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News Release
For more information contact:
Dennis J. Zember Jr.
Executive Vice President & CFO
(229) 890-1111
AMERIS BANCORP REPORTS RESULTS
FOR THIRD QUARTER OF 2008
October 21, 2008
AMERIS BANCORP (NASDAQ-GS: ABCB), Moultrie, Georgia, reported net income of $366,000, or $0.03 per share, for the quarter ended September 30, 2008, compared to net income for the same quarter in 2007 of $3.6 million, or $0.26 per share. Net income for the year-to-date period totaled $6.5 million, or $0.48 per share, compared to $14.0 million, or $1.02 per share for the same period in 2007. Unusually high levels of loan loss provision have been required as several of the Company’s markets have been adversely affected by increasingly negative economic trends.
Provision for Loan Losses and Credit Quality
The Company’s provision for loan losses during the third quarter amounted to $8.2 million, an increase of $5.2 million over the $3.0 million recorded in the third quarter of 2007. Similarly, provision for loan losses for the year-to-date period increased $10.7 million to $15.1 million for the first nine months of 2008, compared to 2007.
Non-performing assets increased during the current quarter to 2.52% of total loans, compared to 2.09% for the second quarter of 2008 and 1.57% at December 31, 2007. Net charge-offs on loans during the third quarter of 2008 increased to $6.7 million, compared to $3.2 million in the second quarter of 2008 and $1.6 million in the same quarter of 2007.
The Company’s credit quality has declined as real estate activity and valuations continue to fall. Construction and development loans account for approximately 61% and 59% of the net charge-offs in the current quarter and year-to-date periods ended September 30, 2008, respectively. In addition to losses in the construction and development portfolio, residential real estate loans account for approximately14% and 19% of the net charge-offs in the current quarter and year-to-date periods ended September 30, 2008, respectively. Construction and development loans account for approximately 21.1% and 24.7% of total loans for the period ended September 30, 2008 and September 30, 2007, respectively, while residential real estate loans account for approximately 20.3% and 19.2% of total loans during that same time period.
Trends in Net Interest Income and Net Interest Margin
Total net interest income of $19.2 million for the third quarter of 2008 represented only a slight increase over the $19.1 million recorded in the third quarter of 2007. Similarly, the year-to-date period reflected small increases in total net interest income, increasing 1.5% to $56.7 million. Lower levels of growth in net interest income were the result of modest levels of loan growth combined with declining overall margins.
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The Company’s net interest margin declined in the current quarter to 3.87%, compared to 4.03% in the same quarter in 2007. For the year-to-date period ended September 30, 2008, the Company reported a decline in the net interest margin to 3.92% from 4.05% in the same period in 2007. Increases in non-performing assets of $21.2 million from September 30, 2007, to September 30, 2008, accounted for 44% of the decline in net interest margin.
Yields on earning assets declined to 6.38% in the current quarter, from 7.87% in the same quarter in 2007. This decline in overall yields resulted primarily from changes in loan yields, which fell from 8.48% during the third quarter of 2007 to 6.67% during the third quarter of 2008. Decreases in interest income on loans were partially offset by increases in investment securities, the yields on which increased to 5.06% for the third quarter of 2008, compared to 4.96% in the third quarter of 2007.
Funding costs also offset some of the declines in earning asset yields. Total funding costs declined to 2.54% in the third quarter of 2008, compared to 3.90% in the same quarter of 2007. Declines in the yields on time deposits accounted for most of the decline in funding costs, falling to 3.79% in the current quarter, compared to 5.08% in the third quarter of 2007. The cost of non-deposit borrowing fell significantly to 2.09% in the third quarter of 2008, from 5.78% in the third quarter of 2007. The majority of the Company’s non-deposit borrowings are LIBOR-based and have benefitted materially from both declining rates and interest rate floors tied to the Company’s borrowings from the FHLB.
Non-Interest Income
Total non-interest income remained virtually unchanged during the third quarter at $4.6 million when compared to the third quarter of 2007. Increases in service charges on deposit accounts to $3.7 million offset smaller declines in the other non-interest income categories, including mortgage banking activities. Increases in charges and fees have allowed the Company to experience better than average growth in fee income while slower activity in residential real estate in many of the Company’s markets has slowed the growth of mortgage-related revenue.
Non-Interest Expense
Total non-interest expense for the third quarter of 2008 was $14.8 million, a decrease of approximately $408,000 from the same period in 2007. Salaries and benefits in the current quarter decreased approximately 4.4% to $7.1 million, when compared to the third quarter of 2007. This decline is primarily attributable to a reduction in incentive pay expense of approximately $1.3 million. Although the Company’s previously announced workforce reduction was completed during the third quarter, the impact will not begin to be realized until the fourth quarter of 2008 due to its timing during the quarter and the related severance expense. Occupancy and equipment expense increased during the quarter to $1.9 million, an increase of 8.4% when compared to the same period in 2007. Additional offices, primarily in South Carolina and Jacksonville, Florida, are the primary reasons for the additional occupancy expenses.
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.
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AMERIS BANCORP | ||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
(dollars in thousands except per share data and FTE headcount) | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Sept | June | Mar. | Dec. | Sept | Sept | Sept | ||||||||||||||||||||||
2008 | 2008 | 2008 | 2007 | 2007 | 2008 | 2007 | ||||||||||||||||||||||
EARNINGS | ||||||||||||||||||||||||||||
Net Income | $ | 366 | $ | 3,149 | $ | 2,966 | $ | 1,197 | $ | 3,570 | $ | 6,481 | $ | 13,967 | ||||||||||||||
PER COMMON SHARE DATA | ||||||||||||||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||||||
Basic | 0.03 | 0.23 | 0.22 | 0.09 | 0.26 | 0.48 | 1.04 | |||||||||||||||||||||
Diluted | 0.03 | 0.23 | 0.22 | 0.09 | 0.26 | 0.48 | 1.02 | |||||||||||||||||||||
Cash Dividends per share | 0.05 | 0.14 | 0.14 | 0.14 | 0.14 | 0.33 | 0.42 | |||||||||||||||||||||
Book value per share (period end) | 14.25 | 14.20 | 14.48 | 14.12 | 13.93 | 14.25 | 13.93 | |||||||||||||||||||||
Tangible book value per share (period end) | 9.92 | 9.84 | 10.11 | 9.72 | 9.51 | 9.92 | 9.51 | |||||||||||||||||||||
Weighted average number of shares: | ||||||||||||||||||||||||||||
Basic | 13,515,767 | 13,510,907 | 13,550,744 | 13,485,765 | 13,501,663 | 13,508,006 | 13,477,065 | |||||||||||||||||||||
Diluted | 13,543,612 | 13,563,032 | 13,559,761 | 13,573,626 | 13,620,069 | 13,555,469 | 13,650,217 | |||||||||||||||||||||
Period-end number of shares | 13,564,032 | 13,564,032 | 13,556,770 | 13,539,985 | 13,539,195 | 13,564,032 | 13,539,195 | |||||||||||||||||||||
Market data: | ||||||||||||||||||||||||||||
High closing price | 15.02 | 16.20 | 16.41 | 18.67 | 23.05 | 16.20 | 27.94 | |||||||||||||||||||||
Low closing price | 7.79 | 8.70 | 12.49 | 13.73 | 17.72 | 7.79 | 17.72 | |||||||||||||||||||||
Period end closing price | 14.85 | 8.70 | 16.06 | 16.85 | 18.08 | 14.85 | 18.08 | |||||||||||||||||||||
Average daily volume | 43,464 | 62,739 | 61,780 | 51,604 | 50,547 | 55,903 | 43,565 | |||||||||||||||||||||
PERFORMANCE RATIOS | ||||||||||||||||||||||||||||
Return on average assets | 0.07 | % | 0.59 | % | 0.56 | % | 0.23 | % | 0.68 | % | 0.40 | % | 0.92 | % | ||||||||||||||
Return on average equity | 0.78 | % | 6.58 | % | 6.15 | % | 2.49 | % | 7.56 | % | 4.53 | % | 10.10 | % | ||||||||||||||
Earning asset yield (TE) | 6.38 | % | 6.64 | % | 7.17 | % | 7.66 | % | 7.87 | % | 6.73 | % | 7.84 | % | ||||||||||||||
Total cost of funds | 2.54 | % | 2.74 | % | 3.30 | % | 3.79 | % | 3.90 | % | 2.86 | % | 3.85 | % | ||||||||||||||
Net interest margin (TE) | 3.87 | % | 3.96 | % | 3.91 | % | 3.92 | % | 4.03 | % | 3.92 | % | 4.05 | % | ||||||||||||||
Non-interest income excluding securities transactions, | ||||||||||||||||||||||||||||
as a percent of total revenue (TE) | 12.50 | % | 13.97 | % | 12.33 | % | 10.09 | % | 10.87 | % | 12.93 | % | 11.17 | % | ||||||||||||||
Efficiency ratio | 61.98 | % | 65.50 | % | 67.12 | % | 67.21 | % | 64.08 | % | 64.86 | % | 62.36 | % | ||||||||||||||
CAPITAL ADEQUACY | ||||||||||||||||||||||||||||
Equity to assets | 8.56 | % | 8.78 | % | 9.27 | % | 9.06 | % | 8.96 | % | 8.56 | % | 8.96 | % | ||||||||||||||
Tangible common equity to assets | 6.12 | % | 6.26 | % | 6.66 | % | 6.41 | % | 6.30 | % | 6.12 | % | 6.30 | % | ||||||||||||||
OTHER PERIOD-END DATA | ||||||||||||||||||||||||||||
FTE Headcount | 601 | 651 | 634 | 620 | 621 | 601 | 621 | |||||||||||||||||||||
Assets per FTE | $ | 3,756 | $ | 3,369 | $ | 3,341 | $ | 3,407 | $ | 3,390 | $ | 3,756 | $ | 3,390 | ||||||||||||||
Branch locations | 50 | 48 | 45 | 46 | 47 | 50 | 47 | |||||||||||||||||||||
Deposits per branch location | $ | 36,127 | $ | 36,893 | $ | 39,651 | $ | 38,201 | $ | 36,345 | $ | 36,127 | $ | 36,345 |
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AMERIS BANCORP | ||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
(dollars in thousands except per share data and FTE headcount) | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Sept | June | Mar. | Dec. | Sept | Sept | Sept | ||||||||||||||||||||||
2008 | 2008 | 2008 | 2007 | 2007 | 2008 | 2007 | ||||||||||||||||||||||
INCOME STATEMENT | ||||||||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||||
Interest and fees on loans | $ | 28,280 | $ | 28,339 | $ | 30,134 | $ | 32,999 | $ | 33,479 | $ | 86,752 | $ | 95,811 | ||||||||||||||
Interest on taxable securities | 3,563 | 3,646 | 3,583 | 3,576 | 3,480 | 10,793 | 10,252 | |||||||||||||||||||||
Interest on nontaxable securities | 169 | 173 | 172 | 158 | 175 | 514 | 530 | |||||||||||||||||||||
Interest on deposits in other banks | 100 | 91 | 200 | 259 | 317 | 391 | 2,017 | |||||||||||||||||||||
Interest on federal funds sold | 0 | 0 | 0 | (20 | ) | 0 | 0 | 92 | ||||||||||||||||||||
Total interest income | 32,112 | 32,249 | 34,089 | 36,972 | 37,451 | 98,450 | 108,702 | |||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||
Interest on deposits | 11,717 | 12,314 | 14,142 | 15,620 | 15,877 | 38,173 | 46,621 | |||||||||||||||||||||
Interest on other borrowings | 1,218 | 879 | 1,487 | 2,367 | 2,493 | 3,584 | 6,252 | |||||||||||||||||||||
Total interest expense | 12,935 | 13,193 | 15,629 | 17,987 | 18,370 | 41,757 | 52,873 | |||||||||||||||||||||
Net interest income | 19,177 | 19,056 | 18,460 | 18,985 | 19,081 | 56,693 | 55,829 | |||||||||||||||||||||
Provision for loan losses | 8,220 | 3,720 | 3,200 | 6,914 | 2,964 | 15,140 | 4,407 | |||||||||||||||||||||
Net interest income after provision for loan losses | 10,957 | 15,336 | 15,260 | 12,071 | 16,117 | 41,553 | 51,422 | |||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||||
Service charges on deposit accounts | 3,657 | 3,664 | 3,316 | 3,310 | 3,197 | 10,637 | 9,133 | |||||||||||||||||||||
Mortgage banking activity | 745 | 855 | 869 | 827 | 783 | 2,469 | 2,265 | |||||||||||||||||||||
Other service charges, commissions and fees | 120 | 220 | 278 | 942 | 203 | 618 | 1,008 | |||||||||||||||||||||
Gain(loss) on sale of securities | 0 | 0 | 0 | (236 | ) | (69 | ) | 0 | (61 | ) | ||||||||||||||||||
Other non-interest income | 117 | 574 | 379 | (677 | ) | 477 | 1,070 | 1,414 | ||||||||||||||||||||
Total noninterest income | 4,639 | 5,313 | 4,842 | 4,166 | 4,591 | 14,794 | 13,759 | |||||||||||||||||||||
Noninterest expense | ||||||||||||||||||||||||||||
Salaries and employee benefits | 7,113 | 8,660 | 8,618 | 7,122 | 7,438 | 24,391 | 22,662 | |||||||||||||||||||||
Equipment and occupancy expense | 1,904 | 2,103 | 1,992 | 2,118 | 1,757 | 5,999 | 5,151 | |||||||||||||||||||||
Amortization of intangible assets | 293 | 293 | 293 | 324 | 324 | 879 | 973 | |||||||||||||||||||||
Data Processing Fees | 1,238 | 1,226 | 1,093 | 1,096 | 1,110 | 3,557 | 3,436 | |||||||||||||||||||||
Other operating expenses | 4,213 | 3,680 | 3,644 | 4,900 | 4,540 | 11,537 | 11,171 | |||||||||||||||||||||
Total noninterest expense | 14,761 | 15,962 | 15,640 | 15,560 | 15,169 | 46,363 | 43,393 | |||||||||||||||||||||
Operating Profit | 835 | 4,687 | 4,462 | 677 | 5,539 | 9,984 | 21,788 | |||||||||||||||||||||
Provision for income taxes | 469 | 1,538 | 1,496 | (520 | ) | 1,969 | 3,503 | 7,821 | ||||||||||||||||||||
Net Income | $ | 366 | $ | 3,149 | $ | 2,966 | $ | 1,197 | $ | 3,570 | $ | 6,481 | $ | 13,967 | ||||||||||||||
Diluted earnings per share | 0.03 | 0.23 | 0.22 | 0.09 | 0.26 | 0.48 | 1.02 |
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AMERIS BANCORP | ||||||||||||||||||||
FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
(dollars in thousands except per share data and FTE headcount) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
Sept. | June | Mar. | Dec. | Sept. | ||||||||||||||||
2008 | 2008 | 2008 | 2007 | 2007 | ||||||||||||||||
PERIOD-END BALANCE SHEET | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from banks | $ | 43,549 | $ | 47,720 | $ | 63,401 | $ | 59,804 | $ | 58,634 | ||||||||||
Federal funds sold and interest bearing balances | 75,458 | 38,125 | 4,389 | 12,022 | 22,910 | |||||||||||||||
Securities available for sale, at fair value | 287,790 | 293,601 | 297,589 | 291,170 | 301,978 | |||||||||||||||
Restricted equity securities, at cost | 9,836 | 9,651 | 6,996 | 7,559 | 8,729 | |||||||||||||||
Loans, net of unearned income | 1,710,109 | 1,678,147 | 1,622,437 | 1,614,048 | 1,593,014 | |||||||||||||||
Less allowance for loan losses | 30,144 | 28,660 | 28,094 | 27,640 | 26,434 | |||||||||||||||
Loans, net | 1,679,965 | 1,649,487 | 1,594,343 | 1,586,408 | 1,566,580 | |||||||||||||||
Premises and equipment, net | 65,868 | 63,291 | 60,053 | 59,132 | 54,639 | |||||||||||||||
Intangible assets, net | 3,924 | 4,217 | 4,509 | 4,802 | 5,126 | |||||||||||||||
Goodwill | 54,813 | 54,813 | 54,675 | 54,813 | 54,675 | |||||||||||||||
Other assets | 36,440 | 32,116 | 32,288 | 36,353 | 31,923 | |||||||||||||||
Total Assets | $ | 2,257,643 | $ | 2,193,021 | $ | 2,118,243 | $ | 2,112,063 | $ | 2,105,194 | ||||||||||
Liabilities | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Noninterest-bearing | $ | 198,900 | $ | 200,936 | $ | 199,692 | $ | 197,345 | $ | 185,803 | ||||||||||
Interest-bearing | 1,607,439 | 1,569,925 | 1,584,599 | 1,559,920 | 1,522,405 | |||||||||||||||
Total deposits | 1,806,339 | 1,770,861 | 1,784,291 | 1,757,265 | 1,708,208 | |||||||||||||||
Federal funds purchased & securities sold under | ||||||||||||||||||||
agreements to repurchase | 63,973 | 39,795 | 4,987 | 14,705 | 32,359 | |||||||||||||||
Other borrowings | 138,600 | 133,000 | 74,500 | 90,500 | 116,500 | |||||||||||||||
Other liabilities | 13,118 | 14,541 | 15,888 | 16,075 | 17,262 | |||||||||||||||
Subordinated deferrable interest debentures | 42,269 | 42,269 | 42,269 | 42,269 | 42,269 | |||||||||||||||
Total liabilities | 2,064,299 | 2,000,466 | 1,921,935 | 1,920,814 | 1,916,598 | |||||||||||||||
Stockholders' equity | ||||||||||||||||||||
Common stock | 14,895 | 14,895 | 14,887 | 14,870 | 14,869 | |||||||||||||||
Capital surplus | 83,453 | 83,308 | 82,920 | 82,750 | 82,308 | |||||||||||||||
Retained earnings | 105,117 | 105,430 | 104,182 | 103,095 | 103,803 | |||||||||||||||
Accumulated other comprehensive loss | 666 | (291 | ) | 5,093 | 1,303 | (1,616 | ) | |||||||||||||
Less treasury stock | (10,787 | ) | (10,787 | ) | (10,774 | ) | (10,769 | ) | (10,768 | ) | ||||||||||
Total stockholders' equity | 193,344 | 192,555 | 196,308 | 191,249 | 188,596 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 2,257,643 | $ | 2,193,021 | $ | 2,118,243 | $ | 2,112,063 | $ | 2,105,194 | ||||||||||
Other Data | ||||||||||||||||||||
Earning Assets | 2,073,357 | 2,009,873 | 1,924,415 | 1,917,240 | 1,917,902 | |||||||||||||||
Intangible Assets | 58,737 | 59,030 | 59,184 | 59,615 | 59,801 | |||||||||||||||
Interest Bearing Liabilities | 1,852,281 | 1,784,989 | 1,706,355 | 1,707,394 | 1,713,533 | |||||||||||||||
Average Assets | 2,192,501 | 2,141,940 | 2,115,561 | 2,102,579 | 2,069,715 | |||||||||||||||
Average Stockholders' Equity | 186,541 | 192,605 | 193,971 | 191,124 | 187,290 |
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AMERIS BANCORP | ||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
(dollars in thousands except per share data and FTE headcount) | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Sept | June | Mar. | Dec. | Sept | Sept | Sept | ||||||||||||||||||||||
2008 | 2008 | 2008 | 2007 | 2007 | 2008 | 2007 | ||||||||||||||||||||||
ASSET QUALITY INFORMATION | ||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||
Balance at beginning of period | $ | 28,660 | $ | 28,094 | $ | 27,640 | $ | 26,434 | $ | 25,032 | $ | 27,640 | $ | 24,863 | ||||||||||||||
Provision for loan loss | 8,220 | 3,720 | 3,200 | 6,914 | 2,964 | 15,140 | 4,407 | |||||||||||||||||||||
Charge-offs | 6,946 | 3,800 | 2,945 | 6,465 | 1,807 | 13,691 | 3,921 | |||||||||||||||||||||
Recoveries | 210 | 646 | 199 | 757 | 245 | 1,055 | 1,086 | |||||||||||||||||||||
Net charge-offs (recoveries) | 6,736 | 3,154 | 2,746 | 5,708 | 1,562 | 12,636 | 2,835 | |||||||||||||||||||||
Ending balance | $ | 30,144 | $ | 28,660 | $ | 28,094 | $ | 27,640 | $ | 26,434 | $ | 30,144 | $ | 26,435 | ||||||||||||||
As a percentage of loans | 1.76 | % | 1.71 | % | 1.73 | % | 1.71 | % | 1.66 | % | 1.76 | % | 1.66 | % | ||||||||||||||
As a percentage of nonperforming loans | 76.46 | % | 89.27 | % | 104.78 | % | 149.66 | % | 135.81 | % | 76.46 | % | 135.82 | % | ||||||||||||||
As a percentage of nonperforming assets | 69.84 | % | 81.56 | % | 86.34 | % | 108.56 | % | 120.37 | % | 69.84 | % | 120.37 | % | ||||||||||||||
Net charge-off information | ||||||||||||||||||||||||||||
Charge-offs | ||||||||||||||||||||||||||||
Commercial, Financial & Agricultural | $ | 963 | $ | 282 | $ | 390 | $ | 421 | $ | 353 | $ | 1,635 | $ | 757 | ||||||||||||||
Real Estate - Residential | 989 | 902 | 672 | 1,262 | 433 | 2,563 | 1,007 | |||||||||||||||||||||
Real Estate - Commercial & Farmland | 628 | 49 | 299 | 621 | 119 | 976 | 622 | |||||||||||||||||||||
Real Estate - Construction & Development | 4,165 | 2,319 | 1,305 | 3,899 | 709 | 7,789 | 1,114 | |||||||||||||||||||||
Consumer Installment | 201 | 248 | 279 | 262 | 193 | 728 | 421 | |||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Total charge-offs | 6,946 | 3,800 | 2,945 | 6,465 | 1,807 | 13,691 | 3,921 | |||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||
Commercial, Financial & Agricultural | $ | 83 | $ | 102 | $ | 18 | $ | 95 | $ | 41 | $ | 203 | $ | 494 | ||||||||||||||
Real Estate - Residential | 54 | 90 | 25 | 14 | 48 | 169 | 116 | |||||||||||||||||||||
Real Estate - Commercial & Farmland | (3 | ) | 68 | 31 | 159 | 79 | 96 | 181 | ||||||||||||||||||||
Real Estate - Construction & Development | 26 | 322 | 34 | 401 | 13 | 382 | 14 | |||||||||||||||||||||
Consumer Installment | 50 | 64 | 90 | 88 | 64 | 204 | 281 | |||||||||||||||||||||
Other | 0 | 0 | 1 | 0 | 0 | 1 | 0 | |||||||||||||||||||||
Total recoveries | 210 | 646 | 199 | 757 | 245 | 1,055 | 1,086 | |||||||||||||||||||||
Net charge-offs (recoveries) | $ | 6,736 | $ | 3,154 | $ | 2,746 | $ | 5,708 | $ | 1,562 | $ | 12,636 | $ | 2,835 | ||||||||||||||
Non-accrual loans | 39,427 | 32,106 | 26,812 | 18,468 | 19,464 | 39,427 | 19,464 | |||||||||||||||||||||
Foreclosed assets | 3,734 | 3,032 | 5,727 | 6,993 | 2,497 | 3,734 | 2,497 | |||||||||||||||||||||
Total non-performing assets | 43,161 | 35,138 | 32,539 | 25,461 | 21,961 | 43,161 | 21,961 | |||||||||||||||||||||
Non-performing assets as a percent of loans | ||||||||||||||||||||||||||||
and foreclosed assets | 2.52 | % | 2.09 | % | 2.00 | % | 1.57 | % | 1.38 | % | 2.52 | % | 1.38 | % | ||||||||||||||
Net charge offs as a percent of loans (Annualized) | 1.58 | % | 0.75 | % | 0.68 | % | 1.41 | % | 0.39 | % | 0.99 | % | 0.24 | % |
-6-
AMERIS BANCORP | ||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
(dollars in thousands except per share data and FTE headcount) | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Sept | June | Mar. | Dec. | Sept | Sept | Sept | ||||||||||||||||||||||
2008 | 2008 | 2008 | 2007 | 2007 | 2008 | 2007 | ||||||||||||||||||||||
AVERAGE BALANCES | ||||||||||||||||||||||||||||
Short term assets | $ | 21,219 | $ | 18,236 | $ | 23,480 | $ | 21,826 | $ | 26,212 | $ | 20,978 | $ | 53,570 | ||||||||||||||
Investment securities | 299,564 | 307,304 | 291,708 | 297,380 | 299,925 | 299,525 | 298,251 | |||||||||||||||||||||
Loans | 1,698,024 | 1,650,781 | 1,617,991 | 1,605,006 | 1,569,906 | 1,655,599 | 1,513,321 | |||||||||||||||||||||
Total Earning Assets | 2,018,807 | 1,976,321 | 1,933,179 | 1,924,212 | 1,896,043 | 1,976,102 | 1,865,142 | |||||||||||||||||||||
Noninterest bearing deposits | 200,357 | 197,662 | 191,860 | 187,908 | 190,315 | 196,626 | 194,131 | |||||||||||||||||||||
Interest bearing deposits | 607,534 | 607,777 | 612,212 | 596,053 | 575,415 | 609,174 | 567,448 | |||||||||||||||||||||
Savings | 55,143 | 54,973 | 54,221 | 55,305 | 58,778 | 54,779 | 61,148 | |||||||||||||||||||||
CDs | 929,787 | 903,655 | 890,668 | 886,117 | 870,731 | 908,037 | 870,774 | |||||||||||||||||||||
Deposits | 1,792,821 | 1,764,067 | 1,748,961 | 1,725,383 | 1,695,239 | 1,768,616 | 1,693,501 | |||||||||||||||||||||
FHLB advances | 130,849 | 111,922 | 97,162 | 105,570 | 110,056 | 113,311 | 88,237 | |||||||||||||||||||||
Subordinated debentures | 42,269 | 42,269 | 42,269 | 42,269 | 42,269 | 42,269 | 42,269 | |||||||||||||||||||||
Other borrowings | 30,713 | 13,815 | 17,490 | 22,298 | 18,878 | 20,673 | 14,467 | |||||||||||||||||||||
Total non-deposit funding | 203,831 | 168,006 | 156,921 | 170,137 | 171,203 | 176,253 | 144,973 | |||||||||||||||||||||
Total funding | $ | 1,996,652 | $ | 1,932,073 | $ | 1,905,882 | $ | 1,895,520 | $ | 1,866,442 | $ | 1,944,869 | $ | 1,838,474 |
-7-
AMERIS BANCORP | ||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
(dollars in thousands except per share data and FTE headcount) | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Sept | June | Mar. | Dec. | Sept | Sept | Sept | ||||||||||||||||||||||
2008 | 2008 | 2008 | 2007 | 2007 | 2008 | 2007 | ||||||||||||||||||||||
INTEREST INCOME/EXPENSE | ||||||||||||||||||||||||||||
Short term assets | $ | 100 | $ | 91 | $ | 193 | $ | 239 | $ | 317 | $ | 384 | $ | 2,111 | ||||||||||||||
Investment securities (TE) | 3,823 | 3,912 | 3,842 | 3,818 | 3,750 | 11,577 | 11,067 | |||||||||||||||||||||
Loans (TE) | 28,559 | 28,704 | 30,409 | 33,078 | 33,560 | 87,672 | 96,239 | |||||||||||||||||||||
Total Earning Assets | 32,482 | 32,707 | 34,444 | 37,135 | 37,627 | 99,633 | 109,417 | |||||||||||||||||||||
Noninterest bearing deposits | - | - | - | - | - | - | - | |||||||||||||||||||||
Interest bearing deposits | 2,722 | 2,580 | 3,450 | 4,238 | 4,577 | 8,752 | 13,153 | |||||||||||||||||||||
Savings | 121 | 129 | 118 | 142 | 154 | 368 | 481 | |||||||||||||||||||||
CDs | 8,874 | 9,605 | 10,575 | 11,379 | 11,146 | 29,054 | 32,987 | |||||||||||||||||||||
Deposits | 11,717 | 12,314 | 14,143 | 15,759 | 15,877 | 38,174 | 46,621 | |||||||||||||||||||||
FHLB advances | 359 | 302 | 653 | 1,299 | 1,461 | 1,314 | 3,433 | |||||||||||||||||||||
Subordinated debentures | 493 | 487 | 686 | 832 | 811 | 1,666 | 2,333 | |||||||||||||||||||||
Other borrowings | 222 | 90 | 148 | 236 | 221 | 460 | 486 | |||||||||||||||||||||
Total non-deposit funding | 1,074 | 879 | 1,487 | 2,367 | 2,493 | 3,440 | 6,252 | |||||||||||||||||||||
Total funding | $ | 12,791 | $ | 13,193 | $ | 15,630 | $ | 18,126 | $ | 18,370 | $ | 41,614 | $ | 52,873 | ||||||||||||||
Net Interest Income (TE) | $ | 19,691 | $ | 19,514 | $ | 18,814 | $ | 19,009 | $ | 19,257 | $ | 58,019 | $ | 56,544 |
-8-
AMERIS BANCORP | ||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
(dollars in thousands except per share data and FTE headcount) | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Sept | June | Mar. | Dec. | Sept | Sept | Sept | ||||||||||||||||||||||
2008 | 2008 | 2008 | 2007 | 2007 | 2008 | 2007 | ||||||||||||||||||||||
YIELDS (1) | ||||||||||||||||||||||||||||
Short term assets | 1.87 | % | 2.00 | % | 3.31 | % | 4.34 | % | 4.80 | % | 2.45 | % | 5.27 | % | ||||||||||||||
Investment securities | 5.06 | % | 5.11 | % | 5.30 | % | 5.09 | % | 4.96 | % | 5.16 | % | 4.96 | % | ||||||||||||||
Loans | 6.67 | % | 6.97 | % | 7.56 | % | 8.18 | % | 8.48 | % | 7.07 | % | 8.50 | % | ||||||||||||||
Total Earning Assets (2) | 6.38 | % | 6.64 | % | 7.17 | % | 7.66 | % | 7.87 | % | 6.73 | % | 7.84 | % | ||||||||||||||
Noninterest bearing deposits | ||||||||||||||||||||||||||||
Interest bearing deposits | 1.78 | % | 1.70 | % | 2.27 | % | 2.82 | % | 3.16 | % | 1.92 | % | 3.10 | % | ||||||||||||||
Savings | 0.87 | % | 0.94 | % | 0.88 | % | 1.02 | % | 1.04 | % | 0.90 | % | 1.05 | % | ||||||||||||||
CDs | 3.79 | % | 4.26 | % | 4.78 | % | 5.09 | % | 5.08 | % | 4.27 | % | 5.06 | % | ||||||||||||||
Deposits | 2.59 | % | 2.80 | % | 3.25 | % | 3.62 | % | 3.72 | % | 2.88 | % | 3.68 | % | ||||||||||||||
FHLB advances | 1.09 | % | 1.08 | % | 2.70 | % | 4.88 | % | 5.27 | % | 1.55 | % | 5.20 | % | ||||||||||||||
Subordinated debentures | 4.63 | % | 4.62 | % | 6.53 | % | 7.81 | % | 7.61 | % | 5.26 | % | 7.38 | % | ||||||||||||||
Other borrowings | 2.87 | % | 2.61 | % | 3.40 | % | 4.20 | % | 4.64 | % | 2.97 | % | 4.49 | % | ||||||||||||||
Total non-deposit funding | 2.09 | % | 2.10 | % | 3.81 | % | 5.52 | % | 5.78 | % | 2.61 | % | 5.77 | % | ||||||||||||||
Total funding (3) | 2.54 | % | 2.74 | % | 3.30 | % | 3.79 | % | 3.90 | % | 2.86 | % | 3.85 | % | ||||||||||||||
Net interest spread | 3.84 | % | 3.90 | % | 3.87 | % | 3.86 | % | 3.97 | % | 3.88 | % | 4.00 | % | ||||||||||||||
Net interest margin | 3.87 | % | 3.96 | % | 3.91 | % | 3.92 | % | 4.03 | % | 3.92 | % | 4.05 | % | ||||||||||||||
(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 average interest bearing liabilities. |