Ameris Bancorp Reports Results for 2009

Share Name	Share Symbol	Market	Type
Ameris Bancorp	NASDAQ:ABCB	NASDAQ	Common Stock

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.00	0.00%	60.00	58.84	61.16				0	01:00:00

Ameris Bancorp (NASDAQ:ABCB)
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MOULTRIE, Ga., Jan. 28 /PRNewswire-FirstCall/ -- AMERIS BANCORP (NASDAQ-GS: ABCB) today reported results for 2009, including the following highlights: -- Tangible book value and tangible common equity as a percentage of tangible assets increased during 2009 due to operating activities and FDIC-assisted transactions. -- Higher levels of net interest income were achieved in 2009 than in 2008. -- Non-CD deposits increased to 61% of total deposits at the end of 2009, up from 46% in 2008. -- Net income available to common shareholders was affected by $54.8 million goodwill impairment recorded in the fourth quarter of 2009. Earnings Summary Excluding a non-cash charge for goodwill impairment that did not affect the Company's tangible equity or liquidity, the Company reported net income available to common shareholders of $10.4 million, or $0.76 per diluted share, for the year ended December 31, 2009 compared to a net loss of $4.2 million, or $0.31 per diluted share, for 2008. On the same basis, the Company's net income available to common shareholders for the fourth quarter of 2009 totaled $15.8 million, or $1.15 per diluted share, compared to a net loss available to common shareholders of $10.7 million, or $0.78 per diluted share, for the same period in 2008. The Company's results were partially driven by gains recorded on FDIC-assisted transactions totaling approximately $25.1 million after tax. During the fourth quarter of 2009, the Company recorded a non-cash charge for goodwill impairment totaling $54.8 million. Including the effects of this charge, the Company's net loss available to common shareholders during 2009 was $44.4 million, or $3.23 per diluted share. On the same basis, the Company's net loss available to common shareholders totaled $39.0 million, or $2.83 per common share, for the fourth quarter of 2009. Capital Levels - Improved Capital Levels without Shareholder Dilution The Company strengthened capital levels with tangible book value increasing for the fifth consecutive year, as shown seen below, despite the recent economic challenges. In addition to strong consolidated capital ratios, regulatory capital of Ameris Bank was higher at December 31, 2009 than at any other time during the past five years. Significantly, improvements in capital ratios have been accomplished without issuing additional shares of Ameris Bancorp common stock and without shareholder dilution. As of December 31, (dollars in thousands) Consolidated: 2009 2008 2007 2006 2005 Tangible Common Equity (TCE) $141,367 $131,887 $131,634 $118,268 $98,987 TCE /Tangible Common Assets 5.84% 5.62% 6.41% 5.95% 6.01% Tangible Book Value $10.22 $9.74 $9.67 $8.73 $7.64 Ameris Bank Tier 1 Leverage Capital 9.52% 7.25% 8.47% 8.64% 9.09% Total Risk Based Capital 14.34% 10.41% 11.68% 11.94% 12.14% Improvement in Pre-tax, Pre-Credit Net Income The Company continues to increase its core earnings (pre-tax, pre-credit) through various income and expense initiatives. Pre-tax, pre-credit income increased during the current quarter to $9.6 million, compared to $9.4 million in the third quarter of 2009 and $4.7 million in the fourth quarter of 2008. For the year to date period ended December 31, 2009, the Company's pre-tax, pre-credit income totaled $33.8 million, an increase of $2.1 million, or 6.6%, when compared to 2008. Edwin W. Hortman, Jr., President and CEO, commented on the Company's trends in core earnings saying, "Although our current run rate suggests that 2010's core earnings will continue to improve, we have developed and begun implementing "Project 2010". This new project covers numerous initiatives with the goal of improving our pre-tax, pre-credit income by approximately $7.5 million in 2010. These improvements are anticipated to further strengthen our capital base as we manage through the current economic environment. I am proud of our Company and the pace at which our employees have embraced the changes necessary to be successful in this initiative." Balance Sheet Trends During 2009, the Company saw several significant trends in earning assets and in its funding mix. With regard to earning assets, short-term assets (federal funds sold and interest bearing deposits) averaged $151.3 million during 2009 compared to $49.3 million in 2008. Traditionally, the Company's year-end balance sheet contains approximately $100 million of excess deposits from municipalities and businesses. Expected declines in these balances will reduce the Company's position in short-term assets and further improve capital ratios. Loans increased during 2009 to $1.71 billion from $1.70 billion at the end of 2008. The increase was the result of the loans acquired in the FDIC-assisted transactions during the fourth quarter of 2009 which amounted to $129.3 million at December 31, 2009. Investment securities decreased substantially during 2009, from $367.9 million at the end of 2008 to $247.3 million at the end of 2009 because management has not invested material amounts of short-term assets in the current interest rate environment. The Company's funding mix improved dramatically during 2009, leading to significant savings in cost of funds. At December 31, 2009, demand deposits (interest-bearing and non-interest bearing) amounted to $1.2 billion and comprised 55.8% of total deposits compared to $878 million, or 43.6% of total deposits, at December 31, 2008. During the same time, the Company's time deposits fell to $877 million, or 41.4% of total deposits, compared to $1.1 billion, or 56.4% of total deposits, at the end of 2008. Aggressive efforts marketing the Company's treasury management platform as well as retail deposit sales efforts were successful, particularly in the fourth quarter of 2009. Mr. Hortman commented on the Company's momentum with regard to core deposits saying, "The current economy has limited our outlook for loan growth, but the opportunities to grow our core deposits with individuals and small to medium size businesses have grown exponentially. I expect our Company to benefit significantly in 2010 and beyond from the expertise we have developed on business deposit sales in 2009." Net Interest Income In 2009, the Company reported $74.0 million in net interest income, a modest increase of $1.3 million, or 1.9%, from levels reported in 2008. Declines in interest income and yields on earning assets were offset by savings on interest expense realized from substantial improvements in the Company's funding mix. Yields on earning assets declined to 5.43% in 2009 compared to 6.43% in 2008. Declines in loan yields and the Company's concentration in low-yielding short-term assets accounted for the majority of the declines. Loan yields in 2009 were 6.03% compared to 6.85% in 2008. The concentration in short-term assets during 2009 amounted to 7.1% of earning assets, compared to 2.4% in 2008. The average yield on this higher level of liquidity in 2009 was 0.20%, a decline from 1.06% in 2008. The Company expects to begin managing toward incrementally lower levels of liquidity early in 2010. Provision for Loan Losses and Credit Quality Credit quality continues to be managed aggressively with significant impacts on the Company's overall profitability. During 2009, the Company reduced exposure in C&D and CRE concentrations considerably with yearend C&D and total CRE concentrations of 97% and 247%, respectively, as a percentage of bank capital. This compares to 183% and 343% at December 31, 2008. "I'm encouraged with our progress reducing concentrations in problem areas, but there remains much work to be done on non-performing assets," said Mr. Hortman. Non-performing assets at December 31, 2009 were 6.73%, up from 6.32% at the end of the third quarter of 2009 and from 4.13% at December 31, 2008. "We believe that our level of investment in non-performing assets relative to current appraisals will allow us to move these assets quickly once activity and interest rebounds," continued Mr. Hortman. Non-interest Income During the fourth quarter, the Company participated in two FDIC-assisted transactions in the metro-Atlanta area. The Company has recorded gains on these transactions totaling $25.1 million after tax. Excluding these gains and gain on the sales of investments, the Company's non-interest income during 2009 decreased slightly to $18.9 million. The decline was driven by a decrease in service charges totaling $323,000, or 2.3%, as well as a decline in mortgage fees of $130,000, or 4.1%. The Company's efforts to increase service charges in 2009 focused on the acquisition of new accounts as opposed to higher fees per account. Lower Core Operating Expenses During 2009, the Company recorded $124.8 million of operating expenses, including a non-cash charge of $54.8 million for impairment of the Company's goodwill. Excluding the charge for goodwill impairment, the Company's operating expenses reflect an increase of $7.2 million, or 11.5%, when compared to 2008 levels. This increase in operating expenses is attributable to increases in FDIC insurance premiums of $2.5 million over 2008 levels and increases in OREO and problem loan expenses totaling $6.6 million over 2008 levels. Excluding these expenses, the Company's operating expenses declined 3.0% when compared to 2008 amounts. Mr. Hortman stated, "We have reduced our monthly run rate on core operating expenses, but I believe we can do more. Success in our "Project 2010" initiative will provide meaningful savings in current operating expenses and allow us to continue increasing our core earnings, an important statement about our Company's resolve to protect our capital ratios and to add shareholder value." Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter, had 53 locations in Georgia, Alabama, northern Florida and South Carolina. 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. Tangible common equity and Tier 1 capital ratios are non-GAAP measures. The Company calculates the Tier 1 capital using current call report instructions. The Company's management uses these measures to assess the quality of capital and believes that investors may find them useful in their evaluation of the Company. These capital measures may or may not be necessarily comparable to similar capital 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 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 for a summary of certain factors that may impact the Company's results of operations and financial condition. AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount) Three Months Ended ------------------ Dec. Sept. June Mar. Dec. 2009 2009 2009 2009 2008 ---- ---- ---- ---- ---- EARNINGS Net Income/ (Loss) excluding Goodwill Impairment(1) 15,815 (791) (3,359) (1,225) (10,725) Net Income/ (Loss) Available to Common Shareholders$(38,998) $(791) $(3,359) $(1,225) $(10,725) PER COMMON SHARE DATA Earnings per share available to common shareholders: Basic $(2.83) $(0.06) $(0.24) $(0.09) $(0.78) Diluted $(2.83) $(0.06) $(0.24) $(0.09) $(0.78) Cash Dividends per share $- $- $0.05 $0.05 $0.05 Stock dividend 1 for 130 1 for 130 - - - Book value per share (period end) $10.52 $13.52 $13.33 $13.69 $13.85 Tangible book value per share (period end) $10.22 $9.25 $9.12 $9.46 $9.60 Weighted average number of shares: Basic 13,761,824 13,734,740 13,732,682 13,736,352 13,721,360 Diluted 13,761,824 13,734,740 13,732,682 13,736,352 13,721,360 Period- end number of shares 13,829,674 13,789,356 13,790,924 13,793,897 13,743,626 Market data: High closing price $7.25 $7.47 $8.09 $11.73 $14.21 Low closing price $5.13 $5.93 $5.29 $3.66 $7.19 Period end closing price $7.16 $7.15 $6.32 $4.71 $11.85 Average daily volume 38,583 30,407 28,778 31,931 31,527 PERFORMANCE RATIOS Return on average assets(1)(2) (1.44%) (0.02%) (0.47%) (0.11%) (1.76%) Return on average common equity(1)(2) (16.58%) (0.27%) (5.73%) (1.35%) (21.43%) Earning asset yield (TE) 5.06% 5.42% 5.61% 5.57% 5.61% Total cost of funds 1.51% 1.83% 2.08% 2.45% 2.73% Net interest margin (TE) 3.59% 3.65% 3.60% 3.21% 2.96% Non-interest income excluding securities transactions, as a percent of total revenue(TE) 7.10% 13.89% 13.26% 12.02% 11.62% Efficiency ratio(1)(2) 85.10% 65.83% 76.63% 70.01% 80.67% CAPITAL ADEQUACY (period end) Stockholders' equity to assets 8.04% 10.56% 10.20% 10.14% 9.94% Tangible common equity to tangible assets 5.84% 5.84% 5.65% 5.71% 5.62% OTHER PERIOD-END DATA FTE Headcount 615 595 589 597 595 Asset per FTE $3,941 $3,710 $3,880 $3,930 $4,046 Branch locations 53 50 50 48 50 Deposits per branch location $40,059 $37,751 $39,527 $42,264 $40,271 Twelve Months Ended ------------------- Dec. Dec. 2009 2008 ---- ---- EARNINGS Net Income/(Loss) excluding Goodwill Impairment(1) 10,441 (4,244) Net Income/(Loss) Available to Common Shareholders $(44,372) $(4,244) PER COMMON SHARE DATA Earnings per share available to common shareholders: Basic $(3.23) $(0.31) Diluted $(3.23) $(0.31) Cash Dividends per share $- 0.38 Stock dividend 2 for 130 - Book value per share (period end) $10.52 13.85 Tangible book value per share (period end) $10.22 9.60 Weighted average number of shares: Basic 13,741,399 13,722,844 Diluted 13,741,399 13,722,844 Period-end number of shares 13,829,674 13,743,626 Market data: High closing price $11.73 $16.55 Low closing price $3.66 $7.19 Period end closing price $7.16 $11.85 Average daily volume 32,228 49,736 PERFORMANCE RATIOS Return on average assets (1) (2) (0.52%) (0.18%) Return on average common equity (1) (2) (6.25%) (2.05%) Earning asset yield (TE) 5.43% 6.43% Total cost of funds 1.97% 2.82% Net interest margin (TE) 3.52% 3.65% Non-interest income excluding securities transactions, as a percent of total revenue (TE) 10.89% 12.60% Efficiency ratio (1) (2) 74.61% 68.34% CAPITAL ADEQUACY (period end) Stockholders' equity to assets 8.04% 7.91% Tangible common equity to tangible assets 5.84% 5.62% OTHER PERIOD-END DATA FTE Headcount 615 595 Assets per FTE $3,941 $4,046 Branch locations 53 50 Deposits per branch location $40,059 $40,271 (1) Excludes the non-recurring, non-cash goodwill impairment charge of $54.8 million in the fourth quarter of 2009. (2) Excludes acquisition gains associated with FDIC-assisted transactions totaling $38.6 million in the fourth quarter of 2009. AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount) Three Months Ended ------------------ Dec. Sept. June Mar. Dec. 2009 2009 2009 2009 2008 ---- ---- ---- ---- ---- INCOME STATEMENT Interest income Interest and fees on loans $24,864 $24,888 $25,829 $25,727 $26,582 Interest on taxable securities 2,570 2,725 2,906 3,657 3,677 Interest on nontaxable securities 319 329 255 167 171 Interest on deposits in other banks 60 68 109 25 123 Interest on federal funds sold 18 12 1 41 5 --- --- --- --- --- Total interest income 27,831 28,022 29,100 29,617 30,558 ------ ------ ------ ------ ------ Interest expense Interest on deposits $7,637 $8,684 $10,030 $12,155 $13,769 Interest on other borrowings 493 526 531 494 817 --- --- --- --- --- Total interest expense 8,130 9,210 10,561 12,649 14,586 ----- ----- ------ ------ ------ Net interest income 19,701 18,812 18,539 16,968 15,972 Provision for loan losses 16,468 8,298 9,390 7,912 19,890 ------ ----- ----- ----- ------ Net interest income/ (loss) after provision for loan losses $3,233 $10,514 $9,149 $9,056 $(3,918) ------ ------- ------ ------ ------- Noninterest income Service charges on deposit accounts $3,654 $3,510 $3,393 $3,035 $3,279 Mortgage banking activity 718 692 877 763 711 Other service charges, commissions and fees 259 131 77 63 90 Gain(loss) on sale of securities 77 (20) 101 713 316 Gains from acquisitions 38,566 - - - - Other non-interest income 465 208 148 922 (3) --- --- --- --- --- Total noninterest income 43,739 4,521 4,596 5,496 4,393 ------ ----- ----- ----- ----- Noninterest expense Salaries and employee benefits 8,616 7,431 7,899 7,991 7,309 Occupancy and equipment expenses 2,417 2,114 2,224 2,158 2,070 Amortization of intangible assets 205 146 147 146 291 Data processing and telecommunications expenses 1,801 1,746 1,704 1,627 1,600 Business restructuring - - - - - Advertising and marketing expenses 336 301 439 574 739 Goodwill impairment 54,813 - - - - Other non-interest expenses 7,794 3,622 5,316 3,231 4,419 ----- ----- ----- ----- ----- Total noninterest expense 75,982 15,360 17,729 15,727 16,428 ------ ------ ------ ------ ------ Operating profit/(loss) $(29,010) $(325) $(3,984) $(1,175) $(15,953) Income tax (benefit)/expense 9,323 (198) (1,290) (539) (5,556) ----- ---- ------ ---- ------ Net income/(loss) $(38,333) $(127) $(2,694) $(636) $(10,397) ======== ===== ======= ===== ======== Preferred stock dividends 665 664 665 589 328 --- --- --- --- --- Net income/(loss) available to common shareholders $(38,998) $(791) $(3,359) $(1,225) $(10,725) ======== ===== ======= ======= ======== Diluted earnings available to (2.83) (0.06) (0.24) (0.09) (0.78) common shareholders ===== ===== ===== ===== ===== Twelve Months Ended ------------------- Dec. Dec. 2009 2008 ---- ---- INCOME STATEMENT Interest income Interest and fees on loans $101,310 $113,335 Interest on taxable securities 11,858 14,469 Interest on nontaxable securities 1,070 685 Interest on deposits in other banks 262 514 Interest on federal funds sold 72 5 --- --- Total interest income 114,572 129,008 ------- ------- Interest expense Interest on deposits 38,506 51,942 Interest on other borrowings 2,044 4,401 ----- ----- Total interest expense 40,550 56,343 ------ ------ Net interest income 74,022 72,665 Provision for loan losses 42,068 35,030 ------ ------ Net interest income/ (loss) after provision for loan losses $31,954 37,635 ------- ------ Noninterest income Service charges on deposit accounts 13,593 13,916 Mortgage banking activity 3,050 3,180 Other service charges, commissions and fees 530 708 Gain(loss) on sale of securities 871 316 Gains from acquisitions 38,566 - Other non-interest income 1,743 1,029 ----- ----- Total noninterest income 58,353 19,149 ------ ------ Noninterest expense Salaries and employee benefits 31,939 31,700 Occupancy and equipment expenses 8,913 8,069 Amortization of intangible assets 644 1,170 Data processing and telecommunications expenses 6,878 6,457 Business restructuring - - Advertising and marketing expenses 1,650 3,083 Goodwill impairment 54,813 - Other non-interest expenses 19,963 12,274 ------ ------ Total noninterest expense 124,800 62,753 ------- ------ Operating profit/(loss) $(34,493) (5,969) Income tax (benefit)/expense 7,296 (2,053) ----- ------ Net income/(loss) $(41,789) $(3,916) ======== ======= Preferred stock dividends 2,583 328 ----- --- Net income/(loss) available to common shareholders $(44,372) $(4,244) ======== ======= Diluted earnings available to common shareholders (3.23) (0.31) ===== ===== AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount) Three Months Ended ------------------------------------------------------ Dec. Sept. June Mar. Dec. 2009 2009 2009 2009 2008 ---- ---- ---- ---- ---- PERIOD-END BALANCE SHEET Assets Cash and due from banks $81,060 $43,761 $46,773 $54,758 $66,787 Federal funds sold and interest bearing balances 220,363 114,335 163,343 137,770 144,383 Investment securities available for sale, at fair value 247,344 251,189 257,771 344,032 367,894 Other investments 5,472 4,441 4,441 3,914 6,839 Loans, net of unearned income 1,584,359 1,652,689 1,677,045 1,672,923 1,695,777 Less allowance for loan losses 35,762 41,946 44,998 42,417 39,652 ------ ------ ------ ------ ------ Loans, net 1,548,597 1,610,743 1,632,047 1,630,506 1,656,125 Covered loans 129,296 - - - - ------- --- --- --- --- Total loans 1,677,893 1,610,743 1,632,047 1,630,506 1,656,125 Other real estate owned 21,551 21,923 19,180 14,271 4,742 Covered other real estate owned 12,807 - - - - ------ --- --- --- --- Total other real estate owned 34,358 21,923 19,180 14,271 4,742 Premises and equipment, net 67,637 67,641 67,334 65,152 66,107 Intangible assets, net 4,053 3,193 3,339 3,485 3,631 Goodwill - 54,813 54,813 54,813 54,813 FDIC loss sharing receivable 49,069 - - - - Other assets 36,721 35,436 36,204 37,577 35,769 ------ ------ ------ ------ ------ Total assets $2,423,970 $2,207,475 $2,285,245 $2,346,278 $2,407,090 ========== ========== ========== ========== ========== Liabilities Deposits: Noninterest -bearing $236,962 $205,699 $210,456 $207,686 $208,532 Interest -bearing 1,886,154 1,681,830 1,765,915 1,820,998 1,804,993 --------- --------- --------- --------- --------- Total deposits 2,123,116 1,887,529 1,976,371 2,028,684 2,013,525 Federal funds purchased & securities sold under agreements to repurchase 55,254 30,393 16,484 18,295 27,416 Other borrowings 2,000 7,000 7,000 7,000 72,000 Other liabilities 6,359 7,268 9,967 12,046 12,521 Subordinated deferrable interest debentures 42,269 42,269 42,269 42,269 42,269 ------ ------ ------ ------ ------ Total liabil- ities 2,228,998 1,974,459 2,052,091 2,108,294 2,167,731 --------- --------- --------- --------- --------- Stockholders' equity Preferred stock $49,552 $49,411 $49,279 $49,140 $49,028 Common stock 15,058 15,018 15,018 15,018 14,968 Capital surplus 87,220 86,432 86,286 86,141 86,038 Retained earnings 46,714 86,425 87,348 91,516 93,594 Accumulated other comprehensive income/(loss) 7,240 6,542 6,033 6,956 6,518 Less treasury stock (10,812) (10,812) (10,810) (10,787) (10,787) ------- ------- ------- ------- ------- Total stockholders' equity 194,972 233,016 233,154 237,984 239,359 ------- ------- ------- ------- ------- Total liabil- ities and stockholders' equity $2,423,970 $2,207,475 $2,285,245 $2,346,278 $2,407,090 ========== ========== ========== ========== ========== Other Data Earning Assets 2,188,622 2,024,442 2,099,947 2,156,513 2,209,842 Intangible Assets 4,053 58,006 58,152 58,298 58,444 Interest Bearing Liabil- ities 1,985,677 1,761,492 1,831,668 1,888,562 1,946,678 Average Assets 2,361,508 2,244,527 2,285,190 2,346,958 2,354,142 Average Common Stockholders' Equity 205,500 186,858 188,442 190,395 192,479 AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount) Three Months Ended ---------------------------------------- Dec. Sept. June Mar. Dec. 2009 2009 2009 2009 2008 ---- ---- ---- ---- ---- ASSET QUALITY INFORMATION (1) (2) Allowance for loan losses Balance at beginning of period $41,946 $44,998 $42,417 $39,652 $30,144 Acquired Reserves - - - - - Provision for loan loss 16,468 8,298 9,390 7,912 19,890 Charge-offs 22,515 11,993 7,102 5,521 10,648 Recoveries (137) 643 293 374 266 ---- --- --- --- --- Net charge-offs (recoveries) 22,652 11,350 6,809 5,147 10,382 Ending balance $35,762 $41,946 $44,998 $42,417 $39,652 ======= ======= ======= ======= ======= As a percentage of loans 2.26% 2.54% 2.68% 2.54% 2.34% As a percentage of nonperforming loans 37.20% 49.99% 65.35% 66.37% 60.62% As a percentage of nonperforming assets 30.39% 39.63% 51.11% 54.25% 56.52% Net charge-off information Charge-offs Commercial, Financial and Agricultural $1,831 $601 $815 $1,389 $1,090 Real Estate - Residential 3,911 3,846 1,364 1,738 1,951 Real Estate - Commercial and Farmland 4,571 482 902 277 1,288 Real Estate - Construction and Development 11,831 6,871 3,731 1,930 5,932 Consumer Installment 371 193 290 187 387 Other - - - - - --- --- --- --- --- Total charge-offs 22,515 11,993 7,102 5,521 10,648 ------ ------ ----- ----- ------ Recoveries Commercial, Financial and Agricultural 79 64 16 82 11 Real Estate - Residential (174) 228 216 8 30 Real Estate - Commercial and Farmland 11 3 13 230 10 Real Estate - Construction and Development (88) 314 8 10 27 Consumer Installment 35 34 40 44 187 Other - - - - 1 --- --- --- --- --- Total recoveries (137) 643 293 374 266 ---- --- --- --- --- Net charge-offs (recoveries) $22,652 11,350 $6,809 $5,147 $10,382 ======= ====== ====== ====== ======= Non-accrual loans (1) 96,131 83,917 68,858 63,908 65,414 Foreclosed assets (2) 21,551 21,923 19,180 14,271 4,742 Accruing loans delinquent 90 days or more - - - 2 2 --- --- --- --- --- Total non-performing assets (1) (2) 117,682 105,840 88,038 78,181 70,158 ------- ------- ------ ------ ------ Non-performing assets as a percent of loans and foreclosed assets (excluding covered assets) 6.73% 6.32% 5.19% 4.63% 4.13% Net charge offs as a percent of loans (Annualized) 5.67% 2.75% 1.63% 1.23% 2.45% Twelve Months Ended ------------------- Dec. Dec. 2009 2008 ---- ---- ASSET QUALITY INFORMATION (1) (2) Allowance for loan losses Balance at beginning of period $39,652 $27,640 Acquired Reserves - Provision for loan loss 42,068 35,030 Charge-offs 47,131 24,340 Recoveries 1,173 1,322 ----- ----- Net charge-offs (recoveries) 45,958 23,018 Ending balance $35,762 $39,652 ======= ======= As a percentage of loans 2.26% 2.33% As a percentage of nonperforming loans 37.20% 60.62% As a percentage of nonperforming assets 30.39% 56.52% Net charge-off information Charge-offs Commercial, Financial and Agricultural $4,636 $2,725 Real Estate - Residential 10,859 4,514 Real Estate -Commercial and Farmland 6,232 2,264 Real Estate -Construction and Development 24,363 13,722 Consumer Installment 1,041 1,115 Other - - --- --- Total charge-offs 47,131 24,340 ------ ------ Recoveries Commercial, Financial and Agricultural 241 $202 Real Estate - Residential 278 199 Real Estate -Commercial and Farmland 257 119 Real Estate -Construction and Development 244 410 Consumer Installment 153 390 Other - 2 --- --- Total recoveries 1,173 1,322 ----- ----- Net charge-offs (recoveries) $45,958 $23,018 ======= ======= Non-accrual loans (1) 96,131 65,414 Foreclosed assets (2) 21,551 4,742 Accruing loans delinquent 90 days or more - --- Total non-performing assets (1) (2) 117,682 70,156 ------- ------ Non-performing assets as a percent of loans and foreclosed assets (excluding covered assets) 6.73% 4.13% Net charge offs as a percent of loans (Annualized) 2.77% 1.36% (1) Excludes total loans of $129.3 million, respectively, covered under loss-sharing agreements with the FDIC related to the acquisitions of American United Bank and United Security Bank during the fourth quarter of 2009. (2) Excludes foreclosed assets of $12.7 million, covered under loss-sharing agreements with the FDIC related to the acquisitions of American United Bank and United Security Bank during the fourth quarter of 2009. AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount) Three Months Ended ------------------------------------------------------- Dec. Sept. June Mar. Dec. 2009 2009 2009 2009 2008 ---- ---- ---- ---- ---- AVERAGE BALANCES Federal funds sold $25,652 $25,000 $2,444 $33,034 $9,516 Interest bearing deposits in banks 127,092 112,827 159,510 83,424 123,876 Investment securities -taxable 254,648 216,471 229,493 339,508 309,036 Investment securities -nontaxable 39,038 38,693 27,488 18,458 18,132 Other investments 5,472 4,441 6,226 6,797 8,902 Loans 1,749,548 1,666,821 1,671,808 1,683,615 1,703,137 --------- --------- --------- --------- --------- Total Earning Assets $2,201,450 $2,064,253 $2,096,969 $2,164,836 $2,172,599 ---------- ---------- ---------- ---------- ---------- Noninterest bearing deposits $232,215 $207,495 $205,403 $204,010 $203,810 NOW accounts 492,434 493,253 475,498 369,774 306,483 MMDA 410,909 384,266 333,998 268,946 276,106 Savings accounts 61,645 57,532 57,503 55,529 53,055 Retail CDs < $100,000 382,131 341,495 365,771 439,781 443,358 Retail CDs > $100,000 338,378 331,763 381,719 474,956 486,833 Brokered CDs 125,439 $116,186 151,780 189,538 218,195 ------- -------- ------- ------- ------- Total Deposits 2,043,151 1,931,990 1,971,672 2,002,534 1,987,840 --------- --------- --------- --------- --------- FHLB advances 2,583 2,000 2,000 25,214 70,630 Subordinated debentures 42,269 42,269 42,269 42,269 42,269 Federal funds purchased and securities sold under agreements to repurchase 48,375 20,047 15,211 19,233 22,158 Other borrowings 4,946 5,000 5,000 5,000 5,000 ----- ----- ----- ----- ----- Total Non-Deposit Funding 98,173 69,316 64,480 91,716 140,057 ------ ------ ------ ------ Total Funding $2,141,324 $2,001,306 $2,036,152 $2,094,250 $2,127,897 ---------- ---------- ---------- ---------- ---------- Twelve Months Ended Dec. Dec. 2009 2008 ---- ---- AVERAGE BALANCES Federal funds $32,731 2,418 Interest bearing deposits in banks 118,587 46,833 Investment securities - 253,475 281,916 Investment securities - nontaxable 31,110 18,567 Other investments 4,735 8,457 Loans 1,684,910 1,667,483 --------- --------- Total Earning Assets $2,125,548 2,025,674 ---------- --------- Noninterest bearing deposits $213,786 198,422 NOW accounts 458,104 278,217 MMDA 349,073 324,311 Savings accounts 57,824 54,348 Retail CDs < $100,000 379,662 372,357 Retail CDs > $100,000 378,388 425,086 Brokered CDs 142,694 170,681 ------- ------- Total Deposits 1,979,531 1,823,422 --------- --------- FHLB advances 7,974 102,641 Subordinated 42,269 42,269 Federal funds purchased and securities sold under agreements to repurchase 25,813 17,294 Other borrowings 4,986 5,000 ----- ----- Total Non-Deposit Funding 81,042 167,204 ------ ------- Total Funding $2,060,573 1,990,626 ---------- --------- AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount) Three Months Ended ----------------------------------------- Dec. Sept. June Mar. Dec. 2009 2009 2009 2009 2008 ---- ---- ---- ---- ---- INTEREST INCOME/EXPENSE INTEREST INCOME Federal funds sold $18 $12 $1 $41 $5 Interest bearing deposits in banks 60 68 109 25 118 Investment securities -taxable 2,570 2,725 2,923 3,640 3,662 Investment securities -nontaxable (TE) 491 506 392 258 262 Loans (TE) 24,929 24,950 25,886 25,794 26,656 ------ ------ ------ ------ ------ Total Earning Assets $28,068 $28,261 $29,311 $29,758 $30,703 ------- ------- ------- ------- ------- INTEREST EXPENSE Non-interest bearing deposits $- $- $- $- $- NOW accounts 1,300 1,433 1,504 966 924 MMDA 1,520 1,510 1,404 1,051 1,444 Savings accounts 107 102 106 105 123 Retail CDs < $100,000 1,767 2,165 2,625 3,936 4,181 Retail CDs > $100,000 1,894 2,304 2,970 4,594 4,836 Brokered CDs 1,049 1,169 1,424 1,503 2,260 ----- ----- ----- ----- ----- Total Deposits 7,637 8,683 10,033 12,155 13,768 FHLB advances 49 31 31 (8) 186 Subordinated debentures 351 438 443 436 494 Repurchase agreements 70 33 33 38 73 Correspondent bank line of credit and other 22 23 25 28 65 --- --- --- --- --- Total Non-Deposit Funding 492 525 532 494 818 --- --- --- --- --- Total Funding $8,129 $9,208 $10,565 $12,649 $14,586 ------ ------ ------- ------- ------- Net Interest Income (TE) $19,939 $19,053 $18,746 $17,109 $16,117 ------- ------- ------- ------- ------- Twelve Months Ended ------------------- Dec. Dec. 2009 2008 ---- ---- INTEREST INCOME/EXPENSE INTEREST INCOME Federal funds sold $72 $5 Interest bearing deposits in banks 262 514 Investment securities - taxable 11,858 14,469 Investment securities -nontaxable (TE) 1,647 1,054 Loans (TE) 101,559 114,186 Total Earning Assets $115,398 $130,228 -------- -------- INTEREST EXPENSE Non-interest bearing deposits $- $- NOW accounts 5,203 2,968 MMDA 5,484 8,152 Savings accounts 420 491 Retail CDs < $100,000 10,495 14,840 Retail CDs > $100,000 11,761 17,692 Brokered CDs 5,143 7,799 Total Deposits 38,506 51,942 FHLB advances 104 1,500 Subordinated debentures 1,668 2,160 Repurchase agreements 174 353 Correspondent bank line of credit and other 98 388 --- --- Total Non-Deposit Funding 2,044 4,401 Total Funding $40,550 $56,343 ------- ------- Net Interest Income (TE) $74,848 $73,885 ------- ------- AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount) Twelve Months Three Months Ended Ended ------------------------------------ ------------ Dec. Sept. June Mar. Dec. Dec. Dec. 2009 2009 2009 2009 2008 2009 2008 ---- ---- ---- ---- ---- ---- ---- YIELDS (1) Federal funds sold 0.28% 0.19% 0.16% 0.50% 0.21% 0.22% 0.21% Interest bearing deposits in banks 0.19% 0.24% 0.27% 0.12% 0.38% 0.22% 1.10% Investment securities - taxable 4.00% 4.99% 5.11% 4.35% 4.70% 4.68% 5.13% Investment securities - nontaxable 4.99% 5.19% 5.72% 5.67% 5.73% 5.29% 5.68% Loans 5.65% 5.93% 6.21% 6.21% 6.21% 6.03% 6.85% ---- ---- ---- ---- ---- ---- ---- Total Earning Assets 5.06% 5.42% 5.61% 5.57% 5.61% 5.43% 6.43% Noninterest bearing deposits 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% NOW accounts 1.05% 1.15% 1.27% 1.06% 1.20% 1.14% 1.07% MMDA 1.47% 1.56% 1.69% 1.58% 2.07% 1.57% 2.51% Savings accounts 0.69% 0.70% 0.74% 0.77% 0.92% 0.73% 0.90% Retail CDs < $100,000 1.83% 2.52% 2.88% 3.63% 3.74% 2.76% 3.99% Retail CDs > $100,000 2.22% 2.76% 3.12% 3.92% 3.94% 3.11% 4.16% Brokered CDs 3.32% 3.99% 3.76% 3.22% 4.11% 3.60% 4.57% ---- ---- ---- ---- ---- ---- ---- Total Deposits 1.48% 1.78% 2.04% 2.46% 2.76% 1.95% 2.85% FHLB advances 7.53% 6.15% 6.22% (0.13%) 1.04% 1.30% 1.46% Subordinated debentures 3.29% 4.11% 4.20% 4.18% 4.64% 3.95% 5.11% Repurchase agreements 0.57% 0.65% 0.87% 0.80% 1.31% 1.97% 7.76% Correspondent bank line of credit and other 1.76% 1.83% 2.01% 2.27% 5.16% 2.52% 2.63% ---- ---- ---- ---- ---- ---- ---- Total Non-Deposit Funding 1.99% 3.00% 3.31% 2.18% 2.32% 2.52% 2.63% Total funding (3) 1.51% 1.83% 2.08% 2.45% 2.73% 1.97% 2.82% ---- ---- ---- ---- ---- ---- ---- Net interest spread 3.55% 3.60% 3.54% 3.13% 2.88% 3.46% 3.60% Net interest margin 3.59% 3.65% 3.60% 3.21% 2.96% 3.52% 3.65% ==== ==== ==== ==== ==== ==== ==== (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. AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount) Three Months Ended -------------------------------------------------- Core Earnings Dec. Sept. June Mar. Dec. Reconciliation 2009 2009 2009 2009 2008 ---- ---- ---- ---- ---- Pre- tax operating profit/loss) (GAAP) $(29,010) $(325) $(3,984) $(1,175) $(15,953) Plus: Credit Related Costs Provision for loan losses 16,468 8,298 9,390 7,912 19,890 Losses on the sale of OREO 3,572 (76) 621 161 27 Problem loan & OREO expense 990 1,069 793 513 433 Interest reversed on non-accrual loans 1,398 1,267 605 734 618 ----- ----- --- --- --- Total Credit- Related Costs 22,428 10,558 11,409 9,320 20,968 ------ ------ ------ ----- ------ Plus: Non-recurring impairment charges 54,813 - - - - Less: Non- recurring gains Gains related to FDIC acquisitions (38,566) - - - - Gains on sales of securities (77) 20 (101) (713) (316) Other non-recurring adjustments - (812) - - - --- ---- --- --- --- Pretax, Pre-provision earnings $9,588 $9,441 $7,324 $7,432 $4,699 ====== ====== ====== ====== ====== Twelve Months Ended ------------------------------ Dec. Dec. Core Earnings Reconciliation 2009 2008 ---- ---- Pre-tax operating profit/ (loss) (GAAP) $(34,493) $(5,969) Plus: Credit Related Costs Provision for loan losses 42,068 35,030 Losses on the sale of OREO 4,278 (232) Problem loan & OREO expense 3,365 1,273 Interest reversed on non- accrual loans 4,004 1,897 ----- ----- Total Credit-Related Costs 53,715 37,968 Plus: Non-recurring impairment charges 54,813 - Less: Non-recurring gains Gains related to FDIC acquisitions (38,566) - Gains on sales of securities (871) (316) Other non-recurring adjustments (812) ---- --- Pretax, Pre-provision earnings $33,786 $31,683 ======= ======= AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount) Three Months Ended --------------------------------------------- GAAP RECONCILIATIONS Dec. Sept. June Mar. Dec. 2009 2009 2009 2009 2008 ---- ---- ---- ---- ---- Efficiency ratio Operating efficiency ratio 85.10% 65.83% 76.63% 70.01% 80.67% Goodwill Impairment 86.40% - - - - Gains from Acquisitions -51.74% - - - - ------ --- --- --- --- Efficiency ratio (GAAP) 119.77% 65.83% 76.63% 70.01% 80.67% ====== ===== ===== ===== ===== Net Income/ (Loss) Net Income excluding Goodwill Impairment 15,815 (791) (3,359) (1,225) (10,725) Goodwill Impairment 54,813 0 0 0 0 ------ --- --- --- --- Net Income/ (loss) GAAP $(38,998) $(791) $(3,359) $(1,225) $(10,725) ======== ===== ======= ======= ======== Equity to Assets Tangible common equity to tangible assets 5.84% 5.84% 5.65% 5.71% 5.62% Effect of preferred equity 2.04% 2.24% 2.16% 2.09% 2.04% Effect of goodwill and other intangibles 0.16% 2.47% 2.40% 2.34% 2.29% ---- ---- ---- ---- ---- Equity to assets (GAAP) 8.04% 10.56% 10.20% 10.14% 9.94% ==== ===== ===== ===== ==== Equity to Tangible Common Equity Shareholders' Equity (GAAP) 194,972 233,016 233,154 237,984 239,359 Preferred Stock 49,552 49,411 49,279 49,140 49,028 Intangible assets - 54,813 54,813 54,813 54,813 Goodwill 4,053 3,193 3,339 3,485 3,631 ----- ----- ----- ----- ----- Tangible Common Equity 141,367 125,599 125,723 130,546 131,887 ======= ======= ======= ======= ======= Return on Average Assets Return on average assets (operating) -1.44% -0.02% -0.47% -0.11% -1.76% Effect of goodwill impairment -9.21% 0.00% 0.00% 0.00% 0.00% Effect of gains from acquisitions 4.21% 0.00% 0.00% 0.00% 0.00% ---- ---- ---- ---- ---- Return on average assets (GAAP) -6.44% -0.02% -0.47% -0.11% -1.76% ===== ===== ===== ===== ===== Return on Average Equity Return on average equity (operating) -16.58% -0.27% -5.73% -1.35% -21.43% Effect of goodwill impairment -105.82% 0.00% 0.00% 0.00% 0.00% Effect of gains from acquisitions 48.40% 0.00% 0.00% 0.00% 0.00% ----- ---- ---- ---- ---- Return on average equity (GAAP) -74.01% -0.27% -5.73% -1.35% -21.43% ====== ===== ===== ===== ====== Twelve Months Ended ------------------- GAAP RECONCILIATIONS Dec. Dec. 2009 2008 ---- ---- Efficiency ratio Operating efficiency ratio 74.61% 68.34% Goodwill Impairment 41.41% - Gains from Acquisitions -21.74% - ------ --- Efficiency ratio (GAAP) 94.28% 68.35% ===== ===== Net Income/(Loss) Net Income excluding Goodwill Impairment 10,441 (4,244) Goodwill Impairment 54,813 0 ------ --- Net Income/(loss) GAAP $(44,372) $(4,244) ======== ======= Equity to Assets Tangible common equity to tangible assets 5.84% 5.62% Effect of preferred equity 2.04% 2.04% Effect of goodwill and other intangibles 0.16% 2.29% ---- ---- Equity to assets (GAAP) 8.04% 9.94% ==== ==== Equity to Tangible Common Equity Shareholders' Equity (GAAP) 194,972 239,359 Preferred Stock 49,552 49,028 Intangible assets - 54,813 Goodwill 4,053 3,631 ----- ----- Tangible Common Equity 141,367 131,887 ======= ======= Return on Average Assets Return on average assets (operating) -0.52% -0.18% Effect of goodwill impairment -2.32% 0.00% Effect of gains from acquisitions 1.06% 0.00% ---- ---- Return on average assets (GAAP) -1.78% -0.18% ===== ===== Return on Average Equity Return on average equity (operating) -6.25% -2.05% Effect of goodwill impairment -28.43% 0.00% Effect of gains from acquisitions 13.00% 0.00% ----- ---- Return on average equity (GAAP) -21.67% -2.05% ====== ===== DATASOURCE: Ameris Bancorp CONTACT: Dennis J. Zember Jr., Executive Vice President & CFO, +1-229-890-1111 Web Site: http://www.amerisbank.com/

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