Ameris Bancorp and Colony Bankcorp both reported Thursday that net income increased in the first quarter of 2015 compared to the same quarter a year earlier.
Ameris Bancorp, based in Moultrie, Ga., reported net income of $9.8 Million, or $0.32 per diluted share, for the first quarter of 2015 that ended March 31, compared to $8.1 million, or $0.32 per diluted share, a year earlier.
“In the first quarter of 2015, we announced two highly accretive acquisitions and a supporting capital raise. We had our strongest quarter in new loan originations with better than expected yields,” said Edwin W. Hortman Jr., president and CEO. “Our mortgage group had its strongest quarter of profitability and finished the quarter with very robust pipelines.”
As the bank moves into the second quarter and the last half of 2015, he said, its challenge is to continue developing the pipelines and investment opportunities for the liquidity in two pending acquisitions.
Highlights for the first quarter include:
• Net income available to common shareholders increased 21.1 percent compared to the first quarter of 2014.
• The company completed a private placement of 5,320,000 shares of common stock.
• The company announced agreements to acquire Merchants & Southern Banks of Florida Inc. and 18 additional branches in North Florida and South Georgia.
• Loans, excluding purchased non-covered and covered loans, increased by $109.5 million during the quarter, reflecting an annualized growth rate of 23.5 percent.
• Total revenue increased to $59.9 million in the first quarter of 2015, compared to $50.6 million in the first quarter of 2014.
For more information, go to www.amerisbank.com.
Colony Bank
Colony Bankcorp Inc., reported net income available to shareholders of $1,253,000, or $0.15 per diluted share for the first quarter of 2015 compared to $814,000, or $0.10 per diluted share a year earlier.
The 54 percent improvement in net income was driven primarily by an increase in non-interest income and a reduction in non-interest expense.
“While we had significant improvement in earnings, we also are pleased to report continued asset quality improvement,” said Ed Loomis, president and CEO. “Total non-performing assets were $26.77 million at March 31, 2015, which is a reduction of 6.88 percent from the prior quarter end and 31.65 percent from the year ago period,”
Loomis said the bank’s substandard assets to tier one capital plus loan loss reserve stands at 29.93 percent, down from the previous year-end level of 32.39 percent.
“Of significance during the quarter was a spurt in loan activity as total loans increased to $753.24 million at March 31, 2015, compared to $745.73 million at December 31, 2014,” he said. “We remain optimistic that the economic stabilization underway will allow solid loan growth in 2015.”
Colony Bankcorp Inc. is a bank-holding company with headquarters in Fitzgerald, Ga., that consists of one operating subsidiary, Colony Bank.
Colony Bank conducts a general full service commercial, consumer and mortgage banking business through 29 offices in cities in central, southern and coastal Georgia, including Savannah.
For more information, visit colonybank.com.