Ameris Bancorp (ABCB) vs Associated Banc-Corp (ASB)

Ameris Bancorp and Associated Banc-Corp are both Banks Regional companies. Ameris Bancorp and Associated Banc-Corp are of similar size ($5.5B and $5.5B). Associated Banc-Corp trades at the lower P/E: 10.2× against 14.8×. Associated Banc-Corp grew revenue faster over the last twelve months: 20.8% against 3.47%. Ameris Bancorp has the higher net margin (22.0% vs 19.1%) and the higher return on invested capital (7.08% vs 4.38%). Both pay a dividend; Associated Banc-Corp yields more (4.46% vs 1.29%). Across the 20 metrics below, Associated Banc-Corp leads on 12 and Ameris Bancorp on 8.

Valuation

Metric ABCB ASB Banks Regional median
P/E 14.83 10.20 12.15
P/S 3.21 2.15 2.37
P/B 1.35 1.01 1.21
Price to free cash flow 10.54 8.13 10.80
EV/EBITDA n/m n/m —
EV/Sales 3.32 3.45 2.27
Earnings yield 6.74% 9.81% 8.11%
Free cash flow yield 9.48% 12.30% 8.98%

Profitability

Metric ABCB ASB Banks Regional median
Gross margin 73.70% 62.64% 69.57%
Operating margin 0.00% 0.00% 0.00%
Net margin 21.98% 19.12% 18.66%
Free cash flow margin 30.49% 26.45% 21.18%
Return on equity 9.40% 9.80% 10.64%
Return on assets 1.36% 1.03% 1.13%
Return on invested capital 7.08% 4.38% 8.33%

Growth

Metric ABCB ASB Banks Regional median
Revenue growth (TTM) 3.47% 20.78% 6.61%
EPS growth (last fiscal year) 15.61% 284.72% —
Revenue growth, 5-year CAGR 7.26% 11.50% 12.30%
Net income growth, 5-year CAGR 9.49% 9.83% 9.71%

Health

Metric ABCB ASB Banks Regional median
Debt to equity 0.34 0.92 0.22
Current ratio 1.04 0.93 0.94
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric ABCB ASB Banks Regional median
Dividend yield 1.29% 4.46% 3.75%
Payout ratio 0.14 0.33 0.27

Size

Metric ABCB ASB Banks Regional median
Market cap 5.49b 5.49b 921.07m

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