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

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

PR Newswire

MOULTRIE, Ga., April 23, 2013

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:

  oNet income available to common shareholders increased 36.3%, compared to
    the fourth quarter of 2012.
  oThe 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.
  oNon-covered loans increased by $42.1 million during the quarter.
  oTangible common equity to tangible assets increased to 8.83% at March 31,
    2013, compared to 8.20% at December 31, 2012.
  oTotal non-covered classified assets decreased 5.5% when compared to
    December 31, 2012.
  oNoninterest 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 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
                 Mar.         Dec.         Sept.        Jun.        Mar.
                 2013         2012         2012         2012        2012
 Net                                                    $       $    
 Income/(Loss)   $       $       $                  
 Available to                                    
 Common           4,844      3,554      1,076     1,678      4,550
 Shareholders
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       23,875,680   23,799,768   23,819,144   23,819,144  23,814,144
 shares
 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      51,887       48,295       45,543       58,370      59,139
    daily volume
PERFORMANCE
RATIOS
 Return on       0.75%        0.62%        0.26%        0.34%       0.72%
 average assets
 Return on
 average common  8.53%        7.72%        3.12%        4.12%       8.89%
 equity
 Earning asset   5.21%        5.22%        5.06%        5.33%       5.22%
 yield (TE)
 Total cost of   0.40%        0.44%        0.51%        0.62%       0.69%
 funds
 Net interest    4.79%        4.75%        4.52%        4.66%       4.48%
 margin (TE)
 Non-interest
 income
 excluding
 securities
 transactions,
    as a percent
    of total     26.27%       25.86%       23.60%       21.10%      12.15%
    revenue (TE)
    ^(1)
 Efficiency      72.76%       71.85%       75.68%       70.51%      62.28%
 ratio
CAPITAL ADEQUACY
(period end)
 Stockholders'
 equity to       9.91%        9.24%        10.14%       10.31%      9.78%
 assets
 Tangible common
 equity to       8.83%        8.20%        8.27%        8.41%       7.95%
 tangible assets
EQUITY TO ASSETS
RECONCILIATION
 Tangible common
 equity to       8.83%        8.20%        8.27%        8.41%       7.95%
 tangible assets
 Effect of
 preferred       0.97%        0.92%        1.74%        1.75%       1.67%
 equity
 Effect of
 goodwill and    0.12%        0.12%        0.14%        0.15%       0.16%
 other
 intangibles
    Equity to
    assets       9.91%        9.24%        10.15%       10.31%      9.78%
    (GAAP)
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          57           66           66           67          67
 locations
                 $       $       $       $       $    
 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     1,697      1,737      2,017      2,187      2,309
 securities
 Interest on nontaxable  375        371        365        374        365
 securities
 Interest on deposits in 85         102        104        108        120
 other banks
 Interest on federal     -          -          -          4          6
 funds sold
      Total interest     30,873     32,539     31,651     33,007     32,282
      income
Interest expense
                         $      $      $      $      $    
 Interest on deposits                                
                                                           
                         2,226     2,603     3,005     3,635     4,084
 Interest on other       309        377        408        491        471
 borrowings
      Total interest     2,535      2,980      3,413      4,126      4,555
      expense
Net interest income      28,338     29,559     28,238     28,881     27,727
Provision for loan       2,923      4,442      6,540      7,225      12,882
losses
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        4,464      4,768      3,740      3,006      1,475
 activity
 Other service charges,  329        387        331        322        391
 commissions and fees
 Gain(loss) on sale of   172        322        -          -          -
 securities
 Gains from acquisitions -          -          -          -          20,037
 Other non-interest      1,558      1,128      639        777        975
 income
      Total noninterest  11,360     11,904     9,831      8,875      27,264
      income
Noninterest expense
 Salaries and employee   13,806     15,785     13,766     12,125     11,446
 benefits
 Occupancy and equipment 2,931      3,653      3,340      2,880      3,335
 expenses
 Data processing and
 telecommunications      2,570      3,254      2,599      2,905      1,925
 expenses
 Credit related expenses 4,844      2,548      3,706      3,423      12,739
 ^(1)
 Advertising and         255        488        421        364        349
 marketing expenses
 Amortization of         364        364        364        412        220
 intangible assets
 Goodwill impairment     -          -          -          -          -
 Other non-interest      4,114      3,699      4,614      4,514      4,232
 expenses
      Total noninterest  28,884     29,791     28,810     26,623     34,246
      expense
                         $      $      $      $      $    
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          441        1,118      827        817        815
dividends
Net income available
                         $      $      $      $      $    
 to common                                       
shareholders                                               
                         4,844     3,554     1,076     1,678     4,550
Diluted earnings
available to common      0.20       0.15       0.04       0.07       0.19
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
                        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       81,205      193,677    66,872     111,251    194,172
 balances
 Investment securities
 available for sale, at 324,029     346,909    361,051    366,980    371,791
 fair value
 Other investments      5,528       6,832      7,003      7,884      10,967
 Mortgage loans held    42,332      48,786     29,021     19,659     14,863
 for sale
 Loans, net of unearned 1,492,753   1,450,635  1,439,862  1,365,489  1,323,844
 income
 Covered loans          460,724     507,712    546,234    601,737    653,377
 Less allowance for     23,382      23,593     25,901     26,198     28,689
 loan losses
   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     77,915      88,273     88,895     83,467     85,803
 assets
   Total foreclosed     118,349     128,123    126,220    119,864    122,217
   assets
 Premises and           72,340      75,983     75,609     75,192     72,755
 equipment, net
 Intangible assets, net 2,676       3,040      3,404      3,767      4,179
 Goodwill               956         956        956        956        956
 FDIC loss sharing      160,979     159,724    198,440    203,801    220,016
 receivable
 Cash value of bank     45,832      15,603     50,087     -          -
 owned life insurance
 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        22,919      50,120     17,404     19,800     28,790
   repurchase
 Other borrowings       -           -          -          3,810      3,810
 Other liabilities      22,768      22,983     10,387     8,821      5,308
 Subordinated
 deferrable interest    42,269      42,269     42,269     42,269     42,269
 debentures
   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           6,274       6,607      7,337      7,805      6,513
income/(loss)
 Less treasury stock   (11,176)    (11,066)   (10,831)   (10,831)   (10,831)
   Total stockholders'  283,722     279,017    299,206    300,939    297,697
   equity
   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        2,064,200   2,206,301  2,175,287  2,181,438  2,295,522
Liabilities
Average Assets          2,875,274   2,985,116  2,935,715  2,966,527  2,978,469
Average Common          251,214     240,787    242,614    243,463    242,817
Stockholders' Equity



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    2,603      4,091      5,690      6,070      12,600
   loss ^(2)
         Charge-offs     3,036      6,996      6,092      8,738      19,337
         Recoveries      222        597        105        177        270
   Net charge-offs       2,814      6,399      5,987      8,561      19,067
   (recoveries)
                         $      $      $      $      $    
   Ending balance                                    
                                                              
                         23,382    23,593    25,901    26,198    28,689
   As a percentage of    1.57%      1.63%      1.80%      1.92%      2.17%
   loans
   As a percentage of    62.39%     60.67%     67.76%     58.98%     54.90%
   nonperforming loans
Net charge-off
information
   Charge-offs
                         $      $      $      $      $    
   Commercial, Financial                             
   and Agricultural                                  
                         410        562        235        499        155
   Real Estate -         779        2,080      2,268      2,251      2,123
   Residential
   Real Estate -
   Commercial and        1,025      2,352      715        4,520      12,964
   Farmland
   Real Estate -
   Construction and      655        1,561      2,608      1,281      3,930
   Development
   Consumer Installment  167        441        266        187        165
   Other                 -          -          -          -          -
         Total           3,036      6,996      6,092      8,738      19,337
         charge-offs
   Recoveries
   Commercial, Financial 84         56         23         30         48
   and Agricultural
   Real Estate -         85         26         37         21         141
   Residential
   Real Estate -
   Commercial and        3          450        8          8          16
   Farmland
   Real Estate -
   Construction and      2          17         4          2          17
   Development
   Consumer Installment  48         48         33         116        48
   Other                 -          -          -          -          -
         Total           222        597        105        177        270
         recoveries
                         $      $      $      $      $    
   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    -          -          -          1          -
more
Total non-performing     77,910     78,735     75,550     80,819     88,672
assets
Non-performing assets as
a percent of total       2.72%      2.61%      2.56%      2.77%      2.91%
assets
Net charge offs as a
percent of loans         0.76%      1.75%      1.65%      2.52%      5.79%
(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) 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 &        130,161     114,199    125,315    124,556    122,331
  development
  Real estate -         766,227     732,322    713,240    675,404    658,054
  commercial & farmland
  Real estate -         355,716     346,480    343,332    332,124    328,053
  residential
  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 &        57,114      70,184     73,356     83,991     93,430
  development
  Real estate -         260,159     278,506    298,903    322,393    350,244
  commercial & farmland
  Real estate -         113,668     125,056    135,154    150,683    162,768
  residential
  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 &        187,275     184,383    198,671    208,547    215,761
  development
  Real estate -         1,026,386   1,010,828  1,012,143  997,797    1,008,298
  commercial & farmland
  Real estate -         469,384     471,536    478,486    482,807    490,821
  residential
  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 &        1,883       1,735      1,481      1,205      1,305
  development
  Real estate -         8,878       8,947      9,540      13,293     17,765
  commercial & farmland
  Real estate -         6,953       7,254      8,068      8,472      7,778
  residential
  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 &        43          -          -          1,124      1,626
  development
  Real estate -         3,595       4,149      2,770      2,815      2,176
  commercial & farmland
  Real estate -         1,111       1,022      620        1,213      1,065
  residential
  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       232,773     236,500    244,466    251,157    256,854
  credit
  Grade 20 -            665,777     641,950    592,283    540,562    495,252
  Satisfactory credit
  Grade 23 -
  Performing,           29,403      31,433     30,176     30,131     29,631
  under-collateralized
  credit
  Grade 25 - Minimum    425,646     399,210    427,598    397,984    387,133
  acceptable credit
  Grade 30 - Other
  asset especially      32,485      35,298     35,478     36,307     42,329
  mentioned
  Grade 40 -            66,147      72,994     74,606     80,824     85,666
  Substandard
  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        101,452      152,875      125,775      128,008     157,223
  deposits in
  banks
  Investment
  securities -   286,745      300,773      316,967      324,879     309,592
  taxable
  Investment
  securities -   53,819       52,017       47,819       46,049      46,520
  nontaxable
  Other          6,687        6,702        7,213        8,893       10,076
  investments
  Mortgage loans 63,732       46,763       31,759       21,603      17,891
  held for sale
  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        102,380      100,722      102,129      97,097      87,219
  accounts
  Retail CDs <   313,191      342,518      365,807      369,651     373,519
  $100,000
  Retail CDs >   368,577      391,075      430,677      410,855     444,838
  $100,000
  Brokered CDs   19,448       34,588       41,799       59,526      61,287
   Total        2,511,511    2,604,320    2,616,866    2,591,607   2,589,978
  Deposits
  FHLB advances  -            -            2,160        3,810       8,282
  Subordinated   42,269       42,269       42,269       42,269      42,269
  debentures
  Federal funds
  purchased and
  securities
  sold
  under
  agreements to  27,191       36,165       17,146       23,042      29,898
  repurchase
  Other          -            -            -            -           -
  borrowings
   Total
  Non-Deposit    69,460       78,434       61,575       69,121      80,449
  Funding
   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       85         102        104        108        120
  deposits in banks
  Investment securities  1,697      1,737      2,017      2,187      2,309
  - taxable
  Investment securities  506        501        493        505        493
  - nontaxable (TE)
  Mortgage loans held    572        455        285        177        141
  for sale
  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           270        332        362        427        361
  debentures
  Repurchase agreements  37         43         29         37         40
  Correspondent bank
  line of credit and     2          2          2          1          1
  other
   Total Non-Deposit    309        377        408        491        471
  Funding
                         $      $      $      $      $    
   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         0.34%      0.27%     0.33%    0.34%    0.31%
        deposits in banks
        Investment securities -  2.40%      2.30%     2.53%    2.71%    3.00%
        taxable
        Investment securities -  3.81%      3.83%     4.10%    4.41%    4.26%
        nontaxable
        Mortgage loans held for  3.64%      3.87%     3.57%    3.30%    3.17%
        sale
        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   5.21%      5.22%     5.06%    5.33%    5.22%
        (2)
        Noninterest bearing      0.00%      0.00%     0.00%    0.00%    0.00%
        deposits
        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  0.00%      0.00%     0.00%    0.00%    0.00%
        of credit and other
         Total Non-Deposit      1.80%      1.91%     2.64%    2.86%    2.35%
        Funding
         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          2013       2012       2012       2012       2012
  Reconciliation
                         $      $      $      $      $    
  Pre-tax operating                                  
  profit/(loss)                                            
                         7,891     7,230     2,719     3,908     7,863
  Plus: Credit Related
  Costs
   Provision for loan 2,923      4,442      6,540      7,225      12,882
  losses
   (Gains)/Losses on
  the sale of legacy     (20)       464        983        813        7,252
  OREO
   Problem loan and   4,864      2,084      2,724      2,610      5,487
  OREO expense
   Interest reversed
  (received) on          54         227        159        145        187
  non-accrual loans
   Total           7,821      7,217      10,406     10,793     25,808
  Credit-Related Costs
  Plus: Non-recurring    -          2,125      -          -          -
  conversion charges
  Plus: Costs associated -          -          -          -          -
  with capital raise
  Less: Non-recurring
  gains
   Gains related to   -          -          -          -          (20,037)
  FDIC acquisitions
   Gains on sales of  (172)      (322)      -          -          -
  securities
  Gains on sales of     (242)      -          -          -          -
  bank premises
   Other
  non-recurring          (1,017)    (2,423)    602        -          -
  adjustments
                         $      $      $      $      $    
  Pretax, Pre-provision                              
  earnings                                                    
                         14,281    13,827    13,727    14,701    13,634
  As percentage of
  average assets,        2.01%      1.84%      1.86%      1.99%      1.84%
  annualized
                         Three Months Ended
                         Mar.       Dec.       Sept.      Jun.       Mar.
  Recurring Operating    2013       2012       2012       2012       2012
  Expenses
  Total Operating        28,884     29,791     28,810     26,623     34,246
  Expenses
  Less: Credit costs &
  non-recurring charges
   Gains/(Losses) on
  the sale of legacy     20         (464)      (983)      (813)      (7,252)
  OREO
   Gains/(Losses) on
  the sale of covered    (3,176)    -          -          -          -
  OREO
   Problem loan and   (1,688)    (2,084)    (2,724)    (2,610)    (5,487)
  OREO expense
   Costs associated    -          -          -          -          -
  with capital raise
   Severance payments  -          (750)      -          (190)      (362)
  Conversion expenses    -          (1,375)    -          (285)      -
   (Gains)/Losses on   242        -          -          -          -
  the sale of premises
                         $      $      $      $      $    
  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  2,923      4,442      6,540      7,225      12,882
  losses
   Noninterest income  6,896      7,136      6,091      5,869      25,789
   Noninterest         -          -          -          -          -
  expense:
   Salaries and     11,037     13,021     11,446     10,727     10,262
  employee benefits
   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         25,163     26,202     25,852     24,762     32,763
  noninterest expense
  Income before income   6,576      5,596      1,652      2,586      7,730
  taxes
   Income Tax          2,146      1,986      443        950        2,451
   Net income    4,430      3,610      1,209      1,636      5,279
   Preferred stock     441        1,118      827        817        815
  dividends
                         $      $      $      $      $    
  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     2,769      2,764      2,320      1,398      1,184
  employee benefits
   Occupancy        166        177        150        73         82
   Data Processing  99         135        89         73         45
   Other expenses   687        513        399        317        172
   Total         3,721      3,589      2,958      1,861      1,483
  noninterest expense
  Income before income   1,315      1,634      1,067      1,322      133
  taxes
   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  2,923      4,442      6,540      7,225      12,882
  losses
   Noninterest income  11,360     11,904     9,831      8,875      27,264
   Noninterest
  expense:
   Salaries and     13,806     15,785     13,766     12,125     11,446
  employee benefits
   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         28,884     29,791     28,810     26,623     34,246
  noninterest expense
  Income before income   7,891      7,230      2,719      3,908      7,863
  taxes
   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     441        1,118      827        817        815
  dividends
                         $      $      $      $      $    
  Net income available                               
  to common shareholders                                   
                         4,844     3,554     1,076     1,678     4,550







SOURCE Ameris Bancorp

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