Ameris Bancorp (ABCB) 8-K Ameris Bancorp Announces 52.5% Increase In Earnings

Exhibit 99.1

News Release

For more information contact:

Dennis J. Zember Jr.

Executive Vice President & CFO

(229)-890-1111

October 19, 2006

AMERIS BANCORP ANNOUNCES 52.5% INCREASE IN EARNINGS

FOR THIRD QUARTER OF 2006

AMERIS BANCORP (NasdaqGS:ABCB), Moultrie, Georgia, and Edwin W. Hortman, Jr., President and CEO of Ameris Bancorp, today announced earnings for the quarter ended September 30, 2006, of $6.0 million, or $0.45 per diluted share, an increase of $2.1 million, or 52.5%, over results for the same quarter in 2005. Year-to-date earnings totaled $16.4 million, or $1.24 per diluted share compared to $11.0 million, or $0.92 per diluted share for the same period in 2005.

Ameris’ third quarter performance was highlighted by the following significant items:

• Strong internal balance sheet growth from existing markets with total assets of $1.95 billion at September 30, 2006, up 42.0% from the same time period in 2005.

• Solid deposit growth with interest bearing transaction accounts of $517.3 million at September 30, 2006, up 65.3% over the same period in 2005.

• Significant balance sheet restructuring, reflecting a move toward less asset sensitivity and a profitability model less susceptible to interest rate changes.

• Continued success in attracting and hiring successful bankers in larger metropolitan areas including Jacksonville, FL, Columbia, SC and Charleston, SC.

• Steady trends in asset quality with less provision for loan losses than in the same quarter in 2005.

• Non-recurring income and expenses amounting to a net gain of approximately $510,000 net of taxes, or $0.038 per diluted share.

Profitability

Return on assets for the third quarter of 2006 improved to 1.28%, compared to 1.18% for the same quarter in 2005. Return on equity also improved to 15.2% for the third quarter of 2006, compared to 12.4% for the third quarter of 2005. Year to date return on assets and return on equity improved to 1.24% and 14.33%, respectively, compared to 1.14% and 11.87%, respectively, for the same period in 2005.

Balance Sheet Growth

Total assets at September 30, 2006, were $1.95 billion, an increase of $575.5 million, or 42.0%, over the $1.37 billion in total assets reported at the same time in 2005. Approximately $265 million of the growth in total assets resulted from Ameris’ acquisition of First National Banc, Inc. in December, 2005. Excluding the assets acquired in that transaction, Ameris reported internal growth in total assets from its existing operations of 22.7% over balances reported at the same time in 2005.

Loans continued to grow at a double digit pace during the third quarter, ending the quarter at $1.4 billion, an increase of $368.5 million, or 36.7%, over balances reported at September 30, 2005. This continued growth is attributed primarily to increased focus on sales efforts as well as successful efforts to recruit experienced bankers in existing markets.

Deposits grew at a faster pace than loans, increasing to $1.64 billion at September 30, 2006, compared to $1.07 billion at September 30, 2005. Deposits at quarter end represented almost 92.9% of Ameris’ total funding compared to 86.9% a year ago. Campaigns and one-on-one sales efforts continued to intensify in the third quarter with many of the Company’s bankers focusing sales efforts on large transaction accounts. These sales efforts were very successful, leading to an increase in interest bearing transaction accounts of $99 million in the third quarter of 2006 alone. While deposit growth outpaced loan growth during the quarter, the Company experienced some dilution in its net interest margin because the funds are being invested primarily in short-term assets.

Balance Sheet Restructuring

During the third quarter of 2006, the Company implemented steps to manage a balance sheet that is less asset sensitive. The most significant step taken involved restructuring approximately $65.0 million of FHLB borrowings from fixed rates to variable rates. In addition, Ameris completed the issuance of $36.0 million of variable rate trust preferred debentures that replaced the Company’s existing fixed rate debentures previously called for redemption effective September 30, 2006. Other actions involved in the plan included the use of interest rate floors and aggressive sales campaigns on products that may provide a cushion in the event of falling interest rates. The efforts to complete this restructuring resulted in additional interest expense in the third quarter of 2006 of approximately $173,000. Ameris’ future results will benefit from the reduced cost of the new trust preferred debentures that should offset this expense.

Net Interest Income

Net interest income rose to $17.9 million during the third quarter, an increase of 34.4% over the same quarter in 2005. The Company’s net interest margin was 4.26% in the third quarter of 2006, compared to 4.35% in the same quarter in 2005. Several temporary factors contributed to the decline in the net interest margin, including higher levels of short-term assets and the initial effects of the Company’s balance sheet restructuring.

Interest income increased to $32.6 million during the third quarter of 2006, compared to $20.5 million during the same quarter of 2005. Yields on earning assets increased to 7.73% during the current quarter compared to 6.68% a year ago. The Company’s mix of earning assets moved towards lower yielding short-term assets as the Company’s deposit growth efforts began to generate significant amounts of new accounts. Loans, investment securities and short-term assets comprised 80.3%, 15.8% and 3.9%, respectively, of earning assets in the third quarter of 2006 compared to 80.3%, 18.0% and 1.7%, respectively, in the same quarter of 2005.

Interest expense increased $7.5 million to $14.7 million during the third quarter of 2006 compared to the third quarter of 2005. Increases in funding as well as increases in the costs of deposits contributed to this increase in borrowing costs. The cost of funding for the third quarter of 2006 increased to 3.50% compared to 2.39% in the same quarter of 2005. Deposits costs increased to 3.27% during the current quarter, compared to 1.84% for the third quarter of 2005.

Continued Success in Recruiting

The Company continues to be successful in its efforts to hire seasoned professionals in production and management positions. Recruiting efforts were successful in Jacksonville, Florida with the hiring of commercial lending and mortgage bankers to staff the Company’s new branch opening December 1, 2006. Initial efforts also were successful in South Carolina as Ameris hired several very seasoned bankers to lead the Company’s efforts in both the greater Columbia and Charleston markets. The Company is also continuing its efforts to expand production capacity and build greater market share in its larger, more metropolitan markets.

Credit Quality and the Provision for Loan Losses

The Company’s provision for loan losses in the third quarter of 2006 amounted to $713,000, a slight decrease compared to amounts recorded in the third quarter of 2005. The Company’s allowance for loan losses was 1.74% and 1.72% of total loans at September 30, 2006 and 2005, respectively. Loan loss provision expense related primarily to loan growth experienced in the quarter.

Non-performing assets as a percentage of total loans and foreclosed assets were 0.73% at September 30, 2006, compared to 0.90% at December 31, 2005. Annualized net charge-offs for the year to date period ending September 30, 2006, were 0.05% compared to net recoveries of 0.02% for the same period in 2005.

Commenting on the Company’s credit quality, Edwin W. Hortman, Jr. said, “Our internal growth rates are impressive, but equally impressive is the focus our Company has on credit quality. Our desire to continue growing and expanding our presence has not caused us to waver from our commitment to a solid credit administration program and policies that we believe will produce consistent credit quality. I’m proud of our bankers for understanding both of these goals.”

One Time Gain and Non-Recurring Expenses

During the third quarter of 2006, Ameris recognized an after-tax gain of $620,000 related to the sale of one of its banking charters. This sale did not impact the Company’s customers, employees or fixed assets. Non-recurring expenses for the quarter associated with this sale and other legal matters amounted to approximately $112,000, net of tax.

Ameris Bancorp is headquartered in Moultrie, Georgia, and has 43 locations in Georgia, Alabama and northern Florida.

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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.

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended															Nine Months Ended
	Sept. 2006			June 2006			Mar. 2006			Dec. 2005			Sept. 2005			Sept. 2006			Sept. 2005
EARNINGS
Net Income	$	5,954		$	5,315		$	5,100		$	2,723		$	3,905		$	16,369		$	11,005
PER COMMON SHARE DATA
Earnings per share:
Basic		0.46			0.41			0.39			0.22			0.33			1.26			0.93
Diluted		0.45			0.40			0.39			0.22			0.33			1.24			0.92
Cash Dividends per share		0.14			0.14			0.14			0.14			0.14			0.42			0.42
Book value per share (period end)		12.31			11.75			11.68			11.48			10.67			12.31			10.67
Tangible book value per share (period end)		8.58			7.99			7.86			7.64			8.30			8.58			8.30
Weighted average number of shares:
Basic		13,022,400			12,985,424			12,951,765			12,232,165			11,865,107			12,986,788			11,832,959
Diluted		13,226,055			13,139,130			13,102,633			12,365,296			11,990,917			13,156,784			11,941,051
Period-end number of shares		13,033,193			13,021,510			12,967,576			12,952,318			11,865,991			13,033,193			11,865,991
Market data:
High closing price		27.91			23.24			23.29			20.99			20.32			27.91			19.54
Low closing price		21.09			20.23			19.71			17.57			17.60			19.35			14.70
Period end closing price		27.21			23.14			23.26			19.84			19.19			27.21			18.71
Average daily volume		36,957			21,949			15,952			13,687			14,611			25,001			16,676
PERFORMANCE RATIOS
Return on average assets		1.28	%		1.23	%		1.20	%		0.77	%		1.18	%		1.24	%		1.14	%
Return on average equity		15.15	%		14.60	%		13.60	%		8.51	%		12.40	%		14.33	%		11.87	%
Earning asset yield (TE)		7.73	%		7.56	%		7.13	%		6.97	%		6.68	%		7.50	%		6.41	%
Total cost of funds		3.50	%		3.10	%		2.83	%		2.58	%		2.39	%		3.16	%		2.15	%
Net interest margin (TE)		4.26	%		4.48	%		4.32	%		4.46	%		4.35	%		4.36	%		4.31	%
Non-interest income excluding securities transactions, as a percent of total revenue (TE)		13.82	%		11.53	%		12.48	%		12.35	%		15.08	%		12.67	%		15.88	%
Efficiency ratio		58.24	%		57.97	%		59.57	%		74.71	%		61.16	%		58.57	%		62.82	%
CAPITAL ADEQUACY
Equity to assets		8.25	%		8.58	%		8.71	%		8.76	%		9.24	%		8.25	%		9.24	%
Tangible common equity to assets		5.90	%		6.00	%		6.03	%		6.01	%		7.34	%		5.90	%		7.34	%
OTHER PERIOD-END DATA
FTE Headcount		588			585			584			585			523			588			523
Assets per FTE	$	3,309		$	3,048		$	2,978		$	2,901		$	2,620		$	3,309		$	2,620
Branch locations		43			42			42			42			37			43			37
Deposits per branch location	$	38,162		$	34,432		$	33,836		$	32,744		$	29,005		$	38,162		$	29,005

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended													Nine Months Ended
	Sept. 2006			June 2006			Mar. 2006		Dec. 2005			Sept. 2005		Sept. 2006			Sept. 2005
INCOME STATEMENT
Interest income
Interest and fees on loans	$	28,553		$	26,355		$	23,476	$	19,836		$	18,140	$	78,384		$	49,402
Interest on taxable securities		2,986			2,950			2,742		2,186			2,138		8,678			6,361
Interest on nontaxable securities		156			127			98		43			40		381			120
Interest on deposits in other banks		899			390			667		774			176		1,956			728
Interest on federal funds sold		30			—			158		53			—		188			36
Total interest income		32,624			29,822			27,141		22,892			20,494		89,587			56,647
Interest expense
Interest on deposits		12,600			9,979			8,628		6,238			4,861		31,207			12,391
Interest on federal funds purchased and securities sold under agreements to repurchase		37			48			33		38			24		118			65
Interest on other borrowings		2,090			2,122			2,088		2,015			2,297		6,300			6,187
Total interest expense		14,727			12,149			10,749		8,291			7,182		37,625			18,643
Net interest income		17,897			17,673			16,392		14,601			13,312		51,962			38,004
Provision for loan losses		713			901			510		28			718		2,124			1,623
Net interest income after provision for loan losses		17,184			16,772			15,882		14,573			12,594		49,838			36,381
Noninterest income
Service charges on deposit accounts		2,978			2,926			2,631		2,695			2,690		8,535			7,733
Other service charges, commissions and fees		857			803			719		286			843		2,379			2,584
Other		1,420			121			535		191			121		2,076			432
Gain(loss) on sale of securities		(3	)		(314	)		9		(452	)		—		(308	)		61
Total noninterest income		5,252			3,536			3,894		2,720			3,654		12,682			10,810
Noninterest expense
Salaries and employee benefits		7,131			6,042			6,624		5,205			5,675		19,797			17,278
Equipment and occupancy expense		1,658			1,544			1,353		1,033			1,423		4,555			3,898
Amortization of intangible assets		344			232			209		206			204		785			613
Other operating expenses		4,348			4,476			3,899		6,496			3,075		12,723			8,878
Total noninterest expense		13,481			12,294			12,085		12,940			10,377		37,860			30,667
Operating Profit		8,955			8,014			7,691		4,353			5,871		24,660			16,524
Provision for income taxes		3,001			2,699			2,591		1,630			1,966		8,291			5,519
Net Income	$	5,954		$	5,315		$	5,100	$	2,723		$	3,905	$	16,369		$	11,005
Diluted earnings per share		0.45			0.40			0.39		0.22			0.33		1.24			0.92

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Sept. 2006			June 2006			Mar. 2006			Dec. 2005			Sept. 2005
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks	$	54,093		$	63,894		$	67,570		$	74,420		$	47,548
Federal funds sold & interest bearing balances		148,118			26,642			56,998			99,781			42,021
Securities available for sale, at fair value		266,546			257,283			273,031			235,145			207,832
Loans		1,373,071			1,330,713			1,240,436			1,186,601			1,004,614
Less: allowance for loan losses		23,905			23,366			22,616			22,294			17,261
Loans, net		1,349,166			1,307,347			1,217,820			1,164,307			987,353
Premises and equipment, net		42,266			40,625			40,194			39,606			28,355
Intangible assets, net		5,640			5,971			6,203			6,412			3,091
Goodwill		42,933			42,933			43,304			43,304			25,054
Other assets		37,142			38,649			33,771			34,234			29,185
Total Assets	$	1,945,904		$	1,783,344		$	1,738,891		$	1,697,209		$	1,370,439
Liabilities
Deposits:
Noninterest-bearing demand	$	226,939		$	201,489		$	193,869		$	200,840		$	153,946
Interest-bearing demand		517,300			418,310			423,682			420,248			312,880
Savings		66,645			71,873			73,532			73,268			70,911
Time deposits		830,082			754,456			730,023			680,876			535,440
Total deposits		1,640,966			1,446,128			1,421,106			1,375,232			1,073,177
Federal funds purchased & securities sold under agreements to repurchase		6,725			3,769			8,502			10,307			5,448
Other borrowings		76,287			124,094			100,095			106,022			121,130
Other liabilities		19,217			15,629			17,036			16,223			8,507
Subordinated deferrable interest debentures		42,269			40,722			40,722			40,722			35,567
Total liabilities		1,785,464			1,630,342			1,587,461			1,548,506			1,243,829
Stockholders’ equity
Common stock		14,356			14,340			14,286			14,271			13,184
Capital surplus		68,663			68,459			67,520			67,381			46,202
Retained earnings		91,589			87,466			83,970			80,683			79,791
Accumulated other comprehensive loss		(2,640	)		(5,675	)		(3,442	)		(2,625	)		(1,490	)
Unearned compensation		(935	)		(1,107	)		(423	)		(526	)		(603	)
Less treasury stock		(10,593	)		(10,481	)		(10,481	)		(10,481	)		(10,474	)
Total stockholders’ equity		160,440			153,002			151,430			148,703			126,610
Total liabilities and stockholders’ equity	$	1,945,904		$	1,783,344		$	1,738,891		$	1,697,209		$	1,370,439
Other Balance Sheet Data
Earning Assets		1,787,735			1,614,638			1,570,465			1,521,527			1,254,467
Intangible Assets		48,573			48,904			49,507			49,716			28,145
Interest bearing liabilities		1,539,308			1,413,224			1,376,556			1,331,443			1,081,376

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended															Nine Months Ended
	Sept. 2006			June 2006			Mar. 2006			Dec. 2005			Sept. 2005			Sept. 2006			Sept. 2005
ASSET QUALITY INFORMATION
Allowance for loan losses
Balance at beginning of period	$	23,366		$	22,616		$	22,294		$	17,261		$	16,557		$	22,294		$	15,493
Acquired Reserves		—			—			—			5,528			—			—			—
Provision for loan loss		713			901			510			28			718			2,124			1,623
Charge-offs		(744	)		(339	)		(1,419	)		(863	)		(321	)		(2,502	)		(1,292	)
Recoveries		570			188			1,231			340			307			1,989			1,437
Net (charge-offs) recoveries		(174	)		(151	)		(188	)		(523	)		(14	)		(513	)		145
Ending balance	$	23,905		$	23,366		$	22,616		$	22,294		$	17,261		$	23,905		$	17,261
As a percentage of loans		1.74	%		1.76	%		1.82	%		1.88	%		1.72	%		1.74	%		1.72	%
As a percentage of nonperforming loans		283.37	%		316.74	%		231.67	%		232.57	%		437.65	%		283.37	%		437.65	%
As a percentage of nonperforming assets		237.91	%		250.95	%		203.05	%		207.68	%		383.32	%		237.91	%		383.32	%
Net Charge-off information
Charge-offs
Commercial	$	300		$	153		$	181		$	385		$	55		$	634		$	264
Installment		159			167			163			259			113			489			460
Real Estate		280			14			1,005			199			81			1,299			344
Agriculture		4			3			—			18			72			7			213
Other		1			2			70			2			—			73			11
Total (charge-offs)		(744	)		(339	)		(1,419	)		(863	)		(321	)		(2,502	)		(1,292	)
Recoveries
Commercial		481			55			636			150			182			1,172			451
Installment		61			62			247			100			50			370			208
Real Estate		21			27			335			42			55			383			602
Agriculture		4			32			—			47			17			36			166
Other		3			12			13			1			3			28			10
Total recoveries		570			188			1,231			340			307			1,989			1,437
Net (charge-offs) recoveries	$	(174	)	$	(151	)	$	(188	)	$	(523	)	$	(14	)	$	(513	)	$	145
Non-accrual loans		8,436			7,377			9,762			9,586			3,944			8,436			3,944
Foreclosed assets		1,612			1,934			1,376			1,149			559			1,612			559
Total non-performing assets		10,048			9,311			11,138			10,735			4,503			10,048			4,503
Non-performing assets as a percent of loans and foreclosed assets		0.73	%		0.70	%		0.90	%		0.90	%		0.45	%		0.73	%		0.45	%

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended										Nine Months Ended
	Sept. 2006		June 2006		Mar. 2006		Dec. 2005		Sept. 2005		Sept. 2006		Sept. 2005
AVERAGE BALANCES
Short term assets	$	64,374	$	25,277	$	69,529	$	62,080	$	20,376	$	51,815	$	36,855
Investment securities		266,450		270,842		265,680		215,867		220,283		265,184		221,556
Loans		1,351,601		1,289,354		1,213,916		1,028,705		981,895		1,285,460		927,498
Total Earning Assets		1,682,425		1,585,473		1,549,125		1,306,652		1,222,554		1,602,459		1,185,909
Noninterest bearing deposits		180,932		188,562		190,075		161,398		152,521		186,732		150,039
Interest bearing deposits		476,371		417,953		409,215		332,980		310,807		434,760		314,954
Savings		70,282		73,368		73,062		70,502		71,927		72,227		75,400
CDs		801,856		738,859		707,895		568,205		514,614		749,639		474,747
Deposits		1,529,441		1,418,742		1,380,247		1,133,085		1,049,869		1,443,358		1,015,140
FHLB advances		86,141		101,044		100,866		97,794		99,869		95,962		100,502
Subordinated debentures		43,580		40,722		40,722		36,426		35,567		41,685		35,567
Other borrowings		11,884		12,737		17,664		8,879		5,856		12,459		5,961
Total non-deposit funding		141,605		154,503		159,252		143,099		141,292		150,106		142,030
Total funding	$	1,671,046	$	1,573,245	$	1,539,499	$	1,276,184	$	1,191,161	$	1,593,464	$	1,157,170

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended										Nine Months Ended
	Sept. 2006		June 2006		Mar. 2006		Dec. 2005		Sept. 2005		Sept. 2006		Sept. 2005
INTEREST INCOME/EXPENSE
Short term assets	$	928	$	303	$	825	$	827	$	176	$	2,056	$	764
Investment securities (TE)		3,223		3,143		2,890		2,252		2,199		9,256		6,543
Loans (TE)		28,622		26,419		23,529		19,890		18,197		78,570		49,560
Total Earning Assets		32,773		29,865		27,244		22,969		20,572		89,882		56,867
Noninterest bearing deposits		—		—		—		—		—		—		—
Interest bearing deposits		3,120		2,045		1,635		1,279		906		6,800		2,329
Savings		193		186		174		167		153		553		412
CDs		9,287		7,748		6,819		4,792		3,802		23,854		9,651
Deposits		12,600		9,979		8,628		6,238		4,861		31,207		12,392
FHLB advances		1,087		1,131		1,129		1,174		1,135		3,347		3,201
Subordinated debentures		916		909		884		800		800		2,709		2,401
Other borrowings		124		130		108		79		386		362		649
Total non-deposit funding		2,127		2,170		2,121		2,053		2,321		6,418		6,251
Total funding	$	14,727	$	12,149	$	10,749	$	8,291	$	7,182	$	37,625	$	18,643
Net Interest Income (TE)	$	18,046	$	17,716	$	16,495	$	14,678	$	13,390	$	52,257	$	38,224

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended										Nine Months Ended
	Sept. 2006		June 2006		Mar. 2006		Dec. 2005		Sept. 2005		Sept. 2006		Sept. 2005
YIELDS (1)
Short term assets	5.72	%	4.81	%	4.81	%	5.29	%	3.43	%	5.31	%	2.77	%
Investment securities	4.80	%	4.65	%	4.41	%	4.14	%	3.96	%	4.67	%	3.95	%
Loans	8.40	%	8.22	%	7.86	%	7.67	%	7.35	%	8.17	%	7.14	%
Total Earning Assets (2)	7.73	%	7.56	%	7.13	%	6.97	%	6.68	%	7.50	%	6.41	%
Noninterest bearing deposits
Interest bearing deposits	2.60	%	1.96	%	1.62	%	1.52	%	1.16	%	2.09	%	0.99	%
Savings	1.09	%	1.02	%	0.97	%	0.94	%	0.84	%	1.02	%	0.73	%
CDs	4.59	%	4.21	%	3.91	%	3.35	%	2.93	%	4.25	%	2.72	%
Deposits	3.27	%	2.82	%	2.54	%	2.18	%	1.84	%	2.89	%	1.63	%
FHLB advances	5.01	%	4.49	%	4.54	%	4.76	%	4.51	%	4.66	%	4.26	%
Subordinated debentures	8.43	%	8.95	%	8.80	%	8.71	%	8.92	%	8.69	%	9.03	%
Other borrowings	4.14	%	4.09	%	2.48	%	3.53	%	5.62	%	3.88	%	14.56	%
Total non-deposit funding	5.96	%	5.63	%	5.40	%	5.69	%	6.52	%	5.72	%	5.88	%
Total funding (3)	3.50	%	3.10	%	2.83	%	2.58	%	2.39	%	3.16	%	2.15	%
Net interest spread	4.23	%	4.46	%	4.30	%	4.40	%	4.28	%	4.34	%	4.26	%
Net interest margin	4.26	%	4.48	%	4.32	%	4.46	%	4.35	%	4.36	%	4.31	%

(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.