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

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Exhibit 99.1

LOGO

News Release

For more information contact:

Dennis J. Zember Jr.

Executive Vice President & CFO

(229) 890-1111

AMERIS BANCORP ANNOUNCES SECOND QUARTER 2011 FINANCIAL RESULTS

July 21, 2011

AMERIS BANCORP (NASDAQ-GS: ABCB), Moultrie, Georgia, today reported net income available to common shareholders of $1.3 million, or $0.06 per diluted share, for the quarter ended June 30, 2011, compared to a net loss of $4.2 million, or $0.20 per diluted share, for the quarter ended June 30, 2010. For the first half of 2011, Ameris Bancorp reported net income available to common shareholders of $1.9 million, or $0.08 per diluted share, compared to a net loss of $6.5 million, or $0.37 per diluted share, for the first half of 2010. Highlights of the results of the second quarter of 2011 include:

•

The second quarter of 2011 represented the third consecutive quarter of profitability and credit quality improvements for the Company.

•

Non-accrual loans declined 34% from June 30, 2010 and 24% from December 31, 2010. “In-migration” of new legacy problem loans amounted to $9.0 million compared to $35.6 million in the same quarter of 2010.

•

Tier 1 capital to risk-based assets improved to 18.4% at June 30, 2011. Tangible common equity as a percentage of total assets improved to 7.78%.

•

The Company’s net interest margin improved to 4.84%, reflecting $3.8 million in second quarter accretion from improvements in the expected cash flows from recent FDIC-assisted transactions. These positive adjustments reflected in net interest income were offset by $1.6 million of loan loss provision related to decreases in expected cash flows on the same portfolios.

•

Allowance for loan losses as a percentage of non-performing loans increased to 57% in the current quarter compared to 36% at June 30, 2010.

•

Annualized net charge-offs for the current quarter declined to 2.50% of total loans compared to 3.33% for the year ended December 31, 2010.

Commenting on the quarter, Edwin W. Hortman, Jr., President and CEO, stated, “We are pleased with our financial performance for the second quarter of 2011. We posted another quarter of positive net income, improved our asset quality levels through the diligent work of all Ameris employees and strengthened our operations through the conversion of three previously completed FDIC-assisted transactions onto our core operating systems. The efficiencies gained through these conversions of systems have already begun to positively impact our core earnings.”

Credit Quality Improvement

Non-performing assets declined for the third consecutive quarter to $122.0 million, a decrease of 11.0% when compared to $137.2 million at December 31, 2010. Non-accrual loans declined 11.5% to $60.5 million at June 30, 2011 compared to $68.4 million at March 31, 2011, and $79.3 million at December 31, 2010. The Company’s balances in legacy OREO (other real estate owned) decreased for the first time in six quarters to $61.5 million at June 30, 2011 from $62.3 million at March 31, 2011.

“In-migration” of new problem loans is one of the Company’s primary measures of credit trends. For the second quarter of 2011 and the year to date period in 2011, the Company has experienced in-migration of new problem loans totaling $9.0 million and $20.0 million, respectively. This compares favorably to $35.6 million and $59.9 million for the same periods in 2010 and is one of the primary reasons behind improving credit metrics.

The Company’s provision for loan losses during the second quarter of 2011 amounted to $9.1 million, a significant decline from the $18.6 million recorded in the second quarter of 2010. Approximately $1.6 million of the current quarter’s provision for loan losses related to decreases in expected cash flows from recent FDIC-assisted transactions. At June 30, 2011, the Company’s loan loss allowance totaled $34.5 million, or 2.54% of ending legacy loans, compared to $34.6 million, or 2.52%, at the end of 2010.

Balance Sheet Trends

At June 30, 2011, the Company reported total assets of $2.9 billion, total net loans of $1.8 billion and total deposits of $2.5 billion, representing increases of 18.0%, 9.7% and 20.7%, respectively, since June 30, 2010. Loans acquired in FDIC-assisted transactions decreased by $68.5 million and the Company’s legacy loan portfolio decreased by $14.7 million during the first six months of 2011. Total deposits decreased $24.1 million, or 1.9% on an annualized basis, during the first half of 2011, from $2.54 billion at December 31, 2010 to $2.51 billion at June 30, 2011. Noninterest-bearing deposits increased $16.0 million, or 10.7% on an annualized basis, and interest-bearing deposits decreased $40.1 million, or 3.6% on an annualized basis.

Improvement in Net Interest Income and Net Interest Margin

Net interest income during the second quarter of 2011 totaled $28.7 million, an increase of $4.9 million, or 20.5%, compared to the $23.9 million reported for second quarter of 2010, and an increase of $4.5 million, or 18.8%, compared to the $24.2 million reported for the first quarter of 2011. Improvements in the expected cash flows from loans acquired in the FDIC-assisted transactions completed by the Company in November 2010 amounted to $3.8 million in the second quarter of 2011, some of which related to loans that paid off. Excluding the non-recurring portion of these cash flows from paid off loans, the Company’s recurring net interest income (tax equivalent basis) would have been $25.2 million in the second quarter of 2011.

During the second quarter of 2011, the Company’s net interest margin increased to 4.84%, compared to 4.43% during the same quarter of 2010 and 4.04% during the first quarter of 2011. Excluding the non-recurring amounts described above, the Company’s margin for the second quarter of 2011 would have been 4.21%. An unfavorable mix of earning assets continued during the second quarter of 2011 with only 76% of earning assets in loans and 11% in short-term assets. The Company expects to accelerate a return to a normal earning asset mix with its recently completed FDIC-assisted acquisitions and continued efforts to build its loan pipelines and investment portfolio.

The Company’s cost of funding decreased from 1.34% in the second quarter of 2010 and 1.22% in the first quarter of 2011 to 1.12% in the second quarter of 2011. At the end of the second quarter of 2011, the Company had $1.53 billion in non-CD deposits compared to $1.23 billion at the same time in 2010. Non-interest bearing deposits increased 45.8% from $218.0 million and 10.4% of total deposits at June 30, 2010 to $318.0 million and 12.7% of total deposits at June 30, 2010.

At June 30, 2011, the Company’s earning assets totaled $2.4 billion, or 84.0% of total assets, compared to $2.2 billion, or 89.3% 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 $189.4 million at June 30, 2011. As these assets are resolved and liquidated, the proceeds are expected to be reinvested in earning assets.

Non-Interest Expense

Non-interest expense decreased from $23.4 million in the second quarter of 2010 to $22.6 million in the second quarter of 2011. Credit related expenses decreased $2.3 million, from $6.2 million in the second quarter of 2010 to $3.9 million in the second quarter of 2011. Salaries and employee benefits increased to $9.4 million for the second quarter of 2011 from $8.0 million in the second quarter of 2010, but decreased from the $9.8 million reported in the first quarter of 2011.

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															Six Months Ended
	Jun. 2011			Mar. 2011			Dec. 2010			Sept. 2010			Jun. 2010			Jun. 2011			Jun. 2010

Net Income/(Loss) Available to Common Shareholders	$	1,307		$	580		$	1,050		$	(1,704	)	$	(4,218	)	$	1,887		$	(6,548	)

PER COMMON SHARE DATA
Earnings per share available to common shareholders:
Basic	$	0.06		$	0.02		$	0.04		$	(0.07	)	$	(0.20	)	$	0.08		$	(0.37	)
Diluted	$	0.06		$	0.02		$	0.04		$	(0.07	)	$	(0.20	)	$	0.08		$	(0.37	)
Cash Dividends per share	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Stock dividend		—			—			—			—			1 for 210			—			2 for 170
Book value per share (period end)	$	9.54		$	9.41		$	9.44		$	9.48		$	9.57		$	9.54		$	9.57
Tangible book value per share (period end)	$	9.34		$	9.20		$	9.22		$	9.35		$	9.43		$	9.34		$	9.43
Weighted average number of shares:
Basic		23,449,123			23,440,201			23,427,393			23,427,919			21,231,367			23,444,662			17,568,752
Diluted		23,508,419			23,474,424			23,579,205			23,427,919			21,231,367			23,491,421			17,568,752
Period-end number of shares		23,766,044			23,766,044			23,647,841			23,626,169			23,515,468			23,766,044			23,515,468
Market data:
High closing price	$	10.16		$	11.10		$	11.07		$	10.49		$	11.55		$	11.10		$	11.73
Low closing price	$	8.49		$	9.32		$	8.73		$	7.83		$	9.00		$	8.49		$	3.66
Period end closing price	$	8.87		$	10.16		$	10.54		$	9.35		$	9.66		$	8.87		$	9.66
Average daily volume		58,706			46,618			55,281			75,573			205,388			52,545			32,228

PERFORMANCE RATIOS
Return on average assets		0.18	%		0.08	%		0.15	%		(0.28	%)		(0.68	%)		0.13	%		(0.47	%)
Return on average common equity		2.31	%		1.06	%		1.85	%		(3.01	%)		(8.77	%)		1.66	%		(6.08	%)
Earning asset yield (TE)		6.04	%		5.35	%		5.18	%		5.34	%		5.32	%		5.66	%		5.56	%
Total cost of funds		1.12	%		1.22	%		1.27	%		1.33	%		1.34	%		1.16	%		1.37	%
Net interest margin (TE)		4.84	%		4.04	%		3.88	%		4.04	%		4.01	%		4.41	%		4.19	%
Non-interest income excluding securities transactions, as a percent of total revenue (TE) ⁽¹⁾		14.15	%		15.49	%		16.12	%		16.74	%		12.40	%		14.79	%		13.65	%
Efficiency ratio		65.08	%		69.59	%		62.15	%		70.08	%		63.35	%		67.18	%		64.81	%

CAPITAL ADEQUACY (period end)
Stockholders’ equity to assets		9.70	%		9.38	%		9.20	%		11.25	%		11.35	%		9.70	%		11.35	%
Tangible common equity to tangible assets		7.78	%		7.51	%		7.35	%		9.08	%		9.17	%		7.78	%		9.17	%
Tangible common equity to risk-weighted assets		13.29	%		13.09	%		7.52	%		7.52	%		13.01	%		0.00	%		0.00	%

EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible assets		7.78	%		7.51	%		7.35	%		9.08	%		9.17	%		7.78	%		9.17	%
Effect of preferred equity		1.76	%		1.72	%		1.69	%		2.05	%		2.06	%		1.76	%		2.06	%
Effect of goodwill and other intangibles		0.15	%		0.16	%		0.16	%		0.12	%		0.12	%		0.15	%		0.12	%

Equity to assets (GAAP)		9.70	%		9.38	%		9.20	%		11.25	%		11.35	%		9.70	%		11.35	%


OTHER PERIOD-END DATA
FTE Headcount		690			691			708			570			581			690			581
Assets per FTE	$	4,141		$	4,223		$	4,198		$	4,271		$	4,169		$	4,141		$	4,169
Branch locations		59			59			59			50			53			59			53
Deposits per branch location	$	42,565		$	43,605		$	42,257		$	41,980		$	39,246		$	42,565		$	39,246

⁽¹⁾	Includes gain from acquisition.

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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


	Three Months Ended												Six Months Ended
	Jun. 2011		Mar. 2011		Dec. 2010		Sept. 2010			Jun. 2010			Jun. 2011		Jun. 2010

INCOME STATEMENT

Interest income
Interest and fees on loans	$	32,876	$	28,971	$	27,676	$	26,465		$	28,187		$	61,847	$	53,343
Interest on taxable securities		2,574		2,658		2,562		2,295			2,502			5,232		4,964
Interest on nontaxable securities		314		320		317		295			299			634		603
Interest on deposits in other banks		150		175		204		104			97			325		154
Interest on federal funds sold		9		13		52		13			12			22		24

Total interest income		35,923		32,137		30,811		29,172			31,097			68,060		59,088


Interest expense
Interest on deposits	$	6,825	$	7,375	$	7,328	$	6,903		$	7,084		$	14,200	$	14,416
Interest on federal funds purchased and securities sold under agreements to repurchase
Interest on other borrowings		351		555		477		270			154			906		400

Total interest expense		7,176		7,930		7,805		7,173			7,238			15,106		14,816


Net interest income		28,747		24,207		23,006		21,999			23,859			52,954		44,272

Provision for loan losses		9,115		7,043		11,404		9,739			18,608			16,158		29,378


Net interest income/(loss) after provision for loan losses	$	19,632	$	17,164	$	11,602	$	12,260		$	5,251		$	36,796	$	14,894


Noninterest income
Service charges on deposit accounts	$	4,665	$	4,267	$	4,323	$	3,761		$	3,620		$	8,932	$	7,059
Mortgage banking activity		376		450		806		713			675			826		1,229
Other service charges, commissions and fees		276		239		180		180			232			515		445
Gain (loss) on sale of securities		14		224		—		—			—			238		200
Gains from acquisitions		—		—		6,442		—			8,209			—		8,209
Other non-interest income		643		1,013		552		357			313			1,656		792

Total noninterest income		5,974		6,193		12,303		5,011			13,049			12,167		17,934


Noninterest expense
Salaries and employee benefits		9,421		9,843		8,510		7,555			8,027			19,264		15,853
Occupancy and equipment expenses		2,752		2,730		1,989		2,171			2,025			5,482		4,052
Data processing and telecommunications expenses		2,452		2,396		2,075		1,729			2,077			4,848		3,840
FDIC Insurance expense		1,118		1,245		1,296		1,304			1,285			2,363		2,533
Credit related expenses ⁽¹⁾		3,882		1,797		4,936		3,232			6,224			5,679		8,244
Advertising and marketing expenses		149		163		97		167			143			312		302
Amortization of intangible assets		242		263		277		254			186			505		510
Goodwill impairment		—		—		—		—			—			—		—
Other non-interest expenses		2,580		2,718		2,766		2,516			3,416			5,298		4,980

Total noninterest expense		22,596		21,155		21,946		18,928			23,383			43,751		40,314


Operating profit/(loss)	$	3,010	$	2,202	$	1,959	$	(1,657	)	$	(5,083	)	$	5,212	$	(7,486	)

Income tax (benefit)/expense		896		824		98		(760	)		(1,664	)		1,720		(2,533	)


Net income/(loss)	$	2,114	$	1,378	$	1,861	$	(897	)	$	(3,419	)	$	3,492	$	(4,953	)

Preferred stock dividends		807		798		811		807			799			1,605		1,595


Net income/(loss) available to common shareholders	$	1,307	$	580	$	1,050	$	(1,704	)	$	(4,218	)	$	1,887	$	(6,548	)


Diluted earnings available to common shareholders		0.06		0.02		0.04		(0.07	)		(0.20	)		0.08		(0.37	)

(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
	Jun. 2011			Mar. 2011			Dec. 2010			Sept. 2010			Jun. 2010
PERIOD-END BALANCE SHEET

Assets
Cash and due from banks	$	68,552		$	88,386		$	74,326		$	43,814		$	54,444
Federal funds sold and interest bearing balances		218,330			264,508			261,262			306,867			240,075
Investment securities available for sale, at fair value		334,376			305,620			322,581			236,048			237,985
Other investments		10,354			12,436			12,440			7,106			7,531

Loans, net of unearned income		1,360,063			1,345,981			1,374,757			1,455,853			1,493,126
Covered loans		486,489			526,012			554,991			192,267			191,663
Less allowance for loan losses		34,523			35,443			34,576			34,072			33,585

Loans, net		1,812,029			1,836,550			1,895,172			1,614,048			1,651,204

Other real estate owned		61,533			62,258			57,917			50,919			41,079
Covered other real estate owned		63,583			59,757			54,931			28,416			25,845

Total other real estate owned		125,116			122,015			112,848			79,335			66,924

Premises and equipment, net		65,925			66,359			66,589			66,056			66,708
Intangible assets, net		3,745			3,973			4,261			3,097			3,314
Goodwill		956			956			956			—			—
FDIC loss sharing receivable		160,927			167,176			177,187			42,532			57,946
Other assets		56,927			50,444			44,546			35,800			35,779

Total assets	$	2,857,237		$	2,918,423		$	2,972,168		$	2,434,703		$	2,421,910


Liabilities
Deposits:
Noninterest-bearing	$	318,004		$	316,060		$	301,971		$	235,646		$	218,012
Interest-bearing		2,193,359			2,256,629			2,233,455			1,863,355			1,862,014

Total deposits		2,511,363			2,572,689			2,535,426			2,099,001			2,080,026
Federal funds purchased & securities sold under agreements to repurchase		17,136			20,257			68,184			13,186			17,600
Other borrowings		—			—			43,495			—			—
Other liabilities		9,311			9,351			9,387			6,279			7,145
Subordinated deferrable interest debentures		42,269			42,269			42,269			42,269			42,269

Total liabilities		2,580,079			2,644,566			2,698,761			2,160,735			2,147,040


Stockholders’ equity
Preferred stock	$	50,419		$	50,269		$	50,121		$	49,975		$	49,832
Common stock		25,102			25,102			24,983			24,961			24,961
Capital surplus		166,170			165,995			165,930			165,544			165,544
Retained earnings		38,888			37,580			37,000			35,948			37,519
Accumulated other comprehensive income/(loss)		7,410			5,742			6,204			8,371			7,834
Less treasury stock		(10,831	)		(10,831	)		(10,831	)		(10,831	)		(10,820	)

Total stockholders’ equity		277,158			273,857			273,407			273,968			274,870

Total liabilities and stockholders’ equity	$	2,857,237		$	2,918,423		$	2,972,168		$	2,434,703		$	2,421,910


Other Data
Earning Assets		2,399,258			2,442,121			2,513,591			2,191,035			2,162,849
Intangible Assets		4,701			4,929			5,217			3,097			3,314
Interest Bearing Liabilities		2,252,764			2,319,155			2,413,319			1,918,810			1,921,883
Average Assets		2,909,012			2,949,943			2,872,207			2,429,709			2,444,425
Average Common Stockholders’ Equity		229,794			222,675			225,088			224,656			217,042

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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


	Three Months Ended															Six Months Ended
	Jun. 2011			Mar. 2011			Dec. 2010			Sept. 2010			Jun. 2010			Jun. 2011			Jun. 2010

ASSET QUALITY INFORMATION⁽¹⁾

Allowance for loan losses
Balance at beginning of period	$	35,443		$	34,576		$	34,072		$	33,585		$	33,563		$	34,576		$	35,762
Acquired Reserves		—			—			—			—			—			—			—
Provision for loan loss ⁽²⁾		7,462			7,092			10,742			9,602			17,725			14,554			28,495

Charge-offs		8,559			7,067			10,513			10,108			18,756			15,626			32,002
Recoveries		177			842			275			993			1,053			1,019			1,330

Net charge-offs (recoveries)		8,382			6,225			10,238			9,115			17,703			14,607			30,672

Ending balance	$	34,523		$	35,443		$	34,576		$	34,072		$	33,585		$	34,523		$	33,585


As a percentage of loans		2.54	%		2.63	%		2.52	%		2.34	%		2.25	%		2.54	%		2.25	%
As a percentage of nonperforming loans		57.02	%		51.82	%		43.61	%		37.92	%		36.37	%		57.02	%		36.37	%

Net charge-off information
Charge-offs
Commercial, Financial and Agricultural	$	2,128		$	1,113		$	1,907		$	866		$	703		$	3,241		$	2,711
Real Estate - Residential		1,135			809			1,328			3,100			4,739			1,944			5,663
Real Estate - Commercial and Farmland		2,332			2,557			2,368			4,118			5,023			4,889			9,616
Real Estate - Construction and Development		2,822			2,425			4,519			1,557			8,202			5,247			13,778
Consumer Installment		142			163			391			467			89			305			234
Other		—			—			—			—			—			—			—

Total charge-offs		8,559			7,067			10,513			10,108			18,756			15,626			32,002


Recoveries
Commercial, Financial and Agricultural		48			20			22			41			430			68			508
Real Estate - Residential		45			14			20			54			84			59			112
Real Estate - Commercial and Farmland		4			2			182			392			202			6			266
Real Estate - Construction and Development		57			772			22			458			140			829			204
Consumer Installment		23			34			29			48			197			57			240
Other		—			—			—			—			—			—			—

Total recoveries		177			842			275			993			1,053			1,019			1,330


Net charge-offs (recoveries)	$	8,382		$	6,225		$	10,238		$	9,115		$	17,703		$	14,607		$	30,672


Non-accrual loans		60,545			68,391			79,289			89,862			92,336			60,545			92,336
Foreclosed assets		61,533			62,258			57,916			50,919			41,079			61,533			41,079
Accruing loans delinquent 90 days or more		—			—			—			—			—			—			—

Total non-performing assets		122,078			130,649			137,205			140,781			133,415			122,078			133,415


Non-performing assets as a percent of total assets		4.27	%		4.48	%		4.62	%		5.78	%		5.62	%		4.27	%		5.51	%
Net charge offs as a percent of loans (Annualized)		2.50	%		1.88	%		2.87	%		2.14	%		4.22	%		2.17	%		3.64	%

(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										Six Months Ended
	Jun. 2011		Mar. 2011		Dec. 2010		Sept. 2010		Jun. 2010		Jun. 2011		Jun. 2010
AVERAGE BALANCES

Federal funds sold	$	34,241	$	32,891	$	28,523	$	61,465	$	54,245	$	33,566	$	40,038
Interest bearing deposits in banks		236,286		204,268		267,337		190,203		232,733		219,995		202,929
Investment securities - taxable		250,998		262,778		246,417		199,244		209,532		256,873		209,499
Investment securities - nontaxable		38,151		38,794		37,649		35,813		35,650		38,471		36,040
Other investments		11,022		12,218		7,603		7,246		8,061		11,617		6,778
Loans		1,855,343		1,902,091		1,790,536		1,690,705		1,683,522		1,880,161		1,683,521

Total Earning Assets	$	2,426,041	$	2,453,040	$	2,378,065	$	2,184,676	$	2,223,743	$	2,440,683	$	2,178,805


Noninterest bearing deposits	$	320,735	$	310,226	$	275,184	$	225,907	$	237,276	$	317,975	$	234,521
NOW accounts		582,773		584,338		527,264		478,105		482,798		583,556		494,182
MMDA		545,261		522,009		455,041		448,955		441,445		533,635		433,179
Savings accounts		78,674		76,341		63,972		64,575		64,887		77,508		64,162
Retail CDs < $100,000		417,297		427,143		460,444		367,353		375,339		422,220		353,317
Retail CDs > $100,000		490,660		504,011		392,266		375,756		371,754		497,336		382,614
Brokered CDs		105,338		124,441	$	136,201	$	128,346		138,113		114,837		144,723

Total Deposits		2,540,738		2,548,509		2,310,372		2,088,997		2,111,612		2,547,066		2,106,698


FHLB advances		—		25,114		28,205		—		747		16,740		1,374
Subordinated debentures		42,269		42,269		42,269		42,269		42,269		42,269		42,269
Federal funds purchased and securities sold under agreements to repurchase		23,078		22,100		49,878		14,246		18,698		22,589		24,674
Other borrowings		—		—		—		—		—		—		—

Total Non-Deposit Funding		65,347		89,483		120,352		56,515		61,714		81,598		68,317


Total Funding	$	2,606,085	$	2,637,992	$	2,430,724	$	2,145,512	$	2,173,326	$	2,628,664	$	2,175,015

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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


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

INTEREST INCOME
Federal funds sold	$	9	$	13	$	50		$	13	$	12	$	22	$	24
Interest bearing deposits in banks		150		175		204			104		97		325		154
Investment securities - taxable		2,574		2,658		2,562			2,295		2,438		5,232		4,900
Investment securities - nontaxable (TE)		483		492		489			453		460		975		928
Loans (TE)		32,928		29,010		27,746			26,527		28,818		61,938		54,042

Total Earning Assets	$	36,144	$	32,348	$	31,051		$	29,392	$	31,825	$	68,492	$	60,048


INTEREST EXPENSE
Non-interest bearing deposits	$	—	$	—	$	—		$	—	$	—	$	—	$	—
NOW accounts		1,026		1,048		1,063			1,087		1,135		2,074		2,369
MMDA		1,421		1,407		1,401			1,428		1,446		2,828		2,930
Savings accounts		88		132		82			76		75		220		165
Retail CDs < $100,000		1,474		1,745		1,985			1,596		1,689		3,219		3,257
Retail CDs > $100,000		1,951		2,094		1,782			1,709		1,674		4,045		3,555
Brokered CDs		865		949		1,017			1,006		1,065		1,814		2,141

Total Deposits		6,825		7,375		7,330			6,902		7,084		14,200		14,417

FHLB advances		—		123		39			—		12		123		42
Subordinated debentures		322		351		342			246		113		673		291
Repurchase agreements		28		81		96			19		26		109		62
Correspondent bank line of credit and other		—		—		(1	)		5		2		—		4

Total Non-Deposit Funding		350		555		476			270		153		905		399

Total Funding	$	7,175	$	7,930	$	7,806		$	7,172	$	7,237	$	15,105	$	14,816

Net Interest Income (TE)	$	28,969	$	24,418	$	23,245		$	22,220	$	24,588	$	53,387	$	45,232

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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


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

Federal funds sold		0.11	%		0.16	%		0.70	%		0.08	%		0.09	%		0.13	%		0.12	%
Interest bearing deposits in banks		0.26	%		0.35	%		0.30	%		0.22	%		0.17	%		0.30	%		0.15	%
Investment securities - taxable		4.16	%		4.10	%		4.12	%		4.57	%		4.67	%		4.11	%		4.72	%
Investment securities - nontaxable		5.13	%		5.14	%		5.15	%		5.02	%		5.18	%		5.11	%		5.19	%
Loans		7.20	%		6.19	%		6.15	%		6.22	%		6.87	%		6.64	%		6.47	%

Total Earning Assets		6.04	%		5.35	%		5.18	%		5.34	%		5.74	%		5.66	%		5.56	%

Noninterest bearing deposits		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
NOW accounts		0.71	%		0.73	%		0.80	%		0.90	%		0.94	%		0.72	%		0.97	%
MMDA		1.06	%		1.09	%		1.22	%		1.26	%		1.31	%		1.07	%		1.36	%
Savings accounts		0.45	%		0.70	%		0.51	%		0.47	%		0.46	%		0.57	%		0.52	%
Retail CDs < $100,000		1.43	%		1.66	%		1.71	%		1.72	%		1.80	%		1.54	%		1.86	%
Retail CDs > $100,000		1.61	%		1.68	%		1.80	%		1.80	%		1.81	%		1.64	%		1.87	%
Brokered CDs		3.33	%		3.09	%		2.96	%		3.11	%		3.09	%		3.19	%		2.98	%

Total Deposits		1.09	%		1.17	%		1.26	%		1.31	%		1.35	%		1.12	%		1.38	%

FHLB advances		0.00	%		1.99	%		0.55	%		0.00	%		6.44	%		1.48	%		6.17	%
Subordinated debentures		3.09	%		3.37	%		3.21	%		2.31	%		1.07	%		3.21	%		1.39	%
Repurchase agreements		0.49	%		1.49	%		0.76	%		0.53	%		0.56	%		0.97	%		0.51	%
Correspondent bank line of credit and other		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

Total Non-Deposit Funding		2.17	%		2.52	%		1.57	%		1.90	%		0.99	%		2.24	%		1.18	%


Total funding (3)		1.12	%		1.22	%		1.27	%		1.33	%		1.34	%		1.16	%		1.37	%


Net interest spread		4.93	%		4.13	%		3.91	%		4.01	%		4.40	%		4.50	%		4.18	%


Net interest margin		4.84	%		4.04	%		3.88	%		4.04	%		4.43	%		4.41	%		4.19	%

(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															Six Months Ended
Core Earnings Reconciliation	Jun. 2011			Mar. 2011			Dec. 2010			Sept. 2010			Jun. 2010			Jun. 2011			Jun. 2010

Pre-tax operating profit/(loss)	$	3,010		$	2,202		$	1,959		$	(1,657	)	$	(5,083	)	$	5,212		$	(7,486	)
Plus: Credit Related Costs
Provision for loan losses		9,115			7,043			11,404			9,739			18,608			16,158			29,378
(Gains)/Losses on the sale of legacy OREO		1,324			1,591			2,033			1,263			4,173			2,915			4,660
Problem loan and OREO expense		2,558			2,498			2,903			1,969			2,051			5,055			3,584
Interest reversed (received) on non-accrual loans		140			(389	)		478			533			1,017			(249	)		1,592

Total Credit-Related Costs		13,137			10,743			16,818			13,504			25,849			23,880			39,214


Plus: Non-recurring impairment charges		—			—			—			—			—			—			—
Plus: Costs associated with capital raise		—			—			—			—			933			—			933
Less: Non-recurring gains																	—
Gains related to FDIC acquisitions		—			—			(6,442	)		—			(8,209	)		—			(8,209	)
Gains on sales of securities		(14	)		(224	)		—			—			—			(238	)		(200	)
Gains on sales of bank premises		(11	)		(128	)		—			—			(149	)		(139	)		(398	)
Other non-recurring adjustments		(2,631	)		—			—			—			(1,408	)		(2,631	)		310


Pretax, Pre-provision earnings	$	13,491		$	12,593		$	12,335		$	11,847		$	11,933		$	26,084		$	24,164


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

Total Operating Expenses		22,596			21,155			21,946			18,928			23,383			43,751			40,314
Less: Credit costs & non-recurring charges
Gains/(Losses) on the sale of legacy OREO		(1,324	)		(1,591	)		(2,033	)		(1,263	)		(4,173	)		(2,915	)		(4,660	)
Gains/(Losses) on the sale of covered OREO		—			2,292			—			—			—			2,292			—
Problem loan and OREO expense		(2,558	)		(2,498	)		(2,903	)		(1,969	)		(2,051	)		(5,055	)		(3,584	)
Costs associated with capital raise		—			—			—			—			(933	)		—			(933	)
Severance payments		—			—			—			(16	)		(310	)		—			(310	)
(Gains)/Losses on the sale of premises		11			128			—			(124	)		149			139			398
FDIC insurance expense		(1,118	)		(1,245	)		(1,296	)		(1,304	)		(1,285	)		(2,363	)		(2,533	)


Recurring operating expenses	$	17,607		$	18,241		$	15,714		$	14,252		$	14,780		$	35,848		$	28,692

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