Ameris Bancorp Reports Net Income of $5.3 Million for First Quarter 2013

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MOULTRIE, Ga., April 23, 2013 /PRNewswire/ -- AMERIS BANCORP (NASDAQ-GS: ABCB), today reported net income available to common shareholders of $4.8 million, or $0.20 per diluted share, for the quarter ended March 31, 2013, compared to $4.6 million, or $0.19 per diluted share, for the quarter ended March 31, 2012. Commenting on the Company's improved profitability, Edwin W. Hortman, Jr., the Company's President and Chief Executive Officer, said, "We are pleased with the financial results for the first quarter of 2013 and believe we have the positive momentum we need to reach our goals for the year. Our financial results for the first quarter do not fully include the savings we expect from our recently announced restructuring, and were negatively impacted by a $2.5 million non-recurring credit charge related to a covered OREO auction. Despite these factors, our Company achieved a healthy return on assets of 0.75% for the quarter."

(Logo: http://photos.prnewswire.com/prnh/20051117/CLTH039LOGO )

Highlights of the results of the first quarter of 2013 include the following:

Net income available to common shareholders increased 36.3%, compared to the fourth quarter of 2012.
The Company's net interest margin was 4.79%, compared to 4.48% in the first quarter of 2012 and 4.75% in the fourth quarter of 2012.
Non-covered loans increased by $42.1 million during the quarter.
Tangible common equity to tangible assets increased to 8.83% at March 31, 2013, compared to 8.20% at December 31, 2012.
Total non-covered classified assets decreased 5.5% when compared to December 31, 2012.
Noninterest income (excluding gains on acquisitions) was $11.4 million, compared to $7.2 million in the first quarter of 2012.

Operating Results
Net income for the first quarter of 2013 totaled $5.3 million, compared to $5.4 million for the same quarter in 2012. The results for the first quarter were negatively affected by an auction of covered OREO that resulted in a pre-tax, non-recurring charge of $2.5 million. Results for the first quarter of 2012 included a non-recurring gain on an FDIC-assisted acquisition and reflected highly elevated credit costs due to bulk sales of problem assets. The Company's results for the first quarter of 2013 reflect an annualized return on assets of 0.75% and an annualized return on tangible common equity of 8.53%.

Net Interest Income and Net Interest Margin
Net interest income for the first quarter of 2013 totaled $28.3 million, an increase of $611,000, or 2.2%, compared to the $27.7 million reported for the first quarter of 2012. The Company's net interest margin increased during the quarter to 4.79%, compared to 4.48% during the first quarter of 2012.

The Company's higher net interest margin was a result of several factors. First, the Company has experienced steady yields on loans through most of the current interest rate cycle. Overall yields on non-covered loans in the first quarter of 2013 were 5.58%, compared to 5.57% in the first quarter of 2012. On new loans booked during the quarter, the Company achieved a 5.13% yield, compared to 5.52% in the same quarter of 2012.

Additionally, covered loan yields declined only slightly to 7.23% in the first quarter of 2013, compared to 7.33% in the same quarter of 2012. During the most recent quarter, the Company experienced a payoff in its largest covered loan, in addition to several other large classified credits. These payoffs accelerated additional amounts of accretable yield and improved covered yields beyond management's expectations for the quarter.

Also, steady improvements in the earning asset mix and funding costs have positively impacted our net interest margin over the past year. The earning asset mix has improved such that loans comprise 82.9% of total earning assets at March 31, 2013, compared to 77.5% at March 31, 2012. The improved mix has allowed the Company to maintain a steady yield on earning assets despite a persistently low interest rate environment. For the first quarter of 2013, the Company reported a yield on earning assets of 5.21%, compared to 5.22% for the same quarter of 2012.

The Company's deposit mix continues to shift toward transaction and low-cost deposits, which has contributed to a significant reduction in total cost of funds. For the quarter ended March 31, 2013, the Company reported a cost of funds of 0.40% compared to 0.69% during the quarter ended March 31, 2012. Rates on current production of time deposits indicate additional savings opportunities from future maturities, although at a slower pace than experienced over the last year.

Non-interest Income
Recurring levels of non-interest income (excluding gains on FDIC-assisted acquisitions) in the first quarter of 2013 improved to $11.4 million, compared to $7.2 million in the same quarter of 2012. As a percentage of total assets, recurring non-interest income has increased from 0.96% at March 31, 2012 to 1.61% at the end of the current quarter.

Much of the improvement has related to the Company's mortgage strategy, although fees and service charges on deposit accounts have remained at strong levels. Mortgage revenue increased compared to the same quarter of 2012, but its growth slowed slightly compared to the fourth quarter of 2012. First quarter mortgage revenues are generally lower than other quarters due to seasonality, however the Company's mortgage pipeline is 30% larger at the end of the first quarter than at the end of 2012.

Non-interest Expense
Total operating expenses for the first quarter of 2013 were $28.9 million, compared to $29.8 million for the fourth quarter of 2012 and $34.2 million for the same quarter of 2012. As noted above, operating expenses in the current quarter were elevated by a non-recurring credit charge associated with mostly absolute auctions of covered OREO. Additionally, expenses in the first quarter associated with branches that were closed during the quarter totaled approximately $900,000.

Commenting on the Company's restructuring efforts, Mr. Hortman added, "Our restructuring plan remains one of our most important strategies for 2013. Already there is evidence we are succeeding on this front. While additional savings are expected throughout the year, core operating expenses, excluding credit and mortgage related charges, were essentially unchanged from levels we reported a year ago." Total core operating expenses were $20.3 million for the first quarter of 2013, compared to $20.0 million for the first quarter of 2012, and $22.1 million for the third quarter of 2012 when the Company announced its restructuring plans. Additional savings achieved through the final implementation of the restructuring plans are expected to further reduce operating expenses by as much as $1.2 million per year by the fourth quarter of 2013.

Balance Sheet Trends
Total assets at March 31, 2013 were $2.86 billion, a 5.2% decrease as compared to the $3.02 billion reported at December 31, 2012. Earning assets declined $146.7 million to $2.40 billion at March 31, 2013. Short-term assets declined as a percentage of earning assets to 5.5%, compared to 10.8% at December 31, 2012 and 10.1% at March 31, 2012.

Total non-covered loans increased $42.1 million during the first quarter of 2013 at a rate of 11.8%, to end at $1.49 billion at March 31, 2013. Commenting on the first quarter's loan growth, Mr. Hortman said, "I am pleased with our first quarter's results on non-covered loan growth, and increasingly confident that we can sustain a double digit growth rate for the remainder of this year. Additionally, I am proud of the stable yields our bankers have managed during this low rate environment, especially with the growth rates that our Company desires."

During the first quarter, covered loans decreased by $47.0 million to $460.7 million at March 31, 2013, from $507.7 million at December 31, 2012. These positive cash flows were quicker than management had anticipated but were largely the result of several payoffs, including the Company's largest covered loan of $7.7 million. Reductions in covered loan balances were also influenced by foreclosures in the quarter, which totaled $15.7 million. At the end of the first quarter of 2013, accruing covered loans totaled $361.8 million, compared to $481.4 million at March 31, 2012. Over the past 12 months, payoffs on accruing covered loans have averaged 24.9% which management believes is in line with the expected rate of reduction in covered loans for the next several quarters.

Total deposits decreased $134.7 million to $2.49 billion during the first quarter of 2013, compared to $2.62 billion at December 31, 2012. The Company attributed the decline in total deposits to continued run-off in higher priced time deposits as well as unusually high balances normally reported at year end from municipal customers and other larger commercial clients. Non-interest bearing deposits grew to 19.7% of total deposits at March 31, 2013, compared to 16.7% at the same time in 2012, while time deposits fell to 27.6% of total deposits at the end of the first quarter of 2013, compared to 33.0% at the end of the first quarter of 2012.

Indemnification Asset
At March 31, 2013, the Company's FDIC loss-sharing receivable totaled $161.0 million, which is comprised of $99.9 million in indemnification asset (for reimbursements associated with anticipated losses in future quarters) and $61.1 million in current charge-offs and expenses already incurred but not yet submitted for reimbursement. These amounts compare favorably to levels reported at March 31, 2012, when the Company had $178.9 million in indemnification asset and $41.2 million in charge-offs and expenses.

"We are ahead of schedule collecting our indemnification asset," reported Mr. Hortman. "We have always used the shorter of the loan's expected life or the covered loss period in calculating our indemnification asset and have conservatively managed the program to have small and manageable amounts at risk. At the end of the first quarter of 2013, we have only $6.9 million of classified accruing loans with maturities beyond the covered loss-share period, where there is an increased chance that we may not be able to recover the losses that we believe are inherent in the loan. The indemnification asset on these assets is limited to only $1.3 million."

Credit Expenses and Asset Quality
The Company's first quarter efforts regarding credit quality focused on improving total classified assets and holding an auction covering more than a third of the Company's covered OREO. Total classified legacy assets declined to $106.8 million at March 31, 2013, compared to $122.6 million at the same time in 2012. As a percentage of capital, classified assets improved to 37.7% at the end of the current quarter compared to 41.2% at March 31, 2012.

During the quarter, the Company auctioned all covered OREO that had been exposed to the market for at least one year. As a result, 224 properties with book balances totaling $30.2 million were auctioned successfully, bringing approximately 60% of current book value from mostly absolute auctions.

The Company's quarterly provision for loan losses fell to its lowest level since 2007, at $2.9 million in the first quarter of 2013 compared to $12.9 million in the same quarter in 2012. Net charge-offs on loans during the first quarter of 2013 decreased substantially to $2.8 million, compared to $6.4 million during the fourth quarter of 2012 and $19.1 million during the first quarter of 2012. As a percentage of loans, net charge-offs were 0.76% of average loans on an annualized basis for the first quarter of 2013, compared to 1.75% during the fourth quarter of 2012 and 5.79% during the first quarter of 2012. The levels of charge-offs during the first quarter of 2012 were increased due to the Company's bulk sale of non-performing loans in that quarter.

Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter had 57 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.	Dec.	Sept.	Jun.	Mar.
			2013	2012	2012	2012	2012

	Net Income/(Loss) Available to Common Shareholders		$ 4,844	$ 3,554	$ 1,076	$ 1,678	$ 4,550

PER COMMON SHARE DATA
	Earnings per share available to common shareholders:
		Basic	$ 0.20	$ 0.15	$ 0.05	$ 0.07	$ 0.19
		Diluted	$ 0.20	$ 0.15	$ 0.04	$ 0.07	$ 0.19
	Cash Dividends per share		$ -	$ -	$ -	$ -	$ -
	Stock dividend		-	-	-	-	-
	Book value per share (period end)		$ 10.72	$ 10.56	$ 10.41	$ 10.49	$ 10.36
	Tangible book value per share (period end)		$ 10.57	$ 10.39	$ 10.23	$ 10.29	$ 10.15
	Weighted average number of shares:
		Basic	23,867,691	23,815,583	23,819,144	23,818,814	23,762,196
		Diluted	24,246,346	23,857,095	23,973,369	23,973,039	23,916,421
	Period-end number of shares		23,875,680	23,799,768	23,819,144	23,819,144	23,814,144
	Market data:
		High closing price	$ 14.51	$ 12.71	$ 12.88	$ 13.40	$ 13.32
		Low closing price	$ 12.79	$ 10.50	$ 11.27	$ 10.88	$ 10.34
		Period end closing price	$ 14.35	$ 12.49	$ 12.59	$ 12.60	$ 13.14
		Average daily volume	51,887	48,295	45,543	58,370	59,139

PERFORMANCE RATIOS
	Return on average assets		0.75%	0.62%	0.26%	0.34%	0.72%
	Return on average common equity		8.53%	7.72%	3.12%	4.12%	8.89%
	Earning asset yield (TE)		5.21%	5.22%	5.06%	5.33%	5.22%
	Total cost of funds		0.40%	0.44%	0.51%	0.62%	0.69%
	Net interest margin (TE)		4.79%	4.75%	4.52%	4.66%	4.48%
	Non-interest income excluding securities transactions,
		as a percent of total revenue (TE) ⁽¹⁾	26.27%	25.86%	23.60%	21.10%	12.15%
	Efficiency ratio		72.76%	71.85%	75.68%	70.51%	62.28%

CAPITAL ADEQUACY (period end)
	Stockholders' equity to assets		9.91%	9.24%	10.14%	10.31%	9.78%
	Tangible common equity to tangible assets		8.83%	8.20%	8.27%	8.41%	7.95%

EQUITY TO ASSETS RECONCILIATION
	Tangible common equity to tangible assets		8.83%	8.20%	8.27%	8.41%	7.95%
	Effect of preferred equity		0.97%	0.92%	1.74%	1.75%	1.67%
	Effect of goodwill and other intangibles		0.12%	0.12%	0.14%	0.15%	0.16%
		Equity to assets (GAAP)	9.91%	9.24%	10.15%	10.31%	9.78%

OTHER PERIOD-END DATA
	FTE Headcount		820	866	872	839	827
	Assets per FTE		$ 3,490	$ 3,486	$ 3,382	$ 3,481	$ 3,680
	Branch locations		57	66	66	67	67
	Deposits per branch location		$ 43,684	$ 39,768	$ 39,093	$ 37,980	$ 39,781

	⁽¹⁾Includes gain from acquisition.

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)

			Three Months Ended
			Mar.	Dec.	Sept.	Jun.	Mar.
			2013	2012	2012	2012	2012


INCOME STATEMENT

Interest income
	Interest and fees on loans		$ 28,716	$ 30,329	$ 29,165	$ 30,334	$ 29,482
	Interest on taxable securities		1,697	1,737	2,017	2,187	2,309
	Interest on nontaxable securities		375	371	365	374	365
	Interest on deposits in other banks		85	102	104	108	120
	Interest on federal funds sold		-	-	-	4	6
		Total interest income	30,873	32,539	31,651	33,007	32,282

Interest expense
	Interest on deposits		$ 2,226	$ 2,603	$ 3,005	$ 3,635	$ 4,084
	Interest on other borrowings		309	377	408	491	471
		Total interest expense	2,535	2,980	3,413	4,126	4,555

Net interest income			28,338	29,559	28,238	28,881	27,727

Provision for loan losses			2,923	4,442	6,540	7,225	12,882

Net interest income/(loss) after provision for loan losses			$ 25,415	$ 25,117	$ 21,698	$ 21,656	$ 14,845

Noninterest income
	Service charges on deposit accounts		$ 4,837	$ 5,299	$ 5,121	$ 4,770	$ 4,386
	Mortgage banking activity		4,464	4,768	3,740	3,006	1,475
	Other service charges, commissions and fees		329	387	331	322	391
	Gain(loss) on sale of securities		172	322	-	-	-
	Gains from acquisitions		-	-	-	-	20,037
	Other non-interest income		1,558	1,128	639	777	975
		Total noninterest income	11,360	11,904	9,831	8,875	27,264

Noninterest expense
	Salaries and employee benefits		13,806	15,785	13,766	12,125	11,446
	Occupancy and equipment expenses		2,931	3,653	3,340	2,880	3,335
	Data processing and telecommunications expenses		2,570	3,254	2,599	2,905	1,925
	Credit related expenses ⁽¹⁾		4,844	2,548	3,706	3,423	12,739
	Advertising and marketing expenses		255	488	421	364	349
	Amortization of intangible assets		364	364	364	412	220
	Goodwill impairment		-	-	-	-	-
	Other non-interest expenses		4,114	3,699	4,614	4,514	4,232
		Total noninterest expense	28,884	29,791	28,810	26,623	34,246

Operating profit			$ 7,891	$ 7,230	$ 2,719	$ 3,908	$ 7,863

	Income tax expense		2,606	2,558	816	1,413	2,498

Net income			$ 5,285	$ 4,672	$ 1,903	$ 2,495	$ 5,365

Preferred stock dividends			441	1,118	827	817	815

Net income available
to common shareholders			$ 4,844	$ 3,554	$ 1,076	$ 1,678	$ 4,550

Diluted earnings available to common shareholders			0.20	0.15	0.04	0.07	0.19

	(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.	Dec.	Sept.	Jun.	Mar.
			2013	2012	2012	2012	2012

PERIOD-END BALANCE SHEET

Assets
	Cash and due from banks		$ 50,487	$ 80,256	$ 57,289	$ 60,126	$ 64,963
	Federal funds sold and interest bearing balances		81,205	193,677	66,872	111,251	194,172
	Investment securities available for sale, at fair value		324,029	346,909	361,051	366,980	371,791
	Other investments		5,528	6,832	7,003	7,884	10,967
	Mortgage loans held for sale		42,332	48,786	29,021	19,659	14,863

	Loans, net of unearned income		1,492,753	1,450,635	1,439,862	1,365,489	1,323,844
	Covered loans		460,724	507,712	546,234	601,737	653,377
	Less allowance for loan losses		23,382	23,593	25,901	26,198	28,689
		Loans, net	1,930,095	1,934,754	1,960,195	1,941,028	1,948,532

	Foreclosed assets		40,434	39,850	37,325	36,397	36,414
	Covered foreclosed assets		77,915	88,273	88,895	83,467	85,803
		Total foreclosed assets	118,349	128,123	126,220	119,864	122,217

	Premises and equipment, net		72,340	75,983	75,609	75,192	72,755
	Intangible assets, net		2,676	3,040	3,404	3,767	4,179
	Goodwill		956	956	956	956	956
	FDIC loss sharing receivable		160,979	159,724	198,440	203,801	220,016
	Cash value of bank owned life insurance		45,832	15,603	50,087	-	-
	Other assets		26,843	24,409	13,236	9,803	17,823
		Total assets	$ 2,861,651	$ 3,019,052	$ 2,949,383	$ 2,920,311	$ 3,043,234

Liabilities
	Deposits:
		Noninterest-bearing	$ 490,961	$ 510,751	$ 464,503	$ 429,113	$ 444,707
		Interest-bearing	1,999,012	2,113,912	2,115,614	2,115,559	2,220,653
	Total deposits		2,489,973	2,624,663	2,580,117	2,544,672	2,665,360
	Federal funds purchased & securities sold under
		agreements to repurchase	22,919	50,120	17,404	19,800	28,790
	Other borrowings		-	-	-	3,810	3,810
	Other liabilities		22,768	22,983	10,387	8,821	5,308
	Subordinated deferrable interest debentures		42,269	42,269	42,269	42,269	42,269
		Total liabilities	2,577,929	2,740,035	2,650,177	2,619,372	2,745,537


Stockholders' equity
Preferred stock			$ 27,753	$ 27,662	$ 51,207	$ 51,044	$ 50,884
Common stock			25,239	25,155	25,155	25,155	25,150
Capital surplus			165,078	164,949	164,182	166,685	166,579
Retained earnings			70,554	65,710	62,156	61,081	59,402
Accumulated other comprehensive income/(loss)			6,274	6,607	7,337	7,805	6,513
Less treasury stock			(11,176)	(11,066)	(10,831)	(10,831)	(10,831)
		Total stockholders' equity	283,722	279,017	299,206	300,939	297,697
		Total liabilities and stockholders' equity	$ 2,861,651	$ 3,019,052	$ 2,949,383	$ 2,920,311	$ 3,043,234


Other Data
Earning Assets			2,401,043	2,547,719	2,443,040	2,465,116	2,558,047
Intangible Assets			3,632	3,996	4,360	4,723	5,135
Interest Bearing Liabilities			2,064,200	2,206,301	2,175,287	2,181,438	2,295,522
Average Assets			2,875,274	2,985,116	2,935,715	2,966,527	2,978,469
Average Common Stockholders' Equity			251,214	240,787	242,614	243,463	242,817

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)


			Three Months Ended
			Mar.	Dec.	Sept.	Jun.	Mar.
			2013	2012	2012	2012	2012

ASSET QUALITY INFORMATION ⁽¹⁾

Allowance for loan losses
	Balance at beginning of period		$ 23,593	$ 25,901	$ 26,198	$ 28,689	$ 35,156

	Provision for loan loss ⁽²⁾		2,603	4,091	5,690	6,070	12,600

		Charge-offs	3,036	6,996	6,092	8,738	19,337
		Recoveries	222	597	105	177	270
	Net charge-offs (recoveries)		2,814	6,399	5,987	8,561	19,067

	Ending balance		$ 23,382	$ 23,593	$ 25,901	$ 26,198	$ 28,689

	As a percentage of loans		1.57%	1.63%	1.80%	1.92%	2.17%
	As a percentage of nonperforming loans		62.39%	60.67%	67.76%	58.98%	54.90%


Net charge-off information
	Charge-offs
	Commercial, Financial and Agricultural		$ 410	$ 562	$ 235	$ 499	$ 155
	Real Estate - Residential		779	2,080	2,268	2,251	2,123
	Real Estate - Commercial and Farmland		1,025	2,352	715	4,520	12,964
	Real Estate - Construction and Development		655	1,561	2,608	1,281	3,930
	Consumer Installment		167	441	266	187	165
	Other		-	-	-	-	-
		Total charge-offs	3,036	6,996	6,092	8,738	19,337

	Recoveries
	Commercial, Financial and Agricultural		84	56	23	30	48
	Real Estate - Residential		85	26	37	21	141
	Real Estate - Commercial and Farmland		3	450	8	8	16
	Real Estate - Construction and Development		2	17	4	2	17
	Consumer Installment		48	48	33	116	48
	Other		-	-	-	-	-
		Total recoveries	222	597	105	177	270

	Net charge-offs (recoveries)		$ 2,814	$ 6,399	$ 5,987	$ 8,561	$ 19,067



Non-accrual loans			37,476	38,885	38,225	44,421	52,258
Foreclosed assets			40,434	39,850	37,325	36,397	36,414
Accruing loans delinquent 90 days or more			-	-	-	1	-
Total non-performing assets			77,910	78,735	75,550	80,819	88,672

Non-performing assets as a percent of total assets			2.72%	2.61%	2.56%	2.77%	2.91%
Net charge offs as a percent of loans (Annualized)			0.76%	1.75%	1.65%	2.52%	5.79%


(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) Since 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)


		For the quarter ended:
		Mar.	Dec.	Sept.	Jun.	Mar.
	Loans by Type	2013	2012	2012	2012	2012
	Commercial, financial & agricultural	$ 180,888	$ 174,217	$ 189,374	$ 174,903	$ 149,320
	Real estate - construction & development	130,161	114,199	125,315	124,556	122,331
	Real estate - commercial & farmland	766,227	732,322	713,240	675,404	658,054
	Real estate - residential	355,716	346,480	343,332	332,124	328,053
	Consumer installment	37,335	40,178	43,441	41,431	42,085
	Other	22,426	43,239	25,160	17,071	24,001
	Total Legacy (non-covered)	$ 1,492,753	$ 1,450,635	$ 1,439,862	$ 1,365,489	$ 1,323,844

	Commercial, financial & agricultural	$ 28,568	$ 32,606	$ 37,167	$ 41,372	$ 43,157
	Real estate - construction & development	57,114	70,184	73,356	83,991	93,430
	Real estate - commercial & farmland	260,159	278,506	298,903	322,393	350,244
	Real estate - residential	113,668	125,056	135,154	150,683	162,768
	Consumer installment	1,215	1,360	1,654	3,298	3,778
	Total Covered (at fair value)	$ 460,724	$ 507,712	$ 546,234	$ 601,737	$ 653,377

	Total Loan Portfolio:
	Commercial, financial & agricultural	$ 209,456	$ 206,823	$ 226,541	$ 216,275	$ 192,477
	Real estate - construction & development	187,275	184,383	198,671	208,547	215,761
	Real estate - commercial & farmland	1,026,386	1,010,828	1,012,143	997,797	1,008,298
	Real estate - residential	469,384	471,536	478,486	482,807	490,821
	Consumer installment	38,550	41,538	45,095	44,729	45,863
	Other	22,426	43,239	25,160	17,071	24,001
	Total Loans	$ 1,953,477	$ 1,958,347	$ 1,986,096	$ 1,967,226	$ 1,977,221



	Troubled Debt Restructurings:
	Accruing loan types:
	Commercial, financial & agricultural	$ 799	$ 802	$ 804	$ -	$ -
	Real estate - construction & development	1,883	1,735	1,481	1,205	1,305
	Real estate - commercial & farmland	8,878	8,947	9,540	13,293	17,765
	Real estate - residential	6,953	7,254	8,068	8,472	7,778
	Consumer installment	-	6	-	-	-
	Total Accruing TDRs	$ 18,513	$ 18,744	$ 19,893	$ 22,970	$ 26,848

	Non-accruing loan types:
	Commercial, financial & agricultural	$ -	$ -	$ -	$ 18	$ -
	Real estate - construction & development	43	-	-	1,124	1,626
	Real estate - commercial & farmland	3,595	4,149	2,770	2,815	2,176
	Real estate - residential	1,111	1,022	620	1,213	1,065
	Consumer installment	6	-	-	-	-
	Total Non-accrual TDRs	$ 4,755	$ 5,171	$ 3,390	$ 5,170	$ 4,867

	Total Troubled Debt Restructurings	$ 23,268	$ 23,915	$ 23,283	$ 28,140	$ 31,715



The following table presents the non-covered loan portfolio by risk grade:
	Grade 10 - Prime credit	$ 40,268	$ 32,993	$ 34,809	$ 28,282	$ 26,454
	Grade 15 - Good credit	232,773	236,500	244,466	251,157	256,854
	Grade 20 - Satisfactory credit	665,777	641,950	592,283	540,562	495,252
	Grade 23 - Performing, under-collateralized credit	29,403	31,433	30,176	30,131	29,631
	Grade 25 - Minimum acceptable credit	425,646	399,210	427,598	397,984	387,133
	Grade 30 - Other asset especially mentioned	32,485	35,298	35,478	36,307	42,329
	Grade 40 - Substandard	66,147	72,994	74,606	80,824	85,666
	Grade 50 - Doubtful	254	257	446	242	522
	Grade 60 - Loss	-	-	-	-	3
	Total	$ 1,492,753	$ 1,450,635	$ 1,439,862	$ 1,365,489	$ 1,323,844

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)


		Three Months Ended
		Mar.	Dec.	Sept.	Jun.	Mar.
		2013	2012	2012	2012	2012


AVERAGE BALANCES

	Federal funds sold	$ -	$ 57	$ 10	$ 17,665	$ 27,160
	Interest bearing deposits in banks	101,452	152,875	125,775	128,008	157,223
	Investment securities - taxable	286,745	300,773	316,967	324,879	309,592
	Investment securities - nontaxable	53,819	52,017	47,819	46,049	46,520
	Other investments	6,687	6,702	7,213	8,893	10,076
	Mortgage loans held for sale	63,732	46,763	31,759	21,603	17,891
	Loans	1,424,594	1,424,302	1,398,468	1,356,845	1,311,255
	Covered loans	491,691	519,892	574,897	601,802	602,353
	Total Earning Assets	$ 2,428,720	$ 2,503,381	$ 2,502,908	$ 2,505,744	$ 2,482,070

	Noninterest bearing deposits	$ 481,760	$ 502,069	$ 452,019	$ 432,535	$ 405,112
	NOW accounts	633,313	626,440	593,204	605,494	619,047
	MMDA	592,842	606,908	631,231	616,449	598,956
	Savings accounts	102,380	100,722	102,129	97,097	87,219
	Retail CDs < $100,000	313,191	342,518	365,807	369,651	373,519
	Retail CDs > $100,000	368,577	391,075	430,677	410,855	444,838
	Brokered CDs	19,448	34,588	41,799	59,526	61,287
	Total Deposits	2,511,511	2,604,320	2,616,866	2,591,607	2,589,978

	FHLB advances	-	-	2,160	3,810	8,282
	Subordinated debentures	42,269	42,269	42,269	42,269	42,269
	Federal funds purchased and securities sold
	under agreements to repurchase	27,191	36,165	17,146	23,042	29,898
	Other borrowings	-	-	-	-	-
	Total Non-Deposit Funding	69,460	78,434	61,575	69,121	80,449

	Total Funding	$ 2,580,971	$ 2,682,754	$ 2,678,441	$ 2,660,728	$ 2,670,427

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)

			Three Months Ended
			Mar.	Dec.	Sept.	Jun.	Mar.
			2013	2012	2012	2012	2012

INTEREST INCOME/EXPENSE

	INTEREST INCOME
		Federal funds sold	$ -	$ -	$ -	$ 4	$ 6
		Interest bearing deposits in banks	85	102	104	108	120
		Investment securities - taxable	1,697	1,737	2,017	2,187	2,309
		Investment securities - nontaxable (TE)	506	501	493	505	493
		Mortgage loans held for sale	572	455	285	177	141
		Loans (TE)	19,604	20,224	19,983	19,396	18,169
		Covered loans	8,765	9,859	8,951	10,808	10,972
		Total Earning Assets	$ 31,230	$ 32,878	$ 31,833	$ 33,185	$ 32,210

	INTEREST EXPENSE
		Non-interest bearing deposits	$ -	$ -	$ -	$ -	$ -
		NOW accounts	302	340	300	447	526
		MMDA	522	537	625	808	841
		Savings accounts	29	30	32	36	34
		Retail CDs < $100,000	498	600	726	834	941
		Retail CDs > $100,000	706	815	990	1,072	1,240
		Brokered CDs	169	281	332	438	502
		Total Deposits	2,226	2,603	3,005	3,635	4,084

		FHLB advances	-	-	15	26	69
		Subordinated debentures	270	332	362	427	361
		Repurchase agreements	37	43	29	37	40
		Correspondent bank line of credit and other	2	2	2	1	1
		Total Non-Deposit Funding	309	377	408	491	471

		Total Funding	$ 2,535	$ 2,980	$ 3,413	$ 4,126	$ 4,555

		Net Interest Income (TE)	$ 28,695	$ 29,898	$ 28,420	$ 29,059	$ 27,655

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)


		Three Months Ended
		Mar.	Dec.	Sept.	Jun.	Mar.
		2013	2012	2012	2012	2012
YIELDS (1)

	Federal funds sold	0.00%	0.00%	0.00%	0.09%	0.09%
	Interest bearing deposits in banks	0.34%	0.27%	0.33%	0.34%	0.31%
	Investment securities - taxable	2.40%	2.30%	2.53%	2.71%	3.00%
	Investment securities - nontaxable	3.81%	3.83%	4.10%	4.41%	4.26%
	Mortgage loans held for sale	3.64%	3.87%	3.57%	3.30%	3.17%
	Loans	5.58%	5.65%	5.68%	5.75%	5.57%
	Covered loans	7.23%	7.54%	6.19%	7.22%	7.33%
	Total Earning Assets (2)	5.21%	5.22%	5.06%	5.33%	5.22%

	Noninterest bearing deposits	0.00%	0.00%	0.00%	0.00%	0.00%
	NOW accounts	0.19%	0.22%	0.20%	0.30%	0.34%
	MMDA	0.36%	0.35%	0.39%	0.53%	0.56%
	Savings accounts	0.11%	0.12%	0.12%	0.15%	0.16%
	Retail CDs < $100,000	0.64%	0.70%	0.79%	0.91%	1.01%
	Retail CDs > $100,000	0.78%	0.83%	0.91%	1.05%	1.12%
	Brokered CDs	3.52%	3.23%	3.16%	2.96%	3.29%
	Total Deposits	0.36%	0.40%	0.46%	0.56%	0.63%

	FHLB advances	0.00%	0.00%	2.76%	2.74%	3.35%
	Subordinated debentures	2.59%	3.12%	3.41%	4.06%	3.43%
	Repurchase agreements	0.55%	0.47%	0.67%	0.65%	0.54%
	Correspondent bank line of credit and other	0.00%	0.00%	0.00%	0.00%	0.00%
	Total Non-Deposit Funding	1.80%	1.91%	2.64%	2.86%	2.35%

	Total funding (3)	0.40%	0.44%	0.51%	0.62%	0.69%

	Net interest spread	4.82%	4.78%	4.55%	4.70%	4.53%

	Net interest margin (2)	4.79%	4.75%	4.52%	4.66%	4.48%



(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
		Mar.	Dec.	Sept.	Jun.	Mar.
	Core Earnings Reconciliation	2013	2012	2012	2012	2012

	Pre-tax operating profit/(loss)	$ 7,891	$ 7,230	$ 2,719	$ 3,908	$ 7,863
	Plus: Credit Related Costs
	Provision for loan losses	2,923	4,442	6,540	7,225	12,882
	(Gains)/Losses on the sale of legacy OREO	(20)	464	983	813	7,252
	Problem loan and OREO expense	4,864	2,084	2,724	2,610	5,487
	Interest reversed (received) on non-accrual loans	54	227	159	145	187
	Total Credit-Related Costs	7,821	7,217	10,406	10,793	25,808

	Plus: Non-recurring conversion charges	-	2,125	-	-	-
	Plus: Costs associated with capital raise	-	-	-	-	-
	Less: Non-recurring gains
	Gains related to FDIC acquisitions	-	-	-	-	(20,037)
	Gains on sales of securities	(172)	(322)	-	-	-
	Gains on sales of bank premises	(242)	-	-	-	-
	Other non-recurring adjustments	(1,017)	(2,423)	602	-	-

	Pretax, Pre-provision earnings	$ 14,281	$ 13,827	$ 13,727	$ 14,701	$ 13,634

	As percentage of average assets, annualized	2.01%	1.84%	1.86%	1.99%	1.84%



		Three Months Ended
		Mar.	Dec.	Sept.	Jun.	Mar.
	Recurring Operating Expenses	2013	2012	2012	2012	2012

	Total Operating Expenses	28,884	29,791	28,810	26,623	34,246
	Less: Credit costs & non-recurring charges
	Gains/(Losses) on the sale of legacy OREO	20	(464)	(983)	(813)	(7,252)
	Gains/(Losses) on the sale of covered OREO	(3,176)	-	-	-	-
	Problem loan and OREO expense	(1,688)	(2,084)	(2,724)	(2,610)	(5,487)
	Costs associated with capital raise	-	-	-	-	-
	Severance payments	-	(750)	-	(190)	(362)
	Conversion expenses	-	(1,375)	-	(285)	-
	(Gains)/Losses on the sale of premises	242	-	-	-	-

	Recurring operating expenses	$ 24,282	$ 25,118	$ 25,103	$ 22,725	$ 21,145

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)


		Three Months Ended
		Mar.	Dec.	Sept.	Jun.	Mar.
	Segment Reporting	2013	2012	2012	2012	2012

	Banking Division:
	Net interest income	$ 27,766	$ 29,104	$ 27,953	$ 28,704	$ 27,586
	Provision for loan losses	2,923	4,442	6,540	7,225	12,882
	Noninterest income	6,896	7,136	6,091	5,869	25,789
	Noninterest expense:	-	-	-	-	-
	Salaries and employee benefits	11,037	13,021	11,446	10,727	10,262
	Occupancy	2,765	3,476	3,190	2,807	3,253
	Data Processing	2,471	3,119	2,510	2,832	1,880
	Other expenses	8,890	6,586	8,706	8,396	17,368
	Total noninterest expense	25,163	26,202	25,852	24,762	32,763
	Income before income taxes	6,576	5,596	1,652	2,586	7,730
	Income Tax	2,146	1,986	443	950	2,451
	Net income	4,430	3,610	1,209	1,636	5,279
	Preferred stock dividends	441	1,118	827	817	815
	Net income available to common shareholders	$ 3,989	$ 2,492	$ 382	$ 819	$ 4,464


	Mortgage Division:
	Net interest income	$ 572	$ 455	$ 285	$ 177	$ 141
	Provision for loan losses	-	-	-	-	-
	Noninterest income	4,464	4,768	3,740	3,006	1,475
	Noninterest expense:
	Salaries and employee benefits	2,769	2,764	2,320	1,398	1,184
	Occupancy	166	177	150	73	82
	Data Processing	99	135	89	73	45
	Other expenses	687	513	399	317	172
	Total noninterest expense	3,721	3,589	2,958	1,861	1,483
	Income before income taxes	1,315	1,634	1,067	1,322	133
	Income Tax	460	572	373	463	47
	Net income	855	1,062	694	859	86
	Preferred stock dividends	-	-	-	-	-
	Net income available to common shareholders	$ 855	$ 1,062	$ 694	$ 859	$ 86


	Total Consolidated:
	Net interest income	$ 28,338	$ 29,559	$ 28,238	$ 28,881	$ 27,727
	Provision for loan losses	2,923	4,442	6,540	7,225	12,882
	Noninterest income	11,360	11,904	9,831	8,875	27,264
	Noninterest expense:
	Salaries and employee benefits	13,806	15,785	13,766	12,125	11,446
	Occupancy	2,931	3,653	3,340	2,880	3,335
	Data Processing	2,570	3,254	2,599	2,905	1,925
	Other expenses	9,577	7,099	9,105	8,713	17,540
	Total noninterest expense	28,884	29,791	28,810	26,623	34,246
	Income before income taxes	7,891	7,230	2,719	3,908	7,863
	Income Tax	2,606	2,558	816	1,413	2,498
	Net income	5,285	4,672	1,903	2,495	5,365
	Preferred stock dividends	441	1,118	827	817	815
	Net income available to common shareholders	$ 4,844	$ 3,554	$ 1,076	$ 1,678	$ 4,550

SOURCE Ameris Bancorp

For further information: Dennis J. Zember Jr., Executive Vice President & CFO, (229) 890-1111