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Ameris Bancorp$52.20($.50)(.95%)

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 Ameris Bancorp Announces 2015 Financial Results
   Friday, January 22, 2016 7:00:00 AM ET

AMERIS BANCORP (NASDAQ-GS: ABCB), (the "Company"), today reported operating net income of $53.3 million, or $1.66 per share, for the year ended December 31, 2015, compared with $41.2 million, or $1.57 per share, for 2014. Operating net income excludes $12.5 million and $2.8 million of after-tax acquisition-related costs and non-recurring credit charges in 2015 and 2014, respectively. Commenting on the Company’s earnings, Edwin W. Hortman, Jr., President and Chief Executive Officer of the Company, said, "I am pleased with our improvement in 2015 compared with our 2014 results. We spent 2015 integrating the acquisitions completed in the second quarter of the year and preparing for consistent earnings in 2016. Our achievements in 2015 include organic loan growth of 13.5%, organic growth in non-interest bearing deposits of 26.1% and a 15.1% improvement in tangible book value. I am confident that the momentum we have in balance sheet growth and resulting revenue is what we need to meet our goals for this year."

https://photos.prnewswire.com/prnvar/20051117/CLTH039LOGO

Operating net income for the fourth quarter of 2015 was $15.3 million, or $0.47 per share, compared with $10.6 million, or $0.39 per share, for the same quarter of 2014. Operating results for the fourth quarter exclude acquisition costs totaling $1.8 million and $255,000, before tax, in the fourth quarter of 2015 and 2014, respectively. "Highlights for the fourth quarter include very strong loan production augmented by additional purchases of select mortgage pools and strong growth in non-interest bearing deposits. Seasonality in our mortgage operations resulted in lower profitability for the fourth quarter of 2015 than for the third quarter, by approximately $0.04 per share. Additionally, we had approximately $2.2 million of loss-share related expenses associated with three expiring agreements that we anticipate will decline to normal levels in the first quarter of 2016."

Including acquisition and conversion costs and non-recurring credit resolution expenses, the Company reported net income of $14.1 million, or $0.43 per share, for the fourth quarter of 2015, compared with $10.6 million, or $0.39 per share, for the same quarter of 2014. For the year, the Company’s earnings totaled $40.8 million, or $1.27 per share, compared with $38.4 million, or $1.46 per share, for 2014.

Highlights of the Company’s results for 2015 include the following:

-- operating return on average assets of 1.11% and operating return on average tangible equity of 13.66%

-- growth in total assets to $5.59 billion, an increase of 38.4% over 2014

-- organic growth in total assets of 10.1%, or $406.0 million

-- organic growth in loans totaled $344.2 million, or 13.4%

-- total growth in non-interest bearing demand deposits of $490.5 million, or 58.4%, to end the year at 27.3% of total deposits

-- increase in total recurring revenue over 2014 of 22.8% to $261.0 million, with "recurring revenue" defined as net interest income plus non-interest income, but excluding gain on the sale of securities

-- decline in annualized net charge-offs to 0.20% of total loans, compared with 0.31% for 2014

-- increase in tangible book value per share of 15.1% to $12.65, compared with $10.99 per share at December 31, 2014

-- increase in non-interest income of 35.8% to $85.2 million, compared with $62.7 million for 2014

-- increase in profitability from mortgage, SBA and warehouse lines of business of 79.3% to $15.2 million, compared with $8.5 million for 2014

Pending Acquisition During the third quarter of 2015, the Company announced the execution of an agreement to acquire Jacksonville Bancorp, Inc., the parent company of The Jacksonville Bank. The Jacksonville Bank currently operates eight banking locations, all of which are located within the Jacksonville, Florida MSA. The acquisition will further expand the Company’s existing Southeastern footprint in the attractive Jacksonville market, where the Company will be the largest community bank by deposit market share after the acquisition. Upon completion of the transaction, the combined company will have approximately $6.0 billion in assets, $4.2 billion in loans and $5.2 billion in deposits. The transaction is expected to close in the first quarter of 2016 and is subject to customary closing conditions, including receipt of the approval of the shareholders of Jacksonville Bancorp, Inc.

Increase in Net Interest Income Net interest income on a tax-equivalent basis increased 17.5% in 2015 to $178.1 million, up from $151.5 million for 2014. Growth in earning assets from internal sources, as well as from acquisition activity, contributed to the increase. Average earning assets increased 30.8% in 2015 to $4.32 billion, compared with $3.30 billion for 2014. Although the Company’s net interest income increased, its net interest margin was affected by historically low interest rates, as well as unusually high levels of lower yielding short-term assets acquired in the Company’s recent bank and branch acquisitions, as well as the recent loan pool purchases. For the year ended December 31, 2015, the Company’s net interest margin, including accretion, fell to 4.12%, compared with 4.59% for 2014.

The Company’s net interest margin was 3.98% for the fourth quarter of 2015, compared with 4.07% for the third quarter of the year. The Company’s margin in the fourth quarter was affected by seasonal inflows of municipal deposits and short-term funds from commercial enterprises, which increased the percentage of short-term assets to earning assets to 6.02% for the quarter from 4.36% for the third quarter of 2015. Management of the Company estimates the negative impact of these short-term inflows to its net interest margin to be approximately 0.07%.

Accretion income for the fourth quarter decreased slightly to $2.9 million, compared with $3.0 million for the third quarter of 2015, and was significantly less than the $4.3 million reported for the fourth quarter of 2014. Excluding the effect of accretion, the Company’s margin for the fourth quarter of 2015 was 3.74%, compared with 3.81% for the third quarter of 2015 and 4.17% for the fourth quarter of 2014.

Interest income on loans on a tax-equivalent basis increased substantially during 2015 to $170.0 million, compared with $149.1 million for 2014. Much of the growth in loan revenues occurred late in the year, such that the increase should provide greater loan revenues for subsequent periods. During the quarter ended December 31, 2015, interest income on loans increased to $46.9 million, compared with $45.4 million for the third quarter of 2015 and $40.6 million for the fourth quarter of 2014. Loan yields (including loans held for sale but excluding accretion income) were 4.68% in the fourth quarter of 2015, compared with 4.73% in the third quarter of 2015 and 5.05% in the fourth quarter of 2014. The majority of the decline in loan yields resulted from growth in the Company’s investment in whole loan mortgage pools, which increased to 11.9% of total loans during the quarter, with yields slightly below 3.00%.

Yields on earning assets in 2015 were 4.47%, compared with 5.03% in 2014. The decline in earning asset yields relates principally to the short-term investment strategy associated with the Company’s recent acquisitions. Yields on the invested funds in purchased mortgage pools were 3.21% during 2015. Current yields on all other loans (including purchased non-covered and covered loans) were 5.31% during 2015, compared with 5.63% in 2014. Higher yielding covered loans as a percentage of total loans has declined from 9.6% at the end of 2014 to only 3.5% at December 31, 2015. Additionally, a portion of the growth in the Company’s legacy portfolio has been in both municipal loans and adjustable-rate mortgages that have a significantly better risk profile but produce lower yields than consolidated levels typically earned by the Company in recent years. Yields on loans, excluding accretion, declined during 2015 to 4.90%, compared with 5.11% for 2014. For the fourth quarter, loan yields, excluding accretion, increased nine basis points to 4.92%, compared with 4.83% for the third quarter of 2015.

Total interest expense for 2015 was $14.9 million, compared with $14.7 million for 2014. Deposit costs were stable for most of 2015, ending the year at 0.23%, compared with 0.30% for 2014. Deposit costs increased slightly in the fourth quarter of 2015 to 0.23% , compared with 0.22% for the third quarter of 2015. Continued improvement in the Company’s mix of deposits, primarily toward non-interest bearing deposits, has allowed for more aggressive retention efforts on MMDA and CDs without negatively impacting overall deposit costs. Non-interest bearing deposits were 29.2% of the total average deposits for 2015, compared with 23.5% for 2014. The Company does not expect deposit costs or overall funding costs to change materially in the coming quarters despite tightening liquidity and strengthening forecasts for asset growth.

Non-Interest Income Excluding gains on investment securities, non-interest income increased 35.8% in 2015 to $85.2 million, compared with $62.7 million for 2014. Growth rates were notably strong for each source of non-interest income. Retail mortgage revenues increased 42.9% during 2015, from $30.3 million for 2014 to $43.3 million for 2015, as the Company’s mortgage division reached a mature stage with highly seasoned and experienced mortgage bankers producing strong results from referral sources. Net income for the Company’s retail mortgage division grew 88.4% during 2015 to $9.3 million. Revenues from the Company’s warehouse lending division increased 106.0% during the year, from $2.7 million for 2014 to $5.5 million for 2015, and net income for the division increased 141.6%, from $1.3 million for 2014 to $3.1 million for 2015.

Revenues and profitability slowed for both mortgage and warehouse lending in the fourth quarter, which is traditionally a slow time of the year. Results were also negatively impacted by the implementation of new mortgage loan disclosure and delivery requirements, which became effective on October 3, 2015. Management does not anticipate that the new requirements will adversely impact future quarters, and management further believes that revenues and profitability from mortgage operations will continue to grow steadily during 2016.

Revenues from the Company’s SBA division continued to increase during 2015, rising from $7.0 million for 2014 to $8.3 million for 2015. Net income for the division increased 24.7%, from $2.3 million for 2014 to $2.8 million for 2015.

Service charges on deposit accounts increased by $9.9 million to $34.5 million during 2015, an increase of 40.0% compared with 2014. Service charge increases associated with the Company’s acquisitions during 2015 totaled $5.1 million, or approximately $9.2 million on an annualized basis.

Non-Interest Expense Total operating expenses, excluding credit charges and acquisition costs, increased $40.0 million during 2015 to $173.4 million. The majority of the increase in operating expenses was associated with the operating expenses of the bank and branches acquired by the Company during 2015, which totaled $23.2 million, and an increase in operating expenses resulting from added lines of business, which totaled $7.2 million.

Excluding acquisition costs, operating expenses increased $3.3 million in the fourth quarter of 2015 compared with the third quarter of 2015. Compensation costs increased $1.0 million during the fourth quarter as a result of increased incentive accruals.

Credit-related costs increased in the fourth quarter of 2015 to $2.2 million, compared with $1.1 million for the third quarter of 2015. During the quarter, three of the Company’s remaining commercial loss-share agreements with the FDIC expired, causing the Company to dispose of any related OREO that remained prior to expiration. These costs accounted for approximately $800,000 of the additional credit costs incurred during the fourth quarter and are not considered recurring.

Other costs associated with expiring loss-share agreements relate primarily to the amortization of the indemnification asset. Total costs incurred during the fourth quarter of 2015 and during the year-to-date period totaled $1.7 million and $4.8 million, respectively. Scheduled amortization of the remaining indemnification asset is approximately $775,000 for the first quarter of 2016 and $1.6 million for all of 2016.

Balance Sheet Trends Total assets increased $1.55 billion during 2015, ending the year at $5.59 billion, compared with $4.04 billion at December 31, 2014. The growth in total assets was driven by the acquisitions of Merchants and Southern Bank and 18 additional retail branches during the second quarter of 2015.

Total loans, excluding loans held for sale, purchased non-covered loan pools and covered loans, were $3.18 billion at the end of 2015, compared with $2.56 billion at the end of 2014. Loans held for sale increased 17.3% to $111.2 million, the result of higher production levels in the Company’s mortgage and SBA divisions. Purchased non-covered loan pools were $593.0 million at December 31, 2015. Covered loans declined $133.8 million, or 49.3%, during 2015 to end the year at $137.5 million. At the end of 2015, covered loans represent only 3.5% of total loans, compared with 9.6% at the end of 2014.

Investment securities at the end of 2015 were $792.5 million, or 15.6% of earning assets, compared with $552.1 million, or 15.5% of earning assets, at December 31, 2014.

Deposits increased $1.45 billion during 2015 to finish the year at $4.88 billion. At December 31, 2015, non-interest bearing deposit accounts were $1.33 billion, or 27.3% of total deposits, compared with $839.4 million and 24.5%, respectively, at December 31, 2014. Non-rate sensitive deposits (including NIB, NOW and savings) totaled $2.71 billion at December 31, 2015, compared with $1.82 billion at the end of 2014. These funds represented 55.6% of the Company’s total deposits at the end of 2015, compared with 53.2% at the end of 2014.

Stockholders’ equity at December 31, 2015 totaled $514.8 million, an increase of $148.7 million, or 40.6%, from December 31, 2014. The increase in stockholders’ equity was the result of the Company’s issuance of $114.9 million of common shares in the first quarter of 2015 and earnings of $40.8 million during 2015. Tangible book value per share ended 2015 at $12.65 per share, up 15.1% from $10.99 per share at the end of 2014.

Conference Call The Company will host a teleconference at 10:00 a.m. Eastern time today (January 22, 2016) to discuss the Company’s results and answer appropriate questions. The conference call can be accessed by dialing 1-877-504-1190, or 1-412-902-6630 for international participants and 1-855-669-9657 for Canada. The conference ID name is Ameris Bancorp. A replay of the call will be available one hour after the end of the conference call until February 5, 2016. To listen to the replay, dial 1-877-344-7529, or 1-412-317-0088 for international participants and 1-855-669-9658 for Canada. The conference replay access code is 10078442. 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 headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 101 locations in Georgia, Alabama, northern Florida and South Carolina, with eight of those locations announced to be consolidated within the coming months.

This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management of Ameris Bancorp (the "Company") uses these non-GAAP measures in its analysis of the Company’s performance. These measures are useful when evaluating the underlying performance and efficiency of the Company’s operations and balance sheet. The Company’s management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company’s management believes that investors may use these non-GAAP financial measures to evaluate the Company’s financial performance without the impact of unusual items that may obscure trends in the Company’s underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

This news release contains statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe", "estimate", "expect", "intend", "anticipate" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements and are referred to the Company’s periodic filings with the Securities and Exchange Commission, including the Company’s 2014 Annual Report on Form 10-K, for a summary of certain factors that may impact the Company’s results of operations and financial condition.

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
                                                                          Three Months Ended                                                                                                                  Twelve Months Ended
                                                                          Dec.                        Sept.                       Jun.                        Mar.                    Dec.                    Dec.                    Dec.
                                                                          2015                        2015                        2015                        2015                    2014                    2015                    2014
EARNINGS
           Net Income Available to Common Shareholders                    $                 14,148    $                 15,627    $                   1,308   $               9,764   $             10,580    $             40,847    $             38,437
PER COMMON SHARE DATA
           Earnings per share available to common shareholders:
                                       Basic                              $                     0.44  $                     0.49  $                     0.04  $                 0.32  $                 0.40  $                 1.29  $                 1.48
                                       Diluted                            $                     0.43  $                     0.48  $                     0.04  $                 0.32  $                 0.39  $                 1.27  $                 1.46
           Cash Dividends per share                                       $                     0.05  $                     0.05  $                     0.05  $                 0.05  $                 0.05  $                 0.20  $                 0.15
           Book value per share (period end)                              $                   15.98   $                   15.60   $                   15.12   $               15.22   $               13.67   $               15.98   $               13.67
           Tangible book value per share (period end)                     $                   12.65   $                   12.31   $                   11.81   $               13.01   $               10.99   $               12.65   $               10.99
           Weighted average number of shares:
                                       Basic                              32,199,632                  32,195,435                  32,184,355                  30,442,998              26,771,636              31,761,624              25,974,084
                                       Diluted                            32,594,929                  32,553,167                  32,520,453                  30,796,148              27,090,293              32,126,667              26,259,030
           Period-end number of shares                                    32,211,385                  32,196,117                  32,195,089                  32,182,143              26,773,863              32,211,385              26,773,863
           Market data:
                                       High closing price                 $                   34.90   $                   28.75   $                   26.87   $               26.55   $               26.48   $               34.90   $               26.48
                                       Low closing price                  $                   27.65   $                   24.97   $                   24.73   $               22.75   $               21.95   $               22.75   $               19.73
                                       Period end closing price           $                   33.99   $                   28.75   $                   25.29   $               26.39   $               25.64   $               33.99   $               25.64
                                       Average daily volume               301,775                     174,900                     107,413                     105,152                 111,473                 173,391                 93,229
PERFORMANCE RATIOS
           Return on average assets                                       1.03%                       1.19%                       0.12%                       0.97%                   1.05%                   0.85%                   1.08%
           Return on average common equity                                10.94%                      12.53%                      1.07%                       8.76%                   11.57%                  8.37%                   12.40%
           Earning asset yield (TE)                                       4.30%                       4.39%                       4.49%                       4.79%                   5.08%                   4.47%                   5.03%
           Total cost of funds                                            0.32%                       0.32%                       0.36%                       0.40%                   0.43%                   0.34%                   0.43%
           Net interest margin (TE)                                       3.98%                       4.07%                       4.14%                       4.39%                   4.64%                   4.12%                   4.59%
           Non-interest income excluding securities transactions,
                                       as a percent of total revenue (TE) 29.56%                      32.33%                      31.51%                      29.06%                  26.50%                  30.68%                  27.37%
           Efficiency ratio                                               74.66%                      66.87%                      92.74%                      72.38%                  72.75%                  76.25%                  70.92%
CAPITAL ADEQUACY (period end)
           Stockholders’ equity to assets                                 9.21%                       9.63%                       9.35%                       11.79%                  9.07%                   9.21%                   9.07%
           Tangible common equity to tangible assets                      7.44%                       7.76%                       7.46%                       10.26%                  7.42%                   7.44%                   7.42%
EQUITY TO ASSETS RECONCILIATION
           Tangible common equity to tangible assets                      7.44%                       7.76%                       7.46%                       10.26%                  7.42%                   7.44%                   7.42%
           Effect of goodwill and other intangibles                       1.77%                       1.87%                       1.89%                       1.54%                   1.65%                   1.77%                   1.65%
                                       Equity to assets (GAAP)            9.21%                       9.63%                       9.35%                       11.79%                  9.07%                   9.21%                   9.07%
OTHER PERIOD-END DATA
           Banking Division FTE                                           1,075                       1,110                       1,122                       852                     853                     1,075                   853
           Mortgage Division FTE                                          229                         218                         191                         170                     174                     229                     174
                                       Total Ameris Bancorp FTE Headcount 1,304                       1,328                       1,313                       1,022                   1,027                   1,304                   1,027
           Assets per Banking Division FTE                                $                   5,199   $                   4,699   $                   4,640   $               4,874   $               4,733   $               5,199   $               4,733
           Branch locations                                               101                         103                         103                         73                      73                      101                     73
           Deposits per branch location                                   $                 48,310    $                 43,986    $                 43,801    $             47,674    $             47,002    $             48,310    $             47,002
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
                                                                    Three Months Ended                                                                                                             Twelve Months Ended
                                                                    Dec.                       Sept.                      Jun.                       Mar.                   Dec.                   Dec.                   Dec.
                                                                    2015                       2015                       2015                       2015                   2014                   2015                   2014
INCOME STATEMENT
Interest income
                  Interest and fees on loans                        $                 47,336   $                 45,775   $                 39,838   $             38,618   $             41,235   $           171,567    $           150,611
                  Interest on taxable securities                    4,540                      4,694                      3,747                      3,153                  3,114                  16,134                 12,086
                  Interest on nontaxable securities                 458                        480                        462                        469                    483                    1,869                  1,626
                  Interest on deposits in other banks               262                        227                        177                        124                    66                     790                    236
                  Interest on federal funds sold                    5                          19                         5                          4                      2                      33                     7
                                          Total interest income     52,601                     51,195                     44,229                     42,368                 44,900                 190,393                164,566
Interest expense
                  Interest on deposits                              $                   2,687  $                   2,521  $                   2,264  $               2,280  $               2,560  $               9,752  $               9,488
                  Interest on other borrowings                      1,296                      1,275                      1,277                      1,256                  1,334                  5,104                  5,192
                                          Total interest expense    3,983                      3,796                      3,541                      3,536                  3,894                  14,856                 14,680
Net interest income                                                 48,618                     47,399                     40,688                     38,832                 41,006                 175,537                149,886
Provision for loan losses                                           553                        986                        2,656                      1,069                  888                    5,264                  5,648
Net interest income after provision for loan losses                 $                 48,065   $                 46,413   $                 38,032   $             37,763   $             40,118   $           170,273    $           144,238
Noninterest income
                  Service charges on deposit accounts               $                 10,119   $                 10,766   $                   7,151  $               6,429  $               6,522  $             34,465   $             24,614
                  Mortgage banking activity                         8,586                      10,404                     9,727                      8,083                  6,476                  36,800                 25,986
                  Other service charges, commissions and fees       1,112                      1,145                      829                        668                    643                    3,754                  2,647
                  Gain(loss) on sale of securities                  -                          115                        10                         12                     -                      137                    138
                  Other non-interest income                         2,590                      2,548                      2,909                      2,383                  2,721                  10,430                 9,451
                                          Total noninterest income  22,407                     24,978                     20,626                     17,575                 16,362                 85,586                 62,836
Noninterest expense
                  Salaries and employee benefits                    25,972                     24,934                     22,465                     20,632                 19,316                 94,003                 73,878
                  Occupancy and equipment expenses                  5,917                      5,915                      4,809                      4,554                  4,717                  21,195                 17,521
                  Data processing and telecommunications expenses   6,046                      5,329                      4,214                      4,260                  4,229                  19,849                 15,551
                  Credit resolution related expenses (1)            2,223                      1,083                      11,240                     3,161                  5,290                  17,707                 13,506
                  Advertising and marketing expenses                1,171                      667                        833                        641                    847                    3,312                  2,869
                  Amortization of intangible assets                 1,160                      1,321                      630                        630                    662                    3,741                  2,330
                  Merger and conversion charges                     1,807                      446                        5,712                      15                     67                     7,980                  3,940
                  Other non-interest expenses                       8,732                      8,701                      6,961                      6,934                  6,605                  31,328                 21,274
                                          Total noninterest expense 53,028                     48,396                     56,864                     40,827                 41,733                 199,115                150,869
Income before income taxes                                          $                 17,444   $                 22,995   $                   1,794  $             14,511   $             14,747   $             56,744   $             56,205
                  Income tax expense                                3,296                      7,368                      486                        4,747                  4,167                  15,897                 17,482
Net income                                                          $                 14,148   $                 15,627   $                   1,308  $               9,764  $             10,580   $             40,847   $             38,723
Preferred stock dividends                                           -                          -                          -                          -                      -                      -                      286
Net income available to common shareholders                         $                 14,148   $                 15,627   $                   1,308  $               9,764  $             10,580   $             40,847   $             38,437
Diluted earnings available to common shareholders                   0.43                       0.48                       0.04                       0.32                   0.39                   1.27                   1.46
                  (1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
                                                                                       Three Months Ended
                                                                                       Dec.                           Sept.                          Jun.                          Mar.                      Dec.
                                                                                       2015                           2015                           2015                          2015                      2014
PERIOD-END BALANCE SHEET
Assets
                Cash and due from banks                                                $               118,518        $               114,396        $               115,413       $             80,142      $             78,036
                Federal funds sold and interest bearing balances                       272,045                        120,925                        239,804                       126,157                   92,323
                Investment securities available for sale, at fair value                783,185                        811,385                        862,154                       610,330                   541,805
                Other investments                                                      9,323                          9,322                          9,322                         8,636                     10,275
                Mortgage loans held for sale                                           111,182                        111,807                        108,829                       73,796                    94,759
                Loans, net of unearned income                                          2,406,877                      2,290,649                      2,171,600                     1,999,420                 1,889,881
                Purchased, non-covered loans (excluding loan pools)                    771,554                        767,494                        808,313                       643,092                   674,239
                Purchased, non-covered loan pools                                      592,963                        410,072                        268,984                       -                         -
                Covered loans                                                          137,529                        191,021                        209,598                       245,745                   271,279
                Less allowance for loan losses                                         (21,062)                       (22,471)                       (21,658)                      (21,852)                  (21,157)
                                            Loans, net                                 3,887,861                      3,636,765                      3,436,837                     2,866,405                 2,814,242
                Other real estate owned                                                16,147                         20,730                         22,567                        32,339                    33,160
                Purchased, non-covered other real estate owned                         14,333                         11,538                         13,112                        13,818                    15,585
                Covered other real estate owned                                        5,011                          12,203                         12,626                        16,089                    19,907
                                            Total other real estate owned              35,491                         44,471                         48,305                        62,246                    68,652
                Premises and equipment, net                                            121,639                        124,756                        124,916                       98,292                    97,251
                Goodwill                                                               90,082                         87,701                         87,367                        63,547                    63,547
                Other intangibles, net                                                 17,058                         18,218                         19,189                        7,591                     8,221
                FDIC loss sharing receivable                                           6,301                          4,506                          14,957                        23,312                    31,351
                Cash value of bank owned life insurance                                64,251                         59,894                         59,552                        59,212                    58,867
                Other assets                                                           72,004                         72,154                         79,089                        73,238                    77,748
                                            Total assets                               $            5,588,940         $            5,216,300         $            5,205,734        $        4,152,904        $        4,037,077
Liabilities
                Deposits:
                                            Noninterest-bearing                        $            1,329,857         $            1,275,800         $            1,280,174        $           967,015       $           839,377
                                            Interest-bearing                           3,549,433                      3,254,723                      3,231,373                     2,513,216                 2,591,772
                Total deposits                                                         4,879,290                      4,530,523                      4,511,547                     3,480,231                 3,431,149
                Federal funds purchased & securities sold under
                                            agreements to repurchase                   63,585                         51,506                         75,066                        55,520                    73,310
                Other borrowings                                                       39,000                         39,000                         39,000                        43,851                    78,881
                Other liabilities                                                      22,432                         23,371                         24,026                        17,952                    22,384
                Subordinated deferrable interest debentures                            69,874                         69,600                         69,325                        65,567                    65,325
                                            Total liabilities                          5,074,181                      4,714,000                      4,718,964                     3,663,121                 3,671,049
Stockholders’ equity
Preferred stock                                                                        $                           -  $                           -  $                          -  $                      -  $                       -
Common stock                                                                           33,625                         33,610                         33,609                        33,593                    28,159
Capital surplus                                                                        337,349                        336,599                        336,212                       335,578                   225,015
Retained earnings                                                                      152,820                        140,282                        126,265                       126,566                   118,412
Accumulated other comprehensive income/(loss)                                          3,353                          4,197                          3,072                         6,353                     6,098
Less treasury stock                                                                    (12,388)                       (12,388)                       (12,388)                      (12,307)                  (11,656)
                                            Total stockholders’ equity                 514,759                        502,300                        486,770                       489,783                   366,028
                                            Total liabilities and stockholders’ equity $            5,588,940         $            5,216,300         $            5,205,734        $        4,152,904        $        4,037,077
Other Data
Earning Assets                                                                         5,075,335                      4,703,353                      4,669,282                     3,698,540                 3,564,286
Intangible Assets                                                                      107,140                        105,919                        106,556                       71,138                    71,768
Interest Bearing Liabilities                                                           3,721,892                      3,414,829                      3,414,764                     2,678,154                 2,809,288
Average Assets                                                                         5,427,367                      5,213,275                      4,464,558                     4,079,750                 4,011,128
Average Common Stockholders’ Equity                                                    513,098                        494,957                        491,967                       452,132                   362,659
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
                                                            Three Months Ended                                                                                                                  Twelve Months Ended
                                                            Dec.                        Sept.                       Jun.                        Mar.                    Dec.                    Dec.                   Dec.
                                                            2015                        2015                        2015                        2015                    2014                    2015                   2014
ASSET QUALITY INFORMATION(1)
Allowance for loan losses
                  Balance at beginning of period            $                 22,471    $                 21,658    $                 21,852    $             21,157    $             22,212    $             21,157   $             22,377
                  Provision for loan loss (2)               800                         1,050                       1,800                       1,100                   650                     4,750                  4,721
                                       Charge-offs          2,398                       719                         2,452                       855                     2,071                   6,424                  7,625
                                       Recoveries           189                         482                         458                         450                     366                     1,579                  1,684
                  Net charge-offs (recoveries)              2,209                       237                         1,994                       405                     1,705                   4,845                  5,941
                  Ending balance                            $                 21,062    $                 22,471    $                 21,658    $             21,852    $             21,157    $             21,062   $             21,157
                  As a percentage of loans                  0.88%                       0.98%                       1.00%                       1.09%                   1.12%                   0.88%                  1.12%
                  As a percentage of nonperforming loans    124.92%                     109.31%                     104.43%                     104.85%                 97.37%                  124.92%                97.37%
Net charge-off information
                  Charge-offs
                  Commercial, financial & agricultural      $                      501  $                      135  $                      410  $                  392  $                  468  $               1,438  $               1,567
                  Real estate - residential                 621                         234                         464                         268                     368                     1,587                  1,707
                  Real estate - commercial & farmland       1,009                       184                         1,162                       12                      1,033                   2,367                  3,288
                  Real estate - construction & development  157                         105                         263                         97                      74                      622                    592
                  Consumer installment                      110                         61                          153                         86                      128                     410                    471
                                       Total charge-offs    2,398                       719                         2,452                       855                     2,071                   6,424                  7,625
                  Recoveries
                  Commercial, financial & agricultural      134                         117                         115                         285                     91                      651                    321
                  Real estate - residential                 13                          54                          27                          57                      71                      151                    254
                  Real estate - commercial & farmland       13                          272                         17                          15                      91                      317                    274
                  Real estate - construction & development  9                           6                           277                         31                      49                      323                    349
                  Consumer installment                      20                          33                          22                          62                      64                      137                    486
                                       Total recoveries     189                         482                         458                         450                     366                     1,579                  1,684
                  Net charge-offs (recoveries)              $                   2,209   $                      237  $                   1,994   $                  405  $               1,705   $               4,845  $               5,941
Non-accrual loans (excluding purchased non-covered
and covered loans)                                          16,860                      20,558                      20,740                      20,841                  21,728                  16,860                 21,728
Non-accrual purchased non-covered loans                     13,330                      11,374                      17,444                      17,308                  18,249                  13,330                 18,249
Foreclosed assets (excluding purchased assets)              16,147                      20,730                      22,567                      32,339                  33,160                  16,147                 33,160
Purchased, non-covered other real estate owned              14,333                      11,538                      13,112                      13,818                  15,585                  14,333                 14,359
Accruing loans delinquent 90 days or more                   -                           -                           -                           -                       1                       -                      1
Total non-performing assets, excluding covered assets       60,670                      64,200                      73,863                      84,306                  88,723                  60,670                 87,497
Non-performing assets as a percent of total assets          1.09%                       1.23%                       1.42%                       2.03%                   2.20%                   1.09%                  2.17%
Net charge offs as a percent of loans (Annualized)          0.36%                       0.04%                       0.37%                       0.08%                   0.36%                   0.20%                  0.31%
(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:
                                                                   Dec.                           Sept.                          Jun.                          Mar.                      Dec.
                Loans by Type                                      2015                           2015                           2015                          2015                      2014
                Commercial, financial & agricultural               $               449,623        $               427,747        $               373,202       $           334,917       $           319,654
                Real estate - construction & development           244,693                        220,798                        205,019                       178,568                   161,507
                Real estate - commercial & farmland                1,104,991                      1,067,828                      1,010,195                     947,274                   907,524
                Real estate - residential                          570,430                        532,285                        537,201                       496,043                   456,106
                Consumer installment                               31,125                         31,299                         30,080                        29,113                    30,782
                Other                                              6,015                          10,692                         15,903                        13,505                    14,308
                Total Legacy (excluding purchased
                non-covered and covered)                           $            2,406,877         $            2,290,649         $            2,171,600        $        1,999,420        $        1,889,881
                Commercial, financial & agricultural               $                 45,462       $                 42,350       $                 45,337      $             36,258      $             38,041
                Real estate - construction & development           72,080                         71,109                         75,302                        53,668                    58,362
                Real estate - commercial & farmland                390,755                        385,032                        404,588                       291,760                   306,706
                Real estate - residential                          258,153                        263,312                        276,798                       257,216                   266,342
                Consumer installment                               5,104                          5,691                          6,288                         4,190                     4,788
                Total Purchased non-covered (net of discounts)     $               771,554        $               767,494        $               808,313       $           643,092       $           674,239
                Commercial, financial & agricultural               $                           -  $                           -  $                          -  $                      -  $                       -
                Real estate - construction & development           -                              -                              -                             -                         -
                Real estate - commercial & farmland                -                              -                              -                             -                         -
                Real estate - residential                          592,963                        410,072                        268,984                       -                         -
                Consumer installment                               -                              -                              -                             -                         -
                Total Purchased non-covered loan pools             $               592,963        $               410,072        $               268,984       $                      -  $                       -
                Commercial, financial & agricultural               $                   5,546      $                 13,349       $                 17,666      $             20,905      $             21,467
                Real estate - construction & development           7,612                          14,266                         15,002                        19,519                    23,447
                Real estate - commercial & farmland                71,226                         103,399                        111,772                       130,290                   147,627
                Real estate - residential                          53,038                         59,835                         64,982                        74,847                    78,520
                Consumer installment                               107                            172                            176                           184                       218
                Total Covered (net of discounts)                   $               137,529        $               191,021        $               209,598       $           245,745       $           271,279
                Total Loan Portfolio:
                Commercial, financial & agricultural               $               500,631        $               483,446        $               436,205       $           392,080       $           379,162
                Real estate - construction & development           324,385                        306,173                        295,323                       251,755                   243,316
                Real estate - commercial & farmland                1,566,972                      1,556,259                      1,526,555                     1,369,324                 1,361,857
                Real estate - residential                          1,474,584                      1,265,504                      1,147,965                     828,106                   800,968
                Consumer installment                               36,336                         37,162                         36,544                        33,487                    35,788
                Other                                              6,015                          10,692                         15,903                        13,505                    14,308
                Total Loans                                        $            3,908,923         $            3,659,236         $            3,458,495        $        2,888,257        $        2,835,399
                Troubled Debt Restructurings, excluding purchased non-covered and covered loans:
                Accruing loan types:
                Commercial, financial & agricultural               $                      240     $                      238     $                      278    $                  277    $                  290
                Real estate - construction & development           792                            838                            821                           789                       679
                Real estate - commercial & farmland                5,766                          5,719                          6,617                         7,309                     6,477
                Real estate - residential                          7,574                          5,209                          4,702                         4,513                     5,258
                Consumer installment                               46                             71                             49                            47                        55
                Total Accruing TDRs                                $                 14,418       $                 12,075       $                 12,467      $             12,935      $             12,759
                Non-accruing loan types:
                Commercial, financial & agricultural               $                      110     $                        68    $                        29   $                    17   $                    13
                Real estate - construction & development           63                             30                             57                            90                        228
                Real estate - commercial & farmland                596                            942                            598                           64                        724
                Real estate - residential                          1,123                          759                            783                           736                       1,485
                Consumer installment                               94                             64                             82                            90                        73
                Total Non-accrual TDRs                             $                   1,986      $                   1,863      $                   1,549     $                  997    $               2,523
                Total Troubled Debt Restructurings                 $                 16,404       $                 13,938       $                 14,016      $             13,932      $             15,282
The following table presents the loan portfolio by risk grade, excluding purchased non-covered and covered loans:
                Grade 10 - Prime credit                            $               250,609        $               231,281        $               181,933       $           157,462       $           128,577
                Grade 15 - Good credit                             227,730                        234,185                        243,070                       205,929                   217,804
                Grade 20 - Satisfactory credit                     1,224,320                      1,148,024                      1,104,747                     1,012,733                 947,948
                Grade 23 - Performing, under-collateralized credit 27,607                         26,477                         27,400                        28,643                    29,205
                Grade 25 - Minimum acceptable credit               609,413                        579,642                        544,664                       513,009                   488,187
                Grade 30 - Other asset especially mentioned        24,423                         22,190                         25,020                        25,461                    25,983
                Grade 40 - Substandard                             42,773                         48,848                         44,766                        56,179                    52,176
                Grade 50 - Doubtful                                -                              2                              -                             4                         1
                Grade 60 - Loss                                    2                              -                              -                             -                         -
                Total                                              $            2,406,877         $            2,290,649         $            2,171,600        $        1,999,420        $        1,889,881
The following table presents the purchased, non-covered loan portfolio by risk grade:
                Grade 10 - Prime credit                            $                   9,602      $                   9,801      $                 10,123      $               7,444     $               7,394
                Grade 15 - Good credit                             51,168                         50,906                         53,220                        23,640                    29,727
                Grade 20 - Satisfactory credit                     336,990                        348,034                        362,304                       206,480                   208,686
                Grade 23 - Performing, under-collateralized credit 12,029                         10,612                         10,537                        10,024                    6,578
                Grade 25 - Minimum acceptable credit               294,829                        290,272                        300,411                       337,386                   361,155
                Grade 30 - Other asset especially mentioned        30,693                         26,458                         34,779                        22,323                    25,747
                Grade 40 - Substandard                             36,211                         31,381                         36,887                        35,743                    34,889
                Grade 50 - Doubtful                                30                             30                             52                            52                        63
                Grade 60 - Loss                                    2                              -                              -                             -                         -
                Total                                              $               771,554        $               767,494        $               808,313       $           643,092       $           674,239
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
                                                   Three Months Ended                                                                                                             Twelve Months Ended
                                                   Dec.                       Sept.                      Jun.                       Mar.                   Dec.                   Dec.                   Dec.
                                                   2015                       2015                       2015                       2015                   2014                   2015                   2014
AVERAGE BALANCES
       Federal funds sold                          $                   5,500  $                   5,500  $                   5,500  $               5,500  $               3,163  $               5,500  $               2,886
       Interest bearing deposits in banks          291,303                    199,057                    201,765                    158,286                69,772                 214,120                70,829
       Investment securities - taxable             730,608                    772,252                    600,176                    485,922                461,800                650,708                435,960
       Investment securities - nontaxable          69,711                     72,549                     70,653                     71,229                 72,072                 71,035                 61,834
       Other investments                           9,322                      9,322                      9,597                      9,450                  9,804                  9,422                  10,589
       Mortgage loans held for sale                98,765                     102,961                    81,823                     75,831                 97,406                 87,952                 71,231
       Loans                                       2,333,577                  2,224,490                  2,111,507                  1,911,601              1,871,618              2,161,726              1,753,013
       Purchased non-covered loans                 752,508                    788,351                    654,397                    650,331                659,472                712,022                557,708
       Purchased non-covered loan pools            454,884                    323,258                    17,308                     -                      -                      201,689                -
       Covered loans                               180,493                    195,175                    246,422                    262,693                299,981                206,774                339,417
       Total Earning Assets                        $            4,926,671     $            4,692,915     $            3,999,148     3,630,843              3,545,088              $        4,320,948     $        3,303,467
       Noninterest bearing deposits                $            1,324,999     $            1,300,870     $            1,088,249     $           897,937    $           850,879    $        1,227,682     $           751,874
       NOW accounts                                1,100,972                  907,618                    745,709                    756,795                786,511                877,949                724,461
       MMDA                                        1,212,087                  1,219,736                  981,143                    857,346                840,397                1,074,349              805,601
       Savings accounts                            241,337                    239,999                    188,767                    163,624                156,663                209,206                150,266
       Retail CDs !!!! $100,000                    449,158                    484,007                    388,248                    372,463                386,844                425,583                389,174
       Retail CDs > $100,000                       395,978                    387,485                    378,137                    383,962                401,934                384,761                373,767
       Brokered CDs                                -                          -                          -                          -                      4,023                  -                      5,479
       Total Deposits                              4,724,531                  4,539,715                  3,770,253                  3,432,127              3,427,251              4,199,530              3,200,622
       FHLB advances                               -                          -                          17,275                     16,778                 35,815                 8,444                  46,986
       Other borrowings                            39,000                     39,000                     41,930                     43,871                 46,508                 40,931                 39,850
       Subordinated debentures                     69,723                     69,448                     67,180                     65,436                 65,195                 67,962                 60,298
       Federal funds purchased and securities sold
       under agreements to repurchase              61,986                     44,480                     58,722                     52,707                 47,247                 50,988                 47,136
       Total Non-Deposit Funding                   170,709                    152,928                    185,107                    178,792                194,765                168,325                194,270
       Total Funding                               $            4,895,240     $            4,692,643     $            3,955,360     $        3,610,919     $        3,622,016     $        4,367,855     $        3,394,892
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
                                                             Three Months Ended                                                                                                                               Twelve Months Ended
                                                             Dec.                           Sept.                          Jun.                          Mar.                      Dec.                       Dec.                       Dec.
                                                             2015                           2015                           2015                          2015                      2014                       2015                       2014
INTEREST INCOME/EXPENSE
        INTEREST INCOME
                 Federal funds sold                          $                          5   $                        19    $                          5  $                      4  $                      2   $                    33    $                      7
                 Interest bearing deposits in banks          262                            227                            177                           124                       66                         790                        237
                 Investment securities - taxable             4,540                          4,694                          3,747                         3,153                     3,114                      16,134                     12,086
                 Investment securities - nontaxable (TE)     618                            648                            624                           633                       652                        2,523                      2,195
                 Mortgage loans held for sale                1,040                          970                            764                           692                       947                        3,466                      2,593
                 Loans (TE)                                  27,901                         27,258                         25,629                        22,418                    23,294                     103,206                    87,727
                 Purchased non-covered loans                 12,129                         11,911                         10,328                        11,840                    12,612                     46,208                     40,020
                 Purchased non-covered loan pools            3,335                          2,997                          149                           -                         -                          6,481                      -
                 Covered loans                               3,556                          3,192                          3,385                         3,995                     4,704                      14,128                     21,355
                 Total Earning Assets                        $                 53,386       $                 51,916       $                 44,808      $             42,859      $             45,391       $           192,969        $           166,220
                 Accretion Income (included above)           2,912                          3,037                          2,635                         3,097                     4,280                      11,681                     12,543
        INTEREST EXPENSE
                 Non-interest bearing deposits               $                           -  $                           -  $                          -  $                      -  $                       -  $                       -  $                       -
                 NOW accounts                                463                            304                            318                           376                       414                        1,461                      1,317
                 MMDA                                        929                            877                            760                           663                       768                        3,229                      2,954
                 Savings accounts                            42                             42                             37                            37                        45                         158                        164
                 Retail CDs !!!! $100,000                    594                            607                            488                           513                       553                        2,202                      2,116
                 Retail CDs > $100,000                       659                            691                            662                           691                       746                        2,703                      2,761
                 Brokered CDs                                -                              -                              -                             -                         34                         0                          177
                 Total Deposits                              2,687                          2,521                          2,265                         2,280                     2,560                      9,753                      9,489
                 FHLB advances                               -                              -                              16                            15                        26                         31                         140
                 Other borrowings                            328                            322                            346                           366                       379                        1,362                      1,760
                 Subordinated debentures                     924                            914                            866                           832                       887                        3,536                      3,127
                 Federal funds purchased and securities sold
                 under agreements to repurchase              44                             39                             48                            43                        41                         174                        164
                 Total Non-Deposit Funding                   1,296                          1,275                          1,276                         1,256                     1,333                      5,103                      5,191
                 Total Funding                               $                   3,983      $                   3,796      $                   3,541     $               3,536     $               3,893      $             14,856       $             14,680
                 Net Interest Income (TE)                    $                 49,403       $                 48,120       $                 41,267      $             39,323      $             41,498       $           178,113        $           151,540
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
                                                               Three Months Ended                                             Twelve Months Ended
                                                               Dec.             Sept.            Jun.           Mar.   Dec.   Dec.    Dec.
                                                               2015             2015             2015           2015   2014   2015    2014
YIELDS (1)
                   Federal funds sold                          0.36%            1.37%            0.36%          0.29%  0.25%  0.60%   0.24%
                   Interest bearing deposits in banks          0.36%            0.45%            0.35%          0.32%  0.38%  0.37%   0.33%
                   Investment securities - taxable             2.47%            2.41%            2.50%          2.63%  2.68%  2.48%   2.77%
                   Investment securities - nontaxable          3.52%            3.54%            3.54%          3.60%  3.59%  3.55%   3.55%
                   Mortgage loans held for sale                4.18%            3.74%            3.75%          3.70%  3.86%  3.94%   3.64%
                   Loans                                       4.74%            4.86%            4.87%          4.76%  4.94%  4.77%   5.00%
                   Purchased non-covered loans                 6.39%            5.99%            6.33%          7.38%  7.59%  6.49%   7.18%
                   Purchased non-covered loan pools            2.91%            3.68%            3.45%          0.00%  0.00%  3.21%   0.00%
                   Covered loans                               7.82%            6.49%            5.51%          6.17%  6.22%  6.83%   6.29%
                   Total Earning Assets                        4.30%            4.39%            4.49%          4.79%  5.08%  4.47%   5.03%
                   Noninterest bearing deposits                0.00%            0.00%            0.00%          0.00%  0.00%  0.00%   0.00%
                   NOW accounts                                0.17%            0.13%            0.17%          0.20%  0.21%  0.17%   0.18%
                   MMDA                                        0.30%            0.29%            0.31%          0.31%  0.36%  0.30%   0.37%
                   Savings accounts                            0.07%            0.07%            0.08%          0.09%  0.11%  0.08%   0.11%
                   Retail CDs !!!! $100,000                    0.52%            0.50%            0.50%          0.56%  0.57%  0.52%   0.54%
                   Retail CDs > $100,000                       0.66%            0.71%            0.70%          0.73%  0.74%  0.70%   0.74%
                   Brokered CDs                                0.00%            0.00%            0.00%          0.00%  3.35%  0.00%   3.23%
                   Total Deposits                              0.23%            0.22%            0.24%          0.27%  0.30%  0.23%   0.30%
                   FHLB advances                               0.00%            0.00%            0.37%          0.36%  0.29%  0.37%   0.30%
                   Other borrowings                            3.34%            3.28%            3.31%          3.38%  3.23%  3.33%   4.42%
                   Subordinated debentures                     5.26%            5.22%            5.17%          5.16%  5.40%  5.20%   5.19%
                   Federal funds purchased and securities sold
                   under agreements to repurchase              0.28%            0.35%            0.33%          0.33%  0.34%  0.34%   0.35%
                   Total Non-Deposit Funding                   3.01%            3.31%            2.76%          2.85%  2.72%  3.03%   2.67%
                   Total funding (3)                           0.32%            0.32%            0.36%          0.40%  0.43%  0.34%   0.43%
                   Net interest spread                         3.98%            4.07%            4.13%          4.39%  4.65%  4.13%   4.60%
                   Net interest margin                         3.98%            4.07%            4.14%          4.39%  4.64%  4.12%   4.59%
(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                                                                                                                  Twelve Months Ended
                                                       Dec.                        Sept.                       Jun.                        Mar.                    Dec.                    Dec.                    Dec.
     Operating Net Income Reconciliation               2015                        2015                        2015                        2015                    2014                    2015                    2014
     Net income available to common shareholders       $                 14,148    $                 15,627    $                   1,308   $               9,764   $             10,580    $             40,847    $             38,437
     Merger and conversion charges                     1,807                       446                         5,712                       15                      67                      7,980                   3,940
     Non-recurring credit resolution related expenses  -                           -                           11,241                      -                       -                       11,241                  -
     Other non-recurring adjustments                   -                           -                           -                           -                       188                     -                       (682)
     Tax effect of non-recurring charges               (632)                       (156)                       (5,934)                     (5)                     (89)                    (6,727)                 (1,140)
     Plus: After tax non-recurring charges             1,175                       290                         11,019                      10                      (22)                    12,494                  2,800
     Operating Net income                              15,323                      15,917                      12,327                      9,774                   10,558                  53,341                  41,237
     Operating net income per diluted share:           $                     0.47  $                     0.49  $                     0.38  $                 0.32  $                 0.39  $                 1.66  $                 1.57
     Return on average assets                          1.12%                       1.21%                       1.11%                       0.97%                   1.04%                   1.11%                   1.18%
     Return on average common tangible equity          14.97%                      16.23%                      12.83%                      10.40%                  14.40%                  13.66%                  16.50%
                                                       Three Months Ended                                                                                                                  Twelve Months Ended
                                                       Dec.                        Sept.                       Jun.                        Mar.                    Dec.                    Dec.                    Dec.
     Net Interest Margin and Yields on Total Loans     2015                        2015                        2015                        2015                    2014                    2015                    2014
     Excluding Accretion Reconciliation
     Total Interest Income (TE)                        $                 53,386    $                 51,916    $                 44,808    $             42,859    $             45,391    $           192,969     $           166,220
     Accretion Income                                  2,912                       3,037                       2,635                       3,097                   4,280                   11,681                  12,543
     Total Interest Income (TE) Excluding Accretion    $                 50,474    $                 48,879    $                 42,173    $             39,762    $             41,111    $           181,288     $           153,677
     Total Interest Expense                            $                   3,983   $                   3,796   $                   3,541   $               3,536   $               3,893   $             14,856    $             14,680
     Net Interest Income (TE) Excluding Accretion      $                 46,491    $                 45,083    $                 38,632    $             36,226    $             37,218    $           166,432     $           138,997
     Yield on Total Loans Excluding Accretion          4.92%                       4.83%                       4.86%                       5.01%                   5.05%                   4.90%                   5.11%
     Net Interest Margin Excluding Accretion           3.74%                       3.81%                       3.87%                       4.05%                   4.17%                   3.85%                   4.21%
                                                       Three Months Ended                                                                                                                  Twelve Months Ended
                                                       Dec.                        Sept.                       Jun.                        Mar.                    Dec.                    Dec.                    Dec.
     Core Earnings Reconciliation                      2015                        2015                        2015                        2015                    2014                    2015                    2014
     Pre-tax operating profit/(loss)                   $                 17,444    $                 22,995    $                   1,794   $             14,511    $             14,747    $             56,744    $             56,205
     Plus: Credit Related Costs
     Provision for loan losses                         553                         986                         2,656                       1,069                   888                     5,264                   5,648
     (Gains)/Losses on the sale of legacy OREO         535                         36                          436                         110                     (228)                   1,117                   (3)
     (Gains)/Losses on the sale of covered OREO        610                         56                          194                         20                      344                     880                     527
     Problem loan and OREO expense                     1,078                       991                         10,632                      3,031                   5,175                   15,732                  12,984
     Interest reversed (received) on non-accrual loans 58                          17                          413                         156                     (6)                     644                     405
     Total Credit-Related Costs                        2,834                       2,086                       14,331                      4,386                   6,173                   23,637                  19,561
     Plus: Conversion charges                          1,807                       446                         5,712                       15                      67                      7,980                   3,940
     Less: Non-recurring gains
     Gains on sales of securities                      -                           (115)                       (10)                        (12)                    -                       (137)                   (138)
     Gains on sales of bank premises                   (267)                       -                           -                           -                       -                       (267)                   (616)
     Other non-recurring adjustments                   -                           -                           -                           -                       188                     -                       (682)
     Pretax, Pre-provision earnings                    $                 21,818    $                 25,412    $                 21,827    $             18,900    $             21,175    $             87,957    $             78,270
     As percentage of average assets, annualized       1.59%                       1.93%                       1.96%                       1.88%                   2.09%                   1.62%                   1.95%
                                                       Three Months Ended                                                                                                                  Twelve Months Ended
                                                       Dec.                        Sept.                       Jun.                        Mar.                    Dec.                    Dec.                    Dec.
     Recurring Operating Expenses                      2015                        2015                        2015                        2015                    2014                    2015                    2014
     Total Operating Expenses                          53,028                      48,396                      56,864                      40,827                  41,733                  199,115                 150,869
     Less: Credit costs & non-recurring charges
     Gains/(Losses) on the sale of legacy OREO         (535)                       (36)                        (436)                       (110)                   228                     (1,117)                 3
     Gains/(Losses) on the sale of covered OREO        (610)                       (56)                        (194)                       (20)                    (344)                   (880)                   (527)
     Problem loan and OREO expense                     (1,078)                     (991)                       (10,632)                    (3,031)                 (5,175)                 (15,732)                (12,984)
     Severance payments                                -                           -                           -                           -                       (188)                   -                       (188)
     Conversion expenses                               (1,807)                     (446)                       (5,712)                     (15)                    (67)                    (7,980)                 (3,940)
     Gains/(Losses) on the sale of premises            267                         -                           -                           -                       -                       267                     616
     Other non-recurring adjustments                   -                           -                           -                           -                       (188)                   -                       682
     Recurring operating expenses                      $                 49,265    $                 46,867    $                 39,890    $             37,651    $             35,999    $           173,673     $           134,531
AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
                                                 Three Months Ended                                                                                                                  Twelve Months Ended
                                                 Dec.                        Sept.                       Jun.                        Mar.                    Dec.                    Dec.                   Dec.
     Segment Reporting                           2015                        2015                        2015                        2015                    2014                    2015                   2014
     Banking Division:
     Net interest income                         $                 44,088    $                 43,044    $                 36,806    $             35,839    $             38,045    $           159,777    $           140,460
     Provision for loan losses                   504                         960                         2,456                       927                     737                     4,847                  4,822
     Noninterest income                          12,739                      13,470                      9,262                       8,780                   8,595                   44,251                 32,337
     Noninterest expense:
     Salaries and employee benefits              19,225                      17,921                      15,675                      15,362                  14,196                  68,183                 55,101
     Occupancy                                   5,356                       5,444                       4,376                       4,144                   4,319                   19,320                 16,097
     Data Processing                             5,759                       4,998                       3,913                       4,011                   3,901                   18,681                 14,436
     Other expenses                              13,853                      11,379                      24,048                      10,356                  12,320                  59,636                 39,175
     Total noninterest expense                   44,193                      39,742                      48,012                      33,873                  34,736                  165,820                124,809
     Income before income taxes                  12,130                      15,812                      (4,400)                     9,819                   11,167                  33,361                 43,166
     Income Tax                                  1,436                       4,854                       (1,682)                     3,105                   2,914                   7,713                  12,918
     Net income                                  10,694                      10,958                      (2,718)                     6,714                   8,253                   25,648                 30,248
     Preferred stock dividends                   -                           -                           -                           -                       -                       -                      286
     Net income available to common shareholders $                 10,694    $                 10,958    $                 (2,718)   $               6,714   $               8,253   $             25,648   $             29,962
     Retail Mortgage Division:
     Net interest income                         $                   2,812   $                   2,485   $                   1,979   $               1,545   $               1,822   $               8,821  $               5,344
     Provision for loan losses                   49                          26                          200                         142                     151                     417                    826
     Noninterest income                          7,966                       9,827                       9,095                       7,610                   6,076                   34,498                 24,959
     Noninterest expense:
     Salaries and employee benefits              5,855                       6,138                       5,592                       4,527                   4,175                   22,112                 15,918
     Occupancy                                   501                         397                         396                         380                     373                     1,674                  1,342
     Data Processing                             266                         308                         279                         212                     315                     1,065                  1,043
     Other expenses                              1,043                       662                         1,150                       932                     828                     3,787                  3,603
     Total noninterest expense                   7,665                       7,505                       7,417                       6,051                   5,691                   28,638                 21,906
     Income before income taxes                  3,064                       4,781                       3,457                       2,962                   2,056                   14,264                 7,571
     Income Tax                                  1,072                       1,673                       1,210                       1,037                   720                     4,992                  2,650
     Net income                                  1,992                       3,108                       2,247                       1,925                   1,336                   9,272                  4,921
     Preferred stock dividends                   -                           -                           -                           -                       -                       -                      -
     Net income available to common shareholders $                   1,992   $                   3,108   $                   2,247   $               1,925   $               1,336   $               9,272  $               4,921
     Warehouse Lending:
     Net interest income                         $                      995  $                   1,128   $                   1,179   $                  835  $                  752  $               4,137  $               2,016
     Provision for loan losses                   -                           -                           -                           -                       -                       -                      -
     Noninterest income                          336                         372                         383                         273                     237                     1,364                  655
     Noninterest expense:
     Salaries and employee benefits              156                         137                         99                          127                     84                      519                    255
     Occupancy                                   3                           1                           1                           2                       -                       7                      1
     Data Processing                             20                          22                          20                          33                      11                      95                     54
     Other expenses                              28                          40                          19                          36                      171                     123                    392
     Total noninterest expense                   207                         200                         139                         198                     266                     744                    702
     Income before income taxes                  1,124                       1,300                       1,423                       910                     723                     4,757                  1,969
     Income Tax                                  393                         455                         498                         319                     253                     1,665                  689
     Net income                                  731                         845                         925                         592                     470                     3,092                  1,280
     Preferred stock dividends                   -                           -                           -                           -                       -                       -                      -
     Net income available to common shareholders $                      731  $                      845  $                      925  $                  592  $                  470  $               3,092  $               1,280
     SBA Division:
     Net interest income                         $                      723  $                      742  $                      724  $                  613  $                  387  $               2,802  $               2,066
     Provision for loan losses                   -                           -                           -                           -                       -                       -                      -
     Noninterest income                          1,366                       1,309                       1,886                       912                     1,454                   5,473                  4,885
     Noninterest expense:
     Salaries and employee benefits              736                         738                         1,099                       616                     861                     3,189                  2,604
     Occupancy                                   57                          73                          36                          28                      25                      194                    81
     Data Processing                             1                           1                           2                           4                       2                       8                      18
     Other expenses                              169                         137                         159                         57                      152                     522                    749
     Total noninterest expense                   963                         949                         1,296                       705                     1,040                   3,913                  3,452
     Income before income taxes                  1,126                       1,102                       1,314                       820                     801                     4,362                  3,499
     Income Tax                                  394                         386                         460                         287                     280                     1,527                  1,225
     Net income                                  732                         716                         854                         533                     521                     2,835                  2,274
     Preferred stock dividends                   -                           -                           -                           -                       -                       -                      -
     Net income available to common shareholders $                      732  $                      716  $                      854  $                  533  $                  521  $               2,835  $               2,274
     Total Consolidated:
     Net interest income                         $                 48,618    $                 47,399    $                 40,688    $             38,832    $             41,006    $           175,537    $           149,886
     Provision for loan losses                   553                         986                         2,656                       1,069                   888                     5,264                  5,648
     Noninterest income                          22,407                      24,978                      20,626                      17,575                  16,362                  85,586                 62,836
     Noninterest expense:
     Salaries and employee benefits              25,972                      24,934                      22,465                      20,632                  19,316                  94,003                 73,878
     Occupancy                                   5,917                       5,915                       4,809                       4,554                   4,717                   21,195                 17,521
     Data Processing                             6,046                       5,329                       4,214                       4,260                   4,229                   19,849                 15,551
     Other expenses                              15,093                      12,218                      25,376                      11,381                  13,471                  64,068                 43,919
     Total noninterest expense                   53,028                      48,396                      56,864                      40,827                  41,733                  199,115                150,869
     Income before income taxes                  17,444                      22,995                      1,794                       14,511                  14,747                  56,744                 56,205
     Income Tax                                  3,296                       7,368                       486                         4,747                   4,167                   15,897                 17,482
     Net income                                  14,148                      15,627                      1,308                       9,764                   10,580                  40,847                 38,723
     Preferred stock dividends                   -                           -                           -                           -                       -                       -                      286
     Net income available to common shareholders $                 14,148    $                 15,627    $                   1,308   $               9,764   $             10,580    $             40,847   $             38,437

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SOURCE Ameris Bancorp

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