Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Ameris Bancorp | d764398d8k.htm |
Exhibit 99.1
News Release
For more information contact:
Dennis J. Zember Jr.
Executive Vice President & CFO
(229) 890-1111
AMERIS BANCORP REPORTS OPERATING NET INCOME OF $10.0 MILLION, OR $0.40 PER
DILUTED SHARE, FOR SECOND QUARTER 2014
July 22, 2014
AMERIS BANCORP (NASDAQ-GS: ABCB), Moultrie, Georgia, today reported operating net income of $10.0 million, or $0.40 per diluted share, for the quarter ended June 30, 2014, compared to $6.2 million, or $0.26 per diluted share, for the quarter ended June 30, 2013. For the year to date period ending June 30, 2014, the Company reported operating net income of $18.1 million, or $0.71 per diluted share, compared to $11.1 million, or $0.46 per diluted share, for the same period in 2013. During the second quarter of 2014, the Company completed the acquisition of Coastal Bankshares, Inc. (“Coastal”) and recorded approximately $1.90 million, or $0.075 per share, of after-tax merger related charges. Including these charges, the Company reported net income in the second quarter of 2014 of $8.1 million, or $0.32 per common share. Commenting on the Company’s quarterly results, Edwin W. Hortman, Jr., the Company’s President and Chief Executive Officer, said, “I am pleased with our operating results for the second quarter of 2014. Our operating return on average assets and return on tangible equity for the quarter improved from the prior period to 1.15% and 15.85%, respectively. Strong trends in loan growth, funded mostly with non-rate sensitive deposits, very solid mortgage results and over $1.1 million of SBA revenue were among the factors contributing to a successful quarter.”
Highlights of the Company’s performance and results for the second quarter of 2014 include the following:
| • | Successful close of the Coastal acquisition on June 30, 2014 |
| • | Net income available to common shareholders increased 30.4%, compared to the same quarter in 2013 |
| • | The Company declared a cash dividend of $0.05 per common share |
| • | On an operating basis, return on assets and return on average tangible equity were 1.15% and 15.85%, respectively (including merger-related charges, return on assets and return on average tangible equity were 0.93% and 10.53%, respectively) |
| • | Total revenue increased to $54.4 million in the second quarter of 2014, compared to $43.3 million in the same quarter in 2013 |
| • | The Company’s net interest margin was 4.65%, compared to 4.57% in the first quarter of 2014 |
| • | Legacy loans (loans excluding purchased non-covered and covered loans) increased by $74.7 million during the quarter, reflecting an annualized growth rate of 17.7% |
| • | Tangible common equity to tangible assets remained above 7.00% at 7.04% despite the acquisition of Coastal |
| • | Noninterest income was $15.8 million, compared to $11.4 million in the second quarter of 2013 |
| • | Net income from the Company’s mortgage operations increased to $1.6 million, compared to $1.0 million in the same quarter in 2013 |
| • | SBA loan premium and servicing income increased to $1.4 million in the second quarter of 2014, compared to $406,000 in the same quarter in 2013 |
Acquisition of Coastal
The Company successfully completed the acquisition of Coastal on June 30, 2014. Highlights of the merger are as follows:
| • | Added $449.0 million in total assets and 6 retail offices in Chatham, Liberty and Effingham Counties, Georgia |
| • | Added $279.4 million in loans and $369.0 million in total deposits |
| • | The Company recorded $23.9 million in additional goodwill and $4.3 million in core deposit intangibles associated with the merger |
| • | Non-accretable credit marks totaling $16.7 million were recorded on the loan portfolio; an additional $3.5 million was recorded against OREO balances |
| • | A total of 1,598,987 shares were issued at a fair value on the closing date of $34.5 million |
| • | The system conversion is planned for the third quarter of 2014, at which time management expects to realize most of the operating efficiencies from the acquisition |
Operating Results
Net income in the second quarter of 2014 totaled $8.1 million, an increase of 21.7% compared to the same quarter in 2013. For the year to date period, the Company’s earnings before preferred dividends were $16.5 million, compared to $12.0 million in the year to date period in 2013. Return on average assets and average tangible common equity were 0.93% and 11.11%, respectively, in the second quarter of 2014 compared to 0.95% and 10.66%, respectively, in the same quarter of 2013.
Net Interest Income and Net Interest Margin
Net interest income for the second quarter of 2014 totaled $35.3 million, an increase of $5.8 million, or 19.6%, compared to the $29.5 million reported for the second quarter of 2013. The Company’s net interest margin decreased during the quarter to 4.65%, compared to 4.96% during the second quarter of 2013. The declines in the Company’s net interest margin results from continued repricing of the loan portfolio in the current low interest rate environment.
Yields on earning assets in the second quarter of 2014 were 5.08%, compared to 5.38% in the second quarter of 2013. Total loan yields (including loans held for sale) reflected market pressures and the low rate environment, falling from 5.95% in the second quarter of 2013 to 5.59% in the second quarter of 2014. Excluding the impact of accretion income, overall loan yields fell to 5.17% in the second quarter of 2014, compared to 5.59% in the same quarter of 2013. Maturing loans at higher rates are being replaced with loan production in the current quarter of 2014 yielding 4.82%, compared to 4.89% in the same quarter of 2013.
Investment securities yields during the second quarter of 2014 were 2.89%, compared to 2.72% in the same quarter in 2013. Yield opportunities have been generally higher over the past year and allowed for some expansion in yields and total balances of investment securities.
Total interest expense for the second quarter of 2014 was $3.3 million, compared to $2.5 million in the same quarter of 2013. Increases in total interest expense were driven primarily by increases in total deposits and other borrowings resulting from both acquisition activity and organic growth. Deposit costs were only slightly lower during the second quarter of 2014 at 0.29%, compared to 0.34% during the second quarter of 2013. Yields on each deposit class were substantially unchanged over the past year except for CDs, which fell from 0.74% during the second quarter of 2013 to 0.64% in the second quarter of 2014. Management does not expect deposit costs or overall funding costs to decrease materially in the coming quarters given tightening liquidity and increasingly stronger forecasts for asset growth.
Non-interest Income
Non-interest income in the second quarter of 2014 improved to $15.8 million, an increase of $4.4 million, or 39.0%, compared to the same quarter in 2013. The Company’s mortgage operations had its best quarter to date with total non-interest income of $7.0 million, an increase of $2.0 million, or 40.0%, compared to the same quarter in 2013. Total production in the second quarter of 2014 amounted to $184.3 million (79.1% retail and 20.9% wholesale), compared to $143.5 million in the same quarter of 2013 (71.5% retail and 28.5% wholesale). Relationships with larger builders and real estate firms have contributed to the Company’s production increases and growth in net income contribution from this division. Open pipelines finished the second quarter of 2014 at $86.2 million, compared to $73.0 million at the beginning of the second quarter of 2014 and $60.0 million at the end of the second quarter of 2013.
Service charges in the second quarter of 2014 were $5.8 million, an increase of $1.2 million, or 24.5%, compared to the same quarter in 2013. Stronger growth in commercial and treasury management accounts contributed to the growth in income, as did strong growth in balances that resulted from the Company’s merger with The Prosperity Banking Company (“Prosperity”) in December 2013.
During the quarter, the Company recorded approximately $1.4 million of SBA income, compared to $406,000 in the same quarter in 2013. Expenses related to SBA lending also increased, from $152,000 in the second quarter of 2013 to $822,000 in the second quarter of 2014. The Company has been building pipelines and production teams over the past year and anticipated some level of increased revenue during the year. Management believes the current quarter’s revenue levels are sustainable but believes net income contribution from SBA activities will be relatively higher due to limited recruiting costs going forward.
Non-interest Expense
Operating expenses for the second quarter of 2014 totaled $37.3 million, including approximately $2.9 million of pre-tax merger-related charges associated with the acquisition of Coastal on June 30, 2014. Excluding the merger charges, operating expenses totaled $34.4 million for the second quarter of 2014, compared to $26.7 million for the same quarter in 2013. Growth in expenses over the prior year relates mostly to the acquisition of Prosperity in December 2013 and growth in the Company’s mortgage operations over the past year.
On a linked quarter basis, operating expenses exclusive of the merger-related charges reflected an increase of $1.2 million from $33.2 million in the first quarter of 2014 to $34.4 million in the second quarter of 2014. Increases in salaries and benefits associated with higher commissions and incentive accruals were offset by reduced compensation resulting from Prosperity related conversion activity that occurred during the first quarter. Salaries and benefits increased to $16.9 million in the current quarter of 2014, compared to $13.4 million in the same quarter in 2013, as commissions and support costs in the Company’s mortgage operations increased commensurate with the increase in revenues. Excluding compensation costs in the Company’s mortgage operations, salaries and benefits were $13.0 million in the second quarter of 2014, compared to $13.8 million in the first quarter of 2014 and $10.5 million in the second quarter of 2013. Total noninterest expenses in the Company’s mortgage operations increased to $5.9 million in the second quarter of 2014, compared to $4.3 million in the second quarter of 2013.
Non-provision credit resolution-related costs increased from $2.3 million in the second quarter of 2013 to $2.8 million in the second quarter of 2014. Occupancy and equipment costs increased from $3.0 million in the second quarter of 2013 to $4.1 million in the second quarter of 2014 due to the increased number of branches after the acquisition of Prosperity. Data processing and telecommunications expenses increased from $2.8 million in the second quarter of 2013 to $3.9 million in the second quarter of 2014.
Balance Sheet Trends
Total assets at June 30, 2014 were $3.97 billion, compared to $3.67 billion reported at December 31, 2013. On June 30, 2014, the Company completed its acquisition of Coastal which increased total assets by $449.0 million.
Loans, including loans held for sale totaled $2.88 billion at June 30, 2014, compared to $2.52 billion at December 31, 2013. During the second quarter, organic growth in non-covered, non-purchased loans amounted to $74.7 million, or 17.7% on an annualized basis. Growth during the second quarter of 2014 was spread evenly across most loan types, including agriculture, municipal, commercial real estate and mortgage.
Investment securities at the end of the quarter amounted to $546.6 million, or 15.7% of earning assets, compared to $503.1 million, or 15.6% of earning assets, at December 31, 2013.
Funding sources continued to improve over year end levels. At June 30, 2014, total deposits amounted to $3.39 billion, or 94.0% of total funding, compared to $3.0 billion and 90.0%, respectively, at December 31, 2013. Non-interest bearing deposits reflected the largest growth, ending the current quarter at $790.8 million, or 23.3% of total deposits, compared to $668.5 million, or 22.3%, at December 31, 2013. Reductions in borrowings with the FHLB of $112.0 million have occurred throughout the year and have been the primary driver of the Company’s increased reliance on core deposits for its total funding.
Stockholders’ equity at June 30, 2014 totaled $343.4 million, compared to $316.7 million reported at December 31, 2013. The retirement of $28 million of preferred equity in the first quarter of 2014 has been more than offset by the Company’s consolidated earnings and issuance of common stock associated with the acquisition of Coastal on June 30, 2014. During the current quarter, the Company issued 1.6 million shares to complete the purchase of Coastal, increasing stockholders’ equity by $34.5 million.
Tangible book value declined only slightly during the quarter, from $10.31 per share at March 31, 2014 to $10.26 per share at June 30, 2014. Increases in tangible book value associated with the Company’s earnings during the second quarter were offset by the acquisition of Coastal, which increased goodwill and intangible assets by $28.1 million. Management estimates the dilutive effect to tangible book associated with the acquisition of Coastal at approximately 4.2% and believes the earn-back for this dilution is approximately two years.
Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 74 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.
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 | Six Months Ended | |||||||||||||||||||||||||||
| Jun. 2014 |
Mar. 2014 |
Dec. 2013 |
Sept. 2013 |
Jun. 2013 |
Jun. 2014 |
Jun. 2013 |
||||||||||||||||||||||
| EARNINGS |
||||||||||||||||||||||||||||
| Net Income Available to Common Shareholders |
$ | 8,130 | $ | 8,064 | $ | 966 | $ | 6,234 | $ | 6,236 | $ | 16,194 | $ | 11,080 | ||||||||||||||
| PER COMMON SHARE DATA |
||||||||||||||||||||||||||||
| Earnings per share available to common shareholders: |
||||||||||||||||||||||||||||
| Basic |
$ | 0.32 | $ | 0.32 | $ | 0.04 | $ | 0.26 | $ | 0.26 | $ | 0.64 | $ | 0.46 | ||||||||||||||
| Diluted |
$ | 0.32 | $ | 0.32 | $ | 0.04 | $ | 0.26 | $ | 0.26 | $ | 0.63 | $ | 0.46 | ||||||||||||||
| Cash Dividends per share |
$ | 0.05 | $ | — | $ | — | $ | — | $ | — | $ | 0.05 | $ | — | ||||||||||||||
| Book value per share (period end) |
$ | 12.83 | $ | 11.93 | $ | 11.50 | $ | 10.98 | $ | 10.88 | $ | 12.83 | $ | 10.88 | ||||||||||||||
| Tangible book value per share (period end) |
$ | 10.26 | $ | 10.31 | $ | 9.87 | $ | 10.85 | $ | 10.74 | $ | 10.26 | $ | 10.74 | ||||||||||||||
| Weighted average number of shares: |
||||||||||||||||||||||||||||
| Basic |
25,180,665 | 25,144,342 | 24,021,447 | 23,900,665 | 23,878,898 | 25,162,604 | 23,873,325 | |||||||||||||||||||||
| Diluted |
25,633,130 | 25,573,320 | 24,450,619 | 24,315,821 | 24,287,628 | 25,615,069 | 24,282,055 | |||||||||||||||||||||
| Period-end number of shares |
26,771,821 | 25,159,073 | 25,098,427 | 23,907,509 | 23,894,327 | 26,771,821 | 23,894,327 | |||||||||||||||||||||
| Market data: |
||||||||||||||||||||||||||||
| High closing price |
$ | 23.90 | $ | 24.00 | $ | 21.42 | $ | 19.79 | $ | 16.94 | $ | 24.00 | $ | 16.94 | ||||||||||||||
| Low closing price |
$ | 19.73 | $ | 19.86 | $ | 17.69 | $ | 17.35 | $ | 13.16 | $ | 19.73 | $ | 12.79 | ||||||||||||||
| Period end closing price |
$ | 21.56 | $ | 23.30 | $ | 21.11 | $ | 18.38 | $ | 16.85 | $ | 21.56 | $ | 16.85 | ||||||||||||||
| Average daily volume |
79,038 | 103,279 | 94,636 | 75,545 | 53,403 | 90,963 | 52,669 | |||||||||||||||||||||
| PERFORMANCE RATIOS |
||||||||||||||||||||||||||||
| Return on average assets |
0.93 | % | 0.96 | % | 0.19 | % | 0.94 | % | 0.95 | % | 0.95 | % | 0.85 | % | ||||||||||||||
| Return on average common equity |
10.53 | % | 11.66 | % | 2.20 | % | 10.75 | % | 10.66 | % | 10.73 | % | 9.60 | % | ||||||||||||||
| Earning asset yield (TE) |
5.08 | % | 5.01 | % | 4.84 | % | 5.20 | % | 5.38 | % | 5.05 | % | 5.30 | % | ||||||||||||||
| Total cost of funds |
0.42 | % | 0.43 | % | 0.40 | % | 0.39 | % | 0.40 | % | 0.43 | % | 0.40 | % | ||||||||||||||
| Net interest margin (TE) |
4.65 | % | 4.57 | % | 4.43 | % | 4.80 | % | 4.96 | % | 4.61 | % | 4.88 | % | ||||||||||||||
| Non-interest income excluding securities transactions, as a percent of total revenue (TE) |
28.87 | % | 25.02 | % | 26.45 | % | 27.76 | % | 26.16 | % | 27.02 | % | 26.21 | % | ||||||||||||||
| Efficiency ratio |
73.05 | % | 70.36 | % | 92.74 | % | 69.09 | % | 65.32 | % | 71.76 | % | 68.98 | % | ||||||||||||||
| CAPITAL ADEQUACY (period end) |
||||||||||||||||||||||||||||
| Stockholders’ equity to assets |
8.64 | % | 8.60 | % | 8.63 | % | 10.30 | % | 10.25 | % | 8.64 | % | 10.25 | % | ||||||||||||||
| Tangible common equity to tangible assets |
7.04 | % | 7.53 | % | 6.83 | % | 9.22 | % | 9.15 | % | 7.04 | % | 9.15 | % | ||||||||||||||
| EQUITY TO ASSETS RECONCILIATION |
||||||||||||||||||||||||||||
| Tangible common equity to tangible assets |
7.04 | % | 7.53 | % | 6.83 | % | 9.22 | % | 9.15 | % | 7.04 | % | 9.15 | % | ||||||||||||||
| Effect of preferred equity |
0.00 | % | 0.00 | % | 0.76 | % | 0.99 | % | 0.99 | % | 0.00 | % | 0.99 | % | ||||||||||||||
| Effect of goodwill and other intangibles |
1.61 | % | 1.07 | % | 1.04 | % | 0.09 | % | 0.11 | % | 1.61 | % | 0.11 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Equity to assets (GAAP) |
8.64 | % | 8.60 | % | 8.63 | % | 10.30 | % | 10.25 | % | 8.64 | % | 10.25 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| OTHER PERIOD-END DATA |
||||||||||||||||||||||||||||
| Banking Division FTE |
888 | 785 | 820 | 678 | 683 | 888 | 683 | |||||||||||||||||||||
| Mortgage Division FTE |
175 | 161 | 164 | 158 | 155 | 175 | 155 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Ameris Bancorp FTE Headcount |
1,063 | 946 | 984 | 836 | 838 | 1,063 | 838 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Assets per Banking Division FTE |
$ | 4,474 | $ | 4,443 | $ | 4,473 | $ | 4,157 | $ | 4,112 | $ | 4,474 | $ | 4,112 | ||||||||||||||
| Branch locations |
74 | 68 | 68 | 57 | 57 | 74 | 57 | |||||||||||||||||||||
| Deposits per branch location |
$ | 45,798 | $ | 44,274 | $ | 44,106 | $ | 42,867 | $ | 42,861 | $ | 45,798 | $ | 42,861 | ||||||||||||||
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
| Jun. 2014 |
Mar. 2014 |
Dec. 2013 |
Sept. 2013 |
Jun. 2013 |
Jun. 2014 |
Jun. 2013 |
||||||||||||||||||||||
| INCOME STATEMENT |
||||||||||||||||||||||||||||
| Interest income |
||||||||||||||||||||||||||||
| Interest and fees on loans |
$ | 35,297 | $ | 34,469 | $ | 29,289 | $ | 29,633 | $ | 29,859 | $ | 69,766 | $ | 58,575 | ||||||||||||||
| Interest on taxable securities |
2,953 | 2,985 | 1,998 | 1,720 | 1,719 | 5,938 | 3,416 | |||||||||||||||||||||
| Interest on nontaxable securities |
312 | 335 | 342 | 352 | 344 | 647 | 719 | |||||||||||||||||||||
| Interest on deposits in other banks |
45 | 79 | 118 | 44 | 29 | 124 | 114 | |||||||||||||||||||||
| Interest on federal funds sold |
— | 5 | 2 | — | — | 5 | 0 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total interest income |
38,607 | 37,873 | 31,749 | 31,749 | 31,951 | 76,480 | 62,824 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Interest expense |
||||||||||||||||||||||||||||
| Interest on deposits |
$ | 2,205 | $ | 2,183 | $ | 2,066 | $ | 2,025 | $ | 2,083 | $ | 4,388 | $ | 4,309 | ||||||||||||||
| Interest on other borrowings |
1,138 | 1,206 | 632 | 404 | 392 | 2,344 | 701 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total interest expense |
3,343 | 3,389 | 2,698 | 2,429 | 2,475 | 6,732 | 5,010 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net interest income |
35,264 | 34,484 | 29,051 | 29,320 | 29,476 | 69,748 | 57,814 | |||||||||||||||||||||
| Provision for loan losses |
1,365 | 1,726 | 1,478 | 2,920 | 4,165 | 3,091 | 7,088 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net interest income after provision for loan losses |
$ | 33,899 | $ | 32,758 | $ | 27,573 | $ | 26,400 | $ | 25,311 | $ | 66,657 | $ | 50,726 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Noninterest income |
||||||||||||||||||||||||||||
| Service charges on deposit accounts |
$ | 5,847 | $ | 5,586 | $ | 5,065 | $ | 4,948 | $ | 4,695 | $ | 11,433 | $ | 9,532 | ||||||||||||||
| Mortgage banking activity |
6,944 | 5,068 | 4,431 | 5,232 | 5,001 | 12,012 | 9,465 | |||||||||||||||||||||
| Other service charges, commissions and fees |
662 | 652 | 612 | 593 | 617 | 1,314 | 946 | |||||||||||||||||||||
| Gain(loss) on sale of securities |
— | 6 | — | — | (1 | ) | 6 | 171 | ||||||||||||||||||||
| Other non-interest income |
2,366 | 1,442 | 1,409 | 1,515 | 1,072 | 3,808 | 2,630 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total noninterest income |
15,819 | 12,754 | 11,517 | 12,288 | 11,384 | 28,573 | 22,744 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Noninterest expense |
||||||||||||||||||||||||||||
| Salaries and employee benefits |
16,942 | 17,394 | 15,071 | 14,412 | 13,381 | 34,336 | 27,187 | |||||||||||||||||||||
| Occupancy and equipment expenses |
4,071 | 4,064 | 3,228 | 3,149 | 2,978 | 8,135 | 5,909 | |||||||||||||||||||||
| Data processing and telecommunications expenses |
3,940 | 3,454 | 3,061 | 3,072 | 2,836 | 7,394 | 5,406 | |||||||||||||||||||||
| Credit resolution related expenses (1) |
2,840 | 2,190 | 5,322 | 2,971 | 2,349 | 5,030 | 7,193 | |||||||||||||||||||||
| Advertising and marketing expenses |
718 | 710 | 604 | 434 | 327 | 1,428 | 582 | |||||||||||||||||||||
| Amortization of intangible assets |
437 | 533 | 346 | 346 | 358 | 970 | 722 | |||||||||||||||||||||
| Merger and conversion charges |
2,872 | 450 | 4,350 | 512 | — | 3,322 | — | |||||||||||||||||||||
| Other non-interest expenses |
5,498 | 4,444 | 5,642 | 3,853 | 4,459 | 9,942 | 8,573 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total noninterest expense |
37,318 | 33,239 | 37,624 | 28,749 | 26,688 | 70,557 | 55,572 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Income before income taxes |
$ | 12,400 | $ | 12,273 | $ | 1,466 | $ | 9,939 | $ | 10,007 | $ | 24,673 | $ | 17,898 | ||||||||||||||
| Income tax expense |
4,270 | 3,923 | 88 | 3,262 | 3,329 | 8,193 | 5,935 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net income |
$ | 8,130 | $ | 8,350 | $ | 1,378 | $ | 6,677 | $ | 6,678 | $ | 16,480 | $ | 11,963 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Preferred stock dividends |
— | 286 | 412 | 443 | 442 | 286 | 883 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net income available to common shareholders |
$ | 8,130 | $ | 8,064 | $ | 966 | $ | 6,234 | $ | 6,236 | $ | 16,194 | $ | 11,080 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Diluted earnings available to common shareholders |
0.32 | 0.32 | 0.04 | 0.26 | 0.26 | 0.63 | 0.46 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (1) | Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns. |
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
| Three Months Ended | ||||||||||||||||||||
| Jun. 2014 |
Mar. 2014 |
Dec. 2013 |
Sept. 2013 |
Jun. 2013 |
||||||||||||||||
| PERIOD-END BALANCE SHEET |
||||||||||||||||||||
| Assets |
||||||||||||||||||||
| Cash and due from banks |
$ | 80,986 | $ | 71,387 | $ | 62,955 | $ | 53,516 | $ | 50,343 | ||||||||||
| Federal funds sold and interest bearing balances |
44,800 | 48,677 | 204,984 | 73,899 | 43,904 | |||||||||||||||
| Investment securities available for sale, at fair value |
535,630 | 456,713 | 486,235 | 312,248 | 316,168 | |||||||||||||||
| Other investments |
10,971 | 9,322 | 16,828 | 7,764 | 7,764 | |||||||||||||||
| Mortgage loans held for sale |
81,491 | 51,693 | 67,278 | 69,634 | 62,580 | |||||||||||||||
| Loans, net of unearned income |
1,770,059 | 1,695,382 | 1,618,454 | 1,589,267 | 1,555,827 | |||||||||||||||
| Purchased, non-covered loans |
702,131 | 437,269 | 448,753 | — | — | |||||||||||||||
| Covered loans |
331,250 | 372,694 | 390,237 | 417,649 | 443,517 | |||||||||||||||
| Less allowance for loan losses |
(22,254 | ) | (22,744 | ) | (22,377 | ) | (23,854 | ) | (24,217 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Loans, net |
2,781,186 | 2,482,601 | 2,435,067 | 1,983,062 | 1,975,127 | |||||||||||||||
| Other real estate owned |
35,373 | 33,839 | 33,351 | 37,978 | 39,885 | |||||||||||||||
| Purchased, non-covered other real estate owned |
16,598 | 3,864 | 4,276 | — | — | |||||||||||||||
| Covered other real estate owned |
38,426 | 42,636 | 45,893 | 52,552 | 62,178 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total other real estate owned |
90,397 | 80,339 | 83,520 | 90,530 | 102,063 | |||||||||||||||
| Premises and equipment, net |
99,495 | 87,430 | 103,188 | 65,661 | 70,167 | |||||||||||||||
| Goodwill |
58,903 | 35,049 | 35,049 | 956 | 956 | |||||||||||||||
| Other intangibles, net |
9,812 | 5,477 | 6,009 | 1,972 | 2,318 | |||||||||||||||
| FDIC loss sharing receivable |
49,180 | 53,181 | 65,441 | 81,763 | 105,513 | |||||||||||||||
| Cash value of bank owned life insurance |
57,864 | 49,738 | 49,432 | 49,095 | 47,495 | |||||||||||||||
| Other assets |
72,420 | 56,377 | 51,663 | 28,402 | 24,277 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total assets |
$ | 3,973,135 | $ | 3,487,984 | $ | 3,667,649 | $ | 2,818,502 | $ | 2,808,675 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Liabilities |
||||||||||||||||||||
| Deposits: |
||||||||||||||||||||
| Noninterest-bearing |
$ | 790,798 | $ | 698,866 | $ | 668,531 | $ | 475,505 | $ | 475,445 | ||||||||||
| Interest-bearing |
2,598,237 | 2,311,781 | 2,330,700 | 1,967,916 | 1,967,658 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total deposits |
3,389,035 | 3,010,647 | 2,999,231 | 2,443,421 | 2,443,103 | |||||||||||||||
| Federal funds purchased & securities sold under agreements to repurchase |
51,109 | 49,974 | 83,516 | 20,255 | 19,142 | |||||||||||||||
| Other borrowings |
100,293 | 59,677 | 194,572 | 5,000 | — | |||||||||||||||
| Other liabilities |
24,457 | 12,028 | 18,165 | 17,201 | 16,384 | |||||||||||||||
| Subordinated deferrable interest debentures |
64,842 | 55,628 | 55,466 | 42,269 | 42,269 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total liabilities |
3,629,736 | 3,187,954 | 3,350,950 | 2,528,146 | 2,520,898 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Stockholders’ equity |
||||||||||||||||||||
| Preferred stock |
$ | — | $ | — | $ | 28,000 | $ | 27,938 | $ | 27,845 | ||||||||||
| Common stock |
28,155 | 26,536 | 26,462 | 25,271 | 25,258 | |||||||||||||||
| Capital surplus |
222,550 | 190,513 | 189,722 | 165,835 | 165,483 | |||||||||||||||
| Retained earnings |
100,185 | 92,055 | 83,991 | 83,025 | 76,791 | |||||||||||||||
| Accumulated other comprehensive income/(loss) |
4,123 | 2,374 | (294 | ) | (531 | ) | 3,582 | |||||||||||||
| Less treasury stock |
(11,614 | ) | (11,448 | ) | (11,182 | ) | (11,182 | ) | (11,182 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total stockholders’ equity |
343,399 | 300,030 | 316,699 | 290,356 | 287,777 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total liabilities and stockholders’ equity |
$ | 3,973,135 | $ | 3,487,984 | $ | 3,667,649 | $ | 2,818,502 | $ | 2,808,675 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Other Data |
||||||||||||||||||||
| Earning Assets |
3,465,361 | 3,062,428 | 3,215,941 | 2,462,697 | 2,421,996 | |||||||||||||||
| Intangible Assets |
68,715 | 40,526 | 41,058 | 2,928 | 3,274 | |||||||||||||||
| Interest Bearing Liabilities |
2,814,481 | 2,477,060 | 2,664,254 | 2,035,440 | 2,029,069 | |||||||||||||||
| Average Assets |
3,494,466 | 3,521,588 | 2,937,434 | 2,806,799 | 2,820,863 | |||||||||||||||
| Average Common Stockholders’ Equity |
309,696 | 290,462 | 248,429 | 246,490 | 251,240 | |||||||||||||||
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
| Jun. 2014 |
Mar. 2014 |
Dec. 2013 |
Sept. 2013 |
Jun. 2013 |
Jun. 2014 |
Jun. 2013 |
||||||||||||||||||||||
| ASSET QUALITY INFORMATION (1) |
||||||||||||||||||||||||||||
| Allowance for loan losses |
||||||||||||||||||||||||||||
| Balance at beginning of period |
$ | 22,744 | $ | 22,377 | $ | 23,854 | $ | 24,217 | $ | 23,382 | $ | 22,377 | $ | 23,593 | ||||||||||||||
| Provision for loan loss (2) |
997 | 1,501 | 1,200 | 2,449 | 3,695 | 2,498 | 6,298 | |||||||||||||||||||||
| Charge-offs |
1,973 | 1,606 | 3,591 | 3,457 | 3,200 | 3,579 | 6,236 | |||||||||||||||||||||
| Recoveries |
486 | 472 | 914 | 645 | 340 | 958 | 562 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net charge-offs (recoveries) |
1,487 | 1,134 | 2,677 | 2,812 | 2,860 | 2,621 | 5,674 | |||||||||||||||||||||
| Ending balance |
$ | 22,254 | $ | 22,744 | $ | 22,377 | $ | 23,854 | $ | 24,217 | $ | 22,254 | $ | 24,217 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| As a percentage of loans |
1.26 | % | 1.34 | % | 1.38 | % | 1.50 | % | 1.56 | % | 1.26 | % | 1.56 | % | ||||||||||||||
| As a percentage of nonperforming loans |
100.65 | % | 85.09 | % | 76.63 | % | 75.20 | % | 76.13 | % | 100.65 | % | 76.13 | % | ||||||||||||||
| Net charge-off information |
||||||||||||||||||||||||||||
| Charge-offs |
||||||||||||||||||||||||||||
| Commercial, financial & agricultural |
$ | 165 | $ | 743 | $ | 543 | $ | 482 | $ | 324 | $ | 908 | $ | 734 | ||||||||||||||
| Real estate - residential |
752 | 181 | 1,785 | 1,323 | 1,328 | 933 | 2,107 | |||||||||||||||||||||
| Real estate - commercial & farmland |
769 | 533 | 698 | 1,080 | 768 | 1,302 | 1,793 | |||||||||||||||||||||
| Real estate - construction & development |
157 | 65 | 422 | 367 | 576 | 222 | 1,231 | |||||||||||||||||||||
| Consumer installment |
130 | 84 | 143 | 205 | 204 | 214 | 371 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total charge-offs |
1,973 | 1,606 | 3,591 | 3,457 | 3,200 | 3,579 | 6,236 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Recoveries |
||||||||||||||||||||||||||||
| Commercial, financial & agricultural |
134 | 49 | 92 | 212 | 44 | 183 | 128 | |||||||||||||||||||||
| Real estate - residential |
48 | 83 | 368 | 291 | 144 | 131 | 229 | |||||||||||||||||||||
| Real estate - commercial & farmland |
9 | 143 | 12 | 5 | 10 | 152 | 13 | |||||||||||||||||||||
| Real estate - construction & development |
96 | 108 | 385 | 84 | 2 | 204 | 4 | |||||||||||||||||||||
| Consumer installment |
199 | 89 | 57 | 53 | 140 | 288 | 188 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total recoveries |
486 | 472 | 914 | 645 | 340 | 958 | 562 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net charge-offs (recoveries) |
$ | 1,487 | $ | 1,134 | $ | 2,677 | $ | 2,812 | $ | 2,860 | $ | 2,621 | $ | 5,674 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Non-accrual loans (excluding purchased non-covered and covered loans) |
22,111 | 26,729 | 29,203 | 31,720 | 31,811 | 22,111 | 31,811 | |||||||||||||||||||||
| Non-accrual purchased non-covered loans |
15,770 | 15,318 | 6,659 | — | 15,770 | |||||||||||||||||||||||
| Foreclosed assets (excluding purchased assets) |
35,373 | 33,839 | 33,351 | 37,978 | 39,885 | 35,373 | 39,885 | |||||||||||||||||||||
| Purchased, non-covered other real estate owned |
16,598 | 3,864 | 4,276 | — | 16,598 | |||||||||||||||||||||||
| Accruing loans delinquent 90 days or more |
— | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total non-performing assets, excluding covered assets |
89,852 | 79,750 | 73,489 | 69,698 | 71,696 | 89,852 | 71,696 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Non-performing assets as a percent of total assets |
2.26 | % | 2.29 | % | 2.00 | % | 2.47 | % | 2.55 | % | 2.26 | % | 2.55 | % | ||||||||||||||
| Net charge offs as a percent of loans (Annualized) |
0.34 | % | 0.27 | % | 0.66 | % | 0.70 | % | 0.74 | % | 0.30 | % | 0.74 | % | ||||||||||||||
| (1) | Asset quality information is presented net of covered assets where the Company’s risk exposure is limited substantially by loss sharing agreements with the FDIC. |
| (2) | During 2013 and 2014, the Company recorded provision for loan loss expense to account for losses where the initial estimate of cash flows was found to be excessive on loans acquired in FDIC assisted acquisitions. These amounts are excluded from the calculation above but reflected in the Company’s Consolidated Statement of Operations. |
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
| For the quarter ended: | ||||||||||||||||||||
| Loans by Type | Jun. 2014 |
Mar. 2014 |
Dec. 2013 |
Sept. 2013 |
Jun. 2013 |
|||||||||||||||
| Commercial, financial & agricultural |
$ | 304,588 | $ | 270,571 | $ | 244,373 | $ | 244,991 | $ | 208,424 | ||||||||||
| Real estate - construction & development |
149,346 | 149,543 | 146,371 | 132,277 | 134,607 | |||||||||||||||
| Real estate - commercial & farmland |
850,000 | 836,230 | 808,323 | 799,149 | 788,654 | |||||||||||||||
| Real estate - residential |
422,731 | 393,001 | 351,886 | 355,920 | 357,685 | |||||||||||||||
| Consumer installment |
31,902 | 32,345 | 34,249 | 36,303 | 36,923 | |||||||||||||||
| Other |
11,492 | 13,692 | 33,252 | 20,627 | 29,534 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Legacy (excluding purchased non-covered and covered) |
$ | 1,770,059 | $ | 1,695,382 | $ | 1,618,454 | $ | 1,589,267 | $ | 1,555,827 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Commercial, financial & agricultural |
$ | 41,583 | $ | 30,810 | $ | 32,141 | $ | — | $ | — | ||||||||||
| Real estate - construction & development |
64,084 | 31,820 | 31,176 | — | — | |||||||||||||||
| Real estate - commercial & farmland |
311,748 | 174,281 | 179,898 | — | — | |||||||||||||||
| Real estate - residential |
278,451 | 196,078 | 200,851 | — | — | |||||||||||||||
| Consumer installment |
6,265 | 4,280 | 4,687 | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Purchased non-covered (net of discounts) |
$ | 702,131 | $ | 437,269 | $ | 448,753 | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Commercial, financial & agricultural |
$ | 25,209 | $ | 24,813 | $ | 26,550 | $ | 27,768 | $ | 27,371 | ||||||||||
| Real estate - construction & development |
31,600 | 41,434 | 43,179 | 50,702 | 52,972 | |||||||||||||||
| Real estate - commercial & farmland |
188,643 | 214,649 | 224,451 | 237,086 | 255,102 | |||||||||||||||
| Real estate - residential |
85,518 | 91,372 | 95,173 | 101,146 | 107,107 | |||||||||||||||
| Consumer installment |
280 | 426 | 884 | 947 | 965 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Covered (net of discounts) |
$ | 331,250 | $ | 372,694 | $ | 390,237 | $ | 417,649 | $ | 443,517 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Loan Portfolio: |
||||||||||||||||||||
| Commercial, financial & agricultural |
$ | 371,380 | $ | 326,194 | $ | 303,064 | $ | 272,759 | $ | 235,795 | ||||||||||
| Real estate - construction & development |
245,030 | 222,797 | 220,726 | 182,979 | 187,579 | |||||||||||||||
| Real estate - commercial & farmland |
1,350,391 | 1,225,160 | 1,212,672 | 1,036,235 | 1,043,756 | |||||||||||||||
| Real estate - residential |
786,700 | 680,451 | 647,910 | 457,066 | 464,792 | |||||||||||||||
| Consumer installment |
38,447 | 37,051 | 39,820 | 37,250 | 37,888 | |||||||||||||||
| Other |
11,492 | 13,692 | 33,252 | 20,627 | 29,534 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Loans |
$ | 2,803,440 | $ | 2,505,345 | $ | 2,457,444 | $ | 2,006,916 | $ | 1,999,344 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Troubled Debt Restructurings, excluding purchased non-covered and covered loans: |
||||||||||||||||||||
| Accruing loan types: |
||||||||||||||||||||
| Commercial, financial & agricultural |
$ | 257 | $ | 711 | $ | 515 | $ | 521 | $ | 1,059 | ||||||||||
| Real estate - construction & development |
2,080 | 1,953 | 1,896 | 1,926 | 1,946 | |||||||||||||||
| Real estate - commercial & farmland |
7,590 | 8,733 | 6,913 | 6,693 | 7,529 | |||||||||||||||
| Real estate - residential |
7,335 | 7,364 | 7,818 | 7,871 | 7,468 | |||||||||||||||
| Consumer installment |
75 | 87 | 72 | 13 | 13 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Accruing TDRs |
$ | 17,337 | $ | 18,848 | $ | 17,214 | $ | 17,024 | $ | 18,015 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Non-accruing loan types: |
||||||||||||||||||||
| Commercial, financial & agricultural |
$ | 465 | $ | 40 | $ | 525 | $ | 533 | $ | — | ||||||||||
| Real estate - construction & development |
32 | 29 | 32 | 29 | 29 | |||||||||||||||
| Real estate - commercial & farmland |
2,151 | 1,316 | 2,273 | 1,858 | 1,493 | |||||||||||||||
| Real estate - residential |
1,044 | 961 | 834 | 704 | 1,046 | |||||||||||||||
| Consumer installment |
51 | 19 | 19 | 26 | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Non-accrual TDRs |
$ | 3,743 | $ | 2,365 | $ | 3,683 | $ | 3,150 | $ | 2,568 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Troubled Debt Restructurings |
$ | 21,080 | $ | 21,213 | $ | 20,897 | $ | 20,174 | $ | 20,583 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| The following table presents the loan portfolio by risk grade, excluding purchased non-covered and covered loans: | ||||||||||||||||||||
| Grade 10 - Prime credit |
$ | 110,842 | $ | 93,805 | $ | 74,381 | $ | 72,759 | $ | 44,852 | ||||||||||
| Grade 15 - Good credit |
226,652 | 243,963 | 230,212 | 230,810 | 241,690 | |||||||||||||||
| Grade 20 - Satisfactory credit |
866,356 | 817,718 | 773,051 | 731,154 | 708,606 | |||||||||||||||
| Grade 23 - Performing, under-collateralized credit |
28,429 | 31,056 | 31,604 | 30,729 | 29,829 | |||||||||||||||
| Grade 25 - Minimum acceptable credit |
450,363 | 417,177 | 420,491 | 433,358 | 443,105 | |||||||||||||||
| Grade 30 - Other asset especially mentioned |
33,360 | 38,240 | 30,591 | 28,952 | 29,265 | |||||||||||||||
| Grade 40 - Substandard |
54,047 | 53,286 | 57,987 | 61,270 | 57,880 | |||||||||||||||
| Grade 50 - Doubtful |
10 | 137 | 137 | 235 | 598 | |||||||||||||||
| Grade 60 - Loss |
— | — | — | — | 2 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$ | 1,770,059 | $ | 1,695,382 | $ | 1,618,454 | $ | 1,589,267 | $ | 1,555,827 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
| Jun. 2014 |
Mar. 2014 |
Dec. 2013 |
Sept. 2013 |
Jun. 2013 |
Jun. 2014 |
Jun. 2013 |
||||||||||||||||||||||
| AVERAGE BALANCES |
||||||||||||||||||||||||||||
| Federal funds sold |
$ | 500 | $ | 7,455 | $ | 3,243 | $ | — | $ | — | $ | 3,958 | $ | — | ||||||||||||||
| Interest bearing deposits in banks |
50,850 | 99,751 | 172,117 | 66,424 | 52,090 | 75,165 | 76,635 | |||||||||||||||||||||
| Investment securities - taxable |
418,498 | 411,251 | 276,702 | 260,262 | 271,282 | 414,895 | 278,971 | |||||||||||||||||||||
| Investment securities - nontaxable |
49,631 | 51,092 | 51,291 | 52,279 | 50,300 | 50,357 | 52,050 | |||||||||||||||||||||
| Other investments |
6,629 | 12,330 | 8,255 | 7,764 | 7,002 | 8,044 | 6,845 | |||||||||||||||||||||
| Mortgage loans held for sale |
54,517 | 49,397 | 65,683 | 61,249 | 48,890 | 51,884 | 40,765 | |||||||||||||||||||||
| Loans |
1,706,564 | 1,639,672 | 1,602,942 | 1,564,311 | 1,523,654 | 1,673,493 | 1,489,902 | |||||||||||||||||||||
| Purchased non-covered loans |
433,249 | 441,138 | 43,900 | — | — | 437,068 | — | |||||||||||||||||||||
| Covered loans |
354,766 | 379,460 | 401,045 | 427,482 | 444,616 | 367,045 | 468,024 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Earning Assets |
$ | 3,075,204 | 3,091,546 | 2,625,178 | 2,439,771 | $ | 2,397,834 | $ | 3,081,909 | $ | 2,413,192 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Noninterest bearing deposits |
$ | 680,058 | $ | 666,493 | $ | 528,732 | $ | 468,588 | $ | 479,054 | $ | 673,313 | $ | 480,400 | ||||||||||||||
| NOW accounts |
691,353 | 675,199 | 604,828 | 573,088 | 579,312 | 683,321 | 606,163 | |||||||||||||||||||||
| MMDA |
770,047 | 749,150 | 655,782 | 639,304 | 611,562 | 759,657 | 602,254 | |||||||||||||||||||||
| Savings accounts |
145,528 | 143,109 | 107,058 | 104,498 | 104,534 | 144,325 | 103,463 | |||||||||||||||||||||
| Retail CDs < $100,000 |
356,483 | 373,523 | 293,689 | 290,771 | 298,553 | 364,956 | 308,270 | |||||||||||||||||||||
| Retail CDs > $100,000 |
360,703 | 361,861 | 352,043 | 349,931 | 358,980 | 361,279 | 361,314 | |||||||||||||||||||||
| Brokered CDs |
5,970 | 5,970 | 10,687 | 12,970 | 16,176 | 5,970 | 17,803 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Deposits |
3,010,142 | 2,975,305 | 2,552,819 | 2,439,150 | 2,448,171 | 2,992,821 | 2,479,667 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| FHLB advances |
28,626 | 68,333 | 9,521 | — | — | 48,370 | — | |||||||||||||||||||||
| Other borrowings |
35,280 | 30,004 | 6,304 | 1,739 | — | 32,657 | — | |||||||||||||||||||||
| Subordinated debentures |
55,789 | 55,092 | 46,263 | 42,269 | 42,269 | 55,442 | 42,269 | |||||||||||||||||||||
| Federal funds purchased and securities sold under agreements to repurchase |
40,008 | 57,112 | 41,402 | 18,446 | 20,530 | 48,513 | 23,842 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Non-Deposit Funding |
159,703 | 210,541 | 103,490 | 62,454 | 62,799 | 184,982 | 66,111 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Funding |
$ | 3,169,845 | $ | 3,185,846 | $ | 2,656,309 | $ | 2,501,604 | $ | 2,510,970 | $ | 3,177,803 | $ | 2,545,778 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
| Jun. 2014 |
Mar. 2014 |
Dec. 2013 |
Sept. 2013 |
Jun. 2013 |
Jun. 2014 |
Jun. 2013 |
||||||||||||||||||||||
| INTEREST INCOME/EXPENSE |
||||||||||||||||||||||||||||
| INTEREST INCOME |
||||||||||||||||||||||||||||
| Federal funds sold |
$ | — | $ | 5 | $ | 2 | $ | — | $ | — | $ | 5 | $ | — | ||||||||||||||
| Interest bearing deposits in banks |
45 | 79 | 118 | 44 | 29 | 124 | 114 | |||||||||||||||||||||
| Investment securities - taxable |
2,953 | 2,985 | 1,998 | 1,720 | 1,719 | 5,938 | 3,416 | |||||||||||||||||||||
| Investment securities - nontaxable (TE) |
421 | 452 | 462 | 475 | 464 | 873 | 970 | |||||||||||||||||||||
| Mortgage loans held for sale |
457 | 403 | 554 | 603 | 467 | 860 | 758 | |||||||||||||||||||||
| Loans (TE) |
21,996 | 20,647 | 20,810 | 20,882 | 20,396 | 42,643 | 39,508 | |||||||||||||||||||||
| Purchased non-covered loans |
7,933 | 6,865 | 570 | — | — | 14,798 | — | |||||||||||||||||||||
| Covered loans |
5,164 | 6,761 | 7,508 | 8,248 | 9,066 | 11,925 | 17,831 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Earning Assets |
$ | 38,969 | $ | 38,197 | $ | 32,022 | $ | 31,972 | $ | 32,141 | $ | 77,166 | $ | 62,597 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| INTEREST EXPENSE |
||||||||||||||||||||||||||||
| Non-interest bearing deposits |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
| NOW accounts |
291 | 288 | 297 | 248 | 250 | 579 | 552 | |||||||||||||||||||||
| MMDA |
722 | 681 | 625 | 606 | 555 | 1,403 | 1,077 | |||||||||||||||||||||
| Savings accounts |
40 | 37 | 29 | 29 | 29 | 77 | 58 | |||||||||||||||||||||
| Retail CDs < $100,000 |
478 | 489 | 399 | 406 | 437 | 967 | 935 | |||||||||||||||||||||
| Retail CDs > $100,000 |
626 | 640 | 629 | 635 | 675 | 1,266 | 1,381 | |||||||||||||||||||||
| Brokered CDs |
48 | 48 | 86 | 101 | 137 | 96 | 306 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Deposits |
2,205 | 2,183 | 2,065 | 2,025 | 2,083 | 4,388 | 4,309 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| FHLB advances |
26 | 37 | 63 | — | — | 63 | — | |||||||||||||||||||||
| Other borrowings |
415 | 408 | 137 | 20 | — | 823 | — | |||||||||||||||||||||
| Subordinated debentures |
666 | 708 | 376 | 359 | 363 | 1,374 | 633 | |||||||||||||||||||||
| Federal funds purchased and securities sold under agreements to repurchase |
31 | 53 | 56 | 26 | 29 | 84 | 68 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Non-Deposit Funding |
1,138 | 1,206 | 632 | 405 | 392 | 2,344 | 701 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Funding |
$ | 3,343 | $ | 3,389 | $ | 2,697 | $ | 2,430 | $ | 2,475 | $ | 6,732 | $ | 5,010 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net Interest Income (TE) |
$ | 35,626 | $ | 34,808 | $ | 29,325 | $ | 29,542 | $ | 29,666 | $ | 70,434 | $ | 57,587 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
| Jun. 2014 |
Mar. 2014 |
Dec. 2013 |
Sept. 2013 |
Jun. 2013 |
Jun. 2014 |
Jun. 2013 |
||||||||||||||||||||||
| YIELDS (1) |
||||||||||||||||||||||||||||
| Federal funds sold |
0.00 | % | 0.27 | % | 0.24 | % | 0.00 | % | 0.00 | % | 0.25 | % | 0.00 | % | ||||||||||||||
| Interest bearing deposits in banks |
0.35 | % | 0.32 | % | 0.27 | % | 0.26 | % | 0.22 | % | 0.33 | % | 0.30 | % | ||||||||||||||
| Investment securities - taxable |
2.83 | % | 2.94 | % | 2.86 | % | 2.62 | % | 2.54 | % | 2.89 | % | 2.47 | % | ||||||||||||||
| Investment securities - nontaxable |
3.40 | % | 3.59 | % | 3.57 | % | 3.60 | % | 3.70 | % | 3.50 | % | 3.76 | % | ||||||||||||||
| Mortgage loans held for sale |
3.36 | % | 3.31 | % | 3.35 | % | 3.91 | % | 3.83 | % | 3.34 | % | 3.75 | % | ||||||||||||||
| Loans |
5.17 | % | 5.11 | % | 5.15 | % | 5.30 | % | 5.37 | % | 5.14 | % | 5.35 | % | ||||||||||||||
| Purchased non-covered loans |
7.34 | % | 6.31 | % | 5.15 | % | 0.00 | % | 0.00 | % | 6.83 | % | 0.00 | % | ||||||||||||||
| Covered loans |
5.84 | % | 7.23 | % | 7.43 | % | 7.65 | % | 8.18 | % | 6.55 | % | 7.68 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Earning Assets |
5.08 | % | 5.01 | % | 4.84 | % | 5.20 | % | 5.38 | % | 5.05 | % | 5.23 | % | ||||||||||||||
| Noninterest bearing deposits |
0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
| NOW accounts |
0.17 | % | 0.17 | % | 0.19 | % | 0.17 | % | 0.17 | % | 0.17 | % | 0.18 | % | ||||||||||||||
| MMDA |
0.38 | % | 0.37 | % | 0.38 | % | 0.38 | % | 0.36 | % | 0.37 | % | 0.36 | % | ||||||||||||||
| Savings accounts |
0.11 | % | 0.10 | % | 0.11 | % | 0.11 | % | 0.11 | % | 0.11 | % | 0.11 | % | ||||||||||||||
| Retail CDs < $100,000 |
0.54 | % | 0.53 | % | 0.54 | % | 0.55 | % | 0.59 | % | 0.53 | % | 0.61 | % | ||||||||||||||
| Retail CDs > $100,000 |
0.70 | % | 0.72 | % | 0.71 | % | 0.72 | % | 0.75 | % | 0.71 | % | 0.77 | % | ||||||||||||||
| Brokered CDs |
3.22 | % | 3.26 | % | 3.19 | % | 3.09 | % | 3.40 | % | 3.24 | % | 3.47 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Deposits |
0.29 | % | 0.30 | % | 0.32 | % | 0.33 | % | 0.34 | % | 0.30 | % | 0.35 | % | ||||||||||||||
| FHLB advances |
0.36 | % | 0.22 | % | 2.63 | % | 0.00 | % | 0.00 | % | 0.26 | % | 0.00 | % | ||||||||||||||
| Other borrowings |
4.72 | % | 5.51 | % | 8.62 | % | 4.56 | % | 0.00 | % | 5.08 | % | 0.00 | % | ||||||||||||||
| Subordinated debentures |
4.79 | % | 5.21 | % | 3.22 | % | 3.37 | % | 3.44 | % | 5.00 | % | 3.02 | % | ||||||||||||||
| Federal funds purchased and securities sold under agreements to repurchase |
0.31 | % | 0.38 | % | 0.54 | % | 0.56 | % | 0.57 | % | 0.35 | % | 0.58 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Non-Deposit Funding |
2.86 | % | 2.32 | % | 2.42 | % | 2.57 | % | 2.50 | % | 2.56 | % | 2.14 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total funding (3) |
0.42 | % | 0.43 | % | 0.40 | % | 0.39 | % | 0.40 | % | 0.43 | % | 0.40 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net interest spread |
4.66 | % | 4.58 | % | 4.44 | % | 4.81 | % | 4.98 | % | 4.62 | % | 4.83 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net interest margin |
4.65 | % | 4.57 | % | 4.43 | % | 4.80 | % | 4.96 | % | 4.61 | % | 4.81 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (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 | Six Months Ended | |||||||||||||||||||||||||||
| Jun. | Mar. | Dec. | Sept. | Jun. | Jun. | Jun. | ||||||||||||||||||||||
| Net Operating Income Reconciliation | 2014 | 2014 | 2013 | 2013 | 2013 | 2014 | 2013 | |||||||||||||||||||||
| Net income available to common shareholders |
$ | 8,130 | $ | 8,064 | $ | 966 | $ | 6,234 | $ | 6,236 | $ | 16,194 | $ | 11,080 | ||||||||||||||
| Conversion charges |
2,872 | 450 | 4,350 | 512 | — | 3,322 | — | |||||||||||||||||||||
| Tax effect of conversion charges |
(989 | ) | (144 | ) | (261 | ) | (168 | ) | — | (1,103 | ) | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Plus: After tax conversion charges |
1,883 | 306 | 4,089 | 344 | — | 2,219 | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net operating income |
10,013 | 8,370 | 5,055 | 6,578 | 6,236 | 18,413 | 11,080 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
| Core Earnings Reconciliation | Jun. 2014 |
Mar. 2014 |
Dec. 2013 |
Sept. 2013 |
Jun. 2013 |
Jun. 2014 |
Jun. 2013 |
|||||||||||||||||||||
| Pre-tax operating profit/(loss) |
$ | 12,400 | $ | 12,273 | $ | 1,466 | $ | 9,939 | $ | 10,007 | $ | 24,673 | $ | 17,898 | ||||||||||||||
| Plus: Credit Related Costs |
||||||||||||||||||||||||||||
| Provision for loan losses |
1,365 | 1,726 | 1,478 | 2,920 | 4,165 | 3,091 | 7,088 | |||||||||||||||||||||
| (Gains)/Losses on the sale of legacy OREO |
283 | (55 | ) | 310 | (157 | ) | 134 | 228 | 114 | |||||||||||||||||||
| Gains/(Losses) on the sale of covered OREO |
249 | 118 | — | — | — | 367 | 3,176 | |||||||||||||||||||||
| Problem loan and OREO expense |
2,309 | 2,127 | 5,012 | 3,128 | 2,215 | 4,436 | 7,079 | |||||||||||||||||||||
| Interest reversed (received) on non-accrual loans |
71 | 246 | 29 | 216 | 118 | 317 | 172 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Credit-Related Costs |
4,277 | 4,162 | 6,829 | 6,107 | 6,632 | 8,439 | 17,629 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Plus: Cconversion charges |
2,872 | 450 | 4,350 | 512 | — | 3,322 | — | |||||||||||||||||||||
| Less: Non-recurring gains |
||||||||||||||||||||||||||||
| Gains related to FDIC acquisitions |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Gains on sales of securities |
— | (6 | ) | — | — | 1 | (6 | ) | (171 | ) | ||||||||||||||||||
| Gains on sales of bank premises |
— | — | — | 159 | (227 | ) | — | (469 | ) | |||||||||||||||||||
| Other non-recurring adjustments |
(870 | ) | — | — | (1,771 | ) | (2,067 | ) | (870 | ) | (3,084 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Pretax, Pre-provision earnings |
$ | 18,679 | $ | 16,879 | $ | 12,645 | $ | 14,946 | $ | 14,346 | $ | 35,558 | $ | 31,803 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| As percentage of average assets, annualized |
2.14 | % | 1.94 | % | 1.71 | % | 2.11 | % | 2.04 | % | 2.05 | % | 2.27 | % | ||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
| Recurring Operating Expenses | Jun. 2014 |
Mar. 2014 |
Dec. 2013 |
Sept. 2013 |
Jun. 2013 |
Jun. 2014 |
Jun. 2013 |
|||||||||||||||||||||
| Total Operating Expenses |
37,318 | 33,239 | 37,624 | 28,749 | 26,688 | 70,557 | 55,572 | |||||||||||||||||||||
| Less: Credit costs & non-recurring charges |
||||||||||||||||||||||||||||
| Gains/(Losses) on the sale of legacy OREO |
(283 | ) | 55 | (310 | ) | 157 | (134 | ) | (228 | ) | (114 | ) | ||||||||||||||||
| Gains/(Losses) on the sale of covered OREO |
(249 | ) | (118 | ) | — | — | — | (367 | ) | (3,176 | ) | |||||||||||||||||
| Problem loan and OREO expense |
(2,309 | ) | (2,127 | ) | (5,012 | ) | (3,128 | ) | (2,215 | ) | (4,436 | ) | (3,903 | ) | ||||||||||||||
| Severance payments |
— | — | — | (99 | ) | — | — | — | ||||||||||||||||||||
| Conversion expenses |
(2,872 | ) | (450 | ) | (4,350 | ) | (413 | ) | — | (3,322 | ) | — | ||||||||||||||||
| Gains/(Losses) on the sale of premises |
— | — | — | (159 | ) | 227 | — | 469 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Recurring operating expenses |
$ | 31,605 | $ | 30,599 | $ | 27,952 | $ | 25,107 | $ | 24,566 | $ | 62,204 | $ | 48,848 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
| Jun. | Mar. | Dec. | Sept. | Jun. | Jun. | Jun. | ||||||||||||||||||||||
| Segment Reporting | 2014 | 2014 | 2013 | 2013 | 2013 | 2014 | 2013 | |||||||||||||||||||||
| Banking Division: |
||||||||||||||||||||||||||||
| Net interest income |
$ | 33,925 | $ | 33,384 | $ | 27,930 | $ | 28,089 | $ | 28,517 | $ | 67,309 | $ | 56,283 | ||||||||||||||
| Provision for loan losses |
1,365 | 1,726 | 1,478 | 2,920 | 4,165 | 3,091 | 7,088 | |||||||||||||||||||||
| Noninterest income |
8,817 | 7,590 | 7,086 | 7,054 | 6,383 | 16,407 | 13,279 | |||||||||||||||||||||
| Noninterest expense: |
||||||||||||||||||||||||||||
| Salaries and employee benefits |
13,005 | 13,826 | 11,841 | 10,799 | 10,478 | 26,831 | 21,515 | |||||||||||||||||||||
| Occupancy |
3,771 | 3,762 | 3,080 | 3,029 | 2,781 | 7,533 | 5,546 | |||||||||||||||||||||
| Data Processing |
3,597 | 3,332 | 2,953 | 2,908 | 2,634 | 6,929 | 5,105 | |||||||||||||||||||||
| Other expenses |
11,053 | 7,512 | 14,257 | 7,473 | 6,444 | 18,565 | 15,334 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total noninterest expense |
31,426 | 28,432 | 32,131 | 24,209 | 22,337 | 59,858 | 47,500 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Income before income taxes |
9,951 | 10,816 | 1,407 | 8,014 | 8,398 | 20,767 | 14,974 | |||||||||||||||||||||
| Income Tax |
3,413 | 3,413 | 67 | 2,588 | 2,766 | 6,826 | 4,912 | |||||||||||||||||||||
| Net income |
6,538 | 7,403 | 1,340 | 5,426 | 5,632 | 13,941 | 10,062 | |||||||||||||||||||||
| Preferred stock dividends |
— | 286 | 412 | 443 | 442 | 286 | 883 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net income available to common shareholders |
$ | 6,538 | $ | 7,117 | $ | 928 | $ | 4,983 | $ | 5,190 | $ | 13,655 | $ | 9,179 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Mortgage Division: |
||||||||||||||||||||||||||||
| Net interest income |
$ | 1,339 | $ | 1,100 | $ | 1,121 | $ | 1,231 | $ | 959 | $ | 2,439 | $ | 1,531 | ||||||||||||||
| Provision for loan losses |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Noninterest income |
7,002 | 5,164 | 4,431 | 5,234 | 5,001 | 12,166 | 9,465 | |||||||||||||||||||||
| Noninterest expense: |
||||||||||||||||||||||||||||
| Salaries and employee benefits |
3,937 | 3,568 | 3,230 | 3,613 | 2,903 | 7,505 | 5,672 | |||||||||||||||||||||
| Occupancy |
300 | 302 | 148 | 120 | 197 | 602 | 363 | |||||||||||||||||||||
| Data Processing |
343 | 122 | 108 | 164 | 202 | 465 | 301 | |||||||||||||||||||||
| Other expenses |
1,312 | 815 | 2,007 | 643 | 1,049 | 2,127 | 1,736 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total noninterest expense |
5,892 | 4,807 | 5,493 | 4,540 | 4,351 | 10,699 | 8,072 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Income before income taxes |
2,449 | 1,457 | 59 | 1,925 | 1,609 | 3,906 | 2,924 | |||||||||||||||||||||
| Income Tax |
857 | 510 | 21 | 674 | 563 | 1,367 | 1,023 | |||||||||||||||||||||
| Net income |
1,592 | 947 | 38 | 1,251 | 1,046 | 2,539 | 1,901 | |||||||||||||||||||||
| Preferred stock dividends |
— | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net income available to common shareholders |
$ | 1,592 | $ | 947 | $ | 38 | $ | 1,251 | $ | 1,046 | $ | 2,539 | $ | 1,901 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Consolidated: |
||||||||||||||||||||||||||||
| Net interest income |
$ | 35,264 | $ | 34,484 | $ | 29,051 | $ | 29,320 | $ | 29,476 | $ | 69,748 | $ | 57,814 | ||||||||||||||
| Provision for loan losses |
1,365 | 1,726 | 1,478 | 2,920 | 4,165 | 3,091 | 7,088 | |||||||||||||||||||||
| Noninterest income |
15,819 | 12,754 | 11,517 | 12,288 | 11,384 | 28,573 | 22,744 | |||||||||||||||||||||
| Noninterest expense: |
||||||||||||||||||||||||||||
| Salaries and employee benefits |
16,942 | 17,394 | 15,071 | 14,412 | 13,381 | 34,336 | 27,187 | |||||||||||||||||||||
| Occupancy |
4,071 | 4,064 | 3,228 | 3,149 | 2,978 | 8,135 | 5,909 | |||||||||||||||||||||
| Data Processing |
3,940 | 3,454 | 3,061 | 3,072 | 2,836 | 7,394 | 5,406 | |||||||||||||||||||||
| Other expenses |
12,365 | 8,327 | 16,264 | 8,116 | 7,493 | 20,692 | 17,070 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total noninterest expense |
37,318 | 33,239 | 37,624 | 28,749 | 26,688 | 70,557 | 55,572 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Income before income taxes |
12,400 | 12,273 | 1,466 | 9,939 | 10,007 | 24,673 | 17,898 | |||||||||||||||||||||
| Income Tax |
4,270 | 3,923 | 88 | 3,262 | 3,329 | 8,193 | 5,935 | |||||||||||||||||||||
| Net income |
8,130 | 8,350 | 1,378 | 6,677 | 6,678 | 16,480 | 11,963 | |||||||||||||||||||||
| Preferred stock dividends |
— | 286 | 412 | 443 | 442 | 286 | 883 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net income available to common shareholders |
$ | 8,130 | $ | 8,064 | $ | 966 | $ | 6,234 | $ | 6,236 | $ | 16,194 | $ | 11,080 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||