JACKSONVILLE, Fla., April 23, 2019 /PRNewswire/ -- Ameris Bancorp ABCB (the "Company") today reported net income of $39.9 million, or $0.84 per diluted share, for the quarter ended March 31, 2019, compared with $26.7 million, or $0.70 per diluted share, for the quarter ended March 31, 2018. The Company reported adjusted net income of $42.6 million, or $0.90 per diluted share, for the quarter ended March 31, 2019, compared with $27.8 million, or $0.73 per diluted share, for the same period in 2018. Adjusted net income excludes after-tax merger and conversion charges, restructuring charges related to recently announced branch consolidations, loss on sale of bank premises and expenses related to Hurricane Michael.
Commenting on the Company's earnings, Dennis J. Zember Jr., the Company's President and Chief Executive Officer, said, "We started the year with solid growth in deposits and an impressive increase in net interest margin. Compared with the same quarter a year ago, we have held the line on operating expenses while we have grown revenues over 37%. Loan growth was not at the level we were budgeting, but our control of expenses and solid financial results within our lines of businesses almost made up the entire difference. Looking ahead, I see pipelines and unfunded commitments that should move loan balances higher in the coming quarter."
Highlights of the Company's results for the first quarter of 2019 include the following:
- Increase in tangible book value per share to $19.73, or a 16.7% increase, at March 31, 2019, compared with $16.90 at March 31, 2018
- Net interest margin expansion of 3 basis points to 3.95% against the same period in 2018, despite reduction in loans to deposits from 96.0% at March 31, 2018 to 86.5% at March 31, 2019
- Deposit growth over the last 12 months of $3.4 billion, which outpaced loan growth of $2.3 billion over the same period
- Increase of $2.7 million in noninterest income from mortgage banking activities to $13.8 million for the first quarter of 2019, compared with $11.1 million in the fourth quarter of 2018 and $11.9 million in the first quarter of 2018
- Reduction of 11 branch locations pursuant to our previously announced branch consolidation plan
- Adjusted return on average assets of 1.51%, compared with 1.44% in the first quarter of 2018
- Adjusted return on average tangible common equity of 18.82%, compared with 17.09% in the first quarter of 2018
Following is a summary of the adjustments between reported net income and adjusted net income:
Adjusted Net Income Reconciliation | |||||||
Three Months Ended | |||||||
March 31, | |||||||
(dollars in thousands, except per share data) | 2019 | 2018 | |||||
Net income available to common shareholders | $ | 39,905 | $ | 26,660 | |||
Adjustment items: | |||||||
Merger and conversion charges | 2,057 | 835 | |||||
Restructuring charge | 245 | — | |||||
Financial impact of hurricanes | (89) | — | |||||
Loss on sale of premises | 919 | 583 | |||||
Tax effect of adjustment items | (450) | (298) | |||||
After-tax adjustment items | 2,682 | 1,120 | |||||
Adjusted net income | $ | 42,587 | $ | 27,780 | |||
Reported net income per diluted share | $ | 0.84 | $ | 0.70 | |||
Adjusted net income per diluted share | $ | 0.90 | $ | 0.73 | |||
Reported return on average assets | 1.42 | % | 1.38 | % | |||
Adjusted return on average assets | 1.51 | % | 1.44 | % | |||
Reported return on average common equity | 10.95 | % | 12.73 | % | |||
Adjusted return on average tangible common equity | 18.82 | % | 17.09 | % | |||
Pending Acquisition
During the fourth quarter of 2018, the Company announced its intent to acquire Fidelity Southern Corporation ("Fidelity"), the parent company of Fidelity Bank, Atlanta, Georgia. Fidelity operates 70 full-service banking locations, 51 of which are located in Georgia and 19 of which are located in Florida. The acquisition will further expand the Company's existing Southeastern footprint in the attractive Atlanta market, where the Company will be the largest community bank by deposit share after the acquisition. The transaction is expected to close in the second quarter of 2019 and is subject to customary closing conditions, including receipt of regulatory approval and the approval of Fidelity and Ameris Bancorp shareholders.
Net Interest Income and Net Interest Margin
Net interest income on a tax-equivalent basis for the first quarter of 2019 totaled $99.4 million, compared with $100.6 million for the fourth quarter of 2018 and $69.8 million for first quarter of 2018. The Company's net interest margin, excluding the effects of accretion income, increased during the quarter to 3.83%, compared with 3.75% in the fourth quarter of 2018 and decreased slightly from 3.84% in the first quarter of 2018. The linked quarter increase was primarily attributable to an increase in the yield on loans, excluding purchased loans, of 32 basis points compared with the linked quarter.
The Company's net interest margin was 3.95% for the first quarter of 2019, up from 3.91% reported for the fourth quarter of 2018 and 3.92% reported for the first quarter of 2018. Accretion income for the first quarter of 2019 decreased to $2.9 million, compared with $4.1 million for the fourth quarter of 2018, and increased from $1.4 million reported for the first quarter of 2018. Yields on all loans, excluding the effect of accretion, increased to 5.22% during the first quarter of 2019, compared with 5.00% for the fourth quarter of 2018 and 4.75% during the first quarter of 2018. Loan production in the banking division during the first quarter of 2019 totaled $613.5 million, with weighted average yields of 5.78%, compared with $604.9 million and 5.74%, respectively, in the fourth quarter of 2018 and $365.0 million and 5.19%, respectively, in the first quarter of 2018. Loan production in the lines of business (including retail mortgage, warehouse lending, SBA and premium finance) amounted to an additional $1.9 billion during the first quarter of 2019, with weighted average yields of 5.47%, compared with $1.8 billion and 5.56%, respectively, during the fourth quarter of 2018 and $1.6 billion and 4.96%, respectively, during the first quarter of 2018.
Interest expense during the first quarter of 2019 increased to $25.5 million, compared with $23.2 million in the fourth quarter of 2018 and $10.7 million in the first quarter of 2018. The Company's total cost of funds moved 11 basis points higher to 1.05% in the first quarter of 2019, as compared with the fourth quarter of 2018. Deposit costs increased 13 basis points during the first quarter of 2019 to 0.92%, compared with 0.79% in the fourth quarter of 2018. Costs of interest-bearing deposits increased during the quarter from 1.09% in the fourth quarter of 2018 to 1.25% in the first quarter of 2019, with the material portion of the increase relating to NOW and MMDA accounts.
Noninterest Income
Noninterest income in the first quarter of 2019 was $30.8 million, an increase of $4.3 million, or 16.3%, compared with the same period in 2018, as a result of increased service charges and mortgage banking activity. Service charge revenue for the first quarter of 2019 increased $1.4 million, or 13.9%, compared with the same period in 2018 due to the Company's increased number of deposit accounts from organic growth and the acquisitions completed in 2018.
Revenue in the retail mortgage division totaled $20.0 million in the first quarter of 2019, an increase of $3.5 million, or 20.9%, compared with the same period in 2018. Total production was flat at $356.0 million for the first quarter of 2019 compared with the same period in 2018. Gain on sale spreads continued to improve in the first quarter of 2019, moving to 3.18% from 3.06% in the linked quarter and 2.62% for the first quarter of 2018. Net income for the Company's retail mortgage division was $6.9 million for the first quarter of 2019, compared with $4.0 million for the fourth quarter of 2018 and $4.7 million for the first quarter of 2018.
Profitability in the Company's warehouse lending division continued to improve as net income for the division was $2.2 million for the first quarter of 2019, compared with $2.0 million for the fourth quarter of 2018 and $1.6 million for the first quarter of 2018. The Company has experienced no losses in this division over the past two years.
Revenue in the SBA division increased to $2.8 million in the first quarter of 2019, compared with $2.4 million in the fourth quarter of 2018 and $2.3 million in the first quarter of 2018. Net income for the division increased over 20% from the fourth quarter of 2018 and over 97% from the first quarter of 2018 to $1.1 million in the first quarter of 2019.
Noninterest Expense
Noninterest expense decreased $385,000, or 0.5%, to $75.4 million during the first quarter of 2019, compared with $75.8 million for the fourth quarter of 2018. During the first quarter of 2019, the Company recorded $3.1 million of charges to earnings, the majority of which was related to merger and conversion activity and loss on sale of premises, compared with $4.9 million in the fourth quarter of 2018 that were mostly merger, executive retirement and hurricane related. Excluding these charges, adjusted expenses increased approximately $1.4 million, or 1.9%, to $72.3 million in the first quarter of 2019, from $70.9 million in the fourth quarter of 2018. The majority of this increase is attributable to $1.2 million in increased payroll taxes in the first quarter of 2019. The Company continues to focus on its operating efficiency ratio. The Company's adjusted efficiency ratio declined from 59.95% in the first quarter of 2018 to 55.12% in the first quarter of 2019, but was increased slightly from the 54.10% reported in the fourth quarter of 2018. The increased payroll taxes accounted for the majority of the increase in the efficiency ratio.
Income Tax Expense
The Company's effective tax rate for the first quarter of 2019 was 22.3%, compared with 13.9% in the fourth quarter of 2018. The reduced rate in the fourth quarter is a result of a large return to provision adjustment made when the Company filed its 2017 income tax returns in the fourth quarter of 2018. These factors, determined in the fourth quarter, impacted the overall expected tax rate for the year and the full impact was realized in the fourth quarter. Excluding this benefit, the Company's tax rate for the fourth quarter of 21.4% was more consistent with the year-to-date tax rate of 20.1%. The increased rate for the first quarter of 2019 was attributable to certain non-deductible merger and compensation expenses.
Balance Sheet Trends
Total assets at March 31, 2019 were $11.7 billion compared with $11.4 billion at December 31, 2018. Total loans, including loans held for sale, purchased loans and purchased loan pools, were $8.59 billion at March 31, 2019, compared with $8.62 billion at December 31, 2018. Although loan production was strong in the first quarter of 2019, net loan growth was negatively impacted by early pay downs and pay offs throughout the quarter. Loan production in the banking division during the first quarter of 2019 was slightly higher than the fourth quarter of 2018 and was 68% higher than the first quarter of 2018.
At March 31, 2019, total deposits amounted to $9.80 billion, or 97.6% of total funding, compared with $9.65 billion and 97.4%, respectively, at December 31, 2018. At March 31, 2019, noninterest-bearing deposit accounts were $2.75 billion, or 28.1% of total deposits, compared with $2.52 billion, or 26.1% of total deposits, at December 31, 2018. Non-rate sensitive deposits (including non-interest bearing, NOW and savings) totaled $4.71 billion at March 31, 2019, compared with $4.60 billion at December 31, 2018. These funds represented 48.0% of the Company's total deposits at March 31, 2019, compared with 47.6% at the end of 2018.
Stockholders' equity at March 31, 2019 totaled $1.50 billion, an increase of $39.2 million, or 2.7%, from December 31, 2018. The increase in stockholders' equity was primarily the result of earnings of $39.9 million during the first quarter of 2019. Tangible book value per share was $19.73 at March 31, 2019, up from $18.83 at December 31, 2018. Tangible common equity as a percentage of tangible assets was 8.46% at March 31, 2019, compared with 8.22% at the end of the 2018.
Credit Quality
Credit quality remains strong. During the first quarter of 2019, the Company recorded provision for loan loss expense of $3.4 million, compared with $3.7 million in the fourth quarter of 2018. Nonperforming assets as a percentage of total assets decreased by one basis point to 0.54% during the quarter. The net charge-off ratio for non-purchased loans was 27 basis points for the first quarter of 2019, compared with 21 basis points in the fourth quarter of 2018 and 14 basis points in the first quarter of 2018.
Conference Call
The Company will host a teleconference at 10:00 a.m. Eastern time today (April 23, 2019) to discuss the Company's results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190 (or 1-855-669-9657 for participants in Canada and 1-412-902-6630 for other international participants). The conference ID name is Ameris Bancorp ABCB. A replay of the call will be available one hour after the end of the conference call until May 7, 2019. To listen to the replay, dial 1-877-344-7529 (or 1-855-669-9658 for participants in Canada and 1-412-317-0088 for other international participants). The conference replay access code is 10130179. The conference call replay and the financial information discussed will also be available on the Investor Relations page of the Ameris Bank website at www.amerisbank.com.
About Ameris Bancorp
Ameris Bancorp is a bank holding company headquartered in Moultrie, Georgia. The Company's banking subsidiary, Ameris Bank, had 114 locations in Georgia, Alabama, northern Florida and South Carolina at the end of the most recent quarter.
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 forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals, and including statements about the benefits of the proposed merger between the Company and Fidelity Southern Corporation ("Fidelity"). Words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking statements in this news release are based on current expectations and are provided to assist in the understanding of potential future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements, including, without limitation, the following: general competitive, economic, political and market conditions and fluctuations, including, without limitation, movements in interest rates; competitive pressures on product pricing and services; the ability of the Company and Fidelity to consummate the proposed merger or satisfy the conditions to the completion of the proposed merger, including, without limitation, the receipt of required shareholder and regulatory approvals, on the terms expected or on the anticipated schedule; the parties' ability to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed merger; the businesses of the Company and Fidelity may not be integrated successfully or such integration may take longer to accomplish than expected; the expected cost savings and any revenue synergies from the proposed merger may not be fully realized within the expected timeframes; disruption from the proposed merger may make it more difficult to maintain relationships with customers, employees or others; diversion of management time to merger-related issues; dilution caused by the Company's issuance of additional shares of its common stock in connection with the proposed merger; and the success and timing of other business strategies. For a discussion of some of the other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to the Company's and Fidelity's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2018 and its subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and Fidelity's Annual Report on Form 10-K for the year ended December 31, 2018 and its subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Forward-looking statements speak only as of the date they are made, and neither the Company nor Fidelity undertakes any obligation to update or revise forward-looking statements.
Additional Information and Where to Find It
In connection with the proposed merger of the Company with Fidelity, the Company has filed with the Securities and Exchange Commission a Registration Statement on Form S-4 (Registration Statement No. 333-229626) and a joint proxy statement/prospectus and other relevant materials in connection with the transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY IN THEIR ENTIRETY THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER. Investors and security holders may obtain free copies of these documents and other documents filed with the Securities and Exchange Commission on its website at http://www.sec.gov. Investors and security holders may also obtain free copies of the documents filed with the Securities and Exchange Commission by the Company on its website at http://www.AmerisBank.com and by Fidelity on its website at www.FidelitySouthern.com.
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. Before making any voting or investment decision, investors and security holders of the Company and Fidelity are urged to read carefully the entire registration statement and joint proxy statement/prospectus because it contains important information about the proposed merger transaction. Free copies of this document may be obtained as described above.
Participants in the Merger Solicitation
The Company and Fidelity, and certain of their respective directors, executive officers and other members of management and employees, may be deemed to be participants in the solicitation of proxies from the Company's shareholders and Fidelity's shareholders in respect of the proposed merger transaction. Information regarding the directors and executive officers of the Company and Fidelity and other persons who may be deemed participants in the solicitation of the Company's shareholders and Fidelity's shareholders has been included in the joint proxy statement/prospectus for the Company's meeting of shareholders and Fidelity's meeting of shareholders, which was filed with the Securities and Exchange Commission on March 25, 2019. Information about the Company's directors and executive officers and their ownership of the Company's common stock can also be found in the Company's definitive proxy statement in connection with its 2019 annual meeting of shareholders, as filed with the Securities and Exchange Commission on April 1, 2019, and other documents subsequently filed by the Company with the Securities and Exchange Commission. Information about Fidelity's directors and executive officers and their ownership of Fidelity common stock can also be found in Fidelity's Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 13, 2019, and other documents subsequently filed by Fidelity with the Securities and Exchange Commission.
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||||||||
FINANCIAL TABLES | |||||||||||||||||||
Financial Highlights | Table 1 | ||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Mar | Dec | Sep | Jun | Mar | |||||||||||||||
(dollars in thousands except per share data) | 2019 | 2018 | 2018 | 2018 | 2018 | ||||||||||||||
EARNINGS | |||||||||||||||||||
Net income | $ | 39,905 | $ | 43,536 | $ | 41,444 | $ | 9,387 | $ | 26,660 | |||||||||
Adjusted net income | $ | 42,587 | $ | 45,897 | $ | 43,292 | $ | 29,239 | $ | 27,780 | |||||||||
COMMON SHARE DATA | |||||||||||||||||||
Earnings per share available to common shareholders | |||||||||||||||||||
Basic | $ | 0.84 | $ | 0.92 | $ | 0.87 | $ | 0.24 | $ | 0.70 | |||||||||
Diluted | $ | 0.84 | $ | 0.91 | $ | 0.87 | $ | 0.24 | $ | 0.70 | |||||||||
Adjusted diluted EPS | $ | 0.90 | $ | 0.96 | $ | 0.91 | $ | 0.74 | $ | 0.73 | |||||||||
Cash dividends per share | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | |||||||||
Book value per share (period end) | $ | 31.43 | $ | 30.66 | $ | 29.58 | $ | 28.87 | $ | 22.67 | |||||||||
Tangible book value per share (period end) | $ | 19.73 | $ | 18.83 | $ | 17.78 | $ | 17.12 | $ | 16.90 | |||||||||
Weighted average number of shares | |||||||||||||||||||
Basic | 47,366,296 | 47,501,150 | 47,514,653 | 39,432,021 | 37,966,781 | ||||||||||||||
Diluted | 47,456,314 | 47,593,252 | 47,685,334 | 39,709,503 | 38,250,122 | ||||||||||||||
Period end number of shares | 47,585,309 | 47,499,941 | 47,496,966 | 47,518,662 | 38,327,081 | ||||||||||||||
Market data | |||||||||||||||||||
High intraday price | $ | 42.01 | $ | 47.25 | $ | 54.35 | $ | 58.10 | $ | 59.05 | |||||||||
Low intraday price | $ | 31.27 | $ | 29.97 | $ | 45.15 | $ | 50.20 | $ | 47.90 | |||||||||
Period end closing price | $ | 34.35 | $ | 31.67 | $ | 45.70 | $ | 53.35 | $ | 52.90 | |||||||||
Average daily volume | 387,800 | 375,773 | 382,622 | 253,413 | 235,964 | ||||||||||||||
PERFORMANCE RATIOS | |||||||||||||||||||
Return on average assets | 1.42 | % | 1.53 | % | 1.47 | % | 0.44 | % | 1.38 | % | |||||||||
Adjusted return on average assets | 1.51 | % | 1.61 | % | 1.53 | % | 1.38 | % | 1.44 | % | |||||||||
Return on average common equity | 10.95 | % | 12.09 | % | 11.78 | % | 3.86 | % | 12.73 | % | |||||||||
Adjusted return on average tangible common equity | 18.82 | % | 20.95 | % | 20.50 | % | 17.26 | % | 17.09 | % | |||||||||
Earning asset yield (TE) | 4.95 | % | 4.81 | % | 4.78 | % | 4.66 | % | 4.52 | % | |||||||||
Total cost of funds | 1.05 | % | 0.94 | % | 0.90 | % | 0.75 | % | 0.63 | % | |||||||||
Net interest margin (TE) | 3.95 | % | 3.91 | % | 3.92 | % | 3.95 | % | 3.92 | % | |||||||||
Noninterest income excluding securities transactions, as a percent of total revenue (TE) | 19.59 | % | 19.75 | % | 19.77 | % | 25.72 | % | 24.71 | % | |||||||||
Efficiency ratio | 57.95 | % | 58.30 | % | 56.00 | % | 80.50 | % | 62.04 | % | |||||||||
Adjusted efficiency ratio (TE) | 55.12 | % | 54.10 | % | 54.42 | % | 57.53 | % | 59.95 | % | |||||||||
CAPITAL ADEQUACY (period end) | |||||||||||||||||||
Shareholders' equity to assets | 12.83 | % | 12.73 | % | 12.29 | % | 12.26 | % | 10.83 | % | |||||||||
Tangible common equity to tangible assets | 8.46 | % | 8.22 | % | 7.77 | % | 7.65 | % | 8.30 | % | |||||||||
EQUITY TO ASSETS RECONCILIATION | |||||||||||||||||||
Tangible common equity to tangible assets | 8.46 | % | 8.22 | % | 7.77 | % | 7.65 | % | 8.30 | % | |||||||||
Effect of goodwill and other intangibles | 4.37 | % | 4.51 | % | 4.52 | % | 4.61 | % | 2.53 | % | |||||||||
Equity to assets (GAAP) | 12.83 | % | 12.73 | % | 12.29 | % | 12.26 | % | 10.83 | % | |||||||||
OTHER DATA (period end) | |||||||||||||||||||
Full time equivalent employees | |||||||||||||||||||
Banking Division | 1,343 | 1,370 | 1,432 | 1,477 | 1,072 | ||||||||||||||
Retail Mortgage Division | 328 | 332 | 317 | 308 | 290 | ||||||||||||||
Warehouse Lending Division | 9 | 8 | 8 | 7 | 7 | ||||||||||||||
SBA Division | 22 | 22 | 23 | 22 | 21 | ||||||||||||||
Premium Finance Division | 64 | 72 | 67 | 68 | 67 | ||||||||||||||
Total Ameris Bancorp FTE headcount | 1,766 | 1,804 | 1,847 | 1,882 | 1,457 | ||||||||||||||
Assets per Banking Division FTE | $ | 8,679 | $ | 8,353 | $ | 7,981 | $ | 7,577 | $ | 7,484 | |||||||||
Branch locations | 114 | 125 | 125 | 126 | 97 | ||||||||||||||
Deposits per branch location | $ | 85,973 | $ | 77,195 | $ | 73,451 | $ | 69,536 | $ | 66,455 | |||||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||||||||
FINANCIAL TABLES | |||||||||||||||||||
Income Statement | Table 2 | ||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Mar | Dec | Sep | Jun | Mar | |||||||||||||||
(dollars in thousands except per share data) | 2019 | 2018 | 2018 | 2018 | 2018 | ||||||||||||||
Interest income | |||||||||||||||||||
Interest and fees on loans | $ | 112,401 | $ | 111,749 | $ | 110,470 | $ | 82,723 | $ | 73,267 | |||||||||
Interest on taxable securities | 9,043 | 8,686 | 8,792 | 6,321 | 5,207 | ||||||||||||||
Interest on nontaxable securities | 156 | 195 | 204 | 179 | 322 | ||||||||||||||
Interest on deposits in other banks | 3,150 | 1,964 | 1,581 | 723 | 716 | ||||||||||||||
Interest on federal funds sold | 179 | 155 | 72 | — | — | ||||||||||||||
Total interest income | 124,929 | 122,749 | 121,119 | 89,946 | 79,512 | ||||||||||||||
Interest expense | |||||||||||||||||||
Interest on deposits | 21,684 | 18,858 | 15,630 | 7,794 | 6,772 | ||||||||||||||
Interest on other borrowings | 3,850 | 4,337 | 6,451 | 6,153 | 3,939 | ||||||||||||||
Total interest expense | 25,534 | 23,195 | 22,081 | 13,947 | 10,711 | ||||||||||||||
Net interest income | 99,395 | 99,554 | 99,038 | 75,999 | 68,801 | ||||||||||||||
Provision for loan losses | 3,408 | 3,661 | 2,095 | 9,110 | 1,801 | ||||||||||||||
Net interest income after provision for loan losses | 95,987 | 95,893 | 96,943 | 66,889 | 67,000 | ||||||||||||||
Noninterest income | |||||||||||||||||||
Service charges on deposits accounts | 11,646 | 12,597 | 12,690 | 10,613 | 10,228 | ||||||||||||||
Mortgage banking activity | 13,828 | 11,089 | 13,413 | 14,890 | 11,900 | ||||||||||||||
Other service charges, commissions and fees | 768 | 810 | 777 | 697 | 719 | ||||||||||||||
Gain (loss) on securities | 66 | 1 | 48 | (123) | 37 | ||||||||||||||
Other noninterest income | 4,463 | 5,973 | 3,243 | 5,230 | 3,580 | ||||||||||||||
Total noninterest income | 30,771 | 30,470 | 30,171 | 31,307 | 26,464 | ||||||||||||||
Noninterest expense | |||||||||||||||||||
Salaries and employee benefits | 38,370 | 38,982 | 38,446 | 39,776 | 32,089 | ||||||||||||||
Occupancy and equipment expenses | 8,204 | 7,945 | 8,598 | 6,390 | 6,198 | ||||||||||||||
Data processing and telecommunications expenses | 8,391 | 8,293 | 8,518 | 6,439 | 7,135 | ||||||||||||||
Credit resolution related expenses(1) | 911 | 1,174 | 1,248 | 1,045 | 549 | ||||||||||||||
Advertising and marketing expenses | 1,741 | 1,633 | 1,453 | 1,256 | 1,229 | ||||||||||||||
Amortization of intangible assets | 3,132 | 3,650 | 2,676 | 2,252 | 934 | ||||||||||||||
Merger and conversion charges | 2,057 | 997 | 276 | 18,391 | 835 | ||||||||||||||
Other noninterest expenses | 12,619 | 13,136 | 11,138 | 10,837 | 10,129 | ||||||||||||||
Total noninterest expense | 75,425 | 75,810 | 72,353 | 86,386 | 59,098 | ||||||||||||||
Income before income tax expense | 51,333 | 50,553 | 54,761 | 11,810 | 34,366 | ||||||||||||||
Income tax expense | 11,428 | 7,017 | 13,317 | 2,423 | 7,706 | ||||||||||||||
Net income | $ | 39,905 | $ | 43,536 | $ | 41,444 | $ | 9,387 | $ | 26,660 | |||||||||
Diluted earnings per common share | $ | 0.84 | $ | 0.91 | $ | 0.87 | $ | 0.24 | $ | 0.70 | |||||||||
(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns. | |||||||||||||||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||||||||
FINANCIAL TABLES | |||||||||||||||||||
Period End Balance Sheet | Table 3 | ||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Mar | Dec | Sep | Jun | Mar | |||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2018 | 2018 | 2018 | ||||||||||||||
Assets | |||||||||||||||||||
Cash and due from banks | $ | 144,801 | $ | 172,036 | $ | 158,453 | $ | 151,539 | $ | 123,945 | |||||||||
Federal funds sold and interest-bearing deposits in banks | 712,199 | 507,491 | 470,804 | 273,170 | 210,930 | ||||||||||||||
Time deposits in other banks | 7,371 | 10,812 | 11,558 | 11,558 | — | ||||||||||||||
Investment securities available for sale, at fair value | 1,234,435 | 1,192,423 | 1,162,570 | 1,153,703 | 848,585 | ||||||||||||||
Other investments | 15,157 | 14,455 | 35,929 | 44,769 | 32,227 | ||||||||||||||
Loans held for sale, at fair value | 112,070 | 111,298 | 130,179 | 137,249 | 111,135 | ||||||||||||||
Loans | 5,756,358 | 5,660,457 | 5,543,306 | 5,380,515 | 5,051,986 | ||||||||||||||
Purchased loans | 2,472,271 | 2,588,832 | 2,711,460 | 2,812,510 | 818,587 | ||||||||||||||
Purchased loan pools | 253,710 | 262,625 | 274,752 | 297,509 | 319,598 | ||||||||||||||
Loans, net of unearned income | 8,482,339 | 8,511,914 | 8,529,518 | 8,490,534 | 6,190,171 | ||||||||||||||
Allowance for loan losses | (28,659) | (28,819) | (28,116) | (31,532) | (26,200) | ||||||||||||||
Loans, net | 8,453,680 | 8,483,095 | 8,501,402 | 8,459,002 | 6,163,971 | ||||||||||||||
Other real estate owned | 6,014 | 7,218 | 9,375 | 8,003 | 9,171 | ||||||||||||||
Purchased other real estate owned | 10,857 | 9,535 | 7,692 | 7,272 | 6,723 | ||||||||||||||
Total other real estate owned | 16,871 | 16,753 | 17,067 | 15,275 | 15,894 | ||||||||||||||
Premises and equipment, net | 167,437 | 145,410 | 145,885 | 144,484 | 116,381 | ||||||||||||||
Goodwill | 501,308 | 503,434 | 505,604 | 504,764 | 208,513 | ||||||||||||||
Other intangible assets, net | 55,557 | 58,689 | 54,729 | 53,561 | 12,562 | ||||||||||||||
Cash value of bank owned life insurance | 104,597 | 104,096 | 103,588 | 103,059 | 80,007 | ||||||||||||||
Deferred income taxes, net | 33,295 | 35,126 | 38,217 | 40,240 | 28,677 | ||||||||||||||
Other assets | 97,497 | 88,397 | 93,009 | 98,324 | 70,001 | ||||||||||||||
Total assets | $ | 11,656,275 | $ | 11,443,515 | $ | 11,428,994 | $ | 11,190,697 | $ | 8,022,828 | |||||||||
Liabilities | |||||||||||||||||||
Deposits | |||||||||||||||||||
Noninterest-bearing | $ | 2,753,173 | $ | 2,520,016 | $ | 2,333,992 | $ | 2,356,420 | $ | 1,867,900 | |||||||||
Interest-bearing | 7,047,702 | 7,129,297 | 6,847,371 | 6,405,173 | 4,578,265 | ||||||||||||||
Total deposits | 9,800,875 | 9,649,313 | 9,181,363 | 8,761,593 | 6,446,165 | ||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 4,259 | 20,384 | 14,071 | 11,002 | 23,270 | ||||||||||||||
Other borrowings | 151,454 | 151,774 | 656,831 | 862,136 | 555,535 | ||||||||||||||
Subordinated deferrable interest debentures | 89,529 | 89,187 | 88,986 | 88,646 | 85,881 | ||||||||||||||
FDIC loss-share payable, net | 18,834 | 19,487 | 18,740 | 18,716 | 9,255 | ||||||||||||||
Other liabilities | 95,740 | 57,023 | 64,026 | 76,708 | 33,778 | ||||||||||||||
Total liabilities | 10,160,691 | 9,987,168 | 10,024,017 | 9,818,801 | 7,153,884 | ||||||||||||||
Shareholders' Equity | |||||||||||||||||||
Preferred stock | — | — | — | — | — | ||||||||||||||
Common stock | 49,126 | 49,015 | 49,012 | 49,012 | 39,820 | ||||||||||||||
Capital stock | 1,053,190 | 1,051,584 | 1,050,752 | 1,049,283 | 559,040 | ||||||||||||||
Retained earnings | 412,005 | 377,135 | 338,350 | 301,656 | 296,366 | ||||||||||||||
Accumulated other comprehensive income (loss), net of tax | (1,178) | (4,826) | (16,576) | (12,571) | (10,823) | ||||||||||||||
Treasury stock | (17,559) | (16,561) | (16,561) | (15,484) | (15,459) | ||||||||||||||
Total shareholders' equity | 1,495,584 | 1,456,347 | 1,404,977 | 1,371,896 | 868,944 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 11,656,275 | $ | 11,443,515 | $ | 11,428,994 | $ | 11,190,697 | $ | 8,022,828 | |||||||||
Other Data | |||||||||||||||||||
Earning assets | $ | 10,563,571 | $ | 10,348,393 | $ | 10,340,558 | $ | 10,110,983 | $ | 7,393,048 | |||||||||
Intangible assets | 556,865 | 562,123 | 560,333 | 558,325 | 221,075 | ||||||||||||||
Interest-bearing liabilities | 7,292,944 | 7,390,642 | 7,607,259 | 7,366,957 | 5,242,951 | ||||||||||||||
Average assets | 11,423,677 | 11,307,980 | 11,204,504 | 8,529,035 | 7,823,451 | ||||||||||||||
Average common shareholders' equity | 1,478,462 | 1,428,341 | 1,395,479 | 974,494 | 849,346 | ||||||||||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||||||||
FINANCIAL TABLES | |||||||||||||||||||
Asset Quality Information | Table 4 | ||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Mar | Dec | Sep | Jun | Mar | |||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2018 | 2018 | 2018 | ||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||
Balance at beginning of period | $ | 28,819 | $ | 28,116 | $ | 31,532 | $ | 26,200 | $ | 25,791 | |||||||||
Provision for loan losses | 3,408 | 3,661 | 2,095 | 9,110 | 1,801 | ||||||||||||||
Charge-offs | 5,379 | 4,430 | 8,112 | 5,717 | 2,872 | ||||||||||||||
Recoveries | 1,811 | 1,472 | 2,601 | 1,939 | 1,480 | ||||||||||||||
Net charge-offs (recoveries) | 3,568 | 2,958 | 5,511 | 3,778 | 1,392 | ||||||||||||||
Ending balance | $ | 28,659 | $ | 28,819 | $ | 28,116 | $ | 31,532 | $ | 26,200 | |||||||||
Net Charge-off Information | |||||||||||||||||||
Charge-offs | |||||||||||||||||||
Commercial, financial and agricultural | $ | 2,004 | $ | 2,489 | $ | 6,121 | $ | 3,744 | $ | 1,449 | |||||||||
Real estate - construction and development | 25 | 7 | 265 | 20 | — | ||||||||||||||
Real estate - commercial and farmland | 1,253 | 169 | 27 | — | 142 | ||||||||||||||
Real estate - residential | 20 | 76 | 293 | 204 | 198 | ||||||||||||||
Consumer installment | 1,893 | 1,465 | 923 | 839 | 962 | ||||||||||||||
Purchased loans | 184 | 224 | 483 | 910 | 121 | ||||||||||||||
Purchased loan pools | — | — | — | — | — | ||||||||||||||
Total charge-offs | 5,379 | 4,430 | 8,112 | 5,717 | 2,872 | ||||||||||||||
Recoveries | |||||||||||||||||||
Commercial, financial and agricultural | 1,065 | 927 | 939 | 1,247 | 656 | ||||||||||||||
Real estate - construction and development | 1 | 3 | 1 | 2 | 114 | ||||||||||||||
Real estate - commercial and farmland | 4 | 7 | 134 | 11 | 24 | ||||||||||||||
Real estate - residential | 104 | 91 | 44 | 29 | 182 | ||||||||||||||
Consumer installment | 164 | 137 | 178 | 117 | 67 | ||||||||||||||
Purchased loans | 473 | 307 | 1,305 | 533 | 437 | ||||||||||||||
Purchased loan pools | — | — | — | — | — | ||||||||||||||
Total recoveries | 1,811 | 1,472 | 2,601 | 1,939 | 1,480 | ||||||||||||||
Net charge-offs (recoveries) | $ | 3,568 | $ | 2,958 | $ | 5,511 | $ | 3,778 | $ | 1,392 | |||||||||
Non-Performing Assets | |||||||||||||||||||
Nonaccrual loans (excluding purchased loans) | $ | 17,633 | $ | 17,952 | $ | 15,986 | $ | 16,813 | $ | 14,420 | |||||||||
Nonaccrual purchased loans | 23,846 | 24,107 | 27,764 | 33,557 | 15,940 | ||||||||||||||
Nonaccrual purchased loan pools | 400 | — | 4,696 | 2,197 | — | ||||||||||||||
Other real estate owned | 6,014 | 7,218 | 9,375 | 8,003 | 9,171 | ||||||||||||||
Purchased other real estate owned | 10,857 | 9,535 | 7,692 | 7,272 | 6,723 | ||||||||||||||
Accruing loans delinquent 90 days or more (excluding purchased loans) | 3,676 | 4,222 | 2,863 | 7,421 | 2,497 | ||||||||||||||
Accruing purchased loans delinquent 90 days or more | — | — | — | — | — | ||||||||||||||
Total non-performing assets | $ | 62,426 | $ | 63,034 | $ | 68,376 | $ | 75,263 | $ | 48,751 | |||||||||
Asset Quality Ratios | |||||||||||||||||||
Non-performing assets as a percent of total assets | 0.54 | % | 0.55 | % | 0.60 | % | 0.67 | % | 0.61 | % | |||||||||
Net charge-offs as a percent of average loans (annualized) | 0.17 | % | 0.14 | % | 0.26 | % | 0.23 | % | 0.09 | % | |||||||||
Net charge-offs, excluding purchased loans as a percent of average loans (annualized) | 0.27 | % | 0.21 | % | 0.44 | % | 0.26 | % | 0.14 | % | |||||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||||||||
FINANCIAL TABLES | |||||||||||||||||||
Loan Information | Table 5 | ||||||||||||||||||
Mar | Dec | Sep | Jun | Mar | |||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2018 | 2018 | 2018 | ||||||||||||||
Loans by Type | |||||||||||||||||||
Legacy loans | |||||||||||||||||||
Commercial, financial and agricultural | $ | 1,382,907 | $ | 1,316,359 | $ | 1,422,152 | $ | 1,446,857 | $ | 1,387,437 | |||||||||
Real estate - construction and development | 676,563 | 671,198 | 641,830 | 672,155 | 631,504 | ||||||||||||||
Real estate - commercial and farmland | 1,894,937 | 1,814,529 | 1,804,265 | 1,640,411 | 1,636,654 | ||||||||||||||
Real estate - residential | 1,365,482 | 1,403,000 | 1,275,201 | 1,245,370 | 1,080,028 | ||||||||||||||
Consumer installment | 436,469 | 455,371 | 399,858 | 375,722 | 316,363 | ||||||||||||||
Total legacy loans | $ | 5,756,358 | $ | 5,660,457 | $ | 5,543,306 | $ | 5,380,515 | $ | 5,051,986 | |||||||||
Purchased loans | |||||||||||||||||||
Commercial, financial and agricultural | $ | 327,972 | $ | 372,686 | $ | 413,365 | $ | 397,517 | $ | 64,612 | |||||||||
Real estate - construction and development | 239,413 | 227,900 | 219,882 | 268,443 | 48,940 | ||||||||||||||
Real estate - commercial and farmland | 1,280,515 | 1,337,859 | 1,399,174 | 1,428,490 | 465,870 | ||||||||||||||
Real estate - residential | 597,735 | 623,199 | 649,352 | 679,205 | 236,453 | ||||||||||||||
Consumer installment | 26,636 | 27,188 | 29,687 | 38,855 | 2,712 | ||||||||||||||
Total purchased loans | $ | 2,472,271 | $ | 2,588,832 | $ | 2,711,460 | $ | 2,812,510 | $ | 818,587 | |||||||||
Purchased loan pools | |||||||||||||||||||
Real estate - residential | $ | 253,710 | $ | 262,625 | $ | 274,752 | $ | 297,509 | $ | 319,598 | |||||||||
Total purchased loan pools | $ | 253,710 | $ | 262,625 | $ | 274,752 | $ | 297,509 | $ | 319,598 | |||||||||
Total loan portfolio | |||||||||||||||||||
Commercial, financial and agricultural | $ | 1,710,879 | $ | 1,689,045 | $ | 1,835,517 | $ | 1,844,374 | $ | 1,452,049 | |||||||||
Real estate - construction and development | 915,976 | 899,098 | 861,712 | 940,598 | 680,444 | ||||||||||||||
Real estate - commercial and farmland | 3,175,452 | 3,152,388 | 3,203,439 | 3,068,901 | 2,102,524 | ||||||||||||||
Real estate - residential | 2,216,927 | 2,288,824 | 2,199,305 | 2,222,084 | 1,636,079 | ||||||||||||||
Consumer installment | 463,105 | 482,559 | 429,545 | 414,577 | 319,075 | ||||||||||||||
Total loans | $ | 8,482,339 | $ | 8,511,914 | $ | 8,529,518 | $ | 8,490,534 | $ | 6,190,171 | |||||||||
Troubled Debt Restructurings (excluding purchased loans) | |||||||||||||||||||
Accruing troubled debt restructurings | |||||||||||||||||||
Commercial, financial and agricultural | $ | 116 | $ | 256 | $ | 180 | $ | 38 | $ | 39 | |||||||||
Real estate - construction and development | 142 | 145 | 384 | 150 | 176 | ||||||||||||||
Real estate - commercial and farmland | 2,954 | 2,863 | 3,817 | 4,531 | 4,606 | ||||||||||||||
Real estate - residential | 8,240 | 6,043 | 6,558 | 6,299 | 6,547 | ||||||||||||||
Consumer installment | 11 | 16 | 4 | 5 | 7 | ||||||||||||||
Total accruing troubled debt restructurings | $ | 11,463 | $ | 9,323 | $ | 10,943 | $ | 11,023 | $ | 11,375 | |||||||||
Nonaccrual troubled debt restructurings | |||||||||||||||||||
Commercial, financial and agricultural | $ | 138 | $ | 138 | $ | 208 | $ | 330 | $ | 224 | |||||||||
Real estate - construction and development | 2 | 2 | 6 | 30 | 7 | ||||||||||||||
Real estate - commercial and farmland | 450 | 426 | 306 | 196 | 2,127 | ||||||||||||||
Real estate - residential | 832 | 1,119 | 742 | 709 | 838 | ||||||||||||||
Consumer installment | 63 | 69 | 92 | 102 | 93 | ||||||||||||||
Total nonaccrual troubled debt restructurings | $ | 1,485 | $ | 1,754 | $ | 1,354 | $ | 1,367 | $ | 3,289 | |||||||||
Total troubled debt restructurings (excluding purchased loans) | $ | 12,948 | $ | 11,077 | $ | 12,297 | $ | 12,390 | $ | 14,664 | |||||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||||||||
FINANCIAL TABLES | |||||||||||||||||||
Loan Information (continued) | Table 5 | ||||||||||||||||||
Mar | Dec | Sep | Jun | Mar | |||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2018 | 2018 | 2018 | ||||||||||||||
Loans by Risk Grade | |||||||||||||||||||
Legacy loans | |||||||||||||||||||
Grade 1 - Prime credit | $ | 540,646 | $ | 542,164 | $ | 550,020 | $ | 545,902 | $ | 557,625 | |||||||||
Grade 2 - Strong credit | 587,622 | 523,101 | 645,612 | 660,495 | 673,591 | ||||||||||||||
Grade 3 - Good credit | 2,372,115 | 2,408,128 | 2,289,584 | 2,211,703 | 2,050,717 | ||||||||||||||
Grade 4 - Satisfactory credit | 2,088,813 | 2,047,688 | 1,939,518 | 1,820,884 | 1,676,308 | ||||||||||||||
Grade 5 - Fair credit | 87,785 | 59,054 | 40,041 | 52,069 | 17,499 | ||||||||||||||
Grade 6 - Other assets especially mentioned | 32,949 | 35,118 | 41,125 | 38,150 | 39,795 | ||||||||||||||
Grade 7 - Substandard | 46,428 | 45,204 | 37,406 | 51,305 | 36,444 | ||||||||||||||
Grade 8 - Doubtful | — | — | — | 7 | 7 | ||||||||||||||
Grade 9 - Loss | — | — | — | — | — | ||||||||||||||
Total legacy loans | $ | 5,756,358 | $ | 5,660,457 | $ | 5,543,306 | $ | 5,380,515 | $ | 5,051,986 | |||||||||
Purchased loans | |||||||||||||||||||
Grade 1 - Prime credit | $ | 80,682 | $ | 90,775 | $ | 54,840 | $ | 55,183 | $ | 3,808 | |||||||||
Grade 2 - Strong credit | 84,904 | 84,617 | 132,454 | 139,683 | 97,448 | ||||||||||||||
Grade 3 - Good credit | 677,718 | 656,289 | 463,307 | 449,317 | 243,730 | ||||||||||||||
Grade 4 - Satisfactory credit | 1,428,353 | 1,586,377 | 1,828,090 | 1,908,143 | 367,997 | ||||||||||||||
Grade 5 - Fair credit | 90,391 | 63,613 | 133,653 | 135,281 | 20,012 | ||||||||||||||
Grade 6 - Other assets especially mentioned | 38,599 | 30,448 | 35,676 | 45,095 | 33,705 | ||||||||||||||
Grade 7 - Substandard | 71,618 | 76,713 | 63,440 | 79,808 | 51,887 | ||||||||||||||
Grade 8 - Doubtful | — | — | — | — | — | ||||||||||||||
Grade 9 - Loss | 6 | — | — | — | — | ||||||||||||||
Total purchased loans | $ | 2,472,271 | $ | 2,588,832 | $ | 2,711,460 | $ | 2,812,510 | $ | 818,587 | |||||||||
Purchased loan pools | |||||||||||||||||||
Grade 3 - Good credit | $ | 253,310 | $ | 262,625 | $ | 270,056 | $ | 295,312 | $ | 318,696 | |||||||||
Grade 7 - Substandard | 400 | — | 4,696 | 2,197 | 902 | ||||||||||||||
Total purchased loan pools | $ | 253,710 | $ | 262,625 | $ | 274,752 | $ | 297,509 | $ | 319,598 | |||||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||||||||
FINANCIAL TABLES | |||||||||||||||||||
Average Balances | Table 6 | ||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Mar | Dec | Sep | Jun | Mar | |||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2018 | 2018 | 2018 | ||||||||||||||
Earning Assets | |||||||||||||||||||
Federal funds sold | $ | 31,291 | $ | 28,755 | $ | 15,074 | $ | 203 | $ | 9 | |||||||||
Interest-bearing deposits in banks | 467,379 | 373,068 | 283,604 | 151,332 | 147,481 | ||||||||||||||
Time deposits in other banks | 10,221 | 10,961 | 11,557 | 254 | — | ||||||||||||||
Investment securities - taxable | 1,186,896 | 1,138,981 | 1,117,517 | 839,772 | 777,310 | ||||||||||||||
Investment securities - nontaxable | 24,136 | 29,962 | 31,641 | 26,626 | 48,455 | ||||||||||||||
Other investments | 14,532 | 18,494 | 36,067 | 42,384 | 34,654 | ||||||||||||||
Loans held for sale | 101,521 | 129,664 | 151,396 | 141,875 | 138,129 | ||||||||||||||
Loans | 5,867,037 | 5,819,684 | 5,703,921 | 5,198,301 | 4,902,082 | ||||||||||||||
Purchased loans | 2,359,280 | 2,402,610 | 2,499,393 | 1,107,184 | 842,509 | ||||||||||||||
Purchased loan pools | 257,661 | 268,568 | 287,859 | 310,594 | 325,113 | ||||||||||||||
Total Earning Assets | $ | 10,319,954 | $ | 10,220,747 | $ | 10,138,029 | $ | 7,818,525 | $ | 7,215,742 | |||||||||
Deposits | |||||||||||||||||||
Noninterest-bearing deposits | $ | 2,545,043 | $ | 2,570,783 | $ | 2,320,851 | $ | 1,973,910 | $ | 1,780,738 | |||||||||
NOW accounts | 1,553,988 | 1,546,939 | 1,567,111 | 1,311,952 | 1,337,718 | ||||||||||||||
MMDA | 2,677,015 | 2,590,194 | 2,440,086 | 1,950,601 | 1,970,571 | ||||||||||||||
Savings accounts | 399,089 | 401,836 | 423,449 | 295,326 | 278,080 | ||||||||||||||
Retail CDs < $100,000 | 767,405 | 776,556 | 744,145 | 475,965 | 422,771 | ||||||||||||||
Retail CDs $100,000 and over | 1,124,733 | 1,055,973 | 978,842 | 585,632 | 593,635 | ||||||||||||||
Brokered CDs | 510,301 | 510,663 | 487,686 | 14,132 | — | ||||||||||||||
Total Deposits | 9,577,574 | 9,452,944 | 8,962,170 | 6,607,518 | 6,383,513 | ||||||||||||||
Non-Deposit Funding | |||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 15,879 | 14,670 | 12,529 | 14,762 | 20,909 | ||||||||||||||
FHLB advances | 6,257 | 101,337 | 513,460 | 703,177 | 371,556 | ||||||||||||||
Other borrowings | 145,473 | 145,494 | 145,513 | 86,302 | 75,553 | ||||||||||||||
Subordinated deferrable interest debentures | 89,343 | 89,135 | 88,801 | 86,085 | 85,701 | ||||||||||||||
Total Non-Deposit Funding | 256,952 | 350,636 | 760,303 | 890,326 | 553,719 | ||||||||||||||
Total Funding | $ | 9,834,526 | $ | 9,803,580 | $ | 9,722,473 | $ | 7,497,844 | $ | 6,937,232 | |||||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||||||||
FINANCIAL TABLES | |||||||||||||||||||
Interest Income and Interest Expense (TE) | Table 7 | ||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Mar | Dec | Sep | Jun | Mar | |||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2018 | 2018 | 2018 | ||||||||||||||
Interest Income | |||||||||||||||||||
Federal funds sold | $ | 179 | $ | 155 | $ | 72 | $ | — | $ | — | |||||||||
Interest-bearing deposits in banks | 3,099 | 1,906 | 1,520 | 723 | 716 | ||||||||||||||
Time deposits in other banks | 51 | 58 | 61 | — | — | ||||||||||||||
Investment securities - taxable | 9,043 | 8,686 | 8,792 | 6,321 | 5,207 | ||||||||||||||
Investment securities - nontaxable (TE) | 197 | 247 | 258 | 226 | 408 | ||||||||||||||
Loans held for sale | 1,152 | 1,618 | 1,566 | 1,315 | 1,210 | ||||||||||||||
Loans (TE) | 77,322 | 73,594 | 73,178 | 63,908 | 58,771 | ||||||||||||||
Purchased loans | 33,011 | 35,413 | 34,692 | 16,130 | 11,762 | ||||||||||||||
Purchased loan pools | 1,933 | 2,151 | 2,059 | 2,267 | 2,424 | ||||||||||||||
Total Earning Assets | $ | 125,987 | $ | 123,828 | $ | 122,198 | $ | 90,890 | $ | 80,498 | |||||||||
Accretion income (included above) | $ | 2,883 | $ | 4,077 | $ | 3,656 | $ | 2,652 | $ | 1,444 | |||||||||
Interest Expense | |||||||||||||||||||
Deposits | |||||||||||||||||||
Noninterest-bearing deposits | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
NOW accounts | 2,109 | 1,736 | 1,142 | 1,142 | 953 | ||||||||||||||
MMDA | 9,047 | 7,991 | 5,885 | 3,953 | 3,526 | ||||||||||||||
Savings accounts | 77 | 83 | 82 | 54 | 47 | ||||||||||||||
Retail CDs < $100,000 | 2,312 | 1,880 | 1,827 | 907 | 668 | ||||||||||||||
Retail CDs $100,000 and over | 5,018 | 3,978 | 3,643 | 1,670 | 1,578 | ||||||||||||||
Brokered CDs | 3,121 | 3,190 | 3,051 | 68 | — | ||||||||||||||
Total Deposits | 21,684 | 18,858 | 15,630 | 7,794 | 6,772 | ||||||||||||||
Non-Deposit Funding | |||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 11 | 5 | 4 | 5 | 9 | ||||||||||||||
FHLB advances | 44 | 568 | 2,745 | 3,383 | 1,457 | ||||||||||||||
Other borrowings | 2,227 | 2,222 | 2,180 | 1,320 | 1,134 | ||||||||||||||
Subordinated deferrable interest debentures | 1,568 | 1,542 | 1,522 | 1,445 | 1,339 | ||||||||||||||
Total Non-Deposit Funding | 3,850 | 4,337 | 6,451 | 6,153 | 3,939 | ||||||||||||||
Total Funding | $ | 25,534 | $ | 23,195 | $ | 22,081 | $ | 13,947 | $ | 10,711 | |||||||||
Net Interest Income (TE) | $ | 100,453 | $ | 100,633 | $ | 100,117 | $ | 76,943 | $ | 69,787 | |||||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL TABLES | |||||||||||||||||||||||||||||||||||||||||||||
Yields(1) | Table 8 | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Mar | Dec | Sep | Jun | Mar | |||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2018 | 2018 | 2018 | |||||||||||||||||||||||||||||||||||||||||
Earning Assets | |||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold | 2.32 | % | 2.14 | % | 1.89 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits in banks | 2.69 | % | 2.03 | % | 2.13 | % | 1.92 | % | 1.97 | % | |||||||||||||||||||||||||||||||||||
Time deposits in other banks | 2.02 | % | 2.10 | % | 2.09 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||||||||||||||||
Investment securities - taxable | 3.09 | % | 3.03 | % | 3.12 | % | 3.02 | % | 2.72 | % | |||||||||||||||||||||||||||||||||||
Investment securities - nontaxable (TE) | 3.31 | % | 3.27 | % | 3.24 | % | 3.40 | % | 3.41 | % | |||||||||||||||||||||||||||||||||||
Loans held for sale | 4.60 | % | 4.95 | % | 4.10 | % | 3.72 | % | 3.55 | % | |||||||||||||||||||||||||||||||||||
Loans (TE) | 5.34 | % | 5.02 | % | 5.09 | % | 4.93 | % | 4.86 | % | |||||||||||||||||||||||||||||||||||
Purchased loans | 5.67 | % | 5.85 | % | 5.51 | % | 5.84 | % | 5.66 | % | |||||||||||||||||||||||||||||||||||
Purchased loan pools | 3.04 | % | 3.18 | % | 2.84 | % | 2.93 | % | 3.02 | % | |||||||||||||||||||||||||||||||||||
Total Earning Assets | 4.95 | % | 4.81 | % | 4.78 | % | 4.66 | % | 4.52 | % | |||||||||||||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||||||||||||||||
NOW accounts | 0.55 | % | 0.45 | % | 0.29 | % | 0.35 | % | 0.29 | % | |||||||||||||||||||||||||||||||||||
MMDA | 1.37 | % | 1.22 | % | 0.96 | % | 0.81 | % | 0.73 | % | |||||||||||||||||||||||||||||||||||
Savings accounts | 0.08 | % | 0.08 | % | 0.08 | % | 0.07 | % | 0.07 | % | |||||||||||||||||||||||||||||||||||
Retail CDs < $100,000 | 1.22 | % | 0.96 | % | 0.97 | % | 0.76 | % | 0.64 | % | |||||||||||||||||||||||||||||||||||
Retail CDs $100,000 and over | 1.81 | % | 1.49 | % | 1.48 | % | 1.14 | % | 1.08 | % | |||||||||||||||||||||||||||||||||||
Brokered CDs | 2.48 | % | 2.48 | % | 2.48 | % | 1.93 | % | 0.00 | % | |||||||||||||||||||||||||||||||||||
Total Deposits | 0.92 | % | 0.79 | % | 0.69 | % | 0.47 | % | 0.43 | % | |||||||||||||||||||||||||||||||||||
Non-Deposit Funding | |||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 0.28 | % | 0.14 | % | 0.13 | % | 0.14 | % | 0.17 | % | |||||||||||||||||||||||||||||||||||
FHLB advances | 2.85 | % | 2.22 | % | 2.12 | % | 1.93 | % | 1.59 | % | |||||||||||||||||||||||||||||||||||
Other borrowings | 6.21 | % | 6.06 | % | 5.94 | % | 6.13 | % | 6.09 | % | |||||||||||||||||||||||||||||||||||
Subordinated deferrable interest debentures | 7.12 | % | 6.86 | % | 6.80 | % | 6.73 | % | 6.34 | % | |||||||||||||||||||||||||||||||||||
Total Non-Deposit Funding | 6.08 | % | 4.91 | % | 3.37 | % | 2.77 | % | 2.89 | % | |||||||||||||||||||||||||||||||||||
Total Funding(2) | 1.05 | % | 0.94 | % | 0.90 | % | 0.75 | % | 0.63 | % | |||||||||||||||||||||||||||||||||||
Net Interest Spread | 3.90 | % | 3.87 | % | 3.88 | % | 3.91 | % | 3.89 | % | |||||||||||||||||||||||||||||||||||
Net Interest Margin(3) | 3.95 | % | 3.91 | % | 3.92 | % | 3.95 | % | 3.92 | % | |||||||||||||||||||||||||||||||||||
(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 21%. | |||||||||||||||||||||||||||||||||||||||||||||
(2) Rate calculated based on total average funding including noninterest-bearing deposits. | |||||||||||||||||||||||||||||||||||||||||||||
(3) Rate calculated based on average earning assets. | |||||||||||||||||||||||||||||||||||||||||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||||||||
FINANCIAL TABLES | |||||||||||||||||||
Non-GAAP Reconciliations | |||||||||||||||||||
Adjusted Net Income | Table 9A | ||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Mar | Dec | Sep | Jun | Mar | |||||||||||||||
(dollars in thousands except per share data) | 2019 | 2018 | 2018 | 2018 | 2018 | ||||||||||||||
Net income available to common shareholders | $ | 39,905 | $ | 43,536 | $ | 41,444 | $ | 9,387 | $ | 26,660 | |||||||||
Adjustment items: | |||||||||||||||||||
Merger and conversion charges | 2,057 | 997 | 276 | 18,391 | 835 | ||||||||||||||
Executive retirement benefits | — | 2,005 | 962 | 5,457 | — | ||||||||||||||
Restructuring charge | 245 | 754 | 229 | — | — | ||||||||||||||
Financial impact of hurricanes | (89) | 882 | — | — | — | ||||||||||||||
Loss on sale of premises | 919 | 250 | 4 | 196 | 583 | ||||||||||||||
Tax effect of adjustment items (Note 1) | (450) | (810) | 377 | (4,192) | (298) | ||||||||||||||
After tax adjustment items | 2,682 | 4,078 | 1,848 | 19,852 | 1,120 | ||||||||||||||
Reduction in state tax expense accrued in prior year net of federal tax impact | — | (1,717) | — | — | — | ||||||||||||||
Adjusted net income | $ | 42,587 | $ | 45,897 | $ | 43,292 | $ | 29,239 | $ | 27,780 | |||||||||
Weighted average number of shares - diluted | 47,456,314 | 47,593,252 | 47,685,334 | 39,709,503 | 38,250,122 | ||||||||||||||
Net income per diluted share | $ | 0.84 | $ | 0.91 | $ | 0.87 | $ | 0.24 | $ | 0.70 | |||||||||
Adjusted net income per diluted share | $ | 0.90 | $ | 0.96 | $ | 0.91 | $ | 0.74 | $ | 0.73 | |||||||||
Average assets | $ | 11,423,677 | $ | 11,307,980 | $ | 11,204,504 | $ | 8,529,035 | $ | 7,823,451 | |||||||||
Return on average assets | 1.42 | % | 1.53 | % | 1.47 | % | 0.44 | % | 1.38 | % | |||||||||
Adjusted return on average assets | 1.51 | % | 1.61 | % | 1.53 | % | 1.38 | % | 1.44 | % | |||||||||
Average common equity | $ | 1,478,462 | $ | 1,428,341 | $ | 1,395,479 | $ | 974,494 | $ | 849,346 | |||||||||
Average tangible common equity | $ | 917,876 | $ | 869,201 | $ | 837,914 | $ | 679,559 | $ | 659,096 | |||||||||
Return on average common equity | 10.95 | % | 12.09 | % | 11.78 | % | 3.86 | % | 12.73 | % | |||||||||
Adjusted return on average tangible common equity | 18.82 | % | 20.95 | % | 20.50 | % | 17.26 | % | 17.09 | % | |||||||||
Note 1: A portion of the 2Q18, 3Q18, 4Q18 and 1Q19 merger and conversion charges and the 2Q18 executive retirement benefits are nondeductible for tax purposes. | |||||||||||||||||||
Net Interest Margin Excluding Accretion and Yield on Total Loans Excluding Accretion | Table 9B | ||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Mar | Dec | Sep | Jun | Mar | |||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2018 | 2018 | 2018 | ||||||||||||||
Total interest income (TE) | $ | 125,987 | $ | 123,828 | $ | 122,198 | $ | 90,890 | $ | 80,498 | |||||||||
Accretion income | 2,883 | 4,077 | 3,656 | 2,652 | 1,444 | ||||||||||||||
Total interest income (TE) excluding accretion | 123,104 | 119,751 | 118,542 | 88,238 | 79,054 | ||||||||||||||
Interest expense | 25,534 | 23,195 | 22,081 | 13,947 | 10,711 | ||||||||||||||
Net interest income (TE) excluding accretion | $ | 97,570 | $ | 96,556 | $ | 96,461 | $ | 74,291 | $ | 68,343 | |||||||||
Yield on total loans (TE) excluding accretion | 5.22 | % | 5.00 | % | 4.95 | % | 4.81 | % | 4.75 | % | |||||||||
Net interest margin (TE) excluding accretion | 3.83 | % | 3.75 | % | 3.77 | % | 3.81 | % | 3.84 | % | |||||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||||||||
FINANCIAL TABLES | |||||||||||||||||||
Non-GAAP Reconciliations (continued) | |||||||||||||||||||
Adjusted Efficiency Ratio (TE) | Table 9C | ||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Mar | Dec | Sep | Jun | Mar | |||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2018 | 2018 | 2018 | ||||||||||||||
Adjusted Noninterest Expense | |||||||||||||||||||
Total noninterest expense | $ | 75,425 | $ | 75,810 | $ | 72,353 | $ | 86,386 | $ | 59,098 | |||||||||
Adjustment items: | |||||||||||||||||||
Merger and conversion charges | (2,057) | (997) | (276) | (18,391) | (835) | ||||||||||||||
Executive retirement benefits | — | (2,005) | (962) | (5,457) | — | ||||||||||||||
Restructuring charge | (245) | (754) | (229) | — | — | ||||||||||||||
Financial impact of hurricanes | 89 | (882) | — | — | — | ||||||||||||||
Loss on sale of premises | (919) | (250) | (4) | (196) | (583) | ||||||||||||||
Adjusted noninterest expense | $ | 72,293 | $ | 70,922 | $ | 70,882 | $ | 62,342 | $ | 57,680 | |||||||||
Total Revenue | |||||||||||||||||||
Net interest income | $ | 99,395 | $ | 99,554 | $ | 99,038 | $ | 75,999 | $ | 68,801 | |||||||||
Noninterest income | 30,771 | 30,470 | 30,171 | 31,307 | 26,464 | ||||||||||||||
Total revenue | $ | 130,166 | $ | 130,024 | $ | 129,209 | $ | 107,306 | $ | 95,265 | |||||||||
Adjusted Total Revenue | |||||||||||||||||||
Net interest income (TE) | $ | 100,453 | $ | 100,633 | $ | 100,117 | $ | 76,943 | $ | 69,787 | |||||||||
Noninterest income | 30,771 | 30,470 | 30,171 | 31,307 | 26,464 | ||||||||||||||
Total revenue (TE) | 131,224 | 131,103 | 130,288 | 108,250 | 96,251 | ||||||||||||||
Adjustment items: | |||||||||||||||||||
(Gain) loss on securities | (66) | (1) | (48) | 123 | (37) | ||||||||||||||
Adjusted total revenue (TE) | $ | 131,158 | $ | 131,102 | $ | 130,240 | $ | 108,373 | $ | 96,214 | |||||||||
Efficiency ratio | 57.95 | % | 58.30 | % | 56.00 | % | 80.50 | % | 62.04 | % | |||||||||
Adjusted efficiency ratio (TE) | 55.12 | % | 54.10 | % | 54.42 | % | 57.53 | % | 59.95 | % | |||||||||
Tangible Book Value Per Share | Table 9D | ||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Mar | Dec | Sep | Jun | Mar | |||||||||||||||
(dollars in thousands except per share data) | 2019 | 2018 | 2018 | 2018 | 2018 | ||||||||||||||
Total shareholders' equity | $ | 1,495,584 | $ | 1,456,347 | $ | 1,404,977 | $ | 1,371,896 | $ | 868,944 | |||||||||
Less: | |||||||||||||||||||
Goodwill | 501,308 | 503,434 | 505,604 | 504,764 | 208,513 | ||||||||||||||
Other intangibles, net | 55,557 | 58,689 | 54,729 | 53,561 | 12,562 | ||||||||||||||
Total tangible shareholders' equity | $ | 938,719 | $ | 894,224 | $ | 844,644 | $ | 813,571 | $ | 647,869 | |||||||||
Period end number of shares | 47,585,309 | 47,499,941 | 47,496,966 | 47,518,662 | 38,327,081 | ||||||||||||||
Book value per share (period end) | $ | 31.43 | $ | 30.66 | $ | 29.58 | $ | 28.87 | $ | 22.67 | |||||||||
Tangible book value per share (period end) | $ | 19.73 | $ | 18.83 | $ | 17.78 | $ | 17.12 | $ | 16.90 | |||||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||||||||
FINANCIAL TABLES | |||||||||||||||||||
Segment Reporting | Table 10 | ||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Mar | Dec | Sep | Jun | Mar | |||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2018 | 2018 | 2018 | ||||||||||||||
Banking Division | |||||||||||||||||||
Net interest income | $ | 85,039 | $ | 84,399 | $ | 84,041 | $ | 61,759 | $ | 55,359 | |||||||||
Provision for loan losses | 2,058 | 1,603 | 1,229 | 766 | 888 | ||||||||||||||
Noninterest income | 14,370 | 15,784 | 16,524 | 13,287 | 13,099 | ||||||||||||||
Noninterest expense | |||||||||||||||||||
Salaries and employee benefits | 27,932 | 25,882 | 26,120 | 26,646 | 22,068 | ||||||||||||||
Occupancy and equipment expenses | 7,281 | 7,080 | 7,871 | 5,684 | 5,477 | ||||||||||||||
Data processing and telecommunications expenses | 7,592 | 7,522 | 7,589 | 5,611 | 6,304 | ||||||||||||||
Other noninterest expenses | 16,956 | 17,310 | 13,461 | 29,937 | 11,080 | ||||||||||||||
Total noninterest expense | 59,761 | 57,794 | 55,041 | 67,878 | 44,929 | ||||||||||||||
Income before income tax expense | 37,590 | 40,786 | 44,295 | 6,402 | 22,641 | ||||||||||||||
Income tax expense | 8,775 | 5,493 | 11,156 | 1,716 | 5,242 | ||||||||||||||
Net income | $ | 28,815 | $ | 35,293 | $ | 33,139 | $ | 4,686 | $ | 17,399 | |||||||||
Retail Mortgage Division | |||||||||||||||||||
Net interest income | $ | 5,753 | $ | 7,873 | $ | 5,544 | $ | 5,046 | $ | 4,997 | |||||||||
Provision for loan losses | 136 | (1) | 122 | 246 | 217 | ||||||||||||||
Noninterest income | 14,290 | 10,689 | 12,097 | 13,889 | 11,585 | ||||||||||||||
Noninterest expense | |||||||||||||||||||
Salaries and employee benefits | 8,207 | 10,802 | 10,061 | 10,864 | 7,742 | ||||||||||||||
Occupancy and equipment expenses | 766 | 684 | 618 | 545 | 593 | ||||||||||||||
Data processing and telecommunications expenses | 330 | 306 | 347 | 383 | 389 | ||||||||||||||
Other noninterest expenses | 2,114 | 1,661 | 1,828 | 1,778 | 1,731 | ||||||||||||||
Total noninterest expense | 11,417 | 13,453 | 12,854 | 13,570 | 10,455 | ||||||||||||||
Income before income tax expense | 8,490 | 5,110 | 4,665 | 5,119 | 5,910 | ||||||||||||||
Income tax expense | 1,613 | 1,073 | 943 | 1,075 | 1,244 | ||||||||||||||
Net income | $ | 6,877 | $ | 4,037 | $ | 3,722 | $ | 4,044 | $ | 4,666 | |||||||||
Warehouse Lending Division | |||||||||||||||||||
Net interest income | $ | 2,690 | $ | 2,438 | $ | 2,469 | $ | 2,326 | $ | 1,855 | |||||||||
Provision for loan losses | — | — | — | — | — | ||||||||||||||
Noninterest income | 379 | 386 | 503 | 735 | 397 | ||||||||||||||
Noninterest expense | |||||||||||||||||||
Salaries and employee benefits | 161 | 145 | 136 | 128 | 138 | ||||||||||||||
Occupancy and equipment expenses | 1 | — | 2 | — | — | ||||||||||||||
Data processing and telecommunications expenses | 30 | 29 | 30 | 30 | 33 | ||||||||||||||
Other noninterest expenses | 68 | 62 | 69 | 55 | 52 | ||||||||||||||
Total noninterest expense | 260 | 236 | 237 | 213 | 223 | ||||||||||||||
Income before income tax expense | 2,809 | 2,588 | 2,735 | 2,848 | 2,029 | ||||||||||||||
Income tax expense | 590 | 544 | 574 | 598 | 426 | ||||||||||||||
Net income | $ | 2,219 | $ | 2,044 | $ | 2,161 | $ | 2,250 | $ | 1,603 | |||||||||
AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||||||||
FINANCIAL TABLES | |||||||||||||||||||
Segment Reporting (continued) | Table 10 | ||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Mar | Dec | Sep | Jun | Mar | |||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2018 | 2018 | 2018 | ||||||||||||||
SBA Division | |||||||||||||||||||
Net interest income | $ | 1,086 | $ | 1,352 | $ | 1,459 | $ | 1,320 | $ | 924 | |||||||||
Provision for loan losses | 231 | 112 | 41 | 447 | 537 | ||||||||||||||
Noninterest income | 1,730 | 1,094 | 1,045 | 1,349 | 1,370 | ||||||||||||||
Noninterest expense | |||||||||||||||||||
Salaries and employee benefits | 765 | 712 | 682 | 736 | 740 | ||||||||||||||
Occupancy and equipment expenses | 59 | 63 | 58 | 55 | 58 | ||||||||||||||
Data processing and telecommunications expenses | 2 | — | 1 | 9 | 9 | ||||||||||||||
Other noninterest expenses | 349 | 401 | 210 | 290 | 236 | ||||||||||||||
Total noninterest expense | 1,175 | 1,176 | 951 | 1,090 | 1,043 | ||||||||||||||
Income before income tax expense | 1,410 | 1,158 | 1,512 | 1,132 | 714 | ||||||||||||||
Income tax expense | 296 | 243 | 317 | 238 | 150 | ||||||||||||||
Net income | $ | 1,114 | $ | 915 | $ | 1,195 | $ | 894 | $ | 564 | |||||||||
Premium Finance Division | |||||||||||||||||||
Net interest income | $ | 4,827 | $ | 3,492 | $ | 5,525 | $ | 5,548 | $ | 5,666 | |||||||||
Provision for loan losses | 983 | 1,947 | 703 | 7,651 | 159 | ||||||||||||||
Noninterest income | 2 | 2,517 | 2 | 2,047 | 13 | ||||||||||||||
Noninterest expense | |||||||||||||||||||
Salaries and employee benefits | 1,305 | 1,441 | 1,447 | 1,402 | 1,401 | ||||||||||||||
Occupancy and equipment expenses | 97 | 118 | 49 | 106 | 70 | ||||||||||||||
Data processing and telecommunications expenses | 437 | 436 | 551 | 406 | 400 | ||||||||||||||
Other noninterest expenses | 973 | 1,156 | 1,223 | 1,721 | 577 | ||||||||||||||
Total noninterest expense | 2,812 | 3,151 | 3,270 | 3,635 | 2,448 | ||||||||||||||
Income before income tax expense | 1,034 | 911 | 1,554 | (3,691) | 3,072 | ||||||||||||||
Income tax expense | 154 | (336) | 327 | (1,204) | 644 | ||||||||||||||
Net income | $ | 880 | $ | 1,247 | $ | 1,227 | $ | (2,487) | $ | 2,428 | |||||||||
Total Consolidated | |||||||||||||||||||
Net interest income | $ | 99,395 | $ | 99,554 | $ | 99,038 | $ | 75,999 | $ | 68,801 | |||||||||
Provision for loan losses | 3,408 | 3,661 | 2,095 | 9,110 | 1,801 | ||||||||||||||
Noninterest income | 30,771 | 30,470 | 30,171 | 31,307 | 26,464 | ||||||||||||||
Noninterest expense | |||||||||||||||||||
Salaries and employee benefits | 38,370 | 38,982 | 38,446 | 39,776 | 32,089 | ||||||||||||||
Occupancy and equipment expenses | 8,204 | 7,945 | 8,598 | 6,390 | 6,198 | ||||||||||||||
Data processing and telecommunications expenses | 8,391 | 8,293 | 8,518 | 6,439 | 7,135 | ||||||||||||||
Other noninterest expenses | 20,460 | 20,590 | 16,791 | 33,781 | 13,676 | ||||||||||||||
Total noninterest expense | 75,425 | 75,810 | 72,353 | 86,386 | 59,098 | ||||||||||||||
Income before income tax expense | 51,333 | 50,553 | 54,761 | 11,810 | 34,366 | ||||||||||||||
Income tax expense | 11,428 | 7,017 | 13,317 | 2,423 | 7,706 | ||||||||||||||
Net income | $ | 39,905 | $ | 43,536 | $ | 41,444 | $ | 9,387 | $ | 26,660 | |||||||||
View original content to download multimedia:http://www.prnewswire.com/news-releases/ameris-bancorp-announces-financial-results-for-first-quarter-2019-300836047.html
SOURCE Ameris Bancorp
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
