Ameris Bancorp · NYSE:ABCB
Ameris Bancorp — Q4 2021 Earnings Presentation
28 slides from Ameris Bancorp's earnings presentation, Jan 27, 2022
Slide 1: 4th Quarter 2021 Results Investor Presentation
4th Quarter 2021 Results Investor Presentation Exhibit 99.2
Slide 2: Cautionary Statements
Cautionary Statements 1 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 Operating Strength Diversification Historically top quartile adjusted return on assets (> 1.50% for last three years) Focus on expense control and improved operating efficiency Strong liquidity and continued funding opportunities Culture of disciplined banking Summary Experienced exec
Slide 4: 4th Quarter 2021 Financial Results
4th Quarter 2021 Financial Results
Slide 5: Earnings Summary
Earnings Summary 4 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix
Slide 6: 4Q 2021 Operating Highlights
4Q 2021 Operating Highlights 5 Net income of $81.9 million, or $1.18 per diluted share Adjusted net income(1) of $81.5 million, or $1.17 per diluted share Organic loan growth(2) of $383.9 million, or 10.4% annualized (and $536.6 million, or 14.8% annualized, exclusive of PPP loans), during 4Q21 Adju
Slide 7: 2021 YTD Operating Highlights
2021 YTD Operating Highlights 6 Net income of $376.9 million, or $5.40 per diluted share Adjusted net income(1) of $368.7 million, or $5.29 per diluted share Adjusted efficiency ratio(1) of 55.00%, compared with 52.17% for 2020 Adjusted ROA(1) of 1.69%, compared with 1.56% for 2020 Adjusted ROTCE(1)
Slide 8: Operating Highlights
Operating Highlights 7 Considered a Non-GAAP measure – See reconciliation of GAAP to Non-GAAP measures in Appendix Growth rates are annualized for the applicable periods
Slide 9: Net Interest Margin
Net Interest Margin 8 Average earning assets up $888.8 million, while spread income increased $5.1 million compared with 3Q21 Margin down 4bps from 3Q21: 7bps due to growth in excess liquidity Offset by 1bp improvement in funding costs 2bps from $763,000 increase in PPP income ($9.4 million in 4Q21
Slide 10: Noninterest Income
Noninterest Income 9 Noninterest Income Mortgage banking Revenue increased $4.1 million, or 7.4%, in 4Q21 compared with 3Q21 Production decreased $239.4 million, or 11.6%, over the same period Gain on sale margin increased to 3.27% in 4Q21 compared with 3.17% in 3Q21 4Q21 included a net recovery of
Slide 11: Expenses
Expenses Adjusted Operating Expenses and Efficiency Ratio(1) OPEX Highlights: 10 Total adjusted operating expenses decreased $1.4 million in 4Q21 compared with 3Q21 Decrease of $1.2 million in 4Q21 Banking division operating expenses primarily due to: $3.5 million decrease in salaries and employee b
Slide 12: Retail Mortgage Division Details
Retail Mortgage Division Details 11 Rationalization and Stabilization of Mortgage Operations: Retail mortgage originations represent 13% of the Company’s adjusted pre-provision, pre-tax income for 4Q21, down from 50% this time last year Approximately 80% of costs are variable costs relative to produ
Slide 13: Balance Sheet Trends
Balance Sheet Trends Earning Assets Deposit Composition a eT a (in millions)
Slide 14: Capital and TBV Management
Capital and TBV Management Focus on TBV Steady Capital Levels Support Growth Rate 13 Management focused on long term growth in TBV TBV decreased $1.20 per share in 4Q21: ($2.21) from impact of Balboa Capital acquisition ($0.02) from all other items including stock compensation, share repurchases and
Slide 15: Loan Diversification and Credit Quality
Loan Diversification and Credit Quality
Slide 16: Diversified Loan Portfolio
Diversified Loan Portfolio 4Q21 Loan Portfolio 15 Loan portfolio is well diversified across loan types & geographies C&I loans represent second-largest category of loans Balboa Capital totaled $689.2 million at YE21, which added ~3% to this category Average loan size is $112.3 thousand across all lo
Slide 17: Loan Growth
Loan Growth 4Q21 Loan Balance Changes 16 4Q21 loan growth totaled $1.1 billion. Net of Balboa Capital acquired loans, growth was $383.9 million, or 10.4% annualized Growth was primarily driven by Investor CRE and Residential Mortgages. Almost 22% ($94.2 million) of CRE growth was attributable to a c
Slide 18: Allowance for Loan Losses
Allowance for Loan Losses 17 The ALLL totaled $167.6 million at 4Q21, a net decrease of $3.6 million, or 2%, from 3Q21 The reserve for unfunded commitments totaled $33.2 million, an increase of $10.9 million, or 49%, from 3Q21 The portion of the ALLL attributable to Balboa Capital was comprised of $
Slide 19: NPA / Charge-Off Trend
NPA / Charge-Off Trend 18 Non-Performing Assets (“NPAs”) increased $30.8 million, to $101.9 million at 4Q21, primarily as a result of: $25.0 million increase in 90+ past due GNMA and Portfolio Mortgage loans $9.6 million of purchased credit deteriorated loans from the acquisition of Balboa Capital O
Slide 20: Problem Loan Trends
Problem Loan Trends 19 Total Classified Loans increased $6.3 million, primarily the result of increased 90+ past due GNMA and Portfolio Mortgage loans, and purchased credit deteriorated loans added via the acquisition of Balboa Capital Criticized Loans (Special Mention + Classified) decreased $2.5 m
Slide 21: Investor CRE Loans
Investor CRE Loans 20 Approximately 92% of CRE loans are concentrated within our five-state footprint, primarily in the Bank’s primary MSAs of Atlanta, Jacksonville, Orlando, Charleston, Tampa and Greenville
Slide 22: Commercial Real Estate Production
Commercial Real Estate Production 4Q21 Commercial Real Estate Production Summary: 21 4Q21 Construction and Development Loan Production Summary: 4Q21 production of C&D and CRE loans - $2.00 billion in total committed exposure Residential Real Estate Construction: Spec/model to pre-sold ratio of 0.2:1
Slide 23: C&I Loans
22 C&I Loans US Premium Finance 4Q21 production statistics: Balboa Capital acquisition in 4Q21 Day 1 loans totaled $665.8 million Loan production was $23.4 million between Day 1 and YE21 YE21 loans totaled $689.2 million Mortgage Warehouse Division funded $3.2 billion in 4Q21, a 31% decrease over 4Q
Slide 24: Appendix
Appendix AMERIS BANCORP
Slide 25: Reconciliation of GAAP to Non-GAAP Measures
24 Reconciliation of GAAP to Non-GAAP Measures
Slide 26: Reconciliation of GAAP to Non-GAAP Measures
25 Reconciliation of GAAP to Non-GAAP Measures
Slide 27: Reconciliation of GAAP to Non-GAAP Measures
26 Reconciliation of GAAP to Non-GAAP Measures
Slide 28: Ameris Bancorp Press Release & Financial Highlights December 31, 2021
Ameris Bancorp Press Release & Financial Highlights December 31, 2021