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Ameris Bancorp (ABCB) filed Quarterly Report for the period ended 2011-09-30.
Ameris Bancorp has a market cap of $253.4 million; its shares were traded at around $10.66 with a P/E ratio of 355.4 and P/S ratio of 1.6.
This is the annual revenues and earnings per share of ABCB over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of ABCB.
Highlight of Business Operations:
Ameris reported net income available to common shareholders of $15.6 million, or $0.66 per diluted share, for the quarter ended September 30, 2011, compared to a net loss for the same quarter in 2010 of $1.7 million, or $0.07 per diluted share. The Company’s return on average assets and average shareholders’ equity increased in the third quarter of 2011 to 2.04% and 27.13%, respectively, compared to (0.28%) and (2.46%) in the third quarter of 2010. The Company’s results for the third quarter of 2011 include several amounts that are considered non-recurring. Gains on the FDIC-assisted acquisitions of OGB and HTB totaled approximately $26.9 million. Partially offsetting this amount was non-recurring acquisition expenses that are not included in the bargain purchase calculation but relate to these acquisitions. Severance expenses, conversion expenses and other miscellaneous expenses associated with these two banks totaled $1.4 million in the third quarter of 2011. Additionally, the Company accelerated efforts to move problem assets through retail channels during the third quarter of 2011 with sales of approximately $25.3 million of non-performing or classified assets. This “bulk-sale” type activity generated losses or related expenses totaling $5.8 million for the third quarter of 2011. Excluding these non-recurring income and expense amounts, the Company would have reported net income of $2.4 million, or $0.09 per diluted share, for the third quarter of 2011.Total non-interest expenses for the third quarter of 2011 increased to $29.3 million compared to $18.9 million in the same quarter in 2010. Credit related expenses, including problem loan and OREO expense and OREO write-downs and losses, increased to $9.0 million in the third quarter of 2011 compared to $3.2 million in the third quarter of 2010. During the third quarter of 2011, the Company increased sales activity in retail channels to move problem assets (non-performing assets and classified assets). The additional effort in the third quarter of 2011 was driven by lower sales prices, causing the Company to realize losses on the sale of OREO of $5.9 million, compared to OREO losses of $1.3 million in the third quarter of 2010. Salaries and benefits increased $2.5 million when compared to the third quarter of 2010; however, this increase is in proportion to the Company’s asset growth. Occupancy and equipment expenses for the third quarter of 2011 amounted to $3.2 million, representing an increase of $1.0 million from the same quarter in 2010. Data processing and telecommunications expenses increased $1.1 million to $2.8 million for the third quarter of 2011 from $1.7 million for the same period in 2010. Both of these increases are directly correlated to the increase in the number of branch locations from the third quarter of 2010 to the third quarter of 2011.
Interest income for the nine months ended September 30, 2011 was $103.5 million on a tax equivalent basis, an increase of $14.1 million when compared to $89.4 million for the same period in 2010. Average earning assets for the nine-month period increased $293.9 million to $2.47 billion as of September 30, 2011 compared to $2.18 billion as of September 30, 2010. Yield on average earning assets improved slightly to 5.59% in the first nine months of 2011 compared to 5.48% in the first nine months of 2010. Earning assets acquired in connection with the Company’s FDIC-assisted acquisitions have generally allowed the Company to maintain level amounts of earning assets while interest rate floors on individual customer loans have allowed the Company to keep the yield on loans from falling precipitously in the current rate environment. Additionally, yields on the acquired assets have been much stronger than the Company’s other earning assets, helping boost the Company’s overall yield on earning assets.
Non-interest income for the first nine months of 2011 was $45.9 million, compared to $23.0 million in the same period in 2010. Excluding non-recurring gains on investment securities and FDIC-assisted acquisitions, the Company’s non-interest income totaled $18.8 million, an increase of 29.0% compared to the same period in 2010. Service charges on deposit accounts increased approximately $2.8 million to $13.6 million in the first nine months of 2011 compared to the same period in 2010. The increases in service charges are related to higher numbers of deposit accounts subject to fees and charges as well as incremental revenue from the deposit accounts acquired in the Company’s FDIC-assisted acquisitions. Income from mortgage banking activity declined from $1.9 million in the first nine months of 2010 to $1.5 million in the first nine months of 2011 due to the reduction in re-finance activity. The accretion of the discount of the FDIC indemnification asset also attributed to the increase of non-interest income during the first nine months of 2011 compared to the same period in 2010.
At September 30, 2011, gross loans outstanding (including covered loans) were $1.96 billion, an increase from $1.65 billion reported at September 30, 2010. When compared to December 31, 2010, gross loans increased approximately $34.6 million, or 1.8%. The Company’s participation in FDIC-assisted acquisitions was integral to being able to maintain a certain level of loans because management does not believe that enough loan opportunities with acceptable quality and profitability existed in our current market areas to cause loan footings to stabilize and increase. Decreases in legacy loans over the past year reflect this trend, with legacy loans declining 6.0% from $1.46 billion at September 30, 2010 to $1.37 billion at September 30, 2011.
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