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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