Ameris Bancorp - FORM 8-K - EX-99.1 - PRESS RELEASE

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8-K - FORM 8-K - Ameris Bancorp	d8k.htm

Exhibit 99.1

LOGO

News Release

For more information contact:

Dennis J. Zember Jr.

Executive Vice President & CFO

(229) 890-1111

AMERIS BANCORP REPORTS NET INCOME

AND DECLINE IN NON-PERFORMING ASSETS FOR FIRST QUARTER 2011

April 26, 2011

AMERIS BANCORP (NASDAQ-GS: ABCB), Moultrie, Georgia, today reported net income available to common shareholders of $580,000, or $0.02 per diluted share, for the quarter ended March 31, 2011, compared to a net loss of $2.3 million, or ($0.17) per diluted share, for the quarter ended March 31, 2010. Highlights of the results of the first quarter of 2011 include:

•

The first quarter of 2011 represented the 2nd consecutive quarter of profitability for the Company.

•

Non-accrual loans declined 24% from March 31, 2010 and 14% from December 31, 2010.

•

Tangible common equity as a percentage of total assets improved to 7.51% during the quarter.

•

The Company’s net interest margin improved to 4.04%, despite historically low levels of earning assets to total assets and higher concentrations of short-term assets.

•

Allowance for loan losses as a percentage of non-performing loans increased to 52% in the current quarter compared to 37% at March 31, 2010.

•

Annualized net charge-offs for the current quarter declined to 1.88% of total loans compared to 3.33% for the year ended December 31, 2010.

“We are proud to report net income and a reduction in non-performing assets during the first quarter of 2011. Our financial results represent a significant improvement from prior quarters due to the success of several strategies we implemented throughout this economic cycle. We believe the benefits of these decisions will continue to positively impact earnings as we move forward in the national recovery,” stated Edwin W. Hortman, Jr., President and CEO.

Continued Improvement in Credit Quality

Non-performing assets declined for the second consecutive quarter as the Company continued to see success in the resolution of problem assets and a slowing of problem asset formation. Total non-accrual loans declined 13.7% to $68.4 million at March 31, 2011 compared to $79.3 million at December 31, 2010 and $96.1 million at the peak of this economic cycle. The Company’s balances in OREO (other real estate owned) increased to $62.3 million at March 31, 2011 from $57.9 million at December 31, 2010, as problem loans migrated to OREO for final liquidation. Mr. Hortman commented on credit quality, saying “Although we continue to see improvements in the resolution of our problem assets, we remain cautiously optimistic about improving market conditions. Our entire Ameris team continues to work diligently to reduce the problem assets on our balance sheet with the same sense of urgency as when this economic downturn began.”

Net charge-offs on loans during the first quarter of 2011 decreased to $6.2 million as compared to $10.2 million during the fourth quarter of 2010 and $13.0 million during the first quarter of 2010. The Company’s provision for loan losses during the first quarter of 2011 amounted to $7.1 million, a decline of $4.3 million as compared to the $11.4 million posted in the fourth quarter of 2010. At March 31, 2011, the Company’s loan loss allowance totaled $35.4 million, or 2.63%, of ending legacy loans, compared to $34.6 million, or 2.52%, at the end of 2010.

Balance Sheet Trends

Total assets at March 31, 2011 were $2.92 billion, an increase of 24.3% as compared to March 31, 2010. This year-over-year increase is primarily due to the four FDIC-assisted transactions completed by the Company during 2010. However, as compared to balances at December 31, 2010, total assets decreased $53.7 million, or 7.3% on an annualized basis.

Total loans outstanding decreased $57.8 million during the first quarter of 2011 to $1.87 billion at March 31, 2011 from $1.93 billion at December 31, 2010. Loans acquired in FDIC-assisted transactions decreased by $29.0 million, and the Company’s legacy loan portfolio declined $28.8 million, as the Company continued to resolve problem assets through upgrades, charge-offs or foreclosure.

Total deposits grew $37.3 million, or 6.0% on an annualized basis, during the first quarter of 2011, from $2.54 billion at December 31, 2010 to $2.57 billion at March 31, 2011. Noninterest-bearing deposits increased $14.1 million, or 18.9% on an annualized basis, and interest-bearing deposits increased $23.2 million, or 4.2% on an annualized basis.

Improvement in Net Interest Income and Net Interest Margin

Net interest income during the first quarter of 2011 totaled $24.2 million, an increase of $3.8 million, or 18.6%, compared to the $20.4 million reported for first quarter of 2010 and an increase of $1.2 million, or 5.2%, compared to the $23.0 million reported for the fourth quarter of 2010. The Company’s net interest margin increased to 4.04%, compared to 3.92% during the same quarter of 2010 and 3.88% during the fourth quarter of 2010, due to an improvement in cost of funds. The yield on earning assets in the first quarter of 2011 was 5.35% compared to 5.36% in the first quarter of 2010 and 5.18% in the fourth quarter of 2010. The Company’s cost of funding saw a greater improvement, as it decreased from 1.41% in the first quarter of 2010 and 1.27% in the fourth quarter of 2010 to 1.22% in the first quarter of 2011.

At March 31, 2011, the Company’s earning assets totaled $2.4 billion, or 83.7% of total assets, compared to $2.1 billion, or 89.7% of total assets, at the same time in 2010. This decrease is attributable to the growth in non-earning assets associated with the FDIC-assisted transactions, such as covered loans, OREO, and the FDIC indemnification asset of $167.2 million at March 31, 2011. As these assets are resolved and liquidated, the proceeds are expected to be reinvested in earning assets.

Non-Interest Income and Expense

Total non-interest income for the first quarter of 2011 increased 26.8% to $6.2 million, from $4.9 million reported in the first quarter of 2010. Service charges on deposit accounts increased $828,000, or 24.1%, from the first quarter of 2010 due to the increased number of customer accounts. Income from mortgage related activities declined from $554,000 in the first quarter of 2010 to $450,000 in the first quarter of 2011. Other non-interest income increased due to a gain on the sale of a former branch building, increased check order fees and a higher level of merchant fee income.

Non-interest expenses increased from $16.9 million in the first quarter of 2010 to $21.2 million in the first quarter of 2011. Salaries and employee benefits reflect the largest increase; however, this increase is in proportion to the Company’s asset growth. Total assets per full-time-equivalent employee increased from $4.0 million at March 31, 2010 to $4.2 million per employee at March 31, 2011. The Company believes the earnings potential to be significant as additional improvement is expected with the consolidation of Darby Bank & Trust Co. into the core Ameris Bank operations during the second quarter of 2011. The increase in occupancy and equipment expenses, as well as data processing and telecommunication expenses, is directly correlated to the increase in the number of branch locations from the first quarter of 2010 to the first quarter of 2011. Credit related expenses decreased as the Company reported a net gain of $700,000 on the sale of OREO in the first quarter of 2011, compared to a net loss of $487,000 in the first quarter of 2010 and a net loss of $2.0 million in the fourth quarter of 2010. Problem loan and OREO expense totaled $2.5 million for the three months ended March 31, 2011, compared to $2.9 million for the three months ended December 31, 2010, and $1.5 million for the three months ended March 31, 2010.

Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 59 locations in Georgia, Alabama, northern Florida and South Carolina.

This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management of Ameris Bancorp (the “Company”) uses these non-GAAP measures in its analysis of the Company’s performance. These measures are useful when evaluating the underlying performance and efficiency of the Company’s operations and balance sheet. The Company’s management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company’s management believes that investors may use these non-GAAP financial measures to evaluate the Company’s financial performance without the impact of unusual items that may obscure trends in the Company’s underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

This news release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “believe”, “estimate”, “expect”, “intend”, “anticipate” and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements and are referred to the Company’s periodic filings with the Securities and Exchange Commission for a summary of certain factors that may impact the Company’s results of operations and financial condition.

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)


	Three Months Ended
	Mar. 2011			Dec. 2010			Sept. 2010			June 2010			Mar. 2010

EARNINGS

Net Income/(Loss) Available to Common Shareholders	$	580		$	1,050		$	(1,704	)	$	(4,218	)	$	(2,330	)

PER COMMON SHARE DATA
Earnings per share available to common shareholders:
Basic	$	0.02		$	0.04		$	(0.07	)	$	(0.20	)	$	(0.17	)
Diluted	$	0.02		$	0.04		$	(0.07	)	$	(0.20	)	$	(0.17	)
Cash Dividends per share	$	—		$	—		$	—		$	—		$	—
Stock dividend		—			—			—			1 for 210			1 for 130
Book value per share (period end)	$	9.41		$	9.44		$	9.48		$	9.57		$	10.18
Tangible book value per share (period end)	$	9.20		$	9.22		$	9.35		$	9.43		$	9.94
Weighted average number of shares:
Basic		23,440,201			23,427,393			23,427,919			21,231,367			13,906,137
Diluted		23,474,424			23,579,205			23,427,919			21,231,367			13,906,137
Period-end number of shares		23,766,044			23,647,841			23,626,169			23,515,468			14,108,672
Market data:
High closing price	$	11.10		$	11.07		$	10.49		$	11.55		$	10.32
Low closing price	$	9.32		$	8.73		$	7.83		$	9.00		$	7.36
Period end closing price	$	10.16		$	10.54		$	9.35		$	9.66		$	9.03
Average daily volume		46,618			55,281			75,573			205,388			37,715

PERFORMANCE RATIOS
Return on average assets		0.08	%		0.15	%		(0.28	%)		(0.68	%)		(0.26	%)
Return on average common equity		1.06	%		1.85	%		(3.01	%)		(8.77	%)		(4.33	%)
Earning asset yield (TE)		5.35	%		5.18	%		5.34	%		5.32	%		5.36	%
Total cost of funds		1.22	%		1.27	%		1.33	%		1.34	%		1.41	%
Net interest margin (TE)		4.04	%		3.88	%		4.04	%		4.01	%		3.92	%
Non-interest income excluding securities transactions, as a percent of total revenue (TE) ⁽¹⁾		15.49	%		16.12	%		16.74	%		12.40	%		14.15	%
Efficiency ratio		69.59	%		62.15	%		70.08	%		63.35	%		66.93	%

CAPITAL ADEQUACY (period end)
Stockholders’ equity to assets		9.38	%		9.20	%		11.25	%		11.35	%		8.22	%
Tangible common equity to tangible assets		7.51	%		7.35	%		9.08	%		9.17	%		5.97	%

EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible assets		7.51	%		7.35	%		9.08	%		9.17	%		5.97	%
Effect of preferred equity		1.72	%		1.69	%		2.05	%		2.06	%		2.11	%
Effect of goodwill and other intangibles		0.16	%		0.16	%		0.12	%		0.12	%		0.14	%

Equity to assets (GAAP)		9.38	%		9.20	%		11.25	%		11.35	%		8.22	%


OTHER PERIOD-END DATA
FTE Headcount		691			708			570			581			594
Assets per FTE	$	4,223		$	4,198		$	4,271		$	4,169		$	3,959
Branch locations		59			59			50			53			53
Deposits per branch location	$	43,605		$	42,257		$	41,980		$	39,246		$	39,402

⁽¹⁾	Includes gain from acquisition.

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)


	Three Months Ended
	Mar. 2011		Dec. 2010		Sept. 2010			June 2010			Mar. 2010

INCOME STATEMENT

Interest income
Interest and fees on loans	$	28,971	$	27,676	$	26,465		$	28,187		$	25,156
Interest on taxable securities		2,658		2,562		2,295			2,502			2,462
Interest on nontaxable securities		320		317		295			299			304
Interest on deposits in other banks		175		204		104			97			57
Interest on federal funds sold		13		52		13			12			12

Total interest income		32,137		30,811		29,172			31,097			27,991


Interest expense
Interest on deposits	$	7,375	$	7,328	$	6,903		$	7,084		$	7,332
Interest on other borrowings		555		477		270			154			246

Total interest expense		7,930		7,805		7,173			7,238			7,578


Net interest income		24,207		23,006		21,999			23,859			20,413

Provision for loan losses		7,043		11,404		9,739			18,608			10,770


Net interest income/(loss) after provision for loan losses	$	17,164	$	11,602	$	12,260		$	5,251		$	9,643


Noninterest income
Service charges on deposit accounts	$	4,267	$	4,323	$	3,761		$	3,620		$	3,439
Mortgage banking activity		450		806		713			675			554
Other service charges, commissions and fees		239		180		180			232			213
Gain(loss) on sale of securities		224		—		—			—			200
Gains from acquisitions		—		6,442		—			8,209			—
Other non-interest income		1,013		552		357			313			479

Total noninterest income		6,193		12,303		5,011			13,049			4,885


Noninterest expense
Salaries and employee benefits		9,843		8,510		7,555			8,027			7,826
Occupancy and equipment expenses		2,730		1,989		2,171			2,025			2,027
Data processing and telecommunications expenses		2,396		2,075		1,729			2,077			1,763
FDIC Insurance expense		1,245		1,296		1,304			1,285			1,248
Credit related expenses ⁽¹⁾		1,797		4,936		3,232			6,224			2,020
Advertising and marketing expenses		163		97		167			143			159
Amortization of intangible assets		263		277		254			186			271
Goodwill impairment		—		—		—			—			—
Other non-interest expenses		2,718		2,766		2,516			3,416			1,617

Total noninterest expense		21,155		21,946		18,928			23,383			16,931


Operating profit/(loss)	$	2,202	$	1,959	$	(1,657	)	$	(5,083	)	$	(2,403	)

Income tax (benefit)/expense		824		98		(760	)		(1,664	)		(869	)


Net income/(loss)	$	1,378	$	1,861	$	(897	)	$	(3,419	)	$	(1,534	)


Preferred stock dividends		798		811		807			799			796


Net income/(loss) available to common shareholders	$	580	$	1,050	$	(1,704	)	$	(4,218	)	$	(2,330	)


Diluted earnings available to common shareholders		0.02		0.04		(0.07	)		(0.20	)		(0.17	)

(1)	Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)


	Three Months Ended
	Mar. 2011			Dec. 2010			Sept. 2010			June 2010			Mar. 2010

PERIOD-END BALANCE SHEET

Assets
Cash and due from banks	$	88,386		$	74,326		$	43,814		$	54,444		$	68,859
Federal funds sold and interest bearing balances		264,508			261,262			306,867			240,075			200,942
Investment securities available for sale, at fair value		305,620			322,581			236,048			237,985			248,013
Other investments		12,436			12,440			7,106			7,531			7,260

Loans, net of unearned income		1,345,981			1,374,757			1,455,853			1,493,126			1,536,528
Covered loans		526,012			554,991			192,267			191,663			123,771
Less allowance for loan losses		35,443			34,576			34,072			33,585			33,562

Loans, net		1,836,550			1,895,172			1,614,048			1,651,204			1,626,737

Other real estate owned		62,258			57,917			50,919			41,079			34,682
Covered other real estate owned		59,757			54,931			28,416			25,845			17,862

Total other real estate owned		122,015			112,848			79,335			66,924			52,544

Premises and equipment, net		66,359			66,589			66,056			66,708			66,523
Intangible assets, net		3,973			4,261			3,097			3,314			3,364
Goodwill		956			956			—			—			—
FDIC loss sharing receivable		167,176			177,187			42,532			57,946			47,579
Other assets		50,444			44,546			35,800			35,779			29,711

Total assets	$	2,918,423		$	2,972,168		$	2,434,703		$	2,421,910		$	2,351,532


Liabilities
Deposits:
Noninterest-bearing	$	316,060		$	301,971		$	235,646		$	218,012		$	222,454
Interest-bearing		2,256,629			2,233,455			1,863,355			1,862,014			1,865,852

Total deposits		2,572,689			2,535,426			2,099,001			2,080,026			2,088,306
Federal funds purchased & securities sold under agreements to repurchase		20,257			68,184			13,186			17,600			20,640
Other borrowings		—			43,495			—			—			2,000
Other liabilities		9,351			9,387			6,279			7,145			5,082
Subordinated deferrable interest debentures		42,269			42,269			42,269			42,269			42,269

Total liabilities		2,644,566			2,698,761			2,160,735			2,147,040			2,158,297


Stockholders’ equity
Preferred stock	$	50,269		$	50,121		$	49,975		$	49,832		$	49,691
Common stock		25,102			24,983			24,961			24,961			15,379
Capital surplus		165,995			165,930			165,544			165,544			88,996
Retained earnings		37,580			37,000			35,948			37,519			42,431
Accumulated other comprehensive income/(loss)		5,742			6,204			8,371			7,834			7,676
Less treasury stock		(10,831	)		(10,831	)		(10,831	)		(10,820	)		(10,812	)

Total stockholders’ equity		273,857			273,407			273,968			274,870			193,361

Total liabilities and stockholders’ equity	$	2,918,423		$	2,972,168		$	2,434,703		$	2,421,910		$	2,351,658


Other Data
Earning Assets		2,442,121			2,513,591			2,191,035			2,162,849			2,109,254
Intangible Assets		4,929			5,217			3,097			3,314			3,364
Interest Bearing Liabilities		2,319,155			2,413,319			1,918,810			1,921,883			1,930,761
Average Assets		2,949,943			2,872,207			2,429,709			2,444,425			2,377,348
Average Common Stockholders’ Equity		222,675			225,088			224,656			217,042			143,655

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)


	Three Months Ended
	Mar. 2011			Dec. 2010			Sept. 2010			June 2010			Mar. 2010

ASSET QUALITY INFORMATION⁽¹⁾

Allowance for loan losses
Balance at beginning of period	$	34,576		$	34,072		$	33,585		$	33,563		$	35,762
Acquired Reserves		—			—			—			—			—
Provision for loan loss ⁽²⁾		7,092			10,742			9,602			17,725			10,770

Charge-offs		7,067			10,513			10,108			18,756			13,246
Recoveries		842			275			993			1,053			277

Net charge-offs (recoveries)		6,225			10,238			9,115			17,703			12,969

Ending balance	$	35,443		$	34,576		$	34,072		$	33,585		$	33,563


As a percentage of loans		2.63	%		2.52	%		2.34	%		2.25	%		2.18	%
As a percentage of nonperforming loans		51.82	%		43.61	%		37.92	%		36.37	%		37.44	%

Net charge-off information
Charge-offs
Commercial, Financial and Agricultural	$	1,113		$	1,907		$	866		$	703		$	2,008
Real Estate - Residential		809			1,328			3,100			4,739			924
Real Estate - Commercial and Farmland		2,557			2,368			4,118			5,023			4,593
Real Estate - Construction and Development		2,425			4,519			1,557			8,202			5,576
Consumer Installment		163			391			467			89			145
Other		—			—			—			—			—

Total charge-offs		7,067			10,513			10,108			18,756			13,246


Recoveries
Commercial, Financial and Agricultural		20			22			41			430			78
Real Estate - Residential		14			20			54			84			28
Real Estate - Commercial and Farmland		2			182			392			202			64
Real Estate - Construction and Development		772			22			458			140			64
Consumer Installment		34			29			48			197			43
Other		—			—			—			—			—

Total recoveries		842			275			993			1,053			277


Net charge-offs (recoveries)	$	6,225		$	10,238		$	9,115		$	17,703		$	12,969


Non-accrual loans		68,391			79,289			89,862			92,336			89,649
Foreclosed assets		62,258			57,916			50,919			41,079			34,682
Accruing loans delinquent 90 days or more		—			—			—			—			—

Total non-performing assets		130,649			137,205			140,781			133,415			124,331


Non-performing assets as a percent of total assets		4.48	%		4.62	%		5.78	%		5.62	%		5.21	%
Net charge offs as a percent of loans (Annualized)		1.88	%		2.87	%		2.14	%		4.22	%		3.12	%

(1)	Asset quality information is presented net of covered assets where the Company’s risk exposure is limited substantially by loss sharing agreements with the FDIC.

(2)

During 2010 and 2011, the Company recorded provision for loan loss expense to account for losses where the initial estimate of cash flows was found to be excessive on loans acquired in FDIC assisted acquisitions. These amounts are excluded from the calculation above but reflected in the Company’s Consolidated Statement of Operations.

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)


	Three Months Ended
	Mar. 2011		Dec. 2010		Sept. 2010		June 2010		Mar. 2010
AVERAGE BALANCES

Federal funds sold	$	32,891	$	28,523	$	61,465	$	54,245	$	25,831
Interest bearing deposits in banks		204,268		267,337		190,203		232,733		173,125
Investment securities - taxable		262,778		246,417		199,244		209,532		209,465
Investment securities - nontaxable		38,794		37,649		35,813		35,650		36,430
Other investments		12,218		7,603		7,246		8,061		5,495
Loans		1,902,091		1,790,536		1,690,705		1,683,522		1,683,518

Total Earning Assets	$	2,453,040	$	2,378,065	$	2,184,676	$	2,223,743	$	2,133,864


Noninterest bearing deposits	$	310,226	$	275,184	$	225,907	$	237,276	$	231,765
NOW accounts		584,338		527,264		478,105		482,798		505,566
MMDA		522,009		455,041		448,955		441,445		424,913
Savings accounts		76,341		63,972		64,575		64,887		63,436
Retail CDs < $100,000		427,143		460,444		367,353		375,339		331,294
Retail CDs > $100,000		504,011		392,266		375,756		371,754		393,473
Brokered CDs		124,441	$	136,201	$	128,346		138,113		151,333

Total Deposits		2,548,509		2,310,372		2,088,997		2,111,612		2,101,780


FHLB advances		25,114		28,205		—		747		2,000
Subordinated debentures		42,269		42,269		42,269		42,269		42,269
Federal funds purchased and securities sold under agreements to repurchase		22,100		49,878		14,246		18,698		30,650
Other borrowings		—		—		—		—		—

Total Non-Deposit Funding		89,483		120,352		56,515		61,714		74,919


Total Funding	$	2,637,992	$	2,430,724	$	2,145,512	$	2,173,326	$	2,176,699

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)


	Three Months Ended
	Mar. 2011		Dec. 2010			Sept. 2010		June 2010		Mar. 2010
INTEREST INCOME/EXPENSE

INTEREST INCOME
Federal funds sold	$	13	$	50		$	13	$	12	$	12
Interest bearing deposits in banks		175		204			104		97		57
Investment securities - taxable		2,658		2,562			2,295		2,438		2,462
Investment securities - nontaxable (TE)		492		489			453		460		468
Loans (TE)		29,010		27,746			26,527		28,818		25,224

Total Earning Assets	$	32,348	$	31,051		$	29,392	$	31,825	$	28,223


INTEREST EXPENSE
Non-interest bearing deposits	$	—	$	—		$	—	$	—	$	—
NOW accounts		1,048		1,063			1,087		1,135		1,234
MMDA		1,407		1,401			1,428		1,446		1,484
Savings accounts		132		82			76		75		90
Retail CDs < $100,000		1,745		1,985			1,596		1,689		1,568
Retail CDs > $100,000		2,094		1,782			1,709		1,674		1,881
Brokered CDs		949		1,017			1,006		1,065		1,076

Total Deposits		7,375		7,330			6,902		7,084		7,333


FHLB advances		123		39			—		12		30
Subordinated debentures		351		342			246		113		178
Repurchase agreements		81		96			19		26		36
Correspondent bank line of credit and other		—		(1	)		5		2		2

Total Non-Deposit Funding		555		476			270		153		246


Total Funding	$	7,930	$	7,806		$	7,172	$	7,237	$	7,579


Net Interest Income (TE)	$	24,418	$	23,245		$	22,220	$	24,588	$	20,644

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)


	Three Months Ended
	Mar. 2011			Dec. 2010			Sept. 2010			June 2010			Mar. 2010
YIELDS (1)

Federal funds sold		0.16	%		0.70	%		0.08	%		0.09	%		0.19	%
Interest bearing deposits in banks		0.35	%		0.30	%		0.22	%		0.17	%		0.13	%
Investment securities - taxable		4.10	%		4.12	%		4.57	%		4.67	%		4.77	%
Investment securities - nontaxable		5.14	%		5.15	%		5.02	%		5.18	%		5.21	%
Loans		6.19	%		6.15	%		6.22	%		6.87	%		6.08	%

Total Earning Assets		5.35	%		5.18	%		5.34	%		5.74	%		5.36	%

Noninterest bearing deposits		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
NOW accounts		0.73	%		0.80	%		0.90	%		0.94	%		0.99	%
MMDA		1.09	%		1.22	%		1.26	%		1.31	%		1.42	%
Savings accounts		0.70	%		0.51	%		0.47	%		0.46	%		0.58	%
Retail CDs < $100,000		1.66	%		1.71	%		1.72	%		1.80	%		1.92	%
Retail CDs > $100,000		1.68	%		1.80	%		1.80	%		1.81	%		1.94	%
Brokered CDs		3.09	%		2.96	%		3.11	%		3.09	%		2.88	%

Total Deposits		1.17	%		1.26	%		1.31	%		1.35	%		1.41	%

FHLB advances		1.99	%		0.55	%		0.00	%		6.44	%		6.08	%
Subordinated debentures		3.37	%		3.21	%		2.31	%		1.07	%		1.71	%
Repurchase agreements		1.49	%		0.76	%		0.53	%		0.56	%		0.48	%
Correspondent bank line of credit and other		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

Total Non-Deposit Funding		2.52	%		1.57	%		1.90	%		0.99	%		1.33	%


Total funding (3)		1.22	%		1.27	%		1.33	%		1.34	%		1.41	%


Net interest spread		4.13	%		3.91	%		4.01	%		4.40	%		3.95	%


Net interest margin		4.04	%		3.88	%		4.04	%		4.43	%		3.92	%

(1)	Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 35%.

(2)	Rate calculated based on average earning assets.

(3)	Rate calculated based on total average funding including non-interest bearing liabilities.

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)


	Three Months Ended
Core Earnings Reconciliation	Mar. 2011			Dec. 2010			Sept. 2010			June 2010			Mar. 2010

Pre-tax operating profit/(loss)	$	2,202		$	1,959		$	(1,657	)	$	(5,083	)	$	(2,403	)
Plus: Credit Related Costs
Provision for loan losses		7,043			11,404			9,739			18,608			10,770
(Gains)/Losses on the sale of legacy OREO		1,591			2,033			1,263			4,173			487
Problem loan and OREO expense		2,498			2,903			1,969			2,051			1,533
Interest reversed (received) on non-accrual loans		(389	)		478			533			1,017			575

Total Credit-Related Costs		10,743			16,818			13,504			25,849			13,365


Plus: Non-recurring impairment charges		—			—			—			—			—
Plus: Costs associated with capital raise		—			—			—			933
Less: Non-recurring gains
Gains related to FDIC acquisitions		—			(6,442	)		—			(8,209	)		—
Gains on sales of securities		(224	)		—			—			—			(200	)
Gains on sales of bank premises		(128	)		—			—			(149	)		(249	)
Other non-recurring adjustments		—			—			—			(1,408	)		—


Pretax, Pre-provision earnings	$	12,593		$	12,335		$	11,847		$	11,933		$	10,513


	Three Months Ended
Recurring Operating Expenses	Mar. 2011			Dec. 2010			Sept. 2010			June 2010			Mar. 2010

Total Operating Expenses		21,155			21,946			18,928			23,383			16,931
Less: Credit costs & non-recurring charges
Gains/(Losses) on the sale of legacy OREO		(1,591	)		(2,033	)		(1,263	)		(4,173	)		(487	)
Gains/(Losses) on the sale of covered OREO		2,292
Problem loan and OREO expense		(2,498	)		(2,903	)		(1,969	)		(2,051	)		(1,533	)
Costs associated with capital raise		—			—			—			(933	)		—
Severance payments		—			—			(16	)		(310	)		—
(Gains)/Losses on the sale of premises		128			—			(124	)		149			249
FDIC insurance expense		(1,245	)		(1,296	)		(1,304	)		(1,285	)		(1,248	)


Recurring operating expenses	$	18,241		$	15,714		$	14,252		$	14,780		$	13,912

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