Ameris Bancorp · NYSE:ABCB
Ameris Bancorp — Q4 2020 Earnings Presentation
23 slides from Ameris Bancorp's earnings presentation, Jan 29, 2021
Slide 1: 4th Quarter 2020 Results Investor Presentation
4th Quarter 2020 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: Risk Management
Risk Management Operating Strength Entered pandemic in position of strength and forward momentum: • Well capitalized • Strong liquidity and continued funding opportunities • Premier Southeastern markets • Historically top quartile return on assets (≥1.50% ROA for last three years) • Disciplined rate
Slide 4: 4th Quarter 2020 Financial Results
4th Quarter 2020 Financial Results
Slide 5: Earnings Summary – Adjusted Basis
Earnings Summary – Adjusted Basis (dollars in thousands, except per share data) Quarter to Date Results Year To Date Results 4Q20 4Q19 Change 2020 2019 Change Adjusted Net Income $ 101,995 $ 66,608 53% $ 300,501 $ 222,944 35% Adjusted Net Income Per Share $ 1.47 $ 0.96 53% $ 4.33 $ 3.80 14% Adjusted
Slide 6: 4Q 2020 Operating Highlights
4Q 2020 Operating Highlights • Net income of $94.3 million, or $1.36 per diluted share • Adjusted net income of $102.0 million, or $1.47 per diluted share • Adjusted efficiency ratio of 52.67%, compared with 47.34% in 3Q20 • Adjusted ROA of 2.04%, compared with 2.35% in 3Q20 • Adjusted ROTCE of 25.0
Slide 7: 2020 YTD Operating Highlights
2020 YTD Operating Highlights • Net income of $262.0 million, or $3.77 per diluted shares, after pre-tax provision for credit losses of $145.4 million • Adjusted net income of $300.5 million, or $4.33 per diluted share • Growth in adjusted total revenue of $424.1 million, or 60.2% when compared with
Slide 8: Operating Highlights
Operating Highlights (dollars in thousands) For the quarter For the year to date period 4Q20 4Q19 2020 2019 Asset Growth (1) 564,787 478,302 2,196,059 6,799,064 Asset Growth Rate 11.37% 10.77% 12.04% 59.41% Organic Loan Growth (462,668) (95,095) 1,662,449 751,811 Organic Loan Growth Rate ‐12.38% ‐3.
Slide 9: Total Revenue
Total Revenue Spread Revenues • Quarterly growth in average earning assets of $80.1 million, or 0.4%, from 3Q20 to 4Q20 $350.0 Total Quarterly Revenue (TE) • Net Interest Margin of 3.64% in 4Q20, (in millions) flat compared with 3Q20, and down $322.97 from 3.86% in 4Q19 $300.0 • Continued focus on c
Slide 10: Net Interest Margin
Net Interest Margin $180.0 5.50% $170.0 Net Interest Income (TE) Spread Income and Margin: (in millions) 5.25% $160.0 $165.2 $163.9 $164.8 • Average earning assets were up $80.1 $150.0 $156.5 million, while spread income increased 5.00% $149.9 $149.0 $814,000 $140.0 • Margin flat from 3Q20 and down
Slide 11: Expenses
Expenses Steady, Adjusted Operating Expenses(1) OPEX Highlights: • Total adjusted operating expenses decreased $2.2 175.0 million in 4Q20 compared with 3Q20 Adjusted Operating Expenses (in millions) LOBs Banking • Increase of $2.5 million in Q4 20 Banking division 150.0 $83.0 $82.3 $84.8 operating e
Slide 12: Capital and TBV
Capital and TBV Consistent Growth in TBV • Historically, consistent growth in TBV $26.00 Tangible Book Value • TBV increased $1.23 per share in 4Q20: $23.50 $23.69 – $1.20 from retained earnings $21.00 $22.46 – $0.03 from all other items including treasury $20.81 $20.81 $20.90 $19.73 $20.29 $20.44 s
Slide 13: Loan Diversification and Credit Quality
Loan Diversification and Credit Quality
Slide 14: Diversified Loan Portfolio
Diversified Loan Portfolio 4Q20 Loan Portfolio • Loan portfolio is well-diversified across all loan Agriculture SFR Mortgage & types 2% HELOC 19% C&I • C&I loans represent the largest category of loans 22% • PPP loans totaled $848.2 million at YE20, which added ~5% to this category • Only 11% of tot
Slide 15: Diversified Loan Portfolio
Diversified Loan Portfolio Total Relative Size of our Top 300 Relationships (MM's) Committed % of Total $120.0 Exposure Legacy (FIS) Relationship Groupings (MM's) Portfolio $100.0 Top 25 Relationships $ 1,629.5 9.3% $100.0 Top 50 Relationships $ 2,594.0 14.7% Top 100 Relationships $ 4,019.9 22.8% $8
Slide 16: COVID-19 Response
COVID-19 Response 4Q20 COVID-related Payment Extensions As a % of Portfolio Volume • Our COVID-19 disaster program included an initial payment extension for up to 90- Consumer Agriculture days. Additional deferrals were available 6% 9% C&I for customers that continued to be 5% impacted by the pandem
Slide 17: Allowance for Loan Losses
Allowance for Loan Losses 4Q20 CECL Reserve • The ALLL totaled $199.4 million at YE20, a net decrease of $32.5 million, or 14% from 3Q20 • The reserve for unfunded commitments totaled $32.9 million, an increase of $5.5 million, or 20% from 3Q20 • During 4Q20, $1.5 million of prior provision expense
Slide 18: NPA / Charge-Off Trend
NPA / Charge-Off Trend Non-Performing Assets $180.0 0.90% 0.82% • Non-Performing Assets (“NPA”) decreased to $97.2 $160.0 0.73% 0.80% million at YE20, primarily as a result of: $140.0 0.70% • $23.8 million decrease in hotel nonaccrual loans as 0.61% 0.59% $120.0 0.56% 0.60% a result of the note sale
Slide 19: Investor CRE Loans
Investor CRE Loans • ~ 94% of CRE loans are concentrated within our four-state footprint, primarily in the Bank’s primary MSAs of Atlanta, Jacksonville, Orlando, Tallahassee, Columbia, Savannah and Charleston • Loans outside the Bank’s footprint are generally acquired loans or SBA guaranteed Avg Siz
Slide 20: Hotel Exposure
Hotel Exposure $$ Avg $$ Committed $$ Committed Balance Outstanding Balance # (MM's) (MM's) (M's) Term CRE 94 $ 378.4 $ 375.1 $ 4.0 In-Process Construction 7 $ 96.3 $ 69.6 $ 13.8 Government Guaranteed (SBA, USDA) 62 $ 77.0 $ 70.9 $ 1.2 Hotel Portfolio by Flag National Economy 55 Properties Totals 16
Slide 21: Commercial Real Estate Production
Commercial Real Estate Production 4Q20 Construction and Development Loan Production Summary: Committed Avg Size • 4Q20 production of C&D and CRE loans - $1.05 Outstanding Exposure Commitment billion committed exposure Loan Type (MM's) (MM's) (000's) RRE Construction - Pre-Sold $ 59.1 $ 162.8 $ 272.6
Slide 22: C&I Loans
C&I Loans C&I 22% • US Premium Finance 4Q20 production statistics: Rolling 4Q20 12-mos New Production ($MM's) $ 428.7 $ 1,693.6 Weighted-Avg Down Payment 23.4% 22.8% Weighted-Avg # Instalments 9.7 9.7 Outstanding % of Avg Loan • Mortgage Warehouse Division funded $4.6 billion in Loan Type (MM's) Por
Slide 23: Ameris Bancorp Press Release & Financial Highlights
Ameris Bancorp Press Release & Financial Highlights December 31, 2020