Slide 1: 3rd Quarter 2019 Results Investor Presentation
3 rd Quarter 2019 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: The Ameris Bancorp Story
The Ameris Bancorp Story Top of Class Operating Results Disciplined M&A Strategy in the Southeast • Management team focused on producing top quartile results, including 1 . 57 % Adjusted ROA and 18 . 95 % Adjusted ROTCE in 3 Q 2019 • Higher than peer EPS growth estimates in 2020 due to recent acquis
Slide 4: Clear Path to Future Increase in EPS
Clear Path to Future Increase in EPS Confidence in 2020 financial expectations: • Manage margin to mid single digit compression through funding expertise, capacity and better mix • Mid to high single digit balance sheet growth in strong economic times; able to dial back if necessary in downturns to
Slide 5: Investment Rationale
Investment Rationale Operating Performance Organic Growth Opportunities Valuation • Historically top quartile return on assets (> 1 . 50 % YTD 2019 ) • Strong ROTCE’s that support organic and M&A growth (over 18 % YTD 2019 ) • Catalysts already identified that are expected to drive efficiency ratio
Slide 6: 3rd Quarter 2019 Financial Results
3 rd Quarter 2019 Financial Results
Slide 7: Earnings Summary - Adjusted Basis
Earnings Summary - Adjusted Basis (dollars in thousands, except per share data) Quarter to Date Results Year To Date Results 3Q19 3Q18 Change 2019 2018 Change Adjusted Net Income $ 68,539 $ 43,292 58% $ 156,336 $ 100,311 56% Adjusted Net Income Per Share $ 0.98 $ 0.91 8% $ 2.85 $ 2.40 19% Adjusted R
Slide 8: 3Q 2019 Operating Highlights
3Q 2019 Operating Highlights • Growth in adjusted net income of 58.3% compared with 3Q18 • Growth in adjusted EPS of 8% compared with 3Q18 • Adjusted efficiency ratio of 57.25% compared with 53.77% in 2Q19 and 54.42% in 3Q18 • Adjusted ROA of 1.57%, compared with 1.56% in 2Q19 and 1.53% in 3Q18 • Ad
Slide 9: Operating Highlights
Operating Highlights (dollars in thousands) For the quarter For the year to date period 3Q19 3Q18 2019 2018 Asset Growth (1) 5,874,941 238,297 6,320,762 3,572,791 Asset Growth Rate 197.65% 8.52% 73.65% 60.64% Organic Loan Growth 282,928 68,529 846,906 490,324 Organic Loan Growth Rate 12.90% 3.36% 13
Slide 10: Total Revenue
Total Revenue $95.67 $95.10 $96.25 $108.25 $130.29 $131.10 $131.22 $137.95 $226.89 $75.0 $100.0 $125.0 $150.0 $175.0 $200.0 $225.0 $250.0 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 Total Quarterly Revenue (TE) (in millions) Spread Revenues • Growth in average earning assets of $4.93 billion, or 46
Slide 11: Net Interest Margin
Net Interest Margin Stable margins over the entire rate cycle. $68.7 $71.5 $69.8 $76.9 $100.1 $100.6 $100.5 $102.7 $149.9 3.95% 3.94% 3.92% 3.95% 3.92% 3.91% 3.95% 3.91% 3.84% 3.70% 3.90% 4.10% 4.30% 4.50% 4.70% 4.90% 5.10% 5.30% 5.50% $40.0 $50.0 $60.0 $70.0 $80.0 $90.0 $100.0 $110.0 $120.0 $130.0
Slide 12: Expenses Steady, Adjusted Operating Expenses
Expenses Steady, Adjusted Operating Expenses (1) OPEX Highlights: $14.2 $18.5 $17.3 $18.0 $15.7 $19.6 $45.5 $43.5 $43.8 $53.6 $52.9 $56.6 $55.3 $81.1 0.0 25.0 50.0 75.0 100.0 125.0 150.0 1Q 18 2Q 18 3Q 18 4Q18 1Q 19 2Q 19 3Q 19 Adjusted Operating Expenses (in millions) LOBs Banking 1 – Adjusted oper
Slide 13: Capital and TBV
Capital and TBV $17.86 $16.90 $17.12 $17.78 $18.83 $19.73 $20.81 $20.29 $6.00 $8.50 $11.00 $13.50 $16.00 $18.50 $21.00 $23.50 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 Tangible Book Value Consistent Growth in TBV Steady Capital Levels Support Growth Rate • Historically, consistent growth in TBV • TBV
Slide 14: Credit Quality and Loan Diversification
Credit Quality and Loan Diversification
Slide 15: Diversified Loan Portfolio
Diversified Loan Portfolio • Largest category of loans = 21% of total – well diversified Mortgage loans & HELOCs • Participations purchased only 1% of total loans • Average loan size = $75M (all loan types) • Only 11% of total loans in Construction or A&D • CRE and C&D concentrations are 242% and 86
Slide 16: Diversified Loan Portfolio: Top 300 Relationships
Diversified Loan Portfolio $79.5 $22.7 $14.7 $10.6 $8.6 $7.4 $6.2 $- $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 $90.0 1 50 100 150 200 250 300 Relative Size of our Top 300 Relationships (MM's) Relationship Groupings Total Committed Exposure (MM's) % of Total Portfolio Top 25 Relationships $ 981
Slide 17: Non-performing Asset Trend
Non - performing Asset Trend • Non - Performing Assets increased to $128.8MM, or 0.73% of Total Assets at 3Q19, as a result of acquisition of LION • Quarter - end NPAs total 16bps less than projected during initial due diligence of LION • Ameris has completed five acquisitions since YE14 resulting i
Slide 18: Investor CRE Loans
Investor CRE Loans • >75% of CRE assets are concentrated within our four - state footprint, primarily Atlanta, Jacksonville, Orlando, Tampa, Tallahassee, Columbia, Savannah and Charleston MSAs • At 3Q19, Past Due and Nonaccrual loans totaled 11 bps and 46 bps, respectively. Loan Type Outstanding (MM
Slide 19: 3Q19 Commercial Real Estate Production
3Q19 Commercial Real Estate Production 3Q19 Construction and Development Loan Production Summary: 3Q19 Commercial Real Estate Production Summary: • 3Q19 production of C&D and CRE loans - $716.8MM committed exposure • Residential Real Estate Construction: • 3Q19 production spec to sold ratio of 1.1:1
Slide 20: C&I Loans
C&I Loans • Largest segment is US Premium Finance at $699.0MM • 3Q19 USPF Production Stats: • Mortgage Warehouse Division funded $4.5 billion of loans in 2018 and $4.6B through 3Q19 – 3% annualized growth through 2019 • Total approved guidance lines = $866.0 million • Average days on line = 19 days
Slide 21: Mortgage Loans
Mortgage Loans SFR Mortgage (ex HFS) 21.0% • Portfolio Loans consist of: • Legacy Bank mortgage loans - $469.1 million • Mortgage division - $1,758.9 million • Purchased mortgage pools - $219.0 million • Home Equity LOCs - $324.3 million • Mortgage division production is underwritten to secondary ma
Slide 22: Ameris Bancorp Press Release & Financial Highlights September 30, 2019
Ameris Bancorp Press Release & Financial Highlights September 30, 2019