MOULTRIE — Ameris Bancorp (NASDAQ-GS: ABCB) on Wednesday reported operating net income of $12.0 million, or $0.44 per diluted share, for the quarter ended Sept. 30, compared to $6.6 million, or $0.27 per diluted share, for the quarter ended Sept. 30, 2013.
For the year to date period ending Sept. 30, the Company reported operating net income of $30.5 million, or $1.17 per diluted share, compared to $17.3 million, or $0.71 per diluted share, for the same period in 2013.
During the third quarter of 2014, the company completed the conversion of Savannah-based Coastal Bankshares, Inc. and recorded additional merger expenses totaling approximately $383,000, or $0.01 per share, on an after-tax basis.
Including these charges, the company reported net income for the third quarter of 2014 of $11.7 million, or $0.43 per share.
“Our bankers turned in an outstanding quarter resulting in an 87 percent improvement in net earnings available to common shareholders compared to the same quarter in 2013,” said Edwin W. Hortman, Jr., the company’s president and chief executive officer. “Additionally, our system conversion of Coastal was successful, and we are working diligently to ensure that the cost savings we identified are realized and in place during the fourth quarter of 2014.”
The company said highlights for
the third quarter included:
• Successful conversion of the Coastal customer accounts during August.
• Net income available to common shareholders increased 87.1 percent compared to the same quarter in 2013.
• The company declared a cash dividend of $0.05 per common share.
• Total revenue increased to $61.1 million for the third quarter of 2014, compared to $44.0 million for the same quarter in 2013.
• Noninterest income totaled $17.9 million, compared to $12.3 million for the third quarter of 2013.
• Net income from the Company’s mortgage operations increased to $1.9 million, compared to $1.3 million for the same quarter in 2013.
ABOUT AMERIS BANCORP
Ameris Bancorp is headquartered in Moultrie and at the end of the most recent quarter had 74 locations in Georgia, Alabama, northern Florida and South Carolina. For more information, visit amerisbank.com.