Ameris Bancorp · NYSE:ABCB
Ameris Bancorp — Q1 2024 Earnings Presentation
26 slides from Ameris Bancorp's earnings presentation, Apr 26, 2024
Slide 1: 1st Quarter 2024 Results Investor Presentation
1st Quarter 2024 Results Investor Presentation
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,” “
Slide 3: Ameris Profile
Ameris Profile Investment Rationale • Top of peer financial results with culture of discipline – credit, liquidity, expense control, capital • Diversified loan portfolio among geographies and product lines • Strong Southeast markets • Stable core deposit base • Experienced executive team with skills
Slide 4: 1Q 2024 Operating Highlights
1Q 2024 Operating Highlights • Net income of $74.3 million, or $1.08 per diluted share • Adjusted net income (1) of $75.6 million, or $1.10 per diluted share • PPNR ROA(1) of 1.89% for 1Q24, which includes 4bps negative impact from FDIC special assessment • Adjusted efficiency ratio(1) of 54.56% • T
Slide 5: Financial Highlights
Financial Highlights (dollars in thousands, except per share data) Quarter to Date Results 1Q24 4Q23 Change 1Q23 Change Net Income $ 74,312 $ 65,934 13% $ 60,421 23% Adjusted Net Income(1) $ 75,612 $ 73,568 3% $ 59,935 26% Net Income Per Diluted Share $ 1.08 $ 0.96 13% $ 0.87 24% Adjusted Net Income
Slide 6: Strong Net Interest Margin
Strong Net Interest Margin $230.0 Net Interest Income (TE) 5.25% Spread Income and Margin $225.0 (in millions) 5.00% $220.0 • Net interest income (TE) of $202.3 million in 1Q24, 4.75% compared with $207.0 million in 4Q23 $215.0 – Interest income (TE) decreased $2.8 million 4.50% $210.0 $212.6 $210.5
Slide 7: Diversified Revenue Stream
Diversified Revenue Stream • Strong revenue base of net interest income from core banking division • Additional revenue provided by our diversified lines of business FTE Revenue Sources (in millions) 120% $268.6 $277.8 $271.9 $268.2 Mortgage Banking Activity $263.3 100% 9% 9% 10% 9% 10% • Mortgage b
Slide 8: Disciplined Expense Control
Disciplined Expense Control Adjusted Operating Expenses(1) and Efficiency Ratio(1) Expense Highlights 180.0 • Management continues to deliver high performing Adjusted Operating Expenses 160.0 (in millions) operating efficiency 140.0 $40.8 $38.7 $40.3 $35.0 $40.4 • Adjusted efficiency ratio of 54.56%
Slide 9: Strong Core Deposit Base
Strong Core Deposit Base 1Q24 Highlights Deposits by Product Type Average per • Total deposits grew $288.9 million, or 5.6% Deposit Balance % of Total Count account annualized, during 1Q24 Type (in 000s) (in 000’s) • Noninterest bearing deposits remained strong at NIB 6,538,322 31.1% 301,275 21.7 31
Slide 10: Capital and TBV
Capital and TBV Proven Stewards of Shareholder Value • Management focused on long term growth in TBV(1), such that over the past five years TBV has grown by 12% annualized • TBV increased $0.88 per share in 1Q24: – $0.93 from retained earnings – ($0.06) from impact of OCI – $0.01 from all other item
Slide 11: Diversified Loan Portfolio
Diversified Loan Portfolio Portfolio Highlights 1Q24 Loan Portfolio • Loan portfolio is well diversified across loan types and geographies and managed by a seasoned credit staff • Asset quality metrics remain stable and better than historic averages • CRE and C&D concentrations were 281% and 76%, re
Slide 12: Loan Balance Changes
Loan Balance Changes 1Q24 Loan Balance Changes (in millions) $160 $140 $135 $120 $100 $80 $73 $71 $70 $60 $52 $40 $20 $- $(9) $(10) $(20) $(15) $(40) $(36) $(60) RE - C&D Warehouse RE - CRE CFIA Premium Consumer Indirect Municipal RE - RES Lending Finance • Loan balances increased $331 million durin
Slide 13: Allowance for Credit Losses
Allowance for Credit Losses 1Q24 CECL Reserve (in millions) Reserve Summary • Increase in reserve during 1Q24 due to forecasted economic conditions • The ACL on loans equated to 1.55% of total loans at 1Q24, compared with 1.52% at 4Q23 • The ACL on loans totaled $320.0 million at 1Q24, a net increas
Slide 14: Allowance for Credit Losses
Allowance for Credit Losses 1Q24 CECL Reserve by Loan Type Net 12/31/23 Outstanding ALLL ALLL Change Loan Type (MM's) (MM's) % ALLL (MM's) from 4Q23 CFIA $ 2,758.7 $ 63.8 2.31% $ 64.1 $ (0.3) Consumer $ 233.0 $ 3.9 1.67% $ 3.9 $ - Indirect $ 24.0 $ - 0.00% $ 0.1 $ (0.1) Municipal $ 477.6 $ 0.1 0.02%
Slide 15: NPA / Charge-Off Trend
NPA / Charge-Off Trend Non-Performing Assets 0.80% 0.71% 0.69% 1Q24 Credit Summary 0.70% 0.61% 0.58% 0.57% 0.60% • NPAs, as a percentage of total assets, 0.50% continue to normalize and remain at an 0.40% 0.33% 0.38% acceptable level 0.33% 0.30% 0.27% 0.30% • Total NPAs increased $8.4 million, to $1
Slide 16: Criticized/Classified Loan Trends
Criticized/Classified Loan Trends (in millions) $350 1.64% 1.52% 1.43% Highlights $300 1.40% 1.34% • Total criticized loans (including special $250 mention), excluding GNMA- guaranteed mortgage loans, $200 decreased $37.7 million in 1Q24 0.76% 0.76% $150 • For 1Q24, classified loans, excluding 0.63%
Slide 17: Investor CRE Loans
Investor CRE Loans Multi- Family 5% C&D Investor 11% CRE 25% Avg Size Outstanding Commitment Loan Type (MM's) % NPL % PD (000's) Stratification of Investor CRE Portfolio Construction Loans: 5-Yr Proj RRE - Presold $ 313.9 0.09% 0.09% $ 457.5 Outstanding Population RRE - Spec & Models $ 206.4 0.00% 0
Slide 18: Office Portfolio
Office Portfolio Investor Office Total Office Portfolio by Loan Type (Total Committed Exposure) Outstanding $1.44B Unfunded $0.20B Owner- Occupied Construction, Total Commited Exposure $1.64B $542 $333 Allowance Coverage 2.81% PD Ratio 0.00% NPL Ratio 0.00% Criticized Ratio 0.75% Criticized ACL Cove
Slide 19: Equipment Finance Portfolio
Equipment Finance Portfolio (in millions) $1,400 Highlights $1,351 $1,200 $1,287 $1,175 $1,210 • Total loans were $1.35 billion, or 6.6% of $1,000 $1,115 the Bank’s total portfolio $800 • The overall average loan size was $52,600 $600 • Loan production totaled $181.8 million in $400 1Q24; the averag
Slide 20: Appendix
Appendix AMERIS BANCORP
Slide 21: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) For the quarter 1Q24 4Q23 1Q23 Net Income $ 74,312 $ 65,934 $ 60,421 Adjustment items Gain on BOLI proceeds (998) - (486) FDIC special assessment 2,909 11,566 - Gain on sale of premises - (1,903) - Tax effect of adjustment items (611
Slide 22: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Quarter to Date (dollars in thousands) 1Q24 4Q23 3Q23 2Q23 1Q23 Adjusted Noninterest Expense Total noninterest expense $ 148,711 $ 149,011 $ 141,446 $ 148,403 $ 139,421 Adjustment items: FDIC special assessment (2,909) (11,566) - - - Gain on sale of premis
Slide 23: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Quarter to Date (dollars in thousands) 1Q24 4Q23 3Q23 2Q23 1Q23 Total shareholders' equity $ 3,484,738 $ 3,426,747 $ 3,347,069 $ 3,284,630 $ 3,253,195 Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 83,527 87,949 92,
Slide 24: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Quarter to Date (dollars in thousands) 1Q24 4Q23 3Q23 2Q23 1Q23 Net income $ 74,312 $ 65,934 $ 80,115 $ 62,635 $ 60,421 Plus: Income taxes 23,138 24,452 24,912 20,335 18,131 Provision for credit losses 21,105 22,952 24,459 45,516 49,729 Pre-tax pre-provisi
Slide 25: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures As of (dollars in thousands) 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 Total shareholders' equity $ 3,484,738 $ 3,426,747 $ 3,347,069 $ 3,284,630 $ 3,253,195 $ 3,197,400 $ 3,119,070 $ 3,073,376 $ 3,007,159 $ 2,966,451 $ 2,900,770 Less: Goodwil
Slide 26: Ameris Bancorp Press Release & Financial Highlights
Ameris Bancorp Press Release & Financial Highlights March 31, 2024