MOULTRIE, Ga., Jan. 24 /PRNewswire-FirstCall/ -- AMERIS BANCORP
(Nasdaq: ABCB), reported net income of $15.2 million, or $1.11 per share, for
the year ended December 31, 2007, compared to net income in 2006 of $22.1
million, or $1.68 per share. Net income for the fourth quarter of 2007 was
$1.2 million or $0.09 per share compared to $5.8 million or $0.43 per share in
the fourth quarter of 2006.
(Logo: http://www.newscom.com/cgi-bin/prnh/20051117/CLTH039LOGO )
Ameris Bancorp's performance in 2007 was highlighted by the following
significant items:
-- Exceeded forecasts for loans and deposits in South Carolina in first
year of expansion strategy in that state.
-- Completed consolidation of backroom operations across our four-state
footprint.
-- Revenue growth of 7.6% despite negative pressures from interest rate
environment and industry trends on service charges.
-- Containment of operating expenses despite substantial start-up costs
associated with expansion efforts.
-- Increased provision for loan losses required due to deteriorating real
estate environments along coastal areas of Florida.
Exceeded first year goals associated with South Carolina expansion
strategy
Ameris Bank's five-year strategy to build a significant statewide bank in
South Carolina started successfully in 2007 beating the Company's goals across
the board. Loans and deposits grew substantially to $153.5 million and $159.4
million, respectively, during 2007. Exceptional talent was recruited in
Charleston, Hilton Head and Columbia, with roster of bankers in South Carolina
growing to 60 at December 31, 2007. Net operating losses were less than
expected for several reasons, including higher levels of net interest income
and mortgage fees than originally forecasted. Total net operating losses
associated with the South Carolina strategy in 2007 were $0.10 per share,
which compares favorably with the $0.13 per share amount that was initially
forecasted. The Company's commitment to allowing experienced bankers to be
the decision makers in their communities continues to attract talent and
provides management with confidence that future expansion plans will be
successful and significantly accretive to investors.
Completed centralization of all backroom operations across our four-state
footprint
Centralization of The Company's backroom operations was necessary to
provide exceptional, uniform customer service across our expanding footprint.
In addition, the profitability of future growth will be maximized when
incremental growth in operating expense is concentrated in bankers dealing
with customers. All centers were completely operational with trained staff as
of December 31, 2007. Commenting on the efforts to complete this important
effort, Edwin W. Hortman, President and CEO, said "Change is never easy but
our Company's leadership and employees have embraced the opportunity to
restructure. In 2006 we collapsed 15 charters and adopted a single brand. In
2007, our Company took the next step and moved to centralized operations for
loans and deposits. As I look back over the last two years, I'm encouraged
that the difficult decisions have been made and our Company continues to
evolve into a high-performing, growth oriented community bank."
Strong revenue growth despite negative pressures
Recurring total revenue (net interest income and non-interest income) grew
7.6% during 2007 to $92.6 million. The net interest income component of total
revenue grew 6.7% to $74.6 million in 2007. Loan growth of $171.1 million or
11.9% during 2007 was the primary factor behind the growth in net interest
income and more than offset the negative pressures from declining net interest
margins. The Company's net interest margin in 2007 declined to 4.02% from
4.27% in 2006 as the industry dealt with historically thin spreads and flat to
inverted interest rate environments. Declines in margins and spreads during
2007 began to moderate as the year ended, and management remains confident
that the Company's pricing disciplines will enable the Company to take
advantage of opportunities to widen spreads as the interest rate environment
allows.
The non-interest income component of total revenue grew 11.7% to $18.3
million in 2007 (excluding gains on sales of charters in 2006 and losses on
investment sales in both years). Service charges and fees on deposit accounts
grew 7.9% to $12.5 million as the Company increased certain fees and charges.
In addition, the Company significantly increased the number of low-cost
deposit accounts in every market. Mortgage origination and related fees
increased substantially during 2007 as the Company more than doubled its sales
force, mostly in the last half of 2007. While total revenue from mortgage
related activities increased 40.1% to $3.1 million during 2007, contribution
to net earnings was limited due to various start-up costs.
Trends in operating expenses
Total operating expenses grew 10.9% in 2007 to $58.9 million compared to
$53.1 million in 2006. Several factors impacted operating expenses in 2007,
the largest factor being the Company's South Carolina initiative, which
accounted for approximately $4.5 million in incremental costs during 2007.
Equipment and occupancy expenses increased approximately 9.3% to $7.5 million
as additional offices in South Carolina and Florida were opened in 2007.
Advertising-related expenses in 2007 increased approximately $460,000 to $2.1
million as the Company expanded its marketing in existing markets and promoted
itself in new markets. Marketing costs are not expected to moderate or fall in
2008 as the Company has planned events surrounding openings in several new
markets across its footprint and increased marketing around mortgage and
treasury services.
Trends in credit quality
Decreases in credit quality, particularly in the second half of 2007, were
significant enough to mitigate improvements elsewhere in the Company. The
majority of the decline, as well as the resulting provisions and net charge-
offs resulted from declines in the values of real estate collateral along the
coastal areas of north Florida. Provisions for loan loss in the fourth
quarter of 2007 amounted to $6.9 million compared to $713,000 in the same
quarter of 2006. For the year, Ameris Bank recorded $11.3 million in total
provision for loan loss, a significant increase over the $2.8 million recorded
in 2006. Net charge-offs in 2007 amounted to 0.53% of average loans compared
to 0.10% in 2006.
At December 31, 2007, non-performing assets amounted to $26.0 million or
1.60% of total loans compared to 1.38% of total loans at September 30, 2007.
Other real estate increased approximately $4.5 million during the linked
quarter as the Company foreclosed on several larger properties which are being
marketed aggressively. The Company's reserve for loan losses at December 31,
2007 was $27.6 million or 1.71% of total loans, compared to $24.9 million and
1.72%, respectively, at December 31, 2006.
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
Dec. Sept. June Mar.
2007 2007 2007 2007
EARNINGS
Net Income $1,207 $3,570 $5,373 $5,024
PER COMMON SHARE DATA
Earnings per share:
Basic 0.09 0.26 0.40 0.37
Diluted 0.09 0.26 0.39 0.37
Cash Dividends per share 0.14 0.14 0.14 0.14
Book value per share
(period end) 14.06 13.93 13.60 13.51
Tangible book value per
share (period end) 9.67 9.51 9.16 9.06
Weighted average number
of shares:
Basic 13,485,765 13,501,663 13,485,683 13,443,850
Diluted 13,573,626 13,620,069 13,663,072 13,667,509
Period-end number of
shares 13,539,985 13,539,195 13,541,476 13,527,520
Market data:
High closing price 18.67 23.05 25.58 27.73
Low closing price 13.73 17.72 21.76 23.11
Period end closing price 16.85 18.08 22.47 24.33
Average daily volume 51,604 50,547 38,941 41,130
PERFORMANCE RATIOS
Return on average assets 0.23% 0.68% 1.06% 1.01%
Return on average equity 2.50% 7.56% 11.64% 11.22%
Earning asset yield (TE) 7.65% 7.87% 7.80% 7.85%
Total cost of funds 3.79% 3.90% 3.84% 3.79%
Net interest margin (TE) 3.91% 4.03% 4.03% 4.10%
Non-interest income
excluding securities
transactions, as a percent
of total revenue (TE) 10.91% 11.04% 11.34% 11.29%
Efficiency ratio 67.15% 64.08% 59.98% 62.96%
CAPITAL ADEQUACY
Equity to assets 9.03% 8.97% 8.98% 8.97%
Tangible common equity to
assets 6.39% 6.30% 6.24% 6.20%
OTHER PERIOD-END DATA
FTE Headcount 620 621 604 600
Assets per FTE $3,402 $3,387 $3,393 $3,394
Branch locations 46 47 46 46
Deposits per branch
location $38,201 $36,337 $36,852 $37,228
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Twelve
Months Ended Months Ended
Dec. Dec. Dec.
2006 2007 2006
EARNINGS
Net Income $5,758 $15,172 $22,127
PER COMMON SHARE DATA
Earnings per share:
Basic 0.44 1.13 1.71
Diluted 0.43 1.11 1.68
Cash Dividends per share 0.14 0.56 0.56
Book value per share (period end) 13.24 14.06 13.19
Tangible book value per share
(period end) 8.73 9.67 8.73
Weighted average number of shares:
Basic 13,044,493 13,479,240 13,001,333
Diluted 13,269,289 13,631,069 13,288,633
Period-end number of shares 13,553,002 13,539,985 13,553,002
Market data:
High closing price 28.99 27.73 28.99
Low closing price 25.77 13.73 19.26
Period end closing price 28.18 16.85 28.18
Average daily volume 23,016 45,615 24,502
PERFORMANCE RATIOS
Return on average assets 1.17% 0.74% 1.22%
Return on average equity 13.51% 8.14% 13.90%
Earning asset yield (TE) 7.64% 7.79% 7.53%
Total cost of funds 3.65% 3.83% 3.29%
Net interest margin (TE) 4.03% 4.02% 4.27%
Non-interest income excluding
securities transactions,
as a percent of total revenue (TE) 17.02% 11.14% 13.64%
Efficiency ratio 62.66% 63.55% 59.55%
CAPITAL ADEQUACY
Equity to assets 8.73% 9.03% 8.73%
Tangible common equity to assets 5.95% 6.39% 5.95%
OTHER PERIOD-END DATA
FTE Headcount 600 620 600
Assets per FTE $3,413 $3,402 $3,413
Branch locations 44 46 44
Deposits per branch location $38,867 $38,201 $38,867
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
Dec. Sept. June Mar.
2007 2007 2007 2007
INCOME STATEMENT
Interest income
Interest and fees on loans $33,057 $33,479 $31,573 $30,760
Interest on taxable securities 3,476 3,480 3,434 3,337
Interest on nontaxable securities 158 175 176 179
Interest on deposits in other banks 239 317 659 1,042
Interest on federal funds sold - - 1 91
Total interest income 36,930 37,451 35,843 35,410
Interest expense
Interest on deposits 15,758 15,877 15,540 15,205
Interest on federal funds purchased
and securities sold under agreements
to repurchase 154 43 34 59
Interest on other borrowings 2,213 2,450 1,939 1,727
Total interest expense 18,125 18,370 17,513 16,991
Net interest income 18,804 19,081 18,330 18,419
Provision for loan losses 6,914 2,964 936 507
Net interest income after provision
for loan losses 11,891 16,117 17,394 17,911
Noninterest income
Service charges on deposit accounts 3,322 3,197 3,066 2,870
Mortgage banking activity 827 783 799 683
Other non-interest income 364 680 769 972
Gain(loss) on sale of securities (236) (69) 8 -
Total noninterest income 4,278 4,591 4,642 4,525
Noninterest expense
Salaries and employee benefits 7,182 7,438 7,492 7,732
Equipment and occupancy expense 2,005 1,757 1,718 1,676
Amortization of intangible assets 325 324 324 324
Other operating expenses 5,989 5,650 4,245 4,712
Total noninterest expense 15,501 15,170 13,779 14,444
Operating Profit 668 5,539 8,257 7,992
Provision for income taxes (539) 1,969 2,884 2,968
Net Income $1,207 $3,570 $5,373 $5,024
Diluted earnings per share 0.09 0.26 0.39 0.37
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Twelve
Months Ended Months Ended
Dec. Dec. Dec.
2006 2007 2006
INCOME STATEMENT
Interest income
Interest and fees on loans $29,175 $128,869 $107,559
Interest on taxable securities 3,032 13,727 12,147
Interest on nontaxable securities 174 688 555
Interest on deposits in other banks 1,626 2,256 3,589
Interest on federal funds sold 73 92 261
Total interest income 34,080 145,632 124,111
Interest expense
Interest on deposits 14,392 62,380 45,599
Interest on federal funds purchased
and securities sold under agreements
to repurchase 62 290 180
Interest on other borrowings 1,713 8,329 8,371
Total interest expense 16,167 70,999 54,150
Net interest income 17,913 74,633 69,961
Provision for loan losses 713 11,321 2,837
Net interest income after provision
for loan losses 17,200 63,312 67,124
Noninterest income
Service charges on deposit accounts 3,665 12,455 11,538
Mortgage banking activity 639 3,093 2,208
Other non-interest income 2,718 2,785 5,824
Gain(loss) on sale of securities - (297) (308)
Total noninterest income 7,023 18,036 19,262
Noninterest expense
Salaries and employee benefits 7,445 29,844 27,043
Equipment and occupancy expense 2,281 7,156 6,836
Amortization of intangible assets 322 1,298 1,107
Other operating expenses 5,577 20,596 18,143
Total noninterest expense 15,626 58,894 53,129
Operating Profit 8,597 22,454 33,256
Provision for income taxes 2,838 7,282 11,129
Net Income $5,759 $15,172 $22,127
Diluted earnings per share 0.43 1.11 1.68
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Dec. Sept. June
2007 2007 2007
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks $59,804 $58,281 $50,328
Federal funds sold & interest
bearing balances 12,022 22,910 16,342
Securities available for sale, at
fair value 291,170 301,977 300,642
Loans 1,614,049 1,593,014 1,556,862
Less: allowance for loan losses 27,640 26,434 25,032
Loans, net 1,586,408 1,566,580 1,531,831
Premises and equipment, net 59,133 54,639 52,385
Intangible assets, net 4,802 5,126 5,450
Goodwill 54,675 54,675 54,629
Other assets 41,337 38,951 37,466
Total Assets $2,109,350 $2,103,139 $2,049,073
Liabilities
Deposits:
Noninterest-bearing demand $197,345 $192,707 $200,849
Interest-bearing demand 624,479 586,891 576,309
Savings 53,834 57,080 60,243
Time deposits 881,607 871,177 857,785
Total deposits 1,757,265 1,707,855 1,695,185
Federal funds purchased & securities
sold under agreements to repurchase 14,705 32,359 6,966
Other borrowings 90,500 116,500 105,500
Other liabilities 14,222 15,560 15,054
Subordinated deferrable interest
debentures 42,269 42,269 42,269
Total liabilities 1,918,961 1,914,543 1,864,974
Stockholders' equity
Common stock 14,870 14,869 14,868
Capital surplus 82,595 82,308 82,019
Retained earnings 102,391 103,805 102,124
Accumulated other comprehensive loss 1,303 (1,617) (4,231)
Less treasury stock (10,769) (10,769) (10,681)
Total stockholders' equity 190,389 188,596 184,099
Total liabilities and
stockholders' equity $2,109,350 $2,103,139 $2,049,073
Other Data
Earning Assets 1,917,241 1,917,901 1,873,846
Intangible Assets 59,477 59,801 60,079
Interest bearing liabilities 1,707,394 1,706,276 1,649,071
Average Assets 2,102,579 2,069,715 2,030,018
Average Stockholders' Equity 191,124 187,290 185,177
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Mar. Dec.
2007 2006
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks $49,640 $66,856
Federal funds sold & interest
bearing balances 94,496 135,232
Securities available for sale, at
fair value 300,322 283,192
Loans 1,475,869 1,442,951
Less: allowance for loan losses 25,113 24,863
Loans, net 1,450,756 1,418,088
Premises and equipment, net 47,251 46,604
Intangible assets, net 5,775 6,099
Goodwill 54,419 54,365
Other assets 33,754 37,106
Total Assets $2,036,413 $2,047,542
Liabilities
Deposits:
Noninterest-bearing demand $197,845 $221,592
Interest-bearing demand 574,089 545,564
Savings 64,182 63,255
Time deposits 876,391 879,752
Total deposits 1,712,507 1,710,163
Federal funds purchased & securities
sold under agreements to repurchase 5,370 15,933
Other borrowings 75,500 75,500
Other liabilities 18,003 24,945
Subordinated deferrable interest
debentures 42,269 42,269
Total liabilities 1,853,649 1,868,810
Stockholders' equity
Common stock 14,850 14,850
Capital surplus 81,620 81,481
Retained earnings 98,631 95,523
Accumulated other comprehensive loss (1,744) (2,529)
Less treasury stock (10,593) (10,593)
Total stockholders' equity 182,764 178,732
Total liabilities and
stockholders' equity $2,036,413 $2,047,542
Other Data
Earning Assets 1,870,687 1,861,375
Intangible Assets 60,193 60,464
Interest bearing liabilities 1,637,801 1,622,273
Average Assets 2,014,040 1,946,772
Average Stockholders' Equity 181,645 169,135
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
Dec. Sept. June Mar.
2007 2007 2007 2007
ASSET QUALITY INFORMATION
Allowance for loan losses
Balance at beginning of period $26,434 $25,032 $25,113 $24,863
Acquired Reserves - - - -
Provision for loan loss 6,914 2,964 936 507
Charge-offs 6,499 1,806 1,327 787
Recoveries 791 244 309 530
Net charge-offs (recoveries) 5,708 1,562 1,018 257
Ending balance $27,640 $26,434 $25,032 $25,113
As a percentage of loans 1.71% 1.66% 1.61% 1.70%
As a percentage of nonperforming
loans 145.72% 135.81% 154.51% 282.46%
As a percentage of nonperforming
assets 106.47% 120.37% 136.90% 252.93%
Net Charge-off information
Charge-offs
Commercial & Commercial Real Estate $6,069 $1,358 $959 $353
Consumer Installment 406 423 82 146
Consumer Real Estate 24 25 286 288
Agriculture - - - -
Other - - - -
Total charge-offs 6,499 1,806 1,327 787
Recoveries
Commercial & Commercial Real Estate 649 141 192 357
Consumer Installment 122 70 100 121
Consumer Real Estate 20 31 17 51
Agriculture - 1 - 0
Other - - - -
Total recoveries 791 244 309 530
Net charge-offs (recoveries) $5,708 $1,562 $1,018 $257
Non-accrual loans 18,968 19,464 16,201 8,891
Foreclosed assets 6,993 2,497 2,084 1,038
Total non-performing assets 25,961 21,961 18,285 9,929
Non-performing assets as a percent of
loans and foreclosed assets 1.60% 1.38% 1.17% 0.67%
Net charge offs as a percent of loans
(Annualized) 1.41% 0.39% 0.26% 0.07%
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Twelve
Months Ended Months Ended
Dec. Dec. Dec.
2006 2007 2006
ASSET QUALITY INFORMATION
Allowance for loan losses
Balance at beginning of period $23,905 $24,863 $22,294
Acquired Reserves 1,024 - 1,024
Provision for loan loss 713 11,321 2,837
Charge-offs 1,635 10,418 4,137
Recoveries 856 1,874 2,845
Net charge-offs (recoveries) 779 8,545 1,292
Ending balance $24,863 $27,640 $24,863
As a percentage of loans 1.72% 1.71% 1.72%
As a percentage of nonperforming
loans 361.54% 145.72% 361.54%
As a percentage of nonperforming
assets 285.29% 106.47% 285.29%
Net Charge-off information
Charge-offs
Commercial & Commercial Real Estate $1,078 $8,738 $1,712
Consumer Installment 385 1,057 874
Consumer Real Estate 145 623 1,444
Agriculture 7 - 14
Other 20 - 93
Total charge-offs 1,635 10,418 4,137
Recoveries
Commercial & Commercial Real Estate 356 1,339 1,528
Consumer Installment 107 413 477
Consumer Real Estate 362 120 745
Agriculture 31 2 67
Other - - 28
Total recoveries 856 1,874 2,845
Net charge-offs (recoveries) $779 $8,545 $1,292
Non-accrual loans 6,877 18,968 6,877
Foreclosed assets 1,838 6,993 1,838
Total non-performing assets 8,715 25,961 8,715
Non-performing assets as a percent of
loans and foreclosed assets 0.60% 1.60% 0.60%
Net charge offs as a percent of loans
(Annualized) 0.22% 0.53% 0.09%
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
Dec. Sept. June Mar.
2007 2007 2007 2007
AVERAGE BALANCES
Short term assets $21,827 $26,212 $49,200 $85,297
Investment securities 297,380 299,925 301,848 292,979
Loans 1,605,006 1,569,906 1,511,333 1,458,725
Total Earning Assets 1,924,212 1,896,044 1,862,381 1,837,001
Noninterest bearing
deposits 187,908 190,316 192,298 199,779
Interest bearing deposits 596,053 575,415 572,400 554,530
Savings 55,305 58,778 61,733 62,933
CDs 886,116 870,731 866,589 875,003
Deposits 1,725,383 1,695,239 1,693,020 1,692,245
FHLB advances 105,570 110,056 83,109 71,547
Subordinated debentures 42,269 42,269 42,269 42,269
Other borrowings 22,298 18,878 10,688 13,834
Total non-deposit
funding 170,137 171,203 136,066 127,650
Total funding $1,895,520 $1,866,442 $1,829,086 $1,819,895
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Twelve
Months Ended Months Ended
Dec. Dec. Dec.
2006 2007 2006
AVERAGE BALANCES
Short term assets $126,332 $45,634 $71,378
Investment securities 272,769 298,033 268,935
Loans 1,377,824 1,536,243 1,308,174
Total Earning Assets 1,776,925 1,879,910 1,648,487
Noninterest bearing deposits 199,812 192,575 189,845
Interest bearing deposits 521,539 574,599 456,270
Savings 64,450 59,687 70,291
CDs 841,387 874,610 772,499
Deposits 1,627,188 1,701,472 1,488,905
FHLB advances 71,087 92,570 89,785
Subordinated debentures 42,269 42,269 41,823
Other borrowings 14,810 16,425 14,274
Total non-deposit funding 128,166 151,264 145,882
Total funding $1,755,354 $1,852,736 $1,634,786
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
Dec. Sept. June Mar.
2007 2007 2007 2007
INTEREST INCOME/EXPENSE
Short term assets $239 $317 $660 $1,133
Investment securities (TE) 3,718 3,750 3,705 3,612
Loans (TE) 33,136 33,560 31,869 30,811
Total Earning Assets 37,094 37,627 36,234 35,556
Noninterest bearing deposits - - - -
Interest bearing deposits 4,238 4,577 4,393 4,183
Savings 142 154 163 164
CDs 11,379 11,146 10,983 10,858
Deposits 15,759 15,877 15,539 15,204
FHLB advances 1,299 1,461 1,084 888
Subordinated debentures 832 811 768 754
Other borrowings 237 221 120 144
Total non-deposit funding 2,367 2,493 1,973 1,786
Total funding $18,126 $18,370 $17,512 $16,991
Net Interest Income (TE) $18,968 $19,257 $18,722 $18,565
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Twelve
Months Ended Months Ended
Dec. Dec. Dec.
2006 2007 2006
INTEREST INCOME/EXPENSE
Short term assets $1,699 $2,349 $3,843
Investment securities (TE) 3,294 14,785 12,550
Loans (TE) 29,239 129,376 107,809
Total Earning Assets 34,232 146,510 124,202
Noninterest bearing deposits - - -
Interest bearing deposits 3,866 17,391 10,666
Savings 178 623 731
CDs 10,349 44,366 34,203
Deposits 14,392 62,380 45,599
FHLB advances 899 4,732 4,246
Subordinated debentures 724 3,164 3,433
Other borrowings 152 722 514
Total non-deposit funding 1,775 8,619 8,193
Total funding $16,167 $70,999 $53,792
Net Interest Income (TE) $18,065 $75,511 $70,410
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Twelve
Three Months Ended Months Ended
Dec. Sept June Mar. Dec. Dec. Dec.
2007 2007 2007 2007 2006 2007 2006
YIELDS (1)
Short term assets 4.34% 4.80% 5.38% 5.39% 5.34% 5.15% 5.38%
Investment securities 4.96% 4.96% 4.92% 5.00% 4.79% 4.96% 4.67%
Loans 8.19% 8.48% 8.46% 8.57% 8.42% 8.42% 8.24%
Total Earning
Assets (2) 7.65% 7.87% 7.80% 7.85% 7.64% 7.79% 7.53%
Noninterest bearing
deposits
Interest bearing
deposits 2.82% 3.16% 3.08% 3.06% 2.94% 3.03% 2.34%
Savings 1.02% 1.04% 1.06% 1.06% 1.09% 1.04% 1.04%
CDs 5.09% 5.08% 5.08% 5.03% 4.88% 5.07% 4.43%
Deposits 3.62% 3.72% 3.68% 3.64% 3.51% 3.67% 3.06%
FHLB advances 4.88% 5.27% 5.23% 5.03% 5.02% 5.11% 4.73%
Subordinated debentures 7.81% 7.61% 7.29% 7.23% 6.80% 7.49% 8.21%
Other borrowings 4.21% 4.64% 4.50% 4.24% 4.07% 4.40% 3.60%
Total non-deposit
funding 5.52% 5.78% 5.81% 5.68% 5.49% 5.70% 5.62%
Total funding (3) 3.79% 3.90% 3.84% 3.79% 3.65% 3.83% 3.29%
Net interest spread 3.85% 3.97% 3.96% 4.06% 3.99% 3.96% 4.24%
Net interest margin 3.91% 4.03% 4.03% 4.10% 4.03% 4.02% 4.27%
(1) Interest and average rates are calculated on a tax-equivalent basis
using an effective tax rate of 35%.
(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. of Ameris Bancorp, Executive Vice President & CFO, +1-229-890-1111