Ameris Bancorp (ABCB, Financial) filed Quarterly Report for the period ended 2010-06-30.
Ameris Bancorp has a market cap of $223.52 million; its shares were traded at around $9.46 with a P/E ratio of 50.34 and P/S ratio of 1.29.
Total interest income (on a tax equivalent basis) during the second quarter of 2010 was $31.8 million compared to $29.3 million in the same quarter of 2009. Yields on earning assets increased slightly to 5.74% compared to 5.60% reported in the second quarter of 2009. During the second quarter of 2010, the Company recognized approximately $2.35 million of accretable differences related to the FDIC-assisted acquisitions in 2009. These amounts represent an improvement in the expected cash flows to be received over the life of the acquired loans over the initial estimate made at the acquisition date. In most cases, the acquired loans were either paid off or transferred to other real estate such that a final value could be determined. In some cases, improvements in expected cash flows were found on existing loans, in which case the Company is amortizing the improvement over the remaining contractual term of the loan.
The Companys provision for loan losses during the second quarter of 2010 amounted to $18.6 million compared to $10.8 million in the first quarter of 2010 and to $9.4 million in the first quarter of 2009. The higher level in the provision for loan losses generally reflects the trend in the level of non-performing assets. In addition, the Company negotiated a pending bulk sale of certain problem assets (loans and OREO) in the second quarter of 2010 with a book value of $21.3 million. The pending sale resulted in an additional provision for loan losses and writedowns on other real estate totaling $8.0 million and additional net charge-offs totaling $6.3 million. Because the bulk sale was scheduled to close after June 30, 2010, the Company continued to carry and report the expected proceeds from the sale, totaling $13.3 million, in non-performing loans and/or OREO.
Non-performing assets increased during the quarter to $133.4 million from $122.4 million at the end of the first quarter of 2010 and $88.0 million at the end of the same quarter in 2009. Net charge-offs on loans during the second quarter of 2010 increased to $17.7 million, compared to $13.0 million in the first quarter of 2010 and to $6.8 million in the second quarter of 2009. For the quarters ended June 30, 2010, March 31, 2010 and June 30, 2009, net charge-offs annualized as a percentage of loans were 4.21%, 3.08% and 1.63%, respectively. The Companys allowance for loan losses at June 30, 2010 was $34.5 million, or 2.31% of total loans, compared to $45.0 million, or 2.68% of total loans, at June 30, 2009.
Total non-interest income for the second quarter of 2010 increased significantly to $13.0 million compared to $4.6 million in the same quarter in 2009. Included in the current quarters results is approximately $8.2 million related to the Companys FDIC-assisted acquisition of SCB. Excluding this non-recurring income, the Companys non-interest income increased 5.31% in the current quarter when compared to the second quarter of 2010. Almost all of the increase related to higher levels of service charges on deposit accounts, which increased to $3.6 million in the second quarter of 2010 compared to $3.4 million in the same quarter in 2009. The Company attributes the higher level of service charges to the increases in demand deposit accounts (interest bearing and non-interest bearing) over the past year, in part a result of the three FDIC-assisted acquisitions.
Total non-interest expenses for the second quarter of 2010 increased to $23.4 million, compared to $17.7 million at the same time in 2009. Credit related costs (problem loan and OREO expense, OREO losses and writedowns) amounted to $6.2 million in the current quarter of 2010 compared to $1.4 million in the same quarter in 2009. Excluding these credit related expenses, total operating expenses would have shown an increase of $0.9 million, from $16.3 in the second quarter of 2009 to $17.2 million in the second quarter of 2010.
Read the The complete Report
Ameris Bancorp has a market cap of $223.52 million; its shares were traded at around $9.46 with a P/E ratio of 50.34 and P/S ratio of 1.29.
Highlight of Business Operations:
Ameris reported a net loss available to common shareholders of $4.2 million, or $0.20 per diluted share, for the quarter ended June 30, 2010, compared to a net loss for the same quarter in 2009 of $3.5 million, or $0.25 per diluted share. The Companys return on average assets and average shareholders equity decreased in the second quarter of 2010 to (0.69%) and (6.34%), respectively, compared to (0.61%) and (7.45%), respectively in the second quarter of 2009. The decrease in earnings and profitability during the quarter was primarily due to higher levels of loan loss provisions and costs associated with problem assets.Total interest income (on a tax equivalent basis) during the second quarter of 2010 was $31.8 million compared to $29.3 million in the same quarter of 2009. Yields on earning assets increased slightly to 5.74% compared to 5.60% reported in the second quarter of 2009. During the second quarter of 2010, the Company recognized approximately $2.35 million of accretable differences related to the FDIC-assisted acquisitions in 2009. These amounts represent an improvement in the expected cash flows to be received over the life of the acquired loans over the initial estimate made at the acquisition date. In most cases, the acquired loans were either paid off or transferred to other real estate such that a final value could be determined. In some cases, improvements in expected cash flows were found on existing loans, in which case the Company is amortizing the improvement over the remaining contractual term of the loan.
The Companys provision for loan losses during the second quarter of 2010 amounted to $18.6 million compared to $10.8 million in the first quarter of 2010 and to $9.4 million in the first quarter of 2009. The higher level in the provision for loan losses generally reflects the trend in the level of non-performing assets. In addition, the Company negotiated a pending bulk sale of certain problem assets (loans and OREO) in the second quarter of 2010 with a book value of $21.3 million. The pending sale resulted in an additional provision for loan losses and writedowns on other real estate totaling $8.0 million and additional net charge-offs totaling $6.3 million. Because the bulk sale was scheduled to close after June 30, 2010, the Company continued to carry and report the expected proceeds from the sale, totaling $13.3 million, in non-performing loans and/or OREO.
Non-performing assets increased during the quarter to $133.4 million from $122.4 million at the end of the first quarter of 2010 and $88.0 million at the end of the same quarter in 2009. Net charge-offs on loans during the second quarter of 2010 increased to $17.7 million, compared to $13.0 million in the first quarter of 2010 and to $6.8 million in the second quarter of 2009. For the quarters ended June 30, 2010, March 31, 2010 and June 30, 2009, net charge-offs annualized as a percentage of loans were 4.21%, 3.08% and 1.63%, respectively. The Companys allowance for loan losses at June 30, 2010 was $34.5 million, or 2.31% of total loans, compared to $45.0 million, or 2.68% of total loans, at June 30, 2009.
Total non-interest income for the second quarter of 2010 increased significantly to $13.0 million compared to $4.6 million in the same quarter in 2009. Included in the current quarters results is approximately $8.2 million related to the Companys FDIC-assisted acquisition of SCB. Excluding this non-recurring income, the Companys non-interest income increased 5.31% in the current quarter when compared to the second quarter of 2010. Almost all of the increase related to higher levels of service charges on deposit accounts, which increased to $3.6 million in the second quarter of 2010 compared to $3.4 million in the same quarter in 2009. The Company attributes the higher level of service charges to the increases in demand deposit accounts (interest bearing and non-interest bearing) over the past year, in part a result of the three FDIC-assisted acquisitions.
Total non-interest expenses for the second quarter of 2010 increased to $23.4 million, compared to $17.7 million at the same time in 2009. Credit related costs (problem loan and OREO expense, OREO losses and writedowns) amounted to $6.2 million in the current quarter of 2010 compared to $1.4 million in the same quarter in 2009. Excluding these credit related expenses, total operating expenses would have shown an increase of $0.9 million, from $16.3 in the second quarter of 2009 to $17.2 million in the second quarter of 2010.
Read the The complete Report
