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Ameris Bancorp Announces 2012 Financial Results

               Ameris Bancorp Announces 2012 Financial Results

PR Newswire

MOULTRIE, Ga., Jan. 29, 2013

MOULTRIE, Ga., Jan. 29, 2013 /PRNewswire/ -- AMERIS BANCORP (NASDAQ-GS:
ABCB),today reported net income available to common shareholders of $3.6
million, or $0.15 per diluted share, for the fourth quarter of 2012, compared
to $322,000, or $0.01 per diluted share, for the same period in 2011. For the
year, Ameris earned $10.9 million, or $0.46 per diluted share, compared to
$17.9 million, or $0.76 per diluted share, in 2011. Results for the year to
date period include non-recurring after-tax gains on FDIC-assisted
acquisitions totaling $13.0 million in 2012 and $17.5 million in 2011.

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

Highlights of the Company's results for 2012 include the following:

  oIncrease in total revenue (excluding gains on FDIC-assisted acquisitions)
    of 9.2% during 2012 as compared to 2011.
  o46% of TARP preferred stock investment redeemed during the fourth quarter,
    which will positively impact the Company's 2013 financial results by $1.5
    million.
  oNet interest margin increased slightly to 4.60% in 2012 from 4.57% in
    2011.
  oNon-interest income growth (excluding gains on FDIC-assisted acquisitions)
    of $11.9 million, or 45.9%, during 2012 when compared to amounts recorded
    in 2011.
  oCredit costs declined in the current quarter to lowest level in 17
    quarters.
  oLegacy loans increased by $118.5 million during 2012, or 8.9% compared to
    balances at December 31, 2011.
  oTangible common equity to tangible assets increased to 8.20% at December
    31, 2012, compared to 7.99% at December 31, 2011.
  oNon-performing legacy assets declined 33.0% during 2012, ending the year
    at $78.7 million, compared to $117.5 million at the end of December 31,
    2011.

Increase in Net Interest Income

Net interest income increased in 2012 to $114.4 million, up from $113.5
million reported in 2011. During 2012, the Company's net interest margin
increased to 4.60%, compared to 4.57% during 2011. Lower yields on most
earning asset classes have been offset by lower funding costs and better
allocation of earning assets. Earning assets totaled $2.55 billion at
December 31, 2012, compared to $2.48 billion at the end of 2011. Loans
comprised 78.8% of total earning assets at the end of 2012, compared to 77.1%
at the end of 2011, while investment securities represented 13.9% of total
earning assets at December 31, 2012, compared to 14.1% at December 31, 2011.

Legacy loan yields continued to decrease, averaging 5.58% in 2012, compared to
5.89% in 2011. Covered loan yields declined from 8.70% in 2011 to 7.33% in
2012. The decline in covered loan yields relates mostly to one-time
adjustments made during 2011 associated with certain fair value
determinations. As expected cash flow on covered loans improves, a portion of
the loan discount that was previously attributable to credit problems is
reclassified into interest income. This reclassification occurs over the
estimated life of the loan.

The Company has offset the declines in earning asset yields with corresponding
declines in funding costs. Deposit costs, the Company's largest funding
expense, declined from 0.98% in 2011 to 0.51% in 2012. That decline relates
to continued shifts in deposit mix, favoring lower cost transaction accounts
and non-interest bearing balances, and lower market rates in the Company's
communities.

Non-Interest Income

Successes impacting non-interest income augmented the smaller increases in net
interest margin during 2012. Total non-interest income, excluding one-time
gains on FDIC-assisted acquisitions, increased to $37.8 million in 2012
compared to $25.9 million in 2011. Income from mortgage banking activities
increased substantially as the Company's efforts to build ranks of producers
and various channels were successful. Total mortgage banking income increased
to $13.0 million in 2012, up from $3.0 million in 2011. The Company
anticipates continued growth in mortgage banking revenues and profitability
during 2013 considering recent recruiting efforts and the growing pipelines
and closings in the newly established wholesale business.

In addition to increases in mortgage banking revenues, service charges on
deposit accounts also increased, growing 8.3% in 2012 to $19.6 million.
Deposit growth from FDIC-assisted acquisitions, as well as strong growth
internally in transaction accounts, led to continued growth in this area of
fee income.

Non-Interest Expense

Excluding credit related costs, total operating expenses increased $17.5
million to $97.1 million in 2012 compared to $79.5 million in 2011. The
majority of the increase is detailed in the following table:



                   % of total
Amount                                 Description
                   increase in
                   operating expenses
                                       Mortgage banking expenses, which have
                                       increased with mortgage banking
$      7,269  41.42%              revenues. This reflects primarily
                                       commissions and incentives.

                                       
                                       Additional costs associated with the
                                       two FDIC-assisted acquisitions
5,532              31.52%              completed during 2012.

                                       
                                       Restructuring charges recorded in the
                                       fourth quarter of 2012 to complete the
2,125              12.11%              restructuring announced on December 7,
                                       2012.

                                       
                                       Increase in advertising and marketing
                                       costs incurred to support various
900                5.13%               revenue and growth strategies.

                                       
                                       Decrease in FDIC insurance expense
                                       associated with a fourth quarter
(3,047)            (17.36)%            true-up of prepaid FDIC insurance
                                       premiums.

                                       
                                       Increase in benefits and incentives due
2,041              11.63%              to the reinstatement of various
                                       employee and board benefits during
                                       2012.
$    14,820     84.45%





On December 7, 2012, the Company announced a major restructuring effort aimed
at reducing core operating expenses by at least $12.1 million during 2013.
These plans included lower headcounts in both the bank and in corporate
functions, accelerated efforts to focus more overhead resources on corporate
clients and closing at least thirteen retail banking locations. Discussing
the restructuring efforts, Edwin W. Hortman, Jr., President and CEO, said,
"Our recently announced plans recognize that today's banking environment is
different than in recent years. Today's net interest spread and opportunities
for fee income necessitate greater efficiency in the way we operate the
Company to derive the level of profitability we expect. We expect that our
recently announced plan will be sufficient to bring operating efficiency back
in line."

Balance Sheet Trends

Total assets were relatively unchanged during 2012, ending the year at $3.0
billion. Efforts in 2012 centered mostly on redeploying the cash flows from
covered assets (including loans, OREO and the indemnification asset from
FDIC-assisted acquisitions) into traditional and more stable earning assets.
This effort was successful as the Company realized $136.8 million of
reductions in those covered assets but grew legacy loans and investment
securities by $159.7 million. A similar strategy is in place in 2013 as the
Company anticipates continued growth in legacy loan balances and a slower pace
in the decline in covered loan balances.

Average earning assets in 2012 were almost unchanged from 2011 levels, ending
the year at $2.50 billion. Total average loans increased to $2.01 billion at
December 31, 2012, compared to $1.92 billion in 2011. Legacy loans were $1.45
billion at December 31, 2012, increasing 8.9%, or $118.5 million, during the
year. Expansion of loan officer teams in the Company's larger metro markets
contributed significantly to the growth, as did several newer lines of
business, including mortgage banking. Covered loans declined, as expected, by
$63.8 million during 2012 to $507.7 million. The Company expects continued
declines in covered loan balances, as well as lower yields due to lower
amounts of accretable discounts.

Despite higher average balances of investment securities in 2012 compared to
2011, the Company recorded 16.0% less in interest revenue in 2012 than in
2011. Average balances grew 10.4% during 2012 to $361.5 million, but average
yields slipped 24.5% to 2.83% on a tax-equivalent basis. Governmental
intervention in the mortgage industry and FOMC actions have caused faster
prepayments in the mortgage-backed portfolio and reduced yields on
reinvestment alternatives. Although the Company reinvests most of the
portfolio cash flows, efforts to grow the portfolio have been reduced and the
Company has relied somewhat on mortgage loans held for sale as a short-term
investment alternative in the current interest rate environment. Loans held
for sale grew to $48.8 million at December 31, 2012, compared to $11.6 million
at the end of 2011, and total interest revenue on mortgage loans increased
$869,000 in 2012 compared to 2011, partially offsetting the decrease in
interest revenue on investment securities.

Total deposits increased $33 million to $2.6 billion at December 31, 2012.
Although the increase in total deposits was not significant, the continued
growth in non-interest bearing deposits was noteworthy. Non-interest bearing
demand deposits grew 29.2% in 2012 after growing 30.9% in 2011, ending the
year at $510.8 million, or 19.5% of total deposits, compared to 15.3% of total
deposits at December 31, 2011. CDs, conversely, fell 16.5% during 2012 and
finished the year comprising only 28.4% of total funding compared to 34.4% at
December 31, 2011. Aggressive sales efforts and multiple strategies on
non-interest bearing demand accounts, combined with multiple acquisitions,
have contributed to success on improving the Company's deposit mix.

Credit Quality

For the year ended December 31, 2012, nonperforming assets decreased $38.8
million, or 33.0%, to $78.7 million. Non-accrual loans declined $31.9 million
to $38.9 million at December 31, 2012, and legacy OREO declined $6.8 million
to $39.9 million at the end of the year. The Company's bulk sale of
non-performing assets in the first quarter of 2012 reduced non-performing
loans by $16.1 million, OREO by $13.3 million and classified accruing loans by
$1.8 million.

Total classified loans declined 29.3% during 2012, ending the year at $73.3
million, compared to $103.6 million at December 31, 2011. A slower pace of
migration to classified and non-accrual status during 2012 compared to prior
years and an accelerated pace of resolution led to the improvement in
classified assets.

The Company's provision for loan losses during 2012 totaled $31.1 million,
compared to $32.7 million in 2011. Combined with non-provision expenses,
credit costs totaled $54.2 million in 2012, only a slight decline from the
$58.1 million in 2011. During the fourth quarter of 2012, credit costs
totaled only $7.2 million, the Company's lowest amount of such costs in
seventeen quarters. Speaking on credit quality, Mr. Hortman commented, "We
were successful in our goal to make a major move on NPAs, reducing them by 33%
during 2012. As we move into 2013, our efforts are focused on maintaining a
downward slope on classified assets while managing materially lower credit
costs. With classified assets to capital in the 30% range, credit quality is
not an impediment to executing our strategies, and we believe the move we made
on quality in 2012 will reflect positively in 2013's earnings."

Capital Levels

During the fourth quarter of 2012, the Company repurchased $24 million in
shares of the preferred stock originally issued to the U.S. Treasury under
the Troubled Asset Relief Program (TARP) in November 2008. The reduction in
preferred stock will reduce the dividends payable and will positively impact
the Company's 2013 financial results by approximately $1.5 million. The
Company anticipates repurchasing the remainder of the original $52 million
TARP preferred stock investment prior to February 2014, subject to the receipt
of regulatory approval.

In addition, the Company's tangible common equity as a percentage of tangible
assets increased to 8.20% at December 31, 2012, compared to 7.99% at December
31, 2011.

Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the
most recent quarter had 66 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 Section27A of the Securities Act of 1933,
as amended, and Section21E 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                                          Twelve Months Ended
               Dec.        Sept.       Jun.        Mar.        Dec.        Dec.        Dec.
               2012        2012        2012        2011        2011        2012        2011
EARNINGS
 Net
 Income/(Loss) $       $       $       $       $       $       $    
 Available to                                          10,859  17,852
 Common        3,554       1,076       1,678       4,550       322
 Shareholders
PER COMMON
SHARE DATA
 Earnings per
 share
 available to
 common
 shareholders:
               $       $       $       $       $       $       $    
   Basic                                                      0.76
                0.15       0.05       0.07      0.19        0.01        0.46
               $       $       $       $       $       $       $    
   Diluted                                                    0.76
                0.15       0.04       0.07      0.19        0.01        0.46
 Cash          $       $       $       $       $       $       $    
 Dividends per                                               -
 share            -        -       -      -           -          -
 Stock         -           -           -           -           -           -           -
 dividend
 Book value    $       $       $       $       $       $       $    
 per share                                                      10.23
 (period end)  10.56       10.41       10.49       10.36       10.23       10.56
 Tangible book $       $       $       $       $       $    
 value per                                                     $    
 share (period 10.39       10.23       10.29       10.15       10.06       10.39        10.06
 end)
 Weighted
 average
 number of
 shares:
   Basic       23,815,583  23,819,144  23,818,814  23,762,196  23,457,739  23,801,500  23,446,350
   Diluted     23,857,095  23,973,369  23,973,039  23,916,421  23,611,964  23,843,012  23,538,468
 Period-end
 number of     23,799,768  23,819,144  23,819,144  23,814,144  23,751,294  23,799,768  23,751,291
 shares
 Market data:
   High        $       $       $       $       $       $       $    
   closing                                                      11.10
   price       12.71       12.88       13.40       13.32       10.66       13.40
   Low closing $       $       $       $       $       $       $    
   price                                                        8.47
               10.50       11.27       10.88       10.34       8.55        10.34
   Period end  $       $       $       $       $       $       $    
   closing                                                      10.28
   price       12.49       12.59       12.60       13.14       10.28       12.49
   Average
   daily       48,295      45,543      58,370      59,139      68,654      52,830      61,619
   volume
PERFORMANCE
RATIOS
 Return on
 average       0.62%       0.26%       0.34%       0.72%       0.15%       0.49%       0.71%
 assets
 Return on
 average       7.72%       3.12%       4.12%       8.89%       1.82%       6.00%       8.52%
 common equity
 Earning asset 5.22%       5.06%       5.33%       5.22%       6.07%       5.20%       5.68%
 yield (TE)
 Total cost of 0.44%       0.51%       0.62%       0.69%       0.80%       0.56%       1.03%
 funds
 Net interest  4.75%       4.52%       4.66%       4.48%       5.21%       4.60%       4.57%
 margin (TE)
 Non-interest
 income
 excluding
 securities
 transactions,
   as a
   percent of
   total       25.39%      23.60%      21.10%      12.15%      14.81%      19.84%      13.20%
   revenue
   (TE) ^(1)
 Efficiency    71.85%      75.68%      70.51%      62.27%      72.76%      69.35%      61.30%
 ratio
CAPITAL
ADEQUACY
(period end)
 Stockholders'
 equity to     9.24%       10.14%      10.31%      9.78%       9.81%       9.24%       9.81%
 assets
 Tangible
 common equity 8.20%       8.27%       8.41%       7.95%       7.99%       8.20%       7.99%
 to tangible
 assets
EQUITY TO
ASSETS
RECONCILIATION
 Tangible
 common equity 8.20%       8.27%       8.41%       7.95%       7.99%       8.20%       7.99%
 to tangible
 assets
 Effect of
 preferred     0.92%       1.74%       1.75%       1.67%       1.69%       0.92%       1.69%
 equity
 Effect of
 goodwill and  0.12%       0.14%       0.15%       0.16%       0.13%       0.12%       0.13%
 other
 intangibles
   Equity to
   assets      9.24%       10.15%      10.31%      9.78%       9.81%       9.24%       9.81%
   (GAAP)
OTHER
PERIOD-END
DATA
 FTE Headcount 866         872         839         827         746         866         746
 Assets per    $       $       $       $       $       $       $    
 FTE                                                            4,014
               3,486       3,382       3,481       3,680       4,014       3,486
 Branch        66          66          67          67          62          66          62
 locations
 Deposits per  $       $       $       $       $       $       $    
 branch                                  39,781    41,799    39,768  41,799
 location      39,768      39,093      37,980
 ^(1)Includes gain from acquisition.



AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
                     Three Months Ended                      Twelve Months
                                                             Ended
                     Dec.    Sept.   Jun.    Mar.    Dec.    Dec.     Dec.
                     2012    2012    2012    2012    2011    2012     2011
INCOME STATEMENT
Interest income
                     $     $     $     $     $     $   
 Interest and fees                                   $   
 on loans                                         119,310  128,841
                     30,329  29,165  30,334  29,482  35,361
 Interest on taxable 1,737   2,017   2,187   2,309   2,350   8,250    10,254
 securities
 Interest on
 nontaxable          371     365     374     365     357     1,475    1,321
 securities
 Interest on
 deposits in other   102     104     108     120     148     434      617
 banks
 Interest on federal -       -       4       6       7       10       38
 funds sold
    Total interest   32,539  31,651  33,007  32,282  38,223  129,479  141,071
    income
Interest expense
                     $     $     $     $     $  
 Interest on                                  $     $   
 deposits                                             
                                          4,084   4,875   13,327   25,506
                     2,603   3,005   3,635
 Interest on other   377     408     491     471     580     1,747    2,041
 borrowings
    Total interest   2,980   3,413   4,126   4,555   5,455   15,074   27,547
    expense
Net interest income  29,559  28,238  28,881  27,727  32,768  114,405  113,524
Provision for loan   4,442   6,540   7,225   12,882  9,019   31,089   32,729
losses
Net interest         $     $     $     $     $     $     $   
income/(loss) after                                 
provision for loan                                83,316   80,795
losses               25,117  21,698  21,656  14,845  23,749
Noninterest income
                     $     $     $     $     $  
 Service charges on                           $     $   
 deposit accounts                                     
                                          4,386   4,483   19,576   18,081
                     5,299   5,121   4,770
 Mortgage banking    4,768   3,740   3,006   1,475   1,209   12,989   2,971
 activity
 Other service
 charges,            387     331     322     391     340     1,431    1,247
 commissions and
 fees
 Gain(loss) on sale  536     -       -       -       -       536      238
 of securities
 Gains from          -       -       -       20,037  -       20,037   26,867
 acquisitions
 Other non-interest  914     639     777     975     657     3,305    3,403
 income
    Total
    noninterest      11,904  9,831   8,875   27,264  6,689   57,874   52,807
    income
Noninterest expense
 Salaries and        13,021  11,446  10,727  10,262  9,753   45,456   38,068
 employee benefits
 Occupancy and       3,476   3,190   2,807   3,253   2,642   12,726   11,241
 equipment expenses
 Data processing and
 telecommunications  3,119   2,510   2,832   1,880   2,610   10,341   10,220
 expenses
 Mortgage banking
 expenses including  3,589   2,958   1,861   1,483   1,234   9,891    2,622
 commissions
 Credit related      2,548   3,706   3,423   12,739  7,784   22,416   22,448
 expenses ^(1)
 Advertising and     488     421     364     349     221     1,622    722
 marketing expenses
 Amortization of     364     364     412     220     220     1,360    1,002
 intangible assets
 Goodwill impairment -       -       -       -       -       0        -
 Other non-interest  3,186   4,215   4,197   4,060   4,246   15,657   15,630
 expenses
    Total
    noninterest      29,791  28,810  26,623  34,246  28,710  119,469  101,953
    expense
                     $     $     $     $     $  
Operating                                     $     $   
profit/(loss)                                         
                                          7,863   1,728   21,721   31,649
                     7,230   2,719   3,908
 Income tax          2,558   816     1,413   2,498   587     7,285    10,556
 (benefit)/expense
                     $     $     $     $     $  
                                              $     $   
Net income/(loss)                                     
                                          5,365   1,141   14,436   21,093
                     4,672   1,903   2,495
Preferred stock      1,118   827     817     815     819     3,577    3,241
dividends
Net income/(loss)
available
                     $     $     $     $     $  
 to common                                $     $   
shareholders                                         
                                          4,550   322    10,859   17,852
                     3,554   1,076   1,678
Diluted earnings
available to common  0.15    0.04    0.07    0.19    0.01    0.46     0.76
shareholders
 (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
                      Dec.        Sept.       Jun.        Mar.        Dec.
                      2012        2012        2012        2012        2011
PERIOD-END BALANCE
SHEET
Assets
 Cash and due from    $       $       $       $       $    
 banks                                          64,963    65,528
                      80,256      57,289      60,126
 Federal funds sold
 and interest bearing 193,677     66,872      111,251     194,172     229,042
 balances
 Investment
 securities available 346,909     361,051     366,980     371,791     339,967
 for sale, at fair
 value
 Other investments    6,832       7,003       7,884       10,967      9,878
 Mortgage loans held  48,786      29,021      19,659      14,863      11,563
 for sale
 Loans, net of        1,450,635   1,439,862   1,365,489   1,323,844   1,332,086
 unearned income
 Covered loans        507,712     546,234     601,737     653,377     571,489
 Less allowance for   23,593      25,901      26,198      28,689      35,156
 loan losses
  Loans, net          1,934,754   1,960,195   1,941,028   1,948,532   1,868,419
 Foreclosed assets    39,850      37,325      36,397      36,414      46,680
 Covered foreclosed   88,273      88,895      83,467      85,803      78,617
 assets
  Total foreclosed    128,123     126,220     119,864     122,217     125,297
  assets
 Premises and         75,983      75,609      75,192      72,755      73,124
 equipment, net
 Intangible assets,   3,040       3,404       3,767       4,179       3,250
 net
 Goodwill             956         956         956         956         956
 FDIC loss sharing    159,724     198,440     203,801     220,016     242,394
 receivable
 Cash value of bank   15,603      50,087      -           -           -
 owned life insurance
 Other assets         24,409      13,236      9,803       17,823      24,889
                      $       $       $       $        $   
  Total assets                                         3,043,234  2,994,307
                      3,019,052  2,949,383  2,920,311
Liabilities
 Deposits:
                      $       $       $       $       $    
  Noninterest-bearing                             444,707    395,347
                      510,751     464,503     429,113
  Interest-bearing    2,113,912   2,115,614   2,115,559   2,220,653   2,196,219
 Total deposits       2,624,663   2,580,117   2,544,672   2,665,360   2,591,566
 Federal funds
 purchased &
 securities sold
 under
  agreements to       50,120      17,404      19,800      28,790      37,665
  repurchase
 Other borrowings     -           -           3,810       3,810       20,000
 Other liabilities    22,983      10,387      8,821       5,308       9,037
 Subordinated
 deferrable interest  42,269      42,269      42,269      42,269      42,269
 debentures
  Total liabilities   2,740,035   2,650,177   2,619,372   2,745,537   2,700,537
Stockholders' equity
                      $       $       $       $       $    
 Preferred stock                               50,884    50,727
                      27,662      51,207      51,044
 Common stock        25,155      25,155      25,155      25,150      25,087
 Capital surplus     164,949     164,182     166,685     166,579     166,639
 Retained earnings   65,710      62,156      61,081      59,402      54,852
 Accumulated other
comprehensive         6,607       7,337       7,805       6,513       7,296
income/(loss)
 Less treasury stock (11,066)    (10,831)    (10,831)    (10,831)    (10,831)
  Total stockholders' 279,017     299,206     300,939     297,697     293,770
  equity
  Total liabilities   $       $       $       $        $   
  and stockholders'                                    3,043,234  2,994,307
  equity              3,019,052  2,949,383  2,920,311
Other Data
Earning Assets        2,547,719   2,443,040   2,465,116   2,558,047   2,484,147
Intangible Assets     3,996       4,360       4,723       5,135       4,206
Interest Bearing      2,206,301   2,175,287   2,181,438   2,295,522   2,296,153
Liabilities
Average Assets        2,985,116   2,935,715   2,966,527   2,978,469   2,965,799
Average Common        240,787     242,614     243,463     242,817     248,729
Stockholders' Equity



AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
                   Three Months Ended                          Twelve Months
                                                               Ended
                   Dec.     Sept.    Jun.     Mar.    Dec.     Dec.    Dec.
                   2012     2012     2012     2012    2011     2012    2011
ASSET QUALITY
INFORMATION^(1)
Allowance for loan
losses
  Balance at       $     $     $     $     $     $     $   
  beginning of                                    
  period                                          35,238          34,576
                   25,901   26,198   28,689   35,156           35,156
                                                               -       -
  Provision for    4,091    5,690    6,070    12,600  8,243    28,451  30,341
  loan loss ^(2)
      Charge-offs  6,996    6,092    8,738    19,337  8,909    41,163  31,623
      Recoveries   597      105      177      270     584      1,149   1,862
  Net charge-offs  6,399    5,987    8,561    19,067  8,325    40,014  29,761
  (recoveries)
                   $     $     $     $     $     $     $   
  Ending balance                                  
                                                  35,156          35,156
                   23,593   25,901   26,198   28,689           23,593
  As a percentage  1.63%    1.80%    1.92%    2.17%   2.64%    1.63%   2.64%
  of loans
  As a percentage
  of nonperforming 60.67%   67.76%   58.98%   54.90%  49.64%   60.67%  49.64%
  loans
Net charge-off
information
  Charge-offs
  Commercial,      $     $     $     $     $     $     $   
  Financial and                                   
  Agricultural                            1,952          5,807
                   562     235     499     155             1,451
  Real Estate -    2,080    2,268    2,251    2,123   1,758    8,722   5,399
  Residential
  Real Estate -
  Commercial and   2,352    715      4,520    12,964  829      20,551  8,680
  Farmland
  Real Estate -
  Construction and 1,561    2,608    1,281    3,930   4,129    9,380   10,988
  Development
  Consumer         441      266      187      165     241      1,059   749
  Installment
  Other            -        -        -        -       -        -       -
      Total        6,996    6,092    8,738    19,337  8,909    41,163  31,623
      charge-offs
  Recoveries
  Commercial,
  Financial and    56       23       30       48      21       157     174
  Agricultural
  Real Estate -    26       37       21       141     39       225     146
  Residential
  Real Estate -
  Commercial and   450      8        8        16      9        482     52
  Farmland
  Real Estate -
  Construction and 17       4        2        17      494      40      1,367
  Development
  Consumer         48       33       116      48      21       245     123
  Installment
  Other            -        -        -        -       -        -       -
      Total        597      105      177      270     584      1,149   1,862
      recoveries
                   $     $     $     $     $     $     $   
  Net charge-offs                                
  (recoveries)                                 8,325           29,761
                   6,399    5,987    8,561    19,067           40,014
Non-accrual loans  38,885   38,225   44,421   52,258  70,823   38,885  70,823
Foreclosed         39,850   37,325   36,397   36,414  46,680   39,850  46,680
assets^
Accruing loans
delinquent 90 days -        -        1        -       -        -       -
or more
Total
non-performing     78,735   75,550   80,819   88,672  117,503  78,735  117,503
assets
Non-performing
assets as a        2.61%    2.56%    2.77%    2.91%   3.92%    2.61%   3.92%
percent of total
assets
Net charge offs as
a percent of loans 1.75%    1.65%    2.52%    5.79%   2.48%    2.76%   2.23%
(Annualized)
(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 2011 and 2012, 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:
                       Dec.        Sept.       Jun.        Mar.        Dec.
  Loans by Type        2012        2012        2012        2012        2011
  Commercial,          $       $       $       $       $    
  financial &                                      149,320    142,960
  agricultural         174,217     189,374     174,903
  Real estate -
  construction &       114,199     125,315     124,556     122,331     130,270
  development
  Real estate -
  commercial &         732,322     713,240     675,404     658,054     672,765
  farmland
  Real estate -        346,480     343,332     332,124     328,053     330,727
  residential
  Consumer installment 40,178      43,441      41,431      42,085      37,296
  Other                43,239      25,160      17,071      24,001      18,068
   Total Legacy     $       $       $       $        $   
  (non-covered)                                         1,323,844  1,332,086
                       1,450,635  1,439,862  1,365,489
  Commercial,          $       $       $       $       $    
  financial &                                    43,157    41,867
  agricultural         32,606      37,167      41,372
  Real estate -
  construction &       70,184      73,356      83,991      93,430      77,077
  development
  Real estate -
  commercial &         278,506     298,903     322,393     350,244     321,257
  farmland
  Real estate -        125,056     135,154     150,683     162,768     127,644
  residential
  Consumer installment 1,360       1,654       3,298       3,778       3,644
   Total Covered    $       $       $       $       $    
  (at fair value)                                  653,377    571,489
                       507,712     546,234     601,737
  Total Loan
  Portfolio:
  Commercial,          $       $       $       $       $    
  financial &                                      192,477    184,827
  agricultural         206,823     226,541     216,275
  Real estate -
  construction &       184,383     198,671     208,547     215,761     207,347
  development
  Real estate -
  commercial &         1,010,828   1,012,143   997,797     1,008,298   994,022
  farmland
  Real estate -        471,536     478,486     482,807     490,821     458,371
  residential
  Consumer installment 41,538      45,095      44,729      45,863      40,940
  Other                43,239      25,160      17,071      24,001      18,068
                       $       $       $       $        $   
   Total Loans                                       1,977,221  1,903,575
                       1,958,347  1,986,096  1,967,226
  Troubled Debt
  Restructurings:
  Accruing loan types:
  Commercial,          $       $       $       $       $    
  financial &                                          
  agricultural          802       804         -     -          -
  Real estate -
  construction &       1,735       1,481       1,205       1,305       1,774
  development
  Real estate -
  commercial &         8,947       9,540       13,293      17,765      9,622
  farmland
  Real estate -        7,254       8,068       8,472       7,778       6,555
  residential
  Consumer installment 6           -           -           -           -
   Total Accruing   $       $       $       $       $    
  TDRs                                           26,848    17,951
                       18,744      19,893      22,970
  Non-accruing loan
  types:
  Commercial,          $       $       $       $       $    
  financial &                                          
  agricultural             -       -     18      -          -
  Real estate -
  construction &       -           -           1,124       1,626       2,122
  development
  Real estate -
  commercial &         4,149       2,770       2,815       2,176       4,737
  farmland
  Real estate -        1,022       620         1,213       1,065       1,296
  residential
  Consumer installment -           -           -           -           -
   Total            $       $       $       $       $    
  Non-accrual TDRs                                     
                       5,171       3,390       5,170       4,867       8,155
  Total Troubled Debt  $       $       $       $       $    
  Restructurings                                 31,715    26,106
                       23,915      23,283      28,140
The following table presents the
non-covered loan portfolio by
risk grade:
  Grade 10 - Prime     $       $       $       $       $    
  credit                                         26,454    23,930
                       32,993      34,809      28,282
  Grade 15 - Good      236,500     244,466     251,157     256,854     261,489
  credit
  Grade 20 -           641,950     592,282     540,562     495,252     485,364
  Satisfactory credit
  Grade 23 -
  Performing,          31,433      30,176      30,131      29,631      29,730
  under-collateralized
  credit
  Grade 25 - Minimum   399,210     427,599     397,984     387,133     386,365
  acceptable credit
  Grade 30 - Other
  asset especially     35,298      35,478      36,307      42,329      41,584
  mentioned
  Grade 40 -           72,994      74,606      80,824      85,666      102,947
  Substandard
  Grade 50 - Doubtful  257         446         242         522         677
  Grade 60 - Loss      -           -           -           3           -
                       $       $       $       $        $   
   Total                                               1,323,844  1,332,086
                       1,450,635  1,439,862  1,365,489



AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
               Three Months Ended                                          Twelve Months Ended
               Dec.        Sept.       Jun.        Mar.        Dec.        Dec.        Dec.
               2012        2012        2012        2012        2011        2012        2011
AVERAGE
BALANCES
  Federal      $       $       $       $       $       $       $    
  funds sold                           27,160    29,108    14,800  30,206
                 57       10     17,665
  Interest
  bearing      152,875     125,775     128,008     157,223     203,031     140,701     213,409
  deposits in
  banks
  Investment
  securities - 300,773     316,967     324,879     309,592     293,821     313,362     287,008
  taxable
  Investment
  securities - 52,017      47,819      46,049      46,520      44,255      48,111      40,420
  nontaxable
  Other        6,702       7,213       8,893       10,076      10,276      8,261       11,308
  investments
  Mortgage
  loans held   46,763      31,759      21,603      17,891      13,613      29,194      4,921
  for sale
  Loans        1,424,302   1,398,468   1,356,845   1,311,255   1,321,629   1,393,012   1,343,636
  Covered      519,892     574,897     601,802     602,353     600,367     553,657     570,719
  loans
   Total      $       $       $       $        $        $        $  
  Earning                                       2,482,070  2,516,100  2,501,098  2,501,627
  Assets       2,503,381  2,502,908  2,505,744
  Noninterest  $       $       $       $       $       $       $   
  bearing                                  405,112    395,346    447,111   344,021
  deposits     502,069     452,019     432,535
  NOW accounts 626,440     593,204     605,494     619,047     607,258     610,399     592,043
  MMDA         606,908     631,231     616,449     598,956     597,088     613,296     561,978
  Savings      100,722     102,129     97,097      87,219      80,074      96,493      79,325
  accounts
  Retail CDs < 342,518     365,807     369,651     373,519     396,058     361,083     422,274
  $100,000
  Retail CDs > 391,075     430,677     410,855     444,838     471,329     412,185     494,301
  $100,000
  Brokered CDs 34,588      41,799      59,526      61,287      76,250      57,273      97,242
   Total      2,604,320   2,616,866   2,591,607   2,589,978   2,623,403   2,597,840   2,591,184
  Deposits
  FHLB         -           2,160       3,810       8,282       20,707      3,635       18,008
  advances
  Subordinated 42,269      42,269      42,269      42,269      42,269      42,269      42,269
  debentures
  Federal
  funds
  purchased
  and
  securities
  sold
  under
  agreements   36,165      17,146      23,042      29,898      29,417      26,563      22,275
  to
  repurchase
  Other        -           -           -           -           -           -           -
  borrowings
   Total
  Non-Deposit  78,434      61,575      69,121      80,449      92,393      72,467      82,552
  Funding
   Total      $       $       $       $        $        $        $  
  Funding                                       2,670,427  2,715,796  2,670,307  2,673,736
               2,682,754  2,678,441  2,660,728



AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
                 Three Months Ended                          Twelve Months
                                                             Ended
                 Dec.     Sept.    Jun.     Mar.     Dec.    Dec.     Dec.
                 2012     2012     2012     2012     2011    2012     2011
INTEREST
INCOME/EXPENSE
 INTEREST INCOME
                 $     $     $     $     $     $     $   
  Federal funds                                   
  sold                                       10   38
                   -      -     4     6         7
  Interest
  bearing        102      104      108      120      148     434      617
  deposits in
  banks
  Investment
  securities -   1,737    2,017    2,187    2,309    2,350   8,250    10,245
  taxable
  Investment
  securities -   501      493      505      493      549     1,991    2,032
  nontaxable
  (TE)
  Mortgage loans 455      285      177      141      135     1,058    189
  held for sale
  Loans (TE)     20,224   19,983   19,396   18,169   19,070  77,772   79,207
  Covered loans  9,859    8,951    10,808   10,972   16,217  40,590   49,648
                 $     $     $     $     $     $   
  Total Earning                                   $   
  Assets                                 32,210          130,105  141,976
                 32,878   31,833   33,185            38,476
 INTEREST
 EXPENSE
                 $     $     $     $     $     $   
  Non-interest                                 $   
  bearing                                          
  deposits         -      -     -     -            -          -
                                                     -
  NOW accounts   340      300      447      526      671     1,613    3,730
  MMDA           537      625      808      841      930     2,811    5,224
  Savings        30       32       36       34       45      132      356
  accounts
  Retail CDs <   600      726      834      941      1,074   3,101    5,698
  $100,000
  Retail CDs >   815      990      1,072    1,240    1,557   4,117    7,455
  $100,000
  Brokered CDs   281      332      438      502      598     1,553    3,041
  Total Deposits 2,603    3,005    3,635    4,084    4,875   13,327   25,504
  FHLB advances  -        15       26       69       183     110      460
  Subordinated   332      362      427      361      363     1,482    1,410
  debentures
  Repurchase     43       29       37       40       33      149      164
  agreements
  Correspondent
  bank line of   2        2        1        1        1       6        3
  credit and
  other
   Total
  Non-Deposit    377      408      491      471      580     1,747    2,037
  Funding
                 $     $     $     $     $     $     $   
   Total                                       
  Funding                             4,555          15,074   27,541
                 2,980    3,413    4,126             5,455
                 $     $     $     $     $     $   
  Net Interest                                    $   
  Income (TE)                            27,655          115,031  114,435
                 29,898   28,420   29,059            33,021



AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
                          Three Months Ended                     Twelve Months
                                                                 Ended
                          Dec.     Sept.   Jun.   Mar.   Dec.    Dec.    Dec.
                          2012     2012    2012   2012   2011    2012    2011
YIELDS (1)
      Federal funds sold  0.00%    0.00%   0.09%  0.09%  0.10%   0.07%   0.13%
      Interest bearing    0.27%    0.33%   0.34%  0.31%  0.29%   0.31%   0.29%
      deposits in banks
      Investment
      securities -        2.30%    2.53%   2.71%  3.00%  3.17%   2.63%   3.57%
      taxable
      Investment
      securities -        3.83%    4.10%   4.41%  4.26%  4.92%   4.14%   5.03%
      nontaxable
      Mortgage loans held 3.87%    3.57%   3.30%  3.17%  3.93%   3.62%   3.84%
      for sale
      Loans               5.65%    5.68%   5.75%  5.57%  5.72%   5.58%   5.89%
      Covered loans       7.54%    6.19%   7.22%  7.33%  10.72%  7.33%   8.70%
       Total Earning     5.22%    5.06%   5.33%  5.22%  6.07%   5.20%   5.68%
      Assets (2)
      Noninterest bearing 0.00%    0.00%   0.00%  0.00%  0.00%   0.00%   0.00%
      deposits
      NOW accounts        0.22%    0.20%   0.30%  0.34%  0.44%   0.26%   0.63%
      MMDA                0.35%    0.39%   0.53%  0.56%  0.62%   0.46%   0.93%
      Savings accounts    0.12%    0.12%   0.15%  0.16%  0.22%   0.14%   0.45%
      Retail CDs <        0.70%    0.79%   0.91%  1.01%  1.08%   0.86%   1.35%
      $100,000
      Retail CDs >        0.83%    0.91%   1.05%  1.12%  1.31%   1.00%   1.51%
      $100,000
      Brokered CDs        3.23%    3.16%   2.96%  3.29%  3.11%   2.71%   3.13%
       Total Deposits    0.40%    0.46%   0.56%  0.63%  0.74%   0.51%   0.98%
      FHLB advances       0.00%    2.76%   2.74%  3.35%  3.51%   3.03%   2.55%
      Subordinated        3.12%    3.41%   4.06%  3.43%  3.41%   3.51%   3.34%
      debentures
      Repurchase          0.47%    0.67%   0.65%  0.54%  0.45%   0.56%   0.74%
      agreements
      Correspondent bank
      line of credit and  0.00%    0.00%   0.00%  0.00%  0.00%   0.00%   0.00%
      other
       Total Non-Deposit 1.91%    2.64%   2.86%  2.35%  2.49%   2.41%   2.47%
      Funding
       Total funding (3) 0.44%    0.51%   0.62%  0.69%  0.80%   0.56%   1.03%
      Net interest spread 4.78%    4.55%   4.70%  4.53%  5.27%   4.64%   4.65%
      Net interest margin 4.75%    4.52%   4.66%  4.48%  5.21%   4.60%   4.57%
      (2)
(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                            Twelve Months
                                                                           Ended
                             Dec.     Sept.    Jun.     Mar.      Dec.     Dec.      Dec.
CoreEarningsReconciliation 2012     2012     2012     2012      2011     2012      2011
                             $     $     $     $      $     $      $   
Pre-tax operating                                             
profit/(loss)                                     7,863     1,728    21,721    31,649
                             7,230    2,719    3,908
Plus: Credit Related Costs
 Provision for loan       4,442    6,540    7,225    12,882    9,019    31,089    32,729
losses
 (Gains)/Losses on the     464      983      813      7,252     4,533    9,512     13,355
sale of legacy OREO
 Problem loan and OREO    2,084    2,724    2,610    5,487     3,251    12,905    11,386
expense
 Interest reversed
(received) on non-accrual    227      160      144      187       410      718       613
loans
 Total Credit-Related  7,217    10,407   10,792   25,808    17,213   54,224    58,083
Costs
Plus: Non-recurring          2,125    -        -        -         306      2,125     1,609
conversion charges
Plus: Costs associated with  -        -        -        -         -        -         -
capital raise
Less: Non-recurring gains                                                  -
 Gains related to FDIC    -        -        -        (20,037)  -        (20,037)  (26,867)
acquisitions
 Gains on sales of        (536)    -        -        -         -        (536)     (238)
securities
Gains on sales of bank      -        -        -        -         (19)     -         (167)
premises
 Other non-recurring      (2,423)  602      -        -         (4,198)  1,402     (6,829)
adjustments
                             $     $     $     $      $     $      $   
Pretax, Pre-provision                                           
earnings                                             13,634    15,030   58,899    57,240
                             13,613   13,728   14,700
As percentage of average     1.81%    1.86%    1.99%    1.84%     2.01%    1.97%     1.93%
assets, annualized
                             Three Months Ended                            Twelve Months
                                                                           Ended
                             Dec.     Sept.    Jun.     Mar.      Dec.     Dec.      Dec.
RecurringOperatingExpenses 2012     2012     2012     2012      2011     2012      2011
Total Operating Expenses     29,791   28,810   26,623   34,246    28,710   119,469   101,953
Less: Credit costs &
non-recurring charges
 Gains/(Losses) on the     (464)    (983)    (813)    (7,252)   (4,533)  (9,512)   (13,355)
sale of legacy OREO
 Gains/(Losses) on the     -        -        -        -         -        -         2,292
sale of covered OREO
 Problem loan and OREO    (2,084)  (2,724)  (2,610)  (5,487)   (3,251)  (12,905)  (11,386)
expense
 Costs associated with     -        -        -        -         -        -         -
capital raise
 Severance payments        (750)    -        (190)    (362)     (290)    (1,302)   (290)
Conversion expenses          (1,375)  -        (285)    -         (306)    (1,660)   (1,609)
 (Gains)/Losses on the     -        -        -        -         19       -         167
sale of premises
                             $     $     $     $      $     $      $   
Recurring operating expenses                                    
                                                     21,145    20,349   94,090    77,772
                             25,118   25,103   22,725

SOURCE Ameris Bancorp

Website: http://www.amerisbank.com
Contact: Dennis J. Zember Jr., Executive Vice President & CFO, +1-229-890-1111
 
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