CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY)

Condensed Balance Sheets

December 31, 2018 and 2017

(dollars in thousands)



	2018		2017
Assets
Cash and due from banks	$	6,977	$	4,409
Investment in subsidiaries	1,684,810		953,815
Other assets	9,169		31,221
Total assets	$	1,700,956	$	989,445

Liabilities
Other liabilities	$	11,496	$	25,621
Other borrowings	143,926		73,795
Subordinated deferrable interest debentures	89,187		85,550
Total liabilities	244,609		184,966
Shareholders' equity	1,456,347		804,479
Total liabilities and shareholders' equity	$	1,700,956	$	989,445

Condensed Statements of Income

Years Ended December 31, 2018, 2017 and 2016

(dollars in thousands)



	2018		2017			2016
Income
Dividends from subsidiaries	$	46,000	$	—		$	34,631
Other income	4,726		132			208
Total income	50,726		132			34,839

Expense
Interest expense	12,670		9,065			6,280
Other expense	8,578		4,612			2,825
Total expense	21,248		13,677			9,105

Income (loss) before taxes and equity in undistributed income of subsidiaries	29,478		(13,545		)	25,734
Income tax benefit	5,051		10,622			2,972
Income (loss) before equity in undistributed income of subsidiaries	34,529		(2,923		)	28,706
Equity in undistributed income of subsidiaries	86,498		76,471			43,394
Net income	$	121,027	$	73,548		$	72,100

Condensed Statements of Cash Flows

Years Ended December 31, 2018, 2017 and 2016

(dollars in thousands)



	2018			2017			2016
OPERATING ACTIVITIES
Net income	$	121,027		$	73,548		$	72,100
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense	6,241			3,316			2,261
Undistributed earnings of subsidiaries	(86,498		)	(76,471		)	(43,394		)
Increase (decrease) in interest payable	313			1,142			(63		)
Decrease (increase) in tax receivable	1,436			5,176			(3,224		)
Provision for deferred taxes	195			(4,620		)	508
Other operating activities	(2,051		)	1,230			(528		)
Total adjustments	(80,364		)	(70,227		)	(44,440		)
Net cash provided by operating activities	40,663			3,321			27,660

INVESTING ACTIVITIES
Investment in subsidiary	—			(110,000		)	—
Net cash proceeds received from (paid for) acquisitions	(90,542		)	—			(23,205		)
Net cash used in investing activities	(90,542		)	(110,000		)	(23,205		)

FINANCING ACTIVITIES
Issuance of common stock	—			88,656			—
Purchase of treasury shares	(2,062		)	(886		)	(1,225		)
Dividends paid common stock	(16,405		)	(14,650		)	(8,584		)
Proceeds from other borrowings	70,000			73,692			14,000
Repayment of other borrowings	—			(38,850		)	(15,000		)
Proceeds from exercise of stock options	914			2,669			964
Net cash provided by (used in) financing activities	52,447			110,631			(9,845		)

Net change in cash and cash equivalents	2,568			3,952			(5,390		)
Cash and cash equivalents at beginning of year	4,409			457			5,847
Cash and cash equivalents at end of year	$	6,977		$	4,409		$	457

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for interest	$	12,357		$	7,923		$	6,343
Cash paid (received) during the year for income taxes	$	(7,500	)	$	(11,000	)	$	—