CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY)

12 Months Ended

Dec. 31, 2024

Condensed Balance Sheets

December 31, 2024 and 2023

(dollars in thousands)


	2024		2023
Assets
Cash and due from banks	$	141,836	$	165,179
Investment in subsidiaries	3,857,797		3,611,093
Other assets	29,920		29,898
Total assets	$	4,029,553	$	3,806,170

Liabilities
Other liabilities	$	36,883	$	33,766
Other borrowings	108,839		215,342
Subordinated deferrable interest debentures	132,309		130,315
Total liabilities	278,031		379,423
Shareholders' equity	3,751,522		3,426,747
Total liabilities and shareholders' equity	$	4,029,553	$	3,806,170

Condensed Statements of Income

Years Ended December 31, 2024, 2023 and 2022

(dollars in thousands)


	2024		2023		2022
Income
Dividends from subsidiaries	$	149,000	$	175,000	$	50,000
Other income	347		462		175
Securities gains	24		—		270
Total income	149,371		175,462		50,445

Expense
Interest expense	22,504		24,568		22,170
Other expense	18,651		13,858		11,154
Total expense	41,155		38,426		33,324

Income before taxes and equity in undistributed income of subsidiaries	108,216		137,036		17,121
Income tax benefit	9,586		10,738		8,553
Income before equity in undistributed income of subsidiaries	117,802		147,774		25,674
Equity in undistributed income of subsidiaries	240,883		121,331		320,866
Net income	$	358,685	$	269,105	$	346,540

Condensed Statements of Cash Flows

Years Ended December 31, 2024, 2023 and 2022

(dollars in thousands)


	2024		2023		2022
OPERATING ACTIVITIES
Net income	$	358,685	$	269,105	$	346,540
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense	13,440		9,950		6,706
Undistributed earnings of subsidiaries	(240,883)		(121,331)		(320,866)
Decrease in interest payable	(204)		(319)		(961)
Increase in tax payable	1,540		3,021		8,596
Provision for deferred taxes	(788)		(1,165)		(649)
Gain on sale of other investments	(24)		—		(270)
Change attributable to other operating activities	2,179		1,188		200
Total adjustments	(224,740)		(108,656)		(307,244)
Net cash provided by operating activities	133,945		160,449		39,296

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

Investment in subsidiary	—		—		(65,000)


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

FINANCING ACTIVITIES

Purchase of treasury shares	(7,954)		(20,346)		(22,421)
Dividends paid - common stock	(41,460)		(41,649)		(41,610)

Repayment of other borrowings	(107,874)		(86,850)		—
Proceeds from exercise of stock options	—		476		2,799
Net cash used in by financing activities	(157,288)		(148,369)		(61,232)

Net change in cash and cash equivalents	(23,343)		12,080		(86,723)
Cash and cash equivalents at beginning of year	165,179		153,099		239,822
Cash and cash equivalents at end of year	$	141,836	$	165,179	$	153,099

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for interest	$	22,708	$	24,887	$	23,131
Cash received during the year for income taxes	$	(10,338)	$	(12,593)	$	(16,499)