Condensed Financial Information of Ameris Bancorp (Parent Company Only)

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Ameris Bancorp (Parent Company Only)

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

CONDENSED BALANCE SHEETS

DECEMBER 31, 2014 AND 2013

(Dollars in Thousands)

	2014		2013
Assets
Cash and due from banks	$	868	$	3,550
Investment in subsidiaries		470,557		386,377
Other assets		6,552		6,824
Total assets	$	477,977	$	396,751
Liabilities
Other liabilities	$	7,624	$	14
Other borrowings		39,000		24,572
Subordinated deferrable interest debentures		65,325		55,466
Total liabilities		111,949		80,052
Stockholders’ equity		366,028		316,699
Total liabilities and stockholders’ equity	$	477,977	$	396,751

CONDENSED STATEMENTS OF INCOME

YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012

(Dollars in Thousands)

	2014		2013			2012
Income
Dividends from subsidiaries	$	29,000	$	2,200		$	29,000
Gain on sale of securities		-		-			214
Other income		235		26			106
Total income		29,235		2,226			29,320
Expense
Interest		4,558		1,527			1,489
Other expense		2,253		1,133			1,545
Total expense		6,811		2,660			3,034
Earnings (loss) before income tax benefit and dividends received in excess of earnings of subsidiaries and equity in undistributed income (loss) of subsidiaries		22,424		(434	)		26,286
Income tax benefit		2,468		921			921
Earnings (loss) before dividends received in excess of earnings of subsidiaries and equity in undistributed income of subsidiaries		24,892		487			27,207
Dividends received in excess of earnings of subsidiaries		-		-			(12,772	)
Equity in undistributed income of subsidiaries		13,831		19,531			-
Net income		38,723		20,018			14,435
Preferred stock dividend		286		1,738			3,577
Net income available to common shareholders	$	38,437	$	18,280		$	10,858

CONDENSED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012

(Dollars in Thousands)

	2014			2013			2012
OPERATING ACTIVITIES
Net income	$	38,723		$	20,018		$	14,435
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation expense		2,058			1,041			1,044
Dividends received in excess of earnings of subsidiaries		-			-			12,772
Undistributed earnings of subsidiaries		(13,831	)		(19,531	)		-
(Increase) decrease in interest payable		(214	)		(5,300	)		(108	)
Decrease in tax receivable		(256	)		(813	)		(786	)
Provision for deferred taxes		(426	)		39			14
Other operating activities		(1,558	)		(2,686	)		(388	)
Total adjustments		(14,227	)		(27,250	)		12,548
Net cash provided by (used in) operating activities		24,496			(7,232	)		26,983
INVESTING ACTIVITIES
Net cash proceeds received from acquisitions		144			249			-
Net cash provided by investing activities		144			249			-
FINANCING ACTIVITIES
Repurchase of warrant		-			-			(2,670	)
Purchase of treasury shares		(474	)		(116	)		(235	)
Dividends paid preferred stock		(286	)		(1,400	)		(2,642	)
Dividends paid common stock		(4,016	)		-			-
Proceeds from other borrowings		14,000			10,000			-
Repayment of other borrowings		(9,005	)		-			-
Repurchase of preferred stock		(28,000	)		-			(24,000	)
Proceeds from exercise of stock options		459			410			3
Net cash provided by (used in) financing activities		(27,322	)		8,894			(29,544	)
Net change in cash and due from banks		(2,682	)		1,911			(2,561	)
Cash and due from banks at beginning of year		3,550			1,639			4,200
Cash and due from banks at end of year	$	868		$	3,550		$	1,639
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for interest	$	4,772		$	1,523		$	1,597
Cash paid during the year for income taxes	$	-		$	-		$	-