CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY)

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY)

CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY)

Condensed Balance Sheets

December 31, 2017 and 2016

(dollars in thousands)

	2017		2016
Assets
Cash and due from banks	$	4,409	$	457
Investment in subsidiaries	953,815		767,682
Other assets	31,221		7,706
Total assets	$	989,445	$	775,845
Liabilities
Other liabilities	$	25,621	$	6,330
Other borrowings	73,795		38,850
Subordinated deferrable interest debentures	85,550		84,228
Total liabilities	184,966		129,408
Shareholders' equity	804,479		646,437
Total liabilities and shareholders' equity	$	989,445	$	775,845

Condensed Statements of Income

Years Ended December 31, 2017, 2016 and 2015

(dollars in thousands)

	2017			2016		2015
Income
Dividends from subsidiaries	$	—		$	34,631	$	10,000
Other income	132			208		59
Total income	132			34,839		10,059
Expense
Interest expense	9,065			6,280		4,813
Other expense	4,612			2,825		1,521
Total expense	13,677			9,105		6,334
Income (loss) before taxes and equity in undistributed income of subsidiaries	(13,545		)	25,734		3,725
Income tax benefit	10,622			2,972		2,382
Income (loss) before equity in undistributed income of subsidiaries	(2,923		)	28,706		6,107
Equity in undistributed income of subsidiaries	76,471			43,394		34,740
Net income	$	73,548		$	72,100	$	40,847

Condensed Statements of Cash Flows

Years Ended December 31, 2017, 2016 and 2015

(dollars in thousands)

	2017			2016			2015
OPERATING ACTIVITIES
Net income	$	73,548		$	72,100		$	40,847
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense	3,316			2,261			1,485
Undistributed earnings of subsidiaries	(76,471		)	(43,394		)	(34,740		)
Increase (decrease) in interest payable	1,142			(63		)	20
Decrease (increase) in tax receivable	5,176			(3,224		)	(2,656		)
Provision for deferred taxes	(4,620		)	508			188
Other operating activities	1,230			(528		)	866
Total adjustments	(70,227		)	(44,440		)	(34,837		)
Net cash provided by operating activities	3,321			27,660			6,010
INVESTING ACTIVITIES
Investment in subsidiary	(110,000		)	—			(60,000		)
Net cash proceeds received from (paid for) acquisitions	—			(23,205		)	(49,940		)
Net cash used in investing activities	(110,000		)	(23,205		)	(109,940		)
FINANCING ACTIVITIES
Issuance of common stock	88,656			—			114,889
Purchase of treasury shares	(886		)	(1,225		)	(732		)
Dividends paid common stock	(14,650		)	(8,584		)	(6,439		)
Proceeds from other borrowings	73,692			14,000			—
Repayment of other borrowings	(38,850		)	(15,000		)	—
Proceeds from exercise of stock options	2,669			964			1,191
Net cash provided by (used in) financing activities	110,631			(9,845		)	108,909
Net change in cash and cash equivalents	3,952			(5,390		)	4,979
Cash and cash equivalents at beginning of year	457			5,847			868
Cash and cash equivalents at end of year	$	4,409		$	457		$	5,847
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for interest	$	7,923		$	6,343		$	4,793
Cash paid (received) during the year for income taxes	$	(11,000	)	$	—		$	—