Ameris Bancorp · NYSE:ABCB
Ameris Bancorp — Q4 2022 Earnings Presentation
31 slides from Ameris Bancorp's earnings presentation, Jan 26, 2023
Slide 1: 4th Quarter 2022 Results Investor Presentation
4th Quarter 2022 Results Investor Presentation Exhibit 99.2
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,” “e
Slide 3: Ameris Profile and Investment Rationale
Ameris Profile Investment Rationale Top of peer financial results Culture of discipline – credit, liquidity, expense control, capital preservation Proven stewards of shareholder value – TBV has grown 11% annualized over past five years Experienced executive team with skills and leadership to continu
Slide 4: 4th Quarter 2022 Financial Results
4th Quarter 2022 Financial Results
Slide 5: 4Q 2022 Operating Highlights
4Q 2022 Operating Highlights Net income of $82.2 million, or $1.18 per diluted share Adjusted net income(1) of $81.1 million, or $1.17 per diluted share Growth in tangible book value(1) of $1.30 per share, or 4.5%, to $29.92 at December 31, 2022 Improvement in net interest margin of 6bps, from 3.97%
Slide 6: 2022 YTD Operating Highlights
2022 YTD Operating Highlights Net income of $346.5 million, or $4.99 per diluted share Adjusted net income(1) of $329.4 million, or $4.75 per diluted share Growth in tangible book value(1) of $3.66 per share, or 13.9%, to $29.92 at December 31, 2022, compared with $26.26 at December 31, 2021 Improve
Slide 7: Financial Highlights
Financial Highlights 1 – Considered Non-GAAP measures – See reconciliation of GAAP to Non-GAAP measures in Appendix 2 – Growth rates are annualized for the applicable periods 3 – Excludes serviced GNMA-guaranteed mortgage loans (dollars in thousands, except per share data) Quarter to Date Results Ye
Slide 8: Diversified Revenue Stream
Diversified Revenue Stream Strong revenue base of net interest income from core banking division Additional revenue provided by our diversified lines of business Improved mix of earning assets as excess liquidity was deployed in the investment and loan portfolios Mortgage Banking Activity Retail mor
Slide 9: Net Interest Margin
Net Interest Margin Banking Division Loan Production Details Period Fixed Rate Variable Rate Total 4Q22 $ 399.9 8.16% $ 213.0 7.46% $612.9 7.92% 3Q22 $ 596.3 6.58% $ 528.5 5.90% $1,124.7 6.26% 2Q22 $ 638.3 5.84% $ 427.7 4.35% $1,066.0 5.24% Growth in net interest income of $145.7 million in 2022, co
Slide 10: Expenses
Expenses Adjusted Operating Expenses and Efficiency Ratio(1) OPEX Highlights Management continues to deliver high performing operating efficiency Adjusted efficiency ratio improved to 49.92% in 4Q22, compared with 50.06% in 3Q22 Total adjusted operating expenses decreased $4.6 million in 4Q22 compar
Slide 11: Balance Sheet Trends
Balance Sheet Trends Asset sensitivity is moderating as the FOMC nears the end of their tightening cycle: -2.5% asset sensitivity in -100bps -1.2% asset sensitivity in -50bps 1.1% asset sensitivity in +50bps 2.2% asset sensitivity in +100bps A 25bps rate increase positively affects margin by approxi
Slide 12: Strong Core Deposit Base
Strong Core Deposit Base Deposit Highlights Deposit mix well positioned for future rate increases Improved deposit mix over the past five years such that noninterest bearing deposits now represent 41% of total deposits, a 52% improvement from 27% at 4Q17 Favorable deposit mix provides ability to man
Slide 13: Capital and TBV
Capital and TBV Proven Stewards of Shareholder Value Management focused on long term growth in TBV(1), such that over the past five years TBV has grown by 11% annualized TBV increased $1.30 per share in 4Q22: $1.04 from retained earnings $0.06 from impact of OCI $0.20 from all other items including
Slide 14: Loan Diversification and Credit Quality
Loan Diversification and Credit Quality
Slide 15: Diversified Loan Portfolio
Diversified Loan Portfolio 4Q22 Loan Portfolio Loan portfolio is well diversified across loan types and geographies C&I loans represent second-largest category of loans CRE and C&D concentrations were 292% and 79%, respectively, at 4Q22 Top 25 relationships totaled $2.6 billion, or 9.6% of total com
Slide 16: Loan Production vs Growth
Loan Production vs Growth 4Q22 loan production was spread across many product lines, which continues to contribute to portfolio diversification During the 4Q22, we purchased a portfolio of loans secured by CSVLI totaling $472.3 million ($873.3 million committed balances). The average FICO score for
Slide 17: Loan Balance Changes
Loan Balance Changes 4Q22 Loan Balance Changes 4Q22 loan growth was varied across several loan types and totaled $1.05 billion, or 22.3% annualized. Net of the portfolio purchase described below, loan growth totaled $576.1 million, or 12.3% annualized The CSVLI loans that were purchased in 4Q22 are
Slide 18: Equipment Finance Portfolio
Equipment Finance Portfolio Ameris purchased an equipment finance company with $665.8 million of loans in December 2021 and successfully integrated them during 2022 to include credit, accounting, compliance, technology and HR Total loans at 4Q22 were $1.02 billion. Loan production totaled $189.0 mil
Slide 19: Allowance for Credit Losses
Allowance for Credit Losses The ACL on loans totaled $205.7 million at 4Q22, a net increase of $20.8 million, or 11.2% from 3Q22 The reserve for unfunded commitments totaled $52.4 million, an increase of $8.2 million, or 18.6% During 4Q22, we recorded a provision expense of $32.9 million The ACL for
Slide 20: NPA / Charge-Off Trend
NPA / Charge-Off Trend Net of GNMA-guaranteed mortgage loans, NPAs were stable as a percentage of total assets at 0.34% at 4Q22 vs 0.32% at 3Q22 Total NPAs increased $21.5 million, to $153.5 million at 4Q22, primarily as a result of: $15.0 million increase in 90+ past due GNMA-guaranteed mortgage lo
Slide 21: Problem Loan Trends
Problem Loan Trends Total criticized loans (special mention + classified) declined as a percentage of total loans to 1.37% at 4Q22, excluding GNMA-guaranteed mortgage loans Total classified loans increased $8.5 million, primarily the result of the increase in 90+ past due Premium Finance loans The l
Slide 22: Investor CRE Loans
Investor CRE Loans Approximately 95% of CRE loans are concentrated within our five-state footprint Stratification of Investor CRE Portfolio Portfolio is well diversified Overall past dues were 0.38% and NPAs 0.16% Office properties are primarily essential-use, credit tenant, or medical office Anchor
Slide 23: Commercial Real Estate Production
Commercial Real Estate Production 4Q22 Commercial Real Estate Production Summary: 4Q22 Construction and Development Loan Production Summary: 4Q22 production of C&D and CRE loans - $912.6 million in total committed exposure Residential real estate construction: Spec/model to pre-sold ratio of 1.0:1 T
Slide 24: Construction & Development
Construction & Development Total committed exposure for C&D loans was $5.5 billion at 4Q22 – 27% residential loans and 73% commercial The largest category of CRE construction was multi-family at $2.2 billion, or 56% of the CRE category Overall spec and model to presold ratio in residential construct
Slide 25: C&I Loans
C&I Loans Premium Finance 4Q22 production statistics: Mortgage warehouse division funded $2.0 billion in 4Q22, a 38% decrease over 4Q21 as higher mortgage rates resulted in lower lending volume Fundings in 4Q22 were lower than 3Q22 by 23% 4Q22 statistics: Total approved guidance lines = $2.1 billion
Slide 26: Mortgage Loans
Mortgage Loans Mortgage portfolio totaled $4.4 billion and consists of: Legacy bank mortgage loans - $322.7 million Mortgage division originated loans - $3.8 billion Purchased mortgage pools - $56.5 million Home equity loans and LOCs - $213.7 million Portfolio mortgage loans are generally underwritt
Slide 27: Appendix
Appendix AMERIS BANCORP
Slide 28: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures
Slide 29: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures
Slide 30: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures
Slide 31: Ameris Bancorp Press Release & Financial Highlights December 31, 2022
Ameris Bancorp Press Release & Financial Highlights December 31, 2022