Ameris Bancorp · NYSE:ABCB
Ameris Bancorp — Investor Presentation (May 2023)
21 slides from Ameris Bancorp's investor presentation, May 16, 2023
Slide 1: May 2023 Investor Presentation
May 2023 Investor Presentation
Slide 2: Cautionary Statements
Cautionary Statements 1 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,” “pl
Slide 3: Ameris Franchise Value Investment Rationale
Ameris Franchise Value Investment Rationale • Top of peer financial results with culture of discipline – credit, liquidity, expense control, capital • Proven liquidity management supported by strong, stable deposit base • Proven stewards of shareholder value – TBV has grown 13 % annualized over past
Slide 4: Ameris Profile
Ameris Profile 3 $26.84 $27.89 $28.62 $29.92 $30.79 $24.00 $25.00 $26.00 $27.00 $28.00 $29.00 $30.00 $31.00 $32.00 1Q22 2Q22 3Q22 4Q22 1Q23 Consistent Tangible Book Value Growth $1.17 $1.30 $1.34 $1.18 $0.87 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 1Q22 2Q22 3Q22 4Q22 1Q23 Diluted EPS $
Slide 5: Diversified Revenue Stream
Diversified Revenue Stream 4 • Strong revenue base of net interest income from core banking division • Additional revenue provided by our diversified lines of business Mortgage Banking Activity • Retail mortgage activity has continued to stabilize back to pre - pandemic levels • Mortgage banking act
Slide 6: Strong Net Interest Margin
Strong Net Interest Margin 5 Banking Division Loan Production Details Period Fixed Rate Variable Rate Total 1Q23 $ 339.8 9.40% $ 223.2 7.68% $563.0 8.72% 4Q22 $ 399.9 8.16% $ 213.0 7.46% $612.9 7.92% 3Q22 $ 596.3 6.58% $ 528.5 5.90% $1,124.7 6.26% • Above peer group margin, at 3.76% • Net interest i
Slide 7: Disciplined Expense Control
Disciplined Expense Control Adjusted Operating Expenses and Efficiency Ratio (1) OPEX Highlights 6 • Management continues to deliver high performing operating efficiency • Total adjusted operating expenses increased $4.6 million in 1Q23 compared with 4Q22: ‒ Increase of $2.4 million in 1Q23 banking
Slide 8: Proven Liquidity Plan
Proven Liquidity Plan 7 At March 31, 2023 $ in millions Total Available Amount Used Net Availability Internal Sources Cash $ 2,021 $ - $ 2,021 Unpledged Securities 633 - 633 External Sources FHLB 4,876 2,498 2,378 FRB Discount Window 2,717 - 2,717 Brokered Deposits 2,796 1,258 1,538 Other 127 - 127
Slide 9: Strong Core Deposit Base
Strong Core Deposit Base 8 Deposit Highlights • Total deposits increased $434.7 million in 1Q23 compared with 4Q22 • Noninterest - bearing deposits decreased $631.7 million, or 8.0% • Exclusive of increase in brokered CDs, total deposits declined $675 million • Usual 1Q cyclicality of public funds a
Slide 10: Capital Strength
Capital Strength 9 Capital Highlights • Ameris is well capitalized with minimal unrealized losses in the investment portfolio • CET1 ratio is strong at 10.10% • CET1, net of unrealized losses on bond portfolio, remains strong at 9.87% • Unrealized loss of AFS portfolio improved to $44 million at Mar
Slide 11: Consistent TBV Growth
Consistent TBV Growth Proven Stewards of Shareholder Value 10 • Management focused on long term growth in TBV (1) , such that over the past five years TBV has grown by 13% annualized • TBV increased $0.87 per share in 1Q23: – $0.72 from retained earnings – $0.16 from impact of OCI – ($0.01) from all
Slide 12: Loan Diversification and Credit Quality
Loan Diversification and Credit Quality
Slide 13: Diversified Loan Portfolio
Diversified Loan Portfolio 1Q23 Loan Portfolio 12 • Loan portfolio is well diversified across loan types and geographies • CRE and C&D concentrations were 287% and 80%, respectively, at 1Q23 • Non - owner occupied office loans totaled $1.4 billion at 1Q23, or 7.1% of total loans • Continued strong a
Slide 14: Allowance for Credit Losses
Allowance for Credit Losses 13 • The ACL on loans totaled $242.7 million at 1Q23, a net increase of $37.0 million, or 18.0% from 4Q22 • The ACL equated to 1.21% of total loans compared to 1.04% at 4Q22 • During 1Q23, we recorded a provision expense of $49.7 million • Results were primarily driven by
Slide 15: NPA / Charge-Off Trend
NPA / Charge - Off Trend 14 • Net of GNMA - guaranteed mortgage loans, NPAs declined as a percentage of total assets to 0.33% at 1Q23 vs 0.34% at 4Q22 • Total NPAs in creased $6.8 million, to $160.3 million, primarily as a result of: • $5.4 million increase in 90+ past due GNMA - guaranteed mortgage
Slide 16: Investor CRE & Multi-Family Loans
Investor CRE & Multi - Family Loans 15 Stratification of Investor CRE Portfolio • Non - Owner Occupied CRE Portfolio is well diversified • Almost 90% of CRE loans are located within the Bank’s five - state footprint • Most MSAs within the Bank’s footprint exhibit population growth forecasts exceedin
Slide 17: Office Portfolio
Office Portfolio • 85% of non - owner occupied office loans are located in MSAs in the Bank’s footprint. Overall, the average loan size is $1.3 million. The blended average vacancy rate is < 10% • The average maturity of fixed - rate loans is ~ 4 . 25 years ; only 18 % of loans mature through 2024 •
Slide 18: Equipment Finance Portfolio
Equipment Finance Portfolio 17 • Balboa Capital was a 35 - year - old small business lender which successfully operated through several business cycles since that time • Ameris purchased $665.8 million of equipment finance loans in December 2021 and successfully integrated them during 2022 to includ
Slide 19: Appendix
Appendix AMERIS BANCORP
Slide 20: Reconciliation of GAAP to Non-GAAP Measures
19 Reconciliation of GAAP to Non - GAAP Measures (dollars in thousands) 1Q23 4Q22 3Q22 2Q22 1Q22 Adjusted Noninterest Expense Total noninterest expense 139,421$ 135,061$ 139,578$ 142,196$ 143,820$ Adjustment items: Merger and conversion charges - (235) - - (977) Natural disaster and pandemic expense
Slide 21: Reconciliation of GAAP to Non-GAAP Measures
20 Reconciliation of GAAP to Non - GAAP Measures (dollars in thousands) 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 Total shareholders' equity 3,253,195$ 3,197,400$ 3,119,070$ 3,073,376$ 3,007,159$ 2,966,451$ 2,900,770$ 2,837,004$ 2,757,596$ 2,647,088$ 2,564,683$ Less: Goodwill 1,015,646