CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY)

Condensed Balance Sheets

December 31, 2019 and 2018

(dollars in thousands)


	2019		2018
Assets
Cash and due from banks	$	102,392	$	6,977
Investment in subsidiaries	2,688,952		1,684,810
Other assets	16,667		9,169
Total assets	$	2,808,011	$	1,700,956

Liabilities
Other liabilities	$	19,220	$	11,496
Other borrowings	191,649		143,926
Subordinated deferrable interest debentures	127,560		89,187
Total liabilities	338,429		244,609
Shareholders' equity	2,469,582		1,456,347
Total liabilities and shareholders' equity	$	2,808,011	$	1,700,956

Condensed Statements of Income

Years Ended December 31, 2019, 2018 and 2017

(dollars in thousands)


	2019		2018		2017
Income
Dividends from subsidiaries	$	67,200	$	46,000	$	—
Other income	493		4,726		132
Total income	67,693		50,726		132

Expense
Interest expense	16,264		12,670		9,065
Other expense	12,199		8,578		4,612
Total expense	28,463		21,248		13,677

Income (loss) before taxes and equity in undistributed income of subsidiaries	39,230		29,478		(13,545)
Income tax benefit	5,603		5,051		10,622
Income (loss) before equity in undistributed income of subsidiaries	44,833		34,529		(2,923)
Equity in undistributed income of subsidiaries	116,608		86,498		76,471
Net income	$	161,441	$	121,027	$	73,548

Condensed Statements of Cash Flows

Years Ended December 31, 2019, 2018 and 2017

(dollars in thousands)


	2019		2018		2017
OPERATING ACTIVITIES
Net income	$	161,441	$	121,027	$	73,548
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense	3,424		6,241		3,316
Undistributed earnings of subsidiaries	(116,608)		(86,498)		(76,471)
Increase (decrease) in interest payable	33		313		1,142
Decrease (increase) in tax receivable	(6,860)		1,436		5,176
Provision for deferred taxes	1,595		195		(4,620)
Gain on sale of equity security	(61)		—		—
Other operating activities	(2,396)		(2,051)		1,230
Total adjustments	(120,873)		(80,364)		(70,227)
Net cash provided by operating activities	40,568		40,663		3,321

INVESTING ACTIVITIES
Proceeds from sale of equity security	282		—		—
Repayment of advances to subsidiary bank	10,000		—		—
Investment in subsidiary	—		—		(110,000)
Net cash proceeds received from (paid for) acquisitions	34,939		(90,542)		—
Net cash provided by (used in) investing activities	45,221		(90,542)		(110,000)

FINANCING ACTIVITIES
Issuance of common stock	—		—		88,656
Purchase of treasury shares	(18,410)		(2,062)		(886)

Dividends paid common stock	(24,675)		(16,405)		(14,650)
Proceeds from other borrowings	117,572		70,000		73,692
Repayment of other borrowings	(70,000)		—		(38,850)

Proceeds from exercise of stock options	5,139		914		2,669
Net cash provided by financing activities	9,626		52,447		110,631

Net change in cash and cash equivalents	95,415		2,568		3,952
Cash and cash equivalents at beginning of year	6,977		4,409		457
Cash and cash equivalents at end of year	$	102,392	$	6,977	$	4,409

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for interest	$	16,173	$	12,357	$	7,923
Cash paid (received) during the year for income taxes	$	—	$	(7,500)	$	(11,000)