Ameris Bancorp · NYSE:ABCB
Ameris Bancorp — Debt Investor Presentation (December 2019)
29 slides from Ameris Bancorp's debt investor presentation, Dec 2, 2019
Slide 1: Subordinated Notes Offering Investor Presentation
Subordinated Notes Offering Investor Presentation December 2019
Slide 2: Safe Harbor Statements: Forward Looking Statements
Safe Harbor Statements Forward Looking Statements This presentation contains “forward - looking statements” within the meaning of the Private Securities Litigation Reform Act of 19 95, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as am
Slide 3: Safe Harbor Statements: Non-GAAP Financial Matters and Disclaimers
Safe Harbor Statements Non - GAAP Financial Matters This presentation contains financial information determined by methods other than in accordance with GAAP. Ameris's management uses these non - GAAP measures in its analysis of Ameris's performance. These measures are useful when evaluating the und
Slide 4: Terms of Proposed Offering
Terms of Proposed Offering Issuer • Ameris Bancorp (NASDAQ: ABCB) Security Type • Fixed - to - Floating Rate Subordinated Notes due 2029 Principal Amount • $100 million Published Credit Rating (1,2) • BBB by Kroll Bond Rating Agency Term • 10 years, non - call 5 years Covenants • Consistent with reg
Slide 5: Company Overview: Company Profile and Financial Highlights
Company Overview Company Profile Company Overview Franchise Footprint Note: Financial data as of or for the most recent quarter ended September 30, 2019 (1) Does not include loans held for sale (2) See Appendix for reconciliation of non - GAAP financial measures 5 Financial Highlights Name Ameris Ba
Slide 6: The Ameris Bancorp Story
Company Overview The Ameris Bancorp Story 6 Branch Dep. In Franchise 2010-2020 2020-2025 2020-2025 Count Market Percent Pop. Proj. Pop. Proj. HH Inc. State (#) ($M) (%) Change (%) Change (%) Change (%) Georgia 105 8,778 64.19 10.21 4.94 11.19 Florida 53 3,962 28.98 15.92 6.63 11.56 South Carolina 8
Slide 7: Executive Leadership Team
Company Overview Executive Leadership Team 7 H. PALMER PROCTOR JR. LAWTON E. BASSETT, III Chief Executive Officer Ameris Bancorp Banking Group President; Ameris Bank President Years at Ameris: <1 │ Years in Banking: 30 Years at Ameris: 13 │ Years in Banking: 28 NICOLE S. STOKES ROSS L. CREASY EVP an
Slide 8: Executive Leadership Team (cont.)
Company Overview Executive Leadership Team (cont.) 8 CINDI H. LEWIS WILLIAM D. MCKENDRY EVP, Chief Administrative Officer and Corporate Secretary EVP and Chief Risk Officer Years at Ameris: 19 │ Years in Banking: 43 Years at Ameris: 2 │ Years in Banking: 22 MICHAEL T. PIERSON JODY L. SPENCER EVP and
Slide 9: Business Line Overview
Company Overview Business Line Overview Specialty Finance • U.S. Premium Finance offers solutions on insurance premium financing, including property and casualty • Provides three different funding types, including wire transfer / ACH, conventional checks and draft checks • Over 25,000 borrowers and
Slide 10: Franchise History
Company Overview Franchise History Jacksonville Bancorp, Inc. Jacksonville, FL • $502mm assets • $386mm loans • $427mm deposits Merchants & Southern Banks of Florida, Inc . Gainesville, FL • $398mm assets • $213mm loans • $329mm deposits 2006 Islands Bancorp Beaufort, SC • $77mm assets • $62mm loans
Slide 11: Balance Sheet Metrics
Financial Overview Balance Sheet Metrics 11 Total Assets Total Deposits Gross Loans Loans / Deposits (1) $8.0 $11.2 $11.4 $11.4 $11.7 $11.9 $17.8 $0.0 $5.0 $10.0 $15.0 $20.0 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 Total Assets ($B) 96% 97% 93% 88% 87% 94% 94% 0% 20% 40% 60% 80% 100% 2018Q1
Slide 12: Earnings and Profitability Metrics
Financial Overview Earnings and Profitability Metrics Return on Average Assets Return on Average Equity 12 Net Interest Margin Efficiency Ratio 1.38% 0.44% 1.47% 1.53% 1.42% 1.34% 0.49% 1.44% 1.38% 1.53% 1.61% 1.51% 1.56% 1.57% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 2018Q1 2018Q
Slide 13: Noninterest Income and Noninterest Expense
Financial Overview Noninterest Income and Noninterest Expense 13 Noninterest Income $26,464 $31,307 $30,171 $30,470 $30,771 $35,236 $76,993 1.37% 1.47% 1.07% 1.07% 1.09% 1.22% 1.76% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% $0 $20,000 $40,000 $60,000 $80,000 $100,000 2018Q1 2018Q2
Slide 14: Historical Capital Ratios
Consolidated Capital Overview Historical Capital Ratios 14 Tier 1 Leverage Ratio Tier 1 Capital Ratio Total Risk Based Capital Ratio 8.30% 7.65% 7.77% 8.22% 8.46% 8.68% 8.43% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 TCE / TA (%) 9.65% 11.43% 8.89% 9.17% 9
Slide 15: Pro Forma Capital Ratios
(1) See Appendix for reconciliation of non - GAAP financial measures (2) Assumes $100.0 million gross subordinated note offering, variable underwriting costs of 1.50%, fixed offering costs of $300,000 and that 0 % of net offering proceeds are down - streamed to Ameris Bank after the redemption of $
Slide 16: Asset Diversification and Loan Composition
Loan Portfolio and Asset Quality Asset Diversification 16 Loan Composition Commentary 1-4 Family Multifamily OO RE C &D NOO RE Farm & Ag C & I Consumer Other Total $14,014 2,292 241 1,434 1,601 1,221 $4,003 270 1,485 1,469 1 - 4 Family 28.6% Multifamily 1.9% OO RE 10.6% C &D 10.5% NOO RE 16.4% Farm
Slide 17: CRE & C&I Portfolio Concentrations
Loan Portfolio and Asset Quality CRE & C&I Portfolio Concentrations 17 Investor CRE Composition C&I Composition Office $669 Retail (inc Single-Tenant) 537 Hotels / Motels 415 Multi-Family 384 Warehouse / Industrial 296 Strip Center, Non-Anchored 274 Strip Center, Anchored 259 RRE Construction - Spec
Slide 18: Loan Portfolio Concentrations by Industry
Loan Portfolio and Asset Quality Loan Portfolio Concentrations by Industry 18 Note: Dollars in millions; financial data as of September 30, 2019 (1) Excludes loans HFS Outstanding NAICS Code Balance ($M) Private Households $4,545 Lessors of CRE Buildings 1,472 New RRE Builders 636 Lessors of Residen
Slide 19: Summary Asset Quality
Loan Portfolio and Asset Quality Summary Asset Quality 19 Non - Performing Assets Non - Performing Loans Net Charge - Offs Loan Loss Reserves $32.9 $60.0 $51.3 $46.3 $45.6 $46.1 $106.8 0.53% 0.71% 0.60% 0.54% 0.54% 0.51% 0.83% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 0.90% $0.0 $20.0 $4
Slide 20: Deposit Mix
Securities, Liquidity and Funding Deposit Mix Note: Dollars in millions; financial data as of September 30, 2019 20 Deposit Composition Cost of Total Deposits 0.43% 0.47% 0.69% 0.79% 0.92% 0.97% 0.86% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 Cost of
Slide 21: Securities Portfolio
Securities, Liquidity and Funding Securities Portfolio 21 Investment Portfolio Rating Distribution Investment Portfolio Detail Agency Notes/Bonds 1.5% CMBS 18.7% CMOs 26.6% Corporate Bonds 3.3% Foreign Debt Securities 0.1% MBS 36.7% Municipals 7.7% Mutual Funds 0.1% Preferred Securities 0.1% SBA 5.2
Slide 22: Liquidity Detail
Securities, Liquidity and Funding Liquidity Detail 22 Additional Sources of Bank Funding Holding Company Detail Dividend Capacity Under Georgia law, and among other conditions, Ameris Bank may not declare in any calendar year a dividend that exceeds 50 % of the prior year net profits (as defined)
Slide 23: Double Leverage and Interest Coverage
Securities, Liquidity and Funding Double Leverage and Interest Coverage 23 (1) Assumes $100.0 million gross subordinated note offering, variable underwriting costs of 1.50%, fixed offering costs of $300,000, a 4.25% coupon and that 0 % of net offering proceeds are down - streamed to Ameris Bank afte
Slide 24: Summary
24 Strong operating results Capacity for organic growth in strong , attractive Southeastern markets Various and high performing lines of business Thoughtful M&A strategy; currently focused on the successful integration of the LION acquisition Minimal rate sensitivity Diversified loan por
Slide 25: Appendix
Appendix AMERIS BANCORP
Slide 26: Reconciliation of Non-GAAP Measures
Appendix Reconciliation of Non - GAAP Measures 26 (dollars in thousands) 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 For the Quarter Ended, Net Income 26,660$ 9,387$ 41,444$ 43,536$ 39,905$ 38,904$ 21,384$ Adjustment Items: Merger and conversion charges 835 18,391 276 997 2,057 3,475 65,158 Exe
Slide 27: Reconciliation of Non-GAAP Measures (cont.)
Appendix Reconciliation of Non - GAAP Measures (cont.) 27 Total assets 8,022,828$ 11,190,697$ 11,428,994$ 11,443,515$ 11,656,275$ 11,889,336$ 17,764,277$ Less: Goodwill 208,513 504,764 505,604 503,434 501,308 501,140 911,488 Other intangibles, net 12,562 53,561 54,729 58,689 55,557 52,437 97,328 Tot
Slide 28: Reconciliation of Non-GAAP Measures (cont.)
Appendix Reconciliation of Non - GAAP Measures (cont.) 28 (dollars in thousands) 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 Noninterest Expense 59,098$ 86,386$ 72,353$ 75,810$ 75,425$ 81,251$ 192,697$ Adjustment Items: Merger and conversion charges (835) (18,391) (276) (997) (2,057) (3,475) (6
Slide 29: Financial Highlights
Appendix Financial Highlights Dollar values in millions For the Quarter Ended,2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 Balance Sheet Total Assets ($B) $8.0 $11.2 $11.4 $11.4 $11.7 $11.9 $17.8 Gross Loans ($B) $6.3 $8.6 $8.7 $8.6 $8.6 $9.3 $14.0 Total Deposits ($B) $6.4 $8.8 $9.2 $9.6 $9.8 $9
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