Exhibit 99.1

News Release

For more information contact:

Dennis J. Zember Jr.

Executive Vice President & CFO

ABC BANCORP’S NET INCOME UP 27% FOR

THIRD QUARTER OF 2005

October 19, 2005

ABC BANCORP (Nasdaq:ABCB), Moultrie, Georgia, reported net income of $3.9 million, or $0.33 per diluted share, for the quarter ended September 30, 2005, compared to net income for the same period in 2004 of $3.1 million, or $0.26 per diluted share. These results represent a 26.6% increase in net income and a 25.6% increase in diluted earnings per share over the same period in 2004. For the year to date period ending September 30, 2005, ABC reported net income of $11.0 million, or $0.93 per diluted share, an increase of 18.3% over the comparable period in 2004, when ABC reported net income of $9.3 million, or $0.78 per diluted share.

ABC’s return on average assets for the quarter ended September 30, 2005 improved to 1.22% from 1.06% during the third quarter of 2004. Return on assets for the year to date period improved to 1.14% from the 1.07% reported for the same period in 2004. Return on average equity and average tangible equity for the third quarter of 2005 was 12.40% and 15.31%, respectively. This represented continued improvement in shareholder returns over the comparable period in 2004, with respect to which ABC reported 10.54% and 12.75%, respectively.

Balance Sheet Growth

Total assets at September 30, 2005 were $1.37 billion, an increase of $185.4 million, or 15.6%, from the same period in 2004. Earning assets increased 16.0%, or $174.1 million, to $1.26 billion at September 30, 2005, driven primarily by strong growth in loans. Gross loans outstanding finished the third quarter of 2005 at $1.005 billion, up $134.2 million, or 15.4%, from the same period in 2004.

In addition to record levels of loans and total assets, ABC reported continued growth in deposit balances. Total deposits at September 30, 2005 were $1.07 billion, compared to $889.5 million at September 30, 2004, an increase of 20.6%. Non-interest bearing balances grew 16.7% to $153.9 million at September 30, 2005 compared to the same period in 2004. Non-CD balances

grew 11.3% to $54.5 million over the same time period. Non-interest bearing demand deposits and non-CD deposits represented 14.3% and 50.1%, respectively, of total deposits at September 30, 2005.

ABC attributes the continued growth in its balance sheet to successful recruiting efforts in many of its markets during 2005. The plan to hire additional local talent to complement already strong production staffs in ABC’s markets denotes the Company’s commitment to have more of its employees engaged in sales and customer contact roles than in the past.

Growth in Net Interest Income and Improvement in Net Interest Margin

Growth in net interest income during the quarter was the primary driver of the Company’s growth in earnings. Net interest income for the third quarter of 2005 was $13.3 million, an increase of 17.7% over the same period in 2004. For the nine-month period, net interest income grew 15.0% to $38.0 million. These increases in net interest income correlate closely with the 16.0% growth in earning assets over the periods concerned.

For the quarter ended September 30, 2005, ABC’s net interest margin increased to 4.32%, compared to 4.14% for the same quarter in 2004. Yield on earning assets increased to 6.65% from 5.94%, while ABC’s cost of funds increased to 2.39% from 1.86% for the same time periods. For the year to date periods ending September 30, 2005 and 2004, ABC’s net interest margin increased to 4.31% from 4.15%. Yield on earning assets increased to 6.39% from 5.91%, while cost of funds increased to 2.15% from 1.83% for the same time periods.

ABC’s net interest margin improvement is primarily attributable to the combination of the rising interest rate environment which began during 2004 and has pushed short-term rates up considerably while longer term rates have remained flat. Consequently, ABC has not yet been able to move the yields on fixed rate loans or a substantial portion of the investment portfolio higher because these assets are generally tied to yields that are longer in nature. Still, ABC’s margins have improved as the Company has been able to manage the interest costs on its substantial base of core deposits. In addition, ABC’s solid presence in many of its markets has allowed the Company to continue attracting lower cost deposits to fund strong loan growth for 2005.

Sound Credit Quality and Continued Positive Trends

ABC’s credit quality improved again over already outstanding levels as the Company continued strengthening its credit culture. Non-performing assets decreased to 0.43% of total loans at September 30, 2005, compared to 0.70% at December 31, 2004. Non-performing assets totaled $4.5 million at the end of the third quarter of 2005, a decrease of $1.6 million, or 26.2%, over balances at the end of 2004.

For the nine-month period ending September 30, 2005, ABC had annualized net recoveries of 0.03% of average loans, compared to 0.23% of annualized net charge-offs for the same period in 2004. ABC’s allowance for loan losses was $17.3 million, or 1.72% of outstanding loans, at September 30, 2005 compared to $15.3 million, or 1.72% of outstanding loans, at December 31, 2004. ABC tracks credit quality monthly using several indicators, all of which are trending positive at the end of the third quarter of 2005.

Recently Announced Corporate Restructuring and Pending Merger

In a press release dated August 31, 2005, ABC announced its intentions to begin consolidating its subsidiary bank charters across Georgia, Alabama and northern Florida into a single charter. In addition to the charter consolidation effort, ABC announced intentions to re-brand the Company and its surviving bank subsidiary with a single identity. In connection with these activities, ABC anticipates recording an after-tax charge to earnings during the fourth quarter of 2005 of approximately $0.14 per share. These costs are necessary to reengineer procedures to accommodate a more efficient single bank, rename the Company and aggressively market the uniform brand in and around our existing markets and begin gaining efficiencies through improved utilization of employees. Edwin Hortman, ABC’s President and CEO commented on the restructuring saying, “The energy level around our restructuring and branding continues to build. Completing these initiatives will position us to more efficiently serve our customers and create a highly recognizable brand that we can begin leveraging in and around our existing markets. I am proud of the teamwork and the drive of our Company’s leadership in being successful in these critical goals while still remaining focused on existing business and producing the quality results of the third quarter.”

In another press release dated July 1, 2005, ABC announced the planned acquisition of First National Banc, Inc., a two bank holding company with assets of approximately $265 million as of September 30, 2005. First National Banc’s banking subsidiaries include the market leader in St. Marys, Georgia, and the largest community bank in Orange Park, Florida. The combination of the charter consolidation initiative and this pending merger will create a single bank having approximately $1.65 billion in total assets serving 34 communities with approximately 125,000 core customer accounts. The proposed merger with First National Banc is subject to shareholder and regulatory approval and is expected to close before the end of 2005. The charter consolidation initiative is also subject to the approval of various regulatory agencies and is expected to be completed during the first quarter of 2006.

ABC Bancorp is headquartered in Moultrie, Georgia, and has 12 banking subsidiaries with 37 locations in Georgia, Alabama and northern Florida.

ABC Bancorp Common Stock is quoted on the Nasdaq National 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.

ABC Bancorp (“ABC”) has filed with the SEC a Registration Statement on Form S-4, which contains the prospectus of ABC relating to the shares of ABC Common Stock to be issued in the acquisition of First National Banc, Inc. (“FNB”) and the proxy statement of FNB relating to its 2005 Annual Meeting of Shareholders, at which the transaction will be considered and voted upon by FNB’s shareholders, as well as other relevant documents concerning the transaction. Investors are urged to read the proxy statement/prospectus and any other relevant documents filed with the SEC because they contain important information. Investors may obtain the Form S-4 Registration Statement, including the exhibits filed therewith, free of charge at the website maintained by the SEC at www.sec.gov. In addition, investors may obtain documents filed with the SEC by ABC free of charge by requesting them in writing from ABC Bancorp, 24 2^nd Avenue, S.E., Moultrie, Georgia 31768, Attention: Corporate Secretary, or by telephone at (229) 890-1111. Investors may obtain documents filed with the SEC by FNB free of charge by requesting them in writing from First National Banc, Inc., 2509 Osborne Road, St. Marys, Georgia 31558.

FNB and its directors and executive officers may be deemed to be participants in the solicitation of proxies from its shareholders in connection with the acquisition of FNB by ABC. Information about such directors and executive officers and their ownership of FNB Common Stock is set forth in the proxy statement/prospectus described above.

ABC BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended									Nine Months Ended
	Sept. 2005			June 2005			Sept. 2004			Sept. 2005			Sept. 2004
EARNINGS
Net Income	$	3,905		$	3,500		$	3,085			11,005		$	9,313
PER COMMON SHARE DATA*
Earnings per share:
Basic		0.33			0.30			0.26			0.93			0.79
Diluted		0.33			0.29			0.26			0.92			0.78
Cash Dividends per share		0.14			0.14			0.12			0.42			0.35
Book value per share (period end)		10.67			10.54			10.11			10.67			10.11
Tangible book value per share (period end)		8.30			8.15			8.24			8.30			8.24
Weighted average number of shares:
Basic		11,865,107			11,849,739			11,741,988			11,832,959			11,734,331
Diluted		11,990,917			11,958,176			11,873,929			11,941,051			11,870,319
Period-end number of shares		11,865,991			11,866,295			11,734,676			11,865,991			11,734,676
Market data:
High closing price		20.18			19.01			16.88			20.18			17.13
Low closing price		17.35			16.63			14.05			15.43			13.58
Period end closing price		19.19			18.08			16.81			19.19			16.81
Average daily volume		14,611			16,777			14,402			16,666			17,310
PERFORMANCE RATIOS
Return on average assets		1.18	%		1.10	%		1.06	%		1.14	%		1.07	%
Return on average equity		12.40	%		11.29	%		10.54	%		11.84	%		10.70	%
Return on tangible equity		15.31	%		14.64	%		12.75	%		14.38	%		12.83	%
Earning asset yield (TE)		6.75	%		6.36	%		5.99	%		6.39	%		5.91	%
Total cost of funds		2.77	%		2.42	%		2.13	%		2.47	%		2.09	%
Net interest margin (TE)		4.38	%		4.29	%		4.22	%		4.30	%		4.14	%
Non-interest income excluding securities transactions, as a percent of total revenue (TE)		15.08	%		15.99	%		16.84	%		15.90	%		17.17	%
Efficiency ratio		61.16	%		62.84	%		62.40	%		62.82	%		63.45	%
CAPITAL ADEQUACY
Tier 1 capital ratio		13.10	%		13.41	%		14.27	%		13.10	%		14.27	%
Equity to assets		9.24	%		9.58	%		10.01	%		9.24	%		10.01	%
Tangible common equity to assets		7.18	%		7.41	%		8.16	%		7.18	%		8.16	%
OTHER PERIOD-END DATA
FTE Headcount		523			533			498			468			498
Assets per FTE	$	2,620		$	2,449		$	2,380		$	2,928		$	2,380
Branch locations		37			37			35			37			35
Deposits per branch location	$	29,005		$	27,260		$	25,415		$	29,005		$	25,415

* Number of shares and per share data for 2004 adjusted to reflect the six-for-five split as of March 15, 2005.

ABC BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended						Nine Months Ended
	Sept. 2005		June 2005		Sept. 2004		Sept. 2005		Sept. 2004
INCOME STATEMENT
Interest income
Interest and fees on loans	$	18,140	$	16,209	$	14,274	$	49,402	$	41,700
Interest on taxable securities		2,138		2,149		1,805		6,361		5,285
Interest on nontaxable securities		40		37		41		120		127
Interest on deposits in other banks		46		45		—		94		—
Interest on federal funds sold		130		155		76		670		193
Total interest income		20,494		18,595		16,196		56,647		47,305
Interest expense
Interest on deposits		4,861		4,020		2,811		12,391		8,275
Interest on federal funds purchased and securities sold under agreements to repurchase		24		20		15		65		47
Interest on other borrowings		2,297		1,986		2,074		6,187		5,938
Total interest expense		7,182		6,026		4,900		18,643		14,260
Net interest income		13,312		12,569		11,296		38,004		33,045
Provision for loan losses		718		753		878		1,623		1,816
Net interest income after provision for loan losses		12,594		11,816		10,418		36,381		31,229
Noninterest income
Service charges on deposit accounts		2,690		2,625		2,630		7,733		7,639
Other service charges, commissions and fees		843		881		586		2,584		1,992
Other		121		46		73		432		229
Gain on sale of securities		—		—		—		61		58
Total noninterest income		3,654		3,552		3,289		10,810		9,918
Noninterest expense
Salaries and employee benefits		5,675		5,665		5,096		17,278		15,277
Equipment and occupancy expense		1,423		1,273		1,230		3,898		3,569
Amortization of intangible assets		204		198		197		613		592
Other operating expenses		3,075		2,995		2,604		8,878		7,848
Total noninterest expense		10,377		10,131		9,127		30,667		27,286
Operating Profit		5,871		5,237		4,580		16,524		13,861
Provision for income taxes		1,966		1,737		1,495		5,519		4,548
Net Income	$	3,905	$	3,500	$	3,085	$	11,005	$	9,313
Diluted earnings per share	$	0.33	$	0.30	$	0.26	$	0.93	$	0.79

ABC BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Sept. 2005			June 2005			March 2005			Dec. 2004			Sept. 2004
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks	$	47,548		$	40,070		$	41,079		$	40,339		$	44,281
Federal funds sold & interest bearing balances		42,021			17,948			53,350			69,616			24,938
Securities available for sale, at fair value		207,832			218,371			210,938			213,948			186,586
Loans		1,004,614			962,412			888,368			877,074			870,418
Less: allowance for loan losses		17,261			16,557			15,976			15,493			15,271
Loans, net		987,353			945,855			872,392			861,581			855,147
Premises and equipment, net		28,355			28,218			27,870			27,772			26,469
Intangible assets, net		3,091			3,296			3,495			3,706			2,694
Goodwill		25,054			25,054			24,325			24,325			19,231
Other assets		29,185			26,344			26,582			26,706			25,645
Total Assets	$	1,370,439		$	1,305,156		$	1,260,031		$	1,267,993		$	1,184,991
Liabilities
Deposits:
Noninterest-bearing demand	$	153,946		$	150,930		$	146,682		$	150,090		$	131,931
Interest-bearing demand		312,880			311,220			315,951			325,500			282,297
Savings		70,911			72,700			77,369			74,197			68,937
Time deposits		535,440			501,013			452,407			436,437			406,367
Total deposits		1,073,177			1,035,863			992,409			986,224			889,532
Federal funds purchased & securities sold under agreements to repurchase		5,448			6,387			6,809			7,530			4,311
Other borrowings		121,130			95,237			95,298			110,366			130,393
Other liabilities		8,507			7,018			8,069			7,367			6,513
Subordinated deferrable interest debentures		35,567			35,567			35,567			35,567			35,567
Total liabilities		1,243,829			1,180,072			1,138,152			1,147,054			1,066,316
Stockholders’ equity
Common stock		13,184			13,181			13,160			13,071			10,866
Capital surplus		46,202			46,173			45,828			45,073			46,740
Retained earnings		79,791			77,549			75,708			73,768			71,352
Accumulated other comprehensive loss		(1,490	)		(736	)		(2,149	)		(230	)		548
Unearned compensation		(603	)		(681	)		(448	)		(523	)		(611	)
Less treasury stock		(10,474	)		(10,402	)		(10,220	)		(10,220	)		(10,220	)
Total stockholders’ equity		126,610			125,084			121,879			120,939			118,675
Total liabilities and stockholders’ equity	$	1,370,439		$	1,305,156		$	1,260,031		$	1,267,993		$	1,184,991
Other Balance Sheet Data
Earning Assets		1,262,849			1,205,965			1,159,777			1,168,431			1,088,758
Intangible Assets		28,145			28,350			27,820			28,031			21,925
Interest bearing liabilities		1,081,376			1,022,124			983,401			989,597			927,872

ABC BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended									Nine Months Ended
	Sept. 2005			June 2005			Sept. 2004			Sept. 2005			Sept. 2004
ASSET QUALITY INFORMATION
Allowance for loan losses
Balance at beginning of period	$	16,557		$	15,976		$	15,206		$	15,493		$	14,963
Acquired Reserves
Provision for loan loss		718			753			878			1,623			1,816
Charge-offs		321			625			1,266			1,292			2,781
Recoveries		(307	)		(453	)		(453	)		(1,437	)		(1,273	)
Net charge-offs		14			172			813			(145	)		1,508
Ending balance	$	17,261		$	16,557		$	15,271		$	17,261		$	15,271
As a percentage of loans		1.72	%		1.72	%		1.75	%
As a percentage of nonperforming loans		437.65	%		377.50	%		292.94	%
As a percentage of nonperforming assets		383.32	%		323.25	%		226.67	%
Net Charge-off information
Charge-offs
Commercial	$	55		$	167		$	564		$	264		$	1,326
Installment		113			202			536			460			1,003
Real Estate		81			155			154			344			208
Agriculture		72			97			12			213			231
Other		—			4			—			11			13
Total charge-offs		321			625			1,266			1,292			2,781
Recoveries
Commercial		182			138			145			451			347
Installment		50			64			210			208			413
Real Estate		55			147			93			602			475
Agriculture		17			99			5			166			38
Other		3			5			—			10			—
Total recoveries		307			453			453			1,437			1,273
Net charge-offs	$	14		$	172		$	813		$	(145	)	$	1,508
Non-accrual loans		3,944			4,386			5,213			3,944			5,213
Foreclosed assets		559			736			1,524			559			1,524
Total non-performing assets		4,503			5,122			6,737			4,503			6,737
Non-performing assets as a percent of loans and foreclosed assets		0.45	%		0.53	%		0.77	%		0.45	%		0.77	%

ABC BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended September 30, 2005
	Average Balance			Interest		Average Rate
AVERAGE BALANCE AND NET INTEREST MARGIN SUMMARY (1)
Assets
Commercial loans	$	123,633		$	2,046	6.64	%
SBA loans		3,540			71	8.04
Installment loans		65,502			1,399	8.57
Tax free loans (TE)		11,379			164	5.77
Real estate loans		646,615			12,079	7.49
Agriculture loans		105,691			1,991	7.56
Revolving equity		14,882			274	7.38
Other		10,653			173	6.51
Total Loans (TE)		981,895			18,197	7.43
US agency securities		100,015			999	4.01
Municipals (TE)		3,905			61	6.23
Mortgage backed securities		97,639			917	3.77
Trust preferred securities		2,616			45	6.90
FHLB stock		7,344			45	2.46
Other		8,764			132	6.04
Total securities (TE)		220,283			2,199	4.00
Fed funds sold		15,419			130	3.38
CDs with banks		4,957			46	3.72
Other short-term investments		—			—	—
Total short-term investments		20,376			176	3.46
Total earning assets		1,222,554		$	20,572	6.75	%
Cash and due from banks		42,801
Allowance for loan losses		(16,925	)
Other assets		75,803
Total average assets	$	1,324,233
Liabilities
NOW accounts	$	202,593		$	377	0.75	%
Money market accounts		108,213			529	1.96
Savings accounts		71,928			153	0.85
Time deposits		514,614			3,802	2.96
Total interest bearing deposits		897,348			4,861	2.17
Subordinated debentures & other borrowings		41,423			1,186	11.48
FHLB advances		99,869			1,135	4.56
Total interest bearing liabilities		1,038,640		$	7,182	2.77	%
Noninterest bearing deposits		152,521
Other liabilities		7,067
Total liabilities		1,198,228
Stockholder’s Equity		126,005
Total average liabilities and stockholder’s equity	$	1,324,233
Interest rate spread						3.98	%
Interest income and rate earned (2)				$	20,572	6.75	%
Interest expense and rate paid (3)				$	7,182	2.77	%
Net interest margin						4.38	%

(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 34%.

(2) Rate calculated based on average earning assets.

(3) Rate calculated based on average interest bearing liabilities.

ABC BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended June 30, 2005
	Average Balance			Interest		Average Rate
AVERAGE BALANCE AND NET INTEREST MARGIN SUMMARY (1)
Assets
Commercial loans	$	138,476		$	2,551	7.39	%
SBA loans		3,463			75	8.69
Installment loans		65,610			1,334	8.16
Tax free loans (TE)		10,268			144	5.62
Real estate loans		586,715			10,090	6.90
Agriculture loans		94,125			1,677	7.15
Revolving equity		14,271			253	7.11
Other		12,724			134	4.22
Total Loans (TE)		925,652			16,258	7.04
US agency securities		97,144			964	3.98
Municipals (TE)		3,915			58	5.99
Mortgage backed securities		106,237			958	3.62
Trust preferred securities		2,608			49	7.54
FHLB stock		7,366			85	4.63
Other		9,454			93	3.95
Total securities (TE)		226,724			2,207	3.91
Fed funds sold		21,295			155	2.92
CDs with banks		4,396			45	4.11
Other short-term investments		—			—	—
Total short-term investments		25,691			200	3.12
Total earning assets		1,178,067		$	18,665	6.36	%
Cash and due from banks		41,303
Allowance for loan losses		(16,316	)
Other assets		74,554
Total average assets	$	1,277,608
Liabilities
NOW accounts	$	208,759		$	315	0.61	%
Money market accounts		110,444			451	1.64
Savings accounts		74,768			138	0.74
Time deposits		462,829			3,116	2.70
Total interest bearing deposits		856,800			4,020	1.88
Subordinated debentures & other borrowings		41,397			964	9.34
FHLB advances		99,907			1,042	4.18
Total interest bearing liabilities		998,104		$	6,026	2.42	%
Noninterest bearing deposits		149,068
Other liabilities		6,453
Total liabilities		1,153,625
Stockholder’s Equity		123,983
Total average liabilities and stockholder’s equity	$	1,277,608
Interest rate spread						3.93	%
Interest income and rate earned (2)				$	18,665	6.36	%
Interest expense and rate paid (3)				$	6,026	2.42	%
Net interest margin						4.29	%

(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 34%.

(2) Rate calculated based on average earning assets.

(3) Rate calculated based on average interest bearing liabilities.

ABC BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended September 30, 2004
	Average Balance			Interest		Average Rate
AVERAGE BALANCE AND NET INTEREST MARGIN SUMMARY (1)
Assets
Commercial loans	$	114,254		$	1,718	5.97	%
SBA loans		3,032			83	10.87
Installment loans		66,002			1,443	8.67
Tax free loans (TE)		14,511			194	5.30
Real estate loans		537,739			8,917	6.58
Agriculture loans		102,615			1,581	6.11
Revolving equity		14,243			209	5.82
Other		12,144			224	7.32
Total Loans (TE)		864,540			14,369	6.59
US agency securities		72,370			677	3.71
Municipals (TE)		3,791			63	6.60
Mortgage backed securities		91,766			791	3.42
Trust preferred securities		9,040			167	7.33
FHLB stock		6,263			57	3.61
Other		11,489			113	3.90
Total securities (TE)		194,719			1,868	3.81
Fed funds sold		22,056			76	1.37
CDs with banks		—			—	—
Other short-term investments		—			—	—
Total short-term investments		22,056			76	1.37
Total earning assets		1,081,315		$	16,313	5.99	%
Cash and due from banks		35,029
Allowance for loan losses		(15,387	)
Other assets		65,665
Total average assets	$	1,166,622
Liabilities
NOW accounts	$	175,031		$	190	0.43	%
Money market accounts		110,918			402	1.44
Savings accounts		69,559			111	0.63
Time deposits		401,413			2,108	2.08
Total interest bearing deposits		756,921			2,811	1.47
Subordinated debentures & other borrowings		39,943			898	8.92
FHLB advances		117,367			1,191	4.03
Total interest bearing liabilities		914,231		$	4,900	2.13	%
Noninterest bearing deposits		129,676
Other liabilities		5,643
Total liabilities		1,049,550
Stockholder’s Equity		117,072
Total average liabilities and stockholder’s equity	$	1,166,622
Interest rate spread						3.86	%
Interest income and rate earned (2)				$	16,313	5.99	%
Interest expense and rate paid (3)				$	4,900	2.13	%
Net interest margin						4.22	%

(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 34%.

(2) Rate calculated based on average earning assets.

(3) Rate calculated based on average interest bearing liabilities.

ABC BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Nine Months Ended September 30, 2005
	Average Balance			Interest		Average Rate
AVERAGE BALANCE AND NET INTEREST MARGIN SUMMARY (1)
Assets
Commercial loans	$	130,400		$	6,753	6.90	%
SBA loans		3,517			214	8.11
Installment loans		65,667			4,216	8.55
Tax free loans (TE)		10,925			464	5.65
Real estate loans		595,705			31,531	7.05
Agriculture loans		94,850			5,107	7.17
Revolving equity		14,491			756	6.95
Other		11,943			519	5.79
Total Loans (TE)		927,498			49,560	7.12
US agency securities		92,477			2,742	3.95
Municipals (TE)		3,992			182	6.07
Mortgage backed securities		105,046			2,911	3.69
Trust preferred securities		3,377			186	7.34
FHLB stock		7,454			251	4.49
Other		9,210			271	3.92
Total securities (TE)		221,556			6,543	3.93
Fed funds sold		33,637			670	2.65
CDs with banks		3,218			94	3.89
Other short-term investments		—			—	—
Total short-term investments		36,855			764	2.76
Total earning assets		1,185,909		$	56,867	6.39	%
Cash and due from banks		43,631
Allowance for loan losses		(16,376	)
Other assets		75,290
Total average assets	$	1,288,454
Liabilities
NOW accounts	$	207,131		$	975	0.63	%
Money market accounts		107,823			1,354	1.67
Savings accounts		75,400			412	0.73
Time deposits		474,747			9,651	2.71
Total interest bearing deposits		865,101			12,392	1.91
Short-term borrowings		41,528			3,050	9.78
Long-term debt		100,502			3,201	4.24
Total interest bearing liabilities		1,007,131		$	18,643	2.47	%
Noninterest bearing deposits		150,039
Other liabilities		7,312
Total liabilities		1,164,482
Stockholder’s Equity		123,972
Total average liabilities and stockholder’s equity	$	1,288,454
Interest rate spread						3.92	%
Interest income and rate earned (2)				$	56,867	6.39	%
Interest expense and rate paid (3)				$	18,643	2.47	%
Net interest margin						4.30	%

(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 34%.

(2) Rate calculated based on average earning assets.

(3) Rate calculated based on average interest bearing liabilities.

ABC BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Nine Months Ended September 30, 2004
	Average Balance			Interest		Average Rate
AVERAGE BALANCE AND NET INTEREST MARGIN SUMMARY (1)
Assets
Commercial loans	$	113,204		$	4,951	5.83	%
SBA loans		3,207			257	10.68
Installment loans		67,451			4,474	8.84
Tax free loans (TE)		13,769			569	5.50
Real estate loans		537,227			26,285	6.52
Agriculture loans		91,214			4,147	6.06
Revolving equity		13,497			592	5.84
Other		12,104			626	6.89
Total Loans (TE)		851,673			41,901	6.55
US agency securities		75,386			2,047	3.62
Municipals (TE)		3,788			195	6.87
Mortgage backed securities		88,851			2,180	3.27
Trust preferred securities		9,057			501	7.37
FHLB stock		5,943			162	3.63
Other		13,477			395	3.90
Total securities (TE)		196,502			5,480	3.72
Fed funds sold		24,187			193	1.06
CDs with banks		—			—	—
Other short-term investments		—			—	—
Total short-term investments		24,187			193	1.06
Total earning assets		1,072,362		$	47,574	5.91	%
Cash and due from banks		37,073
Allowance for loan losses		(15,353	)
Other assets		66,724
Total average assets	$	1,160,806
Liabilities
NOW accounts	$	180,854		$	595	0.44	%
Money market accounts		103,893			999	1.28
Savings accounts		69,491			327	0.63
Time deposits		402,721			6,354	2.10
Total interest bearing deposits		756,959			8,275	1.46
Short-term borrowings		40,827			2,703	8.82
Long-term debt		109,433			3,282	4.00
Total interest bearing liabilities		907,219		$	14,260	2.09	%
Noninterest bearing deposits		130,024
Other liabilities		7,518
Total liabilities		1,044,761
Stockholder’s Equity		116,045
Total average liabilities and stockholder’s equity	$	1,160,806
Interest rate spread						3.82	%
Interest income and rate earned (2)				$	47,574	5.91	%
Interest expense and rate paid (3)				$	14,260	2.09	%
Net interest margin						4.14	%

(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 34%.

(2) Rate calculated based on average earning assets.

(3) Rate calculated based on average interest bearing liabilities.