8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported):
	January 31, 2008 (January 24, 2008)
	Ameris Bancorp
(Exact Name of Registrant as Specified in Charter)
Georgia	No. 001-13901	No.58-1456434
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
	24 2nd Avenue, S.E.,
	Moultrie, Georgia   31768
(Address of Principal Executive Offices)
Registrant’s telephone number, including area code:
	(229) 890-1111

 (Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On January 24, 2008, Ameris Bancorp issued a press release announcing its unaudited fourth quarter 2007 results.  A copy of that press release is attached as Exhibit 99.1 to this Current Report.

Item 9.01. Financial Statements and Exhibits.

(d)           Exhibits.

99.1           Press release dated January 24, 2008.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

AMERIS BANCORP

By: ___/s/ Dennis J. Zember Jr._____

Dennis J. Zember Jr.,

Executive Vice President and Chief Financial Officer

Dated:  January 31, 2008

EXHIBIT INDEX

99.1             Press release dated January 24, 2008.

EX-99.1

                                                                                               

News Release

For more information contact:

Dennis J. Zember Jr.

Executive Vice President & CFO

(229) 890-1111

AMERIS BANCORP REPORTS NET INCOME FOR 2007

January 24, 2007

AMERIS BANCORP (NASDAQ-GS: ABCB), Moultrie, Georgia, reported net income of $15.2 million, or $1.11 per share, for the year ended December 31, 2007, compared to net income in 2006 of $22.1 million, or $1.68 per share.  Net income for the fourth quarter of 2007 was $1.2 million or $0.09 per share compared to $5.8 million or $0.43 per share in the fourth quarter of 2006.

Ameris Bancorp’s performance in 2007 was highlighted by the following significant items:

·   Exceeded forecasts for loans and deposits in South Carolina in first year of expansion strategy in that state.

·   Completed consolidation of backroom operations across our four-state footprint.

·   Revenue growth of 7.6% despite negative pressures from interest rate environment and industry trends on service charges.

·   Containment of operating expenses despite substantial start-up costs associated with expansion efforts.

·   Increased provision for loan losses required due to deteriorating real estate environments along coastal areas of Florida.

Exceeded first year goals associated with South Carolina expansion strategy

Ameris Bank’s five-year strategy to build a significant statewide bank in South Carolina started successfully in 2007 beating the Company’s goals across the board.  Loans and deposits grew substantially to $153.5 million and $159.4 million, respectively, during 2007.  Exceptional talent was recruited in Charleston, Hilton Head and Columbia, with roster of bankers in South Carolina growing to 60 at December 31, 2007.  Net operating losses were less than expected for several reasons, including higher levels of net interest income and mortgage fees than originally forecasted.  Total net operating losses associated with the South Carolina strategy in 2007 were $0.10 per share, which compares favorably with the $0.13 per share amount that was initially forecasted.  The Company’s commitment to allowing experienced bankers to be the decision makers in their communities continues to attract talent and provides management with confidence that future expansion plans will be successful and significantly accretive to investors.

Completed centralization of all backroom operations across our four-state footprint

Centralization of The Company’s backroom operations was necessary to provide exceptional, uniform customer service across our expanding footprint.  In addition, the profitability of future growth will be maximized when incremental growth in operating expense is concentrated in bankers dealing with customers.  All centers were completely operational with trained staff as of December 31, 2007.  Commenting on the efforts to complete this important effort, Edwin W. Hortman, President and CEO, said “Change is never easy but our Company’s leadership and employees have embraced the opportunity to restructure.  In 2006 we collapsed 15 charters and adopted a single brand.  In 2007, our Company took the next step and moved to centralized operations for loans and deposits.  As I look back over the last two years, I’m encouraged that the difficult decisions have been made and our Company continues to evolve into a high-performing, growth oriented community bank.”

Strong revenue growth despite negative pressures

Recurring total revenue (net interest income and non-interest income) grew 7.6% during 2007 to $92.6 million.  The net interest income component of total revenue grew 6.7% to $74.6 million in 2007.  Loan growth of $171.1 million or 11.9% during 2007 was the primary factor behind the growth in net interest income and more than offset the negative pressures from declining net interest margins.  The Company’s net interest margin in 2007 declined to 4.02% from 4.27% in 2006 as the industry dealt with historically thin spreads and flat to inverted interest rate environments.  Declines in margins and spreads during 2007 began to moderate as the year ended, and management remains confident that the Company’s pricing disciplines will enable the Company to take advantage of opportunities to widen spreads as the interest rate environment allows.

The non-interest income component of total revenue grew 11.7% to $18.3 million in 2007 (excluding gains on sales of charters in 2006 and losses on investment sales in both years). Service charges and fees on deposit accounts grew 7.9% to $12.5 million as the Company increased certain fees and charges.  In addition, the Company significantly increased the number of low-cost deposit accounts in every market.  Mortgage origination and related fees increased substantially during 2007 as the Company more than doubled its sales force, mostly in the last half of 2007.  While total revenue from mortgage related activities increased 40.1% to $3.1 million during 2007, contribution to net earnings was limited due to various start-up costs.

-1-

Trends in operating expenses

Total operating expenses grew 10.9% in 2007 to $58.9 million compared to $53.1 million in 2006.  Several factors impacted operating expenses in 2007, the largest factor being the Company’s South Carolina initiative, which accounted for approximately $4.5 million in incremental costs during 2007.  Equipment and occupancy expenses increased approximately 9.3% to $7.5 million as additional offices in South Carolina and Florida were opened in 2007. Advertising-related expenses in 2007 increased approximately $460,000 to $2.1 million as the Company expanded its marketing in existing markets and promoted itself in new markets. Marketing costs are not expected to moderate or fall in 2008 as the Company has planned events surrounding openings in several new markets across its footprint and increased marketing around mortgage and treasury services.

Trends in credit quality

Decreases in credit quality, particularly in the second half of 2007, were significant enough to mitigate improvements elsewhere in the Company.   The majority of the decline, as well as the resulting provisions and net charge-offs resulted from declines in the values of real estate collateral along the coastal areas of north Florida.  Provisions for loan loss in the fourth quarter of 2007 amounted to $6.9 million compared to $713,000 in the same quarter of 2006.  For the year, Ameris Bank recorded $11.3 million in total provision for loan loss, a significant increase over the $2.8 million recorded in 2006.  Net charge-offs in 2007 amounted to 0.53% of average loans compared to 0.10% in 2006.

At December 31, 2007, non-performing assets amounted to $26.0 million or 1.60% of total loans compared to 1.38% of total loans at September 30, 2007.  Other real estate increased approximately $4.5 million during the linked quarter as the Company foreclosed on several larger properties which are being marketed aggressively.  The Company’s reserve for loan losses at December 31, 2007 was $27.6 million or 1.71% of total loans, compared to $24.9 million and 1.72%, respectively, at December 31, 2006.

Ameris Bancorp is headquartered in Moultrie, Georgia, and has 46 locations in Georgia, Alabama, northern Florida and South Carolina.

********************************************************************************************

Ameris Bancorp Common Stock is quoted on the NASDAQ Global Select Market under the symbol “ABCB”. The preceding release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “believe”, “estimate”, “expect”, “intend”, “anticipate” and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements.

-2-

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
	Three Months Ended															Twelve Months Ended
	Dec.			Sept			June			Mar.			Dec.			Dec			Dec
	2007			2007			2007			2007			2006			2007			2006
EARNINGS
Net Income	$	1,207		$	3,570		$	5,373		$	5,024		$	5,758		$	15,172		$	22,127
PER COMMON SHARE DATA
Earnings per share:
Basic		0.09			0.26			0.40			0.37			0.44			1.13			1.71
Diluted		0.09			0.26			0.39			0.37			0.43			1.11			1.68
Cash Dividends per share		0.14			0.14			0.14			0.14			0.14			0.56			0.56
Book value per share (period end)		14.06			13.93			13.60			13.51			13.24			14.06			13.19
Tangible book value per share (period end)		9.67			9.51			9.16			9.06			8.73			9.67			8.73
Weighted average number of shares:
Basic		13,485,765			13,501,663			13,485,683			13,443,850			13,044,493			13,479,240			13,001,333
Diluted		13,573,626			13,620,069			13,663,072			13,667,509			13,269,289			13,631,069			13,288,633
Period-end number of shares		13,539,985			13,539,195			13,541,476			13,527,520			13,553,002			13,539,985			13,553,002
Market data:
High closing price		18.67			23.05			25.58			27.73			28.99			27.73			28.99
Low closing price		13.73			17.72			21.76			23.11			25.77			13.73			19.26
Period end closing price		16.85			18.08			22.47			24.33			28.18			16.85			28.18
Average daily volume		51,604			50,547			38,941			41,130			23,016			45,615			24,502
PERFORMANCE RATIOS
Return on average assets		0.23	%		0.68	%		1.06	%		1.01	%		1.17	%		0.74	%		1.22	%
Return on average equity		2.50	%		7.56	%		11.64	%		11.22	%		13.51	%		8.14	%		13.90	%
Earning asset yield (TE)		7.65	%		7.87	%		7.80	%		7.85	%		7.64	%		7.79	%		7.53	%
Total cost of funds		3.79	%		3.90	%		3.84	%		3.79	%		3.65	%		3.83	%		3.29	%
Net interest margin (TE)		3.91	%		4.03	%		4.03	%		4.10	%		4.03	%		4.02	%		4.27	%
Non-interest income excluding securities transactions,
as a percent of total revenue (TE)		10.91	%		11.04	%		11.34	%		11.29	%		17.02	%		11.14	%		13.64	%
Efficiency ratio		67.15	%		64.08	%		59.98	%		62.96	%		62.66	%		63.55	%		59.55	%
CAPITAL ADEQUACY
Equity to assets		9.03	%		8.97	%		8.98	%		8.97	%		8.73	%		9.03	%		8.73	%
Tangible common equity to assets		6.39	%		6.30	%		6.24	%		6.20	%		5.95	%		6.39	%		5.95	%
OTHER PERIOD-END DATA
FTE Headcount		620			621			604			600			600			620			600
Assets per FTE	$	3,402		$	3,387		$	3,393		$	3,394		$	3,413		$	3,402		$	3,413
Branch locations		46			47			46			46			44			46			44
Deposits per branch location	$	38,201		$	36,337		$	36,852		$	37,228		$	38,867		$	38,201		$	38,867

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AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
	Three Months Ended												Twelve Months Ended
	Dec.			Sept			June		Mar.		Dec.		Dec			Dec
	2007			2007			2007		2007		2006		2007			2006
INCOME STATEMENT
Interest income
Interest and fees on loans	$	33,057		$	33,479		$	31,573	$	30,760	$	29,175	$	128,869		$	107,559
Interest on taxable securities		3,476			3,480			3,434		3,337		3,032		13,727			12,147
Interest on nontaxable securities		158			175			176		179		174		688			555
Interest on deposits in other banks		239			317			659		1,042		1,626		2,256			3,589
Interest on federal funds sold		-			-			1		91		73		92			261
Total interest income		36,930			37,451			35,843		35,410		34,080		145,632			124,111
Interest expense
Interest on deposits		15,758			15,877			15,540		15,205		14,392		62,380			45,599
Interest on federal funds purchased and securities
sold under agreements to repurchase		154			43			34		59		62		290			180
Interest on other borrowings		2,213			2,450			1,939		1,727		1,713		8,329			8,371
Total interest expense		18,125			18,370			17,513		16,991		16,167		70,999			54,150
Net interest income		18,804			19,081			18,330		18,419		17,913		74,633			69,961
Provision for loan losses		6,914			2,964			936		507		713		11,321			2,837
Net interest income after provision for loan losses		11,891			16,117			17,394		17,911		17,200		63,312			67,124
Noninterest income
Service charges on deposit accounts		3,322			3,197			3,066		2,870		3,665		12,455			11,538
Mortgage banking activity		827			783			799		683		639		3,093			2,208
Other non-interest income		364			680			769		972		2,718		2,785			5,824
Gain(loss) on sale of securities		(236	)		(69	)		8		-		-		(297	)		(308	)
Total noninterest income		4,278			4,591			4,642		4,525		7,023		18,036			19,262
Noninterest expense
Salaries and employee benefits		7,182			7,438			7,492		7,732		7,445		29,844			27,043
Equipment and occupancy expense		2,005			1,757			1,718		1,676		2,281		7,156			6,836
Amortization of intangible assets		325			324			324		324		322		1,298			1,107
Other operating expenses		5,989			5,650			4,245		4,712		5,577		20,596			18,143
Total noninterest expense		15,501			15,170			13,779		14,444		15,626		58,894			53,129
Operating Profit		668			5,539			8,257		7,992		8,597		22,454			33,256
Provision for income taxes		(539	)		1,969			2,884		2,968		2,838		7,282			11,129
Net Income	$	1,207		$	3,570		$	5,373	$	5,024	$	5,759	$	15,172		$	22,127
Diluted earnings per share		0.09			0.26			0.39		0.37		0.43		1.11			1.68

-4-

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
	Dec.			Sept.			June			Mar.			Dec.
	2007			2007			2007			2007			2006
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks	$	59,804		$	58,281		$	50,328		$	49,640		$	66,856
Federal funds sold & interest bearing balances		12,022			22,910			16,342			94,496			135,232
Securities available for sale, at fair value		291,170			301,977			300,642			300,322			283,192
Loans		1,614,049			1,593,014			1,556,862			1,475,869			1,442,951
Less: allowance for loan losses		27,640			26,434			25,032			25,113			24,863
Loans, net		1,586,408			1,566,580			1,531,831			1,450,756			1,418,088
Premises and equipment, net		59,133			54,639			52,385			47,251			46,604
Intangible assets, net		4,802			5,126			5,450			5,775			6,099
Goodwill		54,675			54,675			54,629			54,419			54,365
Other assets		41,337			38,951			37,466			33,754			37,106
Total Assets	$	2,109,350		$	2,103,139		$	2,049,073		$	2,036,413		$	2,047,542
Liabilities
Deposits:
Noninterest-bearing demand	$	197,345		$	192,707		$	200,849		$	197,845		$	221,592
Interest-bearing demand		624,479			586,891			576,309			574,089			545,564
Savings		53,834			57,080			60,243			64,182			63,255
Time deposits		881,607			871,177			857,785			876,391			879,752
Total deposits		1,757,265			1,707,855			1,695,185			1,712,507			1,710,163
Federal funds purchased & securities sold under
agreements to repurchase		14,705			32,359			6,966			5,370			15,933
Other borrowings		90,500			116,500			105,500			75,500			75,500
Other liabilities		14,222			15,560			15,054			18,003			24,945
Subordinated deferrable interest debentures		42,269			42,269			42,269			42,269			42,269
Total liabilities		1,918,961			1,914,543			1,864,974			1,853,649			1,868,810
Stockholders' equity
Common stock		14,870			14,869			14,868			14,850			14,850
Capital surplus		82,595			82,308			82,019			81,620			81,481
Retained earnings		102,391			103,805			102,124			98,631			95,523
Accumulated other comprehensive loss		1,303			(1,617	)		(4,231	)		(1,744	)		(2,529	)
Less treasury stock		(10,769	)		(10,769	)		(10,681	)		(10,593	)		(10,593	)
Total stockholders' equity		190,389			188,596			184,099			182,764			178,732
Total liabilities and stockholders' equity	$	2,109,350		$	2,103,139		$	2,049,073		$	2,036,413		$	2,047,542
Other Data
Earning Assets		1,917,241			1,917,901			1,873,846			1,870,687			1,861,375
Intangible Assets		59,477			59,801			60,079			60,193			60,464
Interest bearing liabilities		1,707,394			1,706,276			1,649,071			1,637,801			1,622,273
Average Assets		2,102,579			2,069,715			2,030,018			2,014,040			1,946,772
Average Stockholders' Equity		191,124			187,290			185,177			181,645			169,135

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AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
	Three Months Ended															Twelve Months Ended
	Dec.			Sept			June			Mar.			Dec.			Dec			Dec
	2007			2007			2007			2007			2006			2007			2006
ASSET QUALITY INFORMATION
Allowance for loan losses
Balance at beginning of period	$	26,434		$	25,032		$	25,113		$	24,863		$	23,905		$	24,863		$	22,294
Acquired Reserves		-			-			-			-			1,024			-			1,024
Provision for loan loss		6,914			2,964			936			507			713			11,321			2,837
Charge-offs		6,499			1,806			1,327			787			1,635			10,418			4,137
Recoveries		791			244			309			530			856			1,874			2,845
Net charge-offs (recoveries)		5,708			1,562			1,018			257			779			8,545			1,292
Ending balance	$	27,640		$	26,434		$	25,032		$	25,113		$	24,863		$	27,640		$	24,863
As a percentage of loans		1.71	%		1.66	%		1.61	%		1.70	%		1.72	%		1.71	%		1.72	%
As a percentage of nonperforming loans		145.72	%		135.81	%		154.51	%		282.46	%		361.54	%		145.72	%		361.54	%
As a percentage of nonperforming assets		106.47	%		120.37	%		136.90	%		252.93	%		285.29	%		106.47	%		285.29	%
Net Charge-off information
Charge-offs
Commercial & Commercial Real Estate	$	6,069		$	1,358		$	959		$	353		$	1,078		$	8,738		$	1,712
Consumer Installment		406			423			82			146			385			1,057			874
Consumer Real Estate		24			25			286			288			145			623			1,444
Agriculture		-			-			-			-			7			-			14
Other		-			-			-			-			20			-			93
Total charge-offs		6,499			1,806			1,327			787			1,635			10,418			4,137
Recoveries
Commercial & Commercial Real Estate		649			141			192			357			356			1,339			1,528
Consumer Installment		122			70			100			121			107			413			477
Consumer Real Estate		20			31			17			51			362			120			745
Agriculture		-			1			-			0			31			2			67
Other		-			-			-			-			-			-			28
Total recoveries		791			244			309			530			856			1,874			2,845
Net charge-offs (recoveries)	$	5,708		$	1,562		$	1,018		$	257		$	779		$	8,545		$	1,292
Non-accrual loans		18,968			19,464			16,201			8,891			6,877			18,968			6,877
Foreclosed assets		6,993			2,497			2,084			1,038			1,838			6,993			1,838
Total non-performing assets		25,961			21,961			18,285			9,929			8,715			25,961			8,715
Non-performing assets as a percent of loans
and foreclosed assets		1.60	%		1.38	%		1.17	%		0.67	%		0.60	%		1.60	%		0.60	%
Net charge offs as a percent of loans (Annualized)		1.41	%		0.39	%		0.26	%		0.07	%		0.22	%		0.53	%		0.09	%

-6-

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
	Three Months Ended										Twelve Months Ended
	Dec.		Sept		June		Mar.		Dec.		Dec		Dec
	2007		2007		2007		2007		2006		2007		2006
AVERAGE BALANCES
Short term assets	$	21,827	$	26,212	$	49,200	$	85,297	$	126,332	$	45,634	$	71,378
Investment securities		297,380		299,925		301,848		292,979		272,769		298,033		268,935
Loans		1,605,006		1,569,906		1,511,333		1,458,725		1,377,824		1,536,243		1,308,174
Total Earning Assets		1,924,212		1,896,044		1,862,381		1,837,001		1,776,925		1,879,910		1,648,487
Noninterest bearing deposits		187,908		190,316		192,298		199,779		199,812		192,575		189,845
Interest bearing deposits		596,053		575,415		572,400		554,530		521,539		574,599		456,270
Savings		55,305		58,778		61,733		62,933		64,450		59,687		70,291
CDs		886,116		870,731		866,589		875,003		841,387		874,610		772,499
Deposits		1,725,383		1,695,239		1,693,020		1,692,245		1,627,188		1,701,472		1,488,905
FHLB advances		105,570		110,056		83,109		71,547		71,087		92,570		89,785
Subordinated debentures		42,269		42,269		42,269		42,269		42,269		42,269		41,823
Other borrowings		22,298		18,878		10,688		13,834		14,810		16,425		14,274
Total non-deposit funding		170,137		171,203		136,066		127,650		128,166		151,264		145,882
Total funding	$	1,895,520	$	1,866,442	$	1,829,086	$	1,819,895	$	1,755,354	$	1,852,736	$	1,634,786

-7-

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
	Three Months Ended										Twelve Months Ended
	Dec.		Sept		June		Mar.		Dec.		Dec		Dec
	2007		2007		2007		2007		2006		2007		2006
INTEREST INCOME/EXPENSE
Short term assets	$	239	$	317	$	660	$	1,133	$	1,699	$	2,349	$	3,843
Investment securities (TE)		3,718		3,750		3,705		3,612		3,294		14,785		12,550
Loans (TE)		33,136		33,560		31,869		30,811		29,239		129,376		107,809
Total Earning Assets		37,094		37,627		36,234		35,556		34,232		146,510		124,202
Noninterest bearing deposits		-		-		-		-		-		-		-
Interest bearing deposits		4,238		4,577		4,393		4,183		3,866		17,391		10,666
Savings		142		154		163		164		178		623		731
CDs		11,379		11,146		10,983		10,858		10,349		44,366		34,203
Deposits		15,759		15,877		15,539		15,204		14,392		62,380		45,599
FHLB advances		1,299		1,461		1,084		888		899		4,732		4,246
Subordinated debentures		832		811		768		754		724		3,164		3,433
Other borrowings		237		221		120		144		152		722		514
Total non-deposit funding		2,367		2,493		1,973		1,786		1,775		8,619		8,193
Total funding	$	18,126	$	18,370	$	17,512	$	16,991	$	16,167	$	70,999	$	53,792
Net Interest Income (TE)	$	18,968	$	19,257	$	18,722	$	18,565	$	18,065	$	75,511	$	70,410

-8-

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
	Three Months Ended															Twelve Months Ended
	Dec.			Sept			June			Mar.			Dec.			Dec			Dec
	2007			2007			2007			2007			2006			2007			2006
YIELDS (1)
Short term assets		4.34	%		4.80	%		5.38	%		5.39	%		5.34	%		5.15	%		5.38	%
Investment securities		4.96	%		4.96	%		4.92	%		5.00	%		4.79	%		4.96	%		4.67	%
Loans		8.19	%		8.48	%		8.46	%		8.57	%		8.42	%		8.42	%		8.24	%
Total Earning Assets (2)		7.65	%		7.87	%		7.80	%		7.85	%		7.64	%		7.79	%		7.53	%
Noninterest bearing deposits
Interest bearing deposits		2.82	%		3.16	%		3.08	%		3.06	%		2.94	%		3.03	%		2.34	%
Savings		1.02	%		1.04	%		1.06	%		1.06	%		1.09	%		1.04	%		1.04	%
CDs		5.09	%		5.08	%		5.08	%		5.03	%		4.88	%		5.07	%		4.43	%
Deposits		3.62	%		3.72	%		3.68	%		3.64	%		3.51	%		3.67	%		3.06	%
FHLB advances		4.88	%		5.27	%		5.23	%		5.03	%		5.02	%		5.11	%		4.73	%
Subordinated debentures		7.81	%		7.61	%		7.29	%		7.23	%		6.80	%		7.49	%		8.21	%
Other borrowings		4.21	%		4.64	%		4.50	%		4.24	%		4.07	%		4.40	%		3.60	%
Total non-deposit funding		5.52	%		5.78	%		5.81	%		5.68	%		5.49	%		5.70	%		5.62	%
Total funding (3)		3.79	%		3.90	%		3.84	%		3.79	%		3.65	%		3.83	%		3.29	%
Net interest spread		3.85	%		3.97	%		3.96	%		4.06	%		3.99	%		3.96	%		4.24	%
Net interest margin		3.91	%		4.03	%		4.03	%		4.10	%		4.03	%		4.02	%		4.27	%
(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 average interest bearing liabilities.

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