News Releases
MOULTRIE, Ga., Jan. 26, 2018 /PRNewswire/ -- Ameris Bancorp (Nasdaq: ABCB) (the "Company") today reported net income of $73.5 million, or $1.98 per diluted share, for the year ended December 31, 2017, compared with $72.1 million, or $2.08 per diluted share, for 2016. For the quarter ending December 31, 2017, reported results include net income of $9.2 million, or $0.24 per diluted share, compared with $18.2 million, or $0.52 per diluted share, for the same period in 2016. The financial results include a charge of $13.4 million to income tax expense related to the valuation of the Company's deferred tax asset, due to the recent tax legislation that reduces the future corporate tax rate for the Company.
The Company reported adjusted operating net income of $92.3 million, or $2.48 per diluted share, for the year ended December 31, 2017, compared with $80.6 million, or $2.32 per diluted share, for 2016. Adjusted operating net income for the fourth quarter of 2017 was $23.6 million, or $0.63 per diluted share, compared with $22.2 million, or $0.63 per diluted share, for the same quarter of 2016.
For the year ended December 31, 2017, the Company's adjusted operating return on average assets was 1.26%, compared with 1.31% for 2016. For the fourth quarter of 2017, the Company's adjusted operating return on average assets was 1.20%, compared with 1.34% in the same quarter of 2016. Commenting on the Company's earnings, Edwin W. Hortman, Jr., Executive Chairman, President and Chief Executive Officer of the Company, said, "Our successes in 2017 show the strength of our team and dedication our bankers have to growing our bank in the communities we serve. During 2017, we grew loans 20% from organic growth within our existing markets and grew core deposits 16%, all while improving our margin by five basis points, exclusive of accretion from prior acquisitions, and improving asset quality."
Following is a summary of the adjustments between reported net income and adjusted operating net income:
|
Adjusted Operating Net Income Reconciliation |
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
Dec |
|
Dec |
|
Dec |
|
Dec |
||||||||
|
(dollars in thousands except per share data) |
2017 |
|
2016 |
|
2017 |
|
2016 |
||||||||
|
Net income available to common shareholders |
$ |
9,150 |
|
|
$ |
18,177 |
|
|
$ |
73,548 |
|
|
$ |
72,100 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Merger and conversion charges |
421 |
|
|
17 |
|
|
915 |
|
|
6,376 |
|
||||
|
Certain compliance resolution expenses |
434 |
|
|
5,750 |
|
|
5,163 |
|
|
5,750 |
|
||||
|
Accelerated premium amortization on loans sold from purchased loan pools |
456 |
|
|
— |
|
|
456 |
|
|
— |
|
||||
|
Financial impact of Hurricane Irma |
— |
|
|
— |
|
|
410 |
|
|
— |
|
||||
|
Loss on sale of premises |
308 |
|
|
430 |
|
|
1,264 |
|
|
992 |
|
||||
|
Tax effect of management-adjusted charges |
(567) |
|
|
(2,169) |
|
|
(2,873) |
|
|
(4,591) |
|
||||
|
After tax management-adjusted charges |
1,052 |
|
|
4,028 |
|
|
5,335 |
|
|
8,527 |
|
||||
|
Tax expense attributable to remeasurement of deferred tax assets and |
13,388 |
|
|
— |
|
|
13,388 |
|
|
— |
|
||||
|
Adjusted operating net income |
$ |
23,590 |
|
|
$ |
22,205 |
|
|
$ |
92,271 |
|
|
$ |
80,627 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Reported net income per diluted share |
$ |
0.24 |
|
|
$ |
0.52 |
|
|
$ |
1.98 |
|
|
$ |
2.08 |
|
|
Adjusted operating net income per diluted share |
$ |
0.63 |
|
|
$ |
0.63 |
|
|
$ |
2.48 |
|
|
$ |
2.32 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Reported return on average assets |
0.47 |
% |
|
1.10 |
% |
|
1.00 |
% |
|
1.17 |
% |
||||
|
Adjusted operating return on average assets |
1.20 |
% |
|
1.34 |
% |
|
1.26 |
% |
|
1.31 |
% |
||||
Highlights of the Company's results for 2017 include the following:
- Growth in operating net earnings of 14.4%
- Organic growth in loans of $941.0 million, or 20.3%, compared to $660.4 million, or 20.8%, in 2016
- Adjusted operating return on average assets of 1.26%, compared with 1.31% in 2016, with the decline almost entirely related to lower contribution to earnings from retail mortgage
- Adjusted operating return on average tangible common equity of 14.66%, compared with 16.85% in 2016
- Improvement in adjusted operating efficiency ratio to 60.3%, compared with 61.6% for 2016
- Increase in tangible book value per share of 23.9% to $17.86 at December 31, 2017
- Excluding accretion, increases in net interest margin of 5 bps during 2017 compared to 2016
- Loan to deposit ratio at the end of 2017 of 91.3% compared to 94.4% at the end of 2016
- Increase in total revenue of 12.1% to $364.6 million
- Annualized net charge-offs of 0.12% of average total loans and 0.13% of average non-purchased loans
Increase in Net Interest Income
Net interest income on a tax-equivalent basis increased 19.4% in 2017 to $267.1 million, up from $223.6 million for 2016. Growth in earning assets from internal sources contributed to the increase. Average earning assets increased 20.7% in 2017 to $6.76 billion, compared with $5.60 billion for 2016. Although the Company's net interest income increased, net interest margin for 2017, including accretion, declined to 3.95%, compared with 3.99% for 2016. Yields on earning assets in 2017 were 4.46%, compared with 4.35% in 2016.
Accretion income for 2017 decreased to $10.6 million or 2.9% of total revenue, compared with $14.1 million or 4.3%, respectively, for 2016. Excluding the effect of accretion, the Company's margin for 2017 was 3.79%, compared with 3.74% for 2016. Yields on all loans, excluding the effect of accretion, increased to 4.63% in 2017, compared with 4.50% in 2016.
The Company's net interest margin was 3.94% for the fourth quarter of 2017, down slightly from 3.95% reported for both the third quarter of 2017 and for the fourth quarter of 2016. Accretion income for the fourth quarter of 2017 decreased to $2.2 million, compared with $2.7 million for the third quarter of 2017, and from $3.4 million reported for the fourth quarter of 2016. Excluding the effect of accretion, the Company's margin for the fourth quarter of 2017 was 3.82%, an improvement compared with 3.80% for the third quarter of 2017 and 3.73% for the fourth quarter of 2016.
Yields on all loans, excluding the effect of accretion, increased to 4.70% during the fourth quarter of 2017, compared with 4.65% in the third quarter of 2017. Loan production in the banking division during the fourth quarter of 2017 totaled $419.8 million, with weighted average yields of 4.89%, compared with $409.2 million and 4.74%, respectively, in the third quarter of 2017 and $498.7 million and 4.37%, respectively, in the fourth quarter of 2016. Loan production in the lines of business (to include retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $1.5 billion during the fourth quarter of 2017, compared to $1.3 billion during the fourth quarter of 2016.
Total interest expense for 2017 was $34.2 million, compared with $19.7 million for 2016. Deposit costs increased during 2017 to 0.34%, compared with 0.24% for 2016. Noninterest-bearing deposits represented 28.6% of the total average deposits for 2017, compared with 29.1% for 2016. During the last quarter of the year, the Company regularly sees larger balances in the accounts of its larger commercial and municipal accounts, which accounted for approximately $335 million of the fourth quarter growth. The Company's deposit costs have grown at such a pace to produce a flat margin but the Company has been successful in generating an aggressive amount of new account growth, which management believes was a successful strategy in 2017. Anticipated rate increases are likely to move the Company's asset yields higher and allow the Company to continue being aggressive on deposit growth without negatively impacting the margin.
Noninterest Income
Noninterest income decreased 1.3% in 2017 to $104.5 million, compared with $105.8 million for 2016, the result of flat mortgage and service charges during 2017. Noninterest retail mortgage revenues were essentially flat during the year at $48.5 million despite an increase in mortgage volume of approximately $93.7 million or 6.7%. Gain on sale margins tightened during 2017, as they moved from 3.36% in the fourth quarter of 2016 to 3.17% in the fourth quarter of 2017 because of more industry focus on purchase business and higher rates to borrowers. The Company increased volume sufficient to make up for the tighter gains on sale, but late season hiring of mortgage bankers impacted profitability which increased by only 10.8%. Management expects faster growth in profitability in 2018 from higher volumes, steady levels of operating expense and full utilization of its government loan program endorsement. During 2017, the Company originated approximately $547 million of government loans with only 11.9% being in the Company's own GNMA securities.
Service charges for the year were also flat, coming in at $42.1 million compared to $42.7 million for 2016. Declining counts of consumer oriented accounts with the associated balances and revenues were offset by larger commercial accounts, generally with enough balances to offset the analysis charges. Management believes the Company's service charge routines on consumer and commercial accounts is competitive but is focused more heavily on attracting the balances to fund anticipated loan growth in the coming quarters.
Revenues from the Company's warehouse lending division decreased slightly during the year, from $7.8 million for 2016 to $7.6 million for 2017, while net income for the division increased 4.8%, from $4.1 million for 2016 to $4.3 million for 2017. Revenues and profitability slowed for the retail mortgage division in the fourth quarter, which is traditionally a slower time of the year. Net income for the Company's retail mortgage division was $2.2 million for the fourth quarter of 2017, compared with $3.0 million in the third quarter of 2017 and $1.9 million for the fourth quarter of 2016. Net income for the Company's warehouse lending division was $1.4 million for the fourth quarter of 2017, compared with $1.1 million for the third quarter of 2017 and $904,000 for the fourth quarter of 2016.
Revenues from the Company's SBA division continued to increase during 2017, rising from $8.9 million for 2016 to $10.0 million for 2017. Net income for the division increased to $3.9 million for 2017, compared to $2.8 million for 2016.
Noninterest Expense
Noninterest expense increased $16.1 million, or 7.5%, to $231.9 million for the year ended December 31, 2017, compared with $215.8 million for the year 2016. However, the Company incurred various expenses related to the new premium finance division that was added late in 2016, compliance-related charges due to exiting the Bank Secrecy Act ("BSA") consent order, losses on the sale of bank premises, merger-related charges and Hurricane Irma expenses. Excluding these amounts, expenses in 2017 increased by only $7.5 million, or 3.7%, compared with 2016 levels. Growth of noninterest expense in the retail mortgage, warehouse lending and SBA lines of business account for 41% of that increase, leaving core bank noninterest expense increasing only $4.4 million, or 2.8%. The following table shows the detail of these charges and analysis:
|
Noninterest Expense Analysis |
|
|
|
|
|
|
|
|||||||
|
|
Twelve Months Ended |
|
|
|||||||||||
|
|
Dec |
|
Dec |
|
|
|
|
|||||||
|
(dollars in thousands) |
2017 |
|
2016 |
|
$ Change |
|
% Change |
|||||||
|
Total noninterest expense |
$ |
231,936 |
|
|
$ |
215,835 |
|
|
$ |
16,101 |
|
|
7.5 |
% |
|
Less: |
|
|
|
|
|
|
|
|||||||
|
Merger and conversion charges |
915 |
|
|
6,376 |
|
|
(5,461) |
|
|
(85.6)% |
|
|||
|
Certain compliance resolution expenses |
5,163 |
|
|
5,750 |
|
|
(587) |
|
|
(10.2)% |
|
|||
|
Financial impact of Hurricane Irma |
410 |
|
|
— |
|
|
410 |
|
|
NM |
|
|||
|
Loss on sale of premises |
1,264 |
|
|
992 |
|
|
272 |
|
|
27.4 |
% |
|||
|
Premium finance division noninterest expense |
14,295 |
|
|
315 |
|
|
13,980 |
|
|
NM |
|
|||
|
Subtotal |
209,889 |
|
|
202,402 |
|
|
7,487 |
|
|
3.7 |
% |
|||
|
Less: |
|
|
|
|
|
|
|
|||||||
|
Retail mortgage division noninterest expense |
41,084 |
|
|
38,402 |
|
|
2,682 |
|
|
7.0 |
% |
|||
|
Warehouse lending division noninterest expense |
795 |
|
|
832 |
|
|
(37) |
|
|
(4.4)% |
|
|||
|
SBA division noninterest expense |
4,100 |
|
|
3,675 |
|
|
425 |
|
|
11.6 |
% |
|||
|
Core bank noninterest expense |
$ |
163,910 |
|
|
$ |
159,493 |
|
|
$ |
4,417 |
|
|
2.8 |
% |
|
NM denotes not meaningful |
|
|
|
|
|
|
|
|||||||
Salaries and benefits increased $13.2 million, or 12.3%, during 2017. The majority of this increase is attributable to $4.5 million salary and benefit expense in the new premium finance division, $3.3 million salary and benefit expense related to the strengthening of the Company's BSA department, and $2.3 million additional salary and benefits in the retail mortgage division. Exclusive of these three areas, salary and benefits increased $3.0 million, or 4.0%.
Occupancy costs decreased $328,000 during 2017, principally as a result of management's cost saving efforts during the year. Data processing and IT-related costs increased $3.3 million, or 13.3%, in 2017 due to increased number of accounts and products, as well as customer's increased reliance on mobile and internet oriented products and services.
Credit resolution related expenses decreased $2.7 million, or 43.4%, year over year as credit quality continues to improve. Other noninterest expenses increased $7.6 million, or 19.6% during 2017, mostly attributable to costs associated with the new premium finance division. Excluding the other noninterest expense in that division and the BSA compliance resolution charges in both years, other noninterest expense decreased $168,000, or 0.5% to $32.7 million during 2017, when compared to $32.9 million in 2016.
Balance Sheet Trends
Total assets increased $964.2 million, or 14.0%, during 2017. Total loans, including loans held for sale, purchased loans and purchased loan pools, were $6.24 billion at the end of 2017, compared with $5.37 billion at the end of 2016. Organic growth in loans totaled $941.0 million, or 20.3%, during 2017, compared with $660.4 million, or 20.8%, in 2016. As expected, loan growth rates in the fourth quarter of 2017 slowed to 10.1% on an annualized basis, compared with 12.1% on an annualized basis in the same quarter of 2016.
During the quarter, the Company sold or reclassified to loans held for sale approximately $119.5 million of mortgage loans from purchased loan pools, reducing the investment in purchased loan pools to $328.2 million, down 42% compared to the same period in the year ago period. Management expects the reinvestment of these funds at current yields to boost the margin by approximately three basis points and the Company's return on assets by two basis points.
Loan production and growth associated with the new premium finance division continue to meet forecasted levels. Loans outstanding for the division grew $112.0 million, or 30.2%, from $370.6 million at the end of 2016 to $482.5 million at the end of 2017. Relationship development of larger agencies and mid-tier insurance companies began producing volumes at the end of the year that gives management confidence in the continued growth of this line of business. Yields in the business were mostly steady during the year despite rising rates, the Company's aggressive growth posture and the increasing volume of larger loans with established agencies and commercial customers.
Deposits increased $1.05 billion during 2017 to end the year at $6.63 billion, from $5.58 billion at the end of 2016. At December 31, 2017, noninterest-bearing deposit accounts were $1.78 billion, or 26.8% of total deposits, compared with $1.57 billion, or 28.2% of total deposits, at December 31, 2016. Non-rate sensitive deposits grew $342.4 million or 10.8% to $3.52 billion at December 31, 2017, compared with $3.17 billion at the end of 2016. These funds represented 53.1% of the Company's total deposits at the end of 2017, compared with 56.9% at the end of 2016.
Growth in deposits at the end of the year, along with the Company's sale of mortgage loans from purchased loan pools lowered the loan to deposit ratio from 101.0% at the end of the third quarter of 2017 to 91.3% at December 31, 2017. Accelerating growth in deposits has continued for several quarters and management is increasingly confident that organic growth in existing markets, augmented by the anticipated growth achievable in the Atlanta MSA will provide adequate core funding to allow for continued growth without impacting our current operating ratios.
Stockholders' equity at December 31, 2017 totaled $804.5 million, an increase of $158.0 million, or 24.4%, from December 31, 2016. The increase in stockholders' equity was the result of the issuance of shares of common stock in the Company's public offering in the first quarter of 2017, plus earnings of $73.5 million during 2017, offset by dividends paid to shareholders of $14.9 million. Tangible book value per share was $17.86 at the end of 2017, up 23.9% from $14.42 at the end of 2016. Tangible common equity as a percentage of tangible assets was 8.62% at the end of 2017, compared with 7.46% at the end of 2016.
Conference Call
The Company will host a teleconference at 10:00 a.m. Eastern time today (January 26, 2018) to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other international participants). The conference ID name is Ameris Bancorp ABCB. A replay of the call will be available one hour after the end of the conference call until February 9, 2018. To listen to the replay, dial 1-877-344-7529 (or 1-855-669-9658 for participants in Canada and 1-412-317-0088 for other international participants). The conference replay access code is 10115392. The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at
www.amerisbank.com
.
About Ameris Bancorp
Ameris Bancorp is a bank holding company headquartered in Moultrie, Georgia. The Company's banking subsidiary, Ameris Bank, had 97 locations in Georgia, Alabama, northern Florida and South Carolina at the end of the most recent quarter.
This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management of Ameris Bancorp (the "Company") uses these non-GAAP measures in its analysis of the Company's performance. These measures are useful when evaluating the underlying performance and efficiency of the Company's operations and balance sheet. The Company's management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company's management believes that investors may use these non-GAAP financial measures to evaluate the Company's financial performance without the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
This news 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 on 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 and are referred to the Company's periodic filings with the Securities and Exchange Commission, including the Company's 2016 Annual Report on Form 10-K, for a summary of certain factors that may impact the Company's results of operations and financial condition.
|
AMERIS BANCORP AND SUBSIDIARIES |
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FINANCIAL TABLES |
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|
Financial Highlights |
|
|
Table 1 |
||||||||||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||||||||||
|
|
Dec |
|
Sep |
|
Jun |
|
Mar |
|
Dec |
|
Dec |
|
Dec |
||||||||||||||
|
(dollars in thousands except per share data) |
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
EARNINGS |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Net income |
$ |
9,150 |
|
|
$ |
20,158 |
|
|
$ |
23,087 |
|
|
$ |
21,153 |
|
|
$ |
18,177 |
|
|
$ |
73,548 |
|
|
$ |
72,100 |
|
|
Adjusted operating net income |
$ |
23,590 |
|
|
$ |
23,617 |
|
|
$ |
23,458 |
|
|
$ |
21,606 |
|
|
$ |
22,205 |
|
|
$ |
92,271 |
|
|
$ |
80,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
COMMON SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Earnings per share available to common |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Basic |
$ |
0.25 |
|
|
$ |
0.54 |
|
|
$ |
0.62 |
|
|
$ |
0.59 |
|
|
$ |
0.52 |
|
|
$ |
2.00 |
|
|
$ |
2.10 |
|
|
Diluted |
$ |
0.24 |
|
|
$ |
0.54 |
|
|
$ |
0.62 |
|
|
$ |
0.59 |
|
|
$ |
0.52 |
|
|
$ |
1.98 |
|
|
$ |
2.08 |
|
|
Operating diluted EPS |
$ |
0.63 |
|
|
$ |
0.63 |
|
|
$ |
0.63 |
|
|
$ |
0.60 |
|
|
$ |
0.63 |
|
|
$ |
2.48 |
|
|
$ |
2.32 |
|
|
Cash dividends per share |
$ |
0.10 |
|
|
$ |
0.10 |
|
|
$ |
0.10 |
|
|
$ |
0.10 |
|
|
$ |
0.10 |
|
|
$ |
0.40 |
|
|
$ |
0.30 |
|
|
Book value per share (period end) |
$ |
21.59 |
|
|
$ |
21.54 |
|
|
$ |
21.03 |
|
|
$ |
20.42 |
|
|
$ |
18.51 |
|
|
$ |
21.59 |
|
|
$ |
18.51 |
|
|
Tangible book value per share (period end) |
$ |
17.86 |
|
|
$ |
17.78 |
|
|
$ |
17.24 |
|
|
$ |
16.60 |
|
|
$ |
14.42 |
|
|
$ |
17.86 |
|
|
$ |
14.42 |
|
|
Weighted average number of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Basic |
37,238,564 |
|
|
37,225,418 |
|
|
37,162,810 |
|
|
35,664,420 |
|
|
34,915,459 |
|
|
36,828,219 |
|
|
34,346,570 |
|
|||||||
|
Diluted |
37,556,335 |
|
|
37,552,667 |
|
|
37,489,348 |
|
|
36,040,240 |
|
|
35,293,035 |
|
|
37,144,139 |
|
|
34,701,732 |
|
|||||||
|
Period end number of shares |
37,260,012 |
|
|
37,231,049 |
|
|
37,222,904 |
|
|
37,128,714 |
|
|
34,921,474 |
|
|
37,260,012 |
|
|
34,921,474 |
|
|||||||
|
Market data |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
High intraday price |
$ |
51.30 |
|
|
$ |
51.28 |
|
|
$ |
49.80 |
|
|
$ |
49.50 |
|
|
$ |
47.70 |
|
|
$ |
51.30 |
|
|
$ |
47.70 |
|
|
Low intraday price |
$ |
44.75 |
|
|
$ |
41.05 |
|
|
$ |
42.60 |
|
|
$ |
41.60 |
|
|
$ |
34.61 |
|
|
$ |
41.05 |
|
|
$ |
24.96 |
|
|
Period end closing price |
$ |
48.20 |
|
|
$ |
48.00 |
|
|
$ |
48.20 |
|
|
$ |
46.10 |
|
|
$ |
43.60 |
|
|
$ |
48.20 |
|
|
$ |
43.60 |
|
|
Average daily volume |
206,178 |
|
|
168,911 |
|
|
169,617 |
|
|
242,982 |
|
|
191,894 |
|
|
196,717 |
|
|
206,487 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Return on average assets |
0.47 |
% |
|
1.07 |
% |
|
1.29 |
% |
|
1.24 |
% |
|
1.10 |
% |
|
1.00 |
% |
|
1.17 |
% |
|||||||
|
Return on average common equity |
4.47 |
% |
|
10.04 |
% |
|
11.95 |
% |
|
12.33 |
% |
|
11.06 |
% |
|
9.55 |
% |
|
11.75 |
% |
|||||||
|
Earning asset yield (TE) |
4.49 |
% |
|
4.50 |
% |
|
4.45 |
% |
|
4.38 |
% |
|
4.34 |
% |
|
4.46 |
% |
|
4.35 |
% |
|||||||
|
Total cost of funds |
0.57 |
% |
|
0.57 |
% |
|
0.52 |
% |
|
0.42 |
% |
|
0.38 |
% |
|
0.52 |
% |
|
0.36 |
% |
|||||||
|
Net interest margin (TE) |
3.94 |
% |
|
3.95 |
% |
|
3.95 |
% |
|
3.97 |
% |
|
3.95 |
% |
|
3.95 |
% |
|
3.99 |
% |
|||||||
|
Noninterest income excluding securities |
22.41 |
% |
|
25.68 |
% |
|
27.81 |
% |
|
27.27 |
% |
|
27.32 |
% |
|
25.73 |
% |
|
30.28 |
% |
|||||||
|
Efficiency ratio |
63.74 |
% |
|
67.94 |
% |
|
61.02 |
% |
|
61.52 |
% |
|
67.05 |
% |
|
63.62 |
% |
|
66.38 |
% |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
CAPITAL ADEQUACY (period end) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Shareholders' equity to assets |
10.24 |
% |
|
10.48 |
% |
|
10.58 |
% |
|
10.69 |
% |
|
9.38 |
% |
|
10.24 |
% |
|
9.38 |
% |
|||||||
|
Tangible common equity to tangible assets |
8.62 |
% |
|
8.81 |
% |
|
8.84 |
% |
|
8.86 |
% |
|
7.46 |
% |
|
8.62 |
% |
|
7.46 |
% |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
EQUITY TO ASSETS RECONCILIATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Tangible common equity to tangible assets |
8.62 |
% |
|
8.81 |
% |
|
8.84 |
% |
|
8.86 |
% |
|
7.46 |
% |
|
8.62 |
% |
|
7.46 |
% |
|||||||
|
Effect of goodwill and other intangibles |
1.62 |
% |
|
1.67 |
% |
|
1.74 |
% |
|
1.83 |
% |
|
1.92 |
% |
|
1.62 |
% |
|
1.92 |
% |
|||||||
|
Equity to assets (GAAP) |
10.24 |
% |
|
10.48 |
% |
|
10.58 |
% |
|
10.69 |
% |
|
9.38 |
% |
|
10.24 |
% |
|
9.38 |
% |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
OTHER DATA (period end) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Full time equivalent employees |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Banking Division |
1,085 |
|
|
1,080 |
|
|
1,082 |
|
|
1,039 |
|
|
1,014 |
|
|
1,085 |
|
|
1,014 |
|
|||||||
|
Retail Mortgage Division |
279 |
|
|
272 |
|
|
268 |
|
|
252 |
|
|
254 |
|
|
279 |
|
|
254 |
|
|||||||
|
Warehouse Lending Division |
8 |
|
|
8 |
|
|
8 |
|
|
8 |
|
|
9 |
|
|
8 |
|
|
9 |
|
|||||||
|
SBA Division |
20 |
|
|
23 |
|
|
23 |
|
|
20 |
|
|
21 |
|
|
20 |
|
|
21 |
|
|||||||
|
Premium Finance Division |
68 |
|
|
62 |
|
|
56 |
|
|
50 |
|
|
— |
|
|
68 |
|
|
— |
|
|||||||
|
Total Ameris Bancorp FTE headcount |
1,460 |
|
|
1,445 |
|
|
1,437 |
|
|
1,369 |
|
|
1,298 |
|
|
1,460 |
|
|
1,298 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Assets per Banking Division FTE |
$ |
7,241 |
|
|
$ |
7,083 |
|
|
$ |
6,387 |
|
|
$ |
6,829 |
|
|
$ |
6,797 |
|
|
$ |
7,241 |
|
|
$ |
6,797 |
|
|
Branch locations |
97 |
|
|
97 |
|
|
97 |
|
|
97 |
|
|
97 |
|
|
97 |
|
|
97 |
|
|||||||
|
Deposits per branch location |
$ |
68,308 |
|
|
$ |
60,778 |
|
|
$ |
59,726 |
|
|
$ |
58,169 |
|
|
$ |
57,476 |
|
|
$ |
68,308 |
|
|
$ |
57,476 |
|
|
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
|
FINANCIAL TABLES |
|||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
|
Income Statement |
|
|
Table 2 |
||||||||||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||||||||||
|
|
Dec |
|
Sep |
|
Jun |
|
Mar |
|
Dec |
|
Dec |
|
Dec |
||||||||||||||
|
(dollars in thousands except per share data) |
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Interest and fees on loans |
$ |
73,440 |
|
|
$ |
70,462 |
|
|
$ |
65,464 |
|
|
$ |
61,521 |
|
|
$ |
57,982 |
|
|
$ |
270,887 |
|
|
$ |
218,659 |
|
|
Interest on taxable securities |
5,097 |
|
|
5,062 |
|
|
5,195 |
|
|
4,800 |
|
|
4,348 |
|
|
20,154 |
|
|
17,824 |
|
|||||||
|
Interest on nontaxable securities |
372 |
|
|
392 |
|
|
401 |
|
|
416 |
|
|
425 |
|
|
1,581 |
|
|
1,722 |
|
|||||||
|
Interest on deposits in other banks |
655 |
|
|
406 |
|
|
351 |
|
|
313 |
|
|
193 |
|
|
1,725 |
|
|
827 |
|
|||||||
|
Interest on federal funds sold |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
8 |
|
|
— |
|
|
33 |
|
|||||||
|
Total interest income |
79,564 |
|
|
76,322 |
|
|
71,411 |
|
|
67,050 |
|
|
62,956 |
|
|
294,347 |
|
|
239,065 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Interest on deposits |
6,398 |
|
|
5,136 |
|
|
4,580 |
|
|
3,763 |
|
|
3,680 |
|
|
19,877 |
|
|
12,410 |
|
|||||||
|
Interest on other borrowings |
3,643 |
|
|
4,331 |
|
|
3,674 |
|
|
2,697 |
|
|
1,997 |
|
|
14,345 |
|
|
7,284 |
|
|||||||
|
Total interest expense |
10,041 |
|
|
9,467 |
|
|
8,254 |
|
|
6,460 |
|
|
5,677 |
|
|
34,222 |
|
|
19,694 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Net interest income |
69,523 |
|
|
66,855 |
|
|
63,157 |
|
|
60,590 |
|
|
57,279 |
|
|
260,125 |
|
|
219,371 |
|
|||||||
|
Provision for loan losses |
2,536 |
|
|
1,787 |
|
|
2,205 |
|
|
1,836 |
|
|
1,710 |
|
|
8,364 |
|
|
4,091 |
|
|||||||
|
Net interest income after provision for loan |
66,987 |
|
|
65,068 |
|
|
60,952 |
|
|
58,754 |
|
|
55,569 |
|
|
251,761 |
|
|
215,280 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Service charges on deposits accounts |
10,340 |
|
|
10,535 |
|
|
10,616 |
|
|
10,563 |
|
|
11,036 |
|
|
42,054 |
|
|
42,745 |
|
|||||||
|
Mortgage banking activity |
10,037 |
|
|
13,340 |
|
|
13,943 |
|
|
11,215 |
|
|
9,878 |
|
|
48,535 |
|
|
48,298 |
|
|||||||
|
Other service charges, commissions and fees |
735 |
|
|
699 |
|
|
729 |
|
|
709 |
|
|
706 |
|
|
2,872 |
|
|
3,575 |
|
|||||||
|
Gain on sale of securities |
— |
|
|
— |
|
|
37 |
|
|
— |
|
|
— |
|
|
37 |
|
|
94 |
|
|||||||
|
Other noninterest income |
2,451 |
|
|
2,425 |
|
|
2,864 |
|
|
3,219 |
|
|
2,652 |
|
|
10,959 |
|
|
11,089 |
|
|||||||
|
Total noninterest income |
23,563 |
|
|
26,999 |
|
|
28,189 |
|
|
25,706 |
|
|
24,272 |
|
|
104,457 |
|
|
105,801 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Salaries and employee benfits |
30,507 |
|
|
32,583 |
|
|
29,132 |
|
|
27,794 |
|
|
25,137 |
|
|
120,016 |
|
|
106,837 |
|
|||||||
|
Occupancy and equipment expenses |
6,010 |
|
|
6,036 |
|
|
6,146 |
|
|
5,877 |
|
|
6,337 |
|
|
24,069 |
|
|
24,397 |
|
|||||||
|
Data processing and telecommunications expenses |
7,219 |
|
|
7,050 |
|
|
7,028 |
|
|
6,572 |
|
|
6,244 |
|
|
27,869 |
|
|
24,591 |
|
|||||||
|
Credit resolution related expenses(1) |
614 |
|
|
1,347 |
|
|
599 |
|
|
933 |
|
|
1,083 |
|
|
3,493 |
|
|
6,172 |
|
|||||||
|
Advertising and marketing expenses |
1,519 |
|
|
1,247 |
|
|
1,259 |
|
|
1,106 |
|
|
1,273 |
|
|
5,131 |
|
|
4,181 |
|
|||||||
|
Amortization of intangible assets |
942 |
|
|
941 |
|
|
1,013 |
|
|
1,036 |
|
|
1,044 |
|
|
3,932 |
|
|
4,376 |
|
|||||||
|
Merger and conversion charges |
421 |
|
|
92 |
|
|
— |
|
|
402 |
|
|
17 |
|
|
915 |
|
|
6,376 |
|
|||||||
|
Other noninterest expenses |
12,105 |
|
|
14,471 |
|
|
10,562 |
|
|
9,373 |
|
|
13,542 |
|
|
46,511 |
|
|
38,905 |
|
|||||||
|
Total noninterest expense |
59,337 |
|
|
63,767 |
|
|
55,739 |
|
|
53,093 |
|
|
54,677 |
|
|
231,936 |
|
|
215,835 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Income before income tax expense |
31,213 |
|
|
28,300 |
|
|
33,402 |
|
|
31,367 |
|
|
25,164 |
|
|
124,282 |
|
|
105,246 |
|
|||||||
|
Income tax expense |
22,063 |
|
|
8,142 |
|
|
10,315 |
|
|
10,214 |
|
|
6,987 |
|
|
50,734 |
|
|
33,146 |
|
|||||||
|
Net income |
$ |
9,150 |
|
|
$ |
20,158 |
|
|
$ |
23,087 |
|
|
$ |
21,153 |
|
|
$ |
18,177 |
|
|
$ |
73,548 |
|
|
$ |
72,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Diluted earnings per common share |
$ |
0.24 |
|
|
$ |
0.54 |
|
|
$ |
0.62 |
|
|
$ |
0.59 |
|
|
$ |
0.52 |
|
|
$ |
1.98 |
|
|
$ |
2.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns. |
|||||||||||||||||||||||||||
|
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||
|
FINANCIAL TABLES |
|||||||||||||||||||
|
|
|||||||||||||||||||
|
Period End Balance Sheet |
Table 3 |
||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||
|
|
Dec |
|
Sep |
|
Jun |
|
Mar |
|
Dec |
||||||||||
|
(dollars in thousands) |
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2016 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Assets |
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and due from banks |
$ |
139,313 |
|
|
$ |
131,071 |
|
|
$ |
139,500 |
|
|
$ |
127,164 |
|
|
$ |
127,164 |
|
|
Federal funds sold and interest-bearing deposits in banks |
191,345 |
|
|
112,844 |
|
|
137,811 |
|
|
232,045 |
|
|
71,221 |
|
|||||
|
Investment securities available for sale, at fair value |
810,873 |
|
|
819,593 |
|
|
818,693 |
|
|
830,765 |
|
|
822,735 |
|
|||||
|
Other investments |
42,270 |
|
|
47,977 |
|
|
42,495 |
|
|
35,950 |
|
|
29,464 |
|
|||||
|
Loans held for sale, at fair value |
197,442 |
|
|
137,392 |
|
|
146,766 |
|
|
105,637 |
|
|
105,924 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Loans |
4,856,514 |
|
|
4,574,678 |
|
|
4,230,228 |
|
|
3,785,480 |
|
|
3,626,821 |
|
|||||
|
Purchased loans |
861,595 |
|
|
917,126 |
|
|
950,499 |
|
|
1,006,935 |
|
|
1,069,191 |
|
|||||
|
Purchased loan pools |
328,246 |
|
|
465,218 |
|
|
490,114 |
|
|
529,099 |
|
|
568,314 |
|
|||||
|
Loans, net of unearned income |
6,046,355 |
|
|
5,957,022 |
|
|
5,670,841 |
|
|
5,321,514 |
|
|
5,264,326 |
|
|||||
|
Allowance for loan losses |
(25,791) |
|
|
(25,966) |
|
|
(25,101) |
|
|
(25,250) |
|
|
(23,920) |
|
|||||
|
Loans, net |
6,020,564 |
|
|
5,931,056 |
|
|
5,645,740 |
|
|
5,296,264 |
|
|
5,240,406 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Other real estate owned |
8,464 |
|
|
9,391 |
|
|
11,483 |
|
|
10,466 |
|
|
10,874 |
|
|||||
|
Purchased other real estate owned |
9,011 |
|
|
9,946 |
|
|
11,330 |
|
|
11,668 |
|
|
12,540 |
|
|||||
|
Total other real estate owned |
17,475 |
|
|
19,337 |
|
|
22,813 |
|
|
22,134 |
|
|
23,414 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Premises and equipment, net |
117,738 |
|
|
119,458 |
|
|
121,108 |
|
|
121,610 |
|
|
121,217 |
|
|||||
|
Goodwill |
125,532 |
|
|
125,532 |
|
|
125,532 |
|
|
125,532 |
|
|
125,532 |
|
|||||
|
Other intangible assets, net |
13,496 |
|
|
14,437 |
|
|
15,378 |
|
|
16,391 |
|
|
17,428 |
|
|||||
|
Deferred income taxes, net |
28,320 |
|
|
39,365 |
|
|
41,124 |
|
|
41,505 |
|
|
40,776 |
|
|||||
|
Cash value of bank owned life insurance |
79,641 |
|
|
79,241 |
|
|
78,834 |
|
|
78,442 |
|
|
78,053 |
|
|||||
|
Other assets |
72,194 |
|
|
72,517 |
|
|
62,064 |
|
|
61,417 |
|
|
88,697 |
|
|||||
|
Total assets |
$ |
7,856,203 |
|
|
$ |
7,649,820 |
|
|
$ |
7,397,858 |
|
|
$ |
7,094,856 |
|
|
$ |
6,892,031 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Liabilities |
|
|
|
|
|
|
|
|
|
||||||||||
|
Deposits |
|
|
|
|
|
|
|
|
|
||||||||||
|
Noninterest-bearing |
$ |
1,777,141 |
|
|
$ |
1,718,022 |
|
|
$ |
1,672,918 |
|
|
$ |
1,654,723 |
|
|
$ |
1,573,389 |
|
|
Interest-bearing |
4,848,704 |
|
|
4,177,482 |
|
|
4,120,479 |
|
|
3,987,646 |
|
|
4,001,774 |
|
|||||
|
Total deposits |
6,625,845 |
|
|
5,895,504 |
|
|
5,793,397 |
|
|
5,642,369 |
|
|
5,575,163 |
|
|||||
|
Federal funds purchased and securities sold under agreements to repurchase |
30,638 |
|
|
14,156 |
|
|
18,400 |
|
|
40,415 |
|
|
53,505 |
|
|||||
|
Other borrowings |
250,554 |
|
|
808,572 |
|
|
679,591 |
|
|
525,669 |
|
|
492,321 |
|
|||||
|
Subordinated deferrable interest debentures |
85,550 |
|
|
85,220 |
|
|
84,889 |
|
|
84,559 |
|
|
84,228 |
|
|||||
|
Other liabilities |
59,137 |
|
|
44,447 |
|
|
38,899 |
|
|
43,628 |
|
|
40,377 |
|
|||||
|
Total liabilities |
7,051,724 |
|
|
6,847,899 |
|
|
6,615,176 |
|
|
6,336,640 |
|
|
6,245,594 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
||||||||||
|
Preferred stock |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||
|
Common stock |
38,735 |
|
|
38,706 |
|
|
38,698 |
|
|
38,603 |
|
|
36,378 |
|
|||||
|
Capital stock |
508,404 |
|
|
506,779 |
|
|
505,803 |
|
|
503,543 |
|
|
410,276 |
|
|||||
|
Retained earnings |
273,119 |
|
|
267,694 |
|
|
251,259 |
|
|
231,894 |
|
|
214,454 |
|
|||||
|
Accumulated other comprehensive income (loss), net of tax |
(1,280) |
|
|
3,241 |
|
|
1,421 |
|
|
(1,209) |
|
|
(1,058) |
|
|||||
|
Treasury stock |
(14,499) |
|
|
(14,499) |
|
|
(14,499) |
|
|
(14,615) |
|
|
(13,613) |
|
|||||
|
Total shareholders' equity |
804,479 |
|
|
801,921 |
|
|
782,682 |
|
|
758,216 |
|
|
646,437 |
|
|||||
|
Total liabilities and shareholders' equity |
$ |
7,856,203 |
|
|
$ |
7,649,820 |
|
|
$ |
7,397,858 |
|
|
$ |
7,094,856 |
|
|
$ |
6,892,031 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Other Data |
|
|
|
|
|
|
|
|
|
||||||||||
|
Earning assets |
$ |
7,288,285 |
|
|
$ |
7,074,828 |
|
|
$ |
6,816,606 |
|
|
$ |
6,525,911 |
|
|
$ |
6,293,670 |
|
|
Intangible assets |
139,028 |
|
|
139,969 |
|
|
140,910 |
|
|
141,923 |
|
|
142,960 |
|
|||||
|
Interest-bearing liabilities |
5,215,446 |
|
|
5,085,430 |
|
|
4,903,359 |
|
|
4,638,289 |
|
|
4,631,828 |
|
|||||
|
Average assets |
7,777,996 |
|
|
7,461,367 |
|
|
7,152,024 |
|
|
6,915,965 |
|
|
6,573,344 |
|
|||||
|
Average common shareholders' equity |
812,264 |
|
|
796,856 |
|
|
774,664 |
|
|
695,830 |
|
|
653,991 |
|
|||||
|
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
|
FINANCIAL TABLES |
|||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
|
Asset Quality Information |
|
|
Table 4 |
||||||||||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||||||||||
|
|
Dec |
|
Sep |
|
Jun |
|
Mar |
|
Dec |
|
Dec |
|
Dec |
||||||||||||||
|
(dollars in thousands) |
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Allowance for Loan Losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Balance at beginning of period |
$ |
25,966 |
|
|
$ |
25,101 |
|
|
$ |
25,250 |
|
|
$ |
23,920 |
|
|
$ |
22,963 |
|
|
$ |
23,920 |
|
|
$ |
21,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Provision for loan losses |
2,536 |
|
|
1,787 |
|
|
2,205 |
|
|
1,836 |
|
|
1,710 |
|
|
8,364 |
|
|
4,091 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Charge-offs |
3,638 |
|
|
2,443 |
|
|
3,284 |
|
|
1,102 |
|
|
1,686 |
|
|
10,467 |
|
|
6,327 |
|
|||||||
|
Recoveries |
927 |
|
|
1,521 |
|
|
930 |
|
|
596 |
|
|
933 |
|
|
3,974 |
|
|
5,094 |
|
|||||||
|
Net charge-offs (recoveries) |
2,711 |
|
|
922 |
|
|
2,354 |
|
|
506 |
|
|
753 |
|
|
6,493 |
|
|
1,233 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Ending balance |
$ |
25,791 |
|
|
$ |
25,966 |
|
|
$ |
25,101 |
|
|
$ |
25,250 |
|
|
$ |
23,920 |
|
|
$ |
25,791 |
|
|
$ |
23,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Net Charge-off Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Charge-offs |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Commercial, financial and agricultural |
$ |
954 |
|
|
$ |
1,091 |
|
|
$ |
701 |
|
|
$ |
104 |
|
|
$ |
726 |
|
|
$ |
2,850 |
|
|
$ |
1,999 |
|
|
Real estate - construction and development |
— |
|
|
1 |
|
|
41 |
|
|
53 |
|
|
264 |
|
|
95 |
|
|
588 |
|
|||||||
|
Real estate - commercial and farmland |
440 |
|
|
18 |
|
|
386 |
|
|
9 |
|
|
— |
|
|
853 |
|
|
708 |
|
|||||||
|
Real estate - residential |
120 |
|
|
852 |
|
|
963 |
|
|
216 |
|
|
239 |
|
|
2,151 |
|
|
1,122 |
|
|||||||
|
Consumer installment |
696 |
|
|
320 |
|
|
438 |
|
|
164 |
|
|
159 |
|
|
1,618 |
|
|
351 |
|
|||||||
|
Purchased loans |
1,428 |
|
|
161 |
|
|
755 |
|
|
556 |
|
|
298 |
|
|
2,900 |
|
|
1,559 |
|
|||||||
|
Purchased loan pools |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||||
|
Total charge-offs |
3,638 |
|
|
2,443 |
|
|
3,284 |
|
|
1,102 |
|
|
1,686 |
|
|
10,467 |
|
|
6,327 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Recoveries |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Commercial, financial and agricultural |
571 |
|
|
409 |
|
|
221 |
|
|
69 |
|
|
121 |
|
|
1,270 |
|
|
400 |
|
|||||||
|
Real estate - construction and development |
2 |
|
|
126 |
|
|
98 |
|
|
20 |
|
|
16 |
|
|
246 |
|
|
490 |
|
|||||||
|
Real estate - commercial and farmland |
28 |
|
|
26 |
|
|
121 |
|
|
9 |
|
|
78 |
|
|
184 |
|
|
269 |
|
|||||||
|
Real estate - residential |
47 |
|
|
56 |
|
|
73 |
|
|
61 |
|
|
23 |
|
|
237 |
|
|
391 |
|
|||||||
|
Consumer installment |
38 |
|
|
17 |
|
|
44 |
|
|
17 |
|
|
8 |
|
|
116 |
|
|
127 |
|
|||||||
|
Purchased loans |
241 |
|
|
887 |
|
|
373 |
|
|
420 |
|
|
687 |
|
|
1,921 |
|
|
3,417 |
|
|||||||
|
Purchased loan pools |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||||
|
Total recoveries |
927 |
|
|
1,521 |
|
|
930 |
|
|
596 |
|
|
933 |
|
|
3,974 |
|
|
5,094 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Net charge-offs (recoveries) |
$ |
2,711 |
|
|
$ |
922 |
|
|
$ |
2,354 |
|
|
$ |
506 |
|
|
$ |
753 |
|
|
$ |
6,493 |
|
|
$ |
1,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Non-Performing Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Nonaccrual loans (excluding purchased loans) |
$ |
14,202 |
|
|
$ |
15,325 |
|
|
$ |
17,083 |
|
|
$ |
18,281 |
|
|
$ |
18,114 |
|
|
$ |
14,202 |
|
|
$ |
18,114 |
|
|
Nonaccrual purchased loans |
15,428 |
|
|
19,049 |
|
|
17,357 |
|
|
23,606 |
|
|
22,966 |
|
|
15,428 |
|
|
22,966 |
|
|||||||
|
Nonaccrual purchased loan pools |
— |
|
|
915 |
|
|
918 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||||
|
Other real estate owned |
8,464 |
|
|
9,391 |
|
|
11,483 |
|
|
10,466 |
|
|
10,874 |
|
|
8,464 |
|
|
10,874 |
|
|||||||
|
Purchased other real estate owned |
9,011 |
|
|
9,946 |
|
|
11,330 |
|
|
11,668 |
|
|
12,540 |
|
|
9,011 |
|
|
12,540 |
|
|||||||
|
Accruing loans delinquent 90 days or more |
5,991 |
|
|
2,941 |
|
|
1,784 |
|
|
933 |
|
|
— |
|
|
5,991 |
|
|
— |
|
|||||||
|
Accruing purchased loans delinquent 90 days or |
— |
|
|
— |
|
|
147 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||||
|
Total non-performing assets |
$ |
53,096 |
|
|
$ |
57,567 |
|
|
$ |
60,102 |
|
|
$ |
64,954 |
|
|
$ |
64,494 |
|
|
$ |
53,096 |
|
|
$ |
64,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Asset Quality Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Non-performing assets as a percent of total |
0.68 |
% |
|
0.75 |
% |
|
0.81 |
% |
|
0.92 |
% |
|
0.94 |
% |
|
0.68 |
% |
|
0.94 |
% |
|||||||
|
Net charge-offs as a percent of average loans |
0.18 |
% |
|
0.06 |
% |
|
0.17 |
% |
|
0.04 |
% |
|
0.06 |
% |
|
0.12 |
% |
|
0.03 |
% |
|||||||
|
Net charge-offs, excluding purchased loans as a percent of average loans (annualized) |
0.13 |
% |
|
0.15 |
% |
|
0.20 |
% |
|
0.04 |
% |
|
0.14 |
% |
|
0.13 |
% |
|
0.11 |
% |
|||||||
|
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||
|
FINANCIAL TABLES |
|||||||||||||||||||
|
|
|||||||||||||||||||
|
Loan Information |
Table 5 |
||||||||||||||||||
|
|
Dec |
|
Sep |
|
Jun |
|
Mar |
|
Dec |
||||||||||
|
(dollars in thousands) |
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2016 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Loans by Type |
|
|
|
|
|
|
|
|
|
||||||||||
|
Legacy loans |
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial, financial and agricultural |
$ |
1,362,508 |
|
|
$ |
1,307,209 |
|
|
$ |
1,218,633 |
|
|
$ |
1,061,599 |
|
|
$ |
967,138 |
|
|
Real estate - construction and development |
624,595 |
|
|
550,189 |
|
|
486,858 |
|
|
415,029 |
|
|
363,045 |
|
|||||
|
Real estate - commercial and farmland |
1,535,439 |
|
|
1,558,882 |
|
|
1,519,002 |
|
|
1,458,110 |
|
|
1,406,219 |
|
|||||
|
Real estate - residential |
1,009,461 |
|
|
969,289 |
|
|
857,069 |
|
|
726,795 |
|
|
781,018 |
|
|||||
|
Consumer installment |
309,194 |
|
|
183,314 |
|
|
147,505 |
|
|
115,919 |
|
|
96,915 |
|
|||||
|
Other |
15,317 |
|
|
5,795 |
|
|
1,161 |
|
|
8,028 |
|
|
12,486 |
|
|||||
|
Total legacy loans |
$ |
4,856,514 |
|
|
$ |
4,574,678 |
|
|
$ |
4,230,228 |
|
|
$ |
3,785,480 |
|
|
$ |
3,626,821 |
|
|
Purchased loans |
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial, financial and agricultural |
$ |
74,378 |
|
|
$ |
80,895 |
|
|
$ |
87,612 |
|
|
$ |
89,897 |
|
|
$ |
96,537 |
|
|
Real estate - construction and development |
65,513 |
|
|
68,583 |
|
|
73,567 |
|
|
82,378 |
|
|
81,368 |
|
|||||
|
Real estate - commercial and farmland |
468,246 |
|
|
500,169 |
|
|
510,312 |
|
|
538,046 |
|
|
576,355 |
|
|||||
|
Real estate - residential |
250,539 |
|
|
264,312 |
|
|
275,504 |
|
|
292,911 |
|
|
310,277 |
|
|||||
|
Consumer installment |
2,919 |
|
|
3,167 |
|
|
3,504 |
|
|
3,703 |
|
|
4,654 |
|
|||||
|
Total purchased loans |
$ |
861,595 |
|
|
$ |
917,126 |
|
|
$ |
950,499 |
|
|
$ |
1,006,935 |
|
|
$ |
1,069,191 |
|
|
Purchased loan pools |
|
|
|
|
|
|
|
|
|
||||||||||
|
Real estate - residential |
$ |
328,246 |
|
|
$ |
465,218 |
|
|
$ |
490,114 |
|
|
$ |
529,099 |
|
|
$ |
568,314 |
|
|
Total purchased loan pools |
$ |
328,246 |
|
|
$ |
465,218 |
|
|
$ |
490,114 |
|
|
$ |
529,099 |
|
|
$ |
568,314 |
|
|
Total loan portfolio |
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial, financial and agricultural |
$ |
1,436,886 |
|
|
$ |
1,388,104 |
|
|
$ |
1,306,245 |
|
|
$ |
1,151,496 |
|
|
$ |
1,063,675 |
|
|
Real estate - construction and development |
690,108 |
|
|
618,772 |
|
|
560,425 |
|
|
497,407 |
|
|
444,413 |
|
|||||
|
Real estate - commercial and farmland |
2,003,685 |
|
|
2,059,051 |
|
|
2,029,314 |
|
|
1,996,156 |
|
|
1,982,574 |
|
|||||
|
Real estate - residential |
1,588,246 |
|
|
1,698,819 |
|
|
1,622,687 |
|
|
1,548,805 |
|
|
1,659,609 |
|
|||||
|
Consumer installment |
312,113 |
|
|
186,481 |
|
|
151,009 |
|
|
119,622 |
|
|
101,569 |
|
|||||
|
Other |
15,317 |
|
|
5,795 |
|
|
1,161 |
|
|
8,028 |
|
|
12,486 |
|
|||||
|
Total loans |
$ |
6,046,355 |
|
|
$ |
5,957,022 |
|
|
$ |
5,670,841 |
|
|
$ |
5,321,514 |
|
|
$ |
5,264,326 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Troubled Debt Restructurings (excluding purchased loans) |
|
|
|
|
|
|
|
|
|
||||||||||
|
Accruing troubled debt restructurings |
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial, financial and agricultural |
$ |
41 |
|
|
$ |
44 |
|
|
$ |
40 |
|
|
$ |
42 |
|
|
$ |
47 |
|
|
Real estate - construction and development |
417 |
|
|
424 |
|
|
429 |
|
|
435 |
|
|
686 |
|
|||||
|
Real estate - commercial and farmland |
4,680 |
|
|
4,769 |
|
|
4,859 |
|
|
3,944 |
|
|
4,119 |
|
|||||
|
Real estate - residential |
6,199 |
|
|
7,209 |
|
|
6,829 |
|
|
9,220 |
|
|
9,340 |
|
|||||
|
Consumer installment |
5 |
|
|
6 |
|
|
12 |
|
|
18 |
|
|
17 |
|
|||||
|
Total accruing troubled debt restructurings |
$ |
11,342 |
|
|
$ |
12,452 |
|
|
$ |
12,169 |
|
|
$ |
13,659 |
|
|
$ |
14,209 |
|
|
Nonaccrual troubled debt restructurings |
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial, financial and agricultural |
$ |
120 |
|
|
$ |
129 |
|
|
$ |
136 |
|
|
$ |
142 |
|
|
$ |
114 |
|
|
Real estate - construction and development |
34 |
|
|
34 |
|
|
34 |
|
|
34 |
|
|
34 |
|
|||||
|
Real estate - commercial and farmland |
204 |
|
|
210 |
|
|
192 |
|
|
1,617 |
|
|
2,970 |
|
|||||
|
Real estate - residential |
1,508 |
|
|
1,212 |
|
|
1,975 |
|
|
998 |
|
|
739 |
|
|||||
|
Consumer installment |
98 |
|
|
130 |
|
|
133 |
|
|
129 |
|
|
130 |
|
|||||
|
Total nonaccrual troubled debt restructurings |
$ |
1,964 |
|
|
$ |
1,715 |
|
|
$ |
2,470 |
|
|
$ |
2,920 |
|
|
$ |
3,987 |
|
|
Total troubled debt restructurings (excluding purchased loans) |
$ |
13,306 |
|
|
$ |
14,167 |
|
|
$ |
14,639 |
|
|
$ |
16,579 |
|
|
$ |
18,196 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||
|
FINANCIAL TABLES |
|||||||||||||||||||
|
|
|||||||||||||||||||
|
Loan Information (continued) |
Table 5 |
||||||||||||||||||
|
|
Dec |
|
Sep |
|
Jun |
|
Mar |
|
Dec |
||||||||||
|
(dollars in thousands) |
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2016 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Loans by Risk Grade |
|
|
|
|
|
|
|
|
|
||||||||||
|
Legacy loans |
|
|
|
|
|
|
|
|
|
||||||||||
|
Grade 10 - Prime credit |
$ |
554,979 |
|
|
$ |
510,262 |
|
|
$ |
490,514 |
|
|
$ |
420,814 |
|
|
$ |
414,564 |
|
|
Grade 15 - Good credit |
688,481 |
|
|
692,217 |
|
|
631,141 |
|
|
587,180 |
|
|
539,147 |
|
|||||
|
Grade 20 - Satisfactory credit |
2,033,979 |
|
|
2,003,173 |
|
|
1,875,308 |
|
|
1,718,749 |
|
|
1,669,998 |
|
|||||
|
Grade 23 - Performing, under-collateralized credit |
16,996 |
|
|
14,977 |
|
|
15,386 |
|
|
20,889 |
|
|
23,186 |
|
|||||
|
Grade 25 - Minimum acceptable credit |
1,487,781 |
|
|
1,277,969 |
|
|
1,147,786 |
|
|
958,623 |
|
|
907,588 |
|
|||||
|
Grade 30 - Other asset especially mentioned |
30,075 |
|
|
36,143 |
|
|
32,871 |
|
|
37,298 |
|
|
29,172 |
|
|||||
|
Grade 40 - Substandard |
44,216 |
|
|
39,930 |
|
|
37,116 |
|
|
41,821 |
|
|
43,067 |
|
|||||
|
Grade 50 - Doubtful |
7 |
|
|
7 |
|
|
106 |
|
|
106 |
|
|
99 |
|
|||||
|
Grade 60 - Loss |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||
|
Total legacy loans |
$ |
4,856,514 |
|
|
$ |
4,574,678 |
|
|
$ |
4,230,228 |
|
|
$ |
3,785,480 |
|
|
$ |
3,626,821 |
|
|
Purchased loans |
|
|
|
|
|
|
|
|
|
||||||||||
|
Grade 10 - Prime credit |
$ |
3,964 |
|
|
$ |
4,039 |
|
|
$ |
5,959 |
|
|
$ |
6,017 |
|
|
$ |
6,536 |
|
|
Grade 15 - Good credit |
101,098 |
|
|
107,097 |
|
|
39,391 |
|
|
38,179 |
|
|
40,786 |
|
|||||
|
Grade 20 - Satisfactory credit |
259,872 |
|
|
275,855 |
|
|
327,449 |
|
|
365,434 |
|
|
334,353 |
|
|||||
|
Grade 23 - Performing, under-collateralized credit |
19,736 |
|
|
19,859 |
|
|
22,058 |
|
|
22,081 |
|
|
27,475 |
|
|||||
|
Grade 25 - Minimum acceptable credit |
385,080 |
|
|
411,776 |
|
|
459,903 |
|
|
476,954 |
|
|
569,026 |
|
|||||
|
Grade 30 - Other asset especially mentioned |
37,121 |
|
|
50,696 |
|
|
41,869 |
|
|
43,450 |
|
|
35,032 |
|
|||||
|
Grade 40 - Substandard |
54,724 |
|
|
47,804 |
|
|
53,870 |
|
|
54,820 |
|
|
55,983 |
|
|||||
|
Grade 50 - Doubtful |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||
|
Grade 60 - Loss |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||
|
Total purchased loans |
$ |
861,595 |
|
|
$ |
917,126 |
|
|
$ |
950,499 |
|
|
$ |
1,006,935 |
|
|
$ |
1,069,191 |
|
|
Purchased loan pools |
|
|
|
|
|
|
|
|
|
||||||||||
|
Grade 20 - Satisfactory credit |
$ |
327,342 |
|
|
$ |
464,303 |
|
|
$ |
489,196 |
|
|
$ |
528,181 |
|
|
$ |
567,389 |
|
|
Grade 40 - Substandard |
904 |
|
|
915 |
|
|
918 |
|
|
918 |
|
|
925 |
|
|||||
|
Total purchased loan pools |
$ |
328,246 |
|
|
$ |
465,218 |
|
|
$ |
490,114 |
|
|
$ |
529,099 |
|
|
$ |
568,314 |
|
|
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
|
FINANCIAL TABLES |
|||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
|
Average Balances |
|
|
Table 6 |
||||||||||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||||||||||
|
|
Dec |
|
Sep |
|
Jun |
|
Mar |
|
Dec |
|
Dec |
|
Dec |
||||||||||||||
|
(dollars in thousands) |
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Earning Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Federal funds sold |
$ |
3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,261 |
|
|
$ |
1 |
|
|
$ |
6,033 |
|
|
Interest-bearing deposits in banks |
184,287 |
|
|
109,266 |
|
|
121,810 |
|
|
147,385 |
|
|
122,538 |
|
|
140,702 |
|
|
126,453 |
|
|||||||
|
Investment securities - taxable |
759,253 |
|
|
760,907 |
|
|
766,375 |
|
|
759,850 |
|
|
770,373 |
|
|
761,593 |
|
|
758,076 |
|
|||||||
|
Investment securities - nontaxable |
58,858 |
|
|
60,862 |
|
|
63,210 |
|
|
65,374 |
|
|
66,566 |
|
|
62,055 |
|
|
68,340 |
|
|||||||
|
Other investments |
32,706 |
|
|
42,687 |
|
|
37,375 |
|
|
37,392 |
|
|
19,732 |
|
|
37,541 |
|
|
16,470 |
|
|||||||
|
Loans held for sale |
138,468 |
|
|
126,798 |
|
|
110,933 |
|
|
77,617 |
|
|
102,926 |
|
|
113,657 |
|
|
97,995 |
|
|||||||
|
Loans |
4,692,997 |
|
|
4,379,082 |
|
|
3,994,213 |
|
|
3,678,149 |
|
|
3,145,714 |
|
|
4,188,378 |
|
|
2,777,505 |
|
|||||||
|
Purchased loans |
888,854 |
|
|
937,595 |
|
|
973,521 |
|
|
1,034,983 |
|
|
1,101,907 |
|
|
958,738 |
|
|
1,127,765 |
|
|||||||
|
Purchased loan pools |
446,677 |
|
|
475,742 |
|
|
516,949 |
|
|
547,057 |
|
|
590,617 |
|
|
496,844 |
|
|
619,440 |
|
|||||||
|
Total Earning Assets |
$ |
7,202,103 |
|
|
$ |
6,892,939 |
|
|
$ |
6,584,386 |
|
|
$ |
6,347,807 |
|
|
$ |
5,925,634 |
|
|
$ |
6,759,509 |
|
|
$ |
5,598,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Noninterest-bearing deposits |
$ |
1,805,996 |
|
|
$ |
1,654,467 |
|
|
$ |
1,615,001 |
|
|
$ |
1,604,495 |
|
|
$ |
1,592,073 |
|
|
$ |
1,670,499 |
|
|
$ |
1,515,771 |
|
|
NOW accounts |
1,301,628 |
|
|
1,201,151 |
|
|
1,154,364 |
|
|
1,169,567 |
|
|
1,253,849 |
|
|
1,207,024 |
|
|
1,141,206 |
|
|||||||
|
MMDA |
1,964,437 |
|
|
1,682,306 |
|
|
1,621,487 |
|
|
1,486,972 |
|
|
1,435,958 |
|
|
1,690,091 |
|
|
1,390,948 |
|
|||||||
|
Savings accounts |
273,979 |
|
|
278,991 |
|
|
278,666 |
|
|
268,741 |
|
|
262,782 |
|
|
275,119 |
|
|
261,559 |
|
|||||||
|
Retail CDs < $100,000 |
433,303 |
|
|
437,641 |
|
|
441,556 |
|
|
444,195 |
|
|
445,132 |
|
|
439,140 |
|
|
438,798 |
|
|||||||
|
Retail CDs $100,000 and over |
592,916 |
|
|
582,598 |
|
|
560,320 |
|
|
517,354 |
|
|
497,113 |
|
|
563,557 |
|
|
448,243 |
|
|||||||
|
Brokered CDs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,750 |
|
|
— |
|
|
3,716 |
|
|||||||
|
Total Deposits |
6,372,259 |
|
|
5,837,154 |
|
|
5,671,394 |
|
|
5,491,324 |
|
|
5,490,657 |
|
|
5,845,430 |
|
|
5,200,241 |
|
|||||||
|
Non-Deposit Funding |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Federal funds purchased and securities sold |
25,970 |
|
|
19,414 |
|
|
27,088 |
|
|
42,589 |
|
|
44,000 |
|
|
28,694 |
|
|
44,324 |
|
|||||||
|
FHLB advances |
369,076 |
|
|
608,413 |
|
|
483,583 |
|
|
525,583 |
|
|
222,426 |
|
|
496,541 |
|
|
150,879 |
|
|||||||
|
Other borrowings |
75,571 |
|
|
75,590 |
|
|
75,625 |
|
|
47,738 |
|
|
38,728 |
|
|
68,726 |
|
|
45,526 |
|
|||||||
|
Subordinated deferrable interest debentures |
85,372 |
|
|
85,040 |
|
|
84,710 |
|
|
84,379 |
|
|
84,050 |
|
|
84,878 |
|
|
80,952 |
|
|||||||
|
Total Non-Deposit Funding |
555,989 |
|
|
788,457 |
|
|
671,006 |
|
|
700,289 |
|
|
389,204 |
|
|
678,839 |
|
|
321,681 |
|
|||||||
|
Total Funding |
$ |
6,928,248 |
|
|
$ |
6,625,611 |
|
|
$ |
6,342,400 |
|
|
$ |
6,191,613 |
|
|
$ |
5,879,861 |
|
|
$ |
6,524,269 |
|
|
$ |
5,521,922 |
|
|
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
|
FINANCIAL TABLES |
|||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
|
Interest Income and Interest Expense (TE) |
|
Table 7 |
|||||||||||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||||||||||
|
|
Dec |
|
Sep |
|
Jun |
|
Mar |
|
Dec |
|
Dec |
|
Dec |
||||||||||||||
|
(dollars in thousands) |
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Federal funds sold |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8 |
|
|
$ |
— |
|
|
$ |
33 |
|
|
Interest-bearing deposits in banks |
655 |
|
|
406 |
|
|
351 |
|
|
313 |
|
|
193 |
|
|
1,725 |
|
|
827 |
|
|||||||
|
Investment securities - taxable |
5,097 |
|
|
5,062 |
|
|
5,195 |
|
|
4,800 |
|
|
4,348 |
|
|
20,154 |
|
|
17,824 |
|
|||||||
|
Investment securities - nontaxable (TE) |
572 |
|
|
603 |
|
|
617 |
|
|
640 |
|
|
654 |
|
|
2,432 |
|
|
2,405 |
|
|||||||
|
Loans held for sale |
1,380 |
|
|
1,131 |
|
|
1,058 |
|
|
653 |
|
|
989 |
|
|
4,222 |
|
|
3,391 |
|
|||||||
|
Loans (TE) |
57,193 |
|
|
53,394 |
|
|
47,255 |
|
|
43,157 |
|
|
37,418 |
|
|
200,999 |
|
|
131,305 |
|
|||||||
|
Purchased loans |
13,150 |
|
|
14,048 |
|
|
14,765 |
|
|
15,173 |
|
|
17,015 |
|
|
57,136 |
|
|
70,363 |
|
|||||||
|
Purchased loan pools |
3,531 |
|
|
3,491 |
|
|
3,786 |
|
|
3,832 |
|
|
3,950 |
|
|
14,640 |
|
|
17,170 |
|
|||||||
|
Total Earning Assets |
$ |
81,578 |
|
|
$ |
78,135 |
|
|
$ |
73,027 |
|
|
$ |
68,568 |
|
|
$ |
64,575 |
|
|
$ |
301,308 |
|
|
$ |
243,318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Accretion income (included above) |
$ |
2,183 |
|
|
$ |
2,725 |
|
|
$ |
2,896 |
|
|
$ |
2,810 |
|
|
$ |
3,370 |
|
|
$ |
10,614 |
|
|
$ |
14,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Noninterest-bearing deposits |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
NOW accounts |
811 |
|
|
600 |
|
|
520 |
|
|
497 |
|
|
613 |
|
|
2,428 |
|
|
1,953 |
|
|||||||
|
MMDA |
3,288 |
|
|
2,316 |
|
|
2,008 |
|
|
1,538 |
|
|
1,405 |
|
|
9,150 |
|
|
4,854 |
|
|||||||
|
Savings accounts |
46 |
|
|
47 |
|
|
45 |
|
|
43 |
|
|
44 |
|
|
181 |
|
|
177 |
|
|||||||
|
Retail CDs < $100,000 |
702 |
|
|
684 |
|
|
636 |
|
|
562 |
|
|
553 |
|
|
2,584 |
|
|
2,034 |
|
|||||||
|
Retail CDs $100,000 and over |
1,551 |
|
|
1,489 |
|
|
1,371 |
|
|
1,123 |
|
|
1,060 |
|
|
5,534 |
|
|
3,369 |
|
|||||||
|
Brokered CDs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
6 |
|
|
— |
|
|
24 |
|
|||||||
|
Total Deposits |
6,398 |
|
|
5,136 |
|
|
4,580 |
|
|
3,763 |
|
|
3,681 |
|
|
19,877 |
|
|
12,411 |
|
|||||||
|
Non-Deposit Funding |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Federal funds purchased and securities sold |
12 |
|
|
11 |
|
|
13 |
|
|
20 |
|
|
21 |
|
|
56 |
|
|
98 |
|
|||||||
|
FHLB advances |
1,180 |
|
|
1,849 |
|
|
1,238 |
|
|
907 |
|
|
328 |
|
|
5,174 |
|
|
899 |
|
|||||||
|
Other borrowings |
1,144 |
|
|
1,183 |
|
|
1,158 |
|
|
559 |
|
|
432 |
|
|
4,044 |
|
|
1,765 |
|
|||||||
|
Subordinated deferrable interest debentures |
1,307 |
|
|
1,288 |
|
|
1,265 |
|
|
1,211 |
|
|
1,216 |
|
|
5,071 |
|
|
4,522 |
|
|||||||
|
Total Non-Deposit Funding |
3,643 |
|
|
4,331 |
|
|
3,674 |
|
|
2,697 |
|
|
1,997 |
|
|
14,345 |
|
|
7,284 |
|
|||||||
|
Total Funding |
$ |
10,041 |
|
|
$ |
9,467 |
|
|
$ |
8,254 |
|
|
$ |
6,460 |
|
|
$ |
5,678 |
|
|
$ |
34,222 |
|
|
$ |
19,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Net Interest Income (TE) |
$ |
71,537 |
|
|
$ |
68,668 |
|
|
$ |
64,773 |
|
|
$ |
62,108 |
|
|
$ |
58,897 |
|
|
$ |
267,086 |
|
|
$ |
223,623 |
|
|
AMERIS BANCORP AND SUBSIDIARIES |
||||||||||||||||||||
|
FINANCIAL TABLES |
||||||||||||||||||||
|
|
||||||||||||||||||||
|
Yields(1) |
|
Table 8 |
||||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
|||||||||||||||||
|
|
Dec |
|
Sep |
|
Jun |
|
Mar |
|
Dec |
|
Dec |
|
Dec |
|||||||
|
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Earning Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Federal funds sold |
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.60 |
% |
|
0.00 |
% |
|
0.55 |
% |
|
Interest-bearing deposits in banks |
1.41 |
% |
|
1.47 |
% |
|
1.16 |
% |
|
0.86 |
% |
|
0.63 |
% |
|
1.23 |
% |
|
0.65 |
% |
|
Investment securities - taxable |
2.66 |
% |
|
2.64 |
% |
|
2.72 |
% |
|
2.56 |
% |
|
2.25 |
% |
|
2.65 |
% |
|
2.35 |
% |
|
Investment securities - nontaxable (TE) |
3.86 |
% |
|
3.93 |
% |
|
3.92 |
% |
|
3.97 |
% |
|
3.91 |
% |
|
3.92 |
% |
|
3.52 |
% |
|
Loans held for sale |
3.95 |
% |
|
3.54 |
% |
|
3.83 |
% |
|
3.41 |
% |
|
3.82 |
% |
|
3.71 |
% |
|
3.46 |
% |
|
Loans (TE) |
4.84 |
% |
|
4.84 |
% |
|
4.75 |
% |
|
4.76 |
% |
|
4.73 |
% |
|
4.80 |
% |
|
4.73 |
% |
|
Purchased loans |
5.87 |
% |
|
5.94 |
% |
|
6.08 |
% |
|
5.95 |
% |
|
6.14 |
% |
|
5.96 |
% |
|
6.24 |
% |
|
Purchased loan pools |
3.14 |
% |
|
2.91 |
% |
|
2.94 |
% |
|
2.84 |
% |
|
2.66 |
% |
|
2.95 |
% |
|
2.77 |
% |
|
Total Earning Assets |
4.49 |
% |
|
4.50 |
% |
|
4.45 |
% |
|
4.38 |
% |
|
4.34 |
% |
|
4.46 |
% |
|
4.35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Noninterest-bearing deposits |
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
NOW accounts |
0.25 |
% |
|
0.20 |
% |
|
0.18 |
% |
|
0.17 |
% |
|
0.19 |
% |
|
0.20 |
% |
|
0.17 |
% |
|
MMDA |
0.66 |
% |
|
0.55 |
% |
|
0.50 |
% |
|
0.42 |
% |
|
0.39 |
% |
|
0.54 |
% |
|
0.35 |
% |
|
Savings accounts |
0.07 |
% |
|
0.07 |
% |
|
0.06 |
% |
|
0.06 |
% |
|
0.07 |
% |
|
0.07 |
% |
|
0.07 |
% |
|
Retail CDs < $100,000 |
0.64 |
% |
|
0.62 |
% |
|
0.58 |
% |
|
0.51 |
% |
|
0.49 |
% |
|
0.59 |
% |
|
0.46 |
% |
|
Retail CDs $100,000 and over |
1.04 |
% |
|
1.01 |
% |
|
0.98 |
% |
|
0.88 |
% |
|
0.85 |
% |
|
0.98 |
% |
|
0.75 |
% |
|
Brokered CDs |
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.64 |
% |
|
0.00 |
% |
|
0.65 |
% |
|
Total Deposits |
0.40 |
% |
|
0.35 |
% |
|
0.32 |
% |
|
0.28 |
% |
|
0.27 |
% |
|
0.34 |
% |
|
0.24 |
% |
|
Non-Deposit Funding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Federal funds purchased and securities sold under agreements to |
0.18 |
% |
|
0.22 |
% |
|
0.19 |
% |
|
0.19 |
% |
|
0.19 |
% |
|
0.20 |
% |
|
0.22 |
% |
|
FHLB advances |
1.27 |
% |
|
1.21 |
% |
|
1.03 |
% |
|
0.70 |
% |
|
0.59 |
% |
|
1.04 |
% |
|
0.60 |
% |
|
Other borrowings |
6.01 |
% |
|
6.21 |
% |
|
6.14 |
% |
|
4.75 |
% |
|
4.44 |
% |
|
5.88 |
% |
|
3.88 |
% |
|
Subordinated deferrable interest debentures |
6.07 |
% |
|
6.01 |
% |
|
5.99 |
% |
|
5.82 |
% |
|
5.76 |
% |
|
5.97 |
% |
|
5.59 |
% |
|
Total Non-Deposit Funding |
2.60 |
% |
|
2.18 |
% |
|
2.20 |
% |
|
1.56 |
% |
|
2.04 |
% |
|
2.11 |
% |
|
2.26 |
% |
|
Total Funding(2) |
0.57 |
% |
|
0.57 |
% |
|
0.52 |
% |
|
0.42 |
% |
|
0.38 |
% |
|
0.52 |
% |
|
0.36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net Interest Spread |
3.92 |
% |
|
3.93 |
% |
|
3.93 |
% |
|
3.96 |
% |
|
3.96 |
% |
|
3.94 |
% |
|
3.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net Interest Margin(3) |
3.94 |
% |
|
3.95 |
% |
|
3.95 |
% |
|
3.97 |
% |
|
3.95 |
% |
|
3.95 |
% |
|
3.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 35%. |
||||||||||||||||||||
|
(2) Rate calculated based on total average funding including noninterest-bearing deposits. |
||||||||||||||||||||
|
(3) Rate calculated based on average earning assets. |
||||||||||||||||||||
|
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
|
FINANCIAL TABLES |
|||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
|
Non-GAAP Reconciliations |
|
|
|||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||
|
Adjusted Operating Net Income |
|
|
|
|
|
|
|
|
|
|
Table 9A |
||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||||||||||
|
|
Dec |
|
Sep |
|
Jun |
|
Mar |
|
Dec |
|
Dec |
|
Dec |
||||||||||||||
|
(dollars in thousands except per share data) |
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
||||||||||||||
|
Net income available to common shareholders |
$ |
9,150 |
|
|
$ |
20,158 |
|
|
$ |
23,087 |
|
|
$ |
21,153 |
|
|
$ |
18,177 |
|
|
$ |
73,548 |
|
|
$ |
72,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Merger and conversion charges |
421 |
|
|
92 |
|
|
— |
|
|
402 |
|
|
17 |
|
|
915 |
|
|
6,376 |
|
|||||||
|
Certain compliance resolution expenses |
434 |
|
|
4,729 |
|
|
— |
|
|
— |
|
|
5,750 |
|
|
5,163 |
|
|
5,750 |
|
|||||||
|
Accelerated premium amortization on loans |
456 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
456 |
|
|
— |
|
|||||||
|
Financial impact of Hurricane Irma |
— |
|
|
410 |
|
|
— |
|
|
— |
|
|
— |
|
|
410 |
|
|
— |
|
|||||||
|
Loss on sale of premises |
308 |
|
|
91 |
|
|
570 |
|
|
295 |
|
|
430 |
|
|
1,264 |
|
|
992 |
|
|||||||
|
Tax effect of management-adjusted charges |
(567) |
|
|
(1,863) |
|
|
(199) |
|
|
(244) |
|
|
(2,169) |
|
|
(2,873) |
|
|
(4,591) |
|
|||||||
|
After tax management-adjusted charges |
1,052 |
|
|
3,459 |
|
|
371 |
|
|
453 |
|
|
4,028 |
|
|
5,335 |
|
|
8,527 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Tax expense attributable to remeasurement of |
13,388 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
13,388 |
|
|
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted operating net income |
$ |
23,590 |
|
|
$ |
23,617 |
|
|
$ |
23,458 |
|
|
$ |
21,606 |
|
|
$ |
22,205 |
|
|
$ |
92,271 |
|
|
$ |
80,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Adjusted operating net income per diluted share |
$ |
0.63 |
|
|
$ |
0.63 |
|
|
$ |
0.63 |
|
|
$ |
0.60 |
|
|
$ |
0.63 |
|
|
$ |
2.48 |
|
|
$ |
2.32 |
|
|
Adjusted operating return on average assets |
1.20 |
% |
|
1.26 |
% |
|
1.32 |
% |
|
1.27 |
% |
|
1.34 |
% |
|
1.26 |
% |
|
1.31 |
% |
|||||||
|
Adjusted operating return on average common tangible equity |
13.91 |
% |
|
14.28 |
% |
|
14.86 |
% |
|
15.84 |
% |
|
17.25 |
% |
|
14.66 |
% |
|
16.85 |
% |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Net Interest Margin Excluding Accretion and Yield on Total Loans Excluding Accretion |
|
|
|
|
|
|
|
|
|
|
Table 9B |
||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||||||||||
|
|
Dec |
|
Sep |
|
Jun |
|
Mar |
|
Dec |
|
Dec |
|
Dec |
||||||||||||||
|
(dollars in thousands) |
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
||||||||||||||
|
Total interest income (TE) |
$ |
81,578 |
|
|
$ |
78,135 |
|
|
$ |
73,027 |
|
|
$ |
68,568 |
|
|
$ |
64,575 |
|
|
$ |
301,308 |
|
|
$ |
243,318 |
|
|
Accretion income |
2,183 |
|
|
2,725 |
|
|
2,896 |
|
|
2,810 |
|
|
3,370 |
|
|
10,614 |
|
|
14,112 |
|
|||||||
|
Total interest income (TE) excluding accretion |
79,395 |
|
|
75,410 |
|
|
70,131 |
|
|
65,758 |
|
|
61,205 |
|
|
290,694 |
|
|
229,206 |
|
|||||||
|
Interest expense |
10,041 |
|
|
9,467 |
|
|
8,254 |
|
|
6,460 |
|
|
5,677 |
|
|
34,222 |
|
|
19,694 |
|
|||||||
|
Net interest income (TE) excluding accretion |
$ |
69,354 |
|
|
$ |
65,943 |
|
|
$ |
61,877 |
|
|
$ |
59,298 |
|
|
$ |
55,528 |
|
|
$ |
256,472 |
|
|
$ |
209,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Yield on total loans (TE) excluding accretion |
4.70 |
% |
|
4.65 |
% |
|
4.59 |
% |
|
4.56 |
% |
|
4.51 |
% |
|
4.63 |
% |
|
4.50 |
% |
|||||||
|
Net interest margin (TE) excluding accretion |
3.82 |
% |
|
3.80 |
% |
|
3.77 |
% |
|
3.79 |
% |
|
3.73 |
% |
|
3.79 |
% |
|
3.74 |
% |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Management-Adjusted Efficiency Ratio |
|
|
|
|
|
|
|
|
|
|
Table 9C |
||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||||||||||
|
|
Dec |
|
Sep |
|
Jun |
|
Mar |
|
Dec |
|
Dec |
|
Dec |
||||||||||||||
|
(dollars in thousands) |
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Management-Adjusted Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Total operating expenses |
$ |
59,337 |
|
|
$ |
63,767 |
|
|
$ |
55,739 |
|
|
$ |
53,093 |
|
|
$ |
54,677 |
|
|
$ |
231,936 |
|
|
$ |
215,835 |
|
|
Adjustment items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Merger and conversion expenses |
(421) |
|
|
(92) |
|
|
— |
|
|
(402) |
|
|
(17) |
|
|
(915) |
|
|
(6,376) |
|
|||||||
|
Certain compliance resolution expenses |
(434) |
|
|
(4,729) |
|
|
— |
|
|
— |
|
|
(5,750) |
|
|
(5,163) |
|
|
(5,750) |
|
|||||||
|
Financial impact of Hurricane Irma |
— |
|
|
(410) |
|
|
— |
|
|
— |
|
|
— |
|
|
(410) |
|
|
— |
|
|||||||
|
Loss on sale of premises |
(308) |
|
|
(91) |
|
|
(570) |
|
|
(295) |
|
|
(430) |
|
|
(1,264) |
|
|
(992) |
|
|||||||
|
Management-adjusted operating expenses |
$ |
58,174 |
|
|
$ |
58,445 |
|
|
$ |
55,169 |
|
|
$ |
52,396 |
|
|
$ |
48,480 |
|
|
$ |
224,184 |
|
|
$ |
202,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Management-Adjusted Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Net interest income (TE) |
$ |
71,537 |
|
|
$ |
68,668 |
|
|
$ |
64,773 |
|
|
$ |
62,108 |
|
|
$ |
58,897 |
|
|
$ |
267,086 |
|
|
$ |
223,623 |
|
|
Noninterest income |
23,563 |
|
|
26,999 |
|
|
28,189 |
|
|
25,706 |
|
|
24,272 |
|
|
104,457 |
|
|
105,801 |
|
|||||||
|
Adjustment items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Gain on sale of securities |
— |
|
|
— |
|
|
(37) |
|
|
— |
|
|
— |
|
|
(37) |
|
|
(94) |
|
|||||||
|
Accelerated premium amortization on loans |
456 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
456 |
|
|
— |
|
|||||||
|
Management-adjusted total revenue |
$ |
95,556 |
|
|
$ |
95,667 |
|
|
$ |
92,925 |
|
|
$ |
87,814 |
|
|
$ |
83,169 |
|
|
$ |
371,962 |
|
|
$ |
329,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Management-Adjusted Operating Efficiency |
60.88 |
% |
|
61.09 |
% |
|
59.37 |
% |
|
59.67 |
% |
|
58.29 |
% |
|
60.27 |
% |
|
61.55 |
% |
|||||||
|
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
|
FINANCIAL TABLES |
|||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
|
Non-GAAP Reconciliations (continued) |
|
|
|||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||
|
Tangible Book Value Per Share |
|
|
|
|
|
|
|
|
|
|
Table 9D |
||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||||||||||
|
|
Dec |
|
Sep |
|
Jun |
|
Mar |
|
Dec |
|
Dec |
|
Dec |
||||||||||||||
|
(dollars in thousands except per share data) |
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
||||||||||||||
|
Total shareholders' equity |
$ |
804,479 |
|
|
$ |
801,921 |
|
|
$ |
782,682 |
|
|
$ |
758,216 |
|
|
$ |
646,437 |
|
|
$ |
804,479 |
|
|
$ |
646,437 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Goodwill |
125,532 |
|
|
125,532 |
|
|
125,532 |
|
|
125,532 |
|
|
125,532 |
|
|
125,532 |
|
|
125,532 |
|
|||||||
|
Other intangibles, net |
13,496 |
|
|
14,437 |
|
|
15,378 |
|
|
16,391 |
|
|
17,428 |
|
|
13,496 |
|
|
17,428 |
|
|||||||
|
Total tangible shareholders' equity |
$ |
665,451 |
|
|
$ |
661,952 |
|
|
$ |
641,772 |
|
|
$ |
616,293 |
|
|
$ |
503,477 |
|
|
$ |
665,451 |
|
|
$ |
503,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Period end number of shares |
37,260,012 |
|
|
37,231,049 |
|
|
37,222,904 |
|
|
37,128,714 |
|
|
34,921,474 |
|
|
37,260,012 |
|
|
34,921,474 |
|
|||||||
|
Tangible book value per share (period end) |
$ |
17.86 |
|
|
$ |
17.78 |
|
|
$ |
17.24 |
|
|
$ |
16.60 |
|
|
$ |
14.42 |
|
|
$ |
17.86 |
|
|
$ |
14.42 |
|
|
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
|
FINANCIAL TABLES |
|||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
|
Segment Reporting |
|
Table 10 |
|||||||||||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||||||||||
|
|
Dec |
|
Sep |
|
Jun |
|
Mar |
|
Dec |
|
Dec |
|
Dec |
||||||||||||||
|
(dollars in thousands) |
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Banking Division |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Net interest income |
$ |
55,193 |
|
|
$ |
53,600 |
|
|
$ |
51,800 |
|
|
$ |
50,126 |
|
|
$ |
50,528 |
|
|
$ |
210,719 |
|
|
$ |
198,484 |
|
|
Provision for loan losses |
2,277 |
|
|
1,037 |
|
|
1,491 |
|
|
1,982 |
|
|
502 |
|
|
6,787 |
|
|
1,973 |
|
|||||||
|
Noninterest income |
12,442 |
|
|
13,007 |
|
|
12,954 |
|
|
13,013 |
|
|
13,466 |
|
|
51,416 |
|
|
53,168 |
|
|||||||
|
Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Salaries and employee benefits |
20,100 |
|
|
20,554 |
|
|
19,359 |
|
|
18,844 |
|
|
17,084 |
|
|
78,857 |
|
|
72,824 |
|
|||||||
|
Occupancy and equipment expenses |
5,368 |
|
|
5,384 |
|
|
5,427 |
|
|
5,257 |
|
|
5,668 |
|
|
21,436 |
|
|
22,209 |
|
|||||||
|
Data processing and telecommunications expenses |
6,399 |
|
|
6,357 |
|
|
6,378 |
|
|
6,043 |
|
|
5,841 |
|
|
25,177 |
|
|
23,140 |
|
|||||||
|
Other noninterest expenses |
11,837 |
|
|
14,905 |
|
|
10,209 |
|
|
9,241 |
|
|
15,398 |
|
|
46,192 |
|
|
54,438 |
|
|||||||
|
Total noninterest expense |
43,704 |
|
|
47,200 |
|
|
41,373 |
|
|
39,385 |
|
|
43,991 |
|
|
171,662 |
|
|
172,611 |
|
|||||||
|
Income before income tax expense |
21,654 |
|
|
18,370 |
|
|
21,890 |
|
|
21,772 |
|
|
19,501 |
|
|
83,686 |
|
|
77,068 |
|
|||||||
|
Income tax expense |
18,717 |
|
|
4,850 |
|
|
6,095 |
|
|
6,856 |
|
|
5,005 |
|
|
36,518 |
|
|
23,283 |
|
|||||||
|
Net income |
$ |
2,937 |
|
|
$ |
13,520 |
|
|
$ |
15,795 |
|
|
$ |
14,916 |
|
|
$ |
14,496 |
|
|
$ |
47,168 |
|
|
$ |
53,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Retail Mortgage Division |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Net interest income |
$ |
4,876 |
|
|
$ |
4,265 |
|
|
$ |
3,470 |
|
|
$ |
2,976 |
|
|
$ |
3,032 |
|
|
$ |
15,587 |
|
|
$ |
10,641 |
|
|
Provision for loan losses |
154 |
|
|
262 |
|
|
347 |
|
|
8 |
|
|
33 |
|
|
771 |
|
|
573 |
|
|||||||
|
Noninterest income |
9,090 |
|
|
12,257 |
|
|
13,053 |
|
|
10,513 |
|
|
9,036 |
|
|
44,913 |
|
|
45,162 |
|
|||||||
|
Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Salaries and employee benefits |
8,225 |
|
|
9,792 |
|
|
7,763 |
|
|
7,216 |
|
|
7,098 |
|
|
32,996 |
|
|
30,689 |
|
|||||||
|
Occupancy and equipment expenses |
533 |
|
|
555 |
|
|
610 |
|
|
519 |
|
|
602 |
|
|
2,217 |
|
|
1,928 |
|
|||||||
|
Data processing and telecommunications expenses |
429 |
|
|
425 |
|
|
440 |
|
|
317 |
|
|
326 |
|
|
1,611 |
|
|
1,300 |
|
|||||||
|
Other noninterest expenses |
1,230 |
|
|
1,001 |
|
|
888 |
|
|
1,141 |
|
|
1,093 |
|
|
4,260 |
|
|
4,485 |
|
|||||||
|
Total noninterest expense |
10,417 |
|
|
11,773 |
|
|
9,701 |
|
|
9,193 |
|
|
9,119 |
|
|
41,084 |
|
|
38,402 |
|
|||||||
|
Income before income tax expense |
3,395 |
|
|
4,487 |
|
|
6,475 |
|
|
4,288 |
|
|
2,916 |
|
|
18,645 |
|
|
16,828 |
|
|||||||
|
Income tax expense |
1,189 |
|
|
1,475 |
|
|
2,361 |
|
|
1,501 |
|
|
1,021 |
|
|
6,526 |
|
|
5,891 |
|
|||||||
|
Net income |
$ |
2,206 |
|
|
$ |
3,012 |
|
|
$ |
4,114 |
|
|
$ |
2,787 |
|
|
$ |
1,895 |
|
|
$ |
12,119 |
|
|
$ |
10,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Warehouse Lending Division |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Net interest income |
$ |
1,983 |
|
|
$ |
1,535 |
|
|
$ |
1,254 |
|
|
$ |
1,105 |
|
|
$ |
1,706 |
|
|
$ |
5,877 |
|
|
$ |
5,962 |
|
|
Provision for loan losses |
27 |
|
|
215 |
|
|
176 |
|
|
(232) |
|
|
496 |
|
|
186 |
|
|
590 |
|
|||||||
|
Noninterest income |
399 |
|
|
583 |
|
|
438 |
|
|
319 |
|
|
462 |
|
|
1,739 |
|
|
1,790 |
|
|||||||
|
Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Salaries and employee benefits |
127 |
|
|
129 |
|
|
127 |
|
|
147 |
|
|
220 |
|
|
530 |
|
|
619 |
|
|||||||
|
Occupancy and equipment expenses |
1 |
|
|
1 |
|
|
1 |
|
|
1 |
|
|
1 |
|
|
4 |
|
|
4 |
|
|||||||
|
Data processing and telecommunications expenses |
18 |
|
|
28 |
|
|
25 |
|
|
27 |
|
|
32 |
|
|
98 |
|
|
103 |
|
|||||||
|
Other noninterest expenses |
26 |
|
|
51 |
|
|
54 |
|
|
32 |
|
|
29 |
|
|
163 |
|
|
106 |
|
|||||||
|
Total noninterest expense |
172 |
|
|
209 |
|
|
207 |
|
|
207 |
|
|
282 |
|
|
795 |
|
|
832 |
|
|||||||
|
Income before income tax expense |
2,183 |
|
|
1,694 |
|
|
1,309 |
|
|
1,449 |
|
|
1,390 |
|
|
6,635 |
|
|
6,330 |
|
|||||||
|
Income tax expense |
763 |
|
|
580 |
|
|
472 |
|
|
507 |
|
|
486 |
|
|
2,322 |
|
|
2,215 |
|
|||||||
|
Net income |
$ |
1,420 |
|
|
$ |
1,114 |
|
|
$ |
837 |
|
|
$ |
942 |
|
|
$ |
904 |
|
|
$ |
4,313 |
|
|
$ |
4,115 |
|
|
AMERIS BANCORP AND SUBSIDIARIES |
|||||||||||||||||||||||||||
|
FINANCIAL TABLES |
|||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
|
Segment Reporting (continued) |
|
Table 10 |
|||||||||||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||||||||||
|
|
Dec |
|
Sep |
|
Jun |
|
Mar |
|
Dec |
|
Dec |
|
Dec |
||||||||||||||
|
(dollars in thousands) |
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
SBA Division |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Net interest income |
$ |
971 |
|
|
$ |
981 |
|
|
$ |
885 |
|
|
$ |
907 |
|
|
$ |
949 |
|
|
$ |
3,744 |
|
|
$ |
3,220 |
|
|
Provision for loan losses |
(209) |
|
|
(1) |
|
|
51 |
|
|
48 |
|
|
571 |
|
|
(111) |
|
|
847 |
|
|||||||
|
Noninterest income |
1,614 |
|
|
1,130 |
|
|
1,718 |
|
|
1,815 |
|
|
1,308 |
|
|
6,277 |
|
|
5,681 |
|
|||||||
|
Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Salaries and employee benefits |
787 |
|
|
858 |
|
|
890 |
|
|
591 |
|
|
735 |
|
|
3,126 |
|
|
2,705 |
|
|||||||
|
Occupancy and equipment expenses |
56 |
|
|
54 |
|
|
54 |
|
|
51 |
|
|
64 |
|
|
215 |
|
|
254 |
|
|||||||
|
Data processing and telecommunications expenses |
9 |
|
|
9 |
|
|
2 |
|
|
1 |
|
|
1 |
|
|
21 |
|
|
4 |
|
|||||||
|
Other noninterest expenses |
205 |
|
|
63 |
|
|
259 |
|
|
211 |
|
|
170 |
|
|
738 |
|
|
712 |
|
|||||||
|
Total noninterest expense |
1,057 |
|
|
984 |
|
|
1,205 |
|
|
854 |
|
|
970 |
|
|
4,100 |
|
|
3,675 |
|
|||||||
|
Income before income tax expense |
1,737 |
|
|
1,128 |
|
|
1,347 |
|
|
1,820 |
|
|
716 |
|
|
6,032 |
|
|
4,379 |
|
|||||||
|
Income tax expense |
608 |
|
|
394 |
|
|
472 |
|
|
637 |
|
|
251 |
|
|
2,111 |
|
|
1,533 |
|
|||||||
|
Net income |
$ |
1,129 |
|
|
$ |
734 |
|
|
$ |
875 |
|
|
$ |
1,183 |
|
|
$ |
465 |
|
|
$ |
3,921 |
|
|
$ |
2,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Premium Finance Division |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Net interest income |
$ |
6,500 |
|
|
$ |
6,474 |
|
|
$ |
5,748 |
|
|
$ |
5,476 |
|
|
$ |
1,064 |
|
|
$ |
24,198 |
|
|
$ |
1,064 |
|
|
Provision for loan losses |
287 |
|
|
274 |
|
|
140 |
|
|
30 |
|
|
108 |
|
|
731 |
|
|
108 |
|
|||||||
|
Noninterest income |
18 |
|
|
22 |
|
|
26 |
|
|
46 |
|
|
— |
|
|
112 |
|
|
— |
|
|||||||
|
Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Salaries and employee benefits |
1,268 |
|
|
1,250 |
|
|
993 |
|
|
996 |
|
|
— |
|
|
4,507 |
|
|
— |
|
|||||||
|
Occupancy and equipment expenses |
52 |
|
|
42 |
|
|
54 |
|
|
49 |
|
|
2 |
|
|
197 |
|
|
2 |
|
|||||||
|
Data processing and telecommunications expenses |
364 |
|
|
231 |
|
|
183 |
|
|
184 |
|
|
44 |
|
|
962 |
|
|
44 |
|
|||||||
|
Other noninterest expenses |
2,303 |
|
|
2,078 |
|
|
2,023 |
|
|
2,225 |
|
|
269 |
|
|
8,629 |
|
|
269 |
|
|||||||
|
Total noninterest expense |
3,987 |
|
|
3,601 |
|
|
3,253 |
|
|
3,454 |
|
|
315 |
|
|
14,295 |
|
|
315 |
|
|||||||
|
Income before income tax expense |
2,244 |
|
|
2,621 |
|
|
2,381 |
|
|
2,038 |
|
|
641 |
|
|
9,284 |
|
|
641 |
|
|||||||
|
Income tax expense |
786 |
|
|
843 |
|
|
915 |
|
|
713 |
|
|
224 |
|
|
3,257 |
|
|
224 |
|
|||||||
|
Net income |
$ |
1,458 |
|
|
$ |
1,778 |
|
|
$ |
1,466 |
|
|
$ |
1,325 |
|
|
$ |
417 |
|
|
$ |
6,027 |
|
|
$ |
417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Total Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Net interest income |
$ |
69,523 |
|
|
$ |
66,855 |
|
|
$ |
63,157 |
|
|
$ |
60,590 |
|
|
$ |
57,279 |
|
|
$ |
260,125 |
|
|
$ |
219,371 |
|
|
Provision for loan losses |
2,536 |
|
|
1,787 |
|
|
2,205 |
|
|
1,836 |
|
|
1,710 |
|
|
8,364 |
|
|
4,091 |
|
|||||||
|
Noninterest income |
23,563 |
|
|
26,999 |
|
|
28,189 |
|
|
25,706 |
|
|
24,272 |
|
|
104,457 |
|
|
105,801 |
|
|||||||
|
Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Salaries and employee benefits |
30,507 |
|
|
32,583 |
|
|
29,132 |
|
|
27,794 |
|
|
25,137 |
|
|
120,016 |
|
|
106,837 |
|
|||||||
|
Occupancy and equipment expenses |
6,010 |
|
|
6,036 |
|
|
6,146 |
|
|
5,877 |
|
|
6,337 |
|
|
24,069 |
|
|
24,397 |
|
|||||||
|
Data processing and telecommunications expenses |
7,219 |
|
|
7,050 |
|
|
7,028 |
|
|
6,572 |
|
|
6,244 |
|
|
27,869 |
|
|
24,591 |
|
|||||||
|
Other noninterest expenses |
15,601 |
|
|
18,098 |
|
|
13,433 |
|
|
12,850 |
|
|
16,959 |
|
|
59,982 |
|
|
60,010 |
|
|||||||
|
Total noninterest expense |
59,337 |
|
|
63,767 |
|
|
55,739 |
|
|
53,093 |
|
|
54,677 |
|
|
231,936 |
|
|
215,835 |
|
|||||||
|
Income before income tax expense |
31,213 |
|
|
28,300 |
|
|
33,402 |
|
|
31,367 |
|
|
25,164 |
|
|
124,282 |
|
|
105,246 |
|
|||||||
|
Income tax expense |
22,063 |
|
|
8,142 |
|
|
10,315 |
|
|
10,214 |
|
|
6,987 |
|
|
50,734 |
|
|
33,146 |
|
|||||||
|
Net income |
$ |
9,150 |
|
|
$ |
20,158 |
|
|
$ |
23,087 |
|
|
$ |
21,153 |
|
|
$ |
18,177 |
|
|
$ |
73,548 |
|
|
$ |
72,100 |
|
View original content with multimedia:http://www.prnewswire.com/news-releases/ameris-bancorp-announces-2017-financial-results-300588703.html
SOURCE Ameris Bancorp