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Ameris Bancorp Reports Operating Net Income of $9.8M for Q1 2015

Press release from the issuing company

Thursday, April 23rd, 2015

AMERIS BANCORP today reported operating net income of $9.8 million, or $0.32 per diluted share, for the quarter ended March 31, 2015, compared to $8.1 million, or $0.32 per diluted share, for the quarter ended March 31, 2014.  Commenting on the Company's quarterly results, Edwin W. Hortman, Jr., the Company's President and Chief Executive Officer, said, "In the first quarter of 2015, we announced two highly accretive acquisitions and a supporting capital raise.  We had our strongest quarter in new loan originations with better than expected yields.  Our mortgage group had its strongest quarter of profitability and finished the quarter with very robust pipelines.  As we move into the second quarter and the last half of 2015, our challenge is to continue developing the pipelines and investment opportunities for the liquidity in our two pending acquisitions while limiting the impact on operating expenses."

Highlights of the Company's performance and results for the first quarter of 2015 include the following:

  • Net income available to common shareholders increased 21.1% compared to the first quarter of 2014 
  • The Company completed a private placement of 5,320,000 shares of common stock during the quarter 
  • The Company announced agreements to acquire Merchants & Southern Banks of Florida, Inc. and 18 additional branches located in North Florida and South Georgia 
  • Loans, excluding purchased non-covered and covered loans, increased by $109.5 million during the quarter, reflecting an annualized growth rate of 23.5% 
  • Return on assets and return on average tangible equity were 0.97% and 8.76%, respectively 
  • Total revenue increased to $59.9 million in the first quarter of 2015, compared to $50.6 million in the first quarter of 2014 
  • The Company's net interest margin remained strong at 4.39% 
  • Noninterest income increased 37.8% in the first quarter of 2015 to $17.6 million, compared to $12.8 million in the first quarter of 2014 
  • Tangible common equity to tangible assets increased to 10.26%, a 38.3% increase compared to December 31, 2014 
  • Tangible book value per share increased to $13.01, compared to $10.99 at December 31, 2014

Pending Acquisitions  
During the first quarter of 2015, the Company announced its intent to acquire Merchants & Southern Banks of Florida, Inc., the largest non-regional bank operating in Gainesville, Florida.  The Company has received regulatory approval and anticipates an estimated closing date of May 22, 2015.  

Additionally, the Company announced its intention to acquire 18 branches in its existing footprint from Bank of America.  The branches, located in South Georgia and North Florida, include approximately $864 million of total deposits and a small amount of performing loans.  The Company anticipates that the closing of this acquisition will occur during the second quarter of 2015.

The acquisitions, combined with the supporting capital raise, are expected to be over 15% accretive to 2016 earnings per share and 4.50% accretive to tangible book value reported at December 31, 2014.  

Operating Results  
Net income available to common shareholders in the first quarter of 2015 totaled $9.8 million, an increase of 21.1% compared to the same quarter in 2014.  Revenue during the first quarter totaled $59.9 million, an increase of 18.4% compared to the first quarter of 2014.  Increases in revenue resulted from the addition of The Coastal Bank, as well as strong organic growth in loans, excluding purchased non-covered and covered loans.  Returns on average assets and average tangible common equity were 0.97% and 8.76%, respectively, in the first quarter of 2015 compared to 0.96% and 11.66%, respectively, in the same quarter of 2014.  The capital raise was completed in the first quarter of 2015, but the Company does not expect to have the capital fully deployed until the second half of 2015, at which time management believes return on average tangible common equity will approach historical levels.

Net Interest Income and Net Interest Margin  
Net interest income for the first quarter of 2015 totaled $38.8 million, an increase of $4.3 million, or 12.6%, compared to the $34.5 million reported for the first quarter of 2014.  The Company's net interest margin decreased during the quarter to 4.39%, compared to 4.57% during the first quarter of 2014.  Excluding accretion on purchased assets, the Company's net interest margin was 4.05% in the first quarter of 2015, compared to 4.17%% in the fourth quarter of 2014 and 4.21% in the first quarter of 2014.  The Company's net interest margin was negatively impacted by 10bps due to the higher level of short-term assets as a percentage of earning assets.  The Company intends to be fully invested in either investment securities or loans by the end of the year and to maintain minimal levels of short-term assets as it has in the past. 

Yields on earning assets in the first quarter of 2015 were 4.79%, compared to 5.01% in the first quarter of 2014.  Yields on total loans outstanding, excluding accretion, in the first quarter were 5.01%, compared to 5.05% in the fourth quarter of 2014.  New loan production in the first quarter totaled $254.0 million, with weighted average yields of 4.55%, compared to $228.6 million and 4.65% in the fourth quarter of 2014.

Total interest expense for the first quarter of 2015 was $3.5 million, compared to $3.4 million in the same quarter of 2014.  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 lower during the first quarter of 2015 at 0.27%, compared to 0.30% during the first quarter of 2014.  Yields on each deposit class were essentially unchanged from the prior year.  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 first quarter of 2015 was $17.6 million, an increase of $4.8 million, or 37.8%, compared to the same quarter in 2014.  The Company's mortgage operations continued to make improvements in revenues and net income, reporting its best quarter ever for the Company.  Total revenue in the mortgage group grew to $10.3 million, an improvement of 64% compared to the same quarter in 2014.  Net income improved at a faster pace to $2.5 million, compared to $947,000 in the first quarter of 2014.  Total production in the first quarter of 2015 amounted to $188.3 million (83% retail and 17% wholesale), compared to $130.8 million in the same quarter of 2014 (80% retail and 20% wholesale).  Relationships with larger builders and real estate firms continue to drive the Company's production from this division.  Open pipelines finished the first quarter of 2015 at $110.9 million, compared to $57.0 million at the beginning of the first quarter of 2015 and $75.2 million at the end of the first quarter of 2014.  

Service charges in the first quarter of 2015 were $6.4 million, an increase of $843,000, or 15.1%, compared to the same quarter in 2014.  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 acquisition of The Coastal Bank in June 2014.

During the quarter, the Company recorded approximately $1.5 million of revenue from its SBA division, compared to $685,000 in the same quarter in 2014.  Expenses related to SBA lending also increased, from $400,000 in the first quarter of 2014 to $705,000 in the first quarter of 2015.  The pipeline of opportunities and closed loans going into the second quarter indicate a much stronger second quarter in revenue than what the Company experienced in the first quarter. 

Non-interest Expense  
During the first quarter of 2015, operating expenses decreased approximately $906,000 to $40.8 million from $41.7 million in the fourth quarter of 2014.  Excluding merger and credit related costs, the Company's total operating expenses increased approximately $0.7 million during the current quarter of 2015 as compared to the fourth quarter of 2014.  These increases related to the Company's aggressive investment in the scale of its operations, particularly in information technology and customer care centers.  Additional costs are anticipated in the coming quarters as the Company approaches the closing of the acquisitions announced early in the first quarter of 2015.  

Salaries and benefits increased to $20.6 million in the current quarter of 2015, compared to $17.4 million in the same quarter in 2014.  Increases in compensation costs relate to staffing additions from the acquisition of The Coastal Bank in June 2014, as well as increases associated with higher mortgage revenue and originations in the current quarter compared to the same quarter in 2014. 

Non-provision credit resolution-related costs increased from $2.2 million in the first quarter of 2014 to $3.2 million in the first quarter of 2015.  During the quarter, the Company brought several larger non-performing assets closer to resolution and incurred higher than normal expenses associated with these efforts.  Legal fees associated with OREO and non-accrual loans totaled $754,000 in the first quarter of 2015 compared to $403,000 in the first quarter of 2014. 

Occupancy and equipment costs increased from $4.1 million in the first quarter of 2014 to $4.6 million in the first quarter of 2015, due to the increased number of branches operated by the Company since its acquisition of The Coastal Bank.  Data processing and telecommunications expenses increased from $3.5 million in the first quarter of 2014 to $4.3 million in the first quarter of 2015.   During the quarter, the Company renegotiated a series of contracts with its core service provider that should provide some savings in the coming quarters on a relative basis with the anticipated acquisitions. 

Balance Sheet Trends  
Total assets at March 31, 2015 were $4.15 billion, compared to $4.04 billion at December 31, 2014.  Loans, including loans held for sale, totaled $2.96 billion at March 31, 2015, compared to $2.93 billion at December 31, 2014.  During the first quarter, growth in legacy loans (loans excluding purchased non-covered and covered loans) amounted to $109.5 million, or 23.5% on an annualized basis.  Growth during the first quarter of 2015 was spread evenly across most loan types, including agriculture, municipal, commercial real estate and mortgage.

Funding sources continued to improve over year end levels.  At March 31, 2015, total deposits amounted to $3.48 billion, or 95.5% of total funding, compared to $3.43 billion and 94.0%, respectively, at December 31, 2014.  Non-interest bearing deposits reflected the largest growth, ending the current quarter at $967.0 million, or 27.8% of total deposits, compared to $839.4 million, or 24.5%, at December 31, 2014.  Aggressive sales efforts on both commercial and consumer balances, as well as the Coastal Bank acquisition, were the reason for the 38.4% growth in noninterest bearing deposits from March 31, 2014 to March 31, 2015.

Stockholders' equity at March 31, 2015 totaled $489.8 million, compared to $366.0 million reported at December 31, 2014.  The increase in stockholders' equity was the result of the issuance of $114.9 million of common shares in the first quarter of 2015, together with earnings of $9.8 million during the quarter.

Tangible common equity as a percentage of tangible assets increased to 10.26% at the end of the first quarter of 2015, compared to 7.42% at the end of 2014.  The additional common equity associated with the private placement completed during the quarter, together with net income for the quarter, account for the majority of the increase in the Company's capital ratios.  Tangible book value increased to $13.01 per share at March 31, 2015, compared to $10.99 per share at December 31, 2014.  On a pro forma basis, assuming the impacts of the pending mergers, the Company's tangible common equity to tangible assets ratio would be 7.04% and tangible book value would be $11.74 per share.

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)

 

 
     

Three Months Ended
     

Mar.

  

Dec.

  

Sept.

  

Jun.

  

Mar.
     

2015

  

2014

  

2014

  

2014

  

2014
                       

EARNINGS

                  
                       
 

Net Income Available to Common Shareholders

$                          9,764

  

$                        10,580

  

$                        11,663

  

$                          8,130

  

$                          8,064
                       

PER COMMON SHARE DATA

                  
 

Earnings per share available to common shareholders:

                  
   

Basic

$                            0.32

  

$                            0.40

  

$                            0.44

  

$                            0.32

  

$                            0.32
   

Diluted

$                            0.32

  

$                            0.39

  

$                            0.43

  

$                            0.32

  

$                            0.32
 

Cash Dividends per share

$                            0.05

  

$                            0.05

  

$                            0.05

  

$                            0.05

  

$                                  -
 

Book value per share (period end)

$                          15.22

  

$                          13.67

  

$                          13.22

  

$                          12.83

  

$                          11.93
 

Tangible book value per share (period end)

$                          13.01

  

$                          10.99

  

$                          10.68

  

$                          10.26

  

$                          10.31
 

Weighted average number of shares:

                  
   

Basic

30,442,998

  

26,771,636

  

26,773,033

  

25,180,665

  

25,144,342
   

Diluted

30,796,148

  

27,090,293

  

27,160,886

  

25,633,130

  

25,573,320
 

Period-end number of shares

32,182,143

  

26,773,863

  

26,774,402

  

26,771,821

  

25,159,073
 

Market data:

                  
   

High closing price

$                          26.55

  

$                          26.48

  

$                          24.04

  

$                          23.90

  

$                          24.00
   

Low closing price

$                          22.75

  

$                          21.95

  

$                          21.00

  

$                          19.73

  

$                          19.86
   

Period end closing price

$                          26.39

  

$                          25.64

  

$                          21.95

  

$                          21.56

  

$                          23.30
   

Average daily volume

105,152

  

111,473

  

79,377

  

79,038

  

103,279
                       

PERFORMANCE RATIOS

                  
 

Return on average assets

0.97%

  

1.05%

  

1.17%

  

0.93%

  

0.96%
 

Return on average common equity

8.76%

  

11.57%

  

13.19%

  

10.53%

  

11.66%
 

Earning asset yield (TE)

4.79%

  

5.08%

  

4.96%

  

5.08%

  

5.01%
 

Total cost of funds

0.40%

  

0.43%

  

0.45%

  

0.42%

  

0.43%
 

Net interest margin (TE)

4.39%

  

4.64%

  

4.50%

  

4.65%

  

4.57%
 

Non-interest income excluding securities transactions,

                  
   

as a percent of total revenue (TE)

29.06%

  

26.50%

  

28.86%

  

28.87%

  

25.02%
 

Efficiency ratio

72.38%

  

72.75%

  

67.64%

  

73.05%

  

70.36%
                       

CAPITAL ADEQUACY (period end)

                  
 

Stockholders' equity to assets

11.79%

  

9.07%

  

8.85%

  

8.64%

  

8.60%
 

Tangible common equity to tangible assets

10.26%

  

7.42%

  

7.27%

  

7.04%

  

7.53%
                       

EQUITY TO ASSETS RECONCILIATION

                  
 

Tangible common equity to tangible assets

10.26%

  

7.42%

  

7.27%

  

7.04%

  

7.53%
 

Effect of goodwill and other intangibles

1.54%

  

1.65%

  

1.58%

  

1.61%

  

1.07%
   

Equity to assets (GAAP)

11.79%

  

9.07%

  

8.85%

  

8.64%

  

8.60%
                       

OTHER PERIOD-END DATA

                  
 

Banking Division FTE

852

  

853

  

867

  

888

  

785
 

Mortgage Division FTE

170

  

174

  

176

  

175

  

161
   

Total Ameris Bancorp FTE Headcount

1,022

  

1,027

  

1,043

  

1,063

  

946
                       
 

Assets per Banking Division FTE

$                          4,874

  

$                          4,733

  

$                          4,613

  

$                          4,474

  

$                          4,443
 

Branch locations

73

  

73

  

74

  

74

  

68
 

Deposits per branch location

$                        47,674

  

$                        47,002

  

$                        45,583

  

$                        45,798

  

$                        44,274
                       

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)
                       
     

Three Months Ended
     

Mar.

  

Dec.

  

Sept.

  

Jun.

  

Mar.
     

2015

  

2014

  

2014

  

2014

  

2014
                       
                       

INCOME STATEMENT

                  
                       

Interest income

                  
 

Interest and fees on loans

$                        38,618

  

$                        41,235

  

$                        39,610

  

$                        35,297

  

$                        34,469
 

Interest on taxable securities

3,153

  

3,114

  

3,034

  

2,953

  

2,985
 

Interest on nontaxable securities

469

  

483

  

496

  

312

  

335
 

Interest on deposits in other banks

124

  

66

  

46

  

45

  

79
 

Interest on federal funds sold

4

  

2

  

-

  

-

  

5
   

Total interest income

42,368

  

44,900

  

43,186

  

38,607

  

37,873
                       

Interest expense

                  
 

Interest on deposits

$                          2,280

  

$                          2,560

  

$                          2,540

  

$                          2,205

  

$                          2,183
 

Interest on other borrowings

1,256

  

1,334

  

1,514

  

1,138

  

1,206
   

Total interest expense

3,536

  

3,894

  

4,054

  

3,343

  

3,389
                       

Net interest income

38,832

  

41,006

  

39,132

  

35,264

  

34,484
                       

Provision for loan losses

1,069

  

888

  

1,669

  

1,365

  

1,726
                       

Net interest income after provision for loan losses

$                        37,763

  

$                        40,118

  

$                        37,463

  

$                        33,899

  

$                        32,758
                       

Noninterest income

                  
 

Service charges on deposit accounts

$                          6,429

  

$                          6,522

  

$                          6,659

  

$                          5,847

  

$                          5,586
 

Mortgage banking activity

8,083

  

6,476

  

7,498

  

6,944

  

5,068
 

Other service charges, commissions and fees

668

  

643

  

690

  

662

  

652
 

Gain(loss) on sale of securities

12

  

-

  

132

  

-

  

6
 

Other non-interest income

2,383

  

2,721

  

2,922

  

2,366

  

1,442
   

Total noninterest income

17,575

  

16,362

  

17,901

  

15,819

  

12,754
                       

Noninterest expense

                  
 

Salaries and employee benefits

20,632

  

19,316

  

20,226

  

16,942

  

17,394
 

Occupancy and equipment expenses

4,554

  

4,717

  

4,669

  

4,071

  

4,064
 

Data processing and telecommunications expenses

4,260

  

4,229

  

3,928

  

3,940

  

3,454
 

Credit resolution related expenses (1)

3,161

  

5,290

  

3,186

  

2,840

  

2,190
 

Advertising and marketing expenses

641

  

847

  

594

  

718

  

710
 

Amortization of intangible assets

630

  

662

  

698

  

437

  

533
 

Merger and conversion charges

15

  

67

  

551

  

2,872

  

450
 

Other non-interest expenses

6,934

  

6,605

  

4,727

  

5,498

  

4,444
   

Total noninterest expense

40,827

  

41,733

  

38,579

  

37,318

  

33,239
                       

Income before income taxes

$                        14,511

  

$                        14,747

  

$                        16,785

  

$                        12,400

  

$                        12,273
                       
 

Income tax expense

4,747

  

4,167

  

5,122

  

4,270

  

3,923
                       

Net income

$                          9,764

  

$                        10,580

  

$                        11,663

  

$                          8,130

  

$                          8,350
                       

Preferred stock dividends

-

  

-

  

-

  

-

  

286
                       

Net income available to common shareholders

$                          9,764

  

$                        10,580

  

$                        11,663

  

$                          8,130

  

$                          8,064
                       

Diluted earnings available to common shareholders

0.32

  

0.39

  

0.43

  

0.32

  

0.32
                       
 

(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
     

Mar.

  

Dec.

  

Sept.

  

Jun.

  

Mar.
     

2015

  

2014

  

2014

  

2014

  

2014
                       

PERIOD-END BALANCE SHEET

                  
                       

Assets

                  
 

Cash and due from banks

$                        80,142

  

$                        78,036

  

$                        69,421

  

$                        80,986

  

$                        71,387
 

Federal funds sold and interest bearing balances

126,157

  

92,323

  

40,165

  

44,800

  

48,677
 

Investment securities available for sale, at fair value

610,330

  

541,805

  

529,509

  

535,630

  

456,713
 

Other investments

8,636

  

10,275

  

12,687

  

10,971

  

9,322
 

Mortgage loans held for sale

73,796

  

94,759

  

110,059

  

81,491

  

51,693
                       
 

Loans, net of unearned income

1,999,420

  

1,889,881

  

1,848,759

  

1,770,059

  

1,695,382
 

Purchased, non-covered loans

643,092

  

674,239

  

673,724

  

702,131

  

437,269
 

Covered loans

245,745

  

271,279

  

313,589

  

331,250

  

372,694
 

Less allowance for loan losses

(21,852)

  

(21,157)

  

(22,212)

  

(22,254)

  

(22,744)
   

Loans, net

2,866,405

  

2,814,242

  

2,813,860

  

2,781,186

  

2,482,601
                       
 

Other real estate owned

32,339

  

33,160

  

35,320

  

35,373

  

33,839
 

Purchased, non-covered other real estate owned

13,818

  

15,585

  

13,660

  

16,598

  

3,864
 

Covered other real estate owned

16,089

  

19,907

  

28,883

  

38,426

  

42,636
   

Total other real estate owned

62,246

  

68,652

  

77,863

  

90,397

  

80,339
                       
 

Premises and equipment, net

98,292

  

97,251

  

98,752

  

99,495

  

87,430
 

Goodwill

63,547

  

63,547

  

58,879

  

58,903

  

35,049
 

Other intangibles, net

7,591

  

8,221

  

9,114

  

9,812

  

5,477
 

FDIC loss sharing receivable

23,312

  

31,351

  

38,233

  

49,180

  

53,181
 

Cash value of bank owned life insurance

59,212

  

58,867

  

58,217

  

57,864

  

49,738
 

Other assets

73,238

  

77,748

  

82,649

  

72,420

  

56,377
   

Total assets

$                   4,152,904

  

$                   4,037,077

  

$                   3,999,408

  

$                   3,973,135

  

$                   3,487,984
                       

Liabilities

                  
 

Deposits:

                  
   

Noninterest-bearing

$                      967,015

  

$                      839,377

  

$                      816,517

  

$                      790,798

  

$                      698,866
   

Interest-bearing

2,513,216

  

2,591,772

  

2,556,602

  

2,598,237

  

2,311,781
 

Total deposits

3,480,231

  

3,431,149

  

3,373,119

  

3,389,035

  

3,010,647
 

Federal funds purchased & securities sold under

                  
   

agreements to repurchase

55,520

  

73,310

  

32,351

  

51,109

  

49,974
 

Other borrowings

43,851

  

78,881

  

147,409

  

100,293

  

59,677
 

Other liabilities

17,952

  

22,384

  

27,615

  

24,457

  

12,028
 

Subordinated deferrable interest debentures

65,567

  

65,325

  

65,084

  

64,842

  

55,628
   

Total liabilities

3,663,121

  

3,671,049

  

3,645,578

  

3,629,736

  

3,187,954
                       
                       

Stockholders' equity

                  

  Preferred stock

$                                  -

  

$                                  -

  

$                                  -

  

$                                  -

  

$                                  -

  Common stock

33,593

  

28,159

  

28,158

  

28,155

  

26,536

  Capital surplus

335,578

  

225,015

  

224,142

  

222,550

  

190,513

  Retained earnings

126,566

  

118,412

  

109,170

  

100,185

  

92,055

  Accumulated other comprehensive income/(loss)

6,353

  

6,098

  

3,974

  

4,123

  

2,374

  Less treasury stock

(12,307)

  

(11,656)

  

(11,614)

  

(11,614)

  

(11,448)
   

Total stockholders' equity

489,783

  

366,028

  

353,830

  

343,399

  

300,030
   

Total liabilities and stockholders' equity

$                   4,152,904

  

$                   4,037,077

  

$                   3,999,408

  

$                   3,973,135

  

$                   3,487,984
                       
                       

Other Data

                  

Earning Assets

3,698,540

  

3,564,286

  

3,515,805

  

3,465,361

  

3,062,428

Intangible Assets

71,138

  

71,768

  

67,993

  

68,715

  

40,526

Interest Bearing Liabilities

2,678,154

  

2,809,288

  

2,801,446

  

2,814,481

  

2,477,060

Average Assets

4,079,750

  

4,011,128

  

3,969,893

  

3,494,466

  

3,521,588

Average Common Stockholders' Equity

452,132

  

362,659

  

350,733

  

309,696

  

290,462

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)
                       
                       
     

Three Months Ended
     

Mar.

  

Dec.

  

Sept.

  

Jun.

  

Mar.
     

2015

  

2014

  

2014

  

2014

  

2014
                       

ASSET QUALITY INFORMATION(1)

                  
                       

Allowance for loan losses

                  
 

Balance at beginning of period

$                        21,157

  

$                        22,212

  

$                        22,254

  

$                        22,744

  

$                        22,377
                       
 

Provision for loan loss (2)

1,100

  

650

  

1,573

  

997

  

1,501
                       
   

Charge-offs

855

  

2,071

  

1,975

  

1,973

  

1,606
   

Recoveries

450

  

366

  

360

  

486

  

472
 

Net charge-offs (recoveries)

405

  

1,705

  

1,615

  

1,487

  

1,134
                       
 

Ending balance

$                        21,852

  

$                        21,157

  

$                        22,212

  

$                        22,254

  

$                        22,744
                       
 

As a percentage of loans

1.09%

  

1.12%

  

1.20%

  

1.26%

  

1.34%
 

As a percentage of nonperforming loans

104.85%

  

97.37%

  

97.38%

  

100.65%

  

85.09%
                       
                       

Net charge-off information

                  
 

Charge-offs

                  
 

Commercial, financial & agricultural

$                             392

  

$                             468

  

$                             191

  

$                             165

  

$                             743
 

Real estate - residential

268

  

368

  

406

  

752

  

181
 

Real estate - commercial & farmland

12

  

1,033

  

953

  

769

  

533
 

Real estate - construction & development

97

  

74

  

296

  

157

  

65
 

Consumer installment

86

  

128

  

129

  

130

  

84
   

Total charge-offs

855

  

2,071

  

1,975

  

1,973

  

1,606
                       
 

Recoveries

                  
 

Commercial, financial & agricultural

285

  

91

  

47

  

134

  

49
 

Real estate - residential

57

  

71

  

52

  

48

  

83
 

Real estate - commercial & farmland

15

  

91

  

31

  

9

  

143
 

Real estate - construction & development

31

  

49

  

96

  

96

  

108
 

Consumer installment

62

  

64

  

134

  

199

  

89
   

Total recoveries

450

  

366

  

360

  

486

  

472
                       
 

Net charge-offs (recoveries)

$                             405

  

$                          1,705

  

$                          1,615

  

$                          1,487

  

$                          1,134
                       
                       
                       

Non-accrual loans (excluding purchased non-covered

                  

    and covered loans)

$                        20,841

  

$                        21,728

  

$                        22,810

  

$                        22,111

  

$                        26,729

Non-accrual purchased non-covered loans

17,308

  

18,249

  

17,007

  

15,770

  

15,318

Foreclosed assets (excluding purchased assets)

32,339

  

33,160

  

35,320

  

35,373

  

33,839

Purchased, non-covered other real estate owned

13,818

  

15,585

  

13,660

  

16,598

  

3,864

Accruing loans delinquent 90 days or more

-

  

1

  

-

  

-

  

-

Total non-performing assets, excluding covered assets

$                        84,306

  

$                        88,723

  

$                        88,797

  

$                        89,852

  

$                        79,750
                       

Non-performing assets as a percent of total assets

2.03%

  

2.20%

  

2.22%

  

2.26%

  

2.29%

Net charge offs as a percent of loans (Annualized)

0.08%

  

0.36%

  

0.35%

  

0.34%

  

0.27%
                       
                       

(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 2014 and 2015, 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:
     

Mar.

  

Dec.

  

Sept.

  

Jun.

  

Mar.
   

Loans by Type

2015

  

2014

  

2014

  

2014

  

2014
   

Commercial, financial & agricultural

$                      334,917

  

$                      319,654

  

$                      334,783

  

$                      304,588

  

$                      270,571
   

Real estate - construction & development

178,568

  

161,507

  

154,315

  

149,346

  

149,543
   

Real estate - commercial & farmland

947,274

  

907,524

  

882,160

  

850,000

  

836,230
   

Real estate - residential

496,043

  

456,106

  

436,515

  

422,731

  

393,001
   

Consumer installment

29,113

  

30,782

  

31,403

  

31,902

  

32,345
   

Other

13,505

  

14,308

  

9,583

  

11,492

  

13,692
   

    Total Non-purchased

$                   1,999,420

  

$                   1,889,881

  

$                   1,848,759

  

$                   1,770,059

  

$                   1,695,382
                       
   

Commercial, financial & agricultural

$                        36,258

  

$                        38,041

  

$                        38,077

  

$                        41,583

  

$                        30,810
   

Real estate - construction & development

53,668

  

58,362

  

60,262

  

64,084

  

31,820
   

Real estate - commercial & farmland

291,760

  

306,706

  

296,790

  

311,748

  

174,281
   

Real estate - residential

257,216

  

266,342

  

273,347

  

278,451

  

196,078
   

Consumer installment

4,190

  

4,788

  

5,248

  

6,265

  

4,280
   

    Total Purchased non-covered (net of discounts)

$                      643,092

  

$                      674,239

  

$                      673,724

  

$                      702,131

  

$                      437,269
                       
   

Commercial, financial & agricultural

$                        20,905

  

$                        21,467

  

$                        22,545

  

$                        25,209

  

$                        24,813
   

Real estate - construction & development

19,519

  

23,447

  

27,756

  

31,600

  

41,434
   

Real estate - commercial & farmland

130,290

  

147,627

  

180,566

  

188,643

  

214,649
   

Real estate - residential

74,847

  

78,520

  

82,445

  

85,518

  

91,372
   

Consumer installment

184

  

218

  

277

  

280

  

426
   

    Total Covered (net of discounts)

$                      245,745

  

$                      271,279

  

$                      313,589

  

$                      331,250

  

$                      372,694
                       
   

Total Loan Portfolio:

                  
   

Commercial, financial & agricultural

$                      392,080

  

$                      379,162

  

$                      395,405

  

$                      371,380

  

$                      326,194
   

Real estate - construction & development

251,755

  

243,316

  

242,333

  

245,030

  

222,797
   

Real estate - commercial & farmland

1,369,324

  

1,361,857

  

1,359,516

  

1,350,391

  

1,225,160
   

Real estate - residential

828,106

  

800,968

  

792,307

  

786,700

  

680,451
   

Consumer installment

33,487

  

35,788

  

36,928

  

38,447

  

37,051
   

Other

13,505

  

14,308

  

9,583

  

11,492

  

13,692
   

    Total Loans

$                   2,888,257

  

$                   2,835,399

  

$                   2,836,072

  

$                   2,803,440

  

$                   2,505,345
                       
                       
                       
   

Troubled Debt Restructurings, excluding purchased non-covered and covered loans:

    
   

Accruing loan types:

                  
   

Commercial, financial & agricultural

$                             277

  

$                             290

  

$                             257

  

$                             257

  

$                             711
   

Real estate - construction & development

789

  

679

  

1,917

  

2,080

  

1,953
   

Real estate - commercial & farmland

7,309

  

6,477

  

7,080

  

7,590

  

8,733
   

Real estate - residential

4,513

  

5,258

  

7,973

  

7,335

  

7,364
   

Consumer installment

47

  

55

  

34

  

75

  

87
   

    Total Accruing TDRs

$                        12,935

  

$                        12,759

  

$                        17,261

  

$                        17,337

  

$                        18,848
                       
   

Non-accruing loan types:

                  
   

Commercial, financial & agricultural

$                               17

  

$                               13

  

$                             507

  

$                             465

  

$                               40
   

Real estate - construction & development

90

  

228

  

196

  

32

  

29
   

Real estate - commercial & farmland

64

  

724

  

1,672

  

2,151

  

1,316
   

Real estate - residential

736

  

1,485

  

759

  

1,044

  

961
   

Consumer installment

90

  

73

  

93

  

51

  

19
   

    Total Non-accrual TDRs

$                             997

  

$                          2,523

  

$                          3,227

  

$                          3,743

  

$                          2,365
                       
   

Total Troubled Debt Restructurings

$                        13,932

  

$                        15,282

  

$                        20,488

  

$                        21,080

  

$                        21,213
                       
                       
                       

The following table presents the loan portfolio by risk grade, excluding purchased non-covered and covered loans:
   

Grade 10 - Prime credit

$                      157,462

  

$                      128,577

  

$                      121,486

  

$                      110,842

  

$                        93,805
   

Grade 15 - Good credit

205,929

  

217,804

  

222,714

  

226,652

  

243,963
   

Grade 20 - Satisfactory credit

1,012,733

  

947,948

  

908,054

  

866,356

  

817,718
   

Grade 23 - Performing, under-collateralized credit

28,643

  

29,205

  

28,826

  

28,429

  

31,056
   

Grade 25 - Minimum acceptable credit

513,009

  

488,187

  

484,200

  

450,363

  

417,177
   

Grade 30 - Other asset especially mentioned

25,461

  

25,983

  

31,750

  

33,360

  

38,240
   

Grade 40 - Substandard

56,179

  

52,176

  

51,640

  

54,047

  

53,286
   

Grade 50 - Doubtful

4

  

1

  

88

  

10

  

137
   

Grade 60 - Loss

-

  

-

  

1

  

-

  

-
   

  Total

$                   1,999,420

  

$                   1,889,881

  

$                   1,848,759

  

$                   1,770,059

  

$                   1,695,382
                       

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)
                       
                       
     

Three Months Ended
     

Mar.

  

Dec.

  

Sept.

  

Jun.

  

Mar.
     

2015

  

2014

  

2014

  

2014

  

2014
                       
                       

AVERAGE BALANCES

                  
                       
   

Federal funds sold

$                          5,500

  

$                          3,163

  

$                             500

  

$                             500

  

$                          7,455
   

Interest bearing deposits in banks

158,286

  

69,772

  

63,355

  

50,850

  

99,751
   

Investment securities - taxable

485,922

  

461,800

  

451,563

  

418,498

  

411,251
   

Investment securities - nontaxable

71,229

  

72,072

  

74,176

  

49,631

  

51,092
   

Other investments

9,450

  

9,804

  

8,209

  

6,629

  

12,330
   

Mortgage loans held for sale

75,831

  

97,406

  

83,751

  

54,517

  

49,397
   

Loans

1,911,601

  

1,871,618

  

1,795,059

  

1,706,564

  

1,639,672
   

Purchased non-covered loans

650,331

  

659,472

  

688,452

  

433,249

  

441,138
   

Covered loans

262,693

  

299,981

  

324,498

  

354,766

  

379,460
   

  Total Earning Assets

$                   3,630,843

  

$                   3,545,088

  

$                   3,489,563

  

3,075,204

  

3,091,546
                       
   

Noninterest bearing deposits

$                      897,937

  

$                      850,879

  

$                      807,416

  

$                      680,058

  

$                      666,493
   

NOW accounts

756,795

  

786,511

  

743,352

  

691,353

  

675,199
   

MMDA

857,346

  

840,397

  

861,197

  

770,047

  

749,150
   

Savings accounts

163,624

  

156,663

  

155,559

  

145,528

  

143,109
   

Retail CDs < $100,000

372,463

  

386,844

  

439,150

  

356,483

  

373,523
   

Retail CDs > $100,000

383,962

  

401,934

  

370,166

  

360,703

  

361,861
   

Brokered CDs

-

  

4,023

  

5,970

  

5,970

  

5,970
   

  Total Deposits

3,432,127

  

3,427,251

  

3,382,810

  

3,010,142

  

2,975,305
                       
   

FHLB advances

16,778

  

35,815

  

55,435

  

28,626

  

68,333
   

Other borrowings

43,871

  

46,508

  

47,346

  

35,280

  

30,004
   

Subordinated debentures

65,436

  

65,195

  

64,953

  

55,789

  

55,092
   

Federal funds purchased and securities sold

                  
   

under agreements to repurchase

52,707

  

47,247

  

44,316

  

40,008

  

57,112
   

  Total Non-Deposit Funding

178,792

  

194,765

  

212,050

  

159,703

  

210,541
                       
   

  Total Funding

$                   3,610,919

  

$                   3,622,016

  

$                   3,594,860

  

$                   3,169,845

  

$                   3,185,846
                       

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)
                       
     

Three Months Ended
     

Mar.

  

Dec.

  

Sept.

  

Jun.

  

Mar.
     

2015

  

2014

  

2014

  

2014

  

2014
                       

INTEREST INCOME/EXPENSE

                  
                       
 

INTEREST INCOME

                  
   

Federal funds sold

$                                 4

  

$                                 2

  

$                                  -

  

$                                  -

  

$                                 5
   

Interest bearing deposits in banks

124

  

66

  

47

  

45

  

79
   

Investment securities - taxable

3,153

  

3,114

  

3,034

  

2,953

  

2,985
   

Investment securities - nontaxable (TE)

633

  

652

  

670

  

421

  

452
   

Mortgage loans held for sale

692

  

947

  

787

  

457

  

403
   

Loans (TE)

22,418

  

23,294

  

21,790

  

21,996

  

20,647
   

Purchased non-covered loans

11,840

  

12,612

  

12,610

  

7,933

  

6,865
   

Covered loans

3,995

  

4,704

  

4,726

  

5,164

  

6,761
   

   Total Earning Assets

$                        42,859

  

$                        45,391

  

$                        43,663

  

$                        38,969

  

$                        38,197
                       
 

INTEREST EXPENSE

                  
   

Non-interest bearing deposits

$                                  -

  

$                                  -

  

$                                  -

  

$                                  -

  

$                                  -
   

NOW accounts

376

  

414

  

324

  

291

  

288
   

MMDA

663

  

768

  

783

  

722

  

681
   

Savings accounts

37

  

45

  

42

  

40

  

37
   

Retail CDs < $100,000

513

  

553

  

596

  

478

  

489
   

Retail CDs > $100,000

691

  

746

  

749

  

626

  

640
   

Brokered CDs

-

  

34

  

47

  

48

  

48
   

   Total Deposits

2,280

  

2,560

  

2,541

  

2,205

  

2,183
                       
   

FHLB advances

15

  

26

  

51

  

26

  

37
   

Other borrowings

366

  

379

  

558

  

415

  

408
   

Subordinated debentures

832

  

887

  

866

  

666

  

708
   

Federal funds purchased and securities sold

                  
   

    under agreements to repurchase

43

  

41

  

39

  

31

  

53
   

   Total Non-Deposit Funding

1,256

  

1,333

  

1,514

  

1,138

  

1,206
                       
   

     Total Funding

$                          3,536

  

$                          3,893

  

$                          4,055

  

$                          3,343

  

$                          3,389
                       
   

Net Interest Income (TE)

$                        39,323

  

$                        41,498

  

$                        39,608

  

$                        35,626

  

$                        34,808
                       

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)
                       
                       
     

Three Months Ended
     

Mar.

  

Dec.

  

Sept.

  

Jun.

  

Mar.
     

2015

  

2014

  

2014

  

2014

  

2014

YIELDS (1)

                  
                       
   

Federal funds sold

0.29%

  

0.25%

  

0.00%

  

0.00%

  

0.27%
   

Interest bearing deposits in banks

0.32%

  

0.38%

  

0.29%

  

0.35%

  

0.32%
   

Investment securities - taxable

2.63%

  

2.68%

  

2.67%

  

2.83%

  

2.94%
   

Investment securities - nontaxable

3.60%

  

3.59%

  

3.58%

  

3.40%

  

3.59%
   

Mortgage loans held for sale

3.70%

  

3.86%

  

3.73%

  

3.36%

  

3.31%
   

Loans

4.76%

  

4.94%

  

4.82%

  

5.17%

  

5.11%
   

Purchased non-covered loans

7.38%

  

7.59%

  

7.27%

  

7.34%

  

6.31%
   

Covered loans

6.17%

  

6.22%

  

5.78%

  

5.84%

  

7.23%
   

  Total Earning Assets

4.79%

  

5.08%

  

4.96%

  

5.08%

  

5.01%
                       
   

Noninterest bearing deposits

0.00%

  

0.00%

  

0.00%

  

0.00%

  

0.00%
   

NOW accounts

0.20%

  

0.21%

  

0.17%

  

0.17%

  

0.17%
   

MMDA

0.31%

  

0.36%

  

0.36%

  

0.38%

  

0.37%
   

Savings accounts

0.09%

  

0.11%

  

0.11%

  

0.11%

  

0.10%
   

Retail CDs < $100,000

0.56%

  

0.57%

  

0.54%

  

0.54%

  

0.53%
   

Retail CDs > $100,000

0.73%

  

0.74%

  

0.80%

  

0.70%

  

0.72%
   

Brokered CDs

0.00%

  

3.35%

  

3.12%

  

3.22%

  

3.26%
   

  Total Deposits

0.27%

  

0.30%

  

0.30%

  

0.29%

  

0.30%
                       
   

FHLB advances

0.36%

  

0.29%

  

0.36%

  

0.36%

  

0.22%
   

Other borrowings

3.38%

  

3.23%

  

4.68%

  

4.72%

  

5.51%
   

Subordinated debentures

5.16%

  

5.40%

  

5.29%

  

4.79%

  

5.21%
   

Federal funds purchased and securities sold

                  
   

under agreements to repurchase

0.33%

  

0.34%

  

0.35%

  

0.31%

  

0.38%
   

  Total Non-Deposit Funding

2.85%

  

2.72%

  

2.83%

  

2.86%

  

2.32%
                       
   

  Total funding (3)

0.40%

  

0.43%

  

0.45%

  

0.42%

  

0.43%
                       
   

Net interest spread

4.39%

  

4.65%

  

4.52%

  

4.66%

  

4.58%
                       
   

Net interest margin

4.39%

  

4.64%

  

4.50%

  

4.65%

  

4.57%
                       
                       
                       

(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
     

Mar.

  

Dec.

  

Sept.

  

Jun.

  

Mar.
   

Net Operating Income Reconciliation

2015

  

2014

  

2014

  

2014

  

2014
                       
   

Net income available to common shareholders

$                          9,764

  

$                        10,580

  

$                        11,663

  

$                          8,130

  

$                          8,064
                       
   

Conversion charges

15

  

67

  

551

  

2,872

  

450
   

Tax effect of conversion charges

(5)

  

(23)

  

(193)

  

(1,005)

  

(158)
   

Plus: After tax conversion charges

10

  

44

  

358

  

1,867

  

293
                       
   

       Net operating income

9,774

  

10,624

  

12,021

  

9,997

  

8,357
                       
                       
     

Three Months Ended
     

Mar.

  

Dec.

  

Sept.

  

Jun.

  

Mar.
   

Net Interest Margin and Yields on Total Loans

2015

  

2014

  

2014

  

2014

  

2014
   

    Excluding Accretion Reconciliation

                  
                       
   

Total Interest Income (TE)

$                        42,859

  

$                        45,391

  

$                        43,663

  

$                        38,969

  

$                        38,197
   

    Accretion Income

3,097

  

4,280

  

2,964

  

2,572

  

2,727
   

Total Interest Income (TE) Excluding Accretion

$                        39,762

  

$                        41,111

  

$                        40,699

  

$                        36,397

  

$                        35,470
                       
   

Yield on Total Loans Excluding Accretion

5.01%

  

5.05%

  

5.07%

  

5.19%

  

5.16%
                       
   

Net Interest Margin Excluding Accretion

4.05%

  

4.17%

  

4.17%

  

4.31%

  

4.21%
                       
                       
     

Three Months Ended
     

Mar.

  

Dec.

  

Sept.

  

Jun.

  

Mar.
   

Core Earnings Reconciliation

2015

  

2014

  

2014

  

2014

  

2014
                       
   

Pre-tax operating profit

$                        14,511

  

$                        14,747

  

$                        16,785

  

$                        12,400

  

$                        12,273
   

Plus: Credit Related Costs

                  
   

    Provision for loan losses

1,069

  

888

  

1,669

  

1,365

  

1,726
   

   (Gains)/Losses on the sale of legacy OREO

110

  

(228)

  

(3)

  

283

  

(55)
   

   Gains/(Losses) on the sale of covered OREO

20

  

344

  

(184)

  

249

  

118
   

    Problem loan and OREO expense

3,031

  

5,175

  

3,373

  

2,309

  

2,127
   

    Interest reversed (received) on non-accrual loans

156

  

(6)

  

94

  

71

  

246
   

       Total Credit-Related Costs

4,386

  

6,173

  

4,949

  

4,277

  

4,162
                       
   

Plus: Conversion charges

15

  

67

  

551

  

2,872

  

450
   

Less: Non-recurring gains

                  
   

    Gains on sales of securities

(12)

  

-

  

(132)

  

-

  

(6)
   

   Gains on sales of bank premises

-

  

-

  

(616)

  

-

  

-
   

    Other non-recurring adjustments

-

  

188

  

-

  

(870)

  

-
                       
   

Pretax, Pre-provision earnings

$                        18,900

  

$                        21,175

  

$                        21,537

  

$                        18,679

  

$                        16,879
                       
   

As percentage of average assets, annualized

1.88%

  

2.09%

  

2.15%

  

2.14%

  

1.94%
                       
                       
     

Three Months Ended
     

Mar.

  

Dec.

  

Sept.

  

Jun.

  

Mar.
   

Recurring Operating Expenses

2015

  

2014

  

2014

  

2014

  

2014
                       
   

Total Operating Expenses

40,827

  

41,733

  

38,579

  

37,318

  

33,239
   

Less: Credit costs & non-recurring charges

                  
   

   Gains/(Losses) on the sale of legacy OREO

(110)

  

228

  

3

  

(283)

  

55
   

   Gains/(Losses) on the sale of covered OREO

(20)

  

(344)

  

184

  

(249)

  

(118)
   

    Problem loan and OREO expense

(3,031)

  

(5,175)

  

(3,373)

  

(2,309)

  

(2,127)
   

   Severance payments

-

  

(188)

  

-

  

-

  

-
   

  Conversion expenses

(15)

  

(67)

  

(551)

  

(2,872)

  

(450)
   

   Gains/(Losses) on the sale of premises

-

  

-

  

616

  

-

  

-
                       
   

Recurring operating expenses

$                        37,651

  

$                        36,187

  

$                        35,458

  

$                        31,605

  

$                        30,599
                       

 


AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)
                       
                       
     

Three Months Ended
     

Mar.

  

Dec.

  

Sept.

  

Jun.

  

Mar.
   

Segment Reporting

2015

  

2014

  

2014

  

2014

  

2014
                       
   

Banking Division:

                  
   

   Net interest income

$                        35,839

  

$                        38,045

  

$                        36,142

  

$                        33,345

  

$                        32,928
   

   Provision for loan losses

927

  

737

  

994

  

1,365

  

1,726
   

   Noninterest income

8,780

  

8,595

  

8,932

  

7,449

  

7,361
   

   Noninterest expense:

                  
   

      Salaries and employee benefits

15,362

  

14,196

  

14,819

  

12,509

  

13,577
   

      Occupancy

4,144

  

4,319

  

4,277

  

3,752

  

3,749
   

      Data Processing

4,011

  

3,901

  

3,619

  

3,590

  

3,326
   

      Other expenses

10,356

  

12,320

  

8,722

  

10,753

  

7,380
   

         Total noninterest expense

33,873

  

34,736

  

31,437

  

30,604

  

28,032
   

Income before income taxes

9,819

  

11,167

  

12,643

  

8,825

  

10,531
   

   Income Tax

3,105

  

2,914

  

3,672

  

3,019

  

3,313
   

         Net income

6,714

  

8,253

  

8,971

  

5,806

  

7,218
   

   Preferred stock dividends

-

  

-

  

-

  

-

  

286
   

Net income available to common shareholders

$                          6,714

  

$                          8,253

  

$                          8,971

  

$                          5,806

  

$                          6,932
                       
                       
   

Mortgage Division:

                  
   

   Net interest income

$                          2,380

  

$                          2,574

  

$                          2,347

  

$                          1,339

  

$                          1,100
   

   Provision for loan losses

142

  

151

  

675

  

-

  

-
   

   Noninterest income

7,883

  

6,313

  

7,135

  

7,002

  

5,164
   

   Noninterest expense:

                  
   

      Salaries and employee benefits

4,654

  

4,259

  

4,409

  

3,937

  

3,568
   

      Occupancy

382

  

373

  

368

  

300

  

302
   

      Data Processing

245

  

326

  

306

  

343

  

122
   

      Other expenses

968

  

999

  

869

  

1,312

  

815
   

         Total noninterest expense

6,249

  

5,957

  

5,952

  

5,892

  

4,807
   

Income before income taxes

3,872

  

2,779

  

2,855

  

2,449

  

1,457
   

   Income Tax

1,355

  

973

  

999

  

857

  

510
   

         Net income

2,517

  

1,806

  

1,856

  

1,592

  

947
   

   Preferred stock dividends

-

  

-

  

-

  

-

  

-
   

Net income available to common shareholders

$                          2,517

  

$                          1,806

  

$                          1,856

  

$                          1,592

  

$                             947
                       
                       
   

SBA Division:

                  
   

   Net interest income

$                             613

  

$                             387

  

$                             643

  

$                             580

  

$                             456
   

   Provision for loan losses

-

  

-

  

-

  

-

  

-
   

   Noninterest income

912

  

1,454

  

1,834

  

1,368

  

229
   

   Noninterest expense:

                  
   

      Salaries and employee benefits

616

  

861

  

998

  

496

  

249
   

      Occupancy

28

  

25

  

24

  

19

  

13
   

      Data Processing

4

  

2

  

3

  

7

  

6
   

      Other expenses

57

  

152

  

165

  

300

  

132
   

         Total noninterest expense

705

  

1,040

  

1,190

  

822

  

400
   

Income before income taxes

820

  

801

  

1,287

  

1,126

  

285
   

   Income Tax

287

  

280

  

450

  

394

  

100
   

         Net income

533

  

521

  

837

  

732

  

185
   

   Preferred stock dividends

-

  

-

  

-

  

-

  

-
   

Net income available to common shareholders

$                             533

  

$                             521

  

$                             837

  

$                             732

  

$                             185
                       
                       
   

Total Consolidated:

                  
   

   Net interest income

$                        38,832

  

$                        41,006

  

$                        39,132

  

$                        35,264

  

$                        34,484
   

   Provision for loan losses

1,069

  

888

  

1,669

  

1,365

  

1,726
   

   Noninterest income

17,575

  

16,362

  

17,901

  

15,819

  

12,754
   

   Noninterest expense:

                  
   

      Salaries and employee benefits

20,632

  

19,316

  

20,226

  

16,942

  

17,394
   

      Occupancy

4,554

  

4,717

  

4,669

  

4,071

  

4,064
   

      Data Processing

4,260

  

4,229

  

3,928

  

3,940

  

3,454
   

      Other expenses

11,381

  

13,471

  

9,756

  

12,365

  

8,327
   

         Total noninterest expense

40,827

  

41,733

  

38,579

  

37,318

  

33,239
   

Income before income taxes

14,511

  

14,747

  

16,785

  

12,400

  

12,273
   

   Income Tax

4,747

  

4,167

  

5,122

  

4,270

  

3,923
   

         Net income

9,764

  

10,580

  

11,663

  

8,130

  

8,350
   

   Preferred stock dividends

-

  

-

  

-

  

-

  

286
   

Net income available to common shareholders

$                          9,764

  

$                        10,580

  

$                        11,663

  

$                          8,130

  

$                          8,064