CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY)

12 Months Ended

Dec. 31, 2012

CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY)

NOTE 20. CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY)

CONDENSED BALANCE SHEETS

DECEMBER 31, 2012 AND 2011

(Dollars in Thousands)

	2012		2011
Assets
Cash and due from banks	$	1,639	$	4,200
Investment in subsidiaries		319,364		331,946
Other assets		4,440		1,063
Total assets	$	325,443	$	337,209
Liabilities
Other liabilities	$	4,157	$	1,170
Subordinated deferrable interest debentures		42,269		42,269
Total liabilities		46,426		43,439
Stockholders’ equity		279,017		293,770
Total liabilities and stockholders’ equity	$	325,443	$	337,209

CONDENSED STATEMENTS OF OPERATIONS

YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010

(Dollars in Thousands)

	2012			2011			2010
Income
Dividends from subsidiaries	$	29,000		$	-		$	-
Gain on sale of securities		214			-			-
Other income		106			124			59
Total income		29,320			124			59
Expense
Interest		1,489			1,417			887
Other expense		1,545			1,120			1,198
Total expense		3,034			2,537			2,085
Earnings (loss) before income tax benefit and dividends received in excess of earnings of subsidiaries and equity in undistributed income (loss) of subsidiaries		26,286			(2,413	)		(2,026	)
Income tax benefit		921			785			541
Earnings (loss) before equity in undistributed income (loss) of subsidiaries		27,207			(1,628	)		(1,485	)
Dividends received in excess of earnings of subsidiaries		(12,772	)		-			-
Equity in undistributed income (loss) of subsidiaries		-			22,721			(2,504	)
Net income (loss)	$	14,435		$	21,093		$	(3,989	)
Preferred stock dividend		3,577			3,241			3,213
Net income (loss) available to common shareholders	$	10,858		$	17,852		$	(7,202	)

CONDENSED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010

(Dollars in Thousands)

	2012			2011			2010
OPERATING ACTIVITIES
Net income (loss)	$	14,435		$	21,093		$	(3,989	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock-based compensation expense		1,044			785			724
Dividends received in excess of earnings of subsidiaries		12,773			-			-
Undistributed (earnings) losses of subsidiaries		-			(22,721	)		2,504
Increase in interest payable		(108	)		54			145
Increase (decrease) in tax receivable		(786	)		(247	)		184
Provision for deferred taxes		14			(390	)		447
Other operating activities		(390	)		(530	)		(229	)
Total adjustments		12,547			(23,049	)		3,775
Net cash provided by (used in) operating activities		26,982			(1,956	)		(214	)
INVESTING ACTIVITIES
Contribution of capital to subsidiary bank		-			-			(80,000	)
Net cash used in investing activities		-			-			(80,000	)
FINANCING ACTIVITIES
Repurchase of warrant		(2,670	)		-			-
Purchase of treasury shares		(235	)		-			(19	)
Dividends paid preferred stock		(2,641	)		(2,635	)		(2,636	)
Proceeds from issuance of common stock		-			-			85,270
Cash dividends paid common stock		-			-			(21	)
Repurchase of preferred stock		(24,000	)		-			-
Proceeds from exercise of stock options		3			28			150
Net cash provided by (used in) financing activities		(29,543	)		(2,607	)		82,744
Net increase (decrease) in cash and due from banks		(2,561	)		(4,563	)		2,530
Cash and due from banks at beginning of year		4,200			8,763			6,233
Cash and due from banks at end of year	$	1,639		$	4,200		$	8,763
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for interest	$	1,597		$	1,363		$	742
Cash paid during the year for income taxes	$	-		$	-		$	-