certain accounting policies involve significant judgments and assumptions by management which have a material impact on the carrying value of certain assets and liabilities ; management considers these accounting policies to be critical accounting policies . the judgments and assumptions used by management are based on historical experience and other factors which are believed to be reasonable under the circumstances . because of the nature of the judgments and assumptions made by management , actual results could differ from the judgments and estimates adopted by management which could have a material impact on the carrying values of assets and liabilities and the results of our operations . we believe the following accounting policies applied by ameris represent critical accounting policies . allowance for loan losses we believe the allowance for loan losses is a critical accounting policy that requires the most significant judgments and estimates used in the preparation of our consolidated financial statements . the allowance for loan losses represents management 's estimate of probable incurred losses in the company 's loan portfolio . calculation of the allowance for loan losses represents a critical accounting estimate due to the significant judgment , assumptions and estimates related to the amount and timing of estimated losses , consideration of subjective environmental factors and the amount and timing of cash flows related to impaired loans . 29 index to financial statements management believes that the allowance for loan losses is adequate . while management uses available information to recognize losses on loans , future additions to the allowance for loan losses may be necessary based on changes in economic conditions . in addition , various regulatory agencies , as an integral part of their examination processes , periodically review the company 's allowance for loan losses . such agencies may require the company to recognize additions to the allowance for loan losses based on their judgments about information available to them at the time of their examination . considering current information and events regarding a borrower 's ability to repay its obligations , management considers a loan to be impaired when the ultimate collectability of all amounts due , according to the contractual terms of the loan agreement , is in doubt . when a loan is considered to be impaired , the amount of impairment is measured based on the present value of expected future cash flows discounted at the loan 's effective interest rate or if the loan is collateral-dependent , the fair value of the collateral is used to determine the amount of impairment . impairment losses are included in the allowance for loan losses through a charge to the provision for losses on loans . subsequent recoveries are credited to the allowance for loan losses . cash receipts for accruing loans are applied to principal and interest under the contractual terms of the loan agreement . cash receipts on impaired loans for which the accrual of interest has been discontinued are applied first to principal and then to interest income . certain economic and interest rate factors could have a material impact on the determination of the allowance for loan losses . an improving economy could result in the expansion of businesses and creation of jobs which would positively affect our loan growth and improve our gross revenue stream . conversely , certain factors could result from an expanding economy which could increase our credit costs and adversely impact our net earnings . a significant rapid rise in interest rates could create higher borrowing costs and shrinking corporate profits which could have a material impact on a borrower 's ability to pay . we will continue to concentrate on maintaining a high quality loan portfolio through strict administration of our loan policy . another factor that we have considered in the determination of the allowance for loan losses is loan concentrations to individual borrowers or industries . at december 31 , 2014 , we had one non-covered loan with an outstanding balance of $ 15.1 million , which exceeded our in-house credit limit of $ 15.0 million . we also had four relationships consisting of 18 different non-covered loans that exceeded our $ 15.0 million in-house credit limit . total exposure resulting from these four relationships was $ 88.9 million . additional disclosure concerning the company 's largest loan relationships is provided below . a substantial portion of our loan portfolio is in the commercial real estate and residential real estate sectors . those loans are secured by real estate in our primary market areas . a substantial portion of oreo is located in those same markets . therefore , the ultimate collectability of a substantial portion of our loan portfolio and the recoverability of a substantial portion of the carrying amount of oreo are susceptible to changes to market conditions in our primary market area . fair value accounting estimates gaap requires the use of fair values in determining the carrying values of certain assets and liabilities , as well as for specific disclosures . the most significant include impaired loans , oreo , and the net assets acquired in business combinations . certain of these assets do not have a readily available market to determine fair value and require an estimate based on specific parameters . when market prices are unavailable , we determine fair values utilizing estimates , which are constantly changing , including interest rates , duration , prepayment speeds and other specific conditions . in most cases , these specific parameters require a significant amount of judgment by management . at december 31 , 2014 , the percentage of the company 's assets measured at fair value was 18 % . see note 22 , fair value of financial instruments ,  in the notes to consolidated financial statements herein for additional disclosures regarding the fair value of our assets and liabilities . story_separator_special_tag 35 index to financial statements noninterest expense following is a comparison of noninterest expense for 2014 , 2013 and 2012. replace_table_token_7_th 2014 compared to 2013. operating expenses increased from $ 121.9 million in 2013 to $ 150.9 million in 2014. the primary drivers of the increase in operating expenses are the increased number of branch locations and continued growth and expansion in the company 's mortgage and sba divisions . salaries and employee benefits increased 30.4 % from $ 56.7 million in 2013 to $ 73.9 million in 2014. equipment and occupancy expense increased 42.6 % from $ 12.3 million in 2013 to $ 17.5 million in 2014. data processing and telecommunications expense increased during 2014 to $ 15.6 million , an increase of 34.8 % compared to the $ 11.5 million reported in 2013. advertising and public relations increased $ 1.2 million during 2014 , as the company incurred these costs to support various revenue and growth strategies throughout the year . postage and delivery , printing and supplies , legal fees and other professional fees all increased during 2014 to support the increases assets of the company . acquisition expenses of $ 3.9 million in 2014 relate to the coastal acquisition , compared to the $ 4.4 million recorded in 2013 related to the prosperity acquisition . problem loan and oreo expenses decreased $ 2.0 million in 2014 , as the level of oreo and problem loans declined and general economic conditions improved . excluding acquisition and credit related expenses , total operating expenses were $ 133.4 million for the year ended december 31 , 2014 , compared to $ 102.1 million for 2013. expressed as a percentage of average assets , total operating expense net of credit related and non-recurring acquisition costs in 2013 was 3.58 % , a slight increase from 3.47 % reported in 2013 . 2013 compared to 2012. operating expenses increased from $ 119.5 million in 2012 to $ 121.9 million in 2013. salaries and employee benefits increased 6.7 % from $ 53.1 million in 2012 to $ 56.7 million in 2013. equipment and occupancy expense decreased 7.0 % from $ 13.2 million in 2012 to $ 12.3 million in 2013. data processing and telecommunications expense increased during 2013 to $ 11.5 million , an increase of 8.0 % compared to the $ 10.7 million reported in 2012. postage and delivery , printing and supplies , legal fees and other professional fees all decreased during 2013 due to the efforts to reduce core operating expenses . acquisition expenses of $ 4.4 million in 2013 relate to the prosperity acquisition . problem loan and oreo expenses decreased $ 6.9 million in 2013 , as the level of oreo and problem loans declined and general economic conditions improved . excluding acquisition and credit related expenses , total operating expenses were $ 102.1 million for the year ended december 31 , 2013 , compared to $ 97.1 million for 2012. expressed as a percentage of average assets , total operating expense net of credit related and non-recurring acquisition costs in 2013 was 3.47 % , a slight increase from 3.25 % reported in 2012 . 36 index to financial statements income taxes federal income tax expense is influenced by the amount of taxable income , the amount of tax-exempt income and the amount of non-deductible expenses . for the year ended december 31 , 2014 , the company recorded income tax expense of approximately $ 17.5 million , compared to $ 9.3 million recorded in 2013 and $ 7.3 million recorded in 2012. the company 's effective tax rate was 31 % , 32 % and 34 % for the years ended december 31 , 2014 , 2013 and 2012 , respectively . balance sheet comparison loans management believes that our loan portfolio is adequately diversified . the loan portfolio contains no foreign loans or significant concentrations in any one industry . as of december 31 , 2014 , approximately 80.7 % of our legacy loan portfolio was secured by real estate . the amount of loans outstanding , excluding purchased non-covered and covered loans , at the indicated dates is shown in the following table according to type of loans . replace_table_token_8_th the following table provides additional disclosure on the various loan types comprising the subgroup real estate  commercial & farmland at december 31 , 2014 ( in thousands ) : replace_table_token_9_th 37 index to financial statements the amount of purchased , non-covered loans outstanding , at the indicated dates is shown in the following table according to type of loans . replace_table_token_10_th assets covered by loss-sharing agreements with the fdic - loans that were acquired in fdic-assisted transactions that are covered by the loss-sharing agreements with the fdic ( covered loans ) totaling $ 271.3 million and $ 390.2 million at december 31 , 2014 and 2013 , respectively , are not included in the preceding tables . oreo that is covered by the loss-sharing agreements with the fdic totaled $ 19.9 million and $ 45.9 million at december 31 , 2014 and 2013 , respectively . the loss-sharing agreements are subject to the servicing procedures as specified in the agreements with the fdic . the expected reimbursements under the loss-sharing agreements were recorded as an indemnification asset at their estimated fair value at the respective acquisition dates . the fdic loss-share receivable reported at december 31 , 2014 and 2013 was $ 31.4 million and $ 65.4 million , respectively . the company recorded the loans at their fair values , taking into consideration certain credit quality , risk and liquidity marks . if the company determines that a loan or group of loans has deteriorated from its initial assessment of fair value , the identified loss is charged off and a provision for loan loss is recorded . for the years ended december 31 , 2014 , 2013 and 2012 , the company recorded approximately $ 843,000 , $ 1.5 million

liquidity and interest rate sensitivity liquidity management involves the matching of the cash flow requirements of customers , who may be either depositors desiring to withdraw funds or borrowers needing assurance that sufficient funds will be available to meet their credit needs , and the ability of our company to meet those needs . we seek to meet liquidity requirements primarily through management of short-term investments ( principally interest-bearing deposits in banks ) and monthly amortizing loans . another source of liquidity is the repayment of maturing single payment loans . in addition , our company maintains relationships with correspondent banks , including the fhlb and the federal reserve bank of atlanta , which could provide funds on short notice , if needed . a principal objective of our asset/liability management strategy is to minimize our exposure to changes in interest rates by matching the maturity and repricing horizons of interest-earning assets and interest-bearing liabilities . this strategy is overseen in part through the direction of our asset and liability committee ( the alco committee ) which establishes policies and monitors results to control interest rate sensitivity . as part of our interest rate risk management policy , the alco committee examines the extent to which its assets and liabilities are interest rate sensitive and monitors its interest rate-sensitivity gap. an asset or liability is considered to be interest rate sensitive if it will reprice or mature within the time period analyzed , usually one year or less . the interest rate-sensitivity gap is the difference between the interest-earning assets and interest-bearing liabilities scheduled to mature or reprice within such time period . a gap is considered positive when the amount of interest rate-sensitive assets exceeds the amount of interest rate-sensitive liabilities . a gap is considered negative when the amount of interest rate-sensitive liabilities exceeds the interest rate-sensitive assets . during a period of rising interest rates , a negative gap would tend to adversely affect net interest income , while a positive gap would tend to result in an increase in net interest income .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and interest rate sensitivity liquidity management involves the matching of the cash flow requirements of customers , who may be either depositors desiring to withdraw funds or borrowers needing assurance that sufficient funds will be available to meet their credit needs , and the ability of our company to meet those needs . we seek to meet liquidity requirements primarily through management of short-term investments ( principally interest-bearing deposits in banks ) and monthly amortizing loans . another source of liquidity is the repayment of maturing single payment loans . in addition , our company maintains relationships with correspondent banks , including the fhlb and the federal reserve bank of atlanta , which could provide funds on short notice , if needed . a principal objective of our asset/liability management strategy is to minimize our exposure to changes in interest rates by matching the maturity and repricing horizons of interest-earning assets and interest-bearing liabilities . this strategy is overseen in part through the direction of our asset and liability committee ( the alco committee ) which establishes policies and monitors results to control interest rate sensitivity . as part of our interest rate risk management policy , the alco committee examines the extent to which its assets and liabilities are interest rate sensitive and monitors its interest rate-sensitivity gap. an asset or liability is considered to be interest rate sensitive if it will reprice or mature within the time period analyzed , usually one year or less . the interest rate-sensitivity gap is the difference between the interest-earning assets and interest-bearing liabilities scheduled to mature or reprice within such time period . a gap is considered positive when the amount of interest rate-sensitive assets exceeds the amount of interest rate-sensitive liabilities . a gap is considered negative when the amount of interest rate-sensitive liabilities exceeds the interest rate-sensitive assets . during a period of rising interest rates , a negative gap would tend to adversely affect net interest income , while a positive gap would tend to result in an increase in net interest income .
```    
 Suspicious Activity Report : certain accounting policies involve significant judgments and assumptions by management which have a material impact on the carrying value of certain assets and liabilities ; management considers these accounting policies to be critical accounting policies . the judgments and assumptions used by management are based on historical experience and other factors which are believed to be reasonable under the circumstances . because of the nature of the judgments and assumptions made by management , actual results could differ from the judgments and estimates adopted by management which could have a material impact on the carrying values of assets and liabilities and the results of our operations . we believe the following accounting policies applied by ameris represent critical accounting policies . allowance for loan losses we believe the allowance for loan losses is a critical accounting policy that requires the most significant judgments and estimates used in the preparation of our consolidated financial statements . the allowance for loan losses represents management 's estimate of probable incurred losses in the company 's loan portfolio . calculation of the allowance for loan losses represents a critical accounting estimate due to the significant judgment , assumptions and estimates related to the amount and timing of estimated losses , consideration of subjective environmental factors and the amount and timing of cash flows related to impaired loans . 29 index to financial statements management believes that the allowance for loan losses is adequate . while management uses available information to recognize losses on loans , future additions to the allowance for loan losses may be necessary based on changes in economic conditions . in addition , various regulatory agencies , as an integral part of their examination processes , periodically review the company 's allowance for loan losses . such agencies may require the company to recognize additions to the allowance for loan losses based on their judgments about information available to them at the time of their examination . considering current information and events regarding a borrower 's ability to repay its obligations , management considers a loan to be impaired when the ultimate collectability of all amounts due , according to the contractual terms of the loan agreement , is in doubt . when a loan is considered to be impaired , the amount of impairment is measured based on the present value of expected future cash flows discounted at the loan 's effective interest rate or if the loan is collateral-dependent , the fair value of the collateral is used to determine the amount of impairment . impairment losses are included in the allowance for loan losses through a charge to the provision for losses on loans . subsequent recoveries are credited to the allowance for loan losses . cash receipts for accruing loans are applied to principal and interest under the contractual terms of the loan agreement . cash receipts on impaired loans for which the accrual of interest has been discontinued are applied first to principal and then to interest income . certain economic and interest rate factors could have a material impact on the determination of the allowance for loan losses . an improving economy could result in the expansion of businesses and creation of jobs which would positively affect our loan growth and improve our gross revenue stream . conversely , certain factors could result from an expanding economy which could increase our credit costs and adversely impact our net earnings . a significant rapid rise in interest rates could create higher borrowing costs and shrinking corporate profits which could have a material impact on a borrower 's ability to pay . we will continue to concentrate on maintaining a high quality loan portfolio through strict administration of our loan policy . another factor that we have considered in the determination of the allowance for loan losses is loan concentrations to individual borrowers or industries . at december 31 , 2014 , we had one non-covered loan with an outstanding balance of $ 15.1 million , which exceeded our in-house credit limit of $ 15.0 million . we also had four relationships consisting of 18 different non-covered loans that exceeded our $ 15.0 million in-house credit limit . total exposure resulting from these four relationships was $ 88.9 million . additional disclosure concerning the company 's largest loan relationships is provided below . a substantial portion of our loan portfolio is in the commercial real estate and residential real estate sectors . those loans are secured by real estate in our primary market areas . a substantial portion of oreo is located in those same markets . therefore , the ultimate collectability of a substantial portion of our loan portfolio and the recoverability of a substantial portion of the carrying amount of oreo are susceptible to changes to market conditions in our primary market area . fair value accounting estimates gaap requires the use of fair values in determining the carrying values of certain assets and liabilities , as well as for specific disclosures . the most significant include impaired loans , oreo , and the net assets acquired in business combinations . certain of these assets do not have a readily available market to determine fair value and require an estimate based on specific parameters . when market prices are unavailable , we determine fair values utilizing estimates , which are constantly changing , including interest rates , duration , prepayment speeds and other specific conditions . in most cases , these specific parameters require a significant amount of judgment by management . at december 31 , 2014 , the percentage of the company 's assets measured at fair value was 18 % . see note 22 , fair value of financial instruments ,  in the notes to consolidated financial statements herein for additional disclosures regarding the fair value of our assets and liabilities . story_separator_special_tag 35 index to financial statements noninterest expense following is a comparison of noninterest expense for 2014 , 2013 and 2012. replace_table_token_7_th 2014 compared to 2013. operating expenses increased from $ 121.9 million in 2013 to $ 150.9 million in 2014. the primary drivers of the increase in operating expenses are the increased number of branch locations and continued growth and expansion in the company 's mortgage and sba divisions . salaries and employee benefits increased 30.4 % from $ 56.7 million in 2013 to $ 73.9 million in 2014. equipment and occupancy expense increased 42.6 % from $ 12.3 million in 2013 to $ 17.5 million in 2014. data processing and telecommunications expense increased during 2014 to $ 15.6 million , an increase of 34.8 % compared to the $ 11.5 million reported in 2013. advertising and public relations increased $ 1.2 million during 2014 , as the company incurred these costs to support various revenue and growth strategies throughout the year . postage and delivery , printing and supplies , legal fees and other professional fees all increased during 2014 to support the increases assets of the company . acquisition expenses of $ 3.9 million in 2014 relate to the coastal acquisition , compared to the $ 4.4 million recorded in 2013 related to the prosperity acquisition . problem loan and oreo expenses decreased $ 2.0 million in 2014 , as the level of oreo and problem loans declined and general economic conditions improved . excluding acquisition and credit related expenses , total operating expenses were $ 133.4 million for the year ended december 31 , 2014 , compared to $ 102.1 million for 2013. expressed as a percentage of average assets , total operating expense net of credit related and non-recurring acquisition costs in 2013 was 3.58 % , a slight increase from 3.47 % reported in 2013 . 2013 compared to 2012. operating expenses increased from $ 119.5 million in 2012 to $ 121.9 million in 2013. salaries and employee benefits increased 6.7 % from $ 53.1 million in 2012 to $ 56.7 million in 2013. equipment and occupancy expense decreased 7.0 % from $ 13.2 million in 2012 to $ 12.3 million in 2013. data processing and telecommunications expense increased during 2013 to $ 11.5 million , an increase of 8.0 % compared to the $ 10.7 million reported in 2012. postage and delivery , printing and supplies , legal fees and other professional fees all decreased during 2013 due to the efforts to reduce core operating expenses . acquisition expenses of $ 4.4 million in 2013 relate to the prosperity acquisition . problem loan and oreo expenses decreased $ 6.9 million in 2013 , as the level of oreo and problem loans declined and general economic conditions improved . excluding acquisition and credit related expenses , total operating expenses were $ 102.1 million for the year ended december 31 , 2013 , compared to $ 97.1 million for 2012. expressed as a percentage of average assets , total operating expense net of credit related and non-recurring acquisition costs in 2013 was 3.47 % , a slight increase from 3.25 % reported in 2012 . 36 index to financial statements income taxes federal income tax expense is influenced by the amount of taxable income , the amount of tax-exempt income and the amount of non-deductible expenses . for the year ended december 31 , 2014 , the company recorded income tax expense of approximately $ 17.5 million , compared to $ 9.3 million recorded in 2013 and $ 7.3 million recorded in 2012. the company 's effective tax rate was 31 % , 32 % and 34 % for the years ended december 31 , 2014 , 2013 and 2012 , respectively . balance sheet comparison loans management believes that our loan portfolio is adequately diversified . the loan portfolio contains no foreign loans or significant concentrations in any one industry . as of december 31 , 2014 , approximately 80.7 % of our legacy loan portfolio was secured by real estate . the amount of loans outstanding , excluding purchased non-covered and covered loans , at the indicated dates is shown in the following table according to type of loans . replace_table_token_8_th the following table provides additional disclosure on the various loan types comprising the subgroup real estate  commercial & farmland at december 31 , 2014 ( in thousands ) : replace_table_token_9_th 37 index to financial statements the amount of purchased , non-covered loans outstanding , at the indicated dates is shown in the following table according to type of loans . replace_table_token_10_th assets covered by loss-sharing agreements with the fdic - loans that were acquired in fdic-assisted transactions that are covered by the loss-sharing agreements with the fdic ( covered loans ) totaling $ 271.3 million and $ 390.2 million at december 31 , 2014 and 2013 , respectively , are not included in the preceding tables . oreo that is covered by the loss-sharing agreements with the fdic totaled $ 19.9 million and $ 45.9 million at december 31 , 2014 and 2013 , respectively . the loss-sharing agreements are subject to the servicing procedures as specified in the agreements with the fdic . the expected reimbursements under the loss-sharing agreements were recorded as an indemnification asset at their estimated fair value at the respective acquisition dates . the fdic loss-share receivable reported at december 31 , 2014 and 2013 was $ 31.4 million and $ 65.4 million , respectively . the company recorded the loans at their fair values , taking into consideration certain credit quality , risk and liquidity marks . if the company determines that a loan or group of loans has deteriorated from its initial assessment of fair value , the identified loss is charged off and a provision for loan loss is recorded . for the years ended december 31 , 2014 , 2013 and 2012 , the company recorded approximately $ 843,000 , $ 1.5 million

