Ameris Bancorp · NYSE:ABCB
Ameris Bancorp — IPO Roadshow (March 2017)
28 slides from Ameris Bancorp's IPO roadshow presentation, Mar 6, 2017
Slide 1: Ameris Bancorp Investor Presentation March 2017
Ameris Bancorp Investor Presentation March 2017 Free Writing Prospectus Dated March 6, 2017 Filed Pursuant to Rule 433 Registration No. 333 - 216254
Slide 2: Non-GAAP and forward-looking statements
This presentation contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”) . Management of Ameris Bancorp ( the “Company ”) uses these non - GAAP measures in its analysis of the Company
Slide 3: Additional Information
This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities of the Company by any person in any jurisdiction in which it is unlawful for such person to make such an offering or solicitation . Neither the SEC nor any other regulatory body has approved
Slide 4: Offering Overview
Offering Overview Issuer Ameris Bancorp (NASDAQ: ABCB) Security [ ]% Fixed - to - Floating Rate Subordinated Notes Offering Size $75.0 million Term 10 year (5 year fixed, 5 year floating) Rating Kroll BBB - Call Provision Non - Call 5 Years Use of Proceeds Repay existing indebtedness under our revol
Slide 5: Franchise Overview
Franchise Overview • Fo und e d in M o u l t ri e , GA in 197 1 • E x e cu t ive tea m h ea dqu a r te r e d in Ja c k so n vill e , FL • Fo u r - s tat e foo t p ri n t wi t h 97 b a n k i ng offi c e s • Balance Sheet (As of December 31, 2016) − Assets: $6.9 Billion − Loans (Ex. HFS): $5.3 Billion
Slide 6: Experienced Management Team
Ownership and pricing data as of February 28, 2017. Excludes employee stock options. Edwin Hortman President & CEO 17 36 Citizens Security Bank Colony Bankcorp 11.4 Dennis Zember COO & CFO 11 23 FLAG Financial Corp. Century South Banks 7.8 Andrew Cheney Chief Banking Executive 7 40 Mercantile Bank S
Slide 7: Current Focus
• Continue to bolster BSA and compliance functions in order to exit the Consent Order with the FDIC as soon as possible – Recently hired a new head of BSA from a larger regional bank • Focus efforts on organic earnings per share growth – Leverage existing infrastructure to drive loan growth in our m
Slide 8: Consistent Record of Growth
$2,625 $2,999 $3,431 $4,879 $5,575 $1,500 $2,750 $4,000 $5,250 $6,500 2012 2013 2014 2015 2016 Consistent Record of Growth $3,019 $3,668 $4,037 $5,589 $6,892 $2,000 $3,500 $5,000 $6,500 $8,000 2012 2013 2014 2015 2016 $1,958 $2,457 $2,835 $3,909 $5,264 $1,000 $2,250 $3,500 $4,750 $6,000 2012 2013 20
Slide 9: Markets Overview
Markets Overview Deposits by Market Type Top MSAs in States of Operation (1) Non - Metro 34.3% Metro 65.7% 5-Yr Proj. Pop. MSA Population Growth (%) 1 Atlanta-Sandy Springs-Roswell, GA 5,843,277 6.69 2 Tampa-St. Petersburg-Clearwater, FL 3,052,850 6.46 3 Orlando-Kissimmee-Sanford, FL 2,462,444 8.28
Slide 10: Deploying Core Funding Into Higher Growth Markets
Deploying Core Funding Into Higher Growth Markets Loan Portfolio by Market (1) Deposits by Market Jacksonville / St. Augustine, FL 28.8% Southern GA 21.5% South Carolina 13.3% Savannah, GA 11.3% Atlanta, GA 7.1% Florida Panhandle 6.1% North Central Florida 5.6% Alabama 3.2% Other 3.1% Jacksonville /
Slide 11: Robust Loan Growth
$1,451 $1,618 $1,890 $2,407 $3,627 $1,958 $2,457 $2,835 $3,909 $5,264 $500 $2,500 $4,500 $6,500 2012 2013 2014 2015 2016 Non-Acquired Loans Total Gross Loans Robust Loan Growth Total and Non - Acquired Loan Portfolio (1) December 31, 2016 Non - Acquired Loan Portfolio Composition – $3.6 Billion (Inc
Slide 12: Strong Asset Quality
Strong Asset Quality 1.19% 0.90% 0.75% 0.54% 0.45% 1.67% 1.45% 1.23% 1.02% 0.89% 0.00% 0.45% 0.90% 1.35% 1.80% 2012 2013 2014 2015 2016 Stated Adjusted 3.77% 2.89% 2.53% 1.54% 1.11% 3.77% 2.46% 2.15% 0.84% 0.55% 0.00% 1.50% 3.00% 4.50% 2012 2013 2014 2015 2016 Stated Adjusted Reserves / Loans NPAs /
Slide 13: New and Existing Lines of Business to Drive Growth
New and Existing Lines of Business to Drive Growth 13 US Premium Finance • Nationwide platform that offers insurance agencies the ability to provide credit to their P&C customers • Headquartered in Atlanta, GA • Approximately $ 353 . 9 million in outstanding loans at year - end with quickly expandin
Slide 14: Stable Core Funding
19.5% 22.3% 24.5% 27.3% 28.2% 25.6% 23.5% 24.1% 25.5% 24.0% 26.5% 29.2% 28.7% 30.0% 30.6% 27.3% 24.8% 22.6% 17.1% 16.9% 1.1% 0.2% 0.1% 0.1% 0.1% 0% 25% 50% 75% 100% 2012 2013 2014 2015 2016 Demand NOW & Other MMDAs & Savings Time Brokered Stable Core Funding $2,625 $2,999 $3,431 $4,879 $5,575 0.51%
Slide 15: Strong Profitability
5.53% 10.39% 15.57% 13.66% 16.71% 14.97% 17.04% 14.09% 0.00% 5.00% 10.00% 15.00% 20.00% 2012 2013 2014 2015 2016 Q4 '15 Q4 '16 0.44% 0.86% 1.18% 1.11% 1.30% 1.12% 1.33% 1.21% 0.00% 0.40% 0.80% 1.20% 1.60% 2012 2013 2014 2015 2016 Q4 '15 Q4 '16 Strong Profitability Core ROAA (1) Core ROATCE (1) 15 (1
Slide 16: Noninterest Income & Expense
(1) Excludes problem loan and OREO expense , one - time compliance related charge and merger related charges . (2) Regional Peers consist of CBF, CSFL, FCB, HOMB, RNST, SFBS, SFNC, SSB, TOWN, TRMK, UBSH, UCBI and WSBC. Noninterest Income & Expense Operating Expense (1) Noninterest Income / Average A
Slide 17: Net Interest Margin & Efficiency
$46.5 $48.2 $51.3 $54.4 $55.5 3.74% 3.80% 3.70% 3.75% 3.73% 3.69% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% $40.0 $45.0 $50.0 $55.0 $60.0 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Net Interest Income NIM Regional Peer Median(2) Net Interest Margin & Efficiency ($ in millions) Net Interest Income and Margin (Ex.
Slide 18: Earnings & Tangible Book Value Growth
Earnings & Tangible Book Value Growth $1.01 $1.58 $1.66 $2.30 $2.68 $3.28 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 2013 2014 2015 2016 2017E 2018E $10.39 $9.87 $10.99 $12.65 $14.42 $8.50 $10.25 $12.00 $13.75 $15.50 2012 2013 2014 2015 2016 Operating Earnings per Share (1) Tangible Book Value
Slide 19: Potential M&A Target Institutions
Potential M&A Target Institutions (1) Targets include all banks headquartered in AL, FL (excluding Southern FL), GA, NC, SC and TN between $500M and $5.0B in a sse ts. Excludes announced merger targets. Data source: SNL Financial . 19 Potential M&A Targets by Asset Size (1) $500M - $1.0B - $2.5B - S
Slide 20: Access to Capital
Access to Capital 20 (1) Peers consist of CBF, CSFL, FCB, HOMB, RNST, SFBS, SFNC, SSB, TOWN, TRMK, UBSH, UCBI and WSBC . (2) Offering priced on March 1, 2017 and does not include the overallotment option. Data source: SNL Financial. Market data through February 28, 2017. (5.0%) 5.0% 15.0% 25.0% 35.0
Slide 21: Interest Coverage
Interest Coverage For the Twelve Months Ended December 31, 2016 Bank Level Common Equity 767,682$ Consolidated Equity 646,437 Double Leverage Ratio 118.8% Subordinated Debt Offering Net Proceeds (1) 73,625$ Pro Forma Holding Company Investment in Bank 868,363 Equity Offering Net Proceeds (2) 77,056
Slide 22: Summary
Summary • Energetic leadership team focused on creating shareholder value • Attractive markets with substantial growth opportunities • Demonstrated ability to generate organic growth • Significant earnings power • Attractive valuation versus peers 22
Slide 23: Appendix
Appendix Acmerts Bancorp
Slide 24: Relative Size of our Top Lending Relationships
Relative Size of our Top 300 Lending Relationships • Top Relationships are small relative to our capital levels and our legal lending limit • Looking for larger deals, but not making big bets especially on CRE • Approximately 30 % of the principal from our top 50 relationships are municipal credits,
Slide 25: Non-GAAP Reconciliation
Non - GAAP Reconciliation 25 Year Ended December 31, Quarter Ended Dec. 31, Dec. 31, Adjusted Operating Net Income Reconciliation 2012 2013 2014 2015 2016 2015 2016 Net income available to common shareholders 10,859$ 18,280$ 38,437$ 40,847$ 72,100$ 14,148$ 18,177$ Certain credit resolution related e
Slide 26: Non-GAAP Reconciliation
Non - GAAP Reconciliation 26 Quarter Ended Dec. 31, Mar. 31, Jun. 30, Sep. 30, Dec. 31, Net Interest Income and Margin 2015 2016 2016 2016 2016 Excluding Accretion Reconciliation Total Interest Income (TE) 53,386$ 55,300$ 60,276$ 63,167$ 64,575$ Accretion Income 2,912 2,942 4,196 3,604 3,370 Total I
Slide 27: Non-GAAP Reconciliation
Non - GAAP Reconciliation 27 Year Ended December 31, Operating Earnings Per Share 2013 2014 2015 2016 Net income available to common shareholders 18,280$ 38,437$ 40,847$ 72,100$ Certain credit resolution related expenses 4,855 682 11,241 - Certain compliance resolution expenses - - - 5,750 Merger an
Slide 28: Non-GAAP Reconciliation
Non - GAAP Reconciliation 28 ($ in thousands, except per share) Year Ended December 31, Tangible Common Book Value Per Share 2012 2013 2014 2015 2016 Shareholders' Equity 279,017$ 316,699$ 366,028$ 514,759$ 646,437$ Intangible Assets 3,996 41,058 71,768 107,140 142,960 Preferred Equity 27,662 28,000