CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY) (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Balance Sheets

December 31, 2023 and 2022

(dollars in thousands)


	2023		2022
Assets
Cash and due from banks	$	165,179	$	153,099
Investment in subsidiaries	3,611,093		3,477,917
Other assets	29,898		19,896
Total assets	$	3,806,170	$	3,650,912

Liabilities
Other liabilities	$	33,766	$	23,985
Other borrowings	215,342		301,205
Subordinated deferrable interest debentures	130,315		128,322
Total liabilities	379,423		453,512
Shareholders' equity	3,426,747		3,197,400
Total liabilities and shareholders' equity	$	3,806,170	$	3,650,912

Condensed Statements of Income

Years Ended December 31, 2023, 2022 and 2021

(dollars in thousands)


	2023		2022		2021
Income
Dividends from subsidiaries	$	175,000	$	50,000	$	142,000
Other income	462		175		101
Securities gains	—		270		—
Total income	175,462		50,445		142,101

Expense
Interest expense	24,568		22,170		19,610
Other expense	13,858		11,154		13,031
Total expense	38,426		33,324		32,641

Income before taxes and equity in undistributed income of subsidiaries	137,036		17,121		109,460
Income tax benefit	10,738		8,553		6,878
Income before equity in undistributed income of subsidiaries	147,774		25,674		116,338
Equity in undistributed income of subsidiaries	121,331		320,866		260,575
Net income	$	269,105	$	346,540	$	376,913

Condensed Statements of Cash Flows

Years Ended December 31, 2023, 2022 and 2021

(dollars in thousands)


	2023		2022		2021
OPERATING ACTIVITIES
Net income	$	269,105	$	346,540	$	376,913
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense	9,950		6,706		7,948
Undistributed earnings of subsidiaries	(121,331)		(320,866)		(260,575)
Decrease increase in interest payable	(319)		(961)		(36)
(Increase) decrease in tax receivable	3,021		8,596		(6,238)
Provision for deferred taxes	(1,165)		(649)		1,694
Gain on sale of other investments	—		(270)		—
Change attributable to other operating activities	1,188		200		3,678
Total adjustments	(108,656)		(307,244)		(253,529)
Net cash provided by operating activities	160,449		39,296		123,384

INVESTING ACTIVITIES
Net (increase) decrease in other investments	—		213		(4,500)

Investment in subsidiary	—		(65,000)		—


Net cash used in investing activities	—		(64,787)		(4,500)

FINANCING ACTIVITIES

Purchase of treasury shares	(20,346)		(22,421)		(9,439)
Dividends paid - common stock	(41,649)		(41,610)		(41,798)

Repayment of other borrowings	(86,850)		—		—
Proceeds from exercise of stock options	476		2,799		4,532
Net cash used in by financing activities	(148,369)		(61,232)		(46,705)

Net change in cash and cash equivalents	12,080		(86,723)		72,179
Cash and cash equivalents at beginning of year	153,099		239,822		167,643
Cash and cash equivalents at end of year	$	165,179	$	153,099	$	239,822

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for interest	$	24,887	$	23,131	$	19,646
Cash received during the year for income taxes	$	(12,593)	$	(16,499)	$	(2,367)