Ameris Bancorp · NYSE:ABCB
Ameris Bancorp — Q4 2024 Earnings Presentation
27 slides from Ameris Bancorp's earnings presentation, Jan 31, 2025
Slide 1: 4th Quarter 2024 Results Investor Presentation
4th Quarter 2024 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: Ameris Profile
Ameris Profile Investment Rationale • Top of peer financial results with culture of discipline – credit, liquidity, expense control, capital • Diversified loan portfolio among geographies and product lines • Strong Southeast markets projected to grow faster than the national average(1) • Stable depo
Slide 4: Delivering Shareholder Value
Delivering Shareholder Value Capital and Tangible Book Value Growth • Management remains laser focused on growing shareholder value • Over the past five year, TBV(1) has grown by 13% annualized • TBV increased $1.08 per share in 4Q24: • $1.17 from retained earnings • ($0.21) from impact of OCI • $0.
Slide 5: 4Q 2024 Operating Highlights
4Q 2024 Operating Highlights • Net income of $94.4 million, or $1.37 per diluted share • Adjusted net income(1) of $95.1 million, or $1.38 per diluted share • Total revenue growth of 9.8% annualized • Growth in tangible book value(1) of $1.08 per share, or 11.5% annualized • Net interest margin expa
Slide 6: 2024 YTD Operating Highlights
2024 YTD Operating Highlights • Net income of $358.7 million, or $5.19 per diluted share • Adjusted net income(1) of $346.6 million, or $5.02 per diluted share • Improvement in loan-to-deposit ratio to 95.5% • Growth in total deposits of $1.01 billion, or 4.9%; • Growth in non-brokered deposits of $
Slide 7: Financial Highlights
Financial Highlights (dollars in thousands, except per share data) Quarter to Date Results Year to Date Results 4Q24 3Q24 Change 4Q23 Change 2024 2023 Change Net Income $ 94,376 $ 99,212 -5% $ 65,934 43% $ 358,685 $ 269,105 33% Adjusted Net Income(1) $ 95,078 $ 95,187 0% $ 73,568 29% $ 346,640 $ 276
Slide 8: Strong Net Interest Margin
Strong Net Interest Margin $230.0 5.25% Net Interest Income (TE) Spread Income and Margin $225.0 (in millions) 5.00% $220.0 $222.8 • Net interest income (TE) increased $7.7 million 4.75% to $222.8 million in 4Q24 $215.0 • Interest income (TE) decreased $8.8 $215.0 $210.0 $212.9 4.50% million • Inter
Slide 9: Diversified Revenue Stream
Diversified Revenue Stream Revenue Sources (Tax-Equivalent) Growing Revenue Stream (in millions) • Strong revenue base of net interest income from 120% core banking division $291.7 $263.3 $268.2 $301.6 $284.7 • Additional revenue provided by our diversified 100% 9% 10% 14% 11% 11% lines of business
Slide 10: Disciplined Expense Control
Disciplined Expense Control Adjusted Operating Expenses(1) and Efficiency Ratio(1) Expense Highlights 180.0 • Management continues to deliver high Adjusted Operating Expenses performing operating efficiency 160.0 (in millions) $45.6 140.0 $41.9 $41.4 $40.4 $35.0 • Adjusted efficiency ratio of 51.82%
Slide 11: Strong Core Deposit Base
Strong Core Deposit Base Deposits by Product Type 4Q24 Highlights Average per • Total deposits decreased $156.8 million, or Deposit Balance % of Total Count account Type (in 000s) (in 000’s) 0.7%, during 4Q24 NIB 6,498,293 29.9% 307,398 21.1 • Non-brokered deposits increased $675.2 million, or 3.3%
Slide 12: Capital Strength
Capital Strength Strong Capital Base Capital Highlights • The Company is well capitalized with minimal unrealized losses in the investment portfolio 15.4% 15.4% 14.5% 14.6% 14.9% • TCE Ratio of 10.59% at December 31, 2024 11.2% 11.4% 11.7% 12.2% 12.6% • CET1 ratio is strong at 12.6% 10.4% 10.7% • CE
Slide 13: Loan Diversification and Credit Quality
Loan Diversification and Credit Quality
Slide 14: Diversified Loan Portfolio
Diversified Loan Portfolio 4Q24 Loan Portfolio Portfolio Highlights Agriculture 1% • Loan portfolio is well diversified across loan types and geographies and managed by a seasoned credit staff SFR Mortgage • Asset quality metrics remain stable and better & HELOC 22% C&I than historic averages 24% •
Slide 15: Loan Balance Changes
Loan Balance Changes (in millions) 4Q24 Loan Balance Changes $250 $196 $200 $150 $100 $50 $3 $1 $- $(8) $(50) $(21) $(100) $(71) $(91) $(150) $(200) $(250) $(234) $(300) RE - CRE C&I Consumer Municipal Warehouse RE - RES Premium RE - C&D Lending Finance • Period end loan balances decreased $225 mill
Slide 16: Allowance for Credit Losses
Allowance for Credit Losses 4Q24 CECL Reserve (in millions) $340.0 $13.2 $338.1 Reserve Summary $1.0 $335.0 $334.5 • The ACL on loans equated to 1.63% $330.0 of total loans at 4Q24, compared with: • 1.60% at 3Q24 • 1.52% at 4Q23 $(9.0) $325.0 $(1.6) • The ACL on loans totaled $338.1 $320.0 million a
Slide 17: Allowance for Credit Losses
Allowance for Credit Losses 4Q24 ACL Reserve by Loan Type Net 9/30/24 Outstanding ACL ACL Change from Loan Type (MM's) (MM's) % ACL (MM's) % ACL 3Q24 C&I $ 2,953.1 $ 87.5 2.96% $ 67.9 2.30% $ 19.7 Consumer $ 221.7 $ 7.3 3.30% $ 4.1 1.96% $ 3.2 Municipal $ 441.4 $ 0.1 0.01% $ 0.2 0.04% $ (0.2) Premiu
Slide 18: NPA / Charge-Off Trend
NPA / Charge-Off Trend Non-Performing Assets 4Q24 Credit Summary 0.80% 0.71% 0.74% 0.69% 0.70% • NPAs, as a percentage of total assets was 0.47% at 4Q24 compared with 0.44% at 0.60% 3Q24 due to an increase in government 0.50% 0.44% 0.47% guaranteed mortgages 0.38% 0.39% 0.40% 0.33% 0.42% 0.41% • NPA
Slide 19: Problem Loan Trends
Problem Loan Trends (in millions) $350 1.64% Highlights • Total criticized loans (including special $300 1.43% mention), excluding GNMA- 1.31% 1.34% guaranteed mortgage loans, 1.30% decreased $9.9 million in 4Q24 $250 • For 4Q24, classified loans, excluding GNMA-guaranteed mortgage loans, increased
Slide 20: Term Investor CRE
Term Investor CRE Investor CRE by Property Type Investor CRE Outstanding $6.43 B All Other CRE Unfunded $0.22 B $588 Hotel Total Commited Exposure $6.64 B $436 Average Loan Size $3.65 M Retail Industrial $2,085 Allowance Coverage 1.41% $733 PD Ratio 0.04% NPL Ratio 0.06% Office $1,316 Criticized Rat
Slide 21: Office Portfolio
Office Portfolio Total Office Portfolio by Loan Type Investor Office Construction $139 Outstanding $1.39 B Unfunded $0.15 B Owner- Total Commited Exposure $1.54 B Occupied $455 Average Loan Size $3.57 M Allowance Coverage 2.61% Investor CRE PD Ratio 0.00% $1,247 NPL Ratio 0.00% Criticized Ratio 1.62
Slide 22: Equipment Finance Portfolio
Equipment Finance Portfolio (in millions) Highlights $1,400 $1,475 $1,482 $1,421 $1,351 $1,200 $1,287 • Total loans were $1.48 billion, or 7.1%, of the Bank’s total portfolio $1,000 • The overall average loan size was $55,600 $800 $600 • Loan production totaled $156 million in 4Q24; the average FICO
Slide 23: Appendix
Appendix AMERIS BANCORP
Slide 24: Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) Quarter to Date Year to Date 4Q24 3Q24 4Q23 2024 2023 Net Income $ 94,376 $ 99,212 $ 65,934 $ 358,685 $ 269,105 Adjustment items Gain on sale of MSR (536) (5,245) - (10,494) - Gain on conversion of Visa Class B-1 stock - - - (12,554)
Slide 25: Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Quarter to Date Year to Date (dollars in thousands) 4Q24 3Q24 2Q24 1Q24 4Q23 2024 2023 Adjusted Noninterest Expense Total noninterest expense $ 151,949 $ 151,777 $ 155,357 $ 148,711 $ 149,011 $ 607,794 $ 578,281 Adjustment items: FDIC special assessment 55
Slide 26: Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Quarter to Date (dollars in thousands) 4Q24 3Q24 2Q24 1Q24 4Q23 Total shareholders' equity $ 3,751,522 $ 3,681,368 $ 3,566,614 $ 3,484,738 $ 3,426,747 Less: Goodwill 1,015,646 1,015,646 1,015,646 1,015,646 1,015,646 Other intangibles, net 70,761 74,941 79,
Slide 27: Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures As of (dollars in thousands) 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 Total shareholders' equity $ 3,751,522 $ 3,681,368 $ 3,566,614 $ 3,484,738 $ 3,426,747 $ 3,347,069 $ 3,284,630 $ 3,253,195 $ 3,197,400 $ 3,119,070 $ 3,073,376 Less: Goodwil