MOULTRIE, Ga., Oct. 21 /PRNewswire-FirstCall/ -- AMERIS BANCORP , today reported a net loss available to common shareholders of $791,000, or $0.06 per diluted share, for the quarter ended September 30, 2009, compared to net income of $366,000, or $0.03 per diluted share, for the third quarter of 2008. For the year to date period ended September 30, 2009, Ameris Bancorp reported a net loss available to common shareholders of $5.4 million, or $0.40 per diluted share, compared to net income of $6.5 million, or $0.48 per diluted share, for the same period in 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20051117/CLTH039LOGO ) Strong Capital Levels and Balance Sheet Trends
Total assets for the Company declined during the current quarter, ending at $2.21 billion compared to $2.29 billion at the end of the second quarter of 2009. The decrease of approximately $77.8 million was mostly attributed to planned declines in low yielding short-term assets (federal funds sold and interest bearing deposits in other banks). These assets, yielding less than 0.25%, have declined $30.0 million or 20.8% since December 31, 2008. Loans outstanding at September 30, 2009 were $1.65 billion, a decline of only 2.5% when compared to balances at the beginning of the year.
The Company's deposit mix continued to improve in the third quarter of 2009. Demand deposits increased during the quarter to $1.09 billion compared to $825.3 million at the beginning of 2009. Time deposits, during the same period, have declined $400.5 million to $734.7 million as the Company's strong liquidity position and increased levels of demand deposits have allowed for more conservative pricing on time deposits.
Tangible common equity as a percentage of tangible assets (excluding preferred stock) increased during the third quarter of 2009 to 5.84% compared to 5.65% at the end of the second quarter of 2009. Lower levels of assets and improved operating results were the primary drivers behind improved capital ratios. In addition, the Company's shift from cash to stock dividends preserves capital while providing investors an equivalent return. Regulatory capital at the Company's banking subsidiary, Ameris Bank, remained very strong with Tier 1 capital and total risk-based capital of approximately 8.69% and 12.57%, respectively.
Net Interest Margin and Net Interest Income
For the third quarter of 2009, the Company reported net interest income of $18.8 million and a net interest margin of 3.65%, compared to $18.5 million and 3.59%, respectively, for the second quarter of 2009 and $19.2 million and 3.88%, respectively, for the third quarter of 2008. Continued reduction in the Company's cost of funds has been the principal factor in maintaining strong net interest margins despite increasing levels of non-performing assets and interest reversals on new non-accrual loans.
Yields on average earning assets during the third quarter of 2009 were affected by $1.2 million of accrued interest reversals, declining in the quarter to 5.42%, compared to 5.60% in the second quarter of 2009 and 6.39% in the third quarter of 2008. The accrued interest reversals were more than offset by decreases in interest expense realized during the third quarter of 2009. Interest expense fell during the third quarter of 2009 to $9.2 million compared to $10.6 million in the prior quarter and $12.9 million in the same quarter in 2008. Decreases in average deposit costs accounted for most of the improvement, falling to 1.78% in the current quarter compared to 2.04% in the second quarter of 2009 and 2.60% in the third quarter of 2008. The Company's deposit mix continues to improve such that demand deposits (interest bearing and noninterest bearing) comprised 58.0% of total deposits at the end of the third quarter of 2009 compared to 44.3% of total deposits at the end of the same quarter in 2008.
Noninterest Income
Noninterest income during the current quarter totaled $4.5 million, a decrease of 2.44% from the same quarter in 2008. Service charges on deposit accounts were $3.5 million during the third quarter of 2009, a decline of approximately 4.02% when compared to the same quarter in 2008. Mortgage revenue during the third quarter of 2009 totaled $692,000, compared to $745,000 during the same quarter in 2008.
Noninterest Expense
Operating expenses totaled $15.4 million for the quarter, an increase over the same quarter in 2008 when the Company reported $14.8 million in total noninterest expense. Salaries and benefits in the current quarter increased slightly to $7.4 million compared to $7.1 million in the third quarter of 2008. Other operating expenses increased from $2.9 million in the third quarter of 2008 to $3.6 million in the third quarter of 2009. This increase relates primarily to higher levels of problem loan and OREO expenses which increased to $993,000 million in the third quarter of 2009 compared to $373,000 in the same quarter of 2008.
Credit Quality
The Company's efforts to identify and fully reserve for problem loans continued in the third quarter of 2009. The provision for loan losses during the third quarter amounted to $8.3 million compared to $8.2 million in the same quarter in 2008. Non-performing assets increased by $17.8 million during the most recent quarter when compared to the second quarter of 2009. At September 30, 2009, non-performing assets as a percentage of loans and OREO increased to 6.32% compared to 5.19% at June 30, 2009 and 4.13% at December 31, 2008. The Company's loan loss reserve as a percentage of loans was 2.54% at the end of September 30, 2009 compared to 2.34% at December 31, 2008. Edwin W. Hortman, Jr., President and CEO, commented on the Company's efforts with regards to credit quality, saying "Our Company continues to work non-performing assets aggressively in this challenging economic environment, fully reserving for problem loans as we identify them. Thankfully, our core earnings have improved at a healthy pace and allowed us to manage higher capital ratios through this downturn."
Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter, had 50 locations in Georgia, Alabama, northern Florida and South Carolina.
Ameris Bancorp Common Stock is quoted on the NASDAQ Global Select Market under the symbol "ABCB". The preceding release contains statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe", "estimate", "expect", "intend", "anticipate" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements.
AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (Dollars in thousands except per share data and FTE headcount) Three Months Ended ------------------ Sept. June Mar. Dec. 2009 2009 2009 2008 ---- ---- ---- ---- EARNINGS Net Income/(Loss) Available to Common Shareholders $(791) $(3,359) $(1,225) $(10,725) PER COMMON SHARE DATA Earnings per share available to common shareholders: Basic $(0.06) $(0.25) $(0.09) $(0.79) Diluted $(0.06) $(0.25) $(0.09) $(0.79) Cash Dividends per share $- $0.05 $0.05 $0.05 Stock dividend 1 for 130 - - - Book value per share (period end) $13.52 $13.54 $13.90 $14.06 Tangible book value per share (period end) $9.25 $9.26 $9.61 $9.74 Weighted average number of shares: Basic 13,503,312 13,543,468 13,527,437 13,532,521 Diluted 13,503,312 13,543,468 13,527,437 13,532,521 Period-end number of shares 13,580,985 13,581,179 13,584,107 13,534,601 Market data: High closing price $7.47 $8.09 $11.73 $14.21 Low closing price $5.93 $5.29 $3.66 $7.19 Period end closing price $7.15 $6.32 $4.71 $11.85 Average daily volume 30,407 28,778 31,931 31,527 PERFORMANCE RATIOS Return on average assets (0.14%) (0.59%) (0.21%) (1.81%) Return on average common equity (1.68%) (7.15%) (2.61%) (22.17%) Earning asset yield (TE) 5.42% 5.60% 5.57% 5.58% Total cost of funds 1.83% 2.08% 2.45% 2.73% Net interest margin (TE) 3.65% 3.59% 3.21% 2.94% Noninterest income excluding securities transactions, as a percent of total revenue (TE) 13.89% 13.27% 12.02% 11.66% Efficiency ratio 65.83% 76.63% 70.01% 80.67% CAPITAL ADEQUACY (period end) Stockholders' equity to assets 10.56% 10.20% 10.14% 9.94% Tangible common equity to tangible assets 5.84% 5.65% 5.71% 5.62% EQUITY TO ASSETS RECONCILIATION Tangible common equity to tangible assets 5.84% 5.65% 5.71% 5.62% Effect of preferred equity 2.24% 2.16% 2.09% 2.04% Effect of goodwill and other intangibles 2.47% 2.40% 2.34% 2.29% ---- ---- ---- ---- Equity to assets(GAAP) 10.56% 10.20% 10.14% 9.94% ===== ===== ===== ==== OTHER PERIOD-END DATA FTE Headcount 595 589 597 595 Assets per FTE $3,710 $3,880 $3,930 $4,046 Branch locations 50 50 48 50 Deposits per branch location $37,751 $39,527 $42,264 $40,271 Three Months Ended Nine Months Ended ------------------ ----------------- Sept. Sept. Sept. 2008 2009 2008 ---- ---- ---- EARNINGS Net Income/ (Loss) Available to Common Shareholders $366 $(5,375) $6,481 PER COMMON SHARE DATA Earnings per share available to common shareholders: Basic $0.03 $(0.40) 0.48 Diluted $0.03 $(0.40) 0.48 Cash Dividends per share $0.05 0.10 0.33 Stock dividend - - - Book value per share (period end) $14.25 $13.52 14.25 Tangible book value per share (period end) $9.92 $9.25 9.92 Weighted average number of shares: Basic 13,515,767 13,519,395 13,508,006 Diluted 13,543,612 13,519,395 13,555,469 Period-end number of shares 13,564,032 13,580,985 13,564,032 Market data: High closing price $15.07 $11.73 $16.20 Low closing price $7.82 $3.66 $7.79 Period end closing price $14.85 $7.15 $14.85 Average daily volume 43,464 29,835 55,903 PERFORMANCE RATIOS Return on average assets 0.07% (0.32%) 0.40% Return on average common equity 0.78% (3.06%) 4.53% Earning asset yield (TE) 6.39% 5.52% 6.73% Total cost of funds 2.55% 2.12% 2.86% Net interest margin (TE) 3.88% 3.47% 3.92% Noninterest income excluding securities transactions, as a percent of total revenue (TE) 12.51% 13.57% 12.97% Efficiency ratio 61.97% 70.82% 64.86% CAPITAL ADEQUACY (period end) Stockholders' equity to assets 8.56% 10.56% 8.56% Tangible common equity to tangible assets 6.12% 5.84% 6.12% EQUITY TO ASSETS RECONCILIATION Tangible common equity to tangible assets 6.12% 5.84% 6.12% Effect of preferred equity 0.00% 2.24% 0.00% Effect of goodwill and other intangibles 2.44% 2.47% 2.44% ---- ---- ---- Equity to assets (GAAP) 8.56% 10.56% 8.56% ==== ===== ==== OTHER PERIOD-END DATA FTE Headcount 601 595 601 Assets per FTE $3,756 $3,710 $3,756 Branch locations 50 50 50 Deposits per branch location $36,127 $37,751 $36,127 AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount) Three Months Ended ------------------ Sept. June Mar. Dec. Sept. 2009 2009 2009 2008 2008 ---- ---- ---- ---- ---- INCOME STATEMENT Interest income Interest and fees on loans $24,888 $25,829 $25,727 $26,582 $28,280 Interest on taxable securities 2,725 2,906 3,657 3,677 3,563 Interest on nontaxable securities 329 255 167 171 169 Interest on deposits in other banks 68 109 25 123 100 Interest on federal funds sold 12 1 41 5 - -- -- -- -- -- Total interest income 28,022 29,100 29,617 30,558 32,112 ------ ------ ------ ------ ------ Interest expense Interest on deposits $8,684 $10,030 $12,155 $13,769 $11,717 Interest on federal funds purchased and securities sold under agreements to repurchase Interest on other borrowings 526 531 494 817 1,218 --- --- --- --- ----- Total interest expense 9,210 10,561 12,649 14,586 12,935 ----- ------ ------ ------ ------ Net interest income 18,812 18,539 16,968 15,972 19,177 Provision for loan losses 8,298 9,390 7,912 19,890 8,220 ----- ----- ----- ------ ----- Net interest income/(loss) after provision for loan losses $10,514 $9,149 $9,056 $(3,918) $10,957 ------- ------ ------ ------- ------- Noninterest income Service charges on deposit accounts $3,510 $3,393 $3,035 $3,279 $3,657 Mortgage banking activity 692 877 763 711 745 Other service charges, commissions and fees 131 77 63 90 120 Gain(loss) on sale of securities (20) 101 713 316 - Other non- interest income 208 148 922 (3) 112 --- --- --- -- --- Total noninterest income 4,521 4,596 5,496 4,393 4,634 ----- ----- ----- ----- ----- Noninterest expense Salaries and employee benefits 7,431 7,899 7,991 7,309 7,113 Occupancy and equipment expenses 2,114 2,224 2,158 2,070 1,904 Amortization of intangible assets 146 147 146 291 293 Data processing and telecommunications expenses 1,746 1,704 1,627 1,600 1,678 Business Restructuring 0 Advertising and marketing expenses 301 439 574 739 818 Other non-interest expenses 3,622 5,316 3,231 4,419 2,950 ----- ----- ----- ----- ----- Total noninterest expense 15,360 17,729 15,727 16,428 14,756 ------ ------ ------ ------ ------ Operating profit/(loss) $(325) $(3,984) $(1,175) $(15,953) $835 Income tax (benefit)/ expense (198) (1,290) (539) (5,556) 469 ---- ------ ---- ------ --- Net income/(loss) $(127) $(2,694) $(636) $(10,397) $366 ===== ======= ===== ======== ==== Preferred stock dividends 664 665 589 328 - --- --- --- --- - Net income/(loss) available to common shareholders $(791) $(3,359) $(1,225) $(10,725) $366 ===== ======= ======= ======== ==== Diluted earnings available to common shareholders (0.06) (0.25) (0.09) (0.79) 0.03 ===== ===== ===== ===== ==== Nine Months Ended ----------------- Sept. Sept. 2009 2008 ---- ---- INCOME STATEMENT Interest income Interest and fees on loans $76,444 $86,752 Interest on taxable securities 9,288 10,793 Interest on nontaxable securities 751 514 Interest on deposits in other banks 202 391 Interest on federal funds sold 54 0 -- -- Total interest income 86,739 98,450 ------ ------ Interest expense Interest on deposits $30,869 38,173 Interest on federal funds purchased and securities 0 sold under agreements to repurchase 0 Interest on other borrowings 1,551 3,584 ----- ----- Total interest expense 32,420 41,757 ------ ------ Net interest income 54,319 56,693 Provision for loan losses 25,600 15,140 ------ ------ Net interest income/ (loss) after provision for loan losses 28,719 41,553 ------ ------ Noninterest income Service charges on deposit accounts $9,938 10,637 Mortgage banking activity 2,332 2,469 Other service charges, commissions and fees 271 618 Gain(loss) on sale of securities 794 - Other noninterest income 1,278 1,070 ----- ----- Total noninterest income 14,613 14,794 ------ ------ Noninterest expense Salaries and employee benefits 23,321 24,391 Occupancy and equipment expenses 6,496 5,999 Amortization of intangible assets 439 879 Data processing and telecommunications expenses 5,077 3,557 Business Restructuring 0 Advertising and marketing expenses 1,314 2,352 Other noninterest expenses 12,169 9,185 ------ ----- Total noninterest expense 48,816 46,363 ------ ------ Operating profit/(loss) $(5,484) 9,984 Income tax (benefit)/ expense (2,027) 3,503 ------ ----- Net income/(loss) $(3,457) $6,481 ======= ====== Preferred stock dividends 1,918 - ----- -- Net income/(loss) available to common shareholders $(5,375) $6,481 ======= ====== Diluted earnings available to common shareholders (0.40) 0.48 ===== ==== AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount) Three Months Ended ------------------ Sept. June Mar. Dec. Sept. 2009 2009 2009 2008 2008 ---- ---- ---- ---- ---- PERIOD-END BALANCE SHEET Assets Cash and due from banks $43,761 $46,773 $54,758 $66,787 $43,549 Federal funds sold and interest bearing balances 114,335 163,343 137,770 144,383 75,458 Investment securities available for sale, at fair value 251,189 257,771 344,032 367,894 286,002 Other investments 4,441 4,441 3,914 6,839 9,836 Loans, net of unearned income 1,652,689 1,677,045 1,672,923 1,695,777 1,710,109 Less allowance for loan losses 41,946 44,998 42,417 39,652 30,144 ------ ------ ------ ------ ------ Loans, net 1,610,743 1,632,047 1,630,506 1,656,125 1,679,965 --------- --------- --------- --------- --------- Premises and equipment, net 67,641 67,334 65,152 66,107 65,868 Intangible assets, net 3,193 3,339 3,485 3,631 3,924 Goodwill 54,813 54,813 54,813 54,813 54,813 Other real estate owned 21,923 19,180 14,271 4,742 3,734 Other assets 35,436 36,204 37,577 35,769 34,494 ------ ------ ------ ------ ------ Total Assets $2,207,475 $2,285,245 $2,346,278 $2,407,090 $2,257,643 ========== ========== ========== ========== ========== Liabilities Deposits: Noninterest- bearing $205,699 $210,456 $207,686 $208,532 $198,900 Interest- bearing 1,681,830 1,765,915 1,820,998 1,804,993 1,607,439 --------- --------- --------- --------- --------- Total deposits 1,887,529 1,976,371 2,028,684 2,013,525 1,806,339 Federal funds purchased & securities sold under agreements to repurchase 30,393 16,484 18,295 27,416 63,973 Other borrowings 7,000 7,000 7,000 72,000 138,600 Other liabilities 7,268 9,967 12,046 12,521 13,118 Subordinated deferrable interest debentures 42,269 42,269 42,269 42,269 42,269 ------ ------ ------ ------ ------ Total liabilities 1,974,459 2,052,091 2,108,294 2,167,731 2,064,299 --------- --------- --------- --------- --------- Stockholders' equity Preferred stock $49,411 $49,279 $49,140 $49,028 $- Common stock 14,915 14,915 14,915 14,866 14,895 Capital surplus 86,432 86,286 86,141 86,038 83,453 Retained earnings 86,528 87,451 91,619 93,696 105,117 Accumulated other comprehensive income/(loss) 6,542 6,033 6,956 6,518 666 Less treasury stock (10,812) (10,810) (10,787) (10,787) (10,787) ------- ------- ------- ------- ------- Total stockholders' equity 233,016 233,154 237,984 239,359 193,344 ------- ------- ------- ------- ------- Total liabilities and stockholders' equity $2,207,475 $2,285,245 $2,346,278 $2,407,090 $2,257,643 ========== ========== ========== ========== ========== Other Data Earning Assets 2,024,442 2,099,947 2,156,513 2,209,842 2,073,357 Intangible Assets 58,006 58,152 58,298 58,444 58,737 Interest Bearing Liabilities 1,761,492 1,831,668 1,888,562 1,946,678 1,852,281 Average Assets 2,244,527 2,285,190 2,346,958 2,354,142 2,192,501 Average Common Stockholders' Equity 186,858 188,442 190,395 192,479 186,541 AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount) Three Months Ended ------------------ Sept. June Mar. Dec. Sept. 2009 2009 2009 2008 2008 ---- ---- ---- ---- ---- ASSET QUALITY INFORMATION Allowance for loan losses Balance at beginning of period $44,998 $42,417 $39,652 $30,144 $28,660 Provision for loan loss 8,298 9,390 7,912 19,890 8,220 Charge-offs 11,993 7,102 5,521 10,648 6,946 Recoveries 643 293 374 266 210 --- --- --- --- --- Net charge-offs (recoveries) 11,350 6,809 5,147 10,382 6,736 Ending balance $41,946 $44,998 $42,417 $39,652 $30,144 ======= ======= ======= ======= ======= As a percentage of loans 2.54% 2.68% 2.54% 2.34% 1.76% As a percentage of nonperforming loans 49.99% 65.35% 66.37% 60.62% 76.46% As a percentage of nonperforming assets 39.63% 51.11% 54.25% 56.52% 69.84% Net charge-off information Charge-offs Commercial, Financial & Agricultural $601 $815 $1,389 $1,090 $963 Real Estate - Residential 3,846 1,364 1,738 1,951 989 Real Estate - Commercial & Farmland 482 902 277 1,288 628 Real Estate - Construction & Development 6,871 3,731 1,930 5,932 4,165 Consumer Installment 193 290 187 387 201 Other - - - - - ------ ----- ----- ------ ----- Total charge-offs 11,993 7,102 5,521 10,648 6,946 ------ ----- ----- ------ ----- Recoveries Commercial, Financial & Agricultural 64 16 82 11 71 Real Estate - Residential 228 216 8 30 54 Real Estate - Commercial & Farmland 3 13 230 10 10 Real Estate - Construction & Development 314 8 10 27 26 Consumer Installment 34 40 44 187 49 Other - - - 1 - -- -- -- -- -- Total recoveries 643 293 374 266 210 --- --- --- --- --- Net charge-offs (recoveries) $11,350 $6,809 $5,147 $10,382 $6,736 ======= ====== ====== ======= ====== Non-accrual loans 83,917 68,858 63,908 65,414 39,427 Foreclosed assets 21,923 19,180 14,271 4,742 3,734 Accruing loans delinquent 90 days or more - - 2 2 - -- -- -- -- -- Total non-performing assets 105,840 88,038 78,181 70,158 43,161 ------- ------ ------ ------ ------ Non-performing assets as a percent of loans and foreclosed assets 6.32% 5.19% 4.63% 4.13% 2.52% Net charge offs as a percent of loans (Annualized) 2.75% 1.63% 1.23% 2.45% 1.58% Nine Months Ended ----------------- Sept. Sept. 2009 2008 ---- ---- ASSET QUALITY INFORMATION Allowance for loan losses Balance at beginning of period $39,652 $27,640 Provision for loan loss 25,600 15,140 Charge-offs 24,616 13,691 Recoveries 1,310 1,055 ----- ----- Net charge-offs (recoveries) 23,306 12,636 Ending balance $41,946 $30,144 ======= ======= As a percentage of loans 2.54% 1.76% As a percentage of nonperforming loans 49.99% 76.46% As a percentage of nonperforming assets 39.63% 69.84% Net charge-off information Charge-offs Commercial, Financial & Agricultural $2,805 $1,635 Real Estate - Residential 6,948 2,563 Real Estate - Commercial & Farmland 1,661 976 Real Estate - Construction & Development 12,532 7,789 Consumer Installment 670 728 Other - - -- -- Total charge-offs 24,616 13,691 ------ ------ Recoveries Commercial, Financial & Agricultural 162 203 Real Estate - Residential 452 169 Real Estate - Commercial & Farmland 246 96 Real Estate - Construction & Development 332 382 Consumer Installment 118 204 Other - 1 -- -- Total recoveries 1,310 1,055 ----- ----- Net charge-offs (recoveries) $23,306 $12,636 ======= ======= Non-accrual loans 83,917 39,427 Foreclosed assets 21,923 3,734 Accruing loans delinquent 90 days or more - - -- -- Total non-performing assets 105,840 43,161 ------- ------ Non-performing assets as a percent of loans and foreclosed assets 6.32% 2.52% Net charge offs as a percent of loans (Annualized) 1.87% 0.99% AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount) Three Months Ended ------------------ Sept. June Mar. Dec. Sept. 2009 2009 2009 2008 2008 ---- ---- ---- ---- ---- AVERAGE BALANCES Federal funds sold $25,000 $2,444 $33,034 $9,516 $- Interest bearing deposits in banks 112,827 159,510 83,424 123,876 21,219 Investment securities - taxable 216,471 229,493 339,508 309,036 267,713 Investment securities - nontaxable 38,693 27,488 18,458 18,132 18,472 Other investments 4,441 6,226 6,797 8,902 9,803 Loans 1,666,821 1,671,808 1,683,615 1,703,137 1,698,024 --------- --------- --------- --------- --------- Total Earning Assets $2,064,253 $2,096,969 $2,164,836 $2,172,599 $2,015,231 ---------- ---------- ---------- ---------- ---------- Noninterest bearing deposits $207,495 $205,403 $204,010 $203,810 $200,357 NOW accounts 493,253 475,498 369,774 306,483 280,892 MMDA 384,266 333,998 268,946 276,106 326,642 Savings accounts 57,532 57,503 55,529 53,055 55,143 Retail CDs < $100,000 341,495 365,771 439,781 443,358 342,136 Retail CDs > $100,000 331,763 381,719 474,956 486,833 405,126 Brokered CDs $116,186 151,780 189,538 218,195 182,525 -------- ------- ------- ------- ------- Total Deposits 1,931,990 1,971,672 2,002,534 1,987,840 1,792,821 --------- --------- --------- --------- --------- FHLB advances 2,000 2,000 25,214 70,630 130,849 Subordinated debentures 42,269 42,269 42,269 42,269 42,269 Federal funds purchased and securities sold under agreements to repurchase 20,047 15,211 19,233 22,158 12,082 Other borrowings 5,000 5,000 5,000 5,000 18,631 ----- ----- ----- ----- ------ Total Non- Deposit Funding 69,316 64,480 91,716 140,057 203,831 ------ ------ ------ ------- ------- Total Funding $2,001,306 $2,036,152 $2,094,250 $2,127,897 $1,996,652 ---------- ---------- ---------- ---------- ---------- Nine Months Ended ----------------- Sept. Sept. 2009 2008 ---- ---- AVERAGE BALANCES Federal funds sold $20,092 $- Interest bearing deposits in banks 119,515 20,978 Investment securities - taxable 264,387 269,467 Investment securities - nontaxable 28,436 18,712 Other investments 4,604 10,154 Loans 1,674,015 1,655,599 --------- --------- Total Earning Assets $2,111,049 1,974,910 ---------- --------- Noninterest bearing deposits $205,563 196,626 NOW accounts 446,712 268,795 MMDA 329,507 340,379 Savings accounts 56,862 54,779 Retail CDs < $100,000 386,712 347,985 Retail CDs > $100,000 395,494 401,787 Brokered CDs $148,510 158,264 -------- ------- Total Deposits 1,969,360 1,768,616 --------- --------- FHLB advances 9,857 113,311 Subordinated debentures 42,269 42,269 Federal funds purchased and securities sold under agreements to repurchase 18,210 7,926 Other borrowings 5,000 12,747 ----- ------ Total Non-Deposit Funding 75,336 176,253 ------ ------- Total Funding $2,044,696 $1,944,869 ---------- ---------- AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount) Three Months Ended ------------------ Sept. June Mar. Dec. Sept. 2009 2009 2009 2008 2008 ---- ---- ---- ---- ---- INTEREST INCOME/ EXPENSE INTEREST INCOME Federal funds sold $12 $1 $41 $5 $- Interest bearing deposits in banks 37 109 25 118 99 Investment securities - taxable 2,725 2,890 3,640 3,662 3,488 Investment securities - nontaxable (TE) 506 392 258 262 260 Loans (TE) 24,895 25,886 25,794 26,514 28,559 ------ ------ ------ ------ ------ Total Earning Assets $28,175 $29,278 $29,758 $30,561 $32,406 ------- ------- ------- ------- ------- INTEREST EXPENSE Noninterest bearing deposits $- $- $- $- $- NOW accounts 1,433 1,504 966 924 793 MMDA 1,510 1,404 1,051 1,444 1,929 Savings accounts 102 106 105 123 121 Retail CDs < $100,000 2,165 2,625 3,936 4,181 3,038 Retail CDs > $100,000 2,304 2,970 4,594 4,836 3,818 Brokered CDs 1,169 1,424 1,503 2,260 2,018 ----- ----- ----- ----- ----- Total Deposits 8,683 10,033 12,155 13,768 11,717 ----- ------ ------ ------ ------ FHLB advances 31 31 (8) 186 359 Subordinated debentures 438 443 436 494 493 Repurchase agreements 33 33 38 73 69 Correspondent bank line of credit and other 23 35 28 65 153 -- -- -- -- --- Total Non- Deposit Funding 525 542 494 818 1,074 --- --- --- --- ----- Total Funding $9,208 $10,575 $12,649 $14,586 $12,791 ------ ------- ------- ------- ------- Net Interest Income (TE) $18,967 $18,703 $17,109 $15,975 $19,615 ------- ------- ------- ------- ------- Nine Months Ended ----------------- Sept. Sept. 2009 2008 ---- ---- INTEREST INCOME/EXPENSE INTEREST INCOME Federal funds sold $54 $- Interest bearing deposits in banks 171 391 Investment securities - taxable 9,255 10,406 Investment securities - nontaxable (TE) 1,156 792 Loans (TE) 76,575 87,672 ------ ------ Total Earning Assets $87,211 99,261 ------- ------ INTEREST EXPENSE Noninterest bearing deposits $- $- NOW accounts 3,903 2,044 MMDA 3,965 6,708 Savings accounts 313 368 Retail CDs < $100,000 8,726 10,559 Retail CDs > $100,000 9,868 12,857 Brokered CDs 4,096 5,638 ----- ----- Total Deposits 30,871 38,174 ------ ------ FHLB advances 54 1,314 Subordinated debentures 1,317 1,666 Repurchase agreements 104 117 Correspondent bank line of credit and other 86 343 -- --- Total Non-Deposit Funding 1,561 3,440 ----- ----- Total Funding $32,432 $41,614 ------- ------- Net Interest Income (TE) $54,779 $57,647 ------- ------- AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per share data and FTE headcount) Three Months Ended ------------------ Sept. June Mar. Dec. Sept. 2009 2009 2009 2008 2008 ---- ---- ---- ---- ---- YIELDS(1) Federal funds sold $12 $1 $41 $5 $- Interest bearing deposits in banks 37 109 25 118 99 Investment securities - taxable 2,725 2,890 3,640 3,662 3,488 Investment securities - nontaxable 506 392 258 262 260 Loans 24,895 25,886 25,794 26,514 28,559 ------ ------ ------ ------ ------ Total Earning Assets $28,175 $29,278 $29,758 $30,561 $32,406 ------- ------- ------- ------- ------- Noninterest bearing deposits NOW accounts $- $- $- $- $- MMDA 1,433 1,504 966 924 793 Savings accounts 1,510 1,404 1,051 1,444 1,929 Retail CDs < $100,000 102 106 105 123 121 Retail CDs > $100,000 2,165 2,625 3,936 4,181 3,038 Brokered CDs 2,304 2,970 4,594 4,836 3,818 Total Deposits 1,169 1,424 1,503 2,260 2,018 ----- ----- ----- ----- ----- 8,683 10,033 12,155 13,768 11,717 ----- ------ ------ ------ ------ FHLB advances Subordinated debentures 31 31 (8) 186 359 Repurchase agreements 438 443 436 494 493 Correspondent bank line of credit and other 33 33 38 73 69 Total Non-Deposit Funding 23 35 28 65 153 -- -- -- -- --- 525 542 494 818 1,074 --- --- --- --- ----- Total funding(3) $9,208 $10,575 $12,649 $14,586 $12,791 ------ ------- ------- ------- ------- Net interest spread $18,967 $18,703 $17,109 $15,975 $19,615 ------- ------- ------- ------- ------- Net interest margin 3.65% 3.59% 3.21% 2.94% 3.88% ==== ==== ==== ==== ==== Nine Months Ended ----------------- Sept. Sept. 2009 2008 ---- ---- YIELDS(1) Federal funds sold $54 $- Interest bearing deposits in banks 171 391 Investment securities - taxable 9,255 10,406 Investment securities - nontaxable 1,156 792 Loans 76,575 87,672 ------ ------ Total Earning Assets $87,211 99,261 ------- ------ Noninterest bearing deposits NOW accounts $- $- MMDA 3,903 2,044 Savings accounts 3,965 6,708 Retail CDs < $100,000 313 368 Retail CDs > $100,000 8,726 10,559 Brokered CDs 9,868 12,857 Total Deposits 4,096 5,638 ----- ----- 30,871 38,174 ------ ------ FHLB advances Subordinated debentures 54 1,314 Repurchase agreements 1,317 1,666 Correspondent bank line of credit and other 104 117 Total Non-Deposit Funding 86 343 -- --- 1,561 3,440 ----- ----- Total funding(3) $32,432 $41,614 ------- ------- Net interest spread $54,779 $57,647 ------- ------- Net interest margin 3.47% 3.92% ==== ==== (1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 35%. (2) Rate calculated based on average earning assets. (3) Rate calculated based on total average funding including noninterest bearing liabilities.
Ameris Bancorp
CONTACT: Dennis J. Zember Jr., Executive Vice President & CFO, Ameris
Bancorp, +1-229-890-1111
Web Site: http://www.amerisbank.com/
