Condensed Financial Information of Ameris Bancorp (Parent Company Only)

12 Months Ended

Dec. 31, 2013

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Ameris Bancorp (Parent Company Only)

NOTE 23. CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY)

CONDENSED BALANCE SHEETS

DECEMBER 31, 2013 AND 2012

(Dollars in Thousands)

	2013		2012
Assets
Cash and due from banks	$	3,550	$	1,639
Investment in subsidiaries		386,377		319,364
Other assets		6,824		4,440
Total assets	$	396,751	$	325,443
Liabilities
Other liabilities	$	14	$	4,157
Other borrowings		24,572		-
Subordinated deferrable interest debentures		55,466		42,269
Total liabilities		80,052		46,426
Stockholders’ equity		316,699		279,017
Total liabilities and stockholders’ equity	$	396,751	$	325,443

CONDENSED STATEMENTS OF INCOME

YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011

(Dollars in Thousands)

	2013			2012			2011
Income
Dividends from subsidiaries	$	2,200		$	29,000		$	-
Gain on sale of securities		-			214			-
Other income		26			106			124
Total income		2,226			29,320			124
Expense
Interest		1,527			1,489			1,417
Other expense		1,133			1,545			1,120
Total expense		2,660			3,034			2,537
Earnings (loss) before income tax benefit and dividends received in excess of earnings of subsidiaries and equity in undistributed income (loss) of subsidiaries		(434	)		26,286			(2,413	)
Income tax benefit		921			921			785
Earnings (loss) before dividends received in excess of earnings of subsidiaries and equity in undistributed income of subsidiaries		487			27,207			(1,628	)
Dividends received in excess of earnings of subsidiaries		-			(12,772	)		-
Equity in undistributed income of subsidiaries		19,531			-			22,721
Net income		20,018			14,435			21,093
Preferred stock dividend		1,738			3,577			3,241
Net income available to common shareholders	$	18,280		$	10,858		$	17,852

CONDENSED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011

(Dollars in Thousands)

	2013			2012			2011
OPERATING ACTIVITIES
Net income	$	20,018		$	14,435		$	21,093
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense		1,041			1,044			785
Dividends received in excess of earnings of subsidiaries		-			12,772			-
Undistributed earnings of subsidiaries		(19,531	)		-			(22,721	)
(Increase) decrease in interest payable		(5,300	)		(108	)		54
Decrease in tax receivable		(813	)		(786	)		(247	)
Provision for deferred taxes		39			14			(390	)
Other operating activities		(2,686	)		(388	)		(530	)
Total adjustments		(27,250	)		12,548			(23,049	)
Net cash provided by (used in) operating activities		(7,232	)		26,983			(1,956	)
INVESTING ACTIVITIES
Net cash proceeds received from acquisitions		249			-			-
Net cash provided by investing activities		249			-			-
FINANCING ACTIVITIES
Repurchase of warrant		-			(2,670	)		-
Purchase of treasury shares		(116	)		(235	)		-
Dividends paid preferred stock		(1,400	)		(2,642	)		(2,635	)
Proceeds from other borrowings		10,000			-			-
Repurchase of preferred stock		-			(24,000	)		-
Proceeds from exercise of stock options		410			3			28
Net cash provided by (used in) financing activities		8,894			(29,544	)		(2,607	)
Net change in cash and due from banks		1,911			(2,561	)		(4,563	)
Cash and due from banks at beginning of year		1,639			4,200			8,763
Cash and due from banks at end of year	$	3,550		$	1,639		$	4,200
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for interest	$	1,523		$	1,597		$	1,363
Cash paid during the year for income taxes	$	-		$	-		$	-