Ameris Bancorp (NASDAQ:ABCB)
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MOULTRIE, Ga., April 23 /PRNewswire-FirstCall/ -- AMERIS BANCORP (NASDAQ: ABCB), today reported a net loss available to common shareholders of $1.2 million, or $0.09 per diluted share, for the quarter ended March 31, 2009, compared to net income of $3.0 million, or $0.22 per diluted share, for the first quarter of 2008. The decrease in net income when compared to the same period in 2008 was due to increased charges related to credit quality as well as a lower net interest margin.
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Balance Sheet Trends
Total assets at March 31, 2009 were $2.35 billion, an increase of 10.8% when compared to the same period in 2008. The increase in total assets resulted from additional capital and liquidity that the Company raised during the last quarter of 2008. The Company expects levels of total assets to decrease by as much as $125 million during the second and third quarters of 2009 as the Company returns to more profitable levels of liquidity.
Loans outstanding grew at a much slower pace than total assets. Total loans grew 3.11% to $1.67 billion when compared to the period ending March 31, 2008. The ratio of investment securities and short-term asset levels to total earning assets was much higher than in recent quarters as the Company maintained exceptionally high liquidity levels. Investment securities and short-term assets represented 22.6% of total earning assets at the end of the first quarter of 2009 compared to 15.9% at the same time in 2008.
Total deposits grew during the first quarter of 2009 to $2.03 billion, an increase of 13.70% over the same period in 2008. Aggressive sales efforts in all markets, beginning in the third quarter of 2008, have been successful and allowed the Company to begin reducing its dependence on time deposits. Management expects an accelerated migration of the Company's deposit base to lower-cost demand deposits due to ongoing sales campaigns and incentive plans that focus on this type of deposit growth.
Tangible common equity as a percentage of tangible assets increased during the current quarter to 5.83% from 5.74% at December 31, 2008. Total shareholders' equity decreased $1.4 million during the current quarter to $237.9 million when compared to balances at December 31, 2008. Management expects tangible capital ratios to increase further in the coming quarters as the Company decreases levels of excess liquidity.
Provision for Loan Losses and Credit Quality
The Company's provision for loan losses during the first quarter amounted to $7.9 million, an increase of $4.7 million over the $3.2 million recorded in the first quarter of 2008. The increase in the provision for loan losses mirrored the increase in levels of non-performing assets. At the end of the first quarter of 2009, total non-performing assets increased to 4.63% of total loans compared to 4.13% for the fourth quarter of 2008 and 2.00% at March 31, 2008. Net charge-offs on loans during the first quarter of 2009 increased to $5.1 million, compared to $10.4 million during the fourth quarter of 2008 and $2.7 million in the first quarter of 2008. For the quarters ended March 31, 2009, December 31, 2008 and March 31, 2008, net charge-offs as a percentage of loans were 1.23%, 2.45% and 0.68% respectively. The Company's allowance for loan losses at March 31, 2009 was $42.4 million or 2.5% of total loans, compared to $28.1 million or 1.7% of total loans at March 31, 2008.
Edwin W. Hortman, Jr., President and CEO, commented on the Company's credit quality, saying "During the first quarter of 2009, we continued to identify new problem loans, albeit at a slower pace than in recent quarters. Our efforts on loan review during the quarter allowed us to strengthen certain loan relationships and the pace of loan workouts has accelerated, whether through renegotiation with borrowers or through foreclosure. We are confident that our commitment to smaller loan transactions (as we have only 2 loans in excess of $5 million) in our local markets will allow us to work through this credit cycle faster than otherwise could have been expected. Our efforts to increase core earnings through discipline on pricing and expense control have provided a significant buffer for tangible capital."
Trends in Net Interest Income and Net Interest Margin
The Company's net interest margin fell during the first quarter of 2009 to 3.21% compared to 3.91% during the same quarter in 2008. The current quarter's net interest margin reflected an increase from the net interest margin of 2.92% for the fourth quarter of 2008.
Yields on loans increased during the current quarter to 6.21% when compared to 6.18% during the fourth quarter of 2008. During the quarter loan yields decreased when compared to the first quarter of 2008 when loans yielded 7.56%. This decrease from the first quarter of 2008 was the result of the lower interest rate environment that materialized late in 2008. Current spreads on loan production in our local markets have widened significantly, both to the broad rate indices as well as to the Company's incremental cost of new deposits.
Total funding costs declined to 2.45% in the first quarter of 2009 compared to 3.30% at the same time in 2008 and 2.72% during the fourth quarter of 2008. The decline in total funding costs relates to savings realized on both deposit funding and non-deposit funding. Deposit costs decreased from 3.25% in the first quarter of 2008 to 2.46% in the current quarter of 2009. Management expects significant savings to be realized in the coming quarters as the Company decreases its dependence on time deposits. Savings on non-deposit borrowings reflect lower levels of one and three month LIBOR as well as lower outstanding balances. At the end of the first quarter of 2009, the Company's total non-deposit funding was 2.88% of total assets compared to 5.75% of total assets at the same time in 2008.
Non-Interest Income and Expense
Total non-interest income for the first quarter of 2009 increased 14.6% to $5.50 million, up from $4.80 million in the first quarter of 2008. During the first quarter of 2009, the Company realized approximately $713,000 of gains on sales of investment securities and $543,000 in gains on early repayment of FHLB advances. Excluding these gains, non-interest income would have declined in the current quarter by 11.6% to $4.24 million compared to the same period in 2008. The majority of the decrease in non-interest income related to declines in service charge revenue where the Company experienced significantly fewer overdrafts. For the first quarter of 2009, total service charges were $3.03 million compared to $3.32 million in the same quarter of 2008.
Total non-interest expenses for the first quarter of 2009 rose slightly to $15.73 million, compared to $15.59 million at the same time in 2008. Salaries and benefits declined 7.3% from the same period in 2008, reflecting a decrease in full-time equivalent employees of 5.8%. Occupancy and equipment expense for the first quarter of 2009 was $2.16 million, representing an increase of 8.4% from the same quarter in 2008. Other operating expenses increased $942,000 during the first quarter of 2009 compared to the same quarter in 2008, reflecting increased OREO and collection expenses as well as increases in FDIC premiums.
Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter, had 48 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
------------------
Mar. Dec. Sept June Mar.
2009 2008 2008 2008 2008
---- ---- ---- ---- ----
EARNINGS
Net Income/
(Loss) Available
to Common
Shareholders $(1,225) (10,725) $366 $3,149 $2,966
PER COMMON SHARE DATA
Earnings per share
available to common
shareholders:
Basic $(0.09) $(0.79) $0.03 $0.23 $0.22
Diluted $(0.09) $(0.79) $0.03 $0.23 $0.22
Cash Dividends
per share $0.05 $0.05 $0.05 $0.14 $0.14
Book value per
share (period
end) $13.90 $14.06 $14.25 $14.20 $14.48
Tangible book
value per
share (period
end) $9.61 $9.74 $9.92 $9.84 $10.11
Weighted
average
number of
shares:
Basic 13,527,437 13,532,521 13,515,767 13,510,907 13,497,344
Diluted 13,527,437 13,532,521 13,543,612 13,563,032 13,559,761
Period-end
number of
shares 13,584,107 13,534,601 13,564,032 13,564,032 13,556,770
Market data:
High closing
price $11.73 $14.21 $15.07 $16.48 $16.55
Low closing
price $3.66 $7.19 $7.82 $8.70 $12.60
Period end
closing price $4.71 $11.85 $14.85 $8.70 $16.06
Average daily
volume 31,931 31,527 43,464 62,739 61,780
PERFORMANCE RATIOS
Return on
average assets (0.21%) (1.81%) 0.07% 0.59% 0.56%
Return on
average common
equity (2.61%) (22.17%) 0.78% 6.58% 6.15%
Earning asset
yield (TE) 5.57% 5.58% 6.38% 6.64% 7.17%
Total cost of
funds 2.45% 2.72% 2.54% 2.74% 3.30%
Net interest
margin (TE) 3.21% 2.92% 3.87% 3.96% 3.91%
Non-interest
income excluding
securities
transactions,
as a percent of
total revenue
(TE) 12.02% 11.66% 12.49% 14.01% 12.22%
Efficiency ratio 70.01% 80.67% 61.97% 65.52% 67.05%
CAPITAL ADEQUACY
Common equity to
assets 8.05% 7.91% 8.56% 8.78% 9.27%
Tangible common
equity to
tangible assets 5.83% 5.74% 6.12% 5.98% 6.66%
OTHER PERIOD-END
DATA
FTE Headcount 597 595 601 651 634
Assets per FTE $3,930 $4,046 $3,756 $3,522 $3,341
Branch locations 48 50 50 48 45
Deposits per
branch
location $42,264 $40,271 $36,127 $36,893 $39,651
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Mar. Dec. Sept June Mar.
2009 2008 2008 2008 2008
---- ---- ---- ---- ----
INCOME STATEMENT
Interest income
Interest and
fees on loans $25,727 $26,582 $28,280 $28,339 $30,134
Interest on
taxable
securities 3,657 3,677 3,563 3,646 3,583
Interest on
nontaxable
securities 167 171 169 173 172
Interest on
deposits in
other banks 25 123 100 91 200
Interest on
federal funds
sold 41 5 - - -
------ ------ ------ ------ ------
Total interest
income 29,617 30,558 32,112 32,249 34,089
------ ------ ------ ------ ------
Interest expense
Interest on
deposits $12,155 $13,769 $11,717 $12,314 $14,142
Interest on
other borrowings 494 817 1,218 879 1,487
--- --- ----- --- -----
Total interest
expense 12,649 14,586 12,935 13,193 15,629
------ ------ ------ ------ ------
Net interest income 16,968 15,972 19,177 19,056 18,460
Provision for loan
losses 7,912 19,890 8,220 3,720 3,200
----- ------ ----- ----- -----
Net interest
income/(loss)
after provision
for loan losses $9,056 $(3,918) $10,957 $15,336 $15,260
------ ------- ------- ------- -------
Noninterest income
Service charges
on deposit
accounts $3,035 $3,279 $3,657 $3,664 $3,316
Mortgage banking
activity 763 711 745 855 869
Other service
charges,
commissions and
fees 63 90 120 220 278
Gain(loss) on
sale of
securities 713 316 - - -
Other non-
interest income 922 (3) 112 588 332
--- -- --- --- ---
Total
noninterest
income 5,496 4,393 4,634 5,327 4,795
----- ----- ----- ----- -----
Noninterest expense
Salaries and
employee
benefits 7,991 7,309 7,113 8,660 8,618
Occupancy and
equipment
expense 2,158 2,070 1,904 2,103 1,992
Amortization of
intangible
assets 146 291 293 293 293
Data processing
& communications
costs 1,627 1,600 1,678 1,655 1,523
Advertising &
marketing fees 574 739 818 656 878
Other operating
expenses 3,231 4,419 2,950 2,609 2,289
----- ----- ----- ----- -----
Total
noninterest
expense 15,727 16,428 14,756 15,976 15,593
------ ------ ------ ------ ------
Operating profit/
(loss) $(1,175) $(15,953) $835 $4,687 $4,462
Income tax
(benefit)/
expense (539) (5,556) 469 1,538 1,496
---- ------ --- ----- -----
Net income/(loss) $(636) $(10,397) $366 $3,149 $2,966
===== ====== ==== ====== ======
Preferred stock
dividends 589 328 - - -
--- --- ---- ------ ------
Net income/(loss) available
to common
shareholders $(1,225) $(10,725) $366 $3,149 $2,966
======= ====== ==== ====== ======
Diluted earnings
available to
common
shareholders (0.09) (0.79) 0.03 0.23 0.22
===== ===== ==== ==== ====
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Mar. Dec. Sept. June Mar.
2009 2008 2008 2008 2008
---- ---- ---- ---- ----
PERIOD-END BALANCE
SHEET
Assets
Cash and due
from banks $54,758 $66,787 $43,549 $47,720 $63,401
Federal funds
sold and
interest bearing
balances 137,770 144,383 75,458 138,125 4,389
Investment
securities
available for
sale, at fair
value 344,032 367,894 286,002 291,813 295,801
Other investments 5,702 8,627 11,624 11,439 8,784
Loans, net of
unearned income 1,672,923 1,695,777 1,710,109 1,678,147 1,622,437
Less allowance
for loan losses 42,417 39,652 30,144 28,660 28,094
--------- --------- --------- --------- ---------
Loans, net 1,630,506 1,656,125 1,679,965 1,649,487 1,594,343
---------- --------- ---------- --------- ---------
Premises and
equipment, net 65,152 66,107 65,868 63,291 60,053
Intangible
assets, net 3,485 3,631 3,924 4,217 4,509
Goodwill 54,813 54,813 54,813 54,813 54,675
Other assets 50,060 38,723 36,440 32,116 32,288
---------- ---------- ---------- ---------- ----------
Total assets $2,346,278 $2,407,090 $2,257,643 $2,293,021 $2,118,243
========== ========== ========== ========== ==========
Liabilities
Deposits:
Noninterest-
bearing $207,686 $208,532 $198,900 $200,936 $199,692
Interest-
bearing 1,820,998 1,804,993 1,607,439 1,569,925 1,584,599
---------- --------- --------- --------- ---------
Total deposits 2,028,684 2,013,525 1,806,339 1,770,861 1,784,291
Federal funds
purchased &
securities sold
under agreements
to repurchase 18,295 27,416 63,973 39,795 4,987
Other borrowings 7,000 72,000 138,600 133,000 74,500
Other liabilities 12,046 12,521 13,118 14,541 15,888
Subordinated
deferrable
interest
debentures 42,269 42,269 42,269 42,269 42,269
--------- --------- --------- --------- ---------
Total
liabilities 2,108,294 2,167,731 2,064,299 2,000,466 1,921,935
--------- --------- --------- --------- ---------
Stockholders' equity
Preferred stock $49,140 $49,028 $- $- $-
Common stock 14,915 14,866 14,895 14,895 14,887
Capital surplus 86,141 86,038 83,453 83,308 82,920
Retained earnings 91,619 93,696 105,117 105,430 104,182
Accumulated other
comprehensive
loss 6,956 6,518 666 (291) 5,093
Less treasury
stock (10,787) (10,787) (10,787) (10,787) (10,774)
------- ------- ------- ------- -------
Total
stockholders'
equity 237,984 239,359 193,344 192,555 196,308
------- ------- ------- ------- -------
Total
liabilities
and
stockholders'
equity $2,346,278 $2,407,090 $2,257,643 $2,193,021 $2,118,243
========== ========== ========== ========== ==========
Other Data
Earning Assets 2,160,427 2,216,681 2,083,193 2,119,524 1,931,411
Intangible Assets 58,298 58,444 58,737 59,030 59,184
Interest Bearing
Liabilities 1,888,562 1,946,678 1,852,281 1,784,989 1,706,355
Average Assets 2,346,958 2,354,142 2,192,501 2,141,940 2,115,561
Average Common
Stockholders'
Equity 190,395 192,479 186,541 192,605 193,971
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Mar. Dec. Sept June Mar.
2009 2008 2008 2008 2008
---- ---- ---- ---- ----
ASSET QUALITY INFORMATION
Allowance for loan losses
Balance at
beginning of
period $39,652 $30,144 $28,660 $28,094 $27,640
Provision for
loan loss 7,912 19,890 8,220 3,720 3,200
Charge-offs 5,521 10,648 6,946 3,801 2,945
Recoveries 374 266 210 647 199
--- --- --- --- ---
Net charge-offs
(recoveries) 5,147 10,382 6,736 3,154 2,746
Ending balance $42,417 $39,652 $30,144 $28,660 $28,094
======= ======= ======= ======= =======
As a percentage
of loans 2.54% 2.34% 1.76% 1.71% 1.73%
As a percentage
of nonperforming
loans 66.37% 60.62% 76.46% 89.27% 104.78%
As a percentage
of nonperforming
assets 54.25% 56.52% 69.84% 81.55% 86.32%
Net charge-off information
Charge-offs
Commercial,
Financial &
Agricultural $1,389 $1,090 $963 $282 $390
Real Estate -
Residential 1,738 1,951 989 902 672
Real Estate -
Commercial &
Farmland 277 1,288 628 49 299
Real Estate -
Construction &
Development 1,930 5,932 4,165 2,320 1,305
Consumer
Installment 187 387 201 248 279
Other - - - - -
----- ------ ----- ----- -----
Total charge-
offs 5,521 10,648 6,946 3,801 2,945
----- ------ ----- ----- -----
Recoveries
Commercial,
Financial &
Agricultural 82 11 71 102 18
Real Estate -
Residential 8 30 54 90 25
Real Estate -
Commercial &
Farmland 230 10 10 68 31
Real Estate -
Construction &
Development 10 27 26 323 34
Consumer
Installment 44 187 49 64 90
Other - 1 - - 1
--- --- --- --- ---
Total
recoveries 374 266 210 647 199
--- --- --- --- ---
Net charge-offs
(recoveries) $5,147 $10,382 $6,736 $3,154 $2,746
====== ======= ====== ====== ======
Non-accrual loans 63,908 65,414 39,427 32,106 26,812
Foreclosed assets 14,271 4,742 3,734 3,032 5,727
Accruing loans
delinquent 90 days
or more 2 2 - 5 7
------ ------ ------ ------ ------
Total non-
performing assets 78,181 70,158 43,161 35,143 32,546
------ ------ ------ ------ ------
Non-performing assets
as a percent of loans
and foreclosed assets 4.63% 4.13% 2.52% 2.09% 2.00%
Net charge offs as
a percent of loans
(Annualized) 1.23% 2.45% 1.58% 0.75% 0.68%
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Mar. Dec. Sept June Mar.
2009 2008 2008 2008 2008
---- ---- ---- ---- ----
AVERAGE BALANCES
Federal funds
sold $33,034 $9,516 $- $- $-
Interest
bearing
deposits in
banks 83,424 123,876 21,219 18,236 23,481
Investment
securities -
taxable 341,296 310,824 269,501 277,300 263,389
Investment
securities -
nontaxable 18,458 18,132 18,472 19,297 18,367
Other
investments 6,797 8,902 11,591 10,707 9,951
Loans 1,683,615 1,703,137 1,698,024 1,650,781 1,617,991
--------- --------- --------- --------- ---------
Total Earning
Assets $2,166,624 $2,174,387 $2,018,807 $1,976,321 $1,933,179
---------- ---------- ---------- ---------- ---------
Noninterest
bearing
deposits $204,010 $203,810 $200,357 $197,662 $191,860
NOW accounts 369,774 306,483 280,892 261,953 263,541
MMDA 268,946 276,106 326,642 345,824 348,671
Savings
accounts 55,529 53,055 55,143 54,973 54,221
Retail CDs <
$100,000 439,781 443,358 342,136 345,968 355,852
Retail CDs >
$100,000 474,956 486,833 405,126 404,455 395,780
Brokered CDs 189,538 218,195 182,525 153,232 139,036
------- ------- ------- ------- -------
Total
Deposits 2,002,534 1,987,840 1,792,821 1,764,067 1,748,961
--------- --------- --------- --------- ---------
FHLB advances 25,214 70,630 130,849 111,922 97,162
Subordinated
debentures 42,269 42,269 42,269 42,269 42,269
Repurchase
agreements 19,233 22,158 12,082 3,721 7,974
Correspondent
bank line of
credit and
other 5,000 5,000 18,631 10,094 9,516
----- ----- ------ ------ -----
Total Non-
Deposit
Funding 91,716 140,057 203,831 168,006 156,921
------ ------- ------- ------- -------
------- ------- ------- ------- ------
Total
Funding $2,094,250 $2,127,897 $1,996,652 $1,932,073 $1,905,882
---------- ---------- ---------- ---------- ----------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Mar. Dec. Sept June Mar.
2009 2008 2008 2008 2008
---- ---- ---- ---- ----
INTEREST INCOME/EXPENSE
INTEREST INCOME
Federal funds
sold $41 $5 $- $- $-
Interest
bearing
deposits in
banks 25 118 99 91 201
Investment
securities -
taxable 3,640 3,662 3,488 3,489 3,429
Investment
securities -
nontaxable
(TE) 258 262 260 267 265
Other
investments 17 16 76 156 140
Loans (TE) 25,794 26,514 28,559 28,704 30,409
------ ------ ------ ------ ------
Total
Earning
Assets $29,775 $30,577 $32,482 $32,707 $34,444
------- ------- ------- ------- -------
INTEREST EXPENSE
Non-interest
bearing
deposits $- $- $- $- $-
NOW accounts 966 924 793 584 667
MMDA 1,051 1,444 1,929 1,996 2,783
Savings
accounts 105 123 121 129 118
Retail CDs <
$100,000 3,936 4,181 3,038 3,463 4,058
Retail CDs >
$100,000 4,594 4,836 3,818 4,287 4,752
Brokered CDs 1,503 2,260 2,018 1,855 1,765
----- ----- ----- ----- -----
Total
Deposits 12,155 13,768 11,717 12,314 14,143
------ ------ ------ ------ ------
FHLB advances (8) 186 359 302 653
Subordinated
debentures 436 494 493 487 686
Repurchase
agreements 38 73 69 15 33
Correspondent
bank line of
credit and
other 28 65 153 75 115
-- -- --- -- ---
Total Non-
Deposit
Funding 494 818 1,074 879 1,487
--- --- ----- --- -----
------- ------- ------- ------- -------
Total
Funding $12,649 $14,586 $12,791 $13,193 $15,630
------- ------- ------- ------- -------
------- ------- ------- ------- -------
Net Interest
Income (TE) $17,126 $15,991 $19,691 $19,513 $18,814
------- ------- ------- ------- -------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
Mar. Dec. Sept June Mar.
2009 2008 2008 2008 2008
---- ---- ---- ---- ----
YIELDS (1)
Federal funds
sold 0.50% 0.21% 0.00% 0.00% 0.00%
Interest
bearing
deposits in
banks 0.12% 0.38% 1.85% 2.00% 3.44%
Investment
securities -
taxable 4.33% 4.67% 5.13% 5.05% 5.24%
Investment
securities -
nontaxable 5.67% 5.73% 5.58% 5.55% 5.80%
Other
investments 1.01% 0.71% 2.60% 5.84% 5.66%
Loans 6.21% 6.18% 6.67% 6.97% 7.56%
---- ---- ---- ---- -----
Total Earning
Assets 5.57% 5.58% 6.38% 6.64% 7.17%
Noninterest
bearing
deposits 0.00% 0.00% 0.00% 0.00% 0.00%
NOW accounts 1.06% 1.20% 1.12% 0.89% 1.02%
MMDA 1.58% 2.07% 2.34% 2.32% 3.21%
Savings
accounts 0.77% 0.92% 0.87% 0.94% 0.88%
Retail CDs <
$100,000 3.63% 3.74% 3.52% 4.01% 4.59%
Retail CDs >
$100,000 3.92% 3.94% 3.74% 4.25% 4.83%
Brokered CDs 3.22% 4.11% 4.39% 4.86% 5.11%
---- ---- ---- ---- -----
Total
Deposits 2.46% 2.75% 2.59% 2.80% 3.25%
FHLB advances (0.13%) 1.04% 1.09% 1.08% 2.70%
Subordinated
debentures 4.18% 4.64% 4.63% 4.62% 6.53%
Repurchase
agreements 0.80% 1.31% 2.27% 1.62% 1.66%
Correspondent
bank line of
credit and
other 2.27% 5.16% 3.26% 2.98% 4.86%
---- ---- ---- ---- -----
Total Non-
Deposit
Funding 2.18% 2.32% 2.09% 2.10% 3.81%
---- ---- ---- ---- -----
Total funding (3) 2.45% 2.72% 2.54% 2.74% 3.30%
---- ---- ---- ---- -----
Net interest
spread 3.12% 2.86% 3.84% 3.90% 3.87%
---- ---- ---- ---- -----
Net interest
margin 3.21% 2.92% 3.87% 3.96% 3.91%
==== ==== ==== ==== =====
(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 non-interest
bearing liabilities.
http://www.newscom.com/cgi-bin/prnh/20051117/CLTH039LOGODATASOURCE: Ameris Bancorp
CONTACT: Dennis J. Zember Jr., Executive Vice President & CFO of Ameris
Bancorp, +1-229-890-1111
Web Site: http://www.amerisbank.com/