Ameris Bancorp · NYSE:ABCB
Ameris Bancorp — Q4 2019 Earnings Presentation
22 slides from Ameris Bancorp's earnings presentation, Jan 24, 2020
Slide 1: 4th Quarter 2019 Results Investor Presentation
4th Quarter 2019 Results Investor Presentation Exhibit 99.2
Slide 2: Cautionary Statements
Cautionary Statements This presentation contains forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans, expectations and goals. Words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “e
Slide 3: The Ameris Bancorp Story
The Ameris Bancorp Story Top of Class Operating Results Disciplined M&A Strategy in the Southeast Management team focused on producing top quartile results, including 1.52% Adjusted ROA and 18.74% Adjusted ROTCE in 2019 Higher than peer EPS growth estimates in 2020 due to recent acquisition of Fidel
Slide 4: Investment Rationale
Investment Rationale Operating Performance Organic Growth Opportunities Valuation Historically top quartile return on assets (>1.50% for 2019) Strong ROTCE that supports organic and M&A growth (over 18% for 2019) Catalysts already identified that are expected to drive efficiency ratio below 55% over
Slide 5: 2019 Financial Results
2019 Financial Results AMERIS BANCORP
Slide 6: Earnings Summary - Adjusted Basis
Earnings Summary - Adjusted Basis (dollars in thousands, except per share data) Quarter to Date Results Year To Date Results 4Q19 4Q18 Change 2019 2018 Change Adjusted Net Income $ 66,608 $ 45,897 45% $ 222,944 $ 146,208 52% Adjusted Net Income Per Share $ 0.96 $ 0.96 0% $ 3.80 $ 3.38 12% Adjusted R
Slide 7: 4Q 2019 Operating Highlights
4Q 2019 Operating Highlights Growth in adjusted net income of 45.1% compared with 4Q18 Adjusted efficiency ratio of 55.61%, compared with 57.25% in 3Q19 and 54.10% in 4Q18 Adjusted ROA of 1.47%, compared with 1.57% in 3Q19 and 1.61% in 4Q18 Adjusted ROTCE of 18.45%, compared with 18.95% in 3Q19 and
Slide 8: 2019 YTD Operating Highlights
2019 YTD Operating Highlights Growth in adjusted net income of 52.5% compared with 2018 Growth in adjusted EPS of 12.4% compared with 2018 Growth in noninterest bearing deposits, net of deposits assumed from Fidelity, of $377.6 million, or 15.0%, compared with December 31, 2018 Adjusted efficiency r
Slide 9: Operating Highlights
Operating Highlights (dollars in thousands) For the quarter For the year to date period 4Q19 4Q18 2019 2018 Asset Growth(1) 478,302 14,521 6,799,064 3,587,312 Asset Growth Rate 10.77% 0.51% 59.41% 45.66% Organic Loan Growth (95,095) (7,711) 751,811 482,613 Organic Loan Growth Rate -3.03% -0.38% 9.16
Slide 10: Total Revenue
Total Revenue Spread Revenues Quarterly growth in average earning assets of $599.2 million, or 3.9%, from 3Q19 to 4Q19 Annual growth in average earning assets of $4.27 billion, or 48.2%, from 4Q18 to 4Q19 Net Interest Margin of 3.86% in 4Q19, compared with 3.84% in 3Q19 Slight increase in margin in
Slide 11: Net Interest Margin
Net Interest Margin Stable margins over the entire rate cycle. Loan Production Details Period Fixed Rate Variable Rate Total 4Q19 $ 553.2 4.26% $ 543.2 5.15% $1,096.3 4.70% 3Q19 $ 489.9 4.58% $ 684.1 5.43% $1,173.9 5.08% 2Q19 $ 443.1 5.01% $ 411.7 6.00% $ 854.7 5.49% Spread Income and Margin: Averag
Slide 12: Expenses Steady
Expenses Steady, Adjusted Operating Expenses(1) OPEX Highlights: 1 – Adjusted Operating Expenses exclude merger and conversion costs, executive retirement benefits, restructuring charges related to branch consolidation plan, financial impact of hurricanes, expenses related to SEC and DOJ investigati
Slide 13: Capital and TBV
Capital and TBV Consistent Growth in TBV Steady Capital Levels Support Growth Rate Historically, consistent growth in TBV TBV increased $0.52 per share in 4Q19 $0.73 from retained earnings $0.04 from change in OCI ($0.25) from all other items including share repurchase TCE / TA at quarter end of 8.4
Slide 14: Credit Quality and Loan Diversification
Credit Quality and Loan Diversification
Slide 15: Diversified Loan Portfolio
Diversified Loan Portfolio Diversified mortgage loan & HELOC portfolio represents the largest category of loans at 21.1% of total Participations purchased < 1% of total loans Average loan size is $54,000 across all loan types Only 12.0% of total loans are Construction or A&D loans CRE and C&D concen
Slide 16: Diversified Loan Portfolio Relationship Groupings
Diversified Loan Portfolio Relationship Groupings Total Committed Exposure (MM's) % of Total Legacy (FIS) Portfolio Top 25 Relationships $ 1,020.9 11.2% Top 50 Relationships $ 1,739.2 19.0% Top 100 Relationships $ 2,738.6 29.9% Top 250 Relationships $ 4,306.6 47.1% Top 300 Relationships $ 4,640.1 50
Slide 17: Non-performing Asset Trend
Non-performing Asset Trend Non-Performing Assets increased to $101.3MM, at YE19 primarily as a result of the acquisition of LION YE19 NPAs, as a percentage of Total Assets, remained low at 0.56%, which is near pre-merger level Ameris has completed five acquisitions since YE14 resulting in an increas
Slide 18: Investor CRE Loans
Investor CRE Loans >75% of CRE assets are concentrated within our four-state footprint, primarily Atlanta, Jacksonville, Orlando, Tampa, Tallahassee, Columbia, Savannah and Charleston MSAs At YE19, Past Due and Nonaccrual loans totaled 34bps and 29bps, respectively. Loan Type Outstanding (MM's) % NP
Slide 19: 4Q19 Commercial Real Estate Production
4Q19 Commercial Real Estate Production 4Q19 Construction and Development Loan Production Summary: 4Q19 Commercial Real Estate Production Summary: 4Q19 production of C&D and CRE loans - $671.8MM committed exposure Residential Real Estate Construction: 4Q19 production spec to sold ratio of 1.4:1 Total
Slide 20: C&I Loans
C&I Loans Largest segment is US Premium Finance at $694.3MM 4Q19 USPF Production Stats: Mortgage Warehouse Division funded $4.5B of loans in 2018 and $6.8B in 2019 – 50% growth Total approved guidance lines = $924.5MM Average days on line = 18 days No losses in 2017, 2018 or 2019 4Q19 Rolling 12-Mos
Slide 21: Mortgage Loans
Mortgage Loans SFR Mortgage (ex HFS) 21.0% Mortgage Portfolio consists of: Legacy bank mortgage loans - $462.9 million Mortgage division originated loans - $1.75 billion Purchased mortgage pools - $196.6 million Home Equity LOCs - $309.9 million Mortgage division production is underwritten to second
Slide 22: Press Release & Financial Highlights December 31, 2019
Ameris Bancorp Press Release & Financial Highlights December 31, 2019