Ameris Bancorp (ABCB) 8-K Ameris Bancorp Reports Record Net Income for 2005

Exhibit 99.1

News Release                

For more information contact:

Dennis J. Zember Jr.

Executive Vice President & CFO

(229) 890-1111

AMERIS BANCORP REPORTS RECORD NET INCOME FOR 2005

January 26, 2006

AMERIS BANCORP (Nasdaq: ABCB), Moultrie, Georgia, reported net income of $13.7 million, or $1.14 per diluted share, for the year ended December 31, 2005, compared to net income in 2004 of $13.1 million, or $1.11 per diluted share.

Net income in the fourth quarter included several non-recurring charges, most of which related to the corporate restructuring announced in the third quarter of 2005, including charges related to the Company’s re-branding effort and amounts necessary to consolidate and streamline the Company’s operations. These charges totaled $1.85 million, after tax. In addition to these charges, Ameris restructured a portion of its investment portfolio, incurring a loss of approximately $302,000, after tax.

Excluding these non-recurring charges and losses, Ameris’ return on assets was 1.36% and 1.19% for the quarter and year to date periods ending December 31, 2005. Return on equity, excluding the non-recurring charges and losses was 14.79% and 12.57% for the quarter and year-to-date periods ending December 31, 2005, respectively.

Non-Financial Accomplishments

In addition to record earnings and a strong fourth quarter, Ameris had several significant non-financial accomplishments in 2005. These include entry into two markets contiguous to the Company’s established Brunswick, Georgia, franchise with the purchase of First National Banc. This acquisition added the market leader in St. Marys, Georgia, and the largest community bank in Orange Park, Florida.

Other efforts to improve the long-term growth dynamics of the Company centered on hiring additional producers or teams of producers in some of the Company’s existing markets. This strategy expanded production staff in seven of thirteen banks where Ameris believes there is an opportunity to increase the pace of balance sheet growth for the foreseeable future.

The Company announced in the third quarter of 2005 its intention to consolidate its charters and to adopt a single brand for the Company and its bank subsidiaries. Today, substantially all of the Company is operating under the “Ameris” brand, and the Company anticipates having approximately 90% of its assets operating under one charter by the end of the first quarter of 2006.

Total assets for the Company expanded to approximately $1.7 billion at the end of the year, an increase of 33.8% over 2004 balances. The Company’s commitment to better leverage its employee base resulted in a 23.2% improvement in the assets managed by each employee. Assets per employee improved to $2.90 million at December 31, 2005 from $2.36 million at December 31, 2004.

Balance Sheet Growth

Total assets at December 31, 2005 were approximately $1.7 billion, an increase of $429 million, or 33.8%, from the same period in 2004. This level includes approximately $255 million of total assets related to the purchase of First National Banc on December 16, 2005. During 2005, the pace of growth in loans and deposits from existing markets continued to accelerate as new producers and a re-invigorated sales culture began to take hold. Internal growth in loans for 2005, excluding the acquisition of First National Banc, was $114.9 million, or 13.0%, while internal growth of deposits was $149.7 million, an increase of 15.2%.

Shareholders’ equity grew at a slower pace as a result of the Company’s attractive dividend levels. The Company is committed to improving return on equity and better leveraging its equity levels is key to that commitment. Ameris’ leverage ratio (shareholders’ equity to total assets) at December 31, 2005 was 8.75% compared to 9.54% at December 31, 2004.

Growth in Net Interest Income and Improvement in Net Interest Margin

Net interest income for the year grew solidly as the Company benefited from growth in earning assets and a significant amount of lower cost core deposits. For the year ended December 31, 2005, net interest income was $52.6 million compared to $44.9 million for 2004, an increase of 14.4%. For the fourth quarter of 2005, net interest income was $14.6 million compared to $11.9 million for the same quarter in 2004, an increase of 18.8%.

The Company’s net interest margin expanded during the year and during the fourth quarter. For the year ended December 31, 2005, Ameris Bancorp’s net interest margin improved to 4.28% from 4.18% in 2004. The Company’s net interest margin during the fourth quarter improved to 4.46% from 4.25% during the same quarter in 2004. Ameris attributes much of the expansion in net interest margin to the consistent balance sheet growth experienced during 2005 and the lower cost core deposit base managed in many of our markets.

Continued improvement in Efficiency

Operating expenses grew during 2005 to $41.1 million (excluding the restructuring charges taken in the fourth quarter) from $36.5 million in 2004. The majority of this growth in operating expenses related to addition of Citizens Bank ~ Wakulla late in the fourth quarter of 2004 and the expansion of loan and deposit production in seven of thirteen banks during 2005. The Company’s efficiency ratio improved during the year as the Company focused efforts on improving operational processes and productivity levels of customer contact employees. Ameris’ efficiency ratio (excluding non-recurring amounts discussed earlier) was 61.4% and 62.9%, respectively, for the years ended December 31, 2005 and 2004. For the fourth quarter on the same basis, Ameris’ efficiency was 57.5%, compared to 61.3% for the same quarter in 2004.

Credit Quality and Continued Positive Trends

Ameris’ credit quality declined slightly, reflecting the purchase of First National Banc. Non-performing assets as a percentage of total loans at the end of 2005 were 0.83%, an increase from 0.43% at the end of the third quarter of 2005 and from 0.70% a year ago. The Company has concentrated significant resources towards improving credit quality and has seen the pace of improvement accelerate.

For the year ended December 31, 2005, Ameris had net charge-offs of 0.04% compared to 0.22% in 2004. Annualized net charge-offs in the fourth quarter of 2005 were 0.22%, compared to 0.16% for the fourth quarter of 2004. The Company’s loan loss reserve as a percentage of loans grew to 1.95% at December 31, 2005 from 1.72% December 31, 2004. This growth in reserve levels is wholly attributable to the purchased loan loss reserves in the First National Banc transaction.

Ameris Bancorp is headquartered in Moultrie, Georgia, and has 13 banking subsidiaries with 42 locations in Georgia, Alabama and northern Florida.

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Ameris 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.

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended									Twelve Months Ended
	Dec. 2005			Sept. 2005			Dec. 2004			Dec. 2005			Dec. 2004
EARNINGS
Net Income	$	2,723		$	3,905		$	3,788			13,728		$	13,101
PER COMMON SHARE DATA*
Earnings per share:
Basic		0.22			0.33		��	0.32			1.15			1.12
Diluted		0.22			0.33			0.32			1.14			1.11
Cash Dividends per share		0.14			0.14			0.12			0.56			0.48
Book value per share (period end)		11.47			10.67			10.28			11.47			10.28
Tangible book value per share (period end)		7.75			8.30			7.90			7.75			7.90
Weighted average number of shares:
Basic		12,232,168			11,865,107			11,740,553			11,933,582			11,735,895
Diluted		12,365,296			11,990,917			11,907,269			12,047,046			11,879,684
Period-end number of shares		12,952,709			11,865,991			11,766,148			12,952,709			11,766,148
Market data:
High closing price		20.93			20.18			18.31			20.93			18.31
Low closing price		17.90			17.35			16.09			15.43			13.58
Period end closing price		19.84			19.19			17.43			19.84			17.43
Average daily volume		13,687			14,611			14,448			15,921			16,583
PERFORMANCE RATIOS
Return on average assets		0.76	%		1.18	%		1.25	%		1.03	%		1.12	%
Return on average equity		8.30	%		12.40	%		12.62	%		10.87	%		11.19	%
Earning asset yield (TE)		6.95	%		6.68	%		6.06	%		6.44	%		5.97	%
Total cost of funds		2.81	%		2.74	%		2.16	%		2.54	%		2.11	%
Net interest margin (TE)		4.46	%		4.35	%		4.25	%		4.28	%		4.18	%
Non-interest income excluding securities transactions, as a percent of total revenue (TE)		13.27	%		15.08	%		15.63	%		15.19	%		16.69	%
Efficiency ratio		75.13	%		61.16	%		61.25	%		66.09	%		62.93	%
CAPITAL ADEQUACY
Equity to assets		8.75	%		9.24	%		9.54	%		8.75	%		9.54	%
Tangible common equity to assets		6.09	%		7.41	%		8.16	%		6.09	%		8.16	%
OTHER PERIOD-END DATA
FTE Headcount		585			523			550			585			550
Assets per FTE		2,904		$	2,620		$	2,373		$	2,904		$	2,373
Branch locations		42			37			37			42			37
Deposits per branch location		32,748			29,005		$	27,996		$	32,748		$	27,996

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

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended								Twelve Months Ended
	Dec. 2005			Sept. 2005		Dec. 2004			Dec. 2005			Dec. 2004
INCOME STATEMENT
Interest income
Interest and fees on loans	$	19,708		$	18,140	$	14,733		$	69,110		$	56,433
Interest on taxable securities		2,192			2,138		1,931			8,553			7,216
Interest on nontaxable securities		43			40		42			163			169
Interest on deposits in other banks		44			46		23			138			90
Interest on federal funds sold		563			130		263			1,233			457
Total interest income		22,550			20,494		16,992			79,197			64,365
Interest expense
Interest on deposits		5,990			4,861		3,031			18,381			11,306
Interest on federal funds purchased and securities sold under agreements to repurchase		38			24		19			103			67
Interest on other borrowings		1,903			2,297		2,064			8,090			8,002
Total interest expense		7,931			7,182		5,114			26,574			19,375
Net interest income		14,619			13,312		11,878			52,623			44,990
Provision for loan losses		28			718		(30	)		1,651			1,786
Net interest income after provision for loan losses		14,591			12,594		11,908			50,972			43,204
Noninterest income
Service charges on deposit accounts		2,698			2,690		2,571			10,431			10,210
Other service charges, commissions and fees		606			843		172			3,190			2,164
Other		158			121		422			590			591
Gain on sale of securities		(465	)		—		5			(404	)		58
Total noninterest income		2,997			3,654		3,170			13,807			13,023
Noninterest expense
Salaries and employee benefits		5,531			5,675		5,615			22,809			20,893
Equipment and occupancy expense		1,406			1,423		1,200			5,304			4,770
Amortization of intangible assets		204			204		197			817			789
Other operating expenses		6,094			3,075		2,205			14,972			10,053
Total noninterest expense		13,235			10,377		9,217			43,902			36,505
Operating Profit		4,353			5,871		5,861			20,877			19,722
Provision for income taxes		1,630			1,966		2,073			7,149			6,621
Net Income	$	2,723		$	3,905	$	3,788		$	13,728		$	13,101
Diluted earnings per share		0.22			0.33		0.32			1.14			1.11

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Dec. 2005			Sept. 2005			June 2005			Dec. 2004			Sept. 2004
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks	$	78,503		$	47,548		$	40,070		$	40,339		$	44,281
Federal funds sold & interest bearing balances		93,489			42,021			17,948			69,616			24,938
Securities available for sale, at fair value		242,112			207,832			218,371			213,948			186,586
Loans		1,186,668			1,004,614			962,412			877,074			870,418
Less: allowance for loan losses		23,194			17,261			16,557			15,493			15,271
Loans, net		1,163,474			987,353			945,855			861,581			855,147
Premises and equipment, net		39,606			28,355			28,218			27,772			26,469
Intangible assets, net		3,694			3,091			3,296			3,706			2,694
Goodwill		44,584			25,054			25,054			24,325			19,231
Other assets		33,253			29,185			26,344			26,706			25,645
Total Assets	$	1,698,715		$	1,370,439		$	1,305,156		$	1,267,993		$	1,184,991
Liabilities
Deposits:
Noninterest-bearing demand	$	200,835		$	153,946		$	150,930		$	150,090		$	131,931
Interest-bearing demand		421,255			312,880			311,220			325,500			282,297
Savings		73,268			70,911			72,700			74,197			68,937
Time deposits		680,047			535,440			501,013			436,437			406,367
Total deposits		1,375,405			1,073,177			1,035,863			986,224			889,532
Federal funds purchased & securities sold under agreements to repurchase		10,307			5,448			6,387			7,530			4,311
Other borrowings		106,118			121,130			95,237			110,366			130,393
Other liabilities		17,445			8,507			7,018			7,367			6,513
Subordinated deferrable interest debentures		40,722			35,567			35,567			35,567			35,567
Total liabilities		1,549,997			1,243,829			1,180,072			1,147,054			1,066,316
Stockholders’ equity
Common stock		14,271			13,184			13,181			13,071			10,866
Capital surplus		67,390			46,202			46,173			45,073			46,740
Retained earnings		80,683			79,791			77,549			73,768			71,352
Accumulated other comprehensive loss		(2,626	)		(1,490	)		(736	)		(230	)		548
Unearned compensation		(526	)		(603	)		(681	)		(523	)		(611	)
Less treasury stock		(10,474	)		(10,474	)		(10,402	)		(10,220	)		(10,220	)
Total stockholders’ equity		148,718			126,610			125,084			120,939			118,675
Total liabilities and stockholders’ equity	$	1,698,715		$	1,370,439		$	1,305,156		$	1,267,993		$	1,184,991
Other Balance Sheet Data
Earning Assets		1,522,269			1,262,849			1,206,095			1,166,781			1,088,758
Intangible Assets		48,278			28,145			28,350			28,031			21,925
Interest bearing liabilities		1,331,717			1,081,376			1,022,124			989,597			927,872

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended									Twelve Months Ended
	Dec. 2005			Sept. 2005			Dec. 2004			Dec. 2005			Dec. 2004
ASSET QUALITY INFORMATION
Allowance for loan losses
Balance at beginning of period	$	17,261		$	16,557		$	15,271		$	15,493		$	14,963
Acquired Reserves		6,430						655			6,430			655
Provision for loan loss		28			718			(30	)		1,651			1,786
Charge-offs		886			321			793			2,177			3,574
Recoveries		(361	)		(307	)		(390	)		(1,797	)		(1,663	)
Net charge-offs		525			14			403			380			1,911
Ending balance	$	23,194		$	17,261		$	15,493		$	23,194		$	15,493
As a percentage of loans		1.95	%		1.72	%		1.78	%
As a percentage of nonperforming loans		262.26	%		437.65	%		319.51	%
As a percentage of nonperforming assets		232.10	%		383.32	%		290.95	%
Net Charge-off information
Charge-offs
Commercial	$	385		$	55		$	311		$	649		$	1,637
Installment		282			113			289			741			1,292
Real Estate		199			81			174			543			382
Agriculture		18			72			19			231			250
Other		2			—			—			13			13
Total charge-offs		886			321			793			2,177			3,574
Recoveries
Commercial		150			182			113			601			460
Installment		120			50			238			328			651
Real Estate		43			55			8			644			483
Agriculture		47			17			31			213			69
Other		1			3			—			11			—
Total recoveries		361			307			390			1,797			1,663
Net charge-offs	$	525		$	14		$	403		$	380		$	1,911
Non-accrual loans		8,844			3,944			4,849			8,844			4,849
Foreclosed assets		1,149			559			476			1,149			476
Total non-performing assets		9,993			4,503			5,325			9,993			5,325
Non-performing assets as a percent of loans and foreclosed assets		0.84	%		0.45	%		0.61	%		0.84	%		0.61	%

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended December 31, 2005
	Average Balance			Interest		Average Rate
AVERAGE BALANCE AND NET INTEREST MARGIN SUMMARY (1)
Assets
Total Loans (TE)		1,028,705			19,769	7.62	%
Total securities (TE)		215,867			2,257	4.15	%
Fed funds sold		57,126			563	3.91	%
CDs with banks		4,954			44	3.52	%
Total short-term investments		62,080			607	3.88	%
Total earning assets		1,306,652		$	22,633	6.95	%
Cash and due from banks		43,917
Allowance for loan losses		(18,444	)
Other assets		93,715
Total average assets	$	1,425,840
Liabilities
Total interest bearing deposits		971,687			5,990	2.45	%
Subordinated debentures & other borrowings		48,704			879	7.16	%
FHLB advances		97,794			1,062	4.31	%
Total interest bearing liabilities		1,118,185		$	7,931	2.81	%
Noninterest bearing deposits		167,554
Other liabilities		8,904
Total liabilities		1,294,643
Stockholder’s Equity		131,197
Total average liabilities and stockholder’s equity	$	1,425,840
Interest rate spread						4.13	%
Interest income and rate earned (2)				$	22,633	6.95	%
Interest expense and rate paid (3)				$	7,931	2.81	%
Net interest margin				$	14,702	4.46	%

(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.

AMERIS 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
Total Loans (TE)		981,895			18,197	7.35	%
Total securities (TE)		220,283			2,199	3.96	%
Fed funds sold		15,419			130	3.34	%
CDs with banks		4,957			46	3.68	%
Total short-term investments		20,376			176	3.43	%
Total earning assets		1,222,554		$	20,572	6.68	%
Cash and due from banks		42,801
Allowance for loan losses		(16,925	)
Other assets		75,803
Total average assets	$	1,324,233
Liabilities
Total interest bearing deposits		897,348			4,861	2.15	%
Subordinated debentures & other borrowings		41,423			1,186	11.36	%
FHLB advances		99,869			1,135	4.51	%
Total interest bearing liabilities		1,038,640		$	7,182	2.74	%
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						3.93	%
Interest income and rate earned (2)				$	20,572	6.68	%
Interest expense and rate paid (3)				$	7,182	2.74	%
Net interest margin						4.35	%

(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.

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended December 31, 2004
	Average Balance			Interest		Average Rate
AVERAGE BALANCE AND NET INTEREST MARGIN SUMMARY (1)
Assets
Total Loans (TE)		865,798			14,799	6.78	%
Total securities (TE)		197,867			1,995	4.00	%
Fed funds sold		54,566			286	2.08	%
CDs with banks		—			—	0.00	%
Total short-term investments		54,566			286	2.08	%
Total earning assets		1,118,231		$	17,080	6.06	%
Cash and due from banks		37,995
Allowance for loan losses		(15,520	)
Other assets		69,694
Total average assets	$	1,210,400
Liabilities
Total interest bearing deposits		786,568			3,031	1.53	%
Subordinated debentures & other borrowings		42,459			909	8.49	%
FHLB advances		110,771			1,174	4.20	%
Total interest bearing liabilities		939,798		$	5,114	2.16	%
Noninterest bearing deposits		144,110
Other liabilities		6,405
Total liabilities		1,090,313
Stockholder’s Equity		120,087
Total average liabilities and stockholder’s equity	$	1,210,400
Interest rate spread						3.90	%
Interest income and rate earned (2)				$	17,080	6.06	%
Interest expense and rate paid (3)				$	5,114	2.16	%
Net interest margin						4.25	%

(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.

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Twelve Months Ended December 31, 2005
	Average Balance			Interest		Average Rate
AVERAGE BALANCE AND NET INTEREST MARGIN SUMMARY (1)
Assets
Total Loans (TE)		952,647			69,329	7.28	%
Total securities (TE)		223,633			8,637	3.86	%
Fed funds sold		52,166			1,233	2.36	%
CDs with banks		3,596			138	3.84	%
Total short-term investments		55,762			1,371	2.46	%
Total earning assets		1,232,042			79,337	6.44	%
Cash and due from banks		44,506
Allowance for loan losses		(16,862	)
Other assets		75,787
Total average assets	$	1,335,473
Liabilities
Total interest bearing deposits		898,152			18,381	2.05	%
Subordinated debentures & other borrowings		49,010			3,930	8.02	%
FHLB advances		99,801			4,263	4.27	%
Total interest bearing liabilities		1,046,963		$	26,574	2.54	%
Noninterest bearing deposits		154,326
Other liabilities		7,894
Total liabilities		1,209,183
Stockholder’s Equity		126,290
Total average liabilities and stockholder’s equity	$	1,335,473
Interest rate spread						3.90	%
Interest income and rate earned (2)				$	79,337	6.44	%
Interest expense and rate paid (3)				$	26,574	2.54	%
Net interest margin				$	52,763	4.28	%

(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.

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Twelve Months Ended December 31, 2004
	Average Balance			Interest		Average Rate
AVERAGE BALANCE AND NET INTEREST MARGIN SUMMARY (1)
Assets
Total Loans (TE)		855,205			56,690	6.63	%
Total securities (TE)		196,718			7,472	3.80	%
Fed funds sold		31,782			547	1.72	%
CDs with banks		—			—	—
Total short-term investments		31,782			547	1.72	%
Total earning assets		1,083,705		$	64,709	5.97	%
Cash and due from banks		37,303
Allowance for loan losses		(15,394	)
Other assets		67,598
Total average assets	$	1,173,212
Liabilities
Total interest bearing deposits		764,360			11,306	1.48	%
Subordinated debentures & other borrowings		40,802			3,573	8.76	%
FHLB advances		110,977			4,496	4.05	%
Total interest bearing liabilities		916,139		$	19,375	2.11	%
Noninterest bearing deposits		133,546
Other liabilities		6,463
Total liabilities		1,056,148
Stockholder’s Equity		117,064
Total average liabilities and stockholder’s equity	$	1,173,212
Interest rate spread						3.86	%
Interest income and rate earned (2)				$	64,709	5.97	%
Interest expense and rate paid (3)				$	19,375	2.11	%
Net interest margin						4.18	%

(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.