CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information 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, 2022 and 2021

(dollars in thousands)

	2022		2021
Assets
Cash and due from banks	$	153,099	$	239,822
Investment in subsidiaries	3,477,917		3,154,148
Other assets	19,896		27,340
Total assets	$	3,650,912	$	3,421,310
Liabilities
Other liabilities	$	23,985	$	27,901
Other borrowings	301,205		300,630
Subordinated deferrable interest debentures	128,322		126,328
Total liabilities	453,512		454,859
Shareholders' equity	3,197,400		2,966,451
Total liabilities and shareholders' equity	$	3,650,912	$	3,421,310

Condensed Statements of Income

Years Ended December 31, 2022, 2021 and 2020

(dollars in thousands)

	2022		2021		2020
Income
Dividends from subsidiaries	$	50,000	$	142,000	$	93,000
Other income	175		101		910
Securities gains	270		—		—
Total income	50,445		142,101		93,910
Expense
Interest expense	22,170		19,610		17,616
Other expense	11,154		13,031		8,300
Total expense	33,324		32,641		25,916
Income before taxes and equity in undistributed income of subsidiaries	17,121		109,460		67,994
Income tax benefit	8,553		6,878		5,225
Income before equity in undistributed income of subsidiaries	25,674		116,338		73,219
Equity in undistributed income of subsidiaries	320,866		260,575		188,769
Net income	$	346,540	$	376,913	$	261,988

Condensed Statements of Cash Flows

Years Ended December 31, 2022, 2021 and 2020

(dollars in thousands)

	2022		2021		2020
OPERATING ACTIVITIES
Net income	$	346,540	$	376,913	$	261,988
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense	6,706		7,948		3,810
Undistributed earnings of subsidiaries	(320,866)		(260,575)		(188,769)
(Decrease) increase in interest payable	(961)		(36)		847
(Increase) decrease in tax receivable	8,596		(6,238)		6,001
Provision for deferred taxes	(649)		1,694		(1,225)
Gain on sale of other investments	(270)		—		—
Change attributable to other operating activities	200		3,678		7,652
Total adjustments	(307,244)		(253,529)		(171,684)
Net cash provided by operating activities	39,296		123,384		90,304
INVESTING ACTIVITIES
Net (increase) decrease in other investments	213		(4,500)		(8,012)
Investment in subsidiary	(65,000)		—		(75,000)
Proceeds from bank owned life insurance	—		—		2,383
Net cash (used in) provided by investing activities	(64,787)		(4,500)		(80,629)
FINANCING ACTIVITIES
Purchase of treasury shares	(22,421)		(9,439)		(7,995)
Dividends paid - common stock	(41,610)		(41,798)		(41,685)
Proceeds from other borrowings	—		—		108,149
Repayment of other borrowings	—		—		(5,155)
Proceeds from exercise of stock options	2,799		4,532		2,262
Net cash (used in) provided by financing activities	(61,232)		(46,705)		55,576
Net change in cash and cash equivalents	(86,723)		72,179		65,251
Cash and cash equivalents at beginning of year	239,822		167,643		102,392
Cash and cash equivalents at end of year	$	153,099	$	239,822	$	167,643
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for interest	$	23,131	$	19,646	$	16,769
Cash received during the year for income taxes	$	(16,499)	$	(2,367)	$	(10,000)