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

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

December 31, 2020 and 2019

(dollars in thousands)


	2020		2019
Assets
Cash and due from banks	$	167,643	$	102,392
Investment in subsidiaries	2,911,488		2,688,952
Other assets	16,564		16,667
Total assets	$	3,095,695	$	2,808,011

Liabilities
Other liabilities	$	24,212	$	19,220
Other borrowings	300,050		191,649
Subordinated deferrable interest debentures	124,345		127,560
Total liabilities	448,607		338,429
Shareholders' equity	2,647,088		2,469,582
Total liabilities and shareholders' equity	$	3,095,695	$	2,808,011

Condensed Statements of Income

Years Ended December 31, 2020, 2019 and 2018

(dollars in thousands)


	2020		2019		2018
Income
Dividends from subsidiaries	$	93,000	$	67,200	$	46,000
Other income	910		493		4,726
Total income	93,910		67,693		50,726

Expense
Interest expense	17,616		16,264		12,670
Other expense	8,300		12,199		8,578
Total expense	25,916		28,463		21,248

Income before taxes and equity in undistributed income of subsidiaries	67,994		39,230		29,478
Income tax benefit	5,225		5,603		5,051
Income before equity in undistributed income of subsidiaries	73,219		44,833		34,529
Equity in undistributed income of subsidiaries	188,769		116,608		86,498
Net income	$	261,988	$	161,441	$	121,027

Condensed Statements of Cash Flows

Years Ended December 31, 2020, 2019 and 2018

(dollars in thousands)


	2020		2019		2018
OPERATING ACTIVITIES
Net income	$	261,988	$	161,441	$	121,027
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense	3,810		3,424		6,241
Undistributed earnings of subsidiaries	(188,769)		(116,608)		(86,498)
Increase in interest payable	847		33		313
Decrease (increase) in tax receivable	6,001		(6,860)		1,436
Provision for deferred taxes	(1,225)		1,595		195
Gain on sale of equity security	—		(61)		—
Change attributable to other operating activities	7,652		(2,396)		(2,051)
Total adjustments	(171,684)		(120,873)		(80,364)
Net cash provided by operating activities	90,304		40,568		40,663

INVESTING ACTIVITIES
(Increase) decrease in other investments	(8,012)		282		—
Repayment of advances to subsidiary bank	—		10,000		—
Investment in subsidiary	(75,000)		—		—
Net cash proceeds received from (paid for) acquisitions	—		34,939		(90,542)
Proceeds from bank owned life insurance	2,383		—		—
Net cash (used in) provided by investing activities	(80,629)		45,221		(90,542)

FINANCING ACTIVITIES

Purchase of treasury shares	(7,995)		(18,410)		(2,062)
Dividends paid - common stock	(41,685)		(24,675)		(16,405)
Proceeds from other borrowings	108,149		117,572		70,000
Repayment of other borrowings	(5,155)		(70,000)		—
Proceeds from exercise of stock options	2,262		5,139		914
Net cash provided by financing activities	55,576		9,626		52,447

Net change in cash and cash equivalents	65,251		95,415		2,568
Cash and cash equivalents at beginning of year	102,392		6,977		4,409
Cash and cash equivalents at end of year	$	167,643	$	102,392	$	6,977

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for interest	$	16,769	$	16,173	$	12,357
Cash received during the year for income taxes	$	(10,000)	$	—	$	(7,500)