Slide 1: Ameris Bancorp 4th Quarter 2017 Results Investor Presentation
Ameris Bancorp 4 th Quarter 2017 Results Investor Presentation
Slide 2: Non-GAAP measures 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’s
Slide 3: Current Focus: Consistent Operating Performance
Almost singular focus of our team right now is “to produce top quartile operating results, consistently” • Manage the momentum we have to produce 15 % + growth in loans and deposits in 2018 • Continue to manage stable margins in various growth and rate scenarios • Expand non - interest income lines
Slide 4: Earnings Summary – Operating Basis
Earnings Summary – Operating Basis Quarter to Date Results Year To Date Results 4Q 17 4Q 16 Change 2017 2016 Change Operating Earnings $23,590 $22,205 6% $92,271 $80,627 14% Earnings Per Share $ 0.63 $ 0.63 - $ 2.48 $ 2.32 7% Return on Assets 1.20% 1.34% - 10% 1.26% 1.31% - 4% Return on TCE 13.91% 1
Slide 5: 4Q 2017 Operating Highlights
4Q 2017 Operating Highlights • Organic Loan Growth of $138.2 million, or 10.1% annualized during 4Q 2017 (20.3% annualized for the YTD period) • Net Interest Margin expanded by 2bps compared to 3Q 2017 • Operating efficiency ratio of 60.88% compared to 61.09% in 3Q 2017 • Total Revenue of $93.1 mill
Slide 6: Deferred Tax Adjustments
Deferred Tax Adjustments • Deferred tax asset remeasurement resulted in a $13.4 million write - off of the deferred tax asset due to the Tax Cuts and Jobs Act – $0.36 negative earnings per share impact in 2017 • Significant decrease in federal tax expense going forward – Positive impact to EPS of ap
Slide 7: Operating Highlights
Operating Highlights (1) Core Operating expenses exclude deferred tax remeasurement expense, merger related charges, BSA resolution expenses, expenses resulting from Hurricane Irma and gain/loss on sale of premises (2) Operating efficiency ratio is Core Operating Expenses divided by Net Interest Inc
Slide 8: Total Revenue
Total Revenue Spread Revenues • $1.3 billion or 21.5% growth in average earning assets over 4Q 2016 • Steady to increasing margin despite strong growth in existing rate environment. Margin of 3.82% in current quarter compared to 3.73% a year ago Non - Interest Income • Mortgage Revenue – flat despit
Slide 9: Net Interest Margin
Net Interest Margin Spread Income and Margin supported by: • Growth in average earning assets of $1.28 billion or 21.5% compared to 4Q16 • Margin higher by 2bps • 4.69% - Incremental margin on incremental asset growth. Exceptional result given rate environment Accretion income a decreasingly lower p
Slide 10: Expenses – 4Q17
Expenses – 4Q17 • Increases in operating expenses are mostly attributable to : – Expenses in premium finance division, which was formed in December 2016 – Increased on - going salary and expenses related to improvement in the Company’s BSA department – Additional mortgage loan officers in strategic
Slide 11: Capital and TBV – 4Q17
Capital and TBV – 4Q17 • 10 quarters of growth in TBV despite M&A • TBV impacted in 1Q17 by $1.67 per share associated with the capital raise Consistent Growth in TBV • TCE / TA at quarter end of 8.62%, up from 7.46% at the end of 2016 • 4Q 2017 Operating ROTCE of 13.9% • Normalized ROTCE in the ran
Slide 12: Investment Rationale
Investment Rationale Attractive Multiples • Top Quartile ROA & Top Quartile Growth Rate • ROTCE’s approaching 15 % with normalized capital levels • Improving efficiency ratio at 60 % or better means incremental growth is materially more profitable Operating Performance M&A Opportunities • Discipline
Slide 13: Press Release & Financial Highlights December 31, 2017
Ameris Bancorp Press Release & Financial Highlights December 31, 2017