Ameris Bancorp Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Reports Net Charge-Offs for the Quarter Ended December 31, 2011
January 26, 2012 at 07:27 pm IST
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Ameris Bancorp announced unaudited earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported total interest income of $38,223,000 against $30,811,000 in the same period of last year. Net interest income was $32,768,000 against $23,006,000 in the same period of last year. Operating profit was $1,728,000 against $1,959,000 in the same period of last year. Net income was $1,141,000 against $1,861,000 in the same period of last year. Net income available to common shareholders was $322,000 against $1,050,000 in the same period of last year. Diluted earnings available to common shareholders were $0.01 against $0.04 in the same period of last year. Return on average assets was 0.15% against 0.26% in the same period of last year. Return on average common equity was 1.82% against 3.28% in the same period of last year.
For the full year ended December 31, 2011, the company reported total interest income of $141,071,000 against $119,071,000 in the same period of last year. Net interest income was $113,524,000 against $89,277,000 in the same period of last year. Operating profit was $31,649,000 against operating loss of $7,184,000 in the same period of last year. Net income was $21,093,000 against net loss of $3,989,000 in the same period of last year. Net income available to common shareholders was $17,852,000 against net loss available to common shareholders of $7,202,000 in the same period of last year. Diluted earnings available to common shareholders were $0.76 against diluted loss available to common shareholders of $0.35 in the same period of last year. Book value per share at December 31, 2011 was $10.23 against $9.44 at December 31, 2010. Tangible book value per share at December 31, 2011 was $10.06 against $9.22 at December 31, 2010. Net interest income increased in 2011 from 2010. Several factors contributed to this 27.1% increase, including an increase in average earning assets of 13.6%, from $2.2 billion in 2010 to $2.5 billion in 2011. Average loans outstanding benefited from acquisitions in late 2010 and during 2011, increasing 13.8%. Average investment securities increased 30.5% while average short-term assets decreased 5.7%. Return on average assets was 0.71% against negative return on average assets of 0.16% in the same period of last year. Return on average common equity was 8.52% against negative return on average common equity of 2.07% in the same period of last year.
For the quarter ended December 31, 2011, the company reported net charge-offs (recoveries) of $8,325,000 against $10,238,000 in the same period of last year.
Ameris Bancorp is a financial holding company, through its subsidiary, Ameris Bank (the Bank) provides a range of banking services to its retail and commercial customers in 164 locations in Georgia, Alabama, Florida, North Carolina and South Carolina. Its segments include the Banking Division, which provides full service financial services, including commercial loans, consumer loans and deposit accounts; the Retail Mortgage Division, which is engaged in origination, sales and servicing of one-to-four family residential mortgage loans; the Warehouse Lending Division is engaged in the origination and servicing of warehouse lines to other businesses are secured by underlying one-to-four family residential mortgage loans and residential mortgage servicing rights; the SBA Division is engaged in the origination, sales and servicing of small business administration loans, and the Premium Finance Division engaged in the origination and servicing of commercial insurance premium finance loans.
Ameris Bancorp Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Reports Net Charge-Offs for the Quarter Ended December 31, 2011