Ameris Bancorp on Thursday reported operating net income of $41.0 million, or $1.56 per share, for the year that ended Dec. 31, compared to $21.4 million, or $0.89 per share, in 2013.
“We are proud of the efforts of our bankers in 2014, whose collective success produced record earnings and record earnings per share,” said Edwin W. Hortman, Jr., president and CEO. “Our profitability ratios improved again in 2014, with our operating return on assets and operating return on tangible capital moving significantly higher.”
For the fourth quarter of 2014, net income available to common shareholders was $10.6 million and $0.39 per share, compared to $3.8 million and $0.16 in the same quarter of 2013.
Highlights of the company’s results include its purchase of Savannah-based Coastal Bankshares Inc., which increased total assets by $449.0 million.
Ameris also announced Thursday a $50 million transaction to buy Merchants & Southern Banks of Florida Inc.
The Gainesville, Fla.-based financial firm has assets of $473 million, gross loans of $214 million and deposits of $336 million.
Hortman said the acquisition will strengthen Ameris’ north Florida presence by providing entry into the Gainesville and Ocala markets as well as enhancing the company’s presence in the greater Jacksonville area.
The transaction is expected to close during the second quarter of 2015.
In addition, Ameris announced the acquisition of 18 Bank of America branches in north Florida and south Georgia.
“With this transaction, Ameris will further strengthen its Georgia and Florida market presence with the acquisition of a low-cost funding source and an attractive customer base, as well as expand the Ameris team with experienced and talented associates, with a minimal amount of integration and execution risk,” Hortman said. “This will position Ameris as the largest independent community bank operating in our south Georgia and north Florida footprint.”
Ten of the branches are in south Georgia and will add an estimated $424 million of deposits, while eight are in north Florida and will contribute an estimated $388 million of deposits. The transaction is expected to close during the second quarter of 2015.
For more information, go to www.amerisbank.com.
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About Ameris Bancorp
Ameris Bancorp has headquarters in Moultrie, Ga. It has 73 locations in Georgia, Alabama, northern Florida and South Carolina.