Ameris Bancorp : Acquisition of Balboa Capital Corporation Investor Presentation

Acquisition of Balboa Capital Corporation

December 13, 2021

Cautionary Statements

This presentation contains estimates, predictions, opinions, projections and other "forward-looking statements" as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements relating to the impact Ameris and Balboa expect the transaction to have on the combined entity's operations, financial condition, and financial results. The forward-looking statements also include predictions or expectations of future business or financial performance as well as goals and objectives for future operations, financial and business trends, business prospects, and management's outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other future financial or business performance, strategies or expectations. The words "believe," "intend," "expect," "anticipate," "strategy," "plan," "estimate," "approximately," "target," "project," "propose," "possible," "potential," "should" and similar expressions, among others, generally identify forward-looking statements. Such forward-looking statements are based on various assumptions (many of which are beyond the control of Ameris and Balboa) and are subject to risks and uncertainties (which change over time) and other factors which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include, but are not limited to, the risk that the businesses of Ameris and Balboa will not be integrated successfully; the possibility that the cost savings and any synergies or other anticipated benefits from the acquisition may not be fully realized or may take longer to realize than expected; disruption from the acquisition making it more difficult to maintain relationships with employees, customers or other parties with whom Ameris or Balboa have business relationships; legislative and regulatory changes; changes in U.S. government monetary and fiscal policy; the impact of the COVID-19 pandemic on the general economy, customers of Ameris and Balboa and the allowance for loan losses; the benefits that may be realized by customers from government assistance programs and regulatory actions related to the COVID-19 pandemic; and other factors, many of which are beyond the control of Ameris and Balboa.

We refer you to the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Ameris's Annual Report on Form 10-K for the year ended December 31, 2020, and any updates to those risk factors set forth in Ameris's Reports on Form 10-Q, Current Reports on Form 8-K and other filings, which have been filed by Ameris with the SEC and are available on the SEC's website at www.sec.gov. All forward-looking statements, expressed or implied, included herein are expressly qualified in their entirety by the cautionary statements contained or referred to herein. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date on which they were made.

1

Overview of Balboa Capital

Name:

Founded:

Headquarters:

Market Position:

Company Overview

Balboa Capital Corporation 1988

Costa Mesa, CA

Technology-driven online provider of business lending solutions to small and medium sized businesses ("SMBs") across diverse industry sectors nationwide

Originations and Portfolio Balance

Originations ($M)		Projected 2021 ($M)		Portfolio Balance ($M) ¹
		$546	$607
$509	$534
$448			$415
$321	$319	$262
$242
		$285

Employees:	187 employees; 104 sales team members
Leadership:	Seasoned leadership team led by founder & CEO
100% of existing leadership staying with Company

2017

2018

2019

2020

YTD 9/30/21

Technology-Driven	Powers a Broad Array	Delivered through	Supported by Proven	Equipment Finance
Multiple Distribution	Underwriting and Risk	Market Provides
Lending Platform	of Credit Solutions
Channels	Management	Room for Expansion
		Equipment Finance	National Account Vendors				$350B Small Ticket
		Agreements (and Loans)
				$7B in Originations	Equipment Finance
				Since Founding	Market
Highly Automated	Equipment Leases		Predictable credit performance	+ $320B SMB Working
Many
			more…				Capital Finance Market
			Direct Sales	Low Loss Rates	= $670B Combined
		Working Capital Loans	Market Opportunity
		1.25% Avg. Annual NCOs /
Online	Mobile	$1M-$50M+ in Revenue
	Avg. Receivables

2	1)	Presented net of unearned income
	Note: Financial data as of September 30, 2021 unless otherwise noted

Technology-Driven Platform

Balboa's Online Vendor Management Tool

The Ultimate Sales Tool for Equipment Vendors

Self Service

Highly Scalable

Robust Reporting

Simple Integration

Customizable

Balboa's Proprietary Workflow Platform

Engine that Fuels Quick, Efficient Credit Decisions and Fundings

Automated Platform Unmatched Product Offering Life Cycle Integration

Instant Decisions

Electronic Documentation

Balboa's Robust Data & Analytics

Customer Credit	& Extensive	Have Driven	& Effective
Risk Management
Database Collected	Portfolio Analytics	Excellent Credit
Over Multiple
Over 33 Years...	Capabilities…	Performance…
Economic Cycles

3

Strategic Rationale

	• 10% accretive to estimated 2022 EPS combined with upside potential from identified operating synergies
Financially	• Manageable tangible book value dilution with a four year earnback period and enhances our efficiency ratio profile
Compelling	• Leverages balance sheet liquidity resulting in approximately 15bps accretion to estimated 2022 net interest margin
	• Attractive IRR of 30+%
Enhances	• Accelerates our C&I lending strategies by enhancing our capacity for small business lending and increasing our exposure to the fast-
Commercial
	growing point of sale financing ecosystem
Lending
• Highly flexible platform can be leveraged across core bank to expand product offerings to existing customers
Business
Strong	•	Expands and diversifies on our already robust portfolio of nationwide lending platforms including our Premium Finance Division,
	Mortgage Division and Warehouse Lending business
Strategic
•	Small and medium business equipment financing market and working capital finance market represent a combined $670 billion
Attributes
	market opportunity

• Balboa has a robust and efficient relationship marketing strategy that will be leveraged

Growth		• Marketing strategy provides opportunity for synergies to our 100,000+ business deposit relationships
	• Expand Balboa's C&I products to serve core bank customers through this highly efficient delivery channel - currently about $1 billion
Opportunities
	annualized business loans produced in core bank with balances less than $250,000
		• Potential to market our other business and consumer products to the ~16,000 Balboa customers
Small and Medium Businesses in ABCB's Top 5 Markets ¹	Potential Synergies with ABCB's Current Customer Base
				Number of SMBs by Size
		Population	< 20	20 - 99	Total SMBs	Line of Business		Approx. # of
Top 10 MSAs		(000s)		Employees	Employees	in MSA			Customers
Atlanta, GA	6,138		100,192	10,218	117,069		Core Bank Business Accounts	82,000
Charlotte, NC	2,697		40,738	4,767	49,446
		US Premium Finance		70,000
Orlando, FL	2,686		47,158	4,156	54,762
Jacksonville, FL	1,602		26,330	2,515	31,369		Est. Total # Accounts to Leverage Synergies	152,000
Greenville, SC	938		13,334	1,641	16,683

4	1) Top five largest MSAs by population within ABCB's branch footprint
	Source: U.S. Census Bureau 2018 Statistics of U.S. Businesses released May 2021