MOULTRIE, Ga., April 23 /PRNewswire-FirstCall/ -- AMERIS BANCORP
(NASDAQ: ABCB), today reported a net loss available to common
shareholders of $1.2 million, or $0.09 per diluted share, for the
quarter ended March 31, 2009, compared to net income of $3.0
million, or $0.22 per diluted share, for the first quarter of 2008.
The decrease in net income when compared to the same period in 2008
was due to increased charges related to credit quality as well as a
lower net interest margin. (Logo:
http://www.newscom.com/cgi-bin/prnh/20051117/CLTH039LOGO ) Balance
Sheet Trends Total assets at March 31, 2009 were $2.35 billion, an
increase of 10.8% when compared to the same period in 2008. The
increase in total assets resulted from additional capital and
liquidity that the Company raised during the last quarter of 2008.
The Company expects levels of total assets to decrease by as much
as $125 million during the second and third quarters of 2009 as the
Company returns to more profitable levels of liquidity. Loans
outstanding grew at a much slower pace than total assets. Total
loans grew 3.11% to $1.67 billion when compared to the period
ending March 31, 2008. The ratio of investment securities and
short-term asset levels to total earning assets was much higher
than in recent quarters as the Company maintained exceptionally
high liquidity levels. Investment securities and short-term assets
represented 22.6% of total earning assets at the end of the first
quarter of 2009 compared to 15.9% at the same time in 2008. Total
deposits grew during the first quarter of 2009 to $2.03 billion, an
increase of 13.70% over the same period in 2008. Aggressive sales
efforts in all markets, beginning in the third quarter of 2008,
have been successful and allowed the Company to begin reducing its
dependence on time deposits. Management expects an accelerated
migration of the Company's deposit base to lower-cost demand
deposits due to ongoing sales campaigns and incentive plans that
focus on this type of deposit growth. Tangible common equity as a
percentage of tangible assets increased during the current quarter
to 5.83% from 5.74% at December 31, 2008. Total shareholders'
equity decreased $1.4 million during the current quarter to $237.9
million when compared to balances at December 31, 2008. Management
expects tangible capital ratios to increase further in the coming
quarters as the Company decreases levels of excess liquidity.
Provision for Loan Losses and Credit Quality The Company's
provision for loan losses during the first quarter amounted to $7.9
million, an increase of $4.7 million over the $3.2 million recorded
in the first quarter of 2008. The increase in the provision for
loan losses mirrored the increase in levels of non-performing
assets. At the end of the first quarter of 2009, total
non-performing assets increased to 4.63% of total loans compared to
4.13% for the fourth quarter of 2008 and 2.00% at March 31, 2008.
Net charge-offs on loans during the first quarter of 2009 increased
to $5.1 million, compared to $10.4 million during the fourth
quarter of 2008 and $2.7 million in the first quarter of 2008. For
the quarters ended March 31, 2009, December 31, 2008 and March 31,
2008, net charge-offs as a percentage of loans were 1.23%, 2.45%
and 0.68% respectively. The Company's allowance for loan losses at
March 31, 2009 was $42.4 million or 2.5% of total loans, compared
to $28.1 million or 1.7% of total loans at March 31, 2008. Edwin W.
Hortman, Jr., President and CEO, commented on the Company's credit
quality, saying "During the first quarter of 2009, we continued to
identify new problem loans, albeit at a slower pace than in recent
quarters. Our efforts on loan review during the quarter allowed us
to strengthen certain loan relationships and the pace of loan
workouts has accelerated, whether through renegotiation with
borrowers or through foreclosure. We are confident that our
commitment to smaller loan transactions (as we have only 2 loans in
excess of $5 million) in our local markets will allow us to work
through this credit cycle faster than otherwise could have been
expected. Our efforts to increase core earnings through discipline
on pricing and expense control have provided a significant buffer
for tangible capital." Trends in Net Interest Income and Net
Interest Margin The Company's net interest margin fell during the
first quarter of 2009 to 3.21% compared to 3.91% during the same
quarter in 2008. The current quarter's net interest margin
reflected an increase from the net interest margin of 2.92% for the
fourth quarter of 2008. Yields on loans increased during the
current quarter to 6.21% when compared to 6.18% during the fourth
quarter of 2008. During the quarter loan yields decreased when
compared to the first quarter of 2008 when loans yielded 7.56%.
This decrease from the first quarter of 2008 was the result of the
lower interest rate environment that materialized late in 2008.
Current spreads on loan production in our local markets have
widened significantly, both to the broad rate indices as well as to
the Company's incremental cost of new deposits. Total funding costs
declined to 2.45% in the first quarter of 2009 compared to 3.30% at
the same time in 2008 and 2.72% during the fourth quarter of 2008.
The decline in total funding costs relates to savings realized on
both deposit funding and non-deposit funding. Deposit costs
decreased from 3.25% in the first quarter of 2008 to 2.46% in the
current quarter of 2009. Management expects significant savings to
be realized in the coming quarters as the Company decreases its
dependence on time deposits. Savings on non-deposit borrowings
reflect lower levels of one and three month LIBOR as well as lower
outstanding balances. At the end of the first quarter of 2009, the
Company's total non-deposit funding was 2.88% of total assets
compared to 5.75% of total assets at the same time in 2008.
Non-Interest Income and Expense Total non-interest income for the
first quarter of 2009 increased 14.6% to $5.50 million, up from
$4.80 million in the first quarter of 2008. During the first
quarter of 2009, the Company realized approximately $713,000 of
gains on sales of investment securities and $543,000 in gains on
early repayment of FHLB advances. Excluding these gains,
non-interest income would have declined in the current quarter by
11.6% to $4.24 million compared to the same period in 2008. The
majority of the decrease in non-interest income related to declines
in service charge revenue where the Company experienced
significantly fewer overdrafts. For the first quarter of 2009,
total service charges were $3.03 million compared to $3.32 million
in the same quarter of 2008. Total non-interest expenses for the
first quarter of 2009 rose slightly to $15.73 million, compared to
$15.59 million at the same time in 2008. Salaries and benefits
declined 7.3% from the same period in 2008, reflecting a decrease
in full-time equivalent employees of 5.8%. Occupancy and equipment
expense for the first quarter of 2009 was $2.16 million,
representing an increase of 8.4% from the same quarter in 2008.
Other operating expenses increased $942,000 during the first
quarter of 2009 compared to the same quarter in 2008, reflecting
increased OREO and collection expenses as well as increases in FDIC
premiums. Ameris Bancorp is headquartered in Moultrie, Georgia, and
at the end of the most recent quarter, had 48 locations in Georgia,
Alabama, northern Florida and South Carolina. Ameris Bancorp Common
Stock is quoted on the NASDAQ Global Select Market under the symbol
"ABCB". The preceding 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. AMERIS BANCORP FINANCIAL
HIGHLIGHTS (unaudited) (dollars in thousands except per share data
and FTE headcount) Three Months Ended ------------------ Mar. Dec.
Sept June Mar. 2009 2008 2008 2008 2008 ---- ---- ---- ---- ----
EARNINGS Net Income/ (Loss) Available to Common Shareholders
$(1,225) (10,725) $366 $3,149 $2,966 PER COMMON SHARE DATA Earnings
per share available to common shareholders: Basic $(0.09) $(0.79)
$0.03 $0.23 $0.22 Diluted $(0.09) $(0.79) $0.03 $0.23 $0.22 Cash
Dividends per share $0.05 $0.05 $0.05 $0.14 $0.14 Book value per
share (period end) $13.90 $14.06 $14.25 $14.20 $14.48 Tangible book
value per share (period end) $9.61 $9.74 $9.92 $9.84 $10.11
Weighted average number of shares: Basic 13,527,437 13,532,521
13,515,767 13,510,907 13,497,344 Diluted 13,527,437 13,532,521
13,543,612 13,563,032 13,559,761 Period-end number of shares
13,584,107 13,534,601 13,564,032 13,564,032 13,556,770 Market data:
High closing price $11.73 $14.21 $15.07 $16.48 $16.55 Low closing
price $3.66 $7.19 $7.82 $8.70 $12.60 Period end closing price $4.71
$11.85 $14.85 $8.70 $16.06 Average daily volume 31,931 31,527
43,464 62,739 61,780 PERFORMANCE RATIOS Return on average assets
(0.21%) (1.81%) 0.07% 0.59% 0.56% Return on average common equity
(2.61%) (22.17%) 0.78% 6.58% 6.15% Earning asset yield (TE) 5.57%
5.58% 6.38% 6.64% 7.17% Total cost of funds 2.45% 2.72% 2.54% 2.74%
3.30% Net interest margin (TE) 3.21% 2.92% 3.87% 3.96% 3.91%
Non-interest income excluding securities transactions, as a percent
of total revenue (TE) 12.02% 11.66% 12.49% 14.01% 12.22% Efficiency
ratio 70.01% 80.67% 61.97% 65.52% 67.05% CAPITAL ADEQUACY Common
equity to assets 8.05% 7.91% 8.56% 8.78% 9.27% Tangible common
equity to tangible assets 5.83% 5.74% 6.12% 5.98% 6.66% OTHER
PERIOD-END DATA FTE Headcount 597 595 601 651 634 Assets per FTE
$3,930 $4,046 $3,756 $3,522 $3,341 Branch locations 48 50 50 48 45
Deposits per branch location $42,264 $40,271 $36,127 $36,893
$39,651 AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in
thousands except per share data and FTE headcount) Three Months
Ended ------------------ Mar. Dec. Sept June Mar. 2009 2008 2008
2008 2008 ---- ---- ---- ---- ---- INCOME STATEMENT Interest income
Interest and fees on loans $25,727 $26,582 $28,280 $28,339 $30,134
Interest on taxable securities 3,657 3,677 3,563 3,646 3,583
Interest on nontaxable securities 167 171 169 173 172 Interest on
deposits in other banks 25 123 100 91 200 Interest on federal funds
sold 41 5 - - - ------ ------ ------ ------ ------ Total interest
income 29,617 30,558 32,112 32,249 34,089 ------ ------ ------
------ ------ Interest expense Interest on deposits $12,155 $13,769
$11,717 $12,314 $14,142 Interest on other borrowings 494 817 1,218
879 1,487 --- --- ----- --- ----- Total interest expense 12,649
14,586 12,935 13,193 15,629 ------ ------ ------ ------ ------ Net
interest income 16,968 15,972 19,177 19,056 18,460 Provision for
loan losses 7,912 19,890 8,220 3,720 3,200 ----- ------ ----- -----
----- Net interest income/(loss) after provision for loan losses
$9,056 $(3,918) $10,957 $15,336 $15,260 ------ ------- -------
------- ------- Noninterest income Service charges on deposit
accounts $3,035 $3,279 $3,657 $3,664 $3,316 Mortgage banking
activity 763 711 745 855 869 Other service charges, commissions and
fees 63 90 120 220 278 Gain(loss) on sale of securities 713 316 - -
- Other non- interest income 922 (3) 112 588 332 --- -- --- --- ---
Total noninterest income 5,496 4,393 4,634 5,327 4,795 ----- -----
----- ----- ----- Noninterest expense Salaries and employee
benefits 7,991 7,309 7,113 8,660 8,618 Occupancy and equipment
expense 2,158 2,070 1,904 2,103 1,992 Amortization of intangible
assets 146 291 293 293 293 Data processing & communications
costs 1,627 1,600 1,678 1,655 1,523 Advertising & marketing
fees 574 739 818 656 878 Other operating expenses 3,231 4,419 2,950
2,609 2,289 ----- ----- ----- ----- ----- Total noninterest expense
15,727 16,428 14,756 15,976 15,593 ------ ------ ------ ------
------ Operating profit/ (loss) $(1,175) $(15,953) $835 $4,687
$4,462 Income tax (benefit)/ expense (539) (5,556) 469 1,538 1,496
---- ------ --- ----- ----- Net income/(loss) $(636) $(10,397) $366
$3,149 $2,966 ===== ====== ==== ====== ====== Preferred stock
dividends 589 328 - - - --- --- ---- ------ ------ Net
income/(loss) available to common shareholders $(1,225) $(10,725)
$366 $3,149 $2,966 ======= ====== ==== ====== ====== Diluted
earnings available to common shareholders (0.09) (0.79) 0.03 0.23
0.22 ===== ===== ==== ==== ==== AMERIS BANCORP FINANCIAL HIGHLIGHTS
(unaudited) (dollars in thousands except per share data and FTE
headcount) Three Months Ended ------------------ Mar. Dec. Sept.
June Mar. 2009 2008 2008 2008 2008 ---- ---- ---- ---- ----
PERIOD-END BALANCE SHEET Assets Cash and due from banks $54,758
$66,787 $43,549 $47,720 $63,401 Federal funds sold and interest
bearing balances 137,770 144,383 75,458 138,125 4,389 Investment
securities available for sale, at fair value 344,032 367,894
286,002 291,813 295,801 Other investments 5,702 8,627 11,624 11,439
8,784 Loans, net of unearned income 1,672,923 1,695,777 1,710,109
1,678,147 1,622,437 Less allowance for loan losses 42,417 39,652
30,144 28,660 28,094 --------- --------- --------- ---------
--------- Loans, net 1,630,506 1,656,125 1,679,965 1,649,487
1,594,343 ---------- --------- ---------- --------- ---------
Premises and equipment, net 65,152 66,107 65,868 63,291 60,053
Intangible assets, net 3,485 3,631 3,924 4,217 4,509 Goodwill
54,813 54,813 54,813 54,813 54,675 Other assets 50,060 38,723
36,440 32,116 32,288 ---------- ---------- ---------- ----------
---------- Total assets $2,346,278 $2,407,090 $2,257,643 $2,293,021
$2,118,243 ========== ========== ========== ========== ==========
Liabilities Deposits: Noninterest- bearing $207,686 $208,532
$198,900 $200,936 $199,692 Interest- bearing 1,820,998 1,804,993
1,607,439 1,569,925 1,584,599 ---------- --------- ---------
--------- --------- Total deposits 2,028,684 2,013,525 1,806,339
1,770,861 1,784,291 Federal funds purchased & securities sold
under agreements to repurchase 18,295 27,416 63,973 39,795 4,987
Other borrowings 7,000 72,000 138,600 133,000 74,500 Other
liabilities 12,046 12,521 13,118 14,541 15,888 Subordinated
deferrable interest debentures 42,269 42,269 42,269 42,269 42,269
--------- --------- --------- --------- --------- Total liabilities
2,108,294 2,167,731 2,064,299 2,000,466 1,921,935 ---------
--------- --------- --------- --------- Stockholders' equity
Preferred stock $49,140 $49,028 $- $- $- Common stock 14,915 14,866
14,895 14,895 14,887 Capital surplus 86,141 86,038 83,453 83,308
82,920 Retained earnings 91,619 93,696 105,117 105,430 104,182
Accumulated other comprehensive loss 6,956 6,518 666 (291) 5,093
Less treasury stock (10,787) (10,787) (10,787) (10,787) (10,774)
------- ------- ------- ------- ------- Total stockholders' equity
237,984 239,359 193,344 192,555 196,308 ------- ------- -------
------- ------- Total liabilities and stockholders' equity
$2,346,278 $2,407,090 $2,257,643 $2,193,021 $2,118,243 ==========
========== ========== ========== ========== Other Data Earning
Assets 2,160,427 2,216,681 2,083,193 2,119,524 1,931,411 Intangible
Assets 58,298 58,444 58,737 59,030 59,184 Interest Bearing
Liabilities 1,888,562 1,946,678 1,852,281 1,784,989 1,706,355
Average Assets 2,346,958 2,354,142 2,192,501 2,141,940 2,115,561
Average Common Stockholders' Equity 190,395 192,479 186,541 192,605
193,971 AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in
thousands except per share data and FTE headcount) Three Months
Ended ------------------ Mar. Dec. Sept June Mar. 2009 2008 2008
2008 2008 ---- ---- ---- ---- ---- ASSET QUALITY INFORMATION
Allowance for loan losses Balance at beginning of period $39,652
$30,144 $28,660 $28,094 $27,640 Provision for loan loss 7,912
19,890 8,220 3,720 3,200 Charge-offs 5,521 10,648 6,946 3,801 2,945
Recoveries 374 266 210 647 199 --- --- --- --- --- Net charge-offs
(recoveries) 5,147 10,382 6,736 3,154 2,746 Ending balance $42,417
$39,652 $30,144 $28,660 $28,094 ======= ======= ======= =======
======= As a percentage of loans 2.54% 2.34% 1.76% 1.71% 1.73% As a
percentage of nonperforming loans 66.37% 60.62% 76.46% 89.27%
104.78% As a percentage of nonperforming assets 54.25% 56.52%
69.84% 81.55% 86.32% Net charge-off information Charge-offs
Commercial, Financial & Agricultural $1,389 $1,090 $963 $282
$390 Real Estate - Residential 1,738 1,951 989 902 672 Real Estate
- Commercial & Farmland 277 1,288 628 49 299 Real Estate -
Construction & Development 1,930 5,932 4,165 2,320 1,305
Consumer Installment 187 387 201 248 279 Other - - - - - -----
------ ----- ----- ----- Total charge- offs 5,521 10,648 6,946
3,801 2,945 ----- ------ ----- ----- ----- Recoveries Commercial,
Financial & Agricultural 82 11 71 102 18 Real Estate -
Residential 8 30 54 90 25 Real Estate - Commercial & Farmland
230 10 10 68 31 Real Estate - Construction & Development 10 27
26 323 34 Consumer Installment 44 187 49 64 90 Other - 1 - - 1 ---
--- --- --- --- Total recoveries 374 266 210 647 199 --- --- ---
--- --- Net charge-offs (recoveries) $5,147 $10,382 $6,736 $3,154
$2,746 ====== ======= ====== ====== ====== Non-accrual loans 63,908
65,414 39,427 32,106 26,812 Foreclosed assets 14,271 4,742 3,734
3,032 5,727 Accruing loans delinquent 90 days or more 2 2 - 5 7
------ ------ ------ ------ ------ Total non- performing assets
78,181 70,158 43,161 35,143 32,546 ------ ------ ------ ------
------ Non-performing assets as a percent of loans and foreclosed
assets 4.63% 4.13% 2.52% 2.09% 2.00% Net charge offs as a percent
of loans (Annualized) 1.23% 2.45% 1.58% 0.75% 0.68% AMERIS BANCORP
FINANCIAL HIGHLIGHTS (unaudited) (dollars in thousands except per
share data and FTE headcount) Three Months Ended ------------------
Mar. Dec. Sept June Mar. 2009 2008 2008 2008 2008 ---- ---- ----
---- ---- AVERAGE BALANCES Federal funds sold $33,034 $9,516 $- $-
$- Interest bearing deposits in banks 83,424 123,876 21,219 18,236
23,481 Investment securities - taxable 341,296 310,824 269,501
277,300 263,389 Investment securities - nontaxable 18,458 18,132
18,472 19,297 18,367 Other investments 6,797 8,902 11,591 10,707
9,951 Loans 1,683,615 1,703,137 1,698,024 1,650,781 1,617,991
--------- --------- --------- --------- --------- Total Earning
Assets $2,166,624 $2,174,387 $2,018,807 $1,976,321 $1,933,179
---------- ---------- ---------- ---------- --------- Noninterest
bearing deposits $204,010 $203,810 $200,357 $197,662 $191,860 NOW
accounts 369,774 306,483 280,892 261,953 263,541 MMDA 268,946
276,106 326,642 345,824 348,671 Savings accounts 55,529 53,055
55,143 54,973 54,221 Retail CDs <
$100,000 439,781 443,358 342,136 345,968 355,852 Retail CDs >
$100,000 474,956 486,833 405,126 404,455 395,780 Brokered CDs
189,538 218,195 182,525 153,232 139,036 ------- ------- -------
------- ------- Total Deposits 2,002,534 1,987,840 1,792,821
1,764,067 1,748,961 --------- --------- --------- ---------
--------- FHLB advances 25,214 70,630 130,849 111,922 97,162
Subordinated debentures 42,269 42,269 42,269 42,269 42,269
Repurchase agreements 19,233 22,158 12,082 3,721 7,974
Correspondent bank line of credit and other 5,000 5,000 18,631
10,094 9,516 ----- ----- ------ ------ ----- Total Non- Deposit
Funding 91,716 140,057 203,831 168,006 156,921 ------ -------
------- ------- ------- ------- ------- ------- ------- ------
Total Funding $2,094,250 $2,127,897 $1,996,652 $1,932,073
$1,905,882 ---------- ---------- ---------- ---------- ----------
AMERIS BANCORP FINANCIAL HIGHLIGHTS (unaudited) (dollars in
thousands except per share data and FTE headcount) Three Months
Ended ------------------ Mar. Dec. Sept June Mar. 2009 2008 2008
2008 2008 ---- ---- ---- ---- ---- INTEREST INCOME/EXPENSE INTEREST
INCOME Federal funds sold $41 $5 $- $- $- Interest bearing deposits
in banks 25 118 99 91 201 Investment securities - taxable 3,640
3,662 3,488 3,489 3,429 Investment securities - nontaxable (TE) 258
262 260 267 265 Other investments 17 16 76 156 140 Loans (TE)
25,794 26,514 28,559 28,704 30,409 ------ ------ ------ ------
------ Total Earning Assets $29,775 $30,577 $32,482 $32,707 $34,444
------- ------- ------- ------- ------- INTEREST EXPENSE
Non-interest bearing deposits $- $- $- $- $- NOW accounts 966 924
793 584 667 MMDA 1,051 1,444 1,929 1,996 2,783 Savings accounts 105
123 121 129 118 Retail CDs <
$100,000 3,936 4,181 3,038 3,463 4,058 Retail CDs > $100,000
4,594 4,836 3,818 4,287 4,752 Brokered CDs 1,503 2,260 2,018 1,855
1,765 ----- ----- ----- ----- ----- Total Deposits 12,155 13,768
11,717 12,314 14,143 ------ ------ ------ ------ ------ FHLB
advances (8) 186 359 302 653 Subordinated debentures 436 494 493
487 686 Repurchase agreements 38 73 69 15 33 Correspondent bank
line of credit and other 28 65 153 75 115 -- -- --- -- --- Total
Non- Deposit Funding 494 818 1,074 879 1,487 --- --- ----- ---
----- ------- ------- ------- ------- ------- Total Funding $12,649
$14,586 $12,791 $13,193 $15,630 ------- ------- ------- -------
------- ------- ------- ------- ------- ------- Net Interest Income
(TE) $17,126 $15,991 $19,691 $19,513 $18,814 ------- -------
------- ------- ------- AMERIS BANCORP FINANCIAL HIGHLIGHTS
(unaudited) (dollars in thousands except per share data and FTE
headcount) Three Months Ended ------------------ Mar. Dec. Sept
June Mar. 2009 2008 2008 2008 2008 ---- ---- ---- ---- ---- YIELDS
(1) Federal funds sold 0.50% 0.21% 0.00% 0.00% 0.00% Interest
bearing deposits in banks 0.12% 0.38% 1.85% 2.00% 3.44% Investment
securities - taxable 4.33% 4.67% 5.13% 5.05% 5.24% Investment
securities - nontaxable 5.67% 5.73% 5.58% 5.55% 5.80% Other
investments 1.01% 0.71% 2.60% 5.84% 5.66% Loans 6.21% 6.18% 6.67%
6.97% 7.56% ---- ---- ---- ---- ----- Total Earning Assets 5.57%
5.58% 6.38% 6.64% 7.17% Noninterest bearing deposits 0.00% 0.00%
0.00% 0.00% 0.00% NOW accounts 1.06% 1.20% 1.12% 0.89% 1.02% MMDA
1.58% 2.07% 2.34% 2.32% 3.21% Savings accounts 0.77% 0.92% 0.87%
0.94% 0.88% Retail CDs <
$100,000 3.63% 3.74% 3.52% 4.01% 4.59% Retail CDs > $100,000
3.92% 3.94% 3.74% 4.25% 4.83% Brokered CDs 3.22% 4.11% 4.39% 4.86%
5.11% ---- ---- ---- ---- ----- Total Deposits 2.46% 2.75% 2.59%
2.80% 3.25% FHLB advances (0.13%) 1.04% 1.09% 1.08% 2.70%
Subordinated debentures 4.18% 4.64% 4.63% 4.62% 6.53% Repurchase
agreements 0.80% 1.31% 2.27% 1.62% 1.66% Correspondent bank line of
credit and other 2.27% 5.16% 3.26% 2.98% 4.86% ---- ---- ---- ----
----- Total Non- Deposit Funding 2.18% 2.32% 2.09% 2.10% 3.81% ----
---- ---- ---- ----- Total funding (3) 2.45% 2.72% 2.54% 2.74%
3.30% ---- ---- ---- ---- ----- Net interest spread 3.12% 2.86%
3.84% 3.90% 3.87% ---- ---- ---- ---- ----- Net interest margin
3.21% 2.92% 3.87% 3.96% 3.91% ==== ==== ==== ==== ===== (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.
http://www.newscom.com/cgi-bin/prnh/20051117/CLTH039LOGODATASOURCE:
Ameris Bancorp CONTACT: Dennis J. Zember Jr., Executive Vice
President & CFO of Ameris Bancorp, +1-229-890-1111 Web Site:
http://www.amerisbank.com/
Copyright