DEF 14A: Ameris Bancorp Announces Details for 2024 Annual Shareholder Meeting

Ameris Bancorp's 2024 Annual Meeting of Shareholders will be held virtually on June 6, 2024, to vote on director elections, auditor ratification, executive compensation, and other business.

Summary

• Ameris Bancorp will hold its 2024 Annual Meeting of Shareholders virtually on June 6, 2024, at 9:30 a.m. ET.
• Shareholders will vote on the election of 13 director nominees, ratification of KPMG LLP as the independent accounting firm for the fiscal year ending December 31, 2024, an advisory vote on executive compensation, and an advisory vote on the frequency of executive compensation votes.
• The record date for determining shareholders eligible to vote is March 28, 2024.
• The proxy materials were first made available to shareholders on or about April 23, 2024.
• In 2023, Ameris Bancorp reported net income of $269.1 million, or $3.89 per diluted share, and adjusted net income of $276.3 million, or $4.00 per diluted share.
• Tangible book value grew by $3.72 per share, or 12.4%, to $33.64 at December 31, 2023.
• The allowance for credit losses increased to 1.52% of loans, up from 1.04% at the end of 2022.
• Nonperforming portfolio assets, excluding government-guaranteed loans, improved to 0.33% of total assets at December 31, 2023.
• The adjusted efficiency ratio was 52.58%.
• Organic loan growth was $414.1 million, or 2.1%, and total deposits grew by $1.25 billion, or 6.4%.
• The tangible common equity ratio increased by 97 basis points, or 11.2%, to 9.64% at December 31, 2023.

Sentiment

Score: 7

Explanation: The document presents a generally positive outlook, highlighting strong financial results and strategic initiatives. However, it also acknowledges potential risks related to economic conditions and commercial real estate, resulting in a moderately positive sentiment score.

Positives

• Nonperforming portfolio assets, excluding government-guaranteed loans, improved to 0.33% of total assets at December 31, 2023, compared with 0.34% at December 31, 2022.
• Growth in tangible common equity ratio of 97 basis points, or 11.2%, to 9.64% at December 31, 2023.
• In 2023, over $3.0 million was given to philanthropic and civic organizations.
• The bank made 11,319 home loans and are proud of our efforts to make homeownership a reality for 4,983 first-time homebuyers and 3,050 buyers through Veterans Affairs, Fair Housing Administration or U.S. Department of Agriculture programs.

Risks

• The document mentions an increase in the allowance for credit losses to 1.52% of loans due to forecasted economic conditions, particularly related to commercial real estate price levels, indicating potential concerns about credit quality in the future.

Future Outlook

The company is well positioned for 2024 as it focuses on core fundamentals in its strong Southeastern markets.

Management Comments

• H. Palmer Proctor, Jr., Chief Executive Officer, thanks shareholders for their continued support.

Industry Context

The document provides insight into Ameris Bancorp's performance relative to its peers, particularly within the KBW Nasdaq Regional Banking Index (KRX), which is used for performance stock unit calculations.

Comparison to Industry Standards

• The document benchmarks executive compensation against a peer group of 16 publicly traded regional commercial bank holding companies, including Cadence Bank, Pinnacle Financial Partners, SouthState Corporation, and others.
• The peer group was selected based on similar business operations, geographic footprint, and asset/market capitalization within a range of approximately one-third to three times Ameris Bancorp's size.
• The company's performance is also compared to the KBW Nasdaq Regional Banking Index (KRX) for purposes of calculating performance stock unit payouts.

Related Party Transactions

• The Company entered into an agreement with FSM Energy for consulting and general contractor services related to the Company's program to retrofit its owned real estate locations to LED lighting, where Mr. Proctor's brother is a partner and co-founder.

Stakeholder Impact

• The document outlines the company's commitment to community engagement and sustainability initiatives, which positively impacts communities, neighbors, and employees.
• The company's executive compensation policies are designed to align the interests of executives with those of shareholders, promoting long-term value creation.

Next Steps

• Shareholders are encouraged to vote as soon as possible to ensure their shares are represented at the Annual Meeting.
• Shareholders can vote online, via telephone, or by mailing the completed proxy card.

Key Dates

Keywords

annual meeting, proxy statement, shareholders, directors, executive compensation, KPMG, financial performance, Ameris Bancorp, governance, voting