MOULTRIE, Ga., Oct. 21 /PRNewswire-FirstCall/ -- AMERIS BANCORP (Nasdaq: ABCB), today reported a net loss available to common shareholders of $791,000, or $0.06 per diluted share, for the quarter ended September 30, 2009, compared to net income of $366,000, or $0.03 per diluted share, for the third quarter of 2008. For the year to date period ended September 30, 2009, Ameris Bancorp reported a net loss available to common shareholders of $5.4 million, or $0.40 per diluted share, compared to net income of $6.5 million, or $0.48 per diluted share, for the same period in 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20051117/CLTH039LOGO )
Strong Capital Levels and Balance Sheet Trends
Total assets for the Company declined during the current quarter, ending at $2.21 billion compared to $2.29 billion at the end of the second quarter of 2009. The decrease of approximately $77.8 million was mostly attributed to planned declines in low yielding short-term assets (federal funds sold and interest bearing deposits in other banks). These assets, yielding less than 0.25%, have declined $30.0 million or 20.8% since December 31, 2008. Loans outstanding at September 30, 2009 were $1.65 billion, a decline of only 2.5% when compared to balances at the beginning of the year.
The Company's deposit mix continued to improve in the third quarter of 2009. Demand deposits increased during the quarter to $1.09 billion compared to $825.3 million at the beginning of 2009. Time deposits, during the same period, have declined $400.5 million to $734.7 million as the Company's strong liquidity position and increased levels of demand deposits have allowed for more conservative pricing on time deposits.
Tangible common equity as a percentage of tangible assets (excluding preferred stock) increased during the third quarter of 2009 to 5.84% compared to 5.65% at the end of the second quarter of 2009. Lower levels of assets and improved operating results were the primary drivers behind improved capital ratios. In addition, the Company's shift from cash to stock dividends preserves capital while providing investors an equivalent return. Regulatory capital at the Company's banking subsidiary, Ameris Bank, remained very strong with Tier 1 capital and total risk-based capital of approximately 8.69% and 12.57%, respectively.
Net Interest Margin and Net Interest Income
For the third quarter of 2009, the Company reported net interest income of $18.8 million and a net interest margin of 3.65%, compared to $18.5 million and 3.59%, respectively, for the second quarter of 2009 and $19.2 million and 3.88%, respectively, for the third quarter of 2008. Continued reduction in the Company's cost of funds has been the principal factor in maintaining strong net interest margins despite increasing levels of non-performing assets and interest reversals on new non-accrual loans.
Yields on average earning assets during the third quarter of 2009 were affected by $1.2 million of accrued interest reversals, declining in the quarter to 5.42%, compared to 5.60% in the second quarter of 2009 and 6.39% in the third quarter of 2008. The accrued interest reversals were more than offset by decreases in interest expense realized during the third quarter of 2009. Interest expense fell during the third quarter of 2009 to $9.2 million compared to $10.6 million in the prior quarter and $12.9 million in the same quarter in 2008. Decreases in average deposit costs accounted for most of the improvement, falling to 1.78% in the current quarter compared to 2.04% in the second quarter of 2009 and 2.60% in the third quarter of 2008. The Company's deposit mix continues to improve such that demand deposits (interest bearing and noninterest bearing) comprised 58.0% of total deposits at the end of the third quarter of 2009 compared to 44.3% of total deposits at the end of the same quarter in 2008.
Noninterest Income
Noninterest income during the current quarter totaled $4.5 million, a decrease of 2.44% from the same quarter in 2008. Service charges on deposit accounts were $3.5 million during the third quarter of 2009, a decline of approximately 4.02% when compared to the same quarter in 2008. Mortgage revenue during the third quarter of 2009 totaled $692,000, compared to $745,000 during the same quarter in 2008.
Noninterest Expense
Operating expenses totaled $15.4 million for the quarter, an increase over the same quarter in 2008 when the Company reported $14.8 million in total noninterest expense. Salaries and benefits in the current quarter increased slightly to $7.4 million compared to $7.1 million in the third quarter of 2008. Other operating expenses increased from $2.9 million in the third quarter of 2008 to $3.6 million in the third quarter of 2009. This increase relates primarily to higher levels of problem loan and OREO expenses which increased to $993,000 million in the third quarter of 2009 compared to $373,000 in the same quarter of 2008.
Credit Quality
The Company's efforts to identify and fully reserve for problem loans continued in the third quarter of 2009. The provision for loan losses during the third quarter amounted to $8.3 million compared to $8.2 million in the same quarter in 2008. Non-performing assets increased by $17.8 million during the most recent quarter when compared to the second quarter of 2009. At September 30, 2009, non-performing assets as a percentage of loans and OREO increased to 6.32% compared to 5.19% at June 30, 2009 and 4.13% at December 31, 2008. The Company's loan loss reserve as a percentage of loans was 2.54% at the end of September 30, 2009 compared to 2.34% at December 31, 2008. Edwin W. Hortman, Jr., President and CEO, commented on the Company's efforts with regards to credit quality, saying "Our Company continues to work non-performing assets aggressively in this challenging economic environment, fully reserving for problem loans as we identify them. Thankfully, our core earnings have improved at a healthy pace and allowed us to manage higher capital ratios through this downturn."
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
------------------
Sept. June Mar. Dec.
2009 2009 2009 2008
---- ---- ---- ----
EARNINGS
Net Income/(Loss) Available
to Common Shareholders $(791) $(3,359) $(1,225) $(10,725)
PER COMMON SHARE DATA
Earnings per share
available to common
shareholders:
Basic $(0.06) $(0.25) $(0.09) $(0.79)
Diluted $(0.06) $(0.25) $(0.09) $(0.79)
Cash Dividends per share $- $0.05 $0.05 $0.05
Stock dividend 1 for 130 - - -
Book value per share
(period end) $13.52 $13.54 $13.90 $14.06
Tangible book value per
share (period end) $9.25 $9.26 $9.61 $9.74
Weighted average number
of shares:
Basic 13,503,312 13,543,468 13,527,437 13,532,521
Diluted 13,503,312 13,543,468 13,527,437 13,532,521
Period-end number of
shares 13,580,985 13,581,179 13,584,107 13,534,601
Market data:
High closing price $7.47 $8.09 $11.73 $14.21
Low closing price $5.93 $5.29 $3.66 $7.19
Period end closing price $7.15 $6.32 $4.71 $11.85
Average daily volume 30,407 28,778 31,931 31,527
PERFORMANCE RATIOS
Return on average assets (0.14%) (0.59%) (0.21%) (1.81%)
Return on average
common equity (1.68%) (7.15%) (2.61%) (22.17%)
Earning asset yield (TE) 5.42% 5.60% 5.57% 5.58%
Total cost of funds 1.83% 2.08% 2.45% 2.73%
Net interest margin (TE) 3.65% 3.59% 3.21% 2.94%
Noninterest income
excluding securities
transactions, as a
percent of total
revenue (TE) 13.89% 13.27% 12.02% 11.66%
Efficiency ratio 65.83% 76.63% 70.01% 80.67%
CAPITAL ADEQUACY (period end)
Stockholders' equity
to assets 10.56% 10.20% 10.14% 9.94%
Tangible common equity
to tangible assets 5.84% 5.65% 5.71% 5.62%
EQUITY TO ASSETS RECONCILIATION
Tangible common
equity to
tangible assets 5.84% 5.65% 5.71% 5.62%
Effect of
preferred equity 2.24% 2.16% 2.09% 2.04%
Effect of
goodwill and
other
intangibles 2.47% 2.40% 2.34% 2.29%
---- ---- ---- ----
Equity to assets(GAAP) 10.56% 10.20% 10.14% 9.94%
===== ===== ===== ====
OTHER PERIOD-END DATA
FTE Headcount 595 589 597 595
Assets per FTE $3,710 $3,880 $3,930 $4,046
Branch locations 50 50 48 50
Deposits per
branch location $37,751 $39,527 $42,264 $40,271
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. Sept. Sept.
2008 2009 2008
---- ---- ----
EARNINGS
Net Income/ (Loss) Available
to Common Shareholders $366 $(5,375) $6,481
PER COMMON SHARE DATA
Earnings per share available
to common shareholders:
Basic $0.03 $(0.40) 0.48
Diluted $0.03 $(0.40) 0.48
Cash Dividends per share $0.05 0.10 0.33
Stock dividend - - -
Book value per share
(period end) $14.25 $13.52 14.25
Tangible book value per
share (period end) $9.92 $9.25 9.92
Weighted average
number of shares:
Basic 13,515,767 13,519,395 13,508,006
Diluted 13,543,612 13,519,395 13,555,469
Period-end number of shares 13,564,032 13,580,985 13,564,032
Market data:
High closing price $15.07 $11.73 $16.20
Low closing price $7.82 $3.66 $7.79
Period end closing price $14.85 $7.15 $14.85
Average daily volume 43,464 29,835 55,903
PERFORMANCE RATIOS
Return on average assets 0.07% (0.32%) 0.40%
Return on average common equity 0.78% (3.06%) 4.53%
Earning asset yield (TE) 6.39% 5.52% 6.73%
Total cost of funds 2.55% 2.12% 2.86%
Net interest margin (TE) 3.88% 3.47% 3.92%
Noninterest income excluding
securities transactions, as a
percent of total revenue (TE) 12.51% 13.57% 12.97%
Efficiency ratio 61.97% 70.82% 64.86%
CAPITAL ADEQUACY (period end)
Stockholders' equity to assets 8.56% 10.56% 8.56%
Tangible common equity to
tangible assets 6.12% 5.84% 6.12%
EQUITY TO ASSETS RECONCILIATION
Tangible common equity to
tangible assets 6.12% 5.84% 6.12%
Effect of preferred equity 0.00% 2.24% 0.00%
Effect of goodwill and other
intangibles 2.44% 2.47% 2.44%
---- ---- ----
Equity to assets (GAAP) 8.56% 10.56% 8.56%
==== ===== ====
OTHER PERIOD-END DATA
FTE Headcount 601 595 601
Assets per FTE $3,756 $3,710 $3,756
Branch locations 50 50 50
Deposits per branch location $36,127 $37,751 $36,127
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Sept. June Mar. Dec. Sept.
2009 2009 2009 2008 2008
---- ---- ---- ---- ----
INCOME STATEMENT
Interest income
Interest and fees
on loans $24,888 $25,829 $25,727 $26,582 $28,280
Interest on
taxable securities 2,725 2,906 3,657 3,677 3,563
Interest on nontaxable
securities 329 255 167 171 169
Interest on deposits in
other banks 68 109 25 123 100
Interest on federal
funds sold 12 1 41 5 -
-- -- -- -- --
Total interest
income 28,022 29,100 29,617 30,558 32,112
------ ------ ------ ------ ------
Interest expense
Interest on deposits $8,684 $10,030 $12,155 $13,769 $11,717
Interest on
federal funds
purchased and
securities
sold under
agreements to
repurchase
Interest on
other borrowings 526 531 494 817 1,218
--- --- --- --- -----
Total interest
expense 9,210 10,561 12,649 14,586 12,935
----- ------ ------ ------ ------
Net interest income 18,812 18,539 16,968 15,972 19,177
Provision for
loan losses 8,298 9,390 7,912 19,890 8,220
----- ----- ----- ------ -----
Net interest
income/(loss)
after provision for
loan losses $10,514 $9,149 $9,056 $(3,918) $10,957
------- ------ ------ ------- -------
Noninterest income
Service charges on
deposit accounts $3,510 $3,393 $3,035 $3,279 $3,657
Mortgage banking
activity 692 877 763 711 745
Other service
charges, commissions
and fees 131 77 63 90 120
Gain(loss) on
sale of securities (20) 101 713 316 -
Other non-
interest income 208 148 922 (3) 112
--- --- --- -- ---
Total
noninterest
income 4,521 4,596 5,496 4,393 4,634
----- ----- ----- ----- -----
Noninterest expense
Salaries and
employee benefits 7,431 7,899 7,991 7,309 7,113
Occupancy and
equipment
expenses 2,114 2,224 2,158 2,070 1,904
Amortization
of intangible
assets 146 147 146 291 293
Data processing and
telecommunications
expenses 1,746 1,704 1,627 1,600 1,678
Business Restructuring 0
Advertising
and marketing
expenses 301 439 574 739 818
Other non-interest
expenses 3,622 5,316 3,231 4,419 2,950
----- ----- ----- ----- -----
Total noninterest
expense 15,360 17,729 15,727 16,428 14,756
------ ------ ------ ------ ------
Operating
profit/(loss) $(325) $(3,984) $(1,175) $(15,953) $835
Income tax
(benefit)/ expense (198) (1,290) (539) (5,556) 469
---- ------ ---- ------ ---
Net income/(loss) $(127) $(2,694) $(636) $(10,397) $366
===== ======= ===== ======== ====
Preferred stock
dividends 664 665 589 328 -
--- --- --- --- -
Net income/(loss)
available to common
shareholders $(791) $(3,359) $(1,225) $(10,725) $366
===== ======= ======= ======== ====
Diluted earnings
available to
common shareholders (0.06) (0.25) (0.09) (0.79) 0.03
===== ===== ===== ===== ====
Nine Months Ended
-----------------
Sept. Sept.
2009 2008
---- ----
INCOME STATEMENT
Interest income
Interest and fees on
loans $76,444 $86,752
Interest on taxable
securities 9,288 10,793
Interest on
nontaxable securities 751 514
Interest on deposits
in other banks 202 391
Interest on federal
funds sold 54 0
-- --
Total interest
income 86,739 98,450
------ ------
Interest expense
Interest on deposits $30,869 38,173
Interest on federal funds
purchased and securities 0
sold under agreements to
repurchase 0
Interest on other
borrowings 1,551 3,584
----- -----
Total interest
expense 32,420 41,757
------ ------
Net interest income 54,319 56,693
Provision for loan
losses 25,600 15,140
------ ------
Net interest income/
(loss) after provision
for loan losses 28,719 41,553
------ ------
Noninterest income
Service charges on
deposit accounts $9,938 10,637
Mortgage banking
activity 2,332 2,469
Other service
charges, commissions
and fees 271 618
Gain(loss) on sale
of securities 794 -
Other noninterest
income 1,278 1,070
----- -----
Total noninterest
income 14,613 14,794
------ ------
Noninterest expense
Salaries and
employee benefits 23,321 24,391
Occupancy and
equipment expenses 6,496 5,999
Amortization of
intangible assets 439 879
Data processing and
telecommunications
expenses 5,077 3,557
Business Restructuring 0
Advertising and
marketing expenses 1,314 2,352
Other noninterest
expenses 12,169 9,185
------ -----
Total noninterest
expense 48,816 46,363
------ ------
Operating profit/(loss) $(5,484) 9,984
Income tax (benefit)/
expense (2,027) 3,503
------ -----
Net income/(loss) $(3,457) $6,481
======= ======
Preferred stock
dividends 1,918 -
----- --
Net income/(loss) available
to common shareholders $(5,375) $6,481
======= ======
Diluted earnings
available to common
shareholders (0.40) 0.48
===== ====
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Sept. June Mar. Dec. Sept.
2009 2009 2009 2008 2008
---- ---- ---- ---- ----
PERIOD-END BALANCE
SHEET
Assets
Cash and due
from banks $43,761 $46,773 $54,758 $66,787 $43,549
Federal funds
sold and
interest
bearing
balances 114,335 163,343 137,770 144,383 75,458
Investment
securities
available for
sale, at fair
value 251,189 257,771 344,032 367,894 286,002
Other
investments 4,441 4,441 3,914 6,839 9,836
Loans, net
of unearned
income 1,652,689 1,677,045 1,672,923 1,695,777 1,710,109
Less allowance
for loan
losses 41,946 44,998 42,417 39,652 30,144
------ ------ ------ ------ ------
Loans, net 1,610,743 1,632,047 1,630,506 1,656,125 1,679,965
--------- --------- --------- --------- ---------
Premises and
equipment, net 67,641 67,334 65,152 66,107 65,868
Intangible
assets, net 3,193 3,339 3,485 3,631 3,924
Goodwill 54,813 54,813 54,813 54,813 54,813
Other real
estate owned 21,923 19,180 14,271 4,742 3,734
Other assets 35,436 36,204 37,577 35,769 34,494
------ ------ ------ ------ ------
Total
Assets $2,207,475 $2,285,245 $2,346,278 $2,407,090 $2,257,643
========== ========== ========== ========== ==========
Liabilities
Deposits:
Noninterest-
bearing $205,699 $210,456 $207,686 $208,532 $198,900
Interest-
bearing 1,681,830 1,765,915 1,820,998 1,804,993 1,607,439
--------- --------- --------- --------- ---------
Total
deposits 1,887,529 1,976,371 2,028,684 2,013,525 1,806,339
Federal funds
purchased &
securities
sold under
agreements to
repurchase 30,393 16,484 18,295 27,416 63,973
Other
borrowings 7,000 7,000 7,000 72,000 138,600
Other
liabilities 7,268 9,967 12,046 12,521 13,118
Subordinated
deferrable
interest
debentures 42,269 42,269 42,269 42,269 42,269
------ ------ ------ ------ ------
Total
liabilities 1,974,459 2,052,091 2,108,294 2,167,731 2,064,299
--------- --------- --------- --------- ---------
Stockholders'
equity
Preferred
stock $49,411 $49,279 $49,140 $49,028 $-
Common
stock 14,915 14,915 14,915 14,866 14,895
Capital
surplus 86,432 86,286 86,141 86,038 83,453
Retained
earnings 86,528 87,451 91,619 93,696 105,117
Accumulated other
comprehensive
income/(loss) 6,542 6,033 6,956 6,518 666
Less
treasury
stock (10,812) (10,810) (10,787) (10,787) (10,787)
------- ------- ------- ------- -------
Total
stockholders'
equity 233,016 233,154 237,984 239,359 193,344
------- ------- ------- ------- -------
Total
liabilities
and
stockholders'
equity $2,207,475 $2,285,245 $2,346,278 $2,407,090 $2,257,643
========== ========== ========== ========== ==========
Other Data
Earning
Assets 2,024,442 2,099,947 2,156,513 2,209,842 2,073,357
Intangible
Assets 58,006 58,152 58,298 58,444 58,737
Interest Bearing
Liabilities 1,761,492 1,831,668 1,888,562 1,946,678 1,852,281
Average
Assets 2,244,527 2,285,190 2,346,958 2,354,142 2,192,501
Average Common
Stockholders'
Equity 186,858 188,442 190,395 192,479 186,541
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Sept. June Mar. Dec. Sept.
2009 2009 2009 2008 2008
---- ---- ---- ---- ----
ASSET QUALITY INFORMATION
Allowance for loan losses
Balance at beginning
of period $44,998 $42,417 $39,652 $30,144 $28,660
Provision for loan
loss 8,298 9,390 7,912 19,890 8,220
Charge-offs 11,993 7,102 5,521 10,648 6,946
Recoveries 643 293 374 266 210
--- --- --- --- ---
Net charge-offs
(recoveries) 11,350 6,809 5,147 10,382 6,736
Ending balance $41,946 $44,998 $42,417 $39,652 $30,144
======= ======= ======= ======= =======
As a percentage of
loans 2.54% 2.68% 2.54% 2.34% 1.76%
As a percentage of
nonperforming loans 49.99% 65.35% 66.37% 60.62% 76.46%
As a percentage of
nonperforming assets 39.63% 51.11% 54.25% 56.52% 69.84%
Net charge-off information
Charge-offs
Commercial,
Financial &
Agricultural $601 $815 $1,389 $1,090 $963
Real Estate -
Residential 3,846 1,364 1,738 1,951 989
Real Estate -
Commercial &
Farmland 482 902 277 1,288 628
Real Estate -
Construction &
Development 6,871 3,731 1,930 5,932 4,165
Consumer Installment 193 290 187 387 201
Other - - - - -
------ ----- ----- ------ -----
Total charge-offs 11,993 7,102 5,521 10,648 6,946
------ ----- ----- ------ -----
Recoveries
Commercial,
Financial &
Agricultural 64 16 82 11 71
Real Estate -
Residential 228 216 8 30 54
Real Estate -
Commercial &
Farmland 3 13 230 10 10
Real Estate -
Construction &
Development 314 8 10 27 26
Consumer Installment 34 40 44 187 49
Other - - - 1 -
-- -- -- -- --
Total recoveries 643 293 374 266 210
--- --- --- --- ---
Net charge-offs
(recoveries) $11,350 $6,809 $5,147 $10,382 $6,736
======= ====== ====== ======= ======
Non-accrual loans 83,917 68,858 63,908 65,414 39,427
Foreclosed assets 21,923 19,180 14,271 4,742 3,734
Accruing loans
delinquent 90 days or
more - - 2 2 -
-- -- -- -- --
Total non-performing
assets 105,840 88,038 78,181 70,158 43,161
------- ------ ------ ------ ------
Non-performing assets
as a percent of loans
and foreclosed assets 6.32% 5.19% 4.63% 4.13% 2.52%
Net charge offs as a
percent of loans
(Annualized) 2.75% 1.63% 1.23% 2.45% 1.58%
Nine Months Ended
-----------------
Sept. Sept.
2009 2008
---- ----
ASSET QUALITY INFORMATION
Allowance for loan losses
Balance at beginning
of period $39,652 $27,640
Provision for loan
loss 25,600 15,140
Charge-offs 24,616 13,691
Recoveries 1,310 1,055
----- -----
Net charge-offs
(recoveries) 23,306 12,636
Ending balance $41,946 $30,144
======= =======
As a percentage of
loans 2.54% 1.76%
As a percentage of
nonperforming loans 49.99% 76.46%
As a percentage of
nonperforming assets 39.63% 69.84%
Net charge-off information
Charge-offs
Commercial,
Financial &
Agricultural $2,805 $1,635
Real Estate -
Residential 6,948 2,563
Real Estate -
Commercial &
Farmland 1,661 976
Real Estate -
Construction &
Development 12,532 7,789
Consumer Installment 670 728
Other - -
-- --
Total charge-offs 24,616 13,691
------ ------
Recoveries
Commercial,
Financial &
Agricultural 162 203
Real Estate -
Residential 452 169
Real Estate -
Commercial &
Farmland 246 96
Real Estate -
Construction &
Development 332 382
Consumer Installment 118 204
Other - 1
-- --
Total recoveries 1,310 1,055
----- -----
Net charge-offs
(recoveries) $23,306 $12,636
======= =======
Non-accrual loans 83,917 39,427
Foreclosed assets 21,923 3,734
Accruing loans
delinquent 90 days or
more - -
-- --
Total non-performing
assets 105,840 43,161
------- ------
Non-performing assets
as a percent of loans
and foreclosed assets 6.32% 2.52%
Net charge offs as a
percent of loans
(Annualized) 1.87% 0.99%
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Sept. June Mar. Dec. Sept.
2009 2009 2009 2008 2008
---- ---- ---- ---- ----
AVERAGE BALANCES
Federal
funds sold $25,000 $2,444 $33,034 $9,516 $-
Interest
bearing
deposits in
banks 112,827 159,510 83,424 123,876 21,219
Investment
securities -
taxable 216,471 229,493 339,508 309,036 267,713
Investment
securities -
nontaxable 38,693 27,488 18,458 18,132 18,472
Other
investments 4,441 6,226 6,797 8,902 9,803
Loans 1,666,821 1,671,808 1,683,615 1,703,137 1,698,024
--------- --------- --------- --------- ---------
Total
Earning
Assets $2,064,253 $2,096,969 $2,164,836 $2,172,599 $2,015,231
---------- ---------- ---------- ---------- ----------
Noninterest
bearing
deposits $207,495 $205,403 $204,010 $203,810 $200,357
NOW
accounts 493,253 475,498 369,774 306,483 280,892
MMDA 384,266 333,998 268,946 276,106 326,642
Savings
accounts 57,532 57,503 55,529 53,055 55,143
Retail CDs <
$100,000 341,495 365,771 439,781 443,358 342,136
Retail CDs >
$100,000 331,763 381,719 474,956 486,833 405,126
Brokered CDs $116,186 151,780 189,538 218,195 182,525
-------- ------- ------- ------- -------
Total
Deposits 1,931,990 1,971,672 2,002,534 1,987,840 1,792,821
--------- --------- --------- --------- ---------
FHLB advances 2,000 2,000 25,214 70,630 130,849
Subordinated
debentures 42,269 42,269 42,269 42,269 42,269
Federal funds
purchased and
securities
sold under
agreements
to repurchase 20,047 15,211 19,233 22,158 12,082
Other
borrowings 5,000 5,000 5,000 5,000 18,631
----- ----- ----- ----- ------
Total Non-
Deposit
Funding 69,316 64,480 91,716 140,057 203,831
------ ------ ------ ------- -------
Total
Funding $2,001,306 $2,036,152 $2,094,250 $2,127,897 $1,996,652
---------- ---------- ---------- ---------- ----------
Nine Months Ended
-----------------
Sept. Sept.
2009 2008
---- ----
AVERAGE BALANCES
Federal funds sold $20,092 $-
Interest bearing
deposits in banks 119,515 20,978
Investment
securities -
taxable 264,387 269,467
Investment
securities -
nontaxable 28,436 18,712
Other investments 4,604 10,154
Loans 1,674,015 1,655,599
--------- ---------
Total Earning
Assets $2,111,049 1,974,910
---------- ---------
Noninterest
bearing deposits $205,563 196,626
NOW accounts 446,712 268,795
MMDA 329,507 340,379
Savings accounts 56,862 54,779
Retail CDs <
$100,000 386,712 347,985
Retail CDs >
$100,000 395,494 401,787
Brokered CDs $148,510 158,264
-------- -------
Total Deposits 1,969,360 1,768,616
--------- ---------
FHLB advances 9,857 113,311
Subordinated
debentures 42,269 42,269
Federal funds
purchased and
securities sold
under agreements
to repurchase 18,210 7,926
Other borrowings 5,000 12,747
----- ------
Total Non-Deposit
Funding 75,336 176,253
------ -------
Total Funding $2,044,696 $1,944,869
---------- ----------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Sept. June Mar. Dec. Sept.
2009 2009 2009 2008 2008
---- ---- ---- ---- ----
INTEREST INCOME/
EXPENSE
INTEREST INCOME
Federal funds sold $12 $1 $41 $5 $-
Interest bearing
deposits in banks 37 109 25 118 99
Investment
securities -
taxable 2,725 2,890 3,640 3,662 3,488
Investment
securities -
nontaxable (TE) 506 392 258 262 260
Loans (TE) 24,895 25,886 25,794 26,514 28,559
------ ------ ------ ------ ------
Total Earning
Assets $28,175 $29,278 $29,758 $30,561 $32,406
------- ------- ------- ------- -------
INTEREST EXPENSE
Noninterest
bearing deposits $- $- $- $- $-
NOW accounts 1,433 1,504 966 924 793
MMDA 1,510 1,404 1,051 1,444 1,929
Savings accounts 102 106 105 123 121
Retail CDs <
$100,000 2,165 2,625 3,936 4,181 3,038
Retail CDs >
$100,000 2,304 2,970 4,594 4,836 3,818
Brokered CDs 1,169 1,424 1,503 2,260 2,018
----- ----- ----- ----- -----
Total Deposits 8,683 10,033 12,155 13,768 11,717
----- ------ ------ ------ ------
FHLB advances 31 31 (8) 186 359
Subordinated
debentures 438 443 436 494 493
Repurchase
agreements 33 33 38 73 69
Correspondent bank
line of
credit and other 23 35 28 65 153
-- -- -- -- ---
Total Non-
Deposit
Funding 525 542 494 818 1,074
--- --- --- --- -----
Total Funding $9,208 $10,575 $12,649 $14,586 $12,791
------ ------- ------- ------- -------
Net Interest
Income (TE) $18,967 $18,703 $17,109 $15,975 $19,615
------- ------- ------- ------- -------
Nine Months Ended
-----------------
Sept. Sept.
2009 2008
---- ----
INTEREST INCOME/EXPENSE
INTEREST INCOME
Federal funds sold $54 $-
Interest bearing
deposits in banks 171 391
Investment
securities -
taxable 9,255 10,406
Investment
securities -
nontaxable (TE) 1,156 792
Loans (TE) 76,575 87,672
------ ------
Total Earning
Assets $87,211 99,261
------- ------
INTEREST EXPENSE
Noninterest
bearing deposits $- $-
NOW accounts 3,903 2,044
MMDA 3,965 6,708
Savings accounts 313 368
Retail CDs <
$100,000 8,726 10,559
Retail CDs >
$100,000 9,868 12,857
Brokered CDs 4,096 5,638
----- -----
Total Deposits 30,871 38,174
------ ------
FHLB advances 54 1,314
Subordinated
debentures 1,317 1,666
Repurchase agreements 104 117
Correspondent bank
line of credit and
other 86 343
-- ---
Total Non-Deposit
Funding 1,561 3,440
----- -----
Total Funding $32,432 $41,614
------- -------
Net Interest
Income (TE) $54,779 $57,647
------- -------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Sept. June Mar. Dec. Sept.
2009 2009 2009 2008 2008
---- ---- ---- ---- ----
YIELDS(1)
Federal funds sold $12 $1 $41 $5 $-
Interest bearing
deposits in banks 37 109 25 118 99
Investment
securities -
taxable 2,725 2,890 3,640 3,662 3,488
Investment
securities -
nontaxable 506 392 258 262 260
Loans 24,895 25,886 25,794 26,514 28,559
------ ------ ------ ------ ------
Total Earning
Assets $28,175 $29,278 $29,758 $30,561 $32,406
------- ------- ------- ------- -------
Noninterest bearing
deposits
NOW accounts $- $- $- $- $-
MMDA 1,433 1,504 966 924 793
Savings accounts 1,510 1,404 1,051 1,444 1,929
Retail CDs <
$100,000 102 106 105 123 121
Retail CDs >
$100,000 2,165 2,625 3,936 4,181 3,038
Brokered CDs 2,304 2,970 4,594 4,836 3,818
Total Deposits 1,169 1,424 1,503 2,260 2,018
----- ----- ----- ----- -----
8,683 10,033 12,155 13,768 11,717
----- ------ ------ ------ ------
FHLB advances
Subordinated
debentures 31 31 (8) 186 359
Repurchase
agreements 438 443 436 494 493
Correspondent bank
line of
credit and other 33 33 38 73 69
Total Non-Deposit
Funding 23 35 28 65 153
-- -- -- -- ---
525 542 494 818 1,074
--- --- --- --- -----
Total funding(3) $9,208 $10,575 $12,649 $14,586 $12,791
------ ------- ------- ------- -------
Net interest spread $18,967 $18,703 $17,109 $15,975 $19,615
------- ------- ------- ------- -------
Net interest margin 3.65% 3.59% 3.21% 2.94% 3.88%
==== ==== ==== ==== ====
Nine Months Ended
-----------------
Sept. Sept.
2009 2008
---- ----
YIELDS(1)
Federal funds sold $54 $-
Interest bearing
deposits in banks 171 391
Investment
securities -
taxable 9,255 10,406
Investment
securities -
nontaxable 1,156 792
Loans 76,575 87,672
------ ------
Total Earning
Assets $87,211 99,261
------- ------
Noninterest bearing
deposits
NOW accounts $- $-
MMDA 3,903 2,044
Savings accounts 3,965 6,708
Retail CDs <
$100,000 313 368
Retail CDs >
$100,000 8,726 10,559
Brokered CDs 9,868 12,857
Total Deposits 4,096 5,638
----- -----
30,871 38,174
------ ------
FHLB advances
Subordinated
debentures 54 1,314
Repurchase
agreements 1,317 1,666
Correspondent bank
line of credit and
other 104 117
Total Non-Deposit
Funding 86 343
-- ---
1,561 3,440
----- -----
Total funding(3) $32,432 $41,614
------- -------
Net interest spread $54,779 $57,647
------- -------
Net interest margin 3.47% 3.92%
==== ====
(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 total average funding including noninterest
bearing liabilities.
SOURCE Ameris Bancorp
Contact: Dennis J. Zember Jr., Executive Vice President & CFO, Ameris Bancorp, +1-229-890-1111