Ameris Bancorp (NASDAQ:ABCB)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Ameris Bancorp Charts. Click Here for more Ameris Bancorp Charts.](/p.php?pid=staticchart&s=N%5EABCB&p=8&t=15)
MOULTRIE, Ga., July 21 /PRNewswire-FirstCall/ -- AMERIS BANCORP (NASDAQ-GS: ABCB) today reported a net loss available to common shareholders of $3.36 million, or $0.25 per diluted share, for the quarter ended June 30, 2009, compared to net income of $3.15 million, or $0.23 per diluted share, for the second quarter of 2008. For the first half of 2009, Ameris Bancorp reported a net loss available to common shareholders of $4.58 million, or $0.34 per diluted share, compared to net income of $6.12 million, or $0.45 per diluted share, for the first half of 2008. Improvements in the Company's net interest margin and continued strong capital position were overshadowed by larger than normal loan loss provisions.
(Logo: http://www.newscom.com/cgi-bin/prnh/20051117/CLTH039LOGO )
Net Interest Margin Improves for the Third Consecutive Quarter
During the second quarter of 2009, the Company reported net interest income of $18.5 million and a net interest margin of 3.58%, compared to $16.9 million and 3.21%, respectively, for the first quarter of 2009. A significant improvement in the Company's cost of funds, together with stable yields on earning assets, was the primary driver in margin improvement and helped lift net interest income by $1.57 million, or 9.3%, when compared to the first quarter of 2009. The current quarter's net interest margin and net interest income compare less favorably to the same quarter in 2008 when the Company reported a margin of 3.96% and net interest income of $19.1 million. These declines are representative of the lower interest rate environment that began to materialize in the second half of 2008.
Maintaining stable to slightly increasing yields on earning assets over the recent quarters has been critical to the Company's improvement in pre-tax, pre-provision earnings. Yields on earning assets were 5.60% during the second quarter of 2009, compared to 5.57% in the first quarter of 2009 and 6.64% in the second quarter of 2008. Loan yields were flat during the current quarter at 6.21% when compared to the first quarter of 2009. Yields on current loan production for new and renewed loans are at higher levels than the Company's quarter end yield on loans outstanding. Yields on investment securities were relatively unchanged at 5.01% for the second quarter of 2009 when compared to the second quarter of 2008 but were up from 4.33% in the first quarter of 2009. During the latter part of the first quarter, a low-yielding portion of the portfolio matured and had not been re-invested as of the end of the second quarter.
Interest expense fell during the current quarter to $10.56 million compared to $12.65 million in the prior quarter and $13.19 million in the same quarter in 2008. Similarly, deposit costs fell during the current quarter to 2.04% compared to 2.46% in the first quarter of 2009 and 2.80% in the same quarter of 2008. Increasing liquidity in the marketplace and better pricing disciplines in the banking industry allowed the Company to achieve significant cost savings with regard to customer deposits. In addition, a shift in the Company's deposit mix continues with demand deposits (interest bearing and non-interest bearing) now totaling 54.9% of total deposits compared to 45.6% in the same quarter of 2008. Time deposits at the end of the second quarter of 2009 were 42.3% of total deposits compared to 51.3% at the end of the second quarter of 2008. Non-deposit borrowings totaled only 3.22% of total funding at June 30, 2009 compared to 10.83% at June 30, 2008.
Non-Interest Income
Non-interest income during the quarter totaled $4.60 million, a decrease of 13.7% from the same quarter in 2008. Several non-recurring amounts are included in both quarters, including a gain on VISA stock recognized in the second quarter of 2008 totaling approximately $409,000 and a gain on the sale of investment securities in the second quarter of 2009 totaling $101,000. Excluding these charges, non-interest income would have decreased $423,000, or 8.60%, compared to the same quarter in 2008. Service charges on deposit accounts were $3.39 million during the second quarter of 2009 compared to $3.66 million during the second quarter of 2008. The decrease relates primarily to fewer insufficient funds charges across the Company's retail checking accounts than had been seen in prior periods. Mortgage related revenue increased slightly to $877,000 in the current quarter when compared to the same quarter in 2008. Although governmental action to keep mortgage rates low has succeeded, new and existing home sales have not yet recovered to pre-recession levels, keeping mortgage activity somewhat muted.
Non-interest Expense
Operating expenses totaled $17.73 million for the quarter, an increase over the same quarter in 2008 when the Company reported $15.98 million in total non-interest expense. Salaries and benefits in the current quarter were $7.90 million compared to $8.66 million in the second quarter of 2008, a decrease of 8.8%. Decreases in total headcount by 9.5% or 62 positions, and lower levels of incentive pay accounted for the majority of the decrease in personnel costs. Occupancy and equipment costs as well as communications and data processing costs increased only slightly during the quarter when compared to the same quarter in 2008 despite the additional costs incurred from several new branch openings. Renegotiation of certain operating contracts and efforts to reduce controllable expenses across the Company have succeeded in holding increases in operating expenses to a minimum. Other operating expenses increased from $2.6 million in the second quarter of 2008 to $5.3 million in the second quarter of 2009. FDIC insurance expense during the second quarter was $1.58 million, a $1.41 million increase when compared to the second quarter of 2008. Costs associated with OREO and problem loans totaled $1.41 million in the current quarter compared to $314,000 during the same quarter in 2008.
Credit Quality Trends
Economic challenges in our markets continue to affect credit quality and the Company's provision for loan losses. During the current quarter, the Company expensed $9.4 million of loan loss provision, an increase of $5.7 million compared to the same quarter in 2008. These loan loss provisions were 138% of the current quarter's net charge-offs, allowing the Company to continue to build its loan loss reserves to 2.68% of total loans, compared to 1.71% at the same time in 2008. Annualized net charge-offs for the quarter were 1.62% of total loans compared to 0.75% in the second quarter of 2008.
Non-performing assets during the quarter increased to 5.19% of total loans and foreclosed assets, compared to 4.63% at the end of the first quarter of 2009 and 2.09% at June 30, 2008. At June 30, 2009, 22% of the Company's non-performing assets were in OREO compared to only 7% at the end of 2008.
Strong Capital Levels
The Company's capital ratios at the end of the quarter continued to be very strong. Tier one and total risk based capital ratios at June 30, 2009 were approximately 9.38% and 13.56%, respectively, compared to 9.42% and 13.13%, respectively, at December 31, 2008. The Company's total risk based capital is approximately 70% over the regulatory guidelines to be adequately capitalized which illustrates the Company's strong capital position. Tangible common equity ended the current quarter at 5.77%, an increase when compared to 5.74% at December 31, 2008. Edwin W. Hortman, Jr., President and CEO, commented on the Company's capital and credit quality, saying "Our efforts to dramatically improve our core earnings have been successful and have allowed us to deal with economic challenges in our credit quality with little or no effect on our tangible capital. Efforts to further increase our core earnings are underway and I expect that higher net interest margins and lower operating expenses in the coming quarters will result and continue to buffer our Company's capital ratios from impacts related to credit quality."
Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter, had 50 locations in Georgia, Alabama, northern Florida and South Carolina.
Ameris Bancorp Common Stock is quoted on the NASDAQ Global Select Market under the symbol "ABCB". The preceding release contains statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe", "estimate", "expect", "intend", "anticipate" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE
headcount)
Three Months Ended
------------------
June Mar. Dec. Sept June
2009 2009 2008 2008 2008
---- ---- ---- ---- ----
EARNINGS
Net Income/(Loss)
Available to Common
Shareholders $(3,359) $(1,225) $(10,725) $366 $3,149
PER COMMON
SHARE DATA
Earnings per share
available to common
shareholders:
Basic $(0.25) $(0.09) $(0.79) $0.03 $0.23
Diluted $(0.25) $(0.09) $(0.79) $0.03 $0.23
Cash Dividends per
share $0.05 $0.05 $0.05 $0.05 $0.14
Book value per
share (period end) $13.54 $13.90 $14.06 $14.25 $14.20
Tangible book
value per share
(period end) $9.26 $9.61 $9.74 $9.92 $9.84
Weighted average
number of shares:
Basic 13,543,468 13,527,437 13,532,521 13,515,767 13,510,907
Diluted 13,543,468 13,527,437 13,532,521 13,543,612 13,563,032
Period-end number
of shares 13,581,179 13,584,107 13,534,601 13,564,032 13,564,032
Market data:
High closing
price $8.09 $11.73 $14.21 $15.07 $16.48
Low closing
price $5.29 $3.66 $7.19 $7.82 $8.70
Period end
closing
price $6.32 $4.71 $11.85 $14.85 $8.70
Average
daily
volume 28,778 31,931 31,527 43,464 62,739
PERFORMANCE
RATIOS
Return on average
assets (0.59%) (0.21%) (1.81%) 0.07% 0.59%
Return on average
common equity (7.15%) (2.61%) (22.17%) 0.78% 6.58%
Earning asset
yield (TE) 5.60% 5.57% 5.58% 6.38% 6.64%
Total cost of funds 2.08% 2.45% 2.72% 2.54% 2.74%
Net interest
margin (TE) 3.58% 3.21% 2.92% 3.87% 3.96%
Non-interest income
excluding securities
transactions,
as a percent
of total
revenue (TE) 13.26% 12.02% 11.66% 12.49% 14.01%
Efficiency ratio 76.63% 70.01% 80.67% 61.97% 65.52%
CAPITAL
ADEQUACY
Common equity to
assets 8.05% 8.05% 7.91% 8.56% 8.78%
Tangible common
equity to
tangible assets 5.77% 5.83% 5.74% 6.12% 6.26%
OTHER PERIOD-
END DATA
FTE Headcount 589 597 595 601 651
Assets per FTE $3,880 $3,930 $4,046 $3,756 $3,369
Branch locations 50 48 50 50 48
Deposits per branch
location $39,527 $42,264 $40,271 $36,127 $36,893
Six Months Ended
----------------
June June
2009 2008
---- ----
EARNINGS
Net Income/(Loss) Available to Common
Shareholders $(4,584) $6,115
PER COMMON SHARE DATA
Earnings per share available to common
shareholders:
Basic $(0.34) $0.45
Diluted $(0.34) $0.45
Cash Dividends per share $0.10 $0.28
Book value per share (period end) $13.54 $14.20
Tangible book value per share (period
end) $9.26 $9.84
Weighted average number of shares:
Basic 13,534,166 13,557,704
Diluted 13,534,166 13,561,397
Period-end number of shares 13,581,179 13,564,032
Market data:
High closing price $11.73 $16.55
Low closing price $3.66 $8.70
Period end closing price $6.32 $8.70
Average daily volume 30,329 62,271
PERFORMANCE RATIOS
Return on average assets (0.40%) 0.58%
Return on average common equity (4.88%) 6.42%
Earning asset yield (TE) 5.59% 6.91%
Total cost of funds 2.27% 3.02%
Net interest margin (TE) 3.39% 3.94%
Non-interest income excluding securities
transactions, as a percent of
total revenue (TE) 12.63% 13.14%
Efficiency ratio 73.37% 66.29%
CAPITAL ADEQUACY
Common equity to assets 8.05% 8.78%
Tangible common equity to tangible
assets 5.77% 6.26%
OTHER PERIOD-END DATA
FTE Headcount 589 651
Assets per FTE $3,880 $3,369
Branch locations 50 48
Deposits per branch location $39,527 $36,893
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
June Mar. Dec. Sept June
2009 2009 2008 2008 2008
---- ---- ---- ---- ----
INCOME STATEMENT
Interest income
Interest and
fees on loans $25,829 $25,727 $26,582 $28,280 $28,339
Interest on
taxable
securities 2,906 3,657 3,677 3,563 3,646
Interest on
nontaxable
securities 255 167 171 169 173
Interest on
deposits in
other banks 109 25 123 100 91
Interest on
federal funds
sold 1 41 5 - -
-- -- -- -- --
Total
interest
income 29,100 29,617 30,558 32,112 32,249
------ ------ ------ ------ ------
Interest expense
Interest on
deposits $10,030 $12,155 $13,769 $11,717 $12,314
Interest on
other
borrowings 531 494 817 1,218 879
--- --- --- ----- ---
Total
interest
expense 10,561 12,649 14,586 12,935 13,193
------ ------ ------ ------ ------
Net interest income 18,539 16,968 15,972 19,177 19,056
Provision for loan
losses 9,390 7,912 19,890 8,220 3,720
----- ----- ------ ----- -----
Net interest income/
(loss) after provision
for loan losses $9,149 $9,056 $(3,918) $10,957 $15,336
------ ------ ------- ------- -------
Noninterest income
Service
charges on
deposit
accounts $3,393 $3,035 $3,279 $3,657 $3,664
Mortgage
banking
activity 877 763 711 745 855
Other service
charges,
commissions and
fees 77 63 90 120 220
Gain(loss) on
sale of
securities 101 713 316 - -
Other non-
interest
income 148 922 (3) 112 588
--- --- -- --- ---
Total
noninterest
income 4,596 5,496 4,393 4,634 5,327
----- ----- ----- ----- -----
Noninterest expense
Salaries and
employee
benefits 7,899 7,991 7,309 7,113 8,660
Occupancy and
equipment
expense 2,224 2,158 2,070 1,904 2,103
Amortization
of
intangible
assets 147 146 291 293 293
Data processing
&
communications
costs 1,704 1,627 1,600 1,678 1,655
Advertising &
marketing fees 439 574 739 818 656
Other
operating
expenses 5,316 3,231 4,419 2,950 2,609
----- ----- ----- ----- -----
Total
noninterest
expense 17,729 15,727 16,428 14,756 15,976
------ ------ ------ ------ ------
Operating profit/(loss) $(3,984) $(1,175) $(15,953) $835 $4,687
Income tax
(benefit)/
expense (1,290) (539) (5,556) 469 1,538
------ ---- ------ --- -----
Net income/(loss) $(2,694) $(636) $(10,397) $366 $3,149
======= ===== ======== ==== ======
Preferred stock
dividends 665 589 328 - -
--- --- --- --- ---
Net income/(loss)
available
to common
shareholders $(3,359) $(1,225) $(10,725) $366 $3,149
======= ======= ======== ==== ======
Diluted earnings
available to common
shareholders (0.25) (0.09) (0.79) 0.03 0.23
===== ===== ===== ==== ====
Six Months Ended
----------------
June June
2009 2008
---- ----
INCOME STATEMENT
Interest income
Interest and fees on loans $51,556 $58,473
Interest on taxable
securities 6,563 7,228
Interest on nontaxable
securities 422 346
Interest on deposits in
other banks 134 291
Interest on federal funds
sold 42 -
--- ---
Total interest income 58,717 66,338
------ ------
Interest expense
Interest on deposits $22,185 26,456
Interest on other borrowings 1,025 2,366
----- -----
Total interest expense 23,210 28,822
------ ------
Net interest income 35,507 37,515
Provision for loan losses 17,302 6,920
------ -----
Net interest income/(loss)
after provision for loan
losses 18,205 30,595
------ ------
Noninterest income
Service charges on deposit
accounts $6,428 6,980
Mortgage banking activity 1,640 1,725
Other service charges,
commissions and fees 140 498
Gain(loss) on sale of
securities 814 -
Other non-interest income 1,070 953
----- ---
Total noninterest income 10,092 10,156
------ ------
Noninterest expense
Salaries and employee
benefits 15,890 17,278
Occupancy and equipment
expense 4,382 4,095
Amortization of intangible
assets 293 585
Data processing &
communications costs 3,331 3,178
Advertising & marketing fees 1,013 1,534
Other operating expenses 8,547 4,931
----- -----
Total noninterest expense 33,456 31,601
------ ------
Operating profit/(loss) (5,159) 9,151
Income tax (benefit)/expense (1,829) 3,034
------ -----
Net income/(loss) $(3,330) $6,115
======= ======
Preferred stock dividends 1,254 -
----- ---
Net income/(loss) available
to common shareholders $(4,584) $6,115
======= ======
Diluted earnings available to
common shareholders (0.34) 0.45
===== ====
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
June Mar. Dec. Sept. June
2009 2009 2008 2008 2008
---- ---- ---- ---- ----
PERIOD-END
BALANCE SHEET
Assets
Cash and due from
banks $46,773 $54,758 $66,787 $43,549 $47,720
Federal funds sold
and interest
bearing balances 163,343 137,770 144,383 75,458 38,125
Investment
securities
available for sale,
at fair value 257,771 344,032 367,894 286,002 291,813
Other investments 6,229 5,702 8,627 11,624 11,439
Loans, net of
unearned
income 1,677,045 1,672,923 1,695,777 1,710,109 1,678,147
Less allowance
for loan losses 44,998 42,417 39,652 30,144 28,660
------ ------ ------ ------ ------
Loans, net 1,632,047 1,630,506 1,656,125 1,679,965 1,649,487
--------- --------- --------- --------- ---------
Premises and
equipment, net 67,334 65,152 66,107 65,868 63,291
Intangible
assets, net 3,339 3,485 3,631 3,924 4,217
Goodwill 54,813 54,813 54,813 54,813 54,813
Other assets 53,596 50,060 38,723 36,440 32,116
------ ------ ------ ------ ------
Total assets $2,285,245 $2,346,278 $2,407,090 $2,257,643 $2,193,021
========== ========== ========== ========== ==========
Liabilities
Deposits:
Noninterest-
bearing $210,456 $207,686 $208,532 $198,900 $200,936
Interest-
bearing 1,765,915 1,820,998 1,804,993 1,607,439 1,569,925
--------- --------- --------- --------- ---------
Total deposits 1,976,371 2,028,684 2,013,525 1,806,339 1,770,861
Federal funds
purchased &
securities sold
under
agreements to
repurchase 16,484 18,295 27,416 63,973 39,795
Other borrowings 7,000 7,000 72,000 138,600 133,000
Other liabilities 9,967 12,046 12,521 13,118 14,541
Subordinated
deferrable
interest
debentures 42,269 42,269 42,269 42,269 42,269
------ ------ ------ ------ ------
Total
liabilities 2,052,091 2,108,294 2,167,731 2,064,299 2,000,466
--------- --------- --------- --------- ---------
Stockholders'
equity
Preferred
stock $49,279 $49,140 $49,028 $- $-
Common stock 14,915 14,915 14,866 14,895 14,895
Capital
surplus 86,286 86,141 86,038 83,453 83,308
Retained
earnings 87,451 91,619 93,696 105,117 105,430
Accumulated
other
comprehensive
loss 6,033 6,956 6,518 666 (291)
Less
treasury
stock (10,810) (10,787) (10,787) (10,787) (10,787)
------- ------- ------- ------- -------
Total
stockholders'
equity 233,154 237,984 239,359 193,344 192,555
------- ------- ------- ------- -------
Total
liabilities and
stockholders'
equity $2,285,245 $2,346,278 $2,407,090 $2,257,643 $2,193,021
========== ========== ========== ========== ==========
Other Data
Earning Assets 2,104,388 2,160,427 2,216,681 2,083,193 2,019,524
Intangible
Assets 58,152 58,298 58,444 58,737 59,030
Interest
Bearing
Liabilities 1,831,668 1,888,562 1,946,678 1,852,281 1,784,989
Average Assets 2,285,190 2,346,958 2,354,142 2,192,501 2,141,940
Average Common
Stockholders'
Equity 188,442 190,395 192,479 186,541 192,605
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
June Mar. Dec. Sept June
2009 2009 2008 2008 2008
---- ---- ---- ---- ----
ASSET QUALITY INFORMATION
Allowance for loan losses
Balance at beginning
of period $42,417 $39,652 $30,144 $28,660 $28,094
Provision for loan
loss 9,390 7,912 19,890 8,220 3,720
Charge-offs 7,102 5,521 10,648 6,946 3,801
Recoveries 293 374 266 210 647
--- --- --- --- ---
Net charge-offs
(recoveries) 6,809 5,147 10,382 6,736 3,154
Ending balance $44,998 $42,417 $39,652 $30,144 $28,660
======= ======= ======= ======= =======
As a percentage of
loans 2.68% 2.54% 2.34% 1.76% 1.71%
As a percentage of
nonperforming loans 65.35% 66.37% 60.62% 76.46% 89.27%
As a percentage of
nonperforming assets 51.11% 54.25% 56.52% 69.84% 81.55%
Net charge-off information
Charge-offs
Commercial,
Financial &
Agricultural $815 $1,389 $1,090 $963 $282
Real Estate -
Residential 1,364 1,738 1,951 989 902
Real Estate -
Commercial &
Farmland 902 277 1,288 628 49
Real Estate -
Construction &
Development 3,731 1,930 5,932 4,165 2,320
Consumer Installment 290 187 387 201 248
Other 0 - - - -
- - - - -
Total charge-offs 7,102 5,521 10,648 6,946 3,801
----- ----- ------ ----- -----
Recoveries
Commercial,
Financial &
Agricultural 16 82 11 71 102
Real Estate -
Residential 216 8 30 54 90
Real Estate -
Commercial &
Farmland 13 230 10 10 68
Real Estate -
Construction &
Development 8 10 27 26 323
Consumer Installment 40 44 187 49 64
Other 0 - 1 - -
- - - - -
Total recoveries 293 374 266 210 647
--- --- --- --- ---
Net charge-offs
(recoveries) $6,809 $5,147 $10,382 $6,736 $3,154
====== ====== ======= ====== ======
Non-accrual loans 68,858 63,908 65,414 39,427 32,106
Foreclosed assets 19,180 14,271 4,742 3,734 3,032
Accruing loans
delinquent 90 days or
more 0 2 2 - 5
- - - - -
Total non-performing
assets 88,038 78,181 70,158 43,161 35,143
------ ------ ------ ------ ------
Non-performing assets as
a percent of loans
and foreclosed assets 5.19% 4.63% 4.13% 2.52% 2.09%
Net charge offs as a
percent of loans
(Annualized) 1.63% 1.23% 2.45% 1.58% 0.75%
Six Months Ended
----------------
June June
2009 2008
---- ----
ASSET QUALITY INFORMATION
Allowance for loan losses
Balance at beginning
of period $39,652 $27,640
Provision for loan
loss 17,302 6,920
Charge-offs 12,623 6,745
Recoveries 667 845
--- ---
Net charge-offs
(recoveries) 11,956 5,900
Ending balance $44,998 $28,660
======= =======
As a percentage of
loans 2.68% 1.71%
As a percentage of
nonperforming loans 65.35% 89.27%
As a percentage of
nonperforming assets 51.11% 81.55%
Net charge-off information
Charge-offs
Commercial,
Financial &
Agricultural $2,204 $673
Real Estate -
Residential 3,102 1,574
Real Estate -
Commercial &
Farmland 1,179 348
Real Estate -
Construction &
Development 5,661 3,624
Consumer Installment 477 527
Other - -
--- ---
Total charge-offs 12,623 6,745
------ -----
Recoveries
Commercial,
Financial &
Agricultural 98 120
Real Estate -
Residential 224 115
Real Estate -
Commercial &
Farmland 243 99
Real Estate -
Construction &
Development 18 356
Consumer Installment 84 154
Other 0 -
--- ---
Total recoveries 667 845
--- ---
Net charge-offs
(recoveries) $11,956 $5,900
======= ======
Non-accrual loans 68,858 32,106
Foreclosed assets 19,180 3,032
Accruing loans
delinquent 90 days or
more - 5
--- ---
Total non-performing
assets 88,038 35,143
------ ------
Non-performing assets
as a percent of loans
and foreclosed assets 5.19% 2.09%
Net charge offs as a
percent of loans
(Annualized) 1.44% 0.70%
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE
headcount)
Three Months Ended
------------------
June Mar. Dec. Sept June
2009 2009 2008 2008 2008
---- ---- ---- ---- ----
AVERAGE BALANCES
Federal funds
sold $2,444 $33,034 $9,516 $- $-
Interest
bearing
deposits in
banks 159,510 83,424 123,876 21,219 18,236
Investment
securities -
taxable 231,281 341,296 310,824 269,501 277,300
Investment
securities -
nontaxable 27,488 18,458 18,132 18,472 19,297
Other
investments 6,226 6,797 8,902 11,591 10,707
Loans 1,671,808 1,683,615 1,703,137 1,698,024 1,650,781
--------- --------- --------- --------- ---------
Total Earning
Assets $2,098,757 $2,166,624 $2,174,387 $2,018,807 $1,976,321
---------- ---------- ---------- ---------- ----------
Noninterest
bearing
deposits $205,403 $204,010 $203,810 $200,357 $197,662
NOW accounts 475,498 369,774 306,483 280,892 261,953
MMDA 333,998 268,946 276,106 326,642 345,824
Savings accounts 57,503 55,529 53,055 55,143 54,973
Retail CDs <
$100,000 365,771 439,781 443,358 342,136 345,968
Retail CDs >
$100,000 381,719 474,956 486,833 405,126 404,455
Brokered CDs 151,780 189,538 218,195 182,525 153,232
------- ------- ------- ------- -------
Total Deposits 1,971,672 2,002,534 1,987,840 1,792,821 1,764,067
--------- --------- --------- --------- ---------
FHLB advances 2,000 25,214 70,630 130,849 111,922
Subordinated
debentures 42,269 42,269 42,269 42,269 42,269
Repurchase
agreements 15,211 19,233 22,158 12,082 3,721
Correspondent
bank line of
credit and other 5,000 5,000 5,000 18,631 10,094
----- ----- ----- ------ ------
Total Non-
Deposit
Funding 64,480 91,716 140,057 203,831 168,006
------ ------ ------- ------- -------
---------- ---------- ---------- ---------- ----------
Total Funding $2,036,152 $2,094,250 $2,127,897 $1,996,652 $1,932,073
---------- ---------- ---------- ---------- ----------
Six Months Ended
----------------
June June
2009 2008
---- ----
AVERAGE BALANCES
Federal funds sold $17,739 -
Interest bearing deposits in banks 121,467 20,858
Investment securities - taxable 286,289 270,345
Investment securities - nontaxable 22,973 18,832
Other investments 6,511 10,329
Loans 1,677,712 1,634,386
--------- ---------
Total Earning Assets $2,132,691 1,954,750
---------- ---------
Noninterest bearing deposits $204,706 194,761
NOW accounts 422,636 262,747
MMDA 301,472 347,248
Savings accounts 56,516 54,597
Retail CDs < $100,000 402,776 350,910
Retail CDs > $100,000 428,338 400,118
Brokered CDs 170,659 146,134
------- -------
Total Deposits 1,987,103 1,756,514
--------- ---------
FHLB advances 13,607 104,542
Subordinated debentures 42,269 42,269
Repurchase agreements 17,222 5,848
Correspondent bank line of credit and other 5,000 9,805
----- -----
Total Non-Deposit Funding 78,098 162,464
------ -------
---------- ----------
Total Funding $2,065,201 $1,918,978
---------- ----------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE
headcount)
Three Months Ended
------------------
June Mar. Dec. Sept June
2009 2009 2008 2008 2008
---- ---- ---- ---- ----
INTEREST INCOME/
EXPENSE
INTEREST INCOME
Federal funds
sold $1 $41 $5 $- $-
Interest
bearing
deposits in
banks 109 25 118 99 91
Investment
securities -
taxable 2,890 3,640 3,662 3,488 3,489
Investment
securities -
nontaxable (TE) 392 258 262 260 267
Other
investments 18 17 16 76 156
Loans (TE) 25,886 25,794 26,514 28,559 28,704
------ ------ ------ ------ ------
Total Earning
Assets $29,296 $29,775 $30,577 $32,482 $32,707
------- ------- ------- ------- -------
INTEREST EXPENSE
Non-interest
bearing
deposits $- $- $- $- $-
NOW accounts 1,504 966 924 793 584
MMDA 1,404 1,051 1,444 1,929 1,996
Savings accounts 106 105 123 121 129
Retail CDs <
$100,000 2,625 3,936 4,181 3,038 3,463
Retail CDs >
$100,000 2,970 4,594 4,836 3,818 4,287
Brokered CDs 1,424 1,503 2,260 2,018 1,855
----- ----- ----- ----- -----
Total Deposits 10,033 12,155 13,768 11,717 12,314
------ ------ ------ ------ ------
FHLB advances 31 (8) 186 359 302
Subordinated
debentures 443 436 494 493 487
Repurchase
agreements 33 38 73 69 15
Correspondent
bank line of
credit and other 35 28 65 153 75
-- -- -- --- --
Total Non-
Deposit
Funding 542 494 818 1,074 879
--- --- --- ----- ---
------- ------- ------- ------- -------
Total Funding $10,575 $12,649 $14,586 $12,791 $13,193
------- ------- ------- ------- -------
------- ------- ------- ------- -------
Net Interest
Income (TE) $18,721 $17,126 $15,991 $19,691 $19,513
------- ------- ------- ------- -------
Six Months Ended
----------------
June June
2009 2008
---- ----
INTEREST INCOME/EXPENSE
INTEREST INCOME
Federal funds sold $42 $-
Interest bearing deposits in banks 134 292
Investment securities - taxable 6,530 6,918
Investment securities - nontaxable (TE) 650 532
Other investments 35 296
Loans (TE) 51,680 59,113
------ ------
Total Earning Assets 59,071 67,151
------ ------
INTEREST EXPENSE
Non-interest bearing deposits $- $-
NOW accounts 2,470 1,251
MMDA 2,455 4,779
Savings accounts 211 247
Retail CDs < $100,000 6,561 7,521
Retail CDs > $100,000 7,564 9,039
Brokered CDs 2,927 3,620
----- -----
Total Deposits 22,188 26,457
------ ------
FHLB advances 23 955
Subordinated debentures 879 1,173
Repurchase agreements 71 48
Correspondent bank line of credit and other 63 190
-- ---
Total Non-Deposit Funding 1,036 2,366
----- -----
------- -------
Total Funding $23,224 $28,823
------- -------
------- -------
Net Interest Income (TE) $35,847 $38,328
------- -------
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
Three Months Ended
------------------
June Mar. Dec. Sept June
2009 2009 2008 2008 2008
---- ---- ---- ---- ----
YIELDS
(1)
Federal funds
sold 0.16% 0.50% 0.21% 0.00% 0.00%
Interest
bearing
deposits in
banks 0.27% 0.12% 0.38% 1.85% 2.00%
Investment
securities -
taxable 5.01% 4.33% 4.67% 5.13% 5.05%
Investment
securities -
nontaxable 5.72% 5.67% 5.73% 5.58% 5.55%
Other
investments 1.16% 1.01% 0.71% 2.60% 5.84%
Loans 6.21% 6.21% 6.18% 6.67% 6.97%
---- ---- ---- ---- ----
Total Earning
Assets 5.60% 5.57% 5.58% 6.38% 6.64%
Noninterest
bearing
deposits 0.00% 0.00% 0.00% 0.00% 0.00%
NOW accounts 1.27% 1.06% 1.20% 1.12% 0.89%
MMDA 1.69% 1.58% 2.07% 2.34% 2.32%
Savings accounts 0.74% 0.77% 0.92% 0.87% 0.94%
Retail CDs <
$100,000 2.88% 3.63% 3.74% 3.52% 4.01%
Retail CDs >
$100,000 3.12% 3.92% 3.94% 3.74% 4.25%
Brokered CDs 3.76% 3.22% 4.11% 4.39% 4.86%
---- ---- ---- ---- ----
Total Deposits 2.04% 2.46% 2.75% 2.59% 2.80%
FHLB advances 6.22% (0.13%) 1.04% 1.09% 1.08%
Subordinated
debentures 4.20% 4.18% 4.64% 4.63% 4.62%
Repurchase
agreements 0.87% 0.80% 1.31% 2.27% 1.62%
Correspondent
bank line of
credit and other 2.81% 2.27% 5.16% 3.26% 2.98%
---- ---- ---- ---- ----
Total Non-
Deposit
Funding 3.37% 2.18% 2.32% 2.09% 2.10%
---- ---- ---- ---- ----
Total funding
(3) 2.08% 2.45% 2.72% 2.54% 2.74%
---- ---- ---- ---- ----
Net interest
spread 3.52% 3.12% 2.86% 3.84% 3.90%
---- ---- ---- ---- ----
Net interest
margin 3.58% 3.21% 2.92% 3.87% 3.96%
==== ==== ==== ==== ====
Six Months
Ended
----------
June June
2009 2008
---- ----
YIELDS (1)
Federal funds sold 0.48% 0.00%
Interest bearing deposits in banks 0.22% 2.82%
Investment securities - taxable 4.60% 5.15%
Investment securities - nontaxable 5.71% 5.68%
Other investments 1.08% 5.76%
Loans 6.21% 7.27%
---- ----
Total Earning Assets 5.59% 6.91%
Noninterest bearing deposits 0.00% 0.00%
NOW accounts 1.18% 1.91%
MMDA 1.64% 5.54%
Savings accounts 0.75% 1.82%
Retail CDs < $100,000 3.28% 4.31%
Retail CDs > $100,000 3.56% 4.54%
Brokered CDs 3.46% 4.98%
---- ----
Total Deposits 2.25% 3.03%
FHLB advances 0.34% 1.84%
Subordinated debentures 4.19% 5.58%
Repurchase agreements 0.83% 1.65%
Correspondent bank line of credit and other 2.54% 3.90%
---- ----
Total Non-Deposit Funding 2.68% 2.93%
---- ----
Total funding (3) 2.27% 3.02%
---- ----
Net interest spread 3.32% 3.89%
---- ----
Net interest margin 3.39% 3.94%
==== ====
(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, Ameris
Bancorp, +1-229-890-1111
Web Site: http://www.amerisbank.com/