CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY)

12 Months Ended

Dec. 31, 2015

NOTE 26. CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY)

CONDENSED BALANCE SHEETS

DECEMBER 31, 2015 AND 2014

(Dollars in Thousands)

	2015		2014

Assets
Cash and due from banks	$	5,847	$	868
Investment in subsidiaries		617,134		470,557
Other assets		6,717		6,552
Total assets	$	629,698	$	477,977

Liabilities
Other liabilities	$	6,065	$	7,624
Other borrowings		39,000		39,000
Subordinated deferrable interest debentures		69,874		65,325
Total liabilities		114,939		111,949

Stockholders’ equity		514,759		366,028

Total liabilities and stockholders’ equity	$	629,698	$	477,977

CONDENSED STATEMENTS OF INCOME

YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013

(Dollars in Thousands)

	2015		2014		2013
Income
Dividends from subsidiaries	$	10,000	$	29,000	$	2,200
Other income		59		235		26
Total income		10,059		29,235		2,226

Expense
Interest		4,813		4,558		1,527
Other expense		1,521		2,253		1,133
Total expense		6,334		6,811		2,660

Earnings (loss) before income tax benefit and dividends received in excess of earnings of subsidiaries and equity in undistributed income (loss) of subsidiaries		3,725		22,424		(434)

Income tax benefit		2,382		2,468		921
Earnings (loss) before dividends received in excess of earnings of subsidiaries and equity in undistributed income of subsidiaries		6,107		24,892		487

Equity in undistributed income of subsidiaries		34,740		13,831		19,531

Net income		40,847		38,723		20,018

Preferred stock dividend		-		286		1,738

Net income available to common shareholders	$	40,847	$	38,437	$	18,280

CONDENSED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013

(Dollars in Thousands)

	2015		2014		2013
OPERATING ACTIVITIES
Net income	$	40,847	$	38,723	$	20,018
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense		1,485		2,058		1,041
Undistributed earnings of subsidiaries		(34,740)		(13,831)		(19,531)
(Increase) decrease in interest payable		20		(214)		(5,300)
Decrease in tax receivable		(2,656)		(256)		(813)
Provision for deferred taxes		188		(426)		39
Other operating activities		866		(1,558)		(2,686)
Total adjustments		(34,837)		(14,227)		(27,250)

Net cash provided by (used in) operating activities		6,010		24,496		(7,232)

INVESTING ACTIVITIES
Investment in subsidiary		(60,000)		-		-
Net cash proceeds received from (paid for) acquisitions		(49,940)		144		249
Net cash provided by investing activities		(109,940)		144		249

FINANCING ACTIVITIES
Issuance of common stock		114,889		-		-
Purchase of treasury shares		(732)		(474)		(116)
Dividends paid preferred stock		-		(286)		(1,400)
Dividends paid common stock		(6,439)		(4,016)		-
Proceeds from other borrowings		-		14,000		10,000
Repayment of other borrowings		-		(9,005)		-
Repurchase of preferred stock		-		(28,000)		-
Proceeds from exercise of stock options		1,191		459		410

Net cash provided by (used in) financing activities		108,909		(27,322)		8,894

Net change in cash and due from banks		4,979		(2,682)		1,911
Cash and due from banks at beginning of year		868		3,550		1,639

Cash and due from banks at end of year	$	5,847	$	868	$	3,550

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for interest	$	4,793	$	4,772	$	1,523
Cash paid during the year for income taxes	$	-	$	-	$	-