Ameris Bancorp Reports Unaudited Earnings Results for the Fourth Quarter and Twelve Months Ended December 31, 2012; Announces Net Charge-Offs
January 29, 2013 at 09:01 am EST
Share
Ameris Bancorp reported unaudited earnings results for the fourth quarter and twelve months ended December 31, 2012. For the quarter, the company reported net income of $4,672,000, net income available to common shareholders was $3,554,000 or $0.15 per diluted share on total interest income was $32,539,000 against net income of $1,141,000, net income available to common shareholders was $322,000 or $0.01 per diluted share on total interest income was $38,223,000 a year ago. Net interest income was $29,559,000 compared to $32,768,000 a year ago. Operating profit was $7,230,000 compared to $1,728,000 a year ago. Book value as at December 31, 2012 was $10.56 per share and tangible book value was $10.39 per share. Return on average assets was 0.62% and return on average common equity was 7.72% against return on average assets was 0.15% and return on average common equity was 1.82% a year ago.
For the twelve months, the company reported net income of $14,436,000, net income available to common shareholders was $10,859,000 or $0.46 per diluted share on total interest income was $129,479,000 against net income of $21,093,000, net income available to common shareholders was $17,852,000 or $0.76 per diluted share on total interest income was $141,071,000 a year ago. Net interest income was $114,405,000 compared to $113,524,000 a year ago. Operating profit was $21,721,000 compared to $31,649,000 a year ago. Return on average assets was 0.49% and return on average common equity was 6.00% against return on average assets was 0.71% and return on average common equity was 8.52% a year ago.
The company announced net charge-offs for the fourth quarter was $6,399,000 compared to $8,325,000 for the same period a year ago.
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.