MOULTRIE, Ga., Jan. 29 /PRNewswire-FirstCall/ -- AMERIS BANCORP (Nasdaq:
ABCB) today reported a net loss of $4.2 million, or $0.31 per diluted share,
for the year ended December 31, 2008, compared to net income of $15.2 million,
or $1.11 per diluted share, for 2007. For the fourth quarter of 2008, the
Company reported a net loss of $10.7 million, or $0.79 per diluted share,
compared to net income of $1.2 million, or $0.09 per diluted share, during the
fourth quarter of 2007. The Company's net loss for the year and the fourth
quarter resulted primarily from increased provisions for loan losses which
were associated with continued declines in credit quality. In addition,
deposit funding costs remained extraordinarily high as financial institutions
placed a premium on liquidity.
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Strong Capital and Liquidity Positions
During the fourth quarter, the Company took several steps to further
improve its already strong capital and liquidity positions. In November 2008,
the Company sold preferred stock and a common stock purchase warrant to the
U.S. Treasury for $52 million as part of the Treasury's Capital Purchase
Program. The Company's total capital to risk-based assets at December 31,
2008 increased to approximately 13.25% compared to 11.6% at December 31, 2007.
To further strengthen its liquidity position, the Company implemented
several deposit campaigns focused on attracting less volatile, local-market
deposits. These sales efforts were successful in raising significant amounts
of new funding and when combined with approximately $600 million of available
lines of credit at December 31, 2008 provide Ameris Bank with very strong
liquidity ratios.
Provision for Loan Losses and Credit Quality
Non-performing assets continued to increase during the fourth quarter,
ending 2008 at $70.2 million, or 4.13% of total loans, an increase from the
$43.2 million, or 2.52% of total loans reported at the end of the third
quarter of 2008. Net charge-offs in 2008 were $23.0 million, or 1.36% of
total loans compared to $8.5 million, or 0.53% of total loans in 2007.
This increase in non-performing assets and the accelerating level of net
charge-offs led to a provision for loan losses of $19.9 million for the fourth
quarter of 2008 compared to $6.9 million in the same quarter in 2007. For the
year, provision for loan losses amounted to $35.0 million compared to $11.3
million during 2007. Included in the current quarter's provision for loan
losses was a $5.0 million charge to establish a reserve component reflecting
economic uncertainties that management believes is prudent and timely given
the economic outlook. Management anticipates a quarterly evaluation of
economic trends and may increase or decrease this portion of the reserve in
future periods.
"Although our credit quality metrics are disappointing, our Company
continues to benefit from a conservative lending philosophy and several
important decisions that we made before the current economic crisis began,"
said Edwin W. Hortman, Jr., President and Chief Executive Officer. "Most
importantly, our lending philosophy focuses on relationship banking, forcing
us to know and bank the customer rather than simply understanding a loan
transaction. Second, we originate our loans in local markets instead of
relying on loan participations or deals outside the areas that we know best.
Lastly, we have resisted the trend to loan larger sums to individual borrowers
for the sake of growth. Our average loan size is only $88,500 and our largest
loan is $9.8 million compared to our legal lending limit of $30 million. We
still face issues, despite these advantages, but we remain committed to
working through the current credit crisis in a timely and prudent fashion,"
finished Hortman.
Trends in Net Interest Income and Net Interest Margin
The Company's net interest margin fell during the fourth quarter of 2008
to 2.92% compared to 3.92% during the same quarter in 2007. For the year to
date period, the Company's net interest margin was 3.65% compared to 4.02% in
2007. Reversals of interest on new non-accrual loans, increased levels of
non-earning assets and relatively expensive funding costs combined to produce
the lower margins in the current quarter and year-to-date periods.
Yields on earning assets fell to 5.58% during the current quarter,
compared to 7.66% in the fourth quarter of 2007. For the year, yields on
earning assets fell to 6.43% from 7.79% in 2007. The Company's mix of earning
assets played a significant role in producing lower yields on earning assets
as did short-term rates and lending benchmark rates at historically low
levels. During the quarter, as the Company added to its liquidity position,
short-term assets and investment securities with final maturities of less than
12 months increased to 10.8% of total earning assets compared to 0.8% at
December 31, 2007. The Company's efforts during 2007 and 2008 to establish
floors on variable rate loans cushioned the impact of sharp declines in
indexes on which the Company normally loans money. Still, approximately 16.6%
of the Company's total loan portfolio at December 31, 2008 were variable rate
loans with no established floor and, as a result, produced only marginally
profitable yields.
Deposit costs increased during the quarter as a result of several
campaigns designed to bolster the Company's liquidity using local-market
deposits instead of brokered deposits or wholesale borrowings. During the
quarter, the Company saw total customer deposits increase by $198.6 million to
$1.82 billion, an increase of 12.3% over the most recent linked quarter. At
December 31, 2008, the Company had $195.3 million in brokered deposits, which
represents 9.06% of total funding and an increase of $67.3 million from the
end of 2007. The reduced level of volatility in local-market deposits versus
the increasingly unfavorable opinions of brokered deposits by regulatory
agencies have caused a significant rise in the cost of customer deposits
relative to market yields on assets. Profitability levels on deposit funding
began to improve late in the fourth quarter, and if these trends continue, the
Company expects wider spreads and margins to follow.
Commenting on pricing challenges, Mr. Hortman said, "Significant disruption in
our industry in the fourth quarter of 2008 created unique opportunities for
new deposit accounts. Our bankers responded with exceptionally strong sales
in our local market, opening over 6,500 new accounts. In 2009, our challenge
will be to systematically reduce deposit pricing while we improve our deposit
mix to be concentrated more heavily in low-cost, transaction-oriented
business. Success in this initiative will combine with greatly improved loan
pricing and allow the Company to quickly return to acceptable net interest
margins."
Non-Interest Income
Total non-interest income for 2008 increased 8.3% to $19.1 million.
Service charges on deposit accounts increased 11.7% to $13.9 million. This
increase in service charges came as a result of significantly more transaction
accounts as well as slight increases in related fee schedules. Mortgage
income increased slightly in 2008 to $3.2 million from $3.1 million in 2007.
As mortgage rates continue to fall to historically low levels, activity in the
Company's mortgage division has increased and higher levels of loan closings
and revenue are anticipated.
Non-Interest Expense
Total operating expenses for 2008 increased 6.4% to $62.7 million.
Salaries and benefits during 2008 were $31.7 million, an increase of 6.2% when
compared to $29.8 million in 2007. These increases are mostly the result of
expansion efforts in larger metro markets where the Company opened nine
offices during 2008. To help offset this expense, Ameris Bank announced seven
branch office closings during 2008, including two in the fourth quarter of
2008. Speaking on management's efforts to balance the Company's short-term
and long-term decision making, Mr. Hortman said, "In 2009, we will focus more
aggressively on reaching important levels of profitability in the offices we
have opened since the beginning of 2007 and pause with additional de-novo
branch projects. We expect all markets in which we have expanded to be
profitable in 2009 despite the challenges with credit and revenue growth."
Occupancy and equipment expense increased during 2008 to $8.1 million, an
increase of 7.0% when compared to 2007. This increase also relates to
expansion efforts in metro markets, the costs of which were offset to some
degree by savings from branch closings during 2008. Other operating expenses
increased $1.3 million during 2008 to $17.1 million. These increases were
primarily the result of additional legal and collection expenses associated
with non-performing assets as well as increases in advertising and marketing
expense aimed at attracting new deposit accounts.
Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of
the most recent quarter, had 50 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.
2008 2008 2008 2008
EARNINGS
Net Income/(Loss)
Available to Common
Shareholders $(10,724) $366 $3,149 $2,966
PER COMMON SHARE DATA
Earnings per share:
Basic (0.79) 0.03 0.23 0.22
Diluted (0.79) 0.03 0.23 0.22
Cash Dividends per share 0.05 0.05 0.14 0.14
Book value per share
(period end) 14.06 14.25 14.20 14.48
Tangible book value per
share (period end) 9.74 9.92 9.84 10.11
Weighted average number
of shares:
Basic 13,532,521 13,515,767 13,510,907 13,497,344
Diluted 13,562,286 13,543,612 13,563,032 13,559,761
Period-end number of
shares 13,534,601 13,564,032 13,564,032 13,556,770
Market data:
High closing price 14.21 15.07 16.48 16.55
Low closing price 7.19 7.82 8.70 12.60
Period end closing price 11.85 14.85 8.70 16.06
Average daily volume 31,527 43,464 62,739 61,780
PERFORMANCE RATIOS
Return on average assets (1.81%) 0.07% 0.59% 0.56%
Return on average common
equity (22.16%) 0.78% 6.58% 6.15%
Earning asset yield (TE) 5.58% 6.38% 6.64% 7.17%
Total cost of funds 2.72% 2.54% 2.74% 3.30%
Net interest margin (TE) 2.92% 3.87% 3.96% 3.91%
Non-interest income
excluding securities
transactions,
as a percent of total
revenue (TE) 11.64% 12.49% 14.00% 12.22%
Efficiency ratio 80.66% 61.97% 65.52% 67.05%
CAPITAL ADEQUACY
Common equity to assets 7.91% 8.56% 8.78% 9.27%
Tangible common equity to
tangible assets 5.62% 6.12% 6.26% 6.66%
OTHER PERIOD-END DATA
FTE Headcount 595 601 651 634
Assets per FTE $4,046 $3,756 $3,369 $3,341
Branch locations 50 50 48 45
Deposits per branch
location $40,271 $36,127 $36,893 $39,651
Three Twelve
Months Months
Ended Ended
Dec. Dec. Dec.
2007 2008 2007
EARNINGS
Net Income/(Loss) Available to
Common Shareholders $1,197 $(4,243) $15,153
PER COMMON SHARE DATA
Earnings per share:
Basic 0.09 (0.31) 1.12
Diluted 0.09 (0.31) 1.11
Cash Dividends per share 0.14 0.38 0.56
Book value per share (period end) 14.12 14.06 14.06
Tangible book value per share
(period end) 9.72 9.74 9.67
Weighted average number of shares:
Basic 13,485,765 13,514,135 13,479,240
Diluted 13,573,626 13,562,690 13,631,069
Period-end number of shares 13,539,985 13,534,601 13,539,985
Market data:
High closing price 18.81 16.55 28.48
Low closing price 13.83 7.19 13.83
Period end closing price 16.85 11.85 16.85
Average daily volume 51,604 49,736 45,615
PERFORMANCE RATIOS
Return on average assets 0.23% (0.19%) 0.74%
Return on average common equity 2.49% (2.22%) 8.14%
Earning asset yield (TE) 7.66% 6.43% 7.79%
Total cost of funds 3.79% 2.82% 3.83%
Net interest margin (TE) 3.92% 3.65% 4.02%
Non-interest income excluding
securities transactions,
as a percent of total revenue (TE) 10.97% 12.60% 10.94%
Efficiency ratio 67.31% 68.34% 63.58%
CAPITAL ADEQUACY
Common equity to assets 9.06% 8.07% 9.06%
Tangible common equity to tangible
assets 6.41% 5.62% 6.41%
OTHER PERIOD-END DATA
FTE Headcount 620 595 620
Assets per FTE $3,407 $4,046 $3,407
Branch locations 46 50 46
Deposits per branch location $38,201 $40,271 $38,201
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
Dec. Sept June Mar. Dec.
2008 2008 2008 2008 2007
INCOME STATEMENT
Interest income
Interest and fees on loans 26,582 28,280 28,339 30,134 32,999
Interest on taxable securities 3,677 3,563 3,646 3,583 3,576
Interest on nontaxable
securities 171 169 173 172 158
Interest on deposits in other
banks 123 100 91 200 259
Interest on federal funds sold 5 - - - (20)
Total interest income 30,558 32,112 32,249 34,089 36,972
Interest expense
Interest on deposits 13,769 11,717 12,314 14,142 15,620
Interest on other borrowings 817 1,218 879 1,487 2,367
Total interest expense 14,586 12,935 13,193 15,629 17,987
Net interest income 15,972 19,177 19,056 18,460 18,985
Provision for loan losses 19,890 8,220 3,720 3,200 6,914
Net interest income/(loss) after
provision for loan losses (3,918) 10,957 15,336 15,260 12,071
Noninterest income
Service charges on deposit
accounts 3,279 3,657 3,664 3,316 3,310
Mortgage banking activity 711 745 855 869 827
Other service charges,
commissions and fees 90 120 220 278 233
Gain(loss) on sale of
securities 316 - - - (236)
Other non-interest income (12) 113 586 333 104
Total noninterest income 4,384 4,635 5,325 4,796 4,238
Noninterest expense
Salaries and employee benefits 7,309 7,113 8,660 8,618 7,122
Equipment and occupancy
expense 2,070 1,904 2,103 1,992 2,118
Amortization of intangible
assets 291 293 293 293 324
Data processing fees 1,169 1,238 1,226 1,093 1,096
Other operating expenses 5,580 4,209 3,692 3,598 4,972
Total noninterest expense 16,419 14,757 15,974 15,594 15,632
Operating profit/(loss) (15,953) 835 4,687 4,462 677
Income tax (benefit)/expense (5,556) 469 1,538 1,496 (520)
Net income/(loss) $(10,397) $366 $3,149 $2,966 $1,197
Preferred stock dividends 327 - - - -
Net income/(loss) available
to common shareholders $(10,724) $366 $3,149 $2,966 $1,197
Diluted earnings available to
common shareholders (0.79) 0.03 0.23 0.22 0.09
Twelve Months Ended
Dec. Dec.
2008 2007
INCOME STATEMENT
Interest income
Interest and fees on loans $113,335 $128,869
Interest on taxable securities 14,469 14,171
Interest on nontaxable securities 685 688
Interest on deposits in other banks 514 2,306
Interest on federal funds sold 5 43
Total interest income 129,008 146,077
Interest expense
Interest on deposits 51,942 62,380
Interest on other borrowings 4,401 8,619
Total interest expense 56,343 70,999
Net interest income 72,665 75,078
Provision for loan losses 35,030 11,321
Net interest income/(loss) after
provision for loan losses 37,635 63,757
Noninterest income
Service charges on deposit accounts 13,916 12,455
Mortgage banking activity 3,180 3,093
Other service charges, commissions
and fees 708 1,268
Gain(loss) on sale of securities 316 (297)
Other non-interest income 1,020 1,147
Total noninterest income 19,140 17,666
Noninterest expense
Salaries and employee benefits 31,700 29,844
Equipment and occupancy expense 8,069 7,540
Amortization of intangible assets 1,170 1,297
Data processing fees 4,726 4,532
Other operating expenses 17,079 15,757
Total noninterest expense 62,744 58,970
Operating profit/(loss) (5,969) 22,453
Income tax (benefit)/expense (2,053) 7,300
Net income/(loss) $(3,916) $15,153
Preferred stock dividends 327 -
Net income/(loss) available
to common shareholders $(4,243) $15,153
Diluted earnings available to common
shareholders (0.31) 1.11
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
Dec. Sept. June
2008 2008 2008
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks $66,787 $43,549 $47,720
Federal funds sold and interest
bearing balances 144,383 75,458 38,125
Securities available for sale, at
fair value 369,682 287,790 293,601
Restricted equity securities, at
cost 6,839 9,836 9,651
Loans, net of unearned income 1,695,777 1,710,109 1,678,147
Less allowance for loan losses 39,652 30,144 28,660
Loans, net 1,656,125 1,679,965 1,649,487
Premises and equipment, net 66,107 65,868 63,291
Intangible assets, net 3,631 3,924 4,217
Goodwill 54,813 54,813 54,813
Other assets 38,723 36,440 32,116
Total Assets $2,407,090 $2,257,643 $2,193,021
Liabilities
Deposits:
Noninterest-bearing $208,532 $198,900 $200,936
Interest-bearing 1,804,993 1,607,439 1,569,925
Total deposits 2,013,525 1,806,339 1,770,861
Federal funds purchased & securities
sold under
agreements to repurchase 27,416 63,973 39,795
Other borrowings 72,000 138,600 133,000
Other liabilities 12,521 13,118 14,541
Subordinated deferrable interest
debentures 42,269 42,269 42,269
Total liabilities 2,167,731 2,064,299 2,000,466
Stockholders' equity
Preferred Stock $49,028 $- $-
Common stock 14,866 14,895 14,895
Capital surplus 86,038 83,453 83,308
Retained earnings 93,696 105,117 105,430
Accumulated other comprehensive loss 6,518 666 (291)
Less treasury stock (10,787) (10,787) (10,787)
Total stockholders' equity 239,359 193,344 192,555
Total liabilities and
stockholders' equity $2,407,090 $2,257,643 $2,193,021
Other Data
Earning Assets 2,216,681 2,083,193 2,019,525
Intangible Assets 58,444 58,737 59,030
Interest Bearing Liabilities 1,946,678 1,852,281 1,784,989
Average Assets 2,354,142 2,192,501 2,141,940
Average Common Stockholders' Equity 192,479 186,541 192,605
Three Months Ended
Mar. Dec.
2008 2007
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks $63,401 $59,804
Federal funds sold and interest
bearing balances 4,389 12,022
Securities available for sale, at
fair value 297,589 291,170
Restricted equity securities, at
cost 6,996 7,559
Loans, net of unearned income 1,622,437 1,614,048
Less allowance for loan losses 28,094 27,640
Loans, net 1,594,343 1,586,408
Premises and equipment, net 60,053 59,132
Intangible assets, net 4,509 4,802
Goodwill 54,675 54,813
Other assets 32,288 36,353
Total Assets $2,118,243 $2,112,063
Liabilities
Deposits:
Noninterest-bearing $199,692 $197,345
Interest-bearing 1,584,599 1,559,920
Total deposits 1,784,291 1,757,265
Federal funds purchased & securities
sold under
agreements to repurchase 4,987 14,705
Other borrowings 74,500 90,500
Other liabilities 15,888 16,075
Subordinated deferrable interest
debentures 42,269 42,269
Total liabilities 1,921,935 1,920,814
Stockholders' equity
Preferred Stock $- $-
Common stock 14,887 14,870
Capital surplus 82,920 82,750
Retained earnings 104,182 103,095
Accumulated other comprehensive loss 5,093 1,303
Less treasury stock (10,774) (10,769)
Total stockholders' equity 196,308 191,249
Total liabilities and
stockholders' equity $2,118,243 $2,112,063
Other Data
Earning Assets 1,931,411 1,924,799
Intangible Assets 59,184 59,615
Interest Bearing Liabilities 1,706,355 1,707,394
Average Assets 2,115,561 2,102,579
Average Common Stockholders' Equity 193,971 191,124
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
Dec. Sept June Mar. Dec.
2008 2008 2008 2008 2007
ASSET QUALITY
INFORMATION
Allowance for
loan losses
Balance at beginning of
period $30,144 $28,660 $28,094 $27,640 $26,434
Provision for loan loss 19,890 8,220 3,720 3,200 6,914
Charge-offs 10,648 6,946 3,801 2,945 6,465
Recoveries 266 210 647 199 757
Net charge-offs (recoveries) 10,382 6,736 3,154 2,746 5,708
Ending balance $39,652 $30,144 $28,660 $28,094 $27,640
As a percentage of loans 2.34% 1.76% 1.71% 1.73% 1.71%
As a percentage of
nonperforming loans 60.62% 76.46% 89.27% 104.78% 149.66%
As a percentage of
nonperforming assets 56.52% 69.84% 81.56% 86.34% 108.56%
Net Charge-off information
Charge-offs
Commercial, Financial &
Agricultural $1,090 $963 $282 $390 $421
Real Estate - Residential 1,951 989 902 672 1,262
Real Estate - Commercial &
Farmland 1,288 628 49 299 621
Real Estate - Construction &
Development 5,932 4,165 2,320 1,305 3,899
Consumer Installment 387 201 248 279 262
Other - - - - -
Total charge-offs 10,648 6,946 3,801 2,945 6,465
Recoveries
Commercial, Financial &
Agricultural 11 71 102 18 $95
Real Estate - Residential 30 54 90 25 14
Real Estate - Commercial &
Farmland 10 10 68 31 159
Real Estate - Construction &
Development 27 26 323 34 401
Consumer Installment 187 49 64 90 88
Other 1 - - 1 -
Total recoveries 266 210 647 199 757
Net charge-offs (recoveries) $10,382 $6,736 $3,154 $2,746 $5,708
Non-accrual loans 65,414 39,427 32,106 26,812 18,468
Foreclosed assets 4,742 3,734 3,032 5,727 6,993
Total non-performing assets 70,156 43,161 35,138 32,539 25,461
Non-performing assets as a
percent of loans
and foreclosed assets 4.13% 2.52% 2.09% 2.00% 1.57%
Net charge offs as a percent
of loans (Annualized) 2.45% 1.58% 0.75% 0.68% 1.41%
Twelve Months Ended
Dec. Dec.
2008 2007
ASSET QUALITY
INFORMATION
Allowance for
loan losses
Balance at beginning of period $27,640 $24,863
Provision for loan loss 35,030 11,321
Charge-offs 24,340 10,386
Recoveries 1,322 1,842
Net charge-offs (recoveries) 23,018 8,544
Ending balance $39,652 $27,640
As a percentage of loans 2.34% 1.71%
As a percentage of nonperforming loans 60.62% 149.66%
As a percentage of nonperforming assets 56.52% 108.56%
Net Charge-off information
Charge-offs
Commercial, Financial &
Agricultural $2,725 $1,177
Real Estate - Residential 4,514 2,269
Real Estate - Commercial & Farmland 2,264 1,244
Real Estate - Construction &
Development 13,722 5,013
Consumer Installment 1,115 683
Other - -
Total charge-offs 24,340 10,386
Recoveries
Commercial, Financial &
Agricultural $202 $583
Real Estate - Residential 199 130
Real Estate - Commercial & Farmland 119 339
Real Estate - Construction &
Development 410 415
Consumer Installment 390 369
Other 2 6
Total recoveries 1,322 1,842
Net charge-offs (recoveries) $23,018 $8,544
Non-accrual loans 65,414 18,468
Foreclosed assets 4,742 6,993
Total non-performing assets 70,156 25,461
Non-performing assets as a percent of
loans
and foreclosed assets 4.13% 1.57%
Net charge offs as a percent of loans
(Annualized) 1.36% 0.53%
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
Dec. Sept June
2008 2008 2008
AVERAGE BALANCES
Short term assets $133,392 $21,219 $18,236
Investment securities 337,858 299,564 307,304
Loans 1,703,137 1,698,024 1,650,781
Total Earning Assets 2,174,387 2,018,807 1,976,321
Noninterest bearing deposits 203,810 200,357 197,662
Interest bearing deposits 582,589 607,534 607,777
Savings 53,055 55,143 54,973
CDs 1,148,386 929,787 903,655
Deposits 1,987,840 1,792,821 1,764,067
FHLB advances 70,630 130,849 111,922
Subordinated debentures 42,269 42,269 42,269
Other borrowings 27,158 30,713 13,815
Total non-deposit funding 140,057 203,831 168,006
Total funding $2,127,897 $1,996,652 $1,932,073
Three Months Ended
Mar. Dec.
2008 2007
AVERAGE BALANCES
Short term assets $23,480 $21,826
Investment securities 291,708 297,380
Loans 1,617,991 1,605,006
Total Earning Assets 1,933,179 1,924,212
Noninterest bearing deposits 191,860 187,908
Interest bearing deposits 612,212 596,053
Savings 54,221 55,305
CDs 890,668 886,117
Deposits 1,748,961 1,725,383
FHLB advances 97,162 105,570
Subordinated debentures 42,269 42,269
Other borrowings 17,490 22,298
Total non-deposit funding 156,921 170,137
Total funding $1,905,882 $1,895,520
Twelve Months Ended
Dec. Dec.
2008 2007
AVERAGE BALANCES
Short term assets 49,082 $45,634
Investment securities 309,109 298,036
Loans 1,667,483 1,536,243
Total Earning Assets 2,025,674 1,879,913
Noninterest bearing deposits 198,422 192,575
Interest bearing deposits 602,528 574,600
Savings 54,348 59,687
CDs 968,124 874,609
Deposits 1,823,422 1,701,471
FHLB advances 102,641 92,570
Subordinated debentures 42,269 42,269
Other borrowings 22,294 16,425
Total non-deposit funding 167,204 151,264
Total funding $1,990,626 $1,852,735
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
Dec. Sept June
2008 2008 2008
INTEREST
INCOME/EXPENSE
Short term assets $123 $100 $91
Investment securities (TE) 3,940 3,823 3,912
Loans (TE) 26,514 28,559 28,704
Total Earning Assets 30,577 32,482 32,707
Noninterest bearing deposits - - -
Interest bearing deposits 2,368 2,722 2,580
Savings 123 121 129
CDs 11,277 8,874 9,605
Deposits 13,768 11,717 12,314
FHLB advances 186 359 302
Subordinated debentures 494 493 487
Other borrowings 138 222 90
Total non-deposit funding 818 1,074 879
Total funding $14,586 $12,791 $13,193
Net Interest Income (TE) $15,991 $19,691 $19,513
Three Months Ended
Mar. Dec.
2008 2007
INTEREST
INCOME/EXPENSE
Short term assets $193 $239
Investment securities (TE) 3,842 3,818
Loans (TE) 30,409 33,078
Total Earning Assets 34,444 37,135
Noninterest bearing deposits - -
Interest bearing deposits 3,450 4,238
Savings 118 142
CDs 10,575 11,379
Deposits 14,143 15,759
FHLB advances 653 1,299
Subordinated debentures 686 832
Other borrowings 148 236
Total non-deposit funding 1,487 2,367
Total funding $15,630 $18,126
Net Interest Income (TE) $18,814 $19,008
Twelve Months Ended
Dec. Dec.
2008 2007
INTEREST
INCOME/EXPENSE
Short term assets 507 $2,349
Investment securities (TE) 15,517 14,785
Loans (TE) 114,186 129,376
Total Earning Assets 130,210 146,510
Noninterest bearing deposits - -
Interest bearing deposits 11,120 17,391
Savings 491 623
CDs 40,331 44,367
Deposits 51,942 62,381
FHLB advances 1,500 4,732
Subordinated debentures 2,160 3,164
Other borrowings 598 722
Total non-deposit funding 4,258 8,618
Total funding $56,200 $70,999
Net Interest Income (TE) $74,010 $75,511
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.
2008 2008 2008 2008 2007 2008 2007
YIELDS (1)
Short term assets 0.37% 1.87% 2.00% 3.31% 4.34% 1.03% 5.15%
Investment securities 4.63% 5.06% 5.11% 5.30% 5.09% 5.02% 4.96%
Loans 6.18% 6.67% 6.97% 7.56% 8.18% 6.85% 8.42%
Total Earning Assets
(2) 5.58% 6.38% 6.64% 7.17% 7.66% 6.43% 7.79%
Noninterest bearing
deposits
Interest bearing
deposits 1.61% 1.78% 1.70% 2.27% 2.82% 1.85% 3.03%
Savings 0.92% 0.87% 0.94% 0.88% 1.02% 0.90% 1.04%
CDs 3.90% 3.79% 4.26% 4.78% 5.09% 4.17% 5.07%
Deposits 2.75% 2.59% 2.80% 3.25% 3.62% 2.85% 3.67%
FHLB advances 1.04% 1.09% 1.08% 2.70% 4.88% 1.46% 5.11%
Subordinated debentures 4.64% 4.63% 4.62% 6.53% 7.81% 5.11% 7.49%
Other borrowings 2.02% 2.87% 2.61% 3.40% 4.20% 2.68% 4.40%
Total non-deposit
funding 2.32% 2.09% 2.10% 3.81% 5.52% 2.55% 5.70%
Total funding (3) 2.72% 2.54% 2.74% 3.30% 3.79% 2.82% 3.83%
Net interest spread 2.86% 3.84% 3.90% 3.87% 3.86% 3.60% 3.96%
Net interest margin 2.92% 3.87% 3.96% 3.91% 3.92% 3.65% 4.02%
(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., Executive Vice President & CFO of Ameris Bancorp, +1-229-890-1111