Exhibit 99.1

 

 

News Release

 

For more information contact:

Dennis J. Zember Jr.

Executive Vice President & CFO

(229) 890-1111

 

AMERIS BANCORP ANNOUNCES RECORD EARNINGS FOR 2014 AND

 

TWO STRATEGIC ACQUISITIONS

 

January 29, 2015

 

AMERIS BANCORP (NASDAQ-GS: ABCB), Moultrie, Georgia. Ameris Bancorp (“Ameris” or the “Company”) today announced earnings and operating results for the quarter and twelve months ended December 31, 2014, and simultaneously announced the signing of definitive agreements to purchase Merchants & Southern Banks of Florida, Inc. and eighteen Bank of America branches.

 

Ameris reported operating net income of $41.0 million, or $1.56 per share, for the year ended December 31, 2014, compared to $21.4 million, or $0.89 per share, in 2013. Operating net income excludes $2.6 million and $3.2 million of after-tax merger charges in 2014 and 2013, respectively. Commenting on the Company’s record earnings, Edwin W. Hortman, Jr., President and CEO, said, “We are proud of the efforts of our bankers in 2014 whose collective success produced record earnings and record earnings per share. Our profitability ratios improved again in 2014, with our operating return on assets and operating return on tangible capital moving significantly higher. Organic growth in loans came in at 10% with our bankers continuing to manage stronger than average loan yields. Our growth in non-interest bearing deposits provided funding to exceed the loan growth in part due to our treasury sales efforts. In addition, our non-interest income divisions continue to manage highly profitable operations and contributed 20.7% of our 2014 net income.”

 

For the fourth quarter of 2014, net income available to common shareholders, on an operating basis, was $10.6 million and $0.39 per share, compared to $3.8 million and $0.16, respectively, in the same quarter in 2013.

 

Acquisition of Merchants & Southern Banks of Florida, Inc.

Ameris announced today the signing of a stock purchase agreement under which Ameris will acquire Merchants & Southern Banks of Florida, Inc. (“Merchants & Southern”), the parent company of Merchants and Southern Bank, Gainesville, Florida. As of December 31, 2014, Merchants & Southern had assets of $473 million, gross loans of $214 million and deposits of $336 million.

 

The acquisition strengthens the Company’s North Florida franchise by providing entry points into the Gainesville and Ocala markets, as well as further enhancing the Company’s presence in the greater Jacksonville Metropolitan Statistical Area.

 

“We are very excited about the Merchants & Southern acquisition and the opportunities that we believe are present in the Gainesville, Ocala and Jacksonville markets,” said Hortman. “Additionally, it allows us to more effectively align our resources in what we believe is the premier community bank operating in those North Florida markets.”

 

  

Under the terms of the purchase agreement, Ameris will pay $50 million in cash for all of the issued and outstanding shares of Merchants & Southern. The transaction is expected to close during the second quarter of 2015 and is subject to customary closing conditions and regulatory approvals.

 

Sandler O'Neill + Partners, L.P. served as financial advisor and Rogers & Hardin LLP provided legal counsel to Ameris. Hovde Group served as financial advisor and Smith Mackinnon, PA provided legal counsel to Merchants & Southern.

 

Acquisition of 18 Branches in North Florida and South Georgia

Ameris also announced today the signing of a purchase and assumption agreement under which Ameris will purchase certain fixed assets and assume the deposits of eighteen branches from Bank of America Corporation.

 

“With this transaction, Ameris will further strengthen its Georgia and Florida market presence with the acquisition of a low-cost funding source and an attractive customer base, as well as expand the Ameris team with experienced and talented associates, with a minimal amount of integration and execution risk. This will position Ameris as the largest independent community bank operating in our South Georgia and North Florida footprint,” stated Hortman.

 

Ten of the branches are located in South Georgia and will add an estimated $424 million of deposits, while eight of the branches are located in North Florida and will contribute an estimated $388 million of deposits. The transaction is expected to close during the second quarter of 2015 and is subject to customary closing conditions and regulatory approvals.

 

Ameris was advised in the transaction by Sandler O'Neill + Partners, L.P. as financial advisor and Rogers & Hardin LLP as legal counsel.

 

Financial Results for 2014

Highlights of the Company’s results for 2014 include the following:

 

·

Ameris completed the acquisition of Coastal Bankshares, Inc., increasing total assets by $449.0 million.

 

·

The Company declared cash dividends of $0.15 per common share.

 

·

Profitability ratios improved significantly, with operating return on assets increasing to 1.10% and operating return on tangible common equity increasing to 15.51%.

 

·

Total recurring revenue increased 30.8% to $212.6 million as compared to 2013.

 

·

Organic growth in non-purchased loans totaled $202 million, or 9.8%.

 

·

Non-interest bearing demand deposits increased 25.6% during 2014 to finish at 24.5% of total deposits.

 

·

Annualized net charge-offs for 2014 declined to 0.31% of total loans, compared to 0.69% for the year ended December 31, 2013.

 

·

Credit costs (provision and problem loan resolution and OREO expenses) declined to $19.2 million in 2014, compared to $27.0 million in 2013.

 

·

Noninterest income, excluding gains in investment securities, increased 35.2% to $62.7 million during 2014.

 

·

Net income from the Company’s mortgage division increased 94.4% during 2014 to $6.2 million. Net income increased at more than twice the rate of revenue growth for this division.

 

  

Increase in Net Interest Income

Net interest income on a tax equivalent basis increased 29.3% in 2014 to $151.5 million, up from $117.2 million reported in 2013. Growth in earning assets from internal sources as well as acquisition activity contributed to the increase. Average earning assets in 2014 increased 33.6% to $3.3 billion, compared to $2.5 billion for 2013. Although net interest income increased favorably, the Company’s net interest margin continued to be adversely affected by historically low interest rates. For the year ended December 31, 2014, the Company’s net interest margin declined to 4.59%, compared to 4.74% during 2013.

 

Margins and yields were more stable during the most recent quarter. For the quarter ended December 31, 2014, the Company’s net interest margin was 4.64%, compared to 4.50% in the third quarter of 2014. Excluding the effect of accretion, the Company’s margin remained flat compared to the third quarter of 2014 at 4.17%. Yields on earning assets, excluding accretion, were 4.60% in the fourth quarter of 2014, compared to 4.63% in the third quarter of 2014.

 

Interest income on loans on a tax equivalent basis increased substantially during 2014 to $149.1 million. During the quarter ended December 31, 2014, interest income on loans increased to $40.6 million, compared to $39.1 million in the third quarter of 2014 and $28.9 million in the same quarter of 2013. Yields on loans, excluding accretion, declined during 2014 to 5.15%, compared to 5.49% in 2013. For the current quarter, loan yields declined only two basis points to 5.09% compared to the third quarter of 2014. Quarterly loan production yields have been increasingly close to the overall portfolio yields for several quarters. Management believes that further declines in overall yields and margins should be more muted than in recent years.

 

Deposit costs were stable for most of 2014, ending the year at 0.30%, compared to 0.34% in 2013. Deposit costs, at 0.30%, were flat in the current quarter of 2014 as compared to the third quarter in 2014. Continued improvement in the Company’s mix of deposits, mostly toward non-interest bearing deposits, has allowed for more aggressive retention efforts on MMDA and CDs without negatively impacting overall deposit costs.

 

Non-Interest Income

Excluding gains on investment securities, non-interest income increased 35.2% in 2014 to $62.7 million, compared to $46.4 million in 2013. Growth rates were notably strong among most sources. Mortgage revenues increased to $26.0 million as the Company’s mortgage division reached a mature stage with a team of long-tenured mortgage bankers producing reliable results from referral sources. Net income in the Company’s mortgage division increased at more than twice the pace of total growth in revenue, reflecting a mature, well managed division. The Company’s recent efforts to build a SBA division resulted in significant gains in revenue and net income. For the year ended December 31, 2014, the Company’s net income from SBA activities increased to $2.3 million, compared to $1.2 million in 2013. Total servicing income and gains on SBA production amounted to $4.9 million, up 128.6% from 2013. Aggressive efforts to recruit seasoned bankers in this division continue and management believes there is a significant earnings opportunity as this division reaches maturity.

 

Service charges on deposit accounts increased 25.9% in 2014, the result of acquisition activity as well as successful efforts on commercial deposit accounts. Since 2011, the Company has devoted significant resources to both treasury deposit products and treasury sales professionals. During 2014, the treasury sales team booked new commercial deposit accounts totaling $90.8 million, contributing significantly to the Company’s 25.6% growth rate in non-interest bearing deposits.

 

Non-Interest Expense

Total operating expenses, excluding credit and merger charges, increased $31.3 million in 2014 to $133.4 million. The primary drivers of the increase in operating expenses are the increased number of branch locations and continued growth and expansion in the Company’s mortgage and SBA divisions. During 2014, the Company integrated two acquisitions with total assets of $1.2 billion, increasing total assets by 40% compared to average assets in 2013. Short periods of duplicative expenses occurred after each conversion in 2014 and partially inflated the level of operating expenses reported during the year.

 

 

Continued investment in the Company’s mortgage and SBA divisions resulted in increased operating expenses of $7.0 million, an increase of 37.0% compared to 2013. Revenues from these divisions increased at a faster rate than did operating expenses and the contribution to net income and the Company’s overall profitability ratios improved.

 

During the fourth quarter of 2014, the Company incurred certain one-time operating expenses that negatively impacted fourth quarter results. During the fourth quarter, the Company restructured several administrative positions, accelerated the expensing of certain restricted shares and incurred consulting charges that management deems non-recurring. These amounts, in the aggregate, totaled approximately $1.2 million before tax. Also, certain pieces of OREO were aggressively re-evaluated, resulting in write-downs totaling $2.2 million.

 

Balance Sheet Trends

Total assets increased $369.9 million during 2014, ending the year at $4.0 billion, compared to $3.6 billion at December 31, 2013. The Company successfully completed the acquisition of Coastal Bankshares, Inc. on June 30, 2014, which added $449.0 million in total assets. Continued redeployment of cash flows from non-performing assets and the Company’s FDIC loss-share indemnification asset allowed the Company to limit growth in total assets while improving revenues and return on assets.

 

Total loans, excluding loans held for sale and covered loans, were $2.6 billion at the end of 2014, compared to $2.1 billion at the end of 2013. Loans held for sale increased 40.9% to $94.8 million, the result of higher production levels in the Company’s mortgage and SBA divisions. Covered loans declined $103.5 million, or 26.5%, in 2014 to end the year at $286.8 million. At the end of 2014, covered loans represent only 9.8% of total loans, compared to 15.5% at the same time in 2013.

 

Deposits increased $431.9 million to finish 2014 at $3.4 billion. The Company’s deposit sales focus has centered primarily on growth in non-interest bearing deposits and deposit accounts with lower levels of rate sensitivity. At December 31, 2014, non-interest bearing deposit accounts represented 24.5% of total deposits, compared to 22.3% at December 31, 2013. Non-rate sensitive deposits (NIB, NOW and Savings) totaled $1.8 billion at December 31, 2014, compared to $1.5 billion at the same time in 2013. These funds represented 53.2% of the Company’s total deposits at the end of 2014, compared to 50.4% at the end of 2013.

 

Common shareholders’ equity at December 31, 2014 totaled $366.0 million, an increase of $77.3 million, or 26.8%, from the same time in 2013. During 2014, the Company issued $34.5 million in new common shares associated with the acquisition of Coastal Bankshares, Inc. Ameris also recorded $28.6 million in intangible assets associated with the transaction. Additionally, the Company re-instituted a common stock dividend during 2014 of $0.05 per quarter beginning in the second quarter of 2014. Tangible book value per share ended 2014 at $10.99 per share, up 11.3% from $9.87 per share at the end of 2013.

 

Conference Call Information

The Company will host a conference call today at 11:00 a.m. EDT. 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 6, 2015. 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 10059779. The conference call replay will also be available on the Investor Relations page of the Ameris Bank website of www.amerisbank.com.

 

Ameris Bancorp

Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 73 locations in

Georgia, Alabama, northern Florida and South Carolina.

 

 

 

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

 

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

  

  

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

 

		Three Months Ended																				Twelve Months Ended
		Dec.				Sept.				Jun.				Mar.				Dec.				Dec.				Dec.
		2014				2014				2014				2014				2013				2014				2013
EARNINGS
Net Income Available to Common Shareholders		$	10,580			$	11,663			$	8,130			$	8,064			$	966			$	38,437			$	18,280
PER COMMON SHARE DATA
Earnings per share available to common shareholders:
Basic		$	0.40			$	0.44			$	0.32			$	0.32			$	0.04			$	1.48			$	0.76
Diluted		$	0.39			$	0.43			$	0.32			$	0.32			$	0.04			$	1.46			$	0.75
Cash Dividends per share		$	0.05			$	0.05			$	0.05			$	-			$	-			$	0.15			$	-
Book value per share (period end)		$	13.67			$	13.22			$	12.83			$	11.93			$	11.50			$	13.67			$	11.50
Tangible book value per share (period end)		$	10.99			$	10.68			$	10.26			$	10.31			$	9.87			$	10.99			$	9.87
Weighted average number of shares:
Basic			26,771,636				26,773,033				25,180,665				25,144,342				24,021,447				25,974,084				23,917,551
Diluted			27,090,293				27,160,886				25,633,130				25,573,320				24,450,619				26,259,030				24,346,723
Period-end number of shares			26,773,863				26,774,402				26,771,821				25,159,073				25,098,427				26,773,863				25,098,427
Market data:
High closing price		$	26.48			$	24.04			$	23.90			$	24.00			$	21.42			$	26.48			$	21.42
Low closing price		$	21.95			$	21.00			$	19.73			$	19.86			$	17.69			$	19.73			$	12.79
Period end closing price		$	25.64			$	21.95			$	21.56			$	23.30			$	21.11			$	25.64			$	21.11
Average daily volume			111,473				79,377				79,038				103,279				94,636				93,229				69,137
PERFORMANCE RATIOS
Return on average assets			1.05	%			1.17	%			0.93	%			0.96	%			0.19	%			1.08	%			0.70	%
Return on average common equity			11.57	%			13.19	%			10.53	%			11.66	%			2.20	%			12.40	%			8.06	%
Earning asset yield (TE)			5.08	%			4.96	%			5.08	%			5.01	%			4.84	%			5.03	%			5.15	%
Total cost of funds			0.43	%			0.45	%			0.42	%			0.43	%			0.40	%			0.43	%			0.40	%
Net interest margin (TE)			4.64	%			4.50	%			4.65	%			4.57	%			4.43	%			4.59	%			4.74	%
Non-interest income excluding securities transactions, as a percent of total revenue (TE)			26.50	%			28.86	%			28.87	%			25.02	%			26.45	%			27.37	%			26.67	%
Efficiency ratio			72.75	%			67.64	%			73.05	%			70.36	%			92.74	%			70.92	%			74.94	%
CAPITAL ADEQUACY (period end)
Stockholders' equity to assets			9.07	%			8.85	%			8.64	%			8.60	%			8.63	%			9.07	%			8.63	%
Tangible common equity to tangible assets			7.42	%			7.27	%			7.04	%			7.53	%			6.83	%			7.42	%			6.83	%
EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible assets			7.42	%			7.27	%			7.04	%			7.53	%			6.83	%			7.42	%			6.83	%
Effect of preferred equity			0.00	%			0.00	%			0.00	%			0.00	%			0.76	%			0.00	%			0.76	%
Effect of goodwill and other intangibles			1.65	%			1.58	%			1.61	%			1.07	%			1.04	%			1.65	%			1.04	%
Equity to assets (GAAP)			9.07	%			8.85	%			8.64	%			8.60	%			8.63	%			9.07	%			8.63	%
OTHER PERIOD-END DATA
Banking Division FTE			853				867				888				785				820				853				820
Mortgage Division FTE			174				176				175				161				164				174				164
Total Ameris Bancorp FTE Headcount			1,027				1,043				1,063				946				984				1,027				984
Assets per Banking Division FTE		$	4,733			$	4,613			$	4,474			$	4,443			$	4,473			$	4,733			$	4,473
Branch locations			73				74				74				68				68				73				68
Deposits per branch location		$	47,002			$	45,583			$	45,798			$	44,274			$	44,106			$	47,002			$	44,106

 

 

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.
		2014				2014				2014				2014				2013				2014				2013
INCOME STATEMENT
Interest income
Interest and fees on loans		$	41,235			$	39,610			$	35,297			$	34,469			$	29,289			$	150,611			$	117,497
Interest on taxable securities			3,114				3,034				2,953				2,985				1,998				12,086				7,134
Interest on nontaxable securities			483				496				312				335				342				1,626				1,413
Interest on deposits in other banks			66				46				45				79				118				236				276
Interest on federal funds sold			2				-				-				5				2				7				2
Total interest income			44,900				43,186				38,607				37,873				31,749				164,566				126,322
Interest expense
Interest on deposits		$	2,560			$	2,540			$	2,205			$	2,183			$	2,066			$	9,488			$	8,400
Interest on other borrowings			1,334				1,514				1,138				1,206				632				5,192				1,737
Total interest expense			3,894				4,054				3,343				3,389				2,698				14,680				10,137
Net interest income			41,006				39,132				35,264				34,484				29,051				149,886				116,185
Provision for loan losses			888				1,669				1,365				1,726				1,478				5,648				11,486
Net interest income after provision for loan losses		$	40,118			$	37,463			$	33,899			$	32,758			$	27,573			$	144,238			$	104,699
Noninterest income
Service charges on deposit accounts		$	6,522			$	6,659			$	5,847			$	5,586			$	5,065			$	24,614			$	19,545
Mortgage banking activity			6,476				7,498				6,944				5,068				4,431				25,986				19,128
Other service charges, commissions and fees			643				690				662				652				612				2,647				2,151
Gain(loss) on sale of securities			-				132				-				6				-				138				171
Other non-interest income			2,721				2,922				2,366				1,442				1,409				9,451				5,554
Total noninterest income			16,362				17,901				15,819				12,754				11,517				62,836				46,549
Noninterest expense
Salaries and employee benefits			19,316				20,226				16,942				17,394				15,071				73,878				56,670
Occupancy and equipment expenses			4,717				4,669				4,071				4,064				3,228				17,521				12,286
Data processing and telecommunications expenses			4,229				3,928				3,940				3,454				3,061				15,551				11,539
Credit resolution related expenses (1)			5,290				3,186				2,840				2,190				5,322				13,506				15,486
Advertising and marketing expenses			847				594				718				710				604				2,869				1,620
Amortization of intangible assets			662				698				437				533				346				2,330				1,414
Merger and conversion charges			67				551				2,872				450				4,350				3,940				4,350
Other non-interest expenses			6,605				4,727				5,498				4,444				5,642				21,274				18,580
Total noninterest expense			41,733				38,579				37,318				33,239				37,624				150,869				121,945
Income before income taxes		$	14,747			$	16,785			$	12,400			$	12,273			$	1,466			$	56,205			$	29,303
Income tax expense			4,167				5,122				4,270				3,923				88				17,482				9,285
Net income		$	10,580			$	11,663			$	8,130			$	8,350			$	1,378			$	38,723			$	20,018
Preferred stock dividends			-				-				-				286				412				286				1,738
Net income available to common shareholders		$	10,580			$	11,663			$	8,130			$	8,064			$	966			$	38,437			$	18,280
Diluted earnings available to common shareholders			0.39				0.43				0.32				0.32				0.04				1.46				0.75

 

(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.
		2014				2014				2014				2014				2013
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks		$	78,036			$	69,421			$	80,986			$	71,387			$	62,955
Federal funds sold and interest bearing balances			92,323				40,165				44,800				48,677				204,984
Investment securities available for sale, at fair value			541,805				529,509				535,630				456,713				486,235
Other investments			10,275				12,687				10,971				9,322				16,828
Mortgage loans held for sale			94,759				110,059				81,491				51,693				67,278
Loans, net of unearned income			1,889,880				1,848,759				1,770,059				1,695,382				1,618,454
Purchased, non-covered loans			658,764				673,724				702,131				437,269				448,753
Covered loans			286,755				313,589				331,250				372,694				390,237
Less allowance for loan losses			(21,157	)			(22,212	)			(22,254	)			(22,744	)			(22,377	)
Loans, net			2,814,242				2,813,860				2,781,186				2,482,601				2,435,067
Other real estate owned			33,160				35,320				35,373				33,839				33,351
Purchased, non-covered other real estate owned			14,359				13,660				16,598				3,864				4,276
Covered other real estate owned			21,133				28,883				38,426				42,636				45,893
Total other real estate owned			68,652				77,863				90,397				80,339				83,520
Premises and equipment, net			97,251				98,752				99,495				87,430				103,188
Goodwill			63,547				58,879				58,903				35,049				35,049
Other intangibles, net			8,221				9,114				9,812				5,477				6,009
FDIC loss sharing receivable			31,351				38,233				49,180				53,181				65,441
Cash value of bank owned life insurance			58,867				58,217				57,864				49,738				49,432
Other assets			78,182				82,649				72,420				56,377				51,663
Total assets		$	4,037,511			$	3,999,408			$	3,973,135			$	3,487,984			$	3,667,649
Liabilities
Deposits:
Noninterest-bearing		$	839,377			$	816,517			$	790,798			$	698,866			$	668,531
Interest-bearing			2,591,772				2,556,602				2,598,237				2,311,781				2,330,700
Total deposits			3,431,149				3,373,119				3,389,035				3,010,647				2,999,231
Federal funds purchased & securities sold under agreements to repurchase			73,310				32,351				51,109				49,974				83,516
Other borrowings			78,881				147,409				100,293				59,677				194,572
Other liabilities			22,818				27,615				24,457				12,028				18,165
Subordinated deferrable interest debentures			65,325				65,084				64,842				55,628				55,466
Total liabilities			3,671,483				3,645,578				3,629,736				3,187,954				3,350,950
Stockholders' equity
Preferred stock		$	-			$	-			$	-			$	-			$	28,000
Common stock			28,159				28,158				28,155				26,536				26,462
Capital surplus			225,015				224,142				222,550				190,513				189,722
Retained earnings			118,412				109,170				100,185				92,055				83,991
Accumulated other comprehensive income/(loss)			6,098				3,974				4,123				2,374				(294	)
Less treasury stock			(11,656	)			(11,614	)			(11,614	)			(11,448	)			(11,182	)
Total stockholders' equity			366,028				353,830				343,399				300,030				316,699
Total liabilities and stockholders' equity		$	4,037,511			$	3,999,408			$	3,973,135			$	3,487,984			$	3,667,649
Other Data
Earning Assets			3,564,286				3,515,805				3,465,361				3,062,428				3,215,941
Intangible Assets			71,768				67,993				68,715				40,526				41,058
Interest Bearing Liabilities			2,809,288				2,801,446				2,814,481				2,477,060				2,664,254
Average Assets			4,011,128				3,969,893				3,494,466				3,521,588				2,937,434
Average Common Stockholders' Equity			362,659				350,733				309,696				290,462				248,429

 

 

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.
		2014				2014				2014				2014				2013				2014				2013
ASSET QUALITY INFORMATION (1)
Allowance for loan losses
Balance at beginning of period		$	22,212			$	22,254			$	22,744			$	22,377			$	23,854			$	22,377			$	23,593
Provision for loan loss (2)			650				1,573				997				1,501				1,200				4,721				9,947
Charge-offs			2,071				1,975				1,973				1,606				3,591				7,625				13,284
Recoveries			366				360				486				472				914				1,684				2,121
Net charge-offs (recoveries)			1,705				1,615				1,487				1,134				2,677				5,941				11,163
Ending balance		$	21,157			$	22,212			$	22,254			$	22,744			$	22,377			$	21,157			$	22,377
As a percentage of loans			1.12	%			1.20	%			1.26	%			1.34	%			1.38	%			1.12	%			1.38	%
As a percentage of nonperforming loans			97.37	%			97.38	%			100.65	%			85.09	%			76.63	%			97.37	%			76.63	%
Net charge-off information
Charge-offs
Commercial, financial & agricultural		$	468			$	191			$	165			$	743			$	543			$	1,567			$	1,759
Real estate - residential			368				406				752				181				1,785				1,707				5,215
Real estate - commercial & farmland			1,033				953				769				533				698				3,288				3,571
Real estate - construction & development			74				296				157				65				422				592				2,020
Consumer installment			128				129				130				84				143				471				719
Total charge-offs			2,071				1,975				1,973				1,606				3,591				7,625				13,284
Recoveries
Commercial, financial & agricultural			91				47				134				49				92				321				432
Real estate - residential			71				52				48				83				368				254				888
Real estate - commercial & farmland			91				31				9				143				12				274				30
Real estate - construction & development			49				96				96				108				385				349				473
Consumer installment			64				134				199				89				57				486				298
Total recoveries			366				360				486				472				914				1,684				2,121
Net charge-offs (recoveries)		$	1,705			$	1,615			$	1,487			$	1,134			$	2,677			$	5,941			$	11,163
Non-accrual loans (excluding purchased non-covered     and covered loans)		$	21,728			$	22,810			$	22,111			$	26,729			$	29,203			$	21,728			$	29,203
Non-accrual purchased non-covered loans			18,249				17,007				15,770				15,318				6,659				18,249				6,659
Foreclosed assets (excluding purchased assets)			33,160				35,320				35,373				33,839				33,351				33,160				33,351
Purchased, non-covered other real estate owned			14,359				13,660				16,598				3,864				4,276				14,359				4,276
Accruing loans delinquent 90 days or more			1				-				-				-				-				1				-
Total non-performing assets, excluding covered assets		$	87,497			$	88,797			$	89,852			$	79,750			$	73,489			$	87,497			$	73,489
Non-performing assets as a percent of total assets			2.17	%			2.22	%			2.26	%			2.29	%			2.00	%			2.17	%			2.00	%
Net charge offs as a percent of loans (Annualized)			0.36	%			0.35	%			0.34	%			0.27	%			0.66	%			0.31	%			0.69	%

 

(1)

Asset quality information is presented net of covered assets where the Company's risk exposure is limited substantially by loss-sharing agreements with the FDIC.

(2)

During 2013 and 2014, the Company recorded provision for loan loss expense to account for losses where the initial estimate of cash flows was found to be excessive on loans acquired in FDIC-assisted acquisitions. These amounts are excluded from the calculation above but reflected in the Company's Consolidated Statement of Operations.

 

 

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

 

		For the quarter ended:
		Dec.				Sept.				Jun.				Mar.				Dec.
Loans by Type		2014				2014				2014				2014				2013
Commercial, financial & agricultural		$	319,654			$	334,783			$	304,588			$	270,571			$	244,373
Real estate - construction & development			161,507				154,315				149,346				149,543				146,371
Real estate - commercial & farmland			907,523				882,160				850,000				836,230				808,323
Real estate - residential			456,106				436,515				422,731				393,001				351,886
Consumer installment			30,782				31,403				31,902				32,345				34,249
Other			14,308				9,583				11,492				13,692				33,252
Total Non-purchased		$	1,889,880			$	1,848,759			$	1,770,059			$	1,695,382			$	1,618,454
Commercial, financial & agricultural		$	38,041			$	38,077			$	41,583			$	30,810			$	32,141
Real estate - construction & development			58,362				60,262				64,084				31,820				31,176
Real estate - commercial & farmland			306,706				296,790				311,748				174,281				179,898
Real estate - residential			266,341				273,347				278,451				196,078				200,851
Consumer installment			4,788				5,248				6,265				4,280				4,687
Total Purchased non-covered (net of discounts)		$	674,238			$	673,724			$	702,131			$	437,269			$	448,753
Commercial, financial & agricultural		$	21,467			$	22,545			$	25,209			$	24,813			$	26,550
Real estate - construction & development			23,447				27,756				31,600				41,434				43,179
Real estate - commercial & farmland			147,628				180,566				188,643				214,649				224,451
Real estate - residential			78,520				82,445				85,518				91,372				95,173
Consumer installment			218				277				280				426				884
Total Covered (net of discounts)		$	271,280			$	313,589			$	331,250			$	372,694			$	390,237
Total Loan Portfolio:
Commercial, financial & agricultural		$	379,162			$	395,405			$	371,380			$	326,194			$	303,064
Real estate - construction & development			243,316				242,333				245,030				222,797				220,726
Real estate - commercial & farmland			1,361,857				1,359,516				1,350,391				1,225,160				1,212,672
Real estate - residential			800,967				792,307				786,700				680,451				647,910
Consumer installment			35,788				36,928				38,447				37,051				39,820
Other			14,308				9,583				11,492				13,692				33,252
Total Loans		$	2,835,398			$	2,836,072			$	2,803,440			$	2,505,345			$	2,457,444
Troubled Debt Restructurings, excluding purchased non-covered and covered loans:
Accruing loan types:
Commercial, financial & agricultural		$	290			$	257			$	257			$	711			$	515
Real estate - construction & development			679				1,917				2,080				1,953				1,896
Real estate - commercial & farmland			6,477				7,080				7,590				8,733				6,913
Real estate - residential			5,258				7,973				7,335				7,364				7,818
Consumer installment			55				34				75				87				72
Total Accruing TDRs		$	12,759			$	17,261			$	17,337			$	18,848			$	17,214
Non-accruing loan types:
Commercial, financial & agricultural		$	13			$	507			$	465			$	40			$	525
Real estate - construction & development			228				196				32				29				32
Real estate - commercial & farmland			724				1,672				2,151				1,316				2,273
Real estate - residential			1,485				759				1,044				961				834
Consumer installment			73				93				51				19				19
Total Non-accrual TDRs		$	2,523			$	3,227			$	3,743			$	2,365			$	3,683
Total Troubled Debt Restructurings		$	15,282			$	20,488			$	21,080			$	21,213			$	20,897
The following table presents the loan portfolio by risk grade, excluding purchased non-covered and covered loans:
Grade 10 - Prime credit		$	128,577			$	121,486			$	110,842			$	93,805			$	74,381
Grade 15 - Good credit			217,803				222,714				226,652				243,963				230,212
Grade 20 - Satisfactory credit			947,949				908,054				866,356				817,718				773,051
Grade 23 - Performing, under-collateralized credit			29,205				28,826				28,429				31,056				31,604
Grade 25 - Minimum acceptable credit			488,186				484,200				450,363				417,177				420,491
Grade 30 - Other asset especially mentioned			25,983				31,750				33,360				38,240				30,591
Grade 40 - Substandard			52,176				51,640				54,047				53,286				57,987
Grade 50 - Doubtful			1				88				10				137				137
Grade 60 - Loss			-				1				-				-				-
Total		$	1,889,880			$	1,848,759			$	1,770,059			$	1,695,382			$	1,618,454

 

 

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.
		2014				2014				2014				2014				2013				2014				2013
AVERAGE BALANCES
Federal funds sold		$	3,163			$	500			$	500			$	7,455			$	3,243			$	2,886			$	817
Interest bearing deposits in banks			69,772				63,355				50,850				99,751				172,117				70,829				98,128
Investment securities - taxable			461,800				451,563				418,498				411,251				276,702				435,960				273,065
Investment securities - nontaxable			72,072				74,176				49,631				51,092				51,291				61,834				51,917
Other investments			9,804				8,209				6,629				12,330				8,255				10,589				7,431
Mortgage loans held for sale			97,406				83,751				54,517				49,397				65,683				71,231				110,542
Loans			1,871,618				1,795,059				1,706,564				1,639,672				1,602,942				1,753,013				1,478,816
Purchased non-covered loans			659,472				688,452				433,249				441,138				43,900				557,708				11,065
Covered loans			299,981				324,498				354,766				379,460				401,045				339,417				440,923
Total Earning Assets		$	3,545,088			$	3,489,563				3,075,204				3,091,546				2,625,178			$	3,303,467			$	2,472,704
Noninterest bearing deposits		$	850,879			$	807,416			$	680,058			$	666,493			$	528,732			$	751,874			$	489,613
NOW accounts			786,511				743,352				691,353				675,199				604,828				724,461				597,490
MMDA			840,397				861,197				770,047				749,150				655,782				805,601				625,085
Savings accounts			156,663				155,559				145,528				143,109				107,058				150,266				104,630
Retail CDs < $100,000			386,844				439,150				356,483				373,523				293,689				389,174				300,184
Retail CDs > $100,000			401,934				370,166				360,703				361,861				352,043				373,767				356,108
Brokered CDs			4,023				5,970				5,970				5,970				10,687				5,479				14,791
Total Deposits			3,427,251				3,382,810				3,010,142				2,975,305				2,552,819				3,200,622				2,487,901
FHLB advances			35,815				55,435				28,626				68,333				9,521				46,986				2,400
Other borrowings			46,508				47,346				35,280				30,004				6,304				39,850				2,027
Subordinated debentures			65,195				64,953				55,789				55,092				46,263				60,298				43,276
Federal funds purchased and securities sold under agreements to repurchase			47,247				44,316				40,008				57,112				41,402				47,136				26,908
Total Non-Deposit Funding			194,765				212,050				159,703				210,541				103,490				194,270				74,611
Total Funding		$	3,622,016			$	3,594,860			$	3,169,845			$	3,185,846			$	2,656,309			$	3,394,892			$	2,562,512

 

 

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.
		2014				2014				2014				2014				2013				2014				2013
INTEREST INCOME/EXPENSE
INTEREST INCOME
Federal funds sold		$	2			$	-			$	-			$	5			$	2			$	7			$	2
Interest bearing deposits in banks			66				47				45				79				118				237				276
Investment securities - taxable			3,114				3,034				2,953				2,985				1,998				12,086				7,134
Investment securities - nontaxable (TE)			652				670				421				452				462				2,195				1,907
Mortgage loans held for sale			947				787				457				403				554				2,593				3,883
Loans (TE)			23,294				21,790				21,996				20,647				20,810				87,727				80,005
Purchased non-covered loans			12,612				12,610				7,933				6,865				570				40,020				570
Covered loans			4,704				4,726				5,164				6,761				7,508				21,355				33,587
Total Earning Assets		$	45,391			$	43,663			$	38,969			$	38,197			$	32,022			$	166,220			$	127,364
INTEREST EXPENSE
Non-interest bearing deposits		$	-			$	-			$	-			$	-			$	-			$	-			$	-
NOW accounts			414				324				291				288				297				1,317				1,097
MMDA			768				783				722				681				625				2,954				2,308
Savings accounts			45				42				40				37				29				164				116
Retail CDs < $100,000			553				596				478				489				399				2,116				1,740
Retail CDs > $100,000			746				749				626				640				629				2,761				2,645
Brokered CDs			34				47				48				48				86				177				493
Total Deposits			2,560				2,541				2,205				2,183				2,065				9,489				8,399
FHLB advances			26				51				26				37				63				140				63
Other borrowings			379				558				415				408				137				1,760				157
Subordinated debentures			887				866				666				708				376				3,127				1,368
Federal funds purchased and securities sold under agreements to repurchase			41				39				31				53				56				164				150
Total Non-Deposit Funding			1,333				1,514				1,138				1,206				632				5,191				1,738
Total Funding		$	3,893			$	4,055			$	3,343			$	3,389			$	2,697			$	14,680			$	10,137
Net Interest Income (TE)		$	41,498			$	39,608			$	35,626			$	34,808			$	29,325			$	151,540			$	117,227

 

 

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.
		2014				2014				2014				2014				2013				2014				2013
YIELDS (1)
Federal funds sold			0.25	%			0.00	%			0.00	%			0.27	%			0.24	%			0.24	%			0.24	%
Interest bearing deposits in banks			0.38	%			0.29	%			0.35	%			0.32	%			0.27	%			0.33	%			0.28	%
Investment securities - taxable			2.68	%			2.67	%			2.83	%			2.94	%			2.86	%			2.77	%			2.61	%
Investment securities - nontaxable			3.59	%			3.58	%			3.40	%			3.59	%			3.57	%			3.55	%			3.67	%
Mortgage loans held for sale			3.86	%			3.73	%			3.36	%			3.31	%			3.35	%			3.64	%			3.51	%
Loans			4.94	%			4.82	%			5.17	%			5.11	%			5.15	%			5.00	%			5.41	%
Purchased non-covered loans			7.59	%			7.27	%			7.34	%			6.31	%			5.15	%			7.18	%			5.15	%
Covered loans			6.22	%			5.78	%			5.84	%			7.23	%			7.43	%			6.29	%			7.62	%
Total Earning Assets			5.08	%			4.96	%			5.08	%			5.01	%			4.84	%			5.03	%			5.15	%
Noninterest bearing deposits			0.00	%			0.00	%			0.00	%			0.00	%			0.00	%			0.00	%			0.00	%
NOW accounts			0.21	%			0.17	%			0.17	%			0.17	%			0.19	%			0.18	%			0.18	%
MMDA			0.36	%			0.36	%			0.38	%			0.37	%			0.38	%			0.37	%			0.37	%
Savings accounts			0.11	%			0.11	%			0.11	%			0.10	%			0.11	%			0.11	%			0.11	%
Retail CDs < $100,000			0.57	%			0.54	%			0.54	%			0.53	%			0.54	%			0.54	%			0.58	%
Retail CDs > $100,000			0.74	%			0.80	%			0.70	%			0.72	%			0.71	%			0.74	%			0.74	%
Brokered CDs			3.35	%			3.12	%			3.22	%			3.26	%			3.19	%			3.23	%			3.33	%
Total Deposits			0.30	%			0.30	%			0.29	%			0.30	%			0.32	%			0.30	%			0.34	%
FHLB advances			0.29	%			0.36	%			0.36	%			0.22	%			2.63	%			0.30	%			2.63	%
Other borrowings			3.23	%			4.68	%			4.72	%			5.51	%			8.62	%			4.42	%			7.75	%
Subordinated debentures			5.40	%			5.29	%			4.79	%			5.21	%			3.22	%			5.19	%			3.16	%
Federal funds purchased and securities sold under agreements to repurchase			0.34	%			0.35	%			0.31	%			0.38	%			0.54	%			0.35	%			0.56	%
Total Non-Deposit Funding			2.72	%			2.83	%			2.86	%			2.32	%			2.42	%			2.67	%			2.33	%
Total funding (3)			0.43	%			0.45	%			0.42	%			0.43	%			0.40	%			0.43	%			0.40	%
Net interest spread			4.65	%			4.52	%			4.66	%			4.58	%			4.44	%			4.60	%			4.76	%
Net interest margin			4.64	%			4.50	%			4.65	%			4.57	%			4.43	%			4.59	%			4.74	%

 

(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.
Net Operating Income Reconciliation		2014				2014				2014				2014				2013				2014				2013
Net income available to common shareholders		$	10,580			$	11,663			$	8,130			$	8,064			$	966			$	38,437			$	18,280
Conversion charges			67				551				2,872				450				4,350				3,940				4,862
Tax effect of conversion charges			(23	)			(193	)			(1,005	)			(158	)			(1,523	)			(1,379	)			(1,702	)
Plus: After tax conversion charges			44				358				1,867				293				2,828				2,561				3,160
Net operating income			10,624				12,021				9,997				8,357				3,794				40,998				21,440

 

		Three Months Ended																				Twelve Months Ended
		Dec.				Sept.				Jun.				Mar.				Dec.				Dec.				Dec.
Core Earnings Reconciliation		2014				2014				2014				2014				2013				2014				2013
Pre-tax operating profit		$	14,747			$	16,785			$	12,400			$	12,273			$	1,466			$	56,205			$	29,303
Plus: Credit Related Costs
Provision for loan losses			888				1,669				1,365				1,726				1,478				5,648				11,486
(Gains)/Losses on the sale of legacy OREO			(228	)			(3	)			283				(55	)			310				(3	)			267
Gains/(Losses) on the sale of covered OREO			344				(184	)			249				118				-				527				-
Problem loan and OREO expense			5,175				3,373				2,309				2,127				5,012				12,984				15,219
Interest reversed (received) on non-accrual loans			(6	)			94				71				246				29				405				417
Total Credit-Related Costs			6,173				4,949				4,277				4,162				6,829				19,561				27,389
Plus: Conversion charges			67				551				2,872				450				4,350				3,940				4,862
Less: Non-recurring gains
Gains on sales of securities			-				(132	)			-				(6	)			-				(138	)			(171	)
Gains on sales of bank premises			-				(616	)			-				-				-				(616	)			(310	)
Other non-recurring adjustments			188				-				(870	)			-				-				(682	)			(4,855	)
Pretax, Pre-provision earnings		$	21,175			$	21,537			$	18,679			$	16,879			$	12,645			$	78,270			$	56,218
As percentage of average assets, annualized			2.09	%			2.15	%			2.14	%			1.94	%			1.71	%			1.95	%			1.91	%

 

		Three Months Ended																				Twelve Months Ended
		Dec.				Sept.				Jun.				Mar.				Dec.				Dec.				Dec.
Recurring Operating Expenses		2014				2014				2014				2014				2013				2014				2013
Total Operating Expenses			41,733				38,579				37,318				33,239				37,624				150,869				121,945
Less: Credit costs & non-recurring charges
Gains/(Losses) on the sale of legacy OREO			228				3				(283	)			55				(310	)			3				(267	)
Gains/(Losses) on the sale of covered OREO			(344	)			184				(249	)			(118	)			-				(527	)			(3,176	)
Problem loan and OREO expense			(5,175	)			(3,373	)			(2,309	)			(2,127	)			(5,012	)			(12,984	)			(12,043	)
Severance payments			(188	)			-				-				-				-				(188	)			(99	)
Conversion expenses			(67	)			(551	)			(2,872	)			(450	)			(4,350	)			(3,940	)			(4,763	)
Gains/(Losses) on the sale of premises			-				616				-				-				-				616				310
Recurring operating expenses		$	36,187			$	35,458			$	31,605			$	30,599			$	27,952			$	133,849			$	101,907

 

 

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		2014				2014				2014				2014				2013				2014				2013
Banking Division:
Net interest income		$	38,045			$	36,142			$	33,345			$	32,928			$	27,627			$	140,460			$	110,582
Provision for loan losses			737				994				1,365				1,726				1,478				4,822				11,486
Noninterest income			8,595				8,932				7,449				7,361				6,672				32,337				25,282
Noninterest expense:
Salaries and employee benefits			14,196				14,819				12,509				13,577				11,668				55,101				43,524
Occupancy			4,319				4,277				3,752				3,749				3,067				16,097				11,599
Data Processing			3,901				3,619				3,590				3,326				2,948				14,436				10,957
Other expenses			12,320				8,722				10,753				7,380				14,147				39,175				36,850
Total noninterest expense			34,736				31,437				30,604				28,032				31,830				124,809				102,930
Income before income taxes			11,167				12,643				8,825				10,531				991				43,166				21,448
Income Tax			2,914				3,672				3,019				3,313				(78	)			12,918				5,849
Net income			8,253				8,971				5,806				7,218				1,069				30,248				15,599
Preferred stock dividends			-				-				-				286				412				286				1,738
Net income available to common shareholders		$	8,253			$	8,971			$	5,806			$	6,932			$	657			$	29,962			$	13,861
Mortgage Division:
Net interest income		$	2,574			$	2,347			$	1,339			$	1,100			$	1,121			$	7,360			$	3,883
Provision for loan losses			151				675				-				-				-				826				-
Noninterest income			6,313				7,135				7,002				5,164				4,431				25,614				19,130
Noninterest expense:
Salaries and employee benefits			4,259				4,409				3,937				3,568				3,230				16,173				12,515
Occupancy			373				368				300				302				148				1,343				631
Data Processing			326				306				343				122				108				1,097				573
Other expenses			999				869				1,312				815				2,007				3,995				4,386
Total noninterest expense			5,957				5,952				5,892				4,807				5,493				22,608				18,105
Income before income taxes			2,779				2,855				2,449				1,457				59				9,540				4,908
Income Tax			973				999				857				510				21				3,339				1,718
Net income			1,806				1,856				1,592				947				38				6,201				3,190
Preferred stock dividends			-				-				-				-				-				-				-
Net income available to common shareholders		$	1,806			$	1,856			$	1,592			$	947			$	38			$	6,201			$	3,190
SBA Division:
Net interest income		$	387			$	643			$	580			$	456			$	303			$	2,066			$	1,720
Provision for loan losses			-				-				-				-				-				-				-
Noninterest income			1,454				1,834				1,368				229				414				4,885				2,137
Noninterest expense:
Salaries and employee benefits			861				998				496				249				173				2,604				631
Occupancy			25				24				19				13				13				81				56
Data Processing			2				3				7				6				5				18				9
Other expenses			152				165				300				132				110				749				214
Total noninterest expense			1,040				1,190				822				400				301				3,452				910
Income before income taxes			801				1,287				1,126				285				416				3,499				2,947
Income Tax			280				450				394				100				146				1,225				1,718
Net income			521				837				732				185				270				2,274				1,229
Preferred stock dividends			-				-				-				-				-				-				-
Net income available to common shareholders		$	521			$	837			$	732			$	185			$	270			$	2,274			$	1,229
Total Consolidated:
Net interest income		$	41,006			$	39,132			$	35,264			$	34,484			$	29,051			$	149,886			$	116,185
Provision for loan losses			888				1,669				1,365				1,726				1,478				5,648				11,486
Noninterest income			16,362				17,901				15,819				12,754				11,517				62,836				46,549
Noninterest expense:
Salaries and employee benefits			19,316				20,226				16,942				17,394				15,071				73,878				56,670
Occupancy			4,717				4,669				4,071				4,064				3,228				17,521				12,286
Data Processing			4,229				3,928				3,940				3,454				3,061				15,551				11,539
Other expenses			13,471				9,756				12,365				8,327				16,264				43,919				41,450
Total noninterest expense			41,733				38,579				37,318				33,239				37,624				150,869				121,945
Income before income taxes			14,747				16,785				12,400				12,273				1,466				56,205				29,303
Income Tax			4,167				5,122				4,270				3,923				88				17,482				9,285
Net income			10,580				11,663				8,130				8,350				1,378				38,723				20,018
Preferred stock dividends			-				-				-				286				412				286				1,738
Net income available to common shareholders		$	10,580			$	11,663			$	8,130			$	8,064			$	966			$	38,437			$	18,280