Exhibit 99.1

 

News Release

For more information contact:

Dennis J. Zember Jr.

Executive Vice President & CFO

(229) 890-1111

AMERIS BANCORP REPORTS SLIGHT INCREASE IN EARNINGS FOR

SECOND QUARTER OF 2007

AMERIS BANCORP (NasdaqGS: ABCB), Moultrie, Georgia, reported net income of $5.4 million, or $0.39 per share, for the quarter ended June 30, 2007, compared to net income of $5.3 million, or $0.40 per share, in the same quarter of 2006.  Year to date earnings totaled $10.4 million or $0.76 per share compared to $10.4 million or $0.79 per share for the same period in 2006.

Continued momentum in balance sheet growth

Total assets at June 30, 2007 were $2.05 billion, an increase of $265.7 million or 14.9% over total assets at June 30, 2006.  Loans increased $226.1 million or 17.0% to $1.56 billion from $1.33 billion at June 30, 2006.  Deposits grew to $1.70 billion, an increase of 17.2% or $249.1 million from the same time in 2006.  Management attributes continued double digit growth in loans and deposits to several on-going initiatives.  First, management in the Company’s core markets has recruited heavily during the previous two years and has succeeded in strengthening sales and production teams, primarily with business bankers and mortgage bankers.  Secondly, recent expansion into larger, metropolitan markets has led to the hiring of seasoned bankers and executives at a faster pace than was originally planned.  Growth in loans and deposits in these markets has exceeded plans as well while the Company attempts to build a meaningful franchise in these new markets.  Management estimates that recent expansion efforts in South Carolina and Jacksonville, Florida have cost approximately $0.02 per share in the current quarter and $0.05 per share for the year to date period.  Ameris anticipated that these efforts will be accretive to current shareholders sometime in 2008.

Growth in net interest income and efforts to manage the margin to higher levels

Net interest income for the second quarter of 2007 was $18.3 million, an increase of 3.7% over the same period in 2006.  Growth in interest and fees on loans of $5.2 million or 19.8% was fully offset with higher funding costs as total interest expense increased $5.4 million or 44.1% compared to the same quarter in 2006.

The Company’s net interest margin for the second quarter of 2007 was 4.03%, down from the 4.50% reported in the same quarter in 2006.    During the second quarter of 2007, the Company reversed the accrued interest on a loan relationship under which interest payments became past due.  This reduced loan yields by 0.13% and the overall net interest margin by 0.11% for the second quarter of 2007.  Excluding this non-recurring adjustment, the net interest margin increased to 4.14% from 4.10% in the first quarter of 2007.  Excluding the adjustment, yield on loans increased to 8.59% in the second quarter of 2007 from 8.57% in the first quarter of 2007 while total earning asset yields improved to 7.91%, compared to 7.85% for the same periods.

Funding cost increases moderated during the quarter as total cost of funds increased only 0.05% to 3.84%.  Deposit costs increased to 3.68% during the second quarter compared to 3.64% in the first quarter of the year while non-deposit borrowing costs increased more substantially, from 5.68% to 5.81% during the same periods.

Disciplines being practiced to maintain profitability in the net interest margin and to manage to higher levels have improved significantly during the first half of the year.  The Company’s bankers have negotiated diligently on both sides of the balance sheet and have worked aggressively to determine the sensitivity of the customer base to rate changes.  Management is confident that the positively shaped yield curve which materialized late in the second quarter will provide a boost to margins, particularly impacting the asset side of the balance sheet.  The pricing disciplines being worked by the Company’s bankers and leadership will allow Ameris to benefit from the positive yield curve and should be evident in yields and margins for the last half of the year and fully in 2008.

Focus on operating expenses

Operating expenses during the second quarter of 2007 were $13.8 million compared to $12.3 million for the same quarter in 2006.  Operating expense growth relates mostly to expanding the sales force in markets such as South Carolina and Jacksonville.  In many of the Company’s core markets, sales forces have been expanded over the past two years as well.  These expansions in core markets have typically been offset by fewer employees in non-customer contact roles and ultimately resulted in little growth in operating expense while providing a more robust platform for growth. The expansion expenses for newer markets totaled approximately $1.1 million for the quarter and $2.1 million for the year to date period.  Excluding these expenses, operating expenses grew 2.4% and 7.1% for the quarter and year to date periods, respectively.  Additional efforts to improve operating expenses are underway and the Company’s efforts to streamline back room functions such as loan operations and deposit operations should be completed by the end of 2007.

Improvement in operating income

Operating income during the second quarter of 2007 increased by 31.3% to $4.6 million when compared to the same quarter in 2006.  Operating income for the same quarter in 2006 was negatively impacted by the loss on the sale of investment securities totaling approximately $314,000.

Service charges on deposit accounts increased 4.8% during the current quarter compared to the same period in 2006.  Increases in fees, both monthly charges and insufficient funds charges were offset by limited offerings of free or reduced-fee checking products.  It is anticipated that during the third and fourth quarters of 2007 the Company’s marketing efforts will center on campaigns to sell lower cost deposit accounts.  Management believes these new accounts will produce little or no service charges but will further improve net interest margins and provide the expanded sales force additional avenues to sell profitable products and services.

-1-

Income from mortgage banking activities grew solidly during the quarter, increasing 61.7% to approximately $800,000 during the second quarter of 2007.  For the year to date period, income from mortgage banking activities has improved 56.3% to approximately $1.5 million.  As mentioned earlier, efforts to expand sales and production staffs have regularly included mortgage bankers.  Over the last six months, the Company’s new and existing mortgage bankers have solidified their place in the market and have begun to produce at levels expected by management.  Further improvement in the second half of 2007 is expected as additional bankers are being recruited and pipelines for current production remain strong.

Focus on credit risk

Non-performing assets at the end of the quarter were $18.3 million or 1.17% of total loans and OREO.  Approximately 33% of total non-performing assets is held in a single loan relationship that management classified as non-accrual during the second quarter.  The loan, totaling approximately $6.5 million at the end of the quarter, is secured by improved real estate.  The Company’s assessment of the loan relationship lead us to believe that minimal loss exposure exists in the loan.  Aggressive legal efforts are underway to force compliance with the loan terms.  Management believes that the relationship will be classified as non-performing through the end of 2007.

Excluding this loan relationship, non-performing assets increased slightly to 0.77% compared to 0.67% at March 31, 2007 and 0.60% at December 31, 2006.  The Company’s loan loss reserve was 1.61% of total loans, compared to 1.72% at December 31, 2006.

Management continues to focus on assessing and managing credit risk.  That effort is concentrated in two primary areas: sound credit administration oversight coupled with high-quality underwriting, and early recognition of developing weaknesses in the loan portfolio.  Credit administration monitors market conditions and directs the lending focus, both in generating new business and ensuring risk analysis is completed to Ameris’ high standards.

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

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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.

-2-

AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
	Three Months Ended															Six Months Ended
	June			Mar.			Dec.			Sept.			June			June			June
	2007			2007			2006			2006			2006			2007			2006
EARNINGS
Net Income	$	5,373		$	5,024		$	5,758		$	5,954		$	5,315		$	10,397		$	10,415
PER COMMON SHARE DATA
Earnings per share:
Basic		0.40			0.37			0.44			0.46			0.41			0.77			0.80
Diluted		0.39			0.37			0.43			0.45			0.40			0.76			0.79
Cash Dividends per share		0.14			0.14			0.14			0.14			0.14			0.28			0.28
Book value per share (period end)		13.60			13.51			13.24			12.31			11.75			13.60			11.75
Tangible book value per share (period end)		9.16			9.06			8.73			8.58			7.99			9.16			7.99
Weighted average number of shares:
Basic		13,485,683			13,443,850			13,044,493			13,022,400			12,985,424			13,464,766			12,968,687
Diluted		13,663,072			13,667,509			13,269,289			13,226,055			13,139,130			13,665,050			13,118,881
Period-end number of shares		13,541,476			13,527,520			13,553,002			13,033,193			13,021,510			13,541,476			13,021,510
Market data:
High closing price		25.58			28.32			29.13			27.91			23.24			28.15			22.75
Low closing price		21.76			23.25			25.90			21.09			20.23			21.76			19.36
Period end closing price		22.47			24.48			28.18			27.21			23.14			22.47			22.78
Average daily volume		38,941			41,130			23,016			36,957			21,949			40,017			19,127
PERFORMANCE RATIOS
Return on average assets		1.06	%		1.01	%		1.17	%		1.28	%		1.23	%		1.04	%		1.21	%
Return on average equity		11.64	%		11.22	%		13.51	%		15.15	%		13.99	%		11.43	%		13.91	%
Earning asset yield (TE)		7.80	%		7.85	%		7.64	%		7.73	%		7.58	%		7.83	%		7.36	%
Total cost of funds		3.84	%		3.79	%		3.65	%		3.50	%		3.10	%		3.81	%		2.97	%
Net interest margin (TE)		4.03	%		4.10	%		4.03	%		4.26	%		4.50	%		4.07	%		4.41	%
Non-interest income excluding securities transactions,
as a percent of total revenue (TE)		11.34	%		11.29	%		17.02	%		13.82	%		11.50	%		11.31	%		11.97	%
Efficiency ratio		59.98	%		62.96	%		62.66	%		58.24	%		57.97	%		61.47	%		58.75	%
CAPITAL ADEQUACY
Equity to assets		8.98	%		8.97	%		8.73	%		8.25	%		8.58	%		8.98	%		8.58	%
Tangible common equity to assets		6.24	%		6.20	%		5.95	%		5.90	%		6.00	%		6.24	%		6.00	%
OTHER PERIOD-END DATA
FTE Headcount		604			600			600			588			585			604			585
Assets per FTE	$	3,393		$	3,394		$	3,413		$	3,309		$	3,048		$	3,393		$	3,048
Branch locations		46			46			44			43			42			46			42
Deposits per branch location	$	36,852		$	37,228		$	38,867		$	38,162		$	34,432		$	36,852		$	34,432

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AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended												Six Months Ended
	June		Mar.		Dec.		Sept.			June			June		June
	2007		2007		2006		2006			2006			2007		2006
INCOME STATEMENT
Interest income
Interest and fees on loans	$	31,573	$	30,760	$	29,175	$	28,553		$	26,355		$	62,332	$	49,831
Interest on taxable securities		3,434		3,337		3,032		2,986			2,950			6,771		5,692
Interest on nontaxable securities		176		179		174		156			127			355		225
Interest on deposits in other banks		659		1,042		1,626		899			390			1,700		1,057
Interest on federal funds sold		1		91		73		30			-			92		158
Total interest income		35,842		35,409		34,080		32,624			29,822			71,251		56,963
Interest expense
Interest on deposits		15,540		15,205		14,392		12,600			9,979			30,744		18,607
Interest on federal funds purchased and securities
sold under agreements to repurchase		34		59		62		37			48			93		81
Interest on other borrowings		1,939		1,727		1,713		2,090			2,122			3,665		4,210
Total interest expense		17,512		16,991		16,167		14,727			12,149			34,503		22,898
Net interest income		18,330		18,419		17,913		17,897			17,673			36,748		34,065
Provision for loan losses		936		507		713		713			901			1,444		1,411
Net interest income after provision for loan losses		17,394		17,911		17,200		17,184			16,772			35,304		32,654
Noninterest income
Service charges on deposit accounts		3,066		2,870		3,665		2,978			2,926			5,936		5,557
Mortgage banking activity		799		683		639		547			494			1,482		948
Other non-interest income		769		972		2,718		1,730			430			1,742		1,230
Gain(loss) on sale of securities		8		-		-		(3	)		(314	)		8		(305	)
Total noninterest income		4,643		4,525		7,023		5,252			3,536			9,168		7,430
Noninterest expense
Salaries and employee benefits		7,492		7,732		7,445		7,131			6,042			15,224		12,666
Equipment and occupancy expense		1,718		1,676		2,281		1,658			1,544			3,394		2,897
Amortization of intangible assets		324		324		322		344			232			649		441
Other operating expenses		4,245		4,712		5,577		4,348			4,476			8,956		8,375
Total noninterest expense		13,780		14,444		15,626		13,481			12,294			28,224		24,379
Operating Profit		8,257		7,992		8,597		8,955			8,014			16,248		15,705
Provision for income taxes		2,884		2,968		2,838		3,001			2,699			5,852		5,290
Net Income	$	5,373	$	5,024	$	5,759	$	5,954		$	5,315		$	10,397	$	10,415
Diluted earnings per share		0.39		0.37		0.43		0.45			0.40			0.76		0.79

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AMERIS BANCORP
FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands except per share data and FTE headcount)
	June			Mar.			Dec.			Sept.			June
	2007			2007			2006			2006			2006
PERIOD-END BALANCE SHEET
Assets
Cash and due from banks	$	50,328		$	49,640		$	66,856		$	54,093		$	63,894
Federal funds sold & interest bearing balances		16,342			94,496			135,232			148,118			26,642
Securities available for sale, at fair value		300,642			300,322			283,192			266,546			257,283
Loans		1,556,862			1,475,869			1,442,951			1,373,071			1,330,713
Less: allowance for loan losses		25,032			25,113			24,863			23,905			23,366
Loans, net		1,531,831			1,450,756			1,418,088			1,349,166			1,307,347
Premises and equipment, net		52,385			47,251			46,604			42,266			40,625
Intangible assets, net		5,450			5,775			6,099			5,640			5,971
Goodwill		54,629			54,419			54,365			42,933			42,933
Other assets		37,466			33,754			37,106			37,142			38,649
Total Assets	$	2,049,073		$	2,036,413		$	2,047,542		$	1,945,904		$	1,783,344
Liabilities
Deposits:
Noninterest-bearing demand	$	200,849		$	197,845		$	221,592		$	226,939		$	201,489
Interest-bearing demand		576,309			574,089			545,564			517,300			418,310
Savings		60,243			64,182			63,255			66,645			71,873
Time deposits		857,785			876,391			879,752			830,082			754,456
Total deposits		1,695,185			1,712,507			1,710,163			1,640,966			1,446,128
Federal funds purchased & securities sold under
agreements to repurchase		6,966			5,370			15,933			6,725			3,769
Other borrowings		105,500			75,500			75,500			76,287			124,094
Other liabilities		15,054			18,003			24,945			19,217			15,629
Subordinated deferrable interest debentures		42,269			42,269			42,269			42,269			40,722
Total liabilities		1,864,974			1,853,649			1,868,810			1,785,464			1,630,342
Stockholders' equity
Common stock		14,868			14,850			14,850			14,356			14,340
Capital Surplus		82,238			81,620			81,481			67,728			67,352
Retained Earnings		102,124			98,631			95,523			91,589			87,466
Accumulated other comprehensive income		(4,231	)		(1,744	)		(2,529	)		(2,640	)		(5,675	)
Less treasury stock		(10,900	)		(10,593	)		(10,593	)		(10,593	)		(10,481	)
Total stockholders' equity		184,099			182,764			178,732			160,440			153,002
Total liabilities and stockholders' equity	$	2,049,073		$	2,036,413		$	2,047,542		$	1,945,904		$	1,783,344
Other Data
Earning Assets		1,873,846			1,870,687			1,861,375			1,787,735			1,614,638
Intangible Assets		60,079			60,193			60,464			48,573			48,904
Interest bearing liabilities		1,649,071			1,637,801			1,622,273			1,539,308			1,413,224
Average Assets		2,030,018			2,014,040			1,946,772			1,851,073			1,733,204
Average Stockholders' Equity		185,177			181,645			169,135			155,922			152,329

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AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended															Six Months Ended
	June			Mar.			Dec.			Sept.			June			June			June
	2007			2007			2006			2006			2006			2007			2006
ASSET QUALITY INFORMATION
Allowance for loan losses
Balance at beginning of period	$	25,113		$	24,863		$	23,905		$	23,366		$	22,616		$	24,863		$	22,294
Acquired Reserves		-			-			1,024			-			-			-			-
Provision for loan loss		936			507			713			713			901			1,444			1,411
Charge-offs		1,327			787			1,635			744			339			2,113			1,758
Recoveries		309			530			856			570			188			839			1,419
Net charge-offs (recoveries)		1,018			257			779			174			151			1,275			339
Ending balance	$	25,032		$	25,113		$	24,863		$	23,905		$	23,366		$	25,032		$	23,366
As a percentage of loans		1.61	%		1.70	%		1.72	%		1.74	%		1.76	%		1.61	%		1.76	%
As a percentage of nonperforming loans		154.51	%		282.46	%		361.54	%		283.37	%		316.74	%		154.51	%		316.74	%
As a percentage of nonperforming assets		136.90	%		252.93	%		285.29	%		237.91	%		250.95	%		136.90	%		250.95	%
Net Charge-off information
Charge-offs
Commercial	$	959		$	353		$	1,078		$	300		$	153		$	1,312		$	334
Installment		82			146			385			159			167			228			330
Real Estate		286			288			145			280			14			574			1,019
Agriculture		-			-			7			4			3			-			3
Other		-			-			20			1			2			-			72
Total charge-offs		1,327			787			1,635			744			339			2,113			1,758
Recoveries
Commercial		192			357			356			481			55			549			691
Installment		100			121			107			61			62			221			309
Real Estate		17			51			362			21			27			68			362
Agriculture		-			0			31			4			32			0			32
Other		-			-			-			3			12			-			25
Total recoveries		309			530			856			570			188			839			1,419
Net charge-offs (recoveries)	$	1,018		$	257		$	779		$	174		$	151		$	1,275		$	339
Non-accrual loans		16,201			8,891			6,877			8,436			7,377			16,201			7,377
Foreclosed assets		2,084			1,038			1,838			1,612			1,934			2,084			1,934
Total non-performing assets		18,285			9,929			8,715			10,048			9,311			18,285			9,311
Non-performing assets as a percent of loans
and foreclosed assets		1.17	%		0.67	%		0.60	%		0.73	%		0.70	%		1.17	%		0.70	%
Net charge offs as a percent of loans (Annualized)		0.26	%		0.07	%		0.22	%		0.05	%		0.05	%		0.16	%		0.05	%

-6-

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended										Six Months Ended
	June		Mar.		Dec.		Sept.		June		June		June
	2007		2007		2006		2006		2006		2007		2006
AVERAGE BALANCES
Short term assets	$	49,200	$	85,297	$	126,332	$	64,374	$	25,277		67,249	$	47,403
Investment securities		301,848		292,979		272,769		266,450		270,842		297,414		268,261
Loans		1,511,333		1,458,725		1,377,824		1,351,601		1,289,354		1,485,029		1,251,635
Total Earning Assets		1,862,381		1,837,001		1,776,925		1,682,425		1,585,473		1,849,691		1,567,299
Noninterest bearing deposits		192,298		199,779		199,812		180,932		188,562		196,039		189,319
Interest bearing deposits		572,400		554,530		521,539		476,371		417,953		563,465		413,584
Savings		61,733		62,933		64,450		70,282		73,368		62,333		73,215
CDs		866,589		875,003		841,387		801,856		738,859		870,796		723,377
Deposits		1,693,020		1,692,245		1,627,188		1,529,441		1,418,742		1,692,633		1,399,495
FHLB advances		83,109		71,547		71,087		86,141		101,044		77,328		100,955
Subordinated debentures		42,269		42,269		42,269		43,580		40,722		42,269		40,722
Other borrowings		10,689		13,745		14,810		11,884		12,737		12,217		15,201
Total non-deposit funding		136,067		127,561		128,166		141,605		154,503		131,814		156,878
Total funding	$	1,829,087	$	1,819,806	$	1,755,354	$	1,671,046	$	1,573,245	$	1,824,446	$	1,556,372

-7-

AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended										Six Months Ended
	June		Mar.		Dec.		Sept.		June		June		June
	2007		2007		2006		2006		2006		2007		2006
INTEREST INCOME/EXPENSE
Short term assets	$	659	$	1,133	$	1,699	$	929	$	390	$	1,792	$	1,215
Investment securities (TE)		3,705		3,612		3,294		3,223		3,143		7,317		6,033
Loans (TE)		31,869		30,810		29,239		28,622		26,419		62,679		49,948
Total Earning Assets		36,233		35,555		34,232		32,774		29,952		71,788		57,196
Noninterest bearing deposits		-		-		-		-		-		-		-
Interest bearing deposits		4,393		4,183		3,866		3,120		2,045		8,576		3,680
Savings		163		164		178		193		186		327		360
CDs		10,983		10,858		10,349		9,287		7,748		21,841		14,567
Deposits		15,539		15,205		14,392		12,600		9,979		30,744		18,607
FHLB advances		1,084		888		899		1,087		1,131		1,972		2,260
Subordinated debentures		768		754		724		916		909		1,522		1,793
Other borrowings		120		144		152		124		130		264		238
Total non-deposit funding		1,972		1,786		1,775		2,127		2,170		3,758		4,291
Total funding	$	17,511	$	16,991	$	16,167	$	14,727	$	12,149	$	34,502	$	22,898
Net Interest Income (TE)	$	18,722	$	18,565	$	18,065	$	18,047	$	17,803	$	37,286	$	34,298

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AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

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

	Three Months Ended															Six Months Ended
	June			Mar.			Dec.			Sept.			June			June			June
	2007			2007			2006			2006			2006			2007			2006
YIELDS (1)
Short term assets		5.37	%		5.39	%		5.34	%		5.73	%		6.19	%		5.37	%		5.17	%
Investment securities		4.92	%		5.00	%		4.79	%		4.80	%		4.65	%		4.96	%		4.54	%
Loans		8.46	%		8.57	%		8.42	%		8.40	%		8.22	%		8.51	%		8.05	%
Total Earning Assets (2)		7.80	%		7.85	%		7.64	%		7.73	%		7.58	%		7.83	%		7.36	%
Noninterest bearing deposits
Interest bearing deposits		3.08	%		3.06	%		2.94	%		2.60	%		1.96	%		3.07	%		1.79	%
Savings		1.06	%		1.06	%		1.09	%		1.09	%		1.02	%		1.06	%		0.99	%
CDs		5.08	%		5.03	%		4.88	%		4.59	%		4.21	%		5.06	%		4.06	%
Deposits		3.68	%		3.64	%		3.51	%		3.27	%		2.82	%		3.66	%		2.68	%
FHLB advances		5.23	%		5.03	%		5.02	%		5.01	%		4.49	%		5.14	%		4.51	%
Subordinated debentures		7.29	%		7.23	%		6.80	%		8.34	%		8.95	%		7.26	%		8.88	%
Other borrowings		4.50	%		4.26	%		4.07	%		4.14	%		4.09	%		4.37	%		3.16	%
Total non-deposit funding		5.81	%		5.68	%		5.49	%		5.96	%		5.63	%		5.75	%		5.52	%
Total funding (3)		3.84	%		3.79	%		3.65	%		3.50	%		3.10	%		3.81	%		2.97	%
Net interest spread		3.96	%		4.06	%		3.99	%		4.23	%		4.48	%		4.01	%		4.39	%
Net interest margin		4.03	%		4.10	%		4.03	%		4.26	%		4.50	%		4.07	%		4.41	%
(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.

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