Ameris Bancorp
Annual Report 2011

Plain-text annual report

1971 2011 AMERIS BANCORP 2011 ANNUAL REPORT Sound Financial Advice & Exceptional Service Since 1971 310 First Street, SE | PO Box 3668 Moultrie, GA 31776 (P)229.890.1111 | (F)229.890.2235 amerisbank.com Mixed Sources: Produced using sustainable methods with materials from well-managed forests, controlled sources or recycled wood or fiber. 002CSN1125 Annual Report/10K Wrap IN 2011, AMERIS BANK CELEBRATED 40 YEARS OF HELPING CUSTOMERS MANAGE AND MAKE THE MOST OF THEIR MONEY. AMERIS BANCORP 2011 ANNUAL REPORTIN 2011, AMERIS BANK CELEBRATED 40 YEARS OF HELPING CUSTOMERS MANAGE AND MAKE THE MOST OF THEIR MONEY.AMERIS BANCORP 2011 ANNUAL REPORTAMERIS BANCORP 2011 ANNUAL REPORT1971 2011 AMERIS BANCORP 2011 ANNUAL REPORT Sound Financial Advice & Exceptional Service Since 1971 310 First Street, SE | PO Box 3668 Moultrie, GA 31776 (P)229.890.1111 | (F)229.890.2235 amerisbank.com Mixed Sources: Produced using sustainable methods with materials from well-managed forests, controlled sources or recycled wood or fiber. 002CSN1125 Annual Report/10K Wrap IN 2011, AMERIS BANK CELEBRATED 40 YEARS OF HELPING CUSTOMERS MANAGE AND MAKE THE MOST OF THEIR MONEY. AMERIS BANCORP 2011 ANNUAL REPORTIN 2011, AMERIS BANK CELEBRATED 40 YEARS OF HELPING CUSTOMERS MANAGE AND MAKE THE MOST OF THEIR MONEY.AMERIS BANCORP 2011 ANNUAL REPORTAMERIS BANCORP 2011 ANNUAL REPORTCharlotte Greenville 77 26 Columbia 95 Augusta 20 Atlanta 75 85 Macon 16 16 82 Albany Tifton 65 20 Montgomery Beaufort Charleston Savannah Hilton Head 84 Mobile Dothan MOULTRIE 10 Tallahassee Valdosta Brunswick Jacksonville Panama City Ameris Bank Retail Locations Ameris Bank Mortgage Only Locations Gainesville 75 Orlando 95 Tampa LETTER FROM THE CEO 5 President and Chief Executive Offi cer, Edwin W. Hortman, Jr., provides an overview of Ameris Bancorp’s achievements for the year and an optimistic outlook regarding future challenges. FINANCIAL HIGHLIGHTS 9 Dennis J. Zember Jr., CPA, Ameris Bancorp’s Executive Vice President and Chief Financial Offi cer, provides a high- level overview of the fi nancial condition of Ameris Bancorp and Ameris Bank. LEADERSHIP RELATIONSHIP BANKING COMMUNITY BOARDS OF DIRECTORS 10 14 20 AMERIS BANK LOCATIONS 22 FORM 10-K The 2011 Form 10-K provides a comprehensive overview of Ameris Bancorp’s fi nancial statements for the fi scal year ended December 31, 2011. You will fi nd the 2011 Form 10-K and Common Stock and Dividend Information in a separate book located in the back pocket of this publication. Regional President Harry Pittman and Retail Leader Kelli Pylant discuss customer retention and sales growth exhibited throughout their region, which includes Alabama, west and central Georgia and parts of northwestern Florida. 1970s 1971: American Banking Company, Moultrie, GA incorporated 1971: American Banking Company opened 1979: Acquired Toney Brothers Bank, Doerun, GA from FDIC 1980s 1980: ABC Holding Company incorporated 1985: Acquired Bank of Quitman, Quitman and Troupeville, GA 1986: Acquired Farmers and Merchants Bank, Coolidge and Ochlocknee, GA ABC Holding Company became ABC Bancorp Acquired Citizens Bank of Tifton, Tifton, GA 1987: ABC Bancorp First Public Stock Offering 6 DEAR SHAREHOLDERS: DEAR SHAREHOLDERS: DEAR SHAREHOLDERS: DEAR SHAREHOLDERS: In October 2011, our Company celebrated its 40th anniversary! While we did not celebrate in the typical fashion because of the challenging economic environment and the fact that many of our friends, families and customers are rebuilding their fi nances as we emerge from this economic downturn, our Company’s fortitude is as strong now as ever. Therefore, we chose to commemorate this anniversary with our “Helping Fight Hunger” initiative. As part of this initiative, our employees led their communities in events that resulted in the donation of almost 158,000 food items and over $120,000 in cash to local food banks just in time for Thanksgiving. We made a difference, and that has been our passion for 40 years! Financially, we have seen positive trends across the board. Most apparent is the Company’s return to profi tability in 2011. Net income available to the Company’s common shareholders in 2011 totaled $17.9 million, or $0.76 per common share. Total recurring revenue (excluding gains associated with FDIC transactions) increased substantially, by 19.6%, in 2011 as we enjoyed higher levels of earning assets compared with 2010. The Company’s net interest margin increased to 4.57% as a result of better deployment of short-term assets, favorable yields on covered assets and attractive funding costs. Additionally, non-interest expense, when viewed on a recurring basis against average assets, improved during 2011 compared with prior years. Knowing that our growth comes with this improved effi ciency confi rms that our bankers understand fi nite resources and how best to deploy them. Regarding our balance sheet, and repeating what is stated elsewhere in our annual report, it is notable that Ameris Bancorp’s average assets have increased for 20 consecutive years. Tangible common equity has as well. In 2011, average assets increased 19%, while tangible common equity increased approximately 10%. Our historical growth rates are not happenstance, but are instead driven by two distinct factors. First is our willingness to participate in the growth of our local communities, thereby increasing our customer base and market share. Second, and just as important, is our willingness to participate in the M&A arena. Having the discipline to select the right opportunities and the know-how to execute with precision is vital and leads me to believe that continued growth for our Company is on the horizon. It is hard to discuss our Company’s results without mentioning the impact of FDIC- assisted transactions. Including our most recent transaction in February 2012, we have completed nine acquisitions in just over two years. Purchased assets in these transactions, before our deleveraging activities, total approximately $1.8 billion. Leading the nation in number of deals completed is notable, but the most rewarding part has been watching our Company develop the systems that rapidly and reliably assimilate the new customers majority of the funds will come from regular earnings. It goes without saying that the successes discussed throughout this annual report are made possible by the dedicated bankers in our Company. I am more confi dent than ever in our bankers’ abilities to meet the coming challenges and to capture the value presented in future opportunities. Together, we have emerged from the recent turmoil in our industry and built a valuable Company through core customer WE MADE A DIFFERENCE, WE MADE A DIFFERENCE, WE MADE A DIFFERENCE, WE MADE A DIFFERENCE, AND THAT HAS BEEN OUR AND THAT HAS BEEN OUR AND THAT HAS BEEN OUR AND THAT HAS BEEN OUR PASSION FOR FORTY YEARS. PASSION FOR FORTY YEARS. PASSION FOR FORTY YEARS. PASSION FOR FORTY YEARS. and employees into Ameris Bank and introduce our community-banking culture and style to our new markets. The offi cers and staff that manage these strategies and related assets are experts, and you can have confi dence that our commitments will be met and that further successes can be achieved. As with every business, we have our challenges. Our most paramount challenge is the continued reduction of problem assets and their related costs. We have seen regular improvements in credit quality for some time, but enough work remains at hand to stay focused. Additionally, we are adjusting our credit culture, employing our compiled list of credit “take-aways” from this most recent credit cycle that would have made a difference in our industry and in Ameris Bank. These reminders will be ingrained in each of us and help further refi ne our roles as risk managers. As we have stated in the past, management of shareholders’ capital is very important to us. In 2008, we accepted $52 million from the U.S. Treasury as part of its TARP capital purchase program. Uncertainty about the future led us to this decision, which has provided a temporary, non-dilutive bridge in our capital structure that protected the common shareholder. We anticipate that during 2012 we will begin repaying this preferred capital in installments in a manner that extinguishes it fully before the November 2013 increase in its 5% dividend rate. We continue to believe that a capital raise will not be needed to facilitate the repayment and that a relationships and an increasingly reliable earnings stream. We are blessed with a very talented and focused team. Our Community Boards of Directors are engaged in local market strategies that promote business development to retain customers and grow the Bank. At the same time, guidance and support from our Corporate Board is evident throughout the Company. The lifeblood of Ameris Bank is providing exceptional experiences to our customers and creating a positive impact in our communities. It is a pleasure to assemble and lead a team that strives to exceed, not merely meet, these goals. In closing, I would like to express thanks to each of you for your support of our Company in 2011. As I look forward, I am excited about what the next few years have in store for us. Our course is right and steady, but it is not without need for correction along the journey. Varying business and economic conditions, together with new ideas, technologies and product offerings, necessitate that we stay attentive and ready to fi ne tune our operations and our strategies. Doing so will allow us to continue delivering the results that we all desire – and that you, our valued shareholders, expect. Respectfully, Edwin W. Hortman, Jr. President and Chief Executive Offi cer 5 WHAT BEGAN AS WHAT BEGAN AS WHAT BEGAN AS WHAT BEGAN AS AMERICAN BANKING COMPANY AMERICAN BANKING COMPANY AMERICAN BANKING COMPANY AMERICAN BANKING COMPANY IN MOULTRIE, GEORGIA IN MOULTRIE, GEORGIA IN MOULTRIE, GEORGIA IN MOULTRIE, GEORGIA IS NOW AMERIS BANK IS NOW AMERIS BANK IS NOW AMERIS BANK IS NOW AMERIS BANK WITH 67 LOCATIONS, WITH 67 LOCATIONS, WITH 67 LOCATIONS, WITH 67 LOCATIONS, 832 EMPLOYEES AND OVER 832 EMPLOYEES AND OVER 832 EMPLOYEES AND OVER 832 EMPLOYEES AND OVER THREE BILLION DOLLARS IN THREE BILLION DOLLARS IN THREE BILLION DOLLARS IN THREE BILLION DOLLARS IN PUBLICLY-TRADED ASSETS. PUBLICLY-TRADED ASSETS. PUBLICLY-TRADED ASSETS. PUBLICLY-TRADED ASSETS. 6 1990s 1992: Acquired Cairo Banking Company, Cairo and Thomasville, GA 1996: Acquired Southland Bank, Abbeville, Clayton, Dothan Eufaula and Headland, AL Acquired Central Bank & Trust, Cordele, GA Acquired First National Bank of South GA, Albany, GA Acquired Merchants & Farmers Bank, Donalsonville, GA 1997: Acquired NationsBank Branch, Douglas, GA Acquired Bank of Ocilla, Ocilla, GA TOP LEFT: In the early 1990s, Kimberly Taylor, now an Accounting Clerk in the Finance and Accounting Department, helped customers make a deposit at the Moultrie Quitman Highway location. BOTTOM LEFT: Pictured in the early 1970s, the original Board of Directors that founded American Banking Company. TOP RIGHT: Ameris Bank’s 2006 expansion into South Carolina led to the opening of the Charleston West Ashley location in the summer of 2008. BOTTOM RIGHT: In 2010, Ameris Bank launched the fi rst annual company-wide Helping Fight Hunger initiative. In 2011, over 157,800 non-perishable food items and $121,148 in cash donations were collected and donated to local food banks throughout Ameris Bank’s four-state footprint. Employees at the Cordele, GA location successfully collected over 39,200 food items. This collection, plus the Ameris Bank monetary match of $29,570, was donated to Cordele’s local food bank, Fishermen for the Hungry. 7 WE ATTRIBUTE WE ATTRIBUTE WE ATTRIBUTE WE ATTRIBUTE WE ATTRIBUTE OUR SUCCESS TO OUR SUCCESS TO OUR SUCCESS TO OUR SUCCESS TO OUR SUCCESS TO AN UNWAVERING AN UNWAVERING AN UNWAVERING AN UNWAVERING AN UNWAVERING ADHERENCE TO ADHERENCE TO ADHERENCE TO ADHERENCE TO ADHERENCE TO OUR CORE VALUES: OUR CORE VALUES: OUR CORE VALUES: OUR CORE VALUES: OUR CORE VALUES: INTEGRITY INTEGRITY INTEGRITY INTEGRITY INTEGRITY RESPECT RESPECT RESPECT RESPECT RESPECT T E A M W O R K T E A M W O R K T E A M W O R K T E A M W O R K T E A M W O R K HONESTY & HONESTY & HONESTY & HONESTY & HONESTY & HIGH STANDARDS. HIGH STANDARDS. HIGH STANDARDS. HIGH STANDARDS. HIGH STANDARDS. 8 AMERIS BANCORP’S AT THE END OF 2011, AMERIS BANCORP’S AMERIS BANCORP’S AT THE END OF 2011, AT THE END OF 2011, 2.9 BILLION. ASSETS TOTALED $2.9 BILLION. 2.9 BILLION. ASSETS TOTALED $ ASSETS TOTALED $ CONSISTENT GROWTH CONSISTENT GROWTH For the past several years, our industry has been shrinking. Many banks have For the past several years, our industry has been shrinking. Many banks have been deleveraging their balance sheets for purposes of maintaining adequate been deleveraging their balance sheets for purposes of maintaining adequate capital ratios. Fortunately, we have been able to continue growing our total assets capital ratios. Fortunately, we have been able to continue growing our total assets through this cycle. When we consider prospects for the future, we recall that we through this cycle. When we consider prospects for the future, we recall that we have had 20 consecutive years of growth in average assets and compounded have had 20 consecutive years of growth in average assets and compounded growth of 15%. In 2011, we experienced a record pace of customer acquisition, growth of 15%. In 2011, we experienced a record pace of customer acquisition, seen mostly in our deposit base, providing improved market share in most of seen mostly in our deposit base, providing improved market share in most of our markets. Additionally, we continued our strategy of pursuing FDIC-assisted our markets. Additionally, we continued our strategy of pursuing FDIC-assisted acquisitions, successfully completing our seventh and eighth such transactions in acquisitions, successfully completing our seventh and eighth such transactions in the third quarter of 2011. the third quarter of 2011. TOTAL ASSETS TOTAL ASSETS (In thousands of dollars) (In thousands of dollars) 2011 2011 2010 2010 2009 2009 2008 2008 2007 2007 $2,994,307 $2,994,307 $2,972,168 $2,972,168 $2,423,970 $2,423,970 $2,407,090 $2,407,090 $2,112,063 $2,112,063 STABLE CORE DEPOSITS STABLE CORE DEPOSITS One key measurement we track is the amount of our total funding that walks One key measurement we track is the amount of our total funding that walks through our front doors. At December 31, 2011, 97% of our total funding was through our front doors. At December 31, 2011, 97% of our total funding was from customers who live or work in our immediate communities and can transact from customers who live or work in our immediate communities and can transact business in our retail facilities. This level compares very favorably to our peer business in our retail facilities. This level compares very favorably to our peer group’s average of 83%. The stability evident in our funding base is directly group’s average of 83%. The stability evident in our funding base is directly correlated to our profitability and to the additional opportunities that can be correlated to our profi tability and to the additional opportunities that can be achieved from understanding the customer relationship. Our focus on core achieved from understanding the customer relationship. Our focus on core business has sales strategies focused squarely on transaction deposits where business has sales strategies focused squarely on transaction deposits where our relationship with the customer has significantly more permanence. Our our relationship with the customer has signifi cantly more permanence. Our compounded growth rate in non-interest bearing demand deposits is 25% over compounded growth rate in non-interest bearing demand deposits is 25% over the last five years, signaling that our efforts have been successful. the last fi ve years, signaling that our efforts have been successful. STRONG CAPITAL POSITION STRONG CAPITAL POSITION During 2011, tangible common equity increased $20.8 million, or 9.5%, to $238.8 During 2011, tangible common equity increased $20.8 million, or 9.5%, to $238.8 million. Similar to our growth in average assets, we have increased tangible million. Similar to our growth in average assets, we have increased tangible common equity every year for the past 20 years, resulting in a compounded common equity every year for the past 20 years, resulting in a compounded growth rate of 13.6%. Our capital strength and our capital growth rate give us growth rate of 13.6%. Our capital strength and our capital growth rate give us confidence in our ability to execute future offensive strategies or to develop confi dence in our ability to execute future offensive strategies or to develop new plans for value creation. Our driving passion is to be known as good new plans for value creation. Our driving passion is to be known as good stewards of the resources with which we have been entrusted, to be experts in stewards of the resources with which we have been entrusted, to be experts in our deployment of capital across our business in new and existing ventures and our deployment of capital across our business in new and existing ventures and to operate the business as owners. While these are not new ideas concerning to operate the business as owners. While these are not new ideas concerning shareholders’ equity, our enthusiasm for them has been piqued as the advantages shareholders’ equity, our enthusiasm for them has been piqued as the advantages of strong capital become more evident. of strong capital become more evident. DEPOSITS DEPOSITS (In thousands of dollars) (In thousands of dollars) 2011 2011 2010 2010 2009 2009 2008 2008 2007 2007 $2,591,566 $2,591,566 $2,535,426 $2,535,426 $2,123,116 $2,123,116 $2,013,525 $2,013,525 $1,757,265 $1,757,265 TANGIBLE COMMON EQUITY TANGIBLE COMMON EQUITY (In thousands of dollars) (In thousands of dollars) 2011 2011 2010 2010 2009 2009 2008 2008 2007 2007 $238,837 $238,837 $218,069 $218,069 $141,367 $141,367 $131,887 $131,887 $131,634 $131,634 2011 ABC Annual Report Inside Pages.indd 9 Greenville, SC Branch Manager Scott Timmons Greenville, SC Branch Manager, Scott Timmons, works with Head Teller Monica Austin as she works with Head Teller, Monica Austin, as she processes a deposit for Armando Cervantes, processes a deposit for Armando Cervantes, owner of Sr. Salsa on Woodruff Road in Greenville. owner of Sr. Salsa on Woodruff Road in Greenville. Mr. Cervantes looks to Ameris Bank for both Mr. Cervantes looks to Ameris Bank for both his his personal and business banking needs, and personal and business-banking needs, and he appreciates the all-inclusive banking relationship appreciates the all-inclusive banking relationship established over the past several years. established over the past several years. 9 9 4/6/2012 1:49:30 PM AMERIS BANCORP BOARD OF DIRECTORS (ABOVE) FROM LEFT: R. Dale Ezzell, Wisecards Printing (Print Services); Robert P. Lynch, Lynch Management Company (Automobile Sales); Jimmy D. Veal, The Beachview Club (Hospitality); Chairman Daniel B. Jeter, Standard Discount Corporation (Consumer Finance); Edwin W. Hortman, Jr., President and CEO, Ameris Bancorp; J. Raymond Fulp, Harvey’s Pharmacy (Pharmacy); V. Wayne Williford, J.B. Coxwell Contracting Company (Heavy Highway Construction); Brooks Sheldon, Retired Banker AMERIS BANCORP EXECUTIVE OFFICERS (RIGHT) SEATED FROM LEFT: Andrew B. Cheney, Executive Vice President, Banking Group President and Chief Operating Offi cer; Edwin W. Hortman, Jr., President and Chief Executive Offi cer STANDING: Jon S. Edwards, Executive Vice President and Chief Credit Offi cer; Stephen A. Melton, Executive Vice President and Chief Risk Offi cer; Dennis J. Zember Jr. CPA, Executive Vice President and Chief Financial Offi cer; Cindi H. Lewis, Executive Vice President, Chief Administrative Offi cer and Corporate Secretary 10 WE RECOGNIZE THE CONTRAST WE RECOGNIZE THE CONTRAST WE RECOGNIZE THE CONTRAST WE RECOGNIZE THE CONTRAST BETWEEN TIME-TESTED VALUES BETWEEN TIME-TESTED VALUES BETWEEN TIME-TESTED VALUES BETWEEN TIME-TESTED VALUES AND SUCH BRISK PROGRESS, AND SUCH BRISK PROGRESS, AND SUCH BRISK PROGRESS, AND SUCH BRISK PROGRESS, AND WHILE WE’LL NEVER AND WHILE WE’LL NEVER AND WHILE WE’LL NEVER AND WHILE WE’LL NEVER FORGO OUR IDEALS, WE FORGO OUR IDEALS, WE FORGO OUR IDEALS, WE FORGO OUR IDEALS, WE EMBRACE HOW FAR WE HAVE EMBRACE HOW FAR WE HAVE EMBRACE HOW FAR WE HAVE EMBRACE HOW FAR WE HAVE COME AND THE GROWTH WE WILL COME AND THE GROWTH WE WILL COME AND THE GROWTH WE WILL COME AND THE GROWTH WE WILL EXPERIENCE. EXPERIENCE. CONTINUE TO EXPERIENCE. CONTINUE TO EXPERIENCE. CONTINUE TO CONTINUE TO 2000s 2001: Acquired Tri-County Bank, Trenton, FL Acquired Republic Security Branch, Newberry, FL Acquired The First Bank of Brunswick, Brunswick, Jekyll Island, and St. Simons Island, GA 2002: Acquired Security Bank Branch, Colquitt, GA 2004: Acquired Citizens Bank of Wakulla, Crawfordville, Panacea and Sopchoppy, FL 2005: ABC Bancorp rebrands to Ameris Bancorp Acquired First National Bank, Kingsland and St. Marys, GA and Orange Park, FL 2006: Acquired Islands Community Bank, Beaufort, SC Completed multi-charter collapse Completed multi-charter collapse to single charter and one brand to single charter and one brand – Ameris Bank – Ameris Bank 2009: FDIC-assisted acquisition of 2009: FDIC-assisted acquisition of American United Bank, American United Bank, Lawrenceville, GA Lawrenceville, GA FDIC-assisted acquisition of FDIC-assisted acquisition of American Security Bank, Sparta American Security Bank, Sparta and Woodstock, GA and Woodstock, GA 11 2010s 2010: FDIC-assisted acquisition of Satilla Community Bank, St. Marys, GA FDIC-assisted acquisition of First Bank of Jacksonville, Jacksonville, FL FDIC-assisted acquisition of Darby Bank & Trust, Lyons, Pooler, Savannah and Vidalia, GA FDIC-assisted acquisition of Tifton Banking Company, Tifton, GA 2011: FDIC-assisted acquisition of One Georgia Bank, Atlanta, GA FDIC-assisted acquisition of High Trust Bank, Leary and Stockbridge, GA 2012: FDIC-assisted acquisition of Central Bank of Georgia, Buena Vista, Butler, Cusseta, Ellaville and Macon, GA In 2005, Ameris Bank began centralization of all banking operations, which resulted in the creation of a large team of support departments. Lonnie Carter, Information Systems Manager, oversees the Company’s technology team, while spearheading all system and technology initiatives for the Company. For over ten years, Susan Cosper has managed projects for operations, and now leads the newly developed Strategic Initiatives Team. This team, organized in late 2011, was designed to leverage Ameris Bank’s ability to timely implement new initiatives and measure their fi nancial and operational contributions. RIGHT: The Company’s Mortgage Division expanded in 2011 to include full-service, internal mortgage lending. Although working from various offi ces throughout Atlanta, GA, Tony Jones, Senior Mortgage Production Manager, Joe Hunter, Mortgage Branch Manager, Julie Humber, Mortgage Operations Manager, and the leader of the entire Mortgage Division, Robert Odom, Mortgage Banking Executive, meet outside the Ameris Bank location in Midtown Atlanta. 12 MUCH HAS CHANGED IN 40 YEARS, BUT EVEN MORE MUCH HAS CHANGED IN 40 YEARS, BUT EVEN MORE MUCH HAS CHANGED IN 40 YEARS, BUT EVEN MORE MUCH HAS CHANGED IN 40 YEARS, BUT EVEN MORE HAS STAYED THE SAME. REGARDLESS OF OUR HAS STAYED THE SAME. REGARDLESS OF OUR HAS STAYED THE SAME. REGARDLESS OF OUR HAS STAYED THE SAME. REGARDLESS OF OUR EXPANSION AND GROWTH, AMERIS BANK WILL ALWAYS EXPANSION AND GROWTH, AMERIS BANK WILL ALWAYS EXPANSION AND GROWTH, AMERIS BANK WILL ALWAYS EXPANSION AND GROWTH, AMERIS BANK WILL ALWAYS STAY TRUE TO OUR ROOTS: THE LOCAL DECISION STAY TRUE TO OUR ROOTS: THE LOCAL DECISION STAY TRUE TO OUR ROOTS: THE LOCAL DECISION STAY TRUE TO OUR ROOTS: THE LOCAL DECISION MAKING AND EMPHASIS ON AN EXCEPTIONAL MAKING AND EMPHASIS ON AN EXCEPTIONAL MAKING AND EMPHASIS ON AN EXCEPTIONAL MAKING AND EMPHASIS ON AN EXCEPTIONAL CUSTOMER EXPERIENCE THAT STARTED IT ALL. CUSTOMER EXPERIENCE THAT STARTED IT ALL. CUSTOMER EXPERIENCE THAT STARTED IT ALL. CUSTOMER EXPERIENCE THAT STARTED IT ALL. 13 14 AMERIS BANK IS AMERIS BANK IS AMERIS BANK IS COMMITTED TO GOING COMMITTED TO GOING COMMITTED TO GOING BEYOND TRADITIONAL BEYOND TRADITIONAL BEYOND TRADITIONAL BANKING TO DEVELOP BANKING TO DEVELOP BANKING TO DEVELOP RELATIONSHIPS RELATIONSHIPS RELATIONSHIPS AND FOSTER GROWTH. AND FOSTER GROWTH. AND FOSTER GROWTH. The Girl Scouts focus on helping girls develop their leadership skills and talents. Jacksonville Business Banker Chris Bouton fi rst met Lynette Beitz, Chief Financial Offi cer for Girl Scouts of Gateway Council, almost fi ve years ago. It was then she fi rst helped fi nance the North Fork Leadership Center, a 250-acre eco-friendly outdoor education center owned and operated by the Girl Scouts of Gateway Council. Five years later, Chris continues to offer practical and cost-effective lending and banking solutions, providing the Council the ability to further reinvest in girls and their communities. Chris and other Ameris Bank Bankers volunteer and support events hosted by the Council, leading to the further development of banking relationships with numerous Girl Scout troops within the 16 counties in North Florida that comprise the Girl Scouts of Gateway Council. Chief Financial Offi cer for Girl Scouts of Gateway Council, Lynette Beitz, and Business Banker Chris Bouton are on the grounds of the North Fork Leadership Center, in Clay County, Florida. 15 After surviving a train ride to Valdosta, GA because of a ruptured appendix, Mr. Maxwell’s mother gave birth to a healthy boy and named him after the doctor, Dr. Holmes, who saved her life. As a child he wanted to become a doctor, but because of the challenges his family faced during the Great Depression, he decided to stay in Cairo and farm his family’s land. Four generations later, Mr. Maxwell’s family continues to actively farm and maintain this land, harvesting beans, corn and peanuts each year. In the 1920s, Mr. Holmes regularly brought bream fish to current Market President Philip Hester’s grandfather, Henry Hester, who was then the president of Cairo Banking Company. This gift was the start of a banking relationship that is now over 90 years old. To date, Philip Hester, Linda Bell, and the entire Ameris Bank team continue to cultivate this personal banking relationship with Mr. Maxwell and his family. What once started this long-lasting relationship carries on - Mr. Maxwell’s 90 year- old “little” brother, Leonard Maxwell, continues the tradition of bringing gifts of food, when he shares cane syrup and vegetables with his Ameris Bank family. 16 ERIS BANK BANKERS IN ERIS BANK BANKERS IN AMAMAMERIS BANK BANKERS IN CAIRO, GEORGIA FOSTER A CAIRO, GEORGIA FOSTER A CAIRO, GEORGIA FOSTER A CAIRO, GEORGIA FOSTER A CAIRO, GEORGIA FOSTER A CAIRO, GEORGIA FOSTER A CAIRO, GEORGIA FOSTER A CAIRO, GEORGIA FOSTER A CAIRO, GEORGIA FOSTER A CAIRO, GEORGIA FOSTER A CAIRO, GEORGIA FOSTER A CAIRO, GEORGIA FOSTER A CAIRO, GEORGIA FOSTER A R EL AT IO NS HIP R EL AT IO NS HIP R EL AT IO NS HIP R EL AT IO NS HIP R EL AT IO NS HIP R EL AT IO NS HIP R EL AT IO NS HIP R EL AT IO NS HIP THAT STARTED WITH MR. HOLMES THAT STARTED WITH MR. HOLMES THAT STARTED WITH MR. HOLMES MAXWELL OVER 90 YEARS AGO. MAXWELL OVER 90 YEARS AGO. MAXWELL OVER 90 YEARS AGO. On family land that has been farmed since the early 1900s, Cairo Market President Philip Hester and Consumer Banker Linda Bell are pictured with four generations of the Maxwell family, right to left: Mr. Holmes Maxwell, his daughter and son-in-law Annette and Frank Lodge, great-grandson Jacob Newberry and grandson Jason Lodge. 17 FOURTEEN YEARS AND COUNTING – FOURTEEN YEARS AND COUNTING – FOURTEEN YEARS AND COUNTING – FOURTEEN YEARS AND COUNTING – TALLAHASSEE BANKERS CONTINUE TALLAHASSEE BANKERS CONTINUE TALLAHASSEE BANKERS CONTINUE TALLAHASSEE BANKERS CONTINUE TO GROW A RELATIONSHIP TO GROW A RELATIONSHIP TO GROW A RELATIONSHIP TO GROW A RELATIONSHIP FOUNDED ON RESPECT, FOUNDED ON RESPECT, FOUNDED ON RESPECT, FOUNDED ON RESPECT, TRUST AND DEPENDABILITY. TRUST AND DEPENDABILITY. TRUST AND DEPENDABILITY. TRUST AND DEPENDABILITY. Women’s Basketball Coach, Sue Semrau, is a three-time winner of the ACC Coach of the Year Award and holds the record for having the most women’s basketball wins in Florida State University history. Coach Semrau focuses on the game knowing her fi nances are being managed by her dedicated team of bankers. For over 14 years, Tallahassee Market President Marty Stubblefi eld and Branch Manager Sheliah Young have served as Coach Semrau’s relationship bankers. This relationship extends even further – Ameris Bank offers a series of Financial Coaching classes to Coach Semrau’s student athletes. Coach Sue keeps her team in the national rankings by leading her players to victory, and she recognizes the importance of a partnership with Ameris Bank that fosters the personal and professional growth of student athletes. 18 Women’s Basketball Coach, Sue Semrau, pictured with Tallahassee Market President Marty Stubblefi eld and Branch Manager Sheliah Young. 19 COMMUNITY BOARDS OF DIRECTORS COMMUNITY BOARDS OF DIRECTORS COMMUNITY BOARDS OF DIRECTORS COMMUNITY BOARDS OF DIRECTORS Albany & Cordele, GA Calvin (Cal) L. McMillan, Market President Donalsonville & Colquitt, GA Nancy S. Jernigan, Market President Directors: Reid E. Mills, Chairman Lawton E. Bassett, III Regional President Gregory R. Garland Calvin (Cal) L. McMillan Y. Duncan Moore, Jr. J. Austin Turner James (Jimmy) L. Webb Director Emeritus: W. Thomas Mitcham, MD Brunswick, GA Michael (Mike) D. Hodges, Market President Directors: Jimmy D. Veal, Chairman Michael (Mike) D. Hodges G. Tony Sammons Thomas I. Sublett Mark D. Walker, Regional President Directors Emeritus: C. Ray Acosta J. Thomas Whelchel Cairo, GA J. Philip Hester, Market President Directors: Jeffrey (Jet) F. Cox, Chairman Kevin S. Cauley Cuy Harrell, III J. Philip Hester Harris (Harry) O. Pittman, III, Regional President G. Ashley Register, MD Directors: N. Ed King, Jr., Chairman D. Glenn Heard Nancy S. Jernigan Kenneth R. Massey Harris (Harry) O. Pittman, III, Regional President Dan E. Ponder, Jr. Danny S. Shepard Directors Emeritus: H. Wayne Carr John B. Clarke, Sr. Joseph S. Hall Jerry G. Mitchell Dothan, AL Harris (Harry) O. Pittman, III, Regional President Directors: R. Dale Ezzell, Chairman Robert Crowder Ronald (Ronnie) E. Dean John D. DeLoach C. Phillip Hayes Harris (Harry) O. Pittman, III Alan Wells Douglas, GA David B. Batchelor, Market President Directors: Donnie H. Smith, Chairman Lawton E. Bassett, III, Regional President David B. Batchelor J. Anthony Deal Faye Hennesy Alfred Lott, Jr. Oscar Street Jacksonville, FL Mark D. Walker, Regional President Directors: V. Wayne Williford, Chairman Robert (Rob) M. Bradley, Jr. Vasant P. Bhide Phillip H. Cury Joseph P. Helow Mark D. Walker J. Charles Wilson, CPA Moultrie, GA Ronnie F. Marchant, Market President Directors: Brooks Sheldon, Chairman Lawton E. Bassett, III, Regional President Robert M. Brown, MD Thomas L. Estes, MD Robert (Robbie) A. Faircloth R. Plenn Hunnicutt Daniel (Dan) B. Jeter Lynn (Lyndy) Jones, Jr. Ronnie F. Marchant J. Mark Mobley, Jr. Thomas (Tommy) W. Rowell Ocilla, GA Directors: Gary H. Paulk, Chairman Lawton E. Bassett, III, Regional President Howard C. McMahan, MD Wesley T. Paulk Jake Walters Directors Emeritus: Wycliffe Griffi n Daniel (Danny) M. Paulk Loran (Sonny) A. Pate 20 COMMUNITY BOARDS OF DIRECTORS COMMUNITY BOARDS OF DIRECTORS COMMUNITY BOARDS OF DIRECTORS COMMUNITY BOARDS OF DIRECTORS Trenton, FL Michael E. McElroy, Market President Directors: Doug Crawford Adra B. Kennard Michael E. McElroy Mark D. Walker, Regional President Valdosta, GA Michael T. Lee, Market President Directors: Charles (Chuck) E. Smith, Chairman Lawton E. Bassett, III, Regional President Michael T. Lee Bart T. Mizell T. Eddie York Directors Emeritus: Doyle Weltzbarker Henry C. Wortman South Carolina H. Richard Sturm, Regional President Thomasville, GA Ronnie F. Marchant, Market President Directors: L. Maurice Chastain, Chairman Dale E. Aldridge Lawton E. Bassett, III, Regional President S. Mark Brewer, MD H. Eugene (Gene) Hickey Ronnie F. Marchant Terrel M. Solana, Ed.D. Tifton, GA Charles T. (Tommy) Bargeron, III, Market President Directors: J. Raymond Fulp, Chairman Charles T. (Tommy) Bargeron, III Lawton E. Bassett, III, Regional President Austin (Butch) L. Coarsey Stewart D. Gilbert, MD John Alan Lindsey Fortson B. Turner Clifford (Buddy) A. Walker, Sr., DMD Directors: William (Bill) H. Stern, Chairman Martha B. Fender Kirkman Finlay, III Darryl W. Gardner Sam W. Jones, Jr. John A. Sowards Whitmarsh (Whit) S. Smith, III H. Richard Sturm St. Marys, GA Michael (Mike) D. Hodges, Market President Directors: Thomas (Tom) I. Stafford, Jr., Chairman Michael (Mike) L. Davis Michael (Mike) D. Hodges Stephen V. Kinney John W. McDill Mark D. Walker, Regional President Director Emeritus: J. Grover Henderson Tallahassee, FL J. Martin (Marty) Stubblefi eld, Market President Directors: Wade G. Brown Harris (Harry) O. Pittman, III, Regional President J. Martin (Marty) Stubblefi eld 21 AMERIS BANK LOCATIONS AMERIS BANK LOCATIONS AMERIS BANK LOCATIONS AMERIS BANK LOCATIONS AMERIS BANK LOCATIONS ALABAMA Abbeville .............................. 334.585.2265 Clayton ................................. 334.775.3211 Dothan - Ross Clark Cir. ....... 334.671.4000 Dothan - Hwy. 84 E ............... 334.677.3063 Eufaula ................................... 334.687.3260 Headland ............................... 334.693.5411 FLORIDA Crawfordville ......................... 850.926.5211 Fleming Island ....................... 904.264.8840 Jacksonville - Lane Ave. ....... 904.786.8224 Jacksonville - Mandarin ........ 904.262.1000 Jacksonville - Town Ctr. ........ 904.996.9490 Newberry ............................... 352.472.2162 Orange Park .......................... 904.213.0883 Tallahassee ............................ 850.656.2110 Tallahassee (Mortgage) ........ 850.383.9999 Trenton .................................. 352.463.7171 GEORGIA Albany .................................... 229.888.5600 Atlanta - Midtown ................. 404.522.2265 Brunswick - Cypress Mill. ...... 912.267.9500 Brunswick - North Glynn ...... 912.264.9699 Buena Vista ............................ 229.649.4600 Butler ..................................... 478.862.3062 Cairo - S. Broad St. ............... 229.377.1110 Cairo Drive Thru - Hwy. 84 E 229.377.1110 Colquitt .................................. 229.758.3461 Cordele - 2nd St. S ............... 229.273.7700 Cordele Drive Thru - 16th Ave. E ................................................ 229.273.7700 Cusseta .................................. 706.989.0110 Doerun ................................... 229.782.5358 Donalsonville ......................... 229.524.2112 Douglas - S Pearl Ave. .......... 912.384.2701 Douglas - Bowens Mills Rd. . 912.384.2701 Ellaville ................................... 229.937.2507 Jekyll Island ........................... 912.635.9014 Kingsland ............................... 912.729.8878 Leary ...................................... 229.792.6124 Leesburg ................................ 229.434.4550 Lyons ...................................... 912.526.7007 Macon .................................... 478.757.2900 Marietta (Mortgage) ............. 770.578.3609 Moultrie - S Main St. ............. 229.985.2222 Moultrie - 1st Ave. SE ........... 229.985.1111 Moultrie - Sunset .................. 229.873.4444 Ocilla ...................................... 229.468.9411 Pooler .................................... 912.748.6002 Quitman ................................. 229.263.7525 Savannah - DeSoto ............... 912.238.1699 Savannah - Mall Blvd. ........... 912.355.5052 Savannah - Whitemarsh ....... 912.898.2151 Sparta..................................... 706.444.6572 St. Marys ................................ 912.882.3400 St. Simons Island ................... 912.634.1270 Stockbridge ........................... 770.692.2440 Stockbridge (Mortgage) ....... 678.300.1438 Thomasville ........................... 229.226.5755 Tifton - Old Ocilla Rd. .......... 229.387.7225 Tifton - W 2nd St. .................. 229.382.7311 Valdosta ................................. 229.241.2851 Vidalia - E. First St. ................ 912.537.8813 Vidalia - Maple Dr. ................ 912.537.7139 Woodstock ............................ 770.592.6292 SOUTH CAROLINA Beaufort ................................. 843.521.1968 Columbia ............................... 803.765.1600 Charleston ............................. 843.573.8000 Charleston Drive Thru - Magnolia Dr. ................................................ 843.573.8000 Greenville .............................. 864.286.5737 Hilton Head ........................... 843.686.2903 Irmo ........................................ 803.749.5230 Lexington............................... 803.808.4220 Mt. Pleasant........................... 843.375.4969 Summerville ........................... 843.875.2663 22 Charlotte Greenville 77 26 65 75 Atlanta Augusta 20 Columbia 95 85 Macon Montgomery 16 16 Beaufort Charleston Savannah Hilton Head 82 Albany Tifton Dothan MOULTRIE 10 Tallahassee Valdosta Brunswick Jacksonville Panama City 20 84 Mobile Ameris Bank Retail Locations Ameris Bank Mortgage Only Locations Gainesville 75 Orlando 95 Tampa 1971 2011 AMERIS BANCORP 2011 ANNUAL REPORT Sound Financial Advice & Exceptional Service Since 1971 310 First Street, SE | PO Box 3668 Moultrie, GA 31776 (P)229.890.1111 | (F)229.890.2235 amerisbank.com Mixed Sources: Produced using sustainable methods with materials from well-managed forests, controlled sources or recycled wood or fiber. 002CSN1125 Annual Report/10K Wrap IN 2011, AMERIS BANK CELEBRATED 40 YEARS OF HELPING CUSTOMERS MANAGE AND MAKE THE MOST OF THEIR MONEY. AMERIS BANCORP 2011 ANNUAL REPORTIN 2011, AMERIS BANK CELEBRATED 40 YEARS OF HELPING CUSTOMERS MANAGE AND MAKE THE MOST OF THEIR MONEY.AMERIS BANCORP 2011 ANNUAL REPORTAMERIS BANCORP 2011 ANNUAL REPORT

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