CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY) |
CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY) Condensed Balance Sheets December 31, 2021 and 2020 (dollars in thousands) | | | | | | | | | | | | | 2021 | | 2020 | Assets | | | | Cash and due from banks | $ | 239,822 | | | $ | 167,643 | | Investment in subsidiaries | 3,154,148 | | | 2,911,488 | | Other assets | 27,340 | | | 16,564 | | Total assets | $ | 3,421,310 | | | $ | 3,095,695 | | | | | | Liabilities | | | | Other liabilities | $ | 27,901 | | | $ | 24,212 | | Other borrowings | 300,630 | | | 300,050 | | Subordinated deferrable interest debentures | 126,328 | | | 124,345 | | Total liabilities | 454,859 | | | 448,607 | | Shareholders' equity | 2,966,451 | | | 2,647,088 | | Total liabilities and shareholders' equity | $ | 3,421,310 | | | $ | 3,095,695 | |
Condensed Statements of Income Years Ended December 31, 2021, 2020 and 2019 (dollars in thousands) | | | | | | | | | | | | | | | | | | | 2021 | | 2020 | | 2019 | Income | | | | | | Dividends from subsidiaries | $ | 142,000 | | | $ | 93,000 | | | $ | 67,200 | | Other income | 101 | | | 910 | | | 493 | | Total income | 142,101 | | | 93,910 | | | 67,693 | | | | | | | | Expense | | | | | | Interest expense | 19,610 | | | 17,616 | | | 16,264 | | Other expense | 13,031 | | | 8,300 | | | 12,199 | | Total expense | 32,641 | | | 25,916 | | | 28,463 | | | | | | | | Income before taxes and equity in undistributed income of subsidiaries | 109,460 | | | 67,994 | | | 39,230 | | Income tax benefit | 6,878 | | | 5,225 | | | 5,603 | | Income before equity in undistributed income of subsidiaries | 116,338 | | | 73,219 | | | 44,833 | | Equity in undistributed income of subsidiaries | 260,575 | | | 188,769 | | | 116,608 | | Net income | $ | 376,913 | | | $ | 261,988 | | | $ | 161,441 | |
Condensed Statements of Cash Flows Years Ended December 31, 2021, 2020 and 2019 (dollars in thousands) | | | | | | | | | | | | | | | | | | | 2021 | | 2020 | | 2019 | OPERATING ACTIVITIES | | | | | | Net income | $ | 376,913 | | | $ | 261,988 | | | $ | 161,441 | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | Share-based compensation expense | 7,948 | | | 3,810 | | | 3,424 | | Undistributed earnings of subsidiaries | (260,575) | | | (188,769) | | | (116,608) | | (Decrease) increase in interest payable | (36) | | | 847 | | | 33 | | (Increase) decrease in tax receivable | (6,238) | | | 6,001 | | | (6,860) | | Provision for deferred taxes | 1,694 | | | (1,225) | | | 1,595 | | Gain on sale of equity security | — | | | — | | | (61) | | Change attributable to other operating activities | 3,678 | | | 7,652 | | | (2,396) | | Total adjustments | (253,529) | | | (171,684) | | | (120,873) | | Net cash provided by operating activities | 123,384 | | | 90,304 | | | 40,568 | | | | | | | | INVESTING ACTIVITIES | | | | | | (Increase) decrease in other investments | (4,500) | | | (8,012) | | | 282 | | Repayment of advances to subsidiary bank | — | | | — | | | 10,000 | | Investment in subsidiary | — | | | (75,000) | | | — | | Net cash proceeds received from acquisitions | — | | | — | | | 34,939 | | Proceeds from bank owned life insurance | — | | | 2,383 | | | — | | Net cash (used in) provided by investing activities | (4,500) | | | (80,629) | | | 45,221 | | | | | | | | FINANCING ACTIVITIES | | | | | | | | | | | | Purchase of treasury shares | (9,439) | | | (7,995) | | | (18,410) | | Dividends paid - common stock | (41,798) | | | (41,685) | | | (24,675) | | Proceeds from other borrowings | — | | | 108,149 | | | 117,572 | | Repayment of other borrowings | — | | | (5,155) | | | (70,000) | | Proceeds from exercise of stock options | 4,532 | | | 2,262 | | | 5,139 | | Net cash (used in) provided by financing activities | (46,705) | | | 55,576 | | | 9,626 | | | | | | | | Net change in cash and cash equivalents | 72,179 | | | 65,251 | | | 95,415 | | Cash and cash equivalents at beginning of year | 167,643 | | | 102,392 | | | 6,977 | | Cash and cash equivalents at end of year | $ | 239,822 | | | $ | 167,643 | | | $ | 102,392 | | | | | | | | SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | | | | | | Cash paid during the year for interest | $ | 19,646 | | | $ | 16,769 | | | $ | 16,173 | | Cash received during the year for income taxes | $ | (2,367) | | | $ | (10,000) | | | $ | — | |
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