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): April 13, 2010

Ameris Bancorp

(Exact Name of Registrant as Specified in Charter)

Georgia	001-13901	58-1456434
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

310 First Street, S.E., Moultrie, Georgia	31768
(Address of Principal Executive Offices)	(Zip Code)

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 April 13, 2010, Ameris Bancorp issued a press release announcing its unaudited first quarter 2010 results. A copy of that press release is attached as Exhibit 99.1 to this Current Report.

The information contained in this report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section. Furthermore, the information contained in this report shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, other than the registration statement on Form S-1 (File No. 333-163271) of Ameris Bancorp.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1     Press release dated April 13, 2010.

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: April 13, 2010

EXHIBIT INDEX

Exhibit No.	Exhibit
99.1	Press release dated April 13, 2010.

EX-99.1

Exhibit 99.1

News Release

For more information contact:

Dennis J. Zember Jr.

Executive Vice President & CFO

(229) 890-1111

AMERIS BANCORP REPORTS

FIRST QUARTER 2010 RESULTS

April 13, 2010

AMERIS BANCORP (NASDAQ-GS: ABCB), Moultrie, Georgia, today reported a net loss available to common shareholders of $2.3 million, or $0.17 per share, for the quarter ended March 31, 2010, compared to a net loss of $1.3 million, or $0.10 per share, for the first quarter of 2009.

Significant Increase in Pre-tax, Pre-Credit Income

“Our efforts to increase the Company’s pre-tax, pre-credit income during the past few years have been successful and have been mostly adequate in providing the cushion we need to earn our way through this economic cycle”, said Edwin W. Hortman, Jr., President and CEO. During the first quarter of 2010, the Company’s pre-tax, pre-credit income increased 41.5% when compared to the same quarter in 2009 and 9.6% when compared to the fourth quarter of 2009. Higher levels of net interest income were a large contributor but reduced employee costs and other cost saving initiatives were material as well. As of quarter end, approximately 85% of the anticipated savings or revenue enhancements from the Company’s previously announced “Project 2010” have been decisioned and implemented.

Net Interest Income and Net Interest Margin

Net interest income during the first quarter of 2010 totaled $20.4 million, an increase of $3.4 million, or 20.3%, compared to the same quarter in 2009. Similarly, the Company’s net interest margin increased during the first quarter of 2010 to 3.92%, compared to 3.21% during the same quarter of 2009. Yields on earning assets declined to 5.36% in the first quarter of 2010 compared to 5.57% during the first quarter of 2009. This decline was more than offset by savings in the Company’s cost of funds, which declined 1.05% from 2.45% during the first quarter of 2009 to 1.41% during the first quarter of 2010.

Capital Resources

The Company’s capital resources remain strong and improved at the consolidated level. Tangible common equity to tangible assets improved during the first quarter of 2010 to 5.97%, compared to 5.86% at the end of 2009. Ameris Bank’s Tier 1 capital ratio declined slightly to approximately 9.29% at March 31, 2010, compared to 9.62% at the end of 2009. Commenting on the Company’s capital resources, Mr. Hortman said, “We are very serious about strengthening and preserving our shareholders’ capital base. Our capital ratios at this stage of the economic cycle are encouraging, but I am most proud of the fact that we have increased our tangible book value by 6.4% during the past year. We have accomplished this by being opportunistic when the time is right while being realistic about credit costs and dealing with them as they materialize.”

Stabilizing Credit Quality

Non-performing loans declined during the first quarter of 2010 by $6.5 million, or 6.7%, to end the quarter at $89.6 million when compared to the end of 2009. This decline was possible because of success in the foreclosure and resolution process and also from a significant slowing of problem loan formation

when compared to the fourth quarter of 2009. These positive trends were muted to some degree by additional provisions that were related to valuations and to problem loan expense (real estate taxes and insurance primarily) on the Company’s position in other real estate.

The Company’s provision for loan losses during the first quarter amounted to $10.8 million, a decline of $5.7 million when compared to the fourth quarter of 2009. At the end of the first quarter of 2010, non-performing assets increased slightly to $122.4 million, compared to $117.7 million at the end of 2009. Net charge-offs on loans during the first quarter of 2010 decreased to $13.0 million when compared to $22.6 million during the fourth quarter of 2009. Commenting on the Company’s credit quality, Mr. Hortman said, “Uncertainty about real estate valuations and activity has eased and we are beginning to see several positive signs materialize. However, we have a lot of work remaining to reduce our book of non-performing assets and the related credit costs.”

Ameris Bancorp is headquartered in Moultrie, Georgia. At the end of the most recent quarter, it had 53 locations in select markets in Georgia, Alabama, 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. Tangible common equity and Tier 1 capital ratios are non-GAAP measures. The Company calculates Tier 1 capital using current call report instructions. The Company’s management uses these measures to assess the quality of capital and believes that investors may find them useful in their evaluation of the Company. These capital measures may or may not be necessarily comparable to similar capital measures that may be presented by other companies.

This news release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “believe”, “estimate”, “expect”, “intend”, “anticipate” and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements and are referred to the Company’s periodic filings with the Securities and Exchange Commission for a summary of certain factors that may impact the Company’s results of operations and financial condition.

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended
	Mar. 2010			Dec. 2009			Sept. 2009			June 2009			Mar. 2009
EARNINGS
Net Income/(Loss) Available to Common Shareholders	$	(2,330	)	$	(38,998	)	$	(791	)	$	(3,498	)	$	(1,337	)
PER COMMON SHARE DATA
Earnings per share available to common shareholders:
Basic	$	(0.17	)	$	(2.84	)	$	(0.06	)	$	(0.25	)	$	(0.10	)
Diluted	$	(0.17	)	$	(2.84	)	$	(0.06	)	$	(0.25	)	$	(0.10	)
Cash Dividends per share	$	—		$	—		$	—		$	0.05		$	0.05
Stock dividend		1 for 130			1 for 130			1 for 130			—			—
Book value per share (period end)	$	10.23		$	10.52		$	13.52		$	13.23		$	13.59
Tangible book value per share (period end)	$	9.99		$	10.17		$	9.25		$	9.05		$	9.39
Weighted average number of shares:
Basic		13,840,231			13,867,684			13,840,392			13,838,318			13,842,016
Diluted		13,840,231			13,867,684			13,840,392			13,838,318			13,842,016
Period-end number of shares		14,041,806			13,944,952			13,895,428			13,897,008			13,900,004
Market data:
High closing price	$	10.32		$	7.25		$	7.47		$	8.09		$	11.73
Low closing price	$	7.36		$	5.13		$	5.93		$	5.29		$	3.66
Period end closing price	$	9.03		$	7.16		$	7.15		$	6.32		$	4.71
Average daily volume		37,715			38,583			30,407			28,778			31,931
PERFORMANCE RATIOS
Return on average assets		(0.40	)%		(1.44	)%		(0.02	)%		(0.47	)%		(0.11	)%
Return on average common equity		(6.58	)%		(16.58	)%		(0.27	)%		(5.73	)%		(1.35	)%
Earning asset yield (TE)		5.36	%		5.06	%		5.42	%		5.61	%		5.57	%
Total cost of funds		1.41	%		1.51	%		1.83	%		2.08	%		2.45	%
Net interest margin (TE)		3.92	%		3.59	%		3.65	%		3.60	%		3.21	%
Non-interest income excluding securities transactions, as a percent of total revenue (TE)		14.15	%		7.10	%		13.89	%		13.26	%		12.02	%
Efficiency ratio		66.93	%		85.10	%		65.83	%		76.63	%		70.01	%
CAPITAL ADEQUACY (period end)
Stockholders’ equity to assets		8.22	%		8.04	%		10.56	%		10.20	%		10.14	%
Tangible common equity to tangible assets		5.97	%		5.86	%		5.84	%		5.65	%		5.71	%
EQUITY TO ASSETS RECONCILIATION
Tangible common equity to tangible assets		5.97	%		5.86	%		5.84	%		5.65	%		5.71	%
Effect of preferred equity		2.11	%		2.04	%		2.24	%		2.16	%		2.09	%
Effect of goodwill and other intangibles		0.13	%		0.14	%		2.47	%		2.40	%		2.34	%
Equity to assets (GAAP)		8.22	%		8.04	%		10.56	%		10.20	%		10.14	%
OTHER PERIOD-END DATA
FTE Headcount		594			615			595			589			597
Assets per FTE	$	3,959		$	3,941		$	3,710		$	3,880		$	3,930
Branch locations		53			53			50			50			48
Deposits per branch location	$	39,402		$	40,059		$	37,751		$	39,527		$	42,264

⁽¹⁾ Excludes the non-recurring, non-cash goodwill impairment charge of $54.8 million in the fourth quarter of 2009.

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended
	Mar. 2010			Dec. 2009			Sept. 2009			June 2009			Mar. 2009
INCOME STATEMENT
Interest income
Interest and fees on loans	$	25,156		$	24,864		$	24,888		$	25,829		$	25,727
Interest on taxable securities		2,462			2,570			2,725			2,906			3,657
Interest on nontaxable securities		304			319			329			255			167
Interest on deposits in other banks		57			60			68			109			25
Interest on federal funds sold		12			18			12			1			41
Total interest income		27,991			27,831			28,022			29,100			29,617
Interest expense
Interest on deposits	$	7,332		$	7,637		$	8,684		$	10,030		$	12,155
Interest on other borrowings		246			493			526			531			494
Total interest expense		7,578			8,130			9,210			10,561			12,649
Net interest income		20,413			19,701			18,812			18,539			16,968
Provision for loan losses		10,770			16,468			8,298			9,390			7,912
Net interest income/(loss) after provision for loan losses	$	9,643		$	3,233		$	10,514		$	9,149		$	9,056
Noninterest income
Service charges on deposit accounts	$	3,439		$	3,654		$	3,510		$	3,393		$	3,035
Mortgage banking activity		554			718			692			877			763
Other service charges, commissions and fees		213			259			131			77			63
Gain(loss) on sale of securities		200			77			(20	)		101			713
Gains from acquisitions		—			38,566			—			—			—
Other non-interest income		479			465			208			148			922
Total noninterest income		4,885			43,739			4,521			4,596			5,496
Noninterest expense
Salaries and employee benefits		7,826			8,616			7,431			7,899			7,991
Occupancy and equipment expenses		2,027			2,417			2,114			2,224			2,158
Amortization of intangible assets		271			205			146			147			146
Data processing and telecommunications expenses		1,763			1,801			1,746			1,704			1,627
Business restructuring		—			—			—			—			—
Advertising and marketing expenses		159			336			301			439			574
Goodwill impairment		—			54,813			—			—			—
Other non-interest expenses		4,885			7,794			3,622			5,316			3,231
Total noninterest expense		16,931			75,982			15,360			17,729			15,727
Operating profit/(loss)	$	(2,403	)	$	(29,010	)	$	(325	)	$	(3,984	)	$	(1,175	)
Income tax (benefit)/expense		(869	)		9,323			(198	)		(1,290	)		(539	)
Net income/(loss)	$	(1,534	)	$	(38,333	)	$	(127	)	$	(2,694	)	$	(636	)
Preferred stock dividends		796			859			796			804			701
Net income/(loss) available to common shareholders	$	(2,330	)	$	(39,192	)	$	(923	)	$	(3,498	)	$	(1,337	)
Diluted earnings available to common shareholders		(0.17	)		(2.83	)		(0.07	)		(0.25	)		(0.10	)

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended
	Mar. 2010			Dec. 2009			Sept. 2009			June 2009			Mar. 2009
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks	$	68,859		$	81,060		$	43,761		$	46,773		$	54,758
Federal funds sold and interest bearing balances		200,942			220,363			114,335			163,343			137,770
Investment securities available for sale, at fair value		248,013			245,556			251,189			257,771			344,032
Other investments		7,260			7,260			4,441			4,441			3,914
Loans, net of unearned income		1,536,528			1,584,359			1,652,689			1,677,045			1,672,923
Less allowance for loan losses		33,562			35,762			41,946			44,998			42,417
Loans, net		1,502,966			1,548,597			1,610,743			1,632,047			1,630,506
Assets covered by loss-sharing agreements with the FDIC		141,758			146,585			—			—			—
Premises and equipment, net		66,523			67,637			67,641			67,334			65,152
Other real estate owned		34,683			23,316			21,923			19,180			14,271
FDIC loss sharing receivable		47,579			45,840			—			—			—
Intangible assets, net		3,364			3,586			3,193			3,339			3,485
Goodwill		—			—			54,813			54,813			54,813
Other assets		29,711			34,170			35,436			36,204			37,577
Total assets	$	2,351,658		$	2,423,970		$	2,207,475		$	2,285,245		$	2,346,278
Liabilities
Deposits:
Noninterest-bearing	$	222,454		$	236,962		$	205,699		$	210,456		$	207,686
Interest-bearing		1,865,852			1,886,154			1,681,830			1,765,915			1,820,998
Total deposits		2,088,306			2,123,116			1,887,529			1,976,371			2,028,684
Federal funds purchased & securities sold under agreements to repurchase		20,640			55,254			30,393			16,484			18,295
Other borrowings		2,000			2,000			7,000			7,000			7,000
Other liabilities		5,082			6,367			7,268			9,967			12,046
Subordinated deferrable interest debentures		42,269			42,269			42,269			42,269			42,269
Total liabilities		2,158,297			2,229,006			1,974,459			2,052,091			2,108,294
Stockholders’ equity
Preferred stock	$	49,691		$	49,552		$	49,411		$	49,279		$	49,140
Common stock		15,269			15,163			15,018			15,018			15,018
Capital surplus		87,830			87,790			86,432			86,286			86,141
Retained earnings		43,707			46,031			86,425			87,348			91,516
Accumulated other comprehensive income/(loss)		7,676			7,240			6,542			6,033			6,956
Less treasury stock		(10,812	)		(10,812	)		(10,812	)		(10,810	)		(10,787	)
Total stockholders’ equity		193,361			194,964			233,016			233,154			237,984
Total liabilities and stockholders’ equity	$	2,351,658		$	2,423,970		$	2,207,475		$	2,285,245		$	2,346,278
Other Data
Earning Assets		2,270,427			2,188,622			2,024,442			2,099,947			2,156,513
Intangible Assets		3,364			3,586			58,006			58,152			58,298
Interest Bearing Liabilities		1,930,761			1,985,677			1,761,492			1,831,668			1,888,562
Average Assets		2,377,348			2,374,352			2,244,527			2,285,190			2,346,958
Average Common Stockholders’ Equity		143,655			205,500			186,858			188,442			190,395

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended
	Mar. 2010			Dec. 2009			Sept. 2009			June 2009			Mar. 2009
ASSET QUALITY INFORMATION (1)
Allowance for loan losses
Balance at beginning of period	$	35,762		$	41,946		$	44,998		$	42,417		$	39,652
Acquired Reserves		—			—			—			—			—
Provision for loan loss		10,770			16,468			8,298			9,390			7,912
Charge-offs		13,246			22,515			11,993			7,102			5,521
Recoveries		277			(137	)		643			293			374
Net charge-offs (recoveries)		12,969			22,652			11,350			6,809			5,147
Ending balance	$	33,563		$	35,762		$	41,946		$	44,998		$	42,417
As a percentage of loans		2.18	%		2.26	%		2.54	%		2.68	%		2.54	%
As a percentage of nonperforming loans		37.44	%		37.20	%		49.99	%		65.35	%		66.37	%
As a percentage of nonperforming assets		27.41	%		30.39	%		39.63	%		51.11	%		54.25	%
Net charge-off information
Charge-offs
Commercial, Financial and Agricultural	$	2,008		$	1,831		$	601		$	815		$	1,389
Real Estate - Residential		924			3,911			3,846			1,364			1,738
Real Estate - Commercial and Farmland		4,593			4,571			482			902			277
Real Estate - Construction and Development		5,576			11,831			6,871			3,731			1,930
Consumer Installment		145			371			193			290			187
Other		—			—			—			—			—
Total charge-offs		13,246			22,515			11,993			7,102			5,521
Recoveries
Commercial, Financial and Agricultural		78			79			64			16			82
Real Estate - Residential		28			(174	)		228			216			8
Real Estate - Commercial and Farmland		64			11			3			13			230
Real Estate - Construction and Development		64			(88	)		314			8			10
Consumer Installment		43			35			34			40			44
Other		—			—			—			—			—
Total recoveries		277			(137	)		643			293			374
Net charge-offs (recoveries)	$	12,969		$	22,652		$	11,350		$	6,809		$	5,147
Non-accrual loans		89,649			96,131			83,917			68,858			63,908
Foreclosed assets		32,800			21,551			21,923			19,180			14,271
Accruing loans delinquent 90 days or more		—			—			—			—			2
Total non-performing assets		122,449			117,682			105,840			88,038			78,181
Non-performing assets as a percent of total assets		5.21	%		4.85	%		4.79	%		3.85	%		3.33	%
Net charge offs as a percent of loans (Annualized)		3.42	%		5.67	%		2.75	%		1.63	%		1.23	%

(1) Excludes assets covered by loss sharing agreements with the FDIC totaling $141.8 million at March 31, 2010 and $146.6 million at December 31, 2009.

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended
	Mar. 2010		Dec. 2009		Sept. 2009		June 2009		Mar. 2009
AVERAGE BALANCES
Federal funds sold	$	25,831	$	25,652	$	25,000	$	2,444	$	33,034
Interest bearing deposits in banks		173,125		127,092		112,827		159,510		83,424
Investment securities - taxable		209,465		215,610		216,471		229,493		339,508
Investment securities - nontaxable		36,430		39,038		38,693		27,488		18,458
Other investments		5,495		5,132		4,441		6,226		6,797
Loans, excluding covered loans		1,563,307		1,669,753		1,666,821		1,671,808		1,683,615
Covered loans		120,211		79,795		—		—		—
Total Earning Assets	$	2,133,864	$	2,162,072	$	2,064,253	$	2,096,969	$	2,164,836
Non-interest bearing deposits	$	231,765	$	232,215	$	207,495	$	205,403	$	204,010
NOW accounts		505,566		492,434		493,253		475,498		369,774
MMDA		424,913		410,909		384,266		333,998		268,946
Savings accounts		63,436		61,645		57,532		57,503		55,529
Retail CDs < $100,000		331,294		382,131		341,495		365,771		439,781
Retail CDs > $100,000		393,473		338,378		331,763		381,719		474,956
Brokered CDs		151,333		125,439		116,186		151,780		189,538
Total Deposits		2,101,780		2,043,151		1,931,990		1,971,672		2,002,534
FHLB advances		2,000		2,583		2,000		2,000		25,214
Subordinated debentures		42,269		42,269		42,269		42,269		42,269
Federal funds purchased and securities sold under agreements to repurchase		30,650		48,375		20,047		15,211		19,233
Other borrowings		—		4,946		5,000		5,000		5,000
Total Non-Deposit Funding		74,919		98,173		69,316		64,480		91,716
Total Funding	$	2,176,699	$	2,141,324	$	2,001,306	$	2,036,152	$	2,094,250

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended
	Mar. 2010		Dec. 2009		Sept. 2009		June 2009		Mar. 2009
INTEREST INCOME/EXPENSE
INTEREST INCOME
Federal funds sold	$	12	$	18	$	12	$	1	$	41
Interest bearing deposits in banks		57		60		68		109		25
Investment securities - taxable		2,462		2,570		2,725		2,923		3,640
Investment securities - nontaxable (TE)		468		491		506		392		258
Loans, excluding covered loans (TE)		22,849		23,668		24,950		25,886		25,794
Covered loans (TE)		2,375		1,261		—		—		—
Total Earning Assets	$	28,223	$	28,068	$	28,261	$	29,311	$	29,758
INTEREST EXPENSE
Non-interest bearing deposits	$	—	$	—	$	—	$	—	$	—
NOW accounts		1,234		1,300		1,433		1,504		966
MMDA		1,484		1,520		1,510		1,404		1,051
Savings accounts		90		107		102		106		105
Retail CDs < $100,000		1,568		1,769		2,165		2,625		3,936
Retail CDs > $100,000		1,881		1,894		2,304		2,970		4,594
Brokered CDs		1,076		1,047		1,169		1,424		1,503
Total Deposits		7,333		7,637		8,683		10,033		12,155
FHLB advances		30		49		31		31		(8	)
Subordinated debentures		178		351		438		443		436
Repurchase agreements		36		70		33		33		38
Correspondent bank line of credit and other		2		22		23		25		28
Total Non-Deposit Funding		246		492		525		532		494
Total Funding	$	7,579	$	8,129	$	9,208	$	10,565	$	12,649
Net Interest Income (TE)	$	20,644	$	19,939	$	19,053	$	18,746	$	17,109

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended
	Mar. 2010		Dec. 2009		Sept. 2009		June 2009		Mar. 2009
YIELDS (1)
Federal funds sold	0.19	%	0.28	%	0.19	%	0.16	%	0.50	%
Interest bearing deposits in banks	0.13	%	0.19	%	0.24	%	0.27	%	0.12	%
Investment securities - taxable	4.77	%	4.00	%	4.99	%	5.11	%	4.35	%
Investment securities - nontaxable	5.21	%	4.99	%	5.19	%	5.72	%	5.67	%
Loans, excluding covered loans	5.93	%	5.60	%	5.93	%	6.21	%	6.21	%
Covered loans	8.01	%	6.27	%	0.00	%	0.00	%	0.00	%
Total Earning Assets	5.36	%	5.06	%	5.42	%	5.61	%	5.57	%
Noninterest bearing deposits	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%
NOW accounts	0.99	%	1.05	%	1.15	%	1.27	%	1.06	%
MMDA	1.42	%	1.47	%	1.56	%	1.69	%	1.58	%
Savings accounts	0.58	%	0.69	%	0.70	%	0.74	%	0.77	%
Retail CDs < $100,000	1.92	%	1.83	%	2.52	%	2.88	%	3.63	%
Retail CDs > $100,000	1.94	%	2.22	%	2.76	%	3.12	%	3.92	%
Brokered CDs	2.88	%	3.32	%	3.99	%	3.76	%	3.22	%
Total Deposits	1.41	%	1.48	%	1.78	%	2.04	%	2.46	%
FHLB advances	6.08	%	7.53	%	6.15	%	6.22	%	(0.13	)%
Subordinated debentures	1.71	%	3.29	%	4.11	%	4.20	%	4.18	%
Repurchase agreements	0.48	%	0.57	%	0.65	%	0.87	%	0.80	%
Correspondent bank line of credit and other	0.00	%	1.76	%	1.83	%	2.01	%	2.27	%
Total Non-Deposit Funding	1.33	%	1.99	%	3.00	%	3.31	%	2.18	%
Total funding (3)	1.41	%	1.51	%	1.83	%	2.08	%	2.45	%
Net interest spread	3.95	%	3.55	%	3.60	%	3.54	%	3.13	%
Net interest margin	3.92	%	3.59	%	3.65	%	3.60	%	3.21	%

(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. 2010			Dec. 2009			Sept. 2009			June 2009			Mar. 2009
Core Earnings Reconciliation
Pre-tax operating profit/(loss)	$	(2,403	)	$	(29,010	)	$	(325	)	$	(3,984	)	$	(1,175	)
Plus: Credit Related Costs
Provision for loan losses		10,770			16,468			8,298			9,390			7,912
(Gains)/Losses on the sale of OREO		487			3,572			(76	)		621			161
Problem loan and OREO expense		1,533			990			1,069			793			513
Interest reversed on non-accrual loans		575			1,398			1,267			605			734
Total Credit-Related Costs		13,365			22,428			10,558			11,409			9,320
Plus: Non-recurring impairment charges		—			54,813			—			—			—
Less: Non-recurring gains
Gains related to FDIC acquisitions		—			(38,566	)		—			—			—
Gains on sales of securities		(200	)		(77	)		20			(101	)		(713	)
Gains on sales of bank premises		(249	)
Other non-recurring adjustments		—			—			(812	)		—			—
Pretax, Pre-provision earnings	$	10,513		$	9,588		$	9,441		$	7,324		$	7,432