debentures 42,269 42,269 42,269
Total liabilities 1,864,974 1,853,649 1,868,810
Stockholders' equity
Common stock 14,868 14,850 14,850
Capital surplus 82,238 81,620 81,481
Retained earnings 102,124 98,631 95,523
Accumulated other comprehensive loss (4,231) (1,744) (2,529)
Less treasury stock (10,900) (10,593) (10,593)
Total stockholders' equity 184,099 182,764 178,732
Total liabilities and
stockholders' equity $2,049,073 $2,036,413 $2,047,542
Other Data
Earning Assets 1,873,846 1,870,687 1,861,375
Intangible Assets 60,079 60,193 60,464
Interest bearing liabilities 1,649,071 1,637,801 1,622,273
Average Assets 2,030,018 2,014,040 1,946,772
Average Stockholders' Equity 185,177 181,645 169,135
Sept. June
2006 2006
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks $54,093 $63,894
Federal funds sold & interest
bearing balances 148,118 26,642
Securities available for sale, at
fair value 266,546 257,283
Loans 1,373,071 1,330,713
Less: allowance for loan losses 23,905 23,366
Loans, net 1,349,166 1,307,347
Premises and equipment, net 42,266 40,625
Intangible assets, net 5,640 5,971
Goodwill 42,933 42,933
Other assets 37,142 38,649
Total Assets $1,945,904 $1,783,344
Liabilities
Deposits:
Noninterest-bearing demand $226,939 $201,489
Interest-bearing demand 517,300 418,310
Savings 66,645 71,873
Time deposits 830,082 754,456
Total deposits 1,640,966 1,446,128
Federal funds purchased & securities
sold under agreements to repurchase 6,725 3,769
Other borrowings 76,287 124,094
Other liabilities 19,217 15,629
Subordinated deferrable interest debentures 42,269 40,722
Total liabilities 1,785,464 1,630,342
Stockholders' equity
Common stock 14,356 14,340
Capital surplus 67,728 67,352
Retained earnings 91,589 87,466
Accumulated other comprehensive loss (2,640) (5,675)
Less treasury stock (10,593) (10,481)
Total stockholders' equity 160,440 153,002
Total liabilities and
stockholders' equity $1,945,904 $1,783,344
Other Data
Earning Assets 1,787,735 1,614,638
Intangible Assets 48,573 48,904
Interest bearing liabilities 1,539,308 1,413,224
Average Assets 1,851,073 1,733,204
Average Stockholders' Equity 155,922 152,329
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
June Mar. Dec. Sept.
2007 2007 2006 2006
ASSET QUALITY INFORMATION
Allowance for loan losses
Balance at beginning of period $25,113 $24,863 $23,905 $23,366
Acquired Reserves - - 1,024 -
Provision for loan loss 936 507 713 713
Charge-offs 1,327 787 1,635 744
Recoveries 309 530 856 570
Net charge-offs (recoveries) 1,018 257 779 174
Ending balance $25,032 $25,113 $24,863 $23,905
As a percentage of loans 1.61% 1.70% 1.72% 1.74%
As a percentage of nonperforming
loans 154.51% 282.46% 361.54% 283.37%
As a percentage of nonperforming
assets 136.90% 252.93% 285.29% 237.91%
Net Charge-off information
Charge-offs
Commercial $959 $353 $1,078 $300
Installment 82 146 385 159
Real Estate 286 288 145 280
Agriculture - - 7 4
Other - - 20 1
Total charge-offs 1,327 787 1,635 744
Recoveries
Commercial 192 357 356 481
Installment 100 121 107 61
Real Estate 17 51 362 21
Agriculture - 0 31 4
Other - - - 3
Total recoveries 309 530 856 570
Net charge-offs (recoveries) $1,018 $257 $779 $174
Non-accrual loans 16,201 8,891 6,877 8,436
Foreclosed assets 2,084 1,038 1,838 1,612
Total non-performing assets 18,285 9,929 8,715 10,048
Non-performing assets as a percent of
loans and foreclosed assets 1.17% 0.67% 0.60% 0.73%
Net charge offs as a percent of loans
(Annualized) 0.26% 0.07% 0.22% 0.05%
Three Months Six Months Ended
Ended June
June 2006 2007 2006
ASSET QUALITY INFORMATION
Allowance for loan losses
Balance at beginning of period $22,616 $24,863 $22,294
Acquired Reserves - - -
Provision for loan loss 901 1,444 1,411
Charge-offs 339 2,113 1,758
Recoveries 188 839 1,419
Net charge-offs (recoveries) 151 1,275 339
Ending balance $23,366 $25,032 $23,366
As a percentage of loans 1.76% 1.61% 1.76%
As a percentage of nonperforming loans 316.74% 154.51% 316.74%
As a percentage of nonperforming
assets 250.95% 136.90% 250.95%
Net Charge-off information
Charge-offs
Commercial $153 $1,312 $334
Installment 167 228 330
Real Estate 14 574 1,019
Agriculture 3 - 3
Other 2 - 72
Total charge-offs 339 2,113 1,758
Recoveries
Commercial 55 549 691
Installment 62 221 309
Real Estate 27 68 362
Agriculture 32 0 32
Other 12 - 25
Total recoveries 188 839 1,419
Net charge-offs (recoveries) $151 $1,275 $339
Non-accrual loans 7,377 16,201 7,377
Foreclosed assets 1,934 2,084 1,934
Total non-performing assets 9,311 18,285 9,311
Non-performing assets as a percent of
loans and foreclosed assets 0.70% 1.17% 0.70%
Net charge offs as a percent of loans
(Annualized) 0.05% 0.16% 0.05%
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE
headcount)
Three Months Ended
June Mar. Dec. Sept.
2007 2007 2006 2006
AVERAGE BALANCES
Short term assets $49,200 $85,297 $126,332 $64,374
Investment securities 301,848 292,979 272,769 266,450
Loans 1,511,333 1,458,725 1,377,824 1,351,601
Total Earning Assets 1,862,381 1,837,001 1,776,925 1,682,425
Noninterest bearing
deposits 192,298 199,779 199,812 180,932
Interest bearing deposits 572,400 554,530 521,539 476,371
Savings 61,733 62,933 64,450 70,282
CDs 866,589 875,003 841,387 801,856
Deposits 1,693,020 1,692,245 1,627,188 1,529,441
FHLB advances 83,109 71,547 71,087 86,141
Subordinated debentures 42,269 42,269 42,269 43,580
Other borrowings 10,689 13,745 14,810 11,884
Total non-deposit
funding 136,067 127,561 128,166 141,605
Total funding $1,829,087 $1,819,806 $1,755,354 $1,671,046
Three Months Six Months Ended
Ended June June
2006 2007 2006
AVERAGE BALANCES
Short term assets $25,277 67,249 $47,403
Investment securities 270,842 297,414 268,261
Loans 1,289,354 1,485,029 1,251,635
Total Earning Assets 1,585,473 1,849,691 1,567,299
Noninterest bearing deposits 188,562 196,039 189,319
Interest bearing deposits 417,953 563,465 413,584
Savings 73,368 62,333 73,215
CDs 738,859 870,796 723,377
Deposits 1,418,742 1,692,633 1,399,495
FHLB advances 101,044 77,328 100,955
Subordinated debentures 40,722 42,269 40,722
Other borrowings 12,737 12,217 15,201
Total non-deposit funding 154,503 131,814 156,878
Total funding $1,573,245 $1,824,446 $1,556,372
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE
headcount)
Three Months Ended
June Mar. Dec. Sept.
2007 2007 2006 2006
INTEREST INCOME/EXPENSE
Short term assets $659 $1,133 $1,699 $929
Investment securities (TE) 3,705 3,612 3,294 3,223
Loans (TE) 31,869 30,810 29,239 28,622
Total Earning Assets 36,233 35,555 34,232 32,774
Noninterest bearing deposits - - - -
Interest bearing deposits 4,393 4,183 3,866 3,120
Savings 163 164 178 193
CDs 10,983 10,858 10,349 9,287
Deposits 15,539 15,205 14,392 12,600
FHLB advances 1,084 888 899 1,087
Subordinated debentures 768 754 724 916
Other borrowings 120 144 152 124
Total non-deposit funding 1,972 1,786 1,775 2,127
Total funding $17,511 $16,991 $16,167 $14,727
Net Interest Income (TE) $18,722 $18,565 $18,065 $18,047
Three Months Six Months Ended
June Ended June
2006 2007 2006
INTEREST INCOME/EXPENSE
Short term assets $390 $1,792 $1,215
Investment securities (TE) 3,143 7,317 6,033
Loans (TE) 26,419 62,679 49,948
Total Earning Assets 29,952 71,788 57,196
Noninterest bearing deposits - - -
Interest bearing deposits 2,045 8,576 3,680
Savings 186 327 360
CDs 7,748 21,841 14,567
Deposits 9,979 30,744 18,607
FHLB advances 1,131 1,972 2,260
Subordinated debentures 909 1,522 1,793
Other borrowings 130 264 238
Total non-deposit funding 2,170 3,758 4,291
Total funding $12,149 $34,502 $22,898
Net Interest Income (TE) $17,803 $37,286 $34,298
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
2007 2007 2006 2006 2006 2007 2006
YIELDS (1)
Short term assets 5.37% 5.39% 5.34% 5.73% 6.19% 5.37% 5.17%
Investment securities 4.92% 5.00% 4.79% 4.80% 4.65% 4.96% 4.54%
Loans 8.46% 8.57% 8.42% 8.40% 8.22% 8.51% 8.05%
Total Earning
Assets (2) 7.80% 7.85% 7.64% 7.73% 7.58% 7.83% 7.36%
Noninterest bearing
deposits
Interest bearing
deposits 3.08% 3.06% 2.94% 2.60% 1.96% 3.07% 1.79%
Savings 1.06% 1.06% 1.09% 1.09% 1.02% 1.06% 0.99%
CDs 5.08% 5.03% 4.88% 4.59% 4.21% 5.06% 4.06%
Deposits 3.68% 3.64% 3.51% 3.27% 2.82% 3.66% 2.68%
FHLB advances 5.23% 5.03% 5.02% 5.01% 4.49% 5.14% 4.51%
Subordinated debentures 7.29% 7.23% 6.80% 8.34% 8.95% 7.26% 8.88%
Other borrowings 4.50% 4.26% 4.07% 4.14% 4.09% 4.37% 3.16%
Total non-deposit
funding 5.81% 5.68% 5.49% 5.96% 5.63% 5.75% 5.52%
Total funding (3) 3.84% 3.79% 3.65% 3.50% 3.10% 3.81% 2.97%
Net interest spread 3.96% 4.06% 3.99% 4.23% 4.48% 4.01% 4.39%
Net interest margin 4.03% 4.10% 4.03% 4.26% 4.50% 4.07% 4.41%
(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., Executive Vice President & CFO, +1-229-890-1111