| Georgia | | | 6022 | | | 58-1456434 | |
| (State or other jurisdiction of incorporation or organization) | | | (Primary Standard Industrial Classification Code Number) | | | (I.R.S. Employer Identification No.) | |
| Ameris Bancorp 310 First Moultrie, Georgia 31768 (229) 890-1111 (Address, including ZIP code, and telephone number, including area code, of registrant’s principal executive offices) | | | Mr. Chief Executive Officer Ameris Bancorp 310 First Moultrie, Georgia 31768 (229) 890-1111 | |
(Name, address, including ZIP code, and telephone number, including area code, of agent for service) | |
| Lori A. Gelchion, Esq. Jody L. Spencer, Esq. Rogers & Hardin LLP 2700 International Tower 229 Peachtree Street NE Atlanta, Georgia 30303 Telephone: (404) 522-4700 Facsimile: (404) 525-2224 | | | Edward D. Herlihy, Esq. | |
| Large accelerated filer ☒ | | | Accelerated | filer ☐ | | |||||
| Non-accelerated filer ☐ | | | Smaller reporting company | ☐ | | |||||
| (Do not check if a smaller reporting company) | | | Emerging growth company ☐ | |
Calculation of Registration Fee | | ||||||||||||||||||||||||
Title of each class of securities to be registered | | | Amount to be registered(1) | | | Proposed maximum offering price per share | | | Proposed maximum aggregate offering price(2) | | | Amount of registration fee(3) | | ||||||||||||
Common Stock, $1.00 par value | | | | | 2,644,131 | | | | | | N/A | | | | | $ | 132,984,211.95 | | | | | $ | 16,556.53 | | |
Calculation of Registration Fee | | ||||||||||||||||||||||||
Title of each class of securities to be registered | | | Amount to be registered(1) | | | Proposed maximum offering price per share | | | Proposed maximum aggregate offering price(2) | | | Amount of registration fee(3) | | ||||||||||||
Common Stock, $1.00 par value | | | | | 22,653,416 | | | | | | N/A | | | | | $ | 865,218,876.80 | | | | | $ | 104,864.53 | | |
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| | | |
| Dennis J. Zember Jr. President and Chief Executive Officer Ameris Bancorp | | | James B. Miller, Jr. Chairman and Chief Executive Officer Fidelity Southern Corporation | |
| Ameris Bancorp 310 First Street, S.E. Moultrie, Georgia 31768 Attention: Corporate Secretary Telephone: (229) 890-1111 | | | Fidelity Southern Corporation 3490 Piedmont Road, Suite 1550 Atlanta, Georgia 30305 Attention: Corporate Secretary Telephone: (404) 248-5466 | |
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| | | Ameris Common Stock | | | Fidelity Common Stock | | | Implied Value of One Share of Fidelity Common Stock | | |||||||||
December 14, 2018 | | | | $ | 34.02 | | | | | $ | 21.42 | | | | | $ | 27.22 | | |
[•] | | | | $ | [•] | | | | | $ | [•] | | | | | $ | [•] | | |
| | | Three Months Ended | | | Year Ended | | ||||||||||||||||||||||||||||||||||||
(dollars in thousands except per share data) | | | December 2018 | | | September 2018 | | | June 2018 | | | March 2018 | | | December 2017 | | | December 2018 | | | December 2017 | | |||||||||||||||||||||
Total shareholders’ equity | | | | $ | 1,456,347 | | | | | $ | 1,404,977 | | | | | $ | 1,371,896 | | | | | $ | 868,944 | | | | | $ | 804,479 | | | | | $ | 1,456,347 | | | | | $ | 804,479 | | |
Less: | | | | | | | | | |||||||||||||||||||||||||||||||||||
Goodwill | | | | | 503,434 | | | | | | 505,604 | | | | | | 504,764 | | | | | | 208,513 | | | | | | 125,532 | | | | | | 503,434 | | | | | | 125,532 | | |
Other intangibles, net | | | | | 58,689 | | | | | | 54,729 | | | | | | 53,561 | | | | | | 12,562 | | | | | | 13,496 | | | | | | 58,689 | | | | | | 13,496 | | |
Total tangible shareholders’ equity | | | | $ | 894,224 | | | | | $ | 844,644 | | | | | $ | 813,571 | | | | | $ | 647,869 | | | | | $ | 665,451 | | | | | $ | 894,224 | | | | | $ | 665,451 | | |
Period end number of shares | | | | | 47,499,941 | | | | | | 47,496,966 | | | | | | 47,518,662 | | | | | | 38,327,081 | | | | | | 37,260,012 | | | | | | 47,499,941 | | | | | | 37,260,012 | | |
Book value per share (period end) | | | | $ | 30.66 | | | | | $ | 29.58 | | | | | $ | 28.87 | | | | | $ | 22.67 | | | | | $ | 21.59 | | | | | $ | 30.66 | | | | | $ | 21.59 | | |
Tangible book value per share (period end) | | | | $ | 18.83 | | | | | $ | 17.78 | | | | | $ | 17.12 | | | | | $ | 16.90 | | | | | $ | 17.86 | | | | | $ | 18.83 | | | | | $ | 17.86 | | |
Date | | | Ameris Closing Price | | | Exchange Ratio | | | Equivalent Atlantic Per Share Value | | |||||||||
November 16, 2017 | | | | $ | 47.30 | | | | | | 0.17 | | | | | $ | 9.43 | | |
[•] | | | | $ | [•] | | | | | | 0.17 | | | | | $ | [•] | | |
| | | Nine Months Ended September 30, | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||||||||||
| | | (unaudited) | | | (audited) | | ||||||||||||||||||||||||||||||||||||
| | | (In thousands, except per share data and ratios) | | |||||||||||||||||||||||||||||||||||||||
Selected Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | | | $ | 7,649,820 | | | | | $ | 6,493,495 | | | | | $ | 6,892,031 | | | | | $ | 5,588,940 | | | | | $ | 4,037,077 | | | | | $ | 3,667,649 | | | | | $ | 3,019,052 | | |
Earning assets | | | | | 7,074,828 | | | | | | 5,925,072 | | | | | | 6,293,670 | | | | | | 5,084,658 | | | | | | 3,574,561 | | | | | | 3,232,769 | | | | | | 2,554,551 | | |
Loans held for sale | | | | | 137,392 | | | | | | 126,263 | | | | | | 105,924 | | | | | | 111,182 | | | | | | 94,759 | | | | | | 67,278 | | | | | | 48,786 | | |
Loans, net of unearned income | | | | | 4,574,678 | | | | | | 3,091,039 | | | | | | 3,626,821 | | | | | | 2,406,877 | | | | | | 1,889,881 | | | | | | 1,618,454 | | | | | | 1,450,635 | | |
Purchased, non-covered loans (excluding loan pools) | | | | | 885,256 | | | | | | 1,067,090 | | | | | | 1,011,031 | | | | | | 771,554 | | | | | | 674,239 | | | | | | 448,753 | | | | | | — | | |
Purchased, non-covered loan pools | | | | | 465,218 | | | | | | 624,886 | | | | | | 568,314 | | | | | | 592,963 | | | | | | — | | | | | | — | | | | | | — | | |
Covered loans | | | | | 31,870 | | | | | | 62,291 | | | | | | 58,160 | | | | | | 137,529 | | | | | | 271,279 | | | | | | 390,237 | | | | | | 507,712 | | |
Investment securities available for sale | | | | | 819,593 | | | | | | 838,124 | | | | | | 822,735 | | | | | | 783,185 | | | | | | 541,805 | | | | | | 486,235 | | | | | | 346,909 | | |
FDIC loss-share receivable, net of clawback | | | | | — | | | | | | — | | | | | | — | | | | | | 6,301 | | | | | | 31,351 | | | | | | 65,441 | | | | | | 159,724 | | |
Total deposits | | | | | 5,895,504 | | | | | | 5,306,098 | | | | | | 5,575,163 | | | | | | 4,879,290 | | | | | | 3,431,149 | | | | | | 2,999,231 | | | | | | 2,624,663 | | |
FDIC loss-share payable including clawback | | | | | 8,190 | | | | | | 7,775 | | | | | | 6,313 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Shareholders’ equity | | | | | 801,921 | | | | | | 642,583 | | | | | | 646,437 | | | | | | 514,759 | | | | | | 366,028 | | | | | | 316,699 | | | | | | 279,017 | | |
Selected Income Statement Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | $ | 214,783 | | | | | $ | 176,109 | | | | | $ | 239,065 | | | | | $ | 190,393 | | | | | $ | 164,566 | | | | | $ | 126,322 | | | | | $ | 129,479 | | |
Interest expense | | | | | 24,181 | | | | | | 14,017 | | | | | | 19,694 | | | | | | 14,856 | | | | | | 14,680 | | | | | | 10,137 | | | | | | 15,074 | | |
Net interest income | | | | | 190,602 | | | | | | 162,092 | | | | | | 219,371 | | | | | | 175,537 | | | | | | 149,886 | | | | | | 116,185 | | | | | | 114,405 | | |
Provision for loan losses | | | | | 5,828 | | | | | | 2,381 | | | | | | 4,091 | | | | | | 5,264 | | | | | | 5,648 | | | | | | 11,486 | | | | | | 31,089 | | |
Noninterest income | | | | | 80,894 | | | | | | 81,529 | | | | | | 105,801 | | | | | | 85,586 | | | | | | 62,836 | | | | | | 46,549 | | | | | | 57,874 | | |
Noninterest expenses | | | | | 172,599 | | | | | | 161,158 | | | | | | 215,835 | | | | | | 199,115 | | | | | | 150,869 | | | | | | 121,945 | | | | | | 119,470 | | |
Income before income taxes | | | | | 93,069 | | | | | | 80,082 | | | | | | 105,246 | | | | | | 56,744 | | | | | | 56,205 | | | | | | 29,303 | | | | | | 21,720 | | |
Income tax expense | | | | | 28,671 | | | | | | 26,159 | | | | | | 33,146 | | | | | | 15,897 | | | | | | 17,482 | | | | | | 9,285 | | | | | | 7,285 | | |
Net income | | | | | 64,398 | | | | | | 53,923 | | | | | | 72,100 | | | | | | 40,847 | | | | | | 38,723 | | | | | | 20,018 | | | | | | 14,435 | | |
Preferred stock dividends | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 286 | | | | | | 1,738 | | | | | | 3,577 | | |
Net income available to common shareholders | | | | | 64,398 | | | | | | 53,923 | | | | | | 72,100 | | | | | | 40,847 | | | | | | 38,437 | | | | | | 18,280 | | | | | | 10,858 | | |
| | | Nine Months Ended September 30, | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||||||||||
| | | (unaudited) | | | (audited) | | ||||||||||||||||||||||||||||||||||||
| | | (In thousands, except per share data and ratios) | | |||||||||||||||||||||||||||||||||||||||
Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share available to common shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | | | $ | 1.76 | | | | | $ | 1.58 | | | | | $ | 2.10 | | | | | $ | 1.29 | | | | | $ | 1.48 | | | | | $ | 0.76 | | | | | $ | 0.46 | | |
Diluted | | | | | 1.74 | | | | | | 1.56 | | | | | | 2.08 | | | | | | 1.27 | | | | | | 1.46 | | | | | | 0.75 | | | | | | 0.46 | | |
Common book value | | | | | 21.54 | | | | | | 18.42 | | | | | | 18.51 | | | | | | 15.98 | | | | | | 13.67 | | | | | | 11.50 | | | | | | 10.56 | | |
Tangible book value | | | | | 17.78 | | | | | | 14.38 | | | | | | 14.42 | | | | | | 12.65 | | | | | | 10.99 | | | | | | 9.87 | | | | | | 10.39 | | |
Cash dividends declared per share | | | | | 0.30 | | | | | | 0.20 | | | | | | 0.30 | | | | | | 0.20 | | | | | | 0.15 | | | | | | — | | | | | | — | | |
Profitability Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income to average total assets | | | | | 1.20% | | | | | | 1.19% | | | | | | 1.17% | | | | | | 0.85% | | | | | | 1.08% | | | | | | 0.70% | | | | | | 0.49% | | |
Net income to average common shareholders’ equity | | | | | 11.39% | | | | | | 12.01% | | | | | | 11.75% | | | | | | 8.37% | | | | | | 12.40% | | | | | | 8.06% | | | | | | 5.99% | | |
Net interest margin (fully taxable equivalent basis) | | | | | 3.96% | | | | | | 4.01% | | | | | | 3.99% | | | | | | 4.12% | | | | | | 4.59% | | | | | | 4.74% | | | | | | 4.60% | | |
Efficiency ratio | | | | | 63.57% | | | | | | 66.15% | | | | | | 66.38% | | | | | | 76.25% | | | | | | 70.92% | | | | | | 74.94% | | | | | | 69.35% | | |
Loan Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net charge-offs to average loans* | | | | | 0.13% | | | | | | 0.10% | | | | | | 0.11% | | | | | | 0.22% | | | | | | 0.34% | | | | | | 0.75% | | | | | | 2.87% | | |
Allowance for loan losses to total loans* | | | | | 0.46% | | | | | | 0.63% | | | | | | 0.56% | | | | | | 0.85% | | | | | | 1.12% | | | | | | 1.38% | | | | | | 1.63% | | |
Non-performing assets to total loans and OREO** | | | | | 0.94% | | | | | | 1.25% | | | | | | 1.12% | | | | | | 1.60% | | | | | | 3.35% | | | | | | 3.49% | | | | | | 5.28% | | |
Liquidity Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans to total deposits | | | | | 101.04% | | | | | | 91.32% | | | | | | 94.42% | | | | | | 80.11% | | | | | | 82.64% | | | | | | 81.94% | | | | | | 74.61% | | |
Average loans to average earning assets | | | | | 83.42% | | | | | | 80.49% | | | | | | 80.83% | | | | | | 75.96% | | | | | | 80.22% | | | | | | 78.08% | | | | | | 77.83% | | |
Noninterest-bearing deposits to total deposits | | | | | 29.14% | | | | | | 29.46% | | | | | | 28.22% | | | | | | 27.26% | | | | | | 24.46% | | | | | | 22.29% | | | | | | 19.46% | | |
Capital Adequacy Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity to total assets | | | | | 10.48% | | | | | | 9.90% | | | | | | 9.38% | | | | | | 9.21% | | | | | | 9.07% | | | | | | 8.63% | | | | | | 9.24% | | |
Common stock dividend payout ratio | | | | | 17.05% | | | | | | 12.66% | | | | | | 14.29% | | | | | | 15.50% | | | | | | 10.14% | | | | | | 0.00% | | | | | | 0.00% | | |
| | | Three Months Ended | | | Year Ended | | ||||||||||||||||||||||||||||||||||||
(dollars in thousands except per share data) | | | December 2018 | | | September 2018 | | | June 2018 | | | March 2018 | | | December 2017 | | | December 2018 | | | December 2017 | | |||||||||||||||||||||
Total shareholders’ equity | | | | $ | 1,456,347 | | | | | $ | 1,404,977 | | | | | $ | 1,371,896 | | | | | $ | 868,944 | | | | | $ | 804,479 | | | | | $ | 1,456,347 | | | | | $ | 804,479 | | |
Less: | | | | | | | | | |||||||||||||||||||||||||||||||||||
Goodwill | | | | | 503,434 | | | | | | 505,604 | | | | | | 504,764 | | | | | | 208,513 | | | | | | 125,532 | | | | | | 503,434 | | | | | | 125,532 | | |
Other intangibles, net | | | | | 58,689 | | | | | | 54,729 | | | | | | 53,561 | | | | | | 12,562 | | | | | | 13,496 | | | | | | 58,689 | | | | | | 13,496 | | |
Total tangible shareholders’ equity | | | | $ | 894,224 | | | | | $ | 844,644 | | | | | $ | 813,571 | | | | | $ | 647,869 | | | | | $ | 665,451 | | | | | $ | 894,224 | | | | | $ | 665,451 | | |
Period end number of shares | | | | | 47,499,941 | | | | | | 47,496,966 | | | | | | 47,518,662 | | | | | | 38,327,081 | | | | | | 37,260,012 | | | | | | 47,499,941 | | | | | | 37,260,012 | | |
Book value per share (period end) | | | | $ | 30.66 | | | | | $ | 29.58 | | | | | $ | 28.87 | | | | | $ | 22.67 | | | | | $ | 21.59 | | | | | $ | 30.66 | | | | | $ | 21.59 | | |
Tangible book value per share (period end) | | | | $ | 18.83 | | | | | $ | 17.78 | | | | | $ | 17.12 | | | | | $ | 16.90 | | | | | $ | 17.86 | | | | | $ | 18.83 | | | | | $ | 17.86 | | |
| | | Three Months Ended | | | Year Ended | | ||||||||||||||||||||||||||||||||||||
(dollars in thousands except per share data) | | | December 2018 | | | September 2018 | | | June 2018 | | | March 2018 | | | December 2017 | | | December 2018 | | | December 2017 | | |||||||||||||||||||||
Total shareholders’ equity | | | | $ | 1,456,347 | | | | | $ | 1,404,977 | | | | | $ | 1,371,896 | | | | | $ | 868,944 | | | | | $ | 804,479 | | | | | $ | 1,456,347 | | | | | $ | 804,479 | | |
Less: | | | | | | | | | |||||||||||||||||||||||||||||||||||
Goodwill | | | | | 503,434 | | | | | | 505,604 | | | | | | 504,764 | | | | | | 208,513 | | | | | | 125,532 | | | | | | 503,434 | | | | | | 125,532 | | |
Other intangibles, net | | | | | 58,689 | | | | | | 54,729 | | | | | | 53,561 | | | | | | 12,562 | | | | | | 13,496 | | | | | | 58,689 | | | | | | 13,496 | | |
Total tangible shareholders’ equity | | | | $ | 894,224 | | | | | $ | 844,644 | | | | | $ | 813,571 | | | | | $ | 647,869 | | | | | $ | 665,451 | | | | | $ | 894,224 | | | | | $ | 665,451 | | |
Period end number of shares | | | | | 47,499,941 | | | | | | 47,496,966 | | | | | | 47,518,662 | | | | | | 38,327,081 | | | | | | 37,260,012 | | | | | | 47,499,941 | | | | | | 37,260,012 | | |
Book value per share (period end) | | | | $ | 30.66 | | | | | $ | 29.58 | | | | | $ | 28.87 | | | | | $ | 22.67 | | | | | $ | 21.59 | | | | | $ | 30.66 | | | | | $ | 21.59 | | |
Tangible book value per share (period end) | | | | $ | 18.83 | | | | | $ | 17.78 | | | | | $ | 17.12 | | | | | $ | 16.90 | | | | | $ | 17.86 | | | | | $ | 18.83 | | | | | $ | 17.86 | | |
| | | Nine Months Ended September 30, | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||
| | | (unaudited) | | | (audited) | | ||||||||||||||||||||||||||||||||||||
| | | (In thousands, except per share data and ratios) | | |||||||||||||||||||||||||||||||||||||||
Selected Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | | | $ | 11,428,994 | | | | | $ | 7,649,820 | | | | | $ | 7,856,203 | | | | | $ | 6,892,031 | | | | | $ | 5,588,940 | | | | | $ | 4,037,077 | | | | | $ | 3,667,649 | | |
Earning assets | | | | | 10,340,558 | | | | | | 7,074,828 | | | | | | 7,288,285 | | | | | | 6,293,670 | | | | | | 5,084,658 | | | | | | 3,574,561 | | | | | | 3,232,769 | | |
Loans held for sale | | | | | 130,179 | | | | | | 137,392 | | | | | | 197,442 | | | | | | 105,924 | | | | | | 111,182 | | | | | | 94,759 | | | | | | 67,278 | | |
Loans, net of unearned income | | | | | 5,543,306 | | | | | | 4,574,678 | | | | | | 4,856,514 | | | | | | 3,626,821 | | | | | | 2,406,877 | | | | | | 1,889,881 | | | | | | 1,618,454 | | |
Purchased loans | | | | | 2,711,460 | | | | | | 917,126 | | | | | | 861,595 | | | | | | 1,069,191 | | | | | | 909,083 | | | | | | 945,518 | | | | | | 838,990 | | |
Purchased loan pools | | | | | 274,752 | | | | | | 465,218 | | | | | | 328,246 | | | | | | 568,314 | | | | | | 592,963 | | | | | | — | | | | | | — | | |
Investment securities available for sale | | | | | 1,162,570 | | | | | | 819,593 | | | | | | 810,873 | | | | | | 822,735 | | | | | | 783,185 | | | | | | 541,805 | | | | | | 486,235 | | |
FDIC loss-share receivable, net of clawback | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,301 | | | | | | 31,351 | | | | | | 65,441 | | |
Total deposits | | | | | 9,181,363 | | | | | | 5,895,504 | | | | | | 6,625,845 | | | | | | 5,575,163 | | | | | | 4,879,290 | | | | | | 3,431,149 | | | | | | 2,999,231 | | |
FDIC loss-share payable including clawback | | | | | 18,740 | | | | | | 8,190 | | | | | | 8,803 | | | | | | 6,313 | | | | | | — | | | | | | — | | | | | | — | | |
Shareholders’ equity | | | | | 1,404,977 | | | | | | 801,921 | | | | | | 804,479 | | | | | | 646,437 | | | | | | 514,759 | | | | | | 366,028 | | | | | | 316,699 | | |
|
| | | Nine Months Ended September 30, | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||
| | | (unaudited) | | | (audited) | | ||||||||||||||||||||||||||||||||||||
| | | (In thousands, except per share data and ratios) | | |||||||||||||||||||||||||||||||||||||||
Selected Income Statement Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | $ | 290,577 | | | | | $ | 214,783 | | | | | $ | 294,347 | | | | | $ | 239,065 | | | | | $ | 190,393 | | | | | $ | 164,566 | | | | | $ | 126,322 | | |
Interest expense | | | | | 46,739 | | | | | | 24,181 | | | | | | 34,222 | | | | | | 19,694 | | | | | | 14,856 | | | | | | 14,680 | | | | | | 10,137 | | |
Net interest income | | | | | 243,838 | | | | | | 190,602 | | | | | | 260,125 | | | | | | 219,371 | | | | | | 175,537 | | | | | | 149,886 | | | | | | 116,185 | | |
Provision for loan losses | | | | | 13,006 | | | | | | 5,828 | | | | | | 8,364 | | | | | | 4,091 | | | | | | 5,264 | | | | | | 5,648 | | | | | | 11,486 | | |
Noninterest income | | | | | 87,942 | | | | | | 80,894 | | | | | | 104,457 | | | | | | 105,801 | | | | | | 85,586 | | | | | | 62,836 | | | | | | 46,549 | | |
Noninterest expense | | | | | 217,837 | | | | | | 172,599 | | | | | | 231,936 | | | | | | 215,835 | | | | | | 199,115 | | | | | | 150,869 | | | | | | 121,945 | | |
Income before income taxes | | | | | 100,937 | | | | | | 93,069 | | | | | | 124,282 | | | | | | 105,246 | | | | | | 56,744 | | | | | | 56,205 | | | | | | 29,303 | | |
Income tax expense | | | | | 23,446 | | | | | | 28,671 | | | | | | 50,734 | | | | | | 33,146 | | | | | | 15,897 | | | | | | 17,482 | | | | | | 9,285 | | |
Net income | | | | | 77,491 | | | | | | 64,398 | | | | | | 73,548 | | | | | | 72,100 | | | | | | 40,847 | ��� | | | | | 38,723 | | | | | | 20,018 | | |
Preferred stock dividends | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 286 | | | | | | 1,738 | | |
Net income available to common shareholders | | | | $ | 77,491 | | | | | $ | 64,398 | | | | | $ | 73,548 | | | | | $ | 72,100 | | | | | $ | 40,847 | | | | | $ | 38,437 | | | | | $ | 18,280 | | |
Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share available to common shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | | | $ | 1.86 | | | | | $ | 1.76 | | | | | $ | 2.00 | | | | | $ | 2.10 | | | | | $ | 1.29 | | | | | $ | 1.48 | | | | | $ | 0.76 | | |
Diluted | | | | | 1.85 | | | | | | 1.74 | | | | | | 1.98 | | | | | | 2.08 | | | | | | 1.27 | | | | | | 1.46 | | | | | | 0.75 | | |
Common book value | | | | | 29.58 | | | | | | 21.54 | | | | | | 21.59 | | | | | | 18.51 | | | | | | 15.98 | | | | | | 13.67 | | | | | | 11.50 | | |
Tangible book value | | | | | 17.78 | | | | | | 17.78 | | | | | | 17.86 | | | | | | 14.42 | | | | | | 12.65 | | | | | | 10.99 | | | | | | 9.87 | | |
Cash dividends declared | | | | | 0.30 | | | | | | 0.30 | | | | | | 0.40 | | | | | | 0.30 | | | | | | 0.20 | | | | | | 0.15 | | | | | | — | | |
Profitability Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income to average total assets | | | | | 1.12% | | | | | | 1.20% | | | | | | 1.00% | | | | | | 1.17% | | | | | | 0.85% | | | | | | 1.08% | | | | | | 0.70% | | |
Net income to average shareholders’ equity | | | | | 9.47% | | | | | | 11.39% | | | | | | 9.55% | | | | | | 11.75% | | | | | | 8.37% | | | | | | 12.40% | | | | | | 8.06% | | |
Net interest margin (fully taxable equivalent basis) | | | | | 3.93% | | | | | | 3.96% | | | | | | 3.95% | | | | | | 3.99% | | | | | | 4.12% | | | | | | 4.59% | | | | | | 4.74% | | |
Efficiency ratio | | | | | 65.66% | | | | | | 63.57% | | | | | ��� | 63.62% | | | | | | 66.38% | | | | | | 76.25% | | | | | | 70.92% | | | | | | 74.94% | | |
Loan Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net charge-offs to average loans* | | | | | 0.29% | | | | | | 0.13% | | | | | | 0.13% | | | | | | 0.11% | | | | | | 0.22% | | | | | | 0.34% | | | | | | 0.75% | | |
Allowance for loan losses to total loans* | | | | | 0.46% | | | | | | 0.46% | | | | | | 0.44% | | | | | | 0.56% | | | | | | 0.85% | | | | | | 1.12% | | | | | | 1.38% | | |
Non performing assets to total loans and OREO** | | | | | 0.78% | | | | | | 0.94% | | | | | | 0.85% | | | | | | 1.12% | | | | | | 1.60% | | | | | | 3.35% | | | | | | 3.49% | | |
Liquidity Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans to total deposits | | | | | 92.90% | | | | | | 101.04% | | | | | | 91.25% | | | | | | 94.42% | | | | | | 80.11% | | | | | | 82.64% | | | | | | 81.94% | | |
Average loans to average earning assets | | | | | 84.11% | | | | | | 83.42% | | | | | | 83.50% | | | | | | 80.83% | | | | | | 75.96% | | | | | | 80.22% | | | | | | 78.08% | | |
Noninterest-bearing deposits to total deposits | | | | | 25.42% | | | | | | 29.14% | | | | | | 26.82% | | | | | | 28.22% | | | | | | 27.26% | | | | | | 24.46% | | | | | | 22.29% | | |
Capital Adequacy Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity to total assets | | | | | 12.29% | | | | | | 10.48% | | | | | | 10.24% | | | | | | 9.38% | | | | | | 9.21% | | | | | | 9.07% | | | | | | 8.63% | | |
Common stock dividend payout ratio | | | | | 16.13% | | | | | | 17.05% | | | | | | 20.00% | | | | | | 14.29% | | | | | | 15.50% | | | | | | 10.14% | | | | | | — | | |
| | Nine Months Ended September 30, | | Years Ended December 31, | | | September 30, | | December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2017 | | 2016 | | 2016 | | 2015 | | 2014 | | 2013 | | 2012 | | | 2018 | | 2017 | | 2017 | | 2016 | | 2015 | | 2014 | | 2013 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | (unaudited) | | (audited) | | | (unaudited) | | (audited) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | (In thousands, except per share data) | | | (dollars in thousands, except per share data) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible Book Value Per Share Reconciliation: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Tangible Book Value Per Share Reconciliation: | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||
Common shareholders’ equity | | | $ | 801,921 | | | | $ | 642,583 | | | | $ | 646,437 | | | | $ | 514,759 | | | | $ | 366,028 | | | | $ | 288,699 | | | | $ | 251,355 | | | | | $ | 1,404,977 | | | | $ | 801,921 | | | | $ | 804,479 | | | | $ | 646,437 | | | | $ | 514,759 | | | | $ | 366,028 | | | | $ | 288,699 | | | ||||||||||||||
Less: Goodwill | | | | 125,532 | | | | | 122,545 | | | | | 125,532 | | | | | 90,082 | | | | | 63,547 | | | | | 35,049 | | | | | 956 | | | | | | 505,604 | | | | | 125,532 | | | | | 125,532 | | | | | 125,532 | | | | | 90,082 | | | | | 63,547 | | | | | 35,049 | | | ||||||||||||||
Less: Other intangibles, net | | | | 14,437 | | | | | 18,472 | | | | | 17,428 | | | | | 17,058 | | | | | 8,221 | | | | | 6,009 | | | | | 3,040 | | | | | | 54,729 | | | | | 14,437 | | | | | 13,496 | | | | | 17,428 | | | | | 17,058 | | | | | 8,221 | | | | | 6,009 | | | ||||||||||||||
Total tangible shareholders’ equity | | | $ | 661,952 | | | | $ | 501,566 | | | | $ | 503,477 | | | | $ | 407,619 | | | | $ | 294,260 | | | | $ | 247,641 | | | | $ | 247,359 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total tangible common shareholders’ equity | | | $ | 844,644 | | | | $ | 661,952 | | | | $ | 665,451 | | | | $ | 503,477 | | | | $ | 407,619 | | | | $ | 294,260 | | | | $ | 247,641 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Period end number of shares | | | | 37,231,049 | | | | | 34,891,304 | | | | | 34,921,474 | | | | | 32,211,385 | | | | | 26,773,863 | | | | | 25,098,427 | | | | | 23,799,768 | | | | | | 47,496,966 | | | | | 37,231,049 | | | | | 37,260,012 | | | | | 34,921,474 | | | | | 32,211,385 | | | | | 26,773,863 | | | | | 25,098,427 | | | ||||||||||||||
Book value per common share | | | $ | 21.54 | | | | $ | 18.42 | | | | $ | 18.51 | | | | $ | 15.98 | | | | $ | 13.67 | | | | $ | 11.50 | | | | $ | 10.56 | | | | | $ | 29.58 | | | | $ | 21.54 | | | | $ | 21.59 | | | | $ | 18.51 | | | | $ | 15.98 | | | | $ | 13.67 | | | | $ | 11.50 | | | ||||||||||||||
Tangible book value per common share | | | | 17.78 | | | | | 14.38 | | | | | 14.42 | | | | | 12.65 | | | | | 10.99 | | | | | 9.87 | | | | | 10.39 | | | | | | 17.78 | | | | | 17.78 | | | | | 17.86 | | | | | 14.42 | | | | | 12.65 | | | | | 10.99 | | | | | 9.87 | | |
| | | Nine Months Ended September 30, | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||||||||||
| | | (unaudited) | | | (audited) | | ||||||||||||||||||||||||||||||||||||
| | | (In thousands, except per share data and ratios) | | |||||||||||||||||||||||||||||||||||||||
Selected Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | | | $ | 921,935 | | | | | $ | 936,893 | | | | | $ | 907,459 | | | | | $ | 857,198 | | | | | $ | 706,498 | | | | | $ | 733,633 | | | | | $ | 772,619 | | |
Earning assets | | | | | 875,031 | | | | | | 880,074 | | | | | | 857,203 | | | | | | 801,272 | | | | | | 664,486 | | | | | | 690,317 | | | | | | 721,112 | | |
Loans held for sale | | | | | 5,025 | | | | | | 8,057 | | | | | | 7,147 | | | | | | 6,591 | | | | | | 7,219 | | | | | | 1,656 | | | | | | 4,089 | | |
Loans, net of unearned income | | | | | 793,927 | | | | | | 774,407 | | | | | | 727,984 | | | | | | 655,326 | | | | | | 487,949 | | | | | | 399,425 | | | | | | 500,569 | | |
Investment securities available for sale | | | | | 39,113 | | | | | | 49,003 | | | | | | 65,293 | | | | | | 120,110 | | | | | | 118,699 | | | | | | 159,732 | | | | | | 159,745 | | |
Investment securities held to maturity | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 17,919 | | | | | | 19,266 | | | | | | — | | |
Total deposits | | | | | 676,416 | | | | | | 617,496 | | | | | | 628,413 | | | | | | 555,821 | | | | | | 440,780 | | | | | | 460,098 | | | | | | 499,760 | | |
Shareholders’ equity | | | | | 91,394 | | | | | | 86,126 | | | | | | 87,018 | | | | | | 80,738 | | | | | | 72,336 | | | | | | 65,525 | | | | | | 40,260 | | |
Selected Income Statement Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | $ | 25,020 | | | | | $ | 25,184 | | | | | $ | 33,889 | | | | | $ | 29,796 | | | | | $ | 28,135 | | | | | $ | 28,836 | | | | | $ | 33,505 | | |
Interest expense | | | | | 5,244 | | | | | | 5,828 | | | | | | 7,417 | | | | | | 8,686 | | | | | | 10,512 | | | | | | 12,695 | | | | | | 14,270 | | |
Net interest income | | | | | 19,776 | | | | | | 19,356 | | | | | | 26,472 | | | | | | 21,110 | | | | | | 17,623 | | | | | | 16,141 | | | | | | 19,235 | | |
Provision for loan losses | | | | | 458 | | | | | | 569 | | | | | | 619 | | | | | | 807 | | | | | | 1,266 | | | | | | 7,026 | | | | | | 12,491 | | |
Noninterest income | | | | | 5,715 | | | | | | 7,307 | | | | | | 9,247 | | | | | | 6,850 | | | | | | 6,439 | | | | | | 6,328 | | | | | | 10,096 | | |
Noninterest expenses | | | | | 19,191 | | | | | | 19,074 | | | | | | 25,050 | | | | | | 28,942 | | | | | | 21,469 | | | | | | 26,849 | | | | | | 23,357 | | |
Income (loss) before taxes | | | | | 5,842 | | | | | | 7,020 | | | | | | 10,050 | | | | | | (1,789) | | | | | | 1,327 | | | | | | (11,406) | | | | | | (6,517) | | |
Income tax expense (benefit) | | | | | 2,058 | | | | | | 2,604 | | | | | | 3,632 | | | | | | (9,507) | | | | | | — | | | | | | — | | | | | | 150 | | |
Net income (loss) | | | | | 3,784 | | | | | | 4,416 | | | | | | 6,418 | | | | | | 7,718 | | | | | | 1,327 | | | | | | (11,406) | | | | | | (6,667) | | |
Preferred stock dividends | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net income (loss) available to common shareholders | | | | | 3,784 | | | | | | 4,416 | | | | | | 6,418 | | | | | | 7,718 | | | | | | 1,327 | | | | | | (11,406) | | | | | | (6,667) | | |
| | | Nine Months Ended September 30, | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||
| | | (unaudited) | | | (audited) | | ||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||
Selected Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | | | $ | 4,812,056 | | | | | $ | 4,505,423 | | | | | $ | 4,576,858 | | | | | $ | 4,389,685 | | | | | $ | 3,849,063 | | | | | $ | 3,085,135 | | | | | $ | 2,564,053 | | |
Earning assets | | | | | 4,448,875 | | | | | | 4,167,549 | | | | | | 4,242,218 | | | | | | 4,059,414 | | | | | | 3,558,669 | | | | | | 2,847,971 | | | | | | 2,355,530 | | |
Loans held for sale | | | | | 371,319 | | | | | | 340,329 | | | | | | 357,755 | | | | | | 465,328 | | | | | | 397,834 | | | | | | 368,935 | | | | | | 187,366 | | |
Loans receivable | | | | | 3,706,953 | | | | | | 3,409,707 | | | | | | 3,580,966 | | | | | | 3,302,264 | | | | | | 2,896,948 | | | | | | 2,253,306 | | | | | | 1,893,037 | | |
Investment securities available for sale | | | | | 209,180 | | | | | | 124,827 | | | | | | 120,121 | | | | | | 144,310 | | | | | | 172,397 | | | | | | 149,590 | | | | | | 168,865 | | |
Investment securities held to maturity | | | | | 20,383 | | | | | | 15,072 | | | | | | 21,689 | | | | | | 16,583 | | | | | | 14,398 | | | | | | 7,349 | | | | | | 4,051 | | |
Total deposits | | | | | 4,049,969 | | | | | | 3,938,360 | | | | | | 3,867,200 | | | | | | 3,630,594 | | | | | | 3,179,511 | | | | | | 2,458,022 | | | | | | 2,202,452 | | |
Shareholders’ equity | | | | | 432,098 | | | | | | 388,068 | | | | | | 401,632 | | | | | | 362,647 | | | | | | 301,459 | | | | | | 264,951 | | | | | | 236,230 | | |
| | | Nine Months Ended September 30, | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||||||||||
| | | (unaudited) | | | (audited) | | ||||||||||||||||||||||||||||||||||||
| | | (In thousands, except per share data and ratios) | | |||||||||||||||||||||||||||||||||||||||
Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings (loss) per share available to common shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | | | $ | 0.25 | | | | | $ | 0.29 | | | | | $ | 0.42 | | | | | $ | 0.50 | | | | | $ | 0.09 | | | | | $ | (3.23) | | | | | $ | (2.67) | | |
Diluted | | | | | 0.25 | | | | | | 0.29 | | | | | | 0.42 | | | | | | 0.50 | | | | | | 0.09 | | | | | | (3.23) | | | | | | (2.67) | | |
Common book value per share (period end) | | | | | 5.88 | | | | | | 5.55 | | | | | | 5.61 | | | | | | 5.21 | | | | | | 4.66 | | | | | | 4.22 | | | | | | 15.31 | | |
Cash dividends declared per share | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Profitability Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income to average total assets | | | | | 0.58% | | | | | | 0.66% | | | | | | 0.72% | | | | | | 1.00% | | | | | | 0.19% | | | | | | (1.55)% | | | | | | (0.85)% | | |
Net income to average shareholders’ equity | | | | | 5.61% | | | | | | 6.98% | | | | | | 7.54% | | | | | | 9.94% | | | | | | 1.89% | | | | | | (30.45)% | | | | | | (14.51)% | | |
Net interest margin | | | | | 3.19% | | | | | | 3.08% | | | | | | 3.12% | | | | | | 2.95% | | | | | | 2.61% | | | | | | 2.31% | | | | | | 2.58% | | |
Efficiency ratio | | | | | 75.29% | | | | | | 71.54% | | | | | | 70.13% | | | | | | 103.51% | | | | | | 89.22% | | | | | | 119.49% | | | | | | 79.63% | | |
Loan Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net charge-offs to average loans | | | | | 0.04% | | | | | | 0.04% | | | | | | 0.03% | | | | | | 0.04% | | | | | | 0.27% | | | | | | 2.77% | | | | | | 3.59% | | |
Allowance for loan losses to total loans | | | | | 1.12% | | | | | | 1.24% | | | | | | 1.26% | | | | | | 1.27% | | | | | | 1.57% | | | | | | 1.83% | | | | | | 2.52% | | |
Non-performing assets to total loans and OREO | | | | | 1.30% | | | | | | 2.10% | | | | | | 2.03% | | | | | | 1.23% | | | | | | 1.87% | | | | | | 2.28% | | | | | | 7.68% | | |
Liquidity Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans to total deposits | | | | | 111.42% | | | | | | 106.04% | | | | | | 103.02% | | | | | | 109.97% | | | | | | 102.99% | | | | | | 82.35% | | | | | | 86.46% | | |
Average loans to average earning assets | | | | | 84.13% | | | | | | 77.00% | | | | | | 76.17% | | | | | | 69.00% | | | | | | 61.08% | | | | | | 56.77% | | | | | | 64.07% | | |
Noninterest-bearing deposits to total deposits | | | | | 10.35% | | | | | | 9.17% | | | | | | 9.50% | | | | | | 8.49% | | | | | | 9.37% | | | | | | 7.56% | | | | | | 8.38% | | |
Capital Adequacy Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity to total assets | | | | | 9.91% | | | | | | 9.19% | | | | | | 9.59% | | | | | | 9.42% | | | | | | 10.24% | | | | | | 8.93% | | | | | | 5.21% | | |
Common stock dividend payout ratio | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | |
| | | Nine Months Ended September 30, | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||
| | | (unaudited) | | | (audited) | | ||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||
Selected Income Statement Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | $ | 133,174 | | | | | $ | 116,325 | | | | | $ | 157,978 | | | | | $ | 149,283 | | | | | $ | 116,642 | | | | | $ | 101,667 | | | | | $ | 97,563 | | |
Interest expense | | | | | 23,187 | | | | | | 16,951 | | | | | | 22,730 | | | | | | 20,448 | | | | | | 15,804 | | | | | | 11,226 | | | | | | 13,961 | | |
Net interest income | | | | | 109,987 | | | | | | 99,374 | | | | | | 135,248 | | | | | | 128,835 | | | | | | 100,838 | | | | | | 90,441 | | | | | | 83,602 | | |
Provision for loan losses | | | | | 4,776 | | | | | | 4,275 | | | | | | 4,275 | | | | | | 8,231 | | | | | | 4,351 | | | | | | 531 | | | | | | 5,440 | | |
Noninterest income | | | | | 107,772 | | | | | | 106,064 | | | | | | 134,952 | | | | | | 141,325 | | | | | | 127,888 | | | | | | 95,320 | | | | | | 96,878 | | |
Noninterest expense | | | | | 169,179 | | | | | | 157,960 | | | | | | 210,870 | | | | | | 201,020 | | | | | | 162,946 | | | | | | 138,754 | | | | | | 132,325 | | |
Income before income taxes | | | | | 43,804 | | | | | | 43,203 | | | | | | 55,055 | | | | | | 60,909 | | | | | | 61,429 | | | | | | 46,476 | | | | | | 42,715 | | |
Income tax expense | | | | | 9,905 | | | | | | 15,850 | | | | | | 15,259 | | | | | | 22,143 | | | | | | 22,294 | | | | | | 16,440 | | | | | | 15,077 | | |
Net income | | | | | 33,899 | | | | | | 27,353 | | | | | | 39,796 | | | | | | 38,766 | | | | | | 39,135 | | | | | | 30,036 | | | | | | 27,638 | | |
Preferred stock dividends | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,463) | | |
Net income available to common shareholders | | | | $ | 33,899 | | | | | $ | 27,353 | | | | | $ | 39,796 | | | | | $ | 38,766 | | | | | $ | 39,135 | | | | | $ | 30,036 | | | | | $ | 25,175 | | |
|
| | | Nine Months Ended September 30, | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||
Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share available to common shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | | | $ | 1.25 | | | | | $ | 1.03 | | | | | $ | 1.50 | | | | | $ | 1.52 | | | | | $ | 1.77 | | | | | $ | 1.41 | | | | | $ | 1.35 | | |
Diluted | | | | | 1.25 | | | | | | 1.03 | | | | | | 1.49 | | | | | | 1.50 | | | | | | 1.64 | | | | | | 1.28 | | | | | | 1.21 | | |
Common book value | | | | | 15.85 | | | | | | 14.47 | | | | | | 14.86 | | | | | | 13.78 | | | | | | 13.03 | | | | | | 12.40 | | | | | | 11.07 | | |
Tangible book value | | | | | 15.43 | | | | | | 14.00 | | | | | | 14.41 | | | | | | 13.26 | | | | | | 12.66 | | | | | | 12.22 | | | | | | 10.96 | | |
Cash dividends declared | | | | | 0.36 | | | | | | 0.36 | | | | | | 0.48 | | | | | | 0.48 | | | | | | 0.39 | | | | | | 0.30 | | | | | | 0.05 | | |
Profitability Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income to average total assets | | | | | 0.95% | | | | | | 0.81% | | | | | | 0.89% | | | | | | 0.92% | | | | | | 1.16% | | | | | | 1.11% | | | | | | 1.09% | | |
Net income to average shareholders’ equity | | | | | 10.92% | | | | | | 9.66% | | | | | | 10.51% | | | | | | 11.61% | | | | | | 13.85% | | | | | | 12.07% | | | | | | 12.20% | | |
Net interest margin (fully taxable equivalent basis) | | | | | 3.32% | | | | | | 3.20% | | | | | | 3.26% | | | | | | 3.32% | | | | | | 3.24% | | | | | | 3.62% | | | | | | 3.58% | | |
Efficiency ratio | | | | | 77.69% | | | | | | 76.89% | | | | | | 78.04% | | | | | | 74.41% | | | | | | 71.24% | | | | | | 74.69% | | | | | | 73.32% | | |
Loan Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net charge-offs to average loans* | | | | | 0.13% | | | | | | 0.14% | | | | | | 0.13% | | | | | | 0.14% | | | | | | 0.13% | | | | | | 0.34% | | | | | | 0.38% | | |
Allowance for loan losses to total loans* | | | | | 0.88% | | | | | | 0.96% | | | | | | 0.88% | | | | | | 0.99% | | | | | | 0.98% | | | | | | 1.15% | | | | | | 1.85% | | |
Non performing assets to total loans and OREO** | | | | | 1.92% | | | | | | 1.71% | | | | | | 1.76% | | | | | | 1.77% | | | | | | 1.76% | | | | | | 2.78% | | | | | | 3.90% | | |
Liquidity Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans to total deposits | | | | | 91.53% | | | | | | 86.58% | | | | | | 92.60% | | | | | | 90.96% | | | | | | 91.11% | | | | | | 91.67% | | | | | | 85.95% | | |
Average loans to average earning assets | | | | | 92.63% | | | | | | 89.61% | | | | | | 90.20% | | | | | | 92.64% | | | | | | 92.84% | | | | | | 91.00% | | | | | | 90.00% | | |
Noninterest-bearing deposits to total deposits | | | | | 30.85% | | | | | | 28.25% | | | | | | 29.11% | | | | | | 26.58% | | | | | | 24.75% | | | | | | 22.70% | | | | | | 22.17% | | |
| | | Nine Months Ended September 30, | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||
Capital Adequacy Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity to total assets | | | | | 8.98% | | | | | | 8.61% | | | | | | 8.78% | | | | | | 8.26% | | | | | | 7.83% | | | | | | 8.59% | | | | | | 9.21% | | |
Common stock dividend payout ratio | | | | | 28.80% | | | | | | 34.95% | | | | | | 32.00% | | | | | | 31.58% | | | | | | 22.03% | | | | | | 21.28% | | | | | | 3.70% | | |
| | | September 30, | | | December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||
| | | (unaudited) | | | (audited) | | ||||||||||||||||||||||||||||||||||||
| | | (dollars in thousands, except per share data) | | |||||||||||||||||||||||||||||||||||||||
Tangible Book Value Per Share Reconciliation: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Common shareholders’ equity | | | | $ | 432,098 | | | | | $ | 388,068 | | | | | $ | 401,632 | | | | | $ | 362,647 | | | | | $ | 301,459 | | | | | $ | 264,951 | | | | | $ | 236,230 | | |
Less: intangibles | | | | | 11,474 | | | | | | 12,625 | | | | | | 12,306 | | | | | | 13,649 | | | | | | 8,382 | | | | | | 3,858 | | | | | | 2,376 | | |
Tangible common shareholders’ equity | | | | | 420,624 | | | | | | 375,443 | | | | | | 389,326 | | | | | | 348,998 | | | | | | 293,077 | | | | | | 261,093 | | | | | | 233,854 | | |
Period end number of shares | | | | | 27,260,681 | | | | | | 26,815,287 | | | | | | 27,019,201 | | | | | | 26,318,400 | | | | | | 23,140,774 | | | | | | 21,365,098 | | | | | | 21,342,549 | | |
Book value per common share | | | | $ | 15.85 | | | | | $ | 14.47 | | | | | $ | 14.86 | | | | | $ | 13.78 | | | | | $ | 13.03 | | | | | $ | 12.40 | | | | | $ | 11.07 | | |
Tangible book value per common share | | | | | 15.43 | | | | | | 14.00 | | | | | | 14.41 | | | | | | 13.26 | | | | | | 12.66 | | | | | | 12.22 | | | | | | 10.96 | | |
| | | For the nine months ended September 30, 2018 | | | For the year ended December 31, 2017 | | ||||||
| | | (In thousands) | | |||||||||
Unaudited Pro Forma Condensed Combined Income Statement Information: | | | | ||||||||||
Net interest income | | | | $ | 385,130 | | | | | $ | 509,577 | | |
Provision for loan losses | | | | $ | 17,863 | | | | | $ | 13,549 | | |
Income before income taxes | | | | $ | 152,618 | | | | | $ | 223,829 | | |
Net income | | | | $ | 117,413 | | | | | $ | 135,260 | | |
| | | As of September 30, 2018 | | |||
| | | (In thousands) | | |||
Unaudited Pro Forma Condensed Combined Balance Sheet Information: | | | |||||
Net loans | | | | $ | 12,169,098 | | |
Total assets | | | | | 16,552,225 | | |
Deposits | | | | | 13,233,355 | | |
Other borrowings | | | | | 881,118 | | |
Subordinated deferrable interest debentures | | | | | 135,379 | | |
Shareholders’ equity | | | | | 2,155,710 | | |
| | | For the Nine Months Ended September 30, 2017 | | | For the Year Ended December 31, 2016 | | ||||||
| | | (In thousands, except per share data) | | |||||||||
Pro Forma Condensed Consolidated Income Statement Data: | | | | | | | | | | | | | |
Net interest income | | | | $ | 212,490 | | | | | $ | 248,659 | | |
Provision for loan losses | | | | | 6,286 | | | | | | 4,710 | | |
Income before tax | | | | | 100,489 | | | | | | 117,400 | | |
Net income | | | | | 69,208 | | | | | | 79,886 | | |
Preferred stock dividends | | | | | — | | | | | | — | | |
Net income available to common shareholders | | | | | 69,208 | | | | | | 79,886 | | |
Per Share Data: | | | | | | | | | | | | | |
Earnings (loss) per share available to common shareholders: | | | | | | | | | | | | | |
Basic | | | | $ | 1.76 | | | | | $ | 2.16 | | |
Diluted | | | | $ | 1.75 | | | | | $ | 2.14 | | |
Cash Dividends per share | | | | $ | 0.30 | | | | | $ | 0.30 | | |
Pro Forma Condensed Consolidated Balance Sheet Data: | | | | | | | | | | | | | |
Total loans | | | | $ | 6,711,920 | | | | | | | | |
Total assets | | | | | 8,611,567 | | | | | | | | |
Total deposits | | | | | 6,571,920 | | | | | | | | |
Other borrowings | | | | | 963,712 | | | | | | | | |
Subordinated deferrable interest debentures | | | | | 85,220 | | | | | | | | |
Shareholders’ equity | | | | | 928,829 | | | | | | | | |
| | | Ameris Historical | | | Fidelity Historical | | | Pro Forma Combined | | | Per Equivalent Fidelity Share | | ||||||||||||
For the nine months ended September 30, 2018: | | | | | | ||||||||||||||||||||
Earnings per common share (Basic) | | | | $ | 1.86 | | | | | $ | 1.25 | | | | | $ | 1.69 | | | | | $ | 1.35 | | |
Earnings per common share (Diluted) | | | | $ | 1.85 | | | | | $ | 1.25 | | | | | $ | 1.67 | | | | | $ | 1.34 | | |
Dividends declared per share | | | | $ | 0.30 | | | | | $ | 0.36 | | | | | $ | 0.30 | | | | | $ | 0.24 | | |
Book value per common share | | | | $ | 29.58 | | | | | $ | 15.85 | | | | | $ | 31.06 | | | | | $ | 24.85 | | |
For the year ended December 31, 2017: | | | | | | ||||||||||||||||||||
Earnings per common share (Basic) | | | | $ | 2.00 | | | | | $ | 1.50 | | | | | $ | 1.96 | | | | | $ | 1.57 | | |
Earnings per common share (Diluted) | | | | $ | 1.98 | | | | | $ | 1.49 | | | | | $ | 1.93 | | | | | $ | 1.54 | | |
Dividends declared per share | | | | $ | 0.40 | | | | | $ | 0.48 | | | | | $ | 0.40 | | | | | $ | 0.32 | | |
Book value per common share | | | | $ | 21.59 | | | | | $ | 14.86 | | | | | $ | 30.34 | | | | | $ | 24.27 | | |
| | | Three Months Ended | | | Year Ended | | ||||||||||||||||||||||||||||||||||||
(dollars in thousands except per share data) | | | December 2018 | | | September 2018 | | | June 2018 | | | March 2018 | | | December 2017 | | | December 2018 | | | December 2017 | | |||||||||||||||||||||
Total shareholders’ equity | | | | $ | 1,456,347 | | | | | $ | 1,404,977 | | | | | $ | 1,371,896 | | | | | $ | 868,944 | | | | | $ | 804,479 | | | | | $ | 1,456,347 | | | | | $ | 804,479 | | |
Less: | | | | | | | | | |||||||||||||||||||||||||||||||||||
Goodwill | | | | | 503,434 | | | | | | 505,604 | | | | | | 504,764 | | | | | | 208,513 | | | | | | 125,532 | | | | | | 503,434 | | | | | | 125,532 | | |
Other intangibles, net | | | | | 58,689 | | | | | | 54,729 | | | | | | 53,561 | | | | | | 12,562 | | | | | | 13,496 | | | | | | 58,689 | | | | | | 13,496 | | |
Total tangible shareholders’ equity | | | | $ | 894,224 | | | | | $ | 844,644 | | | | | $ | 813,571 | | | | | $ | 647,869 | | | | | $ | 665,451 | | | | | $ | 894,224 | | | | | $ | 665,451 | | |
Period end number of shares | | | | | 47,499,941 | | | | | | 47,496,966 | | | | | | 47,518,662 | | | | | | 38,327,081 | | | | | | 37,260,012 | | | | | | 47,499,941 | | | | | | 37,260,012 | | |
Book value per share (period end) | | | | $ | 30.66 | | | | | $ | 29.58 | | | | | $ | 28.87 | | | | | $ | 22.67 | | | | | $ | 21.59 | | | | | $ | 30.66 | | | | | $ | 21.59 | | |
Tangible book value per share (period end) | | | | $ | 18.83 | | | | | $ | 17.78 | | | | | $ | 17.12 | | | | | $ | 16.90 | | | | | $ | 17.86 | | | | | $ | 18.83 | | | | | $ | 17.86 | | |
| | | Nine Months Ended September 30, | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||
| | | (unaudited) | | | (audited) | | ||||||||||||||||||||||||||||||||||||
| | | (In thousands, except per share data and ratios) | | |||||||||||||||||||||||||||||||||||||||
Selected Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | | | $ | 11,428,994 | | | | | $ | 7,649,820 | | | | | $ | 7,856,203 | | | | | $ | 6,892,031 | | | | | $ | 5,588,940 | | | | | $ | 4,037,077 | | | | | $ | 3,667,649 | | |
Earning assets | | | | | 10,340,558 | | | | | | 7,074,828 | | | | | | 7,288,285 | | | | | | 6,293,670 | | | | | | 5,084,658 | | | | | | 3,574,561 | | | | | | 3,232,769 | | |
Loans held for sale | | | | | 130,179 | | | | | | 137,392 | | | | | | 197,442 | | | | | | 105,924 | | | | | | 111,182 | | | | | | 94,759 | | | | | | 67,278 | | |
Loans, net of unearned income | | | | | 5,543,306 | | | | | | 4,574,678 | | | | | | 4,856,514 | | | | | | 3,626,821 | | | | | | 2,406,877 | | | | | | 1,889,881 | | | | | | 1,618,454 | | |
Purchased loans | | | | | 2,711,460 | | | | | | 917,126 | | | | | | 861,595 | | | | | | 1,069,191 | | | | | | 909,083 | | | | | | 945,518 | | | | | | 838,990 | | |
Purchased loan pools | | | | | 274,752 | | | | | | 465,218 | | | | | | 328,246 | | | | | | 568,314 | | | | | | 592,963 | | | | | | — | | | | | | — | | |
Investment securities available for sale | | | | | 1,162,570 | | | | | | 819,593 | | | | | | 810,873 | | | | | | 822,735 | | | | | | 783,185 | | | | | | 541,805 | | | | | | 486,235 | | |
FDIC loss-share receivable, net of clawback | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,301 | | | | | | 31,351 | | | | | | 65,441 | | |
Total deposits | | | | | 9,181,363 | | | | | | 5,895,504 | | | | | | 6,625,845 | | | | | | 5,575,163 | | | | | | 4,879,290 | | | | | | 3,431,149 | | | | | | 2,999,231 | | |
FDIC loss-share payable including clawback | | | | | 18,740 | | | | | | 8,190 | | | | | | 8,803 | | | | | | 6,313 | | | | | | — | | | | | | — | | | | | | — | | |
Shareholders’ equity | | | | | 1,404,977 | | | | | | 801,921 | | | | | | 804,479 | | | | | | 646,437 | | | | | | 514,759 | | | | | | 366,028 | | | | | | 316,699 | | |
|
| | | Nine Months Ended September 30, | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||
| | | (unaudited) | | | (audited) | | ||||||||||||||||||||||||||||||||||||
| | | (In thousands, except per share data and ratios) | | |||||||||||||||||||||||||||||||||||||||
Selected Income Statement Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | $ | 290,577 | | | | | $ | 214,783 | | | | | $ | 294,347 | | | | | $ | 239,065 | | | | | $ | 190,393 | | | | | $ | 164,566 | | | | | $ | 126,322 | | |
Interest expense | | | | | 46,739 | | | | | | 24,181 | | | | | | 34,222 | | | | | | 19,694 | | | | | | 14,856 | | | | | | 14,680 | | | | | | 10,137 | | |
Net interest income | | | | | 243,838 | | | | | | 190,602 | | | | | | 260,125 | | | | | | 219,371 | | | | | | 175,537 | | | | | | 149,886 | | | | | | 116,185 | | |
Provision for loan losses | | | | | 13,006 | | | | | | 5,828 | | | | | | 8,364 | | | | | | 4,091 | | | | | | 5,264 | | | | | | 5,648 | | | | | | 11,486 | | |
Noninterest income | | | | | 87,942 | | | | | | 80,894 | | | | | | 104,457 | | | | | | 105,801 | | | | | | 85,586 | | | | | | 62,836 | | | | | | 46,549 | | |
Noninterest expense | | | | | 217,837 | | | | | | 172,599 | | | | | | 231,936 | | | | | | 215,835 | | | | | | 199,115 | | | | | | 150,869 | | | | | | 121,945 | | |
Income before income taxes | | | | | 100,937 | | | | | | 93,069 | | | | | | 124,282 | | | | | | 105,246 | | | | | | 56,744 | | | | | | 56,205 | | | | | | 29,303 | | |
Income tax expense | | | | | 23,446 | | | | | | 28,671 | | | | | | 50,734 | | | | | | 33,146 | | | | | | 15,897 | | | | | | 17,482 | | | | | | 9,285 | | |
Net income | | | | | 77,491 | | | | | | 64,398 | | | | | | 73,548 | | | | | | 72,100 | | | | | | 40,847 | ��� | | | | | 38,723 | | | | | | 20,018 | | |
Preferred stock dividends | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 286 | | | | | | 1,738 | | |
Net income available to common shareholders | | | | $ | 77,491 | | | | | $ | 64,398 | | | | | $ | 73,548 | | | | | $ | 72,100 | | | | | $ | 40,847 | | | | | $ | 38,437 | | | | | $ | 18,280 | | |
Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share available to common shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | | | $ | 1.86 | | | | | $ | 1.76 | | | | | $ | 2.00 | | | | | $ | 2.10 | | | | | $ | 1.29 | | | | | $ | 1.48 | | | | | $ | 0.76 | | |
Diluted | | | | | 1.85 | | | | | | 1.74 | | | | | | 1.98 | | | | | | 2.08 | | | | | | 1.27 | | | | | | 1.46 | | | | | | 0.75 | | |
Common book value | | | | | 29.58 | | | | | | 21.54 | | | | | | 21.59 | | | | | | 18.51 | | | | | | 15.98 | | | | | | 13.67 | | | | | | 11.50 | | |
Tangible book value | | | | | 17.78 | | | | | | 17.78 | | | | | | 17.86 | | | | | | 14.42 | | | | | | 12.65 | | | | | | 10.99 | | | | | | 9.87 | | |
Cash dividends declared | | | | | 0.30 | | | | | | 0.30 | | | | | | 0.40 | | | | | | 0.30 | | | | | | 0.20 | | | | | | 0.15 | | | | | | — | | |
Profitability Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income to average total assets | | | | | 1.12% | | | | | | 1.20% | | | | | | 1.00% | | | | | | 1.17% | | | | | | 0.85% | | | | | | 1.08% | | | | | | 0.70% | | |
Net income to average shareholders’ equity | | | | | 9.47% | | | | | | 11.39% | | | | | | 9.55% | | | | | | 11.75% | | | | | | 8.37% | | | | | | 12.40% | | | | | | 8.06% | | |
Net interest margin (fully taxable equivalent basis) | | | | | 3.93% | | | | | | 3.96% | | | | | | 3.95% | | | | | | 3.99% | | | | | | 4.12% | | | | | | 4.59% | | | | | | 4.74% | | |
Efficiency ratio | | | | | 65.66% | | | | | | 63.57% | | | | | ��� | 63.62% | | | | | | 66.38% | | | | | | 76.25% | | | | | | 70.92% | | | | | | 74.94% | | |
Loan Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net charge-offs to average loans* | | | | | 0.29% | | | | | | 0.13% | | | | | | 0.13% | | | | | | 0.11% | | | | | | 0.22% | | | | | | 0.34% | | | | | | 0.75% | | |
Allowance for loan losses to total loans* | | | | | 0.46% | | | | | | 0.46% | | | | | | 0.44% | | | | | | 0.56% | | | | | | 0.85% | | | | | | 1.12% | | | | | | 1.38% | | |
Non performing assets to total loans and OREO** | | | | | 0.78% | | | | | | 0.94% | | | | | | 0.85% | | | | | | 1.12% | | | | | | 1.60% | | | | | | 3.35% | | | | | | 3.49% | | |
Liquidity Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans to total deposits | | | | | 92.90% | | | | | | 101.04% | | | | | | 91.25% | | | | | | 94.42% | | | | | | 80.11% | | | | | | 82.64% | | | | | | 81.94% | | |
Average loans to average earning assets | | | | | 84.11% | | | | | | 83.42% | | | | | | 83.50% | | | | | | 80.83% | | | | | | 75.96% | | | | | | 80.22% | | | | | | 78.08% | | |
Noninterest-bearing deposits to total deposits | | | | | 25.42% | | | | | | 29.14% | | | | | | 26.82% | | | | | | 28.22% | | | | | | 27.26% | | | | | | 24.46% | | | | | | 22.29% | | |
Capital Adequacy Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity to total assets | | | | | 12.29% | | | | | | 10.48% | | | | | | 10.24% | | | | | | 9.38% | | | | | | 9.21% | | | | | | 9.07% | | | | | | 8.63% | | |
Common stock dividend payout ratio | | | | | 16.13% | | | | | | 17.05% | | | | | | 20.00% | | | | | | 14.29% | | | | | | 15.50% | | | | | | 10.14% | | | | | | — | | |
| | | September 30, | | | December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||
| | | (unaudited) | | | (audited) | | ||||||||||||||||||||||||||||||||||||
| | | (dollars in thousands, except per share data) | | |||||||||||||||||||||||||||||||||||||||
Tangible Book Value Per Share Reconciliation: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Common shareholders’ equity | | | | $ | 1,404,977 | | | | | $ | 801,921 | | | | | $ | 804,479 | | | | | $ | 646,437 | | | | | $ | 514,759 | | | | | $ | 366,028 | | | | | $ | 288,699 | | |
Less: Goodwill | | | | | 505,604 | | | | | | 125,532 | | | | | | 125,532 | | | | | | 125,532 | | | | | | 90,082 | | | | | | 63,547 | | | | | | 35,049 | | |
Less: Other intangibles, net | | | | | 54,729 | | | | | | 14,437 | | | | | | 13,496 | | | | | | 17,428 | | | | | | 17,058 | | | | | | 8,221 | | | | | | 6,009 | | |
Total tangible common shareholders’ equity | | | | $ | 844,644 | | | | | $ | 661,952 | | | | | $ | 665,451 | | | | | $ | 503,477 | | | | | $ | 407,619 | | | | | $ | 294,260 | | | | | $ | 247,641 | | |
Period end number of shares | | | | | 47,496,966 | | | | | | 37,231,049 | | | | | | 37,260,012 | | | | | | 34,921,474 | | | | | | 32,211,385 | | | | | | 26,773,863 | | | | | | 25,098,427 | | |
Book value per common share | | | | $ | 29.58 | | | | | $ | 21.54 | | | | | $ | 21.59 | | | | | $ | 18.51 | | | | | $ | 15.98 | | | | | $ | 13.67 | | | | | $ | 11.50 | | |
Tangible book value per common share | | | | | 17.78 | | | | | | 17.78 | | | | | | 17.86 | | | | | | 14.42 | | | | | | 12.65 | | | | | | 10.99 | | | | | | 9.87 | | |
| | | Nine Months Ended September 30, | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||
| | | (unaudited) | | | (audited) | | ||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||
Selected Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | | | $ | 4,812,056 | | | | | $ | 4,505,423 | | | | | $ | 4,576,858 | | | | | $ | 4,389,685 | | | | | $ | 3,849,063 | | | | | $ | 3,085,135 | | | | | $ | 2,564,053 | | |
Earning assets | | | | | 4,448,875 | | | | | | 4,167,549 | | | | | | 4,242,218 | | | | | | 4,059,414 | | | | | | 3,558,669 | | | | | | 2,847,971 | | | | | | 2,355,530 | | |
Loans held for sale | | | | | 371,319 | | | | | | 340,329 | | | | | | 357,755 | | | | | | 465,328 | | | | | | 397,834 | | | | | | 368,935 | | | | | | 187,366 | | |
Loans receivable | | | | | 3,706,953 | | | | | | 3,409,707 | | | | | | 3,580,966 | | | | | | 3,302,264 | | | | | | 2,896,948 | | | | | | 2,253,306 | | | | | | 1,893,037 | | |
Investment securities available for sale | | | | | 209,180 | | | | | | 124,827 | | | | | | 120,121 | | | | | | 144,310 | | | | | | 172,397 | | | | | | 149,590 | | | | | | 168,865 | | |
Investment securities held to maturity | | | | | 20,383 | | | | | | 15,072 | | | | | | 21,689 | | | | | | 16,583 | | | | | | 14,398 | | | | | | 7,349 | | | | | | 4,051 | | |
Total deposits | | | | | 4,049,969 | | | | | | 3,938,360 | | | | | | 3,867,200 | | | | | | 3,630,594 | | | | | | 3,179,511 | | | | | | 2,458,022 | | | | | | 2,202,452 | | |
Shareholders’ equity | | | | | 432,098 | | | | | | 388,068 | | | | | | 401,632 | | | | | | 362,647 | | | | | | 301,459 | | | | | | 264,951 | | | | | | 236,230 | | |
| | | Nine Months Ended September 30, | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||
| | | (unaudited) | | | (audited) | | ||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||
Selected Income Statement Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | $ | 133,174 | | | | | $ | 116,325 | | | | | $ | 157,978 | | | | | $ | 149,283 | | | | | $ | 116,642 | | | | | $ | 101,667 | | | | | $ | 97,563 | | |
Interest expense | | | | | 23,187 | | | | | | 16,951 | | | | | | 22,730 | | | | | | 20,448 | | | | | | 15,804 | | | | | | 11,226 | | | | | | 13,961 | | |
Net interest income | | | | | 109,987 | | | | | | 99,374 | | | | | | 135,248 | | | | | | 128,835 | | | | | | 100,838 | | | | | | 90,441 | | | | | | 83,602 | | |
Provision for loan losses | | | | | 4,776 | | | | | | 4,275 | | | | | | 4,275 | | | | | | 8,231 | | | | | | 4,351 | | | | | | 531 | | | | | | 5,440 | | |
Noninterest income | | | | | 107,772 | | | | | | 106,064 | | | | | | 134,952 | | | | | | 141,325 | | | | | | 127,888 | | | | | | 95,320 | | | | | | 96,878 | | |
Noninterest expense | | | | | 169,179 | | | | | | 157,960 | | | | | | 210,870 | | | | | | 201,020 | | | | | | 162,946 | | | | | | 138,754 | | | | | | 132,325 | | |
Income before income taxes | | | | | 43,804 | | | | | | 43,203 | | | | | | 55,055 | | | | | | 60,909 | | | | | | 61,429 | | | | | | 46,476 | | | | | | 42,715 | | |
Income tax expense | | | | | 9,905 | | | | | | 15,850 | | | | | | 15,259 | | | | | | 22,143 | | | | | | 22,294 | | | | | | 16,440 | | | | | | 15,077 | | |
Net income | | | | | 33,899 | | | | | | 27,353 | | | | | | 39,796 | | | | | | 38,766 | | | | | | 39,135 | | | | | | 30,036 | | | | | | 27,638 | | |
Preferred stock dividends | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,463) | | |
Net income available to common shareholders | | | | $ | 33,899 | | | | | $ | 27,353 | | | | | $ | 39,796 | | | | | $ | 38,766 | | | | | $ | 39,135 | | | | | $ | 30,036 | | | | | $ | 25,175 | | |
|
| | | Nine Months Ended September 30, | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||
Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share available to common shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | | | $ | 1.25 | | | | | $ | 1.03 | | | | | $ | 1.50 | | | | | $ | 1.52 | | | | | $ | 1.77 | | | | | $ | 1.41 | | | | | $ | 1.35 | | |
Diluted | | | | | 1.25 | | | | | | 1.03 | | | | | | 1.49 | | | | | | 1.50 | | | | | | 1.64 | | | | | | 1.28 | | | | | | 1.21 | | |
Common book value | | | | | 15.85 | | | | | | 14.47 | | | | | | 14.86 | | | | | | 13.78 | | | | | | 13.03 | | | | | | 12.40 | | | | | | 11.07 | | |
Tangible book value | | | | | 15.43 | | | | | | 14.00 | | | | | | 14.41 | | | | | | 13.26 | | | | | | 12.66 | | | | | | 12.22 | | | | | | 10.96 | | |
Cash dividends declared | | | | | 0.36 | | | | | | 0.36 | | | | | | 0.48 | | | | | | 0.48 | | | | | | 0.39 | | | | | | 0.30 | | | | | | 0.05 | | |
Profitability Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income to average total assets | | | | | 0.95% | | | | | | 0.81% | | | | | | 0.89% | | | | | | 0.92% | | | | | | 1.16% | | | | | | 1.11% | | | | | | 1.09% | | |
Net income to average shareholders’ equity | | | | | 10.92% | | | | | | 9.66% | | | | | | 10.51% | | | | | | 11.61% | | | | | | 13.85% | | | | | | 12.07% | | | | | | 12.20% | | |
Net interest margin (fully taxable equivalent basis) | | | | | 3.32% | | | | | | 3.20% | | | | | | 3.26% | | | | | | 3.32% | | | | | | 3.24% | | | | | | 3.62% | | | | | | 3.58% | | |
Efficiency ratio | | | | | 77.69% | | | | | | 76.89% | | | | | | 78.04% | | | | | | 74.41% | | | | | | 71.24% | | | | | | 74.69% | | | | | | 73.32% | | |
Loan Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net charge-offs to average loans* | | | | | 0.13% | | | | | | 0.14% | | | | | | 0.13% | | | | | | 0.14% | | | | | | 0.13% | | | | | | 0.34% | | | | | | 0.38% | | |
Allowance for loan losses to total loans* | | | | | 0.88% | | | | | | 0.96% | | | | | | 0.88% | | | | | | 0.99% | | | | | | 0.98% | | | | | | 1.15% | | | | | | 1.85% | | |
Non performing assets to total loans and OREO** | | | | | 1.92% | | | | | | 1.71% | | | | | | 1.76% | | | | | | 1.77% | | | | | | 1.76% | | | | | | 2.78% | | | | | | 3.90% | | |
Liquidity Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans to total deposits | | | | | 91.53% | | | | | | 86.58% | | | | | | 92.60% | | | | | | 90.96% | | | | | | 91.11% | | | | | | 91.67% | | | | | | 85.95% | | |
Average loans to average earning assets | | | | | 92.63% | | | | | | 89.61% | | | | | | 90.20% | | | | | | 92.64% | | | | | | 92.84% | | | | | | 91.00% | | | | | | 90.00% | | |
Noninterest-bearing deposits to total deposits | | | | | 30.85% | | | | | | 28.25% | | | | | | 29.11% | | | | | | 26.58% | | | | | | 24.75% | | | | | | 22.70% | | | | | | 22.17% | | |
| | | Nine Months Ended September 30, | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||
Capital Adequacy Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity to total assets | | | | | 8.98% | | | | | | 8.61% | | | | | | 8.78% | | | | | | 8.26% | | | | | | 7.83% | | | | | | 8.59% | | | | | | 9.21% | | |
Common stock dividend payout ratio | | | | | 28.80% | | | | | | 34.95% | | | | | | 32.00% | | | | | | 31.58% | | | | | | 22.03% | | | | | | 21.28% | | | | | | 3.70% | | |
| | | September 30, | | | December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||
| | | (unaudited) | | | (audited) | | ||||||||||||||||||||||||||||||||||||
| | | (dollars in thousands, except per share data) | | |||||||||||||||||||||||||||||||||||||||
Tangible Book Value Per Share Reconciliation: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Common shareholders’ equity | | | | $ | 432,098 | | | | | $ | 388,068 | | | | | $ | 401,632 | | | | | $ | 362,647 | | | | | $ | 301,459 | | | | | $ | 264,951 | | | | | $ | 236,230 | | |
Less: intangibles | | | | | 11,474 | | | | | | 12,625 | | | | | | 12,306 | | | | | | 13,649 | | | | | | 8,382 | | | | | | 3,858 | | | | | | 2,376 | | |
Tangible common shareholders’ equity | | | | | 420,624 | | | | | | 375,443 | | | | | | 389,326 | | | | | | 348,998 | | | | | | 293,077 | | | | | | 261,093 | | | | | | 233,854 | | |
Period end number of shares | | | | | 27,260,681 | | | | | | 26,815,287 | | | | | | 27,019,201 | | | | | | 26,318,400 | | | | | | 23,140,774 | | | | | | 21,365,098 | | | | | | 21,342,549 | | |
Book value per common share | | | | $ | 15.85 | | | | | $ | 14.47 | | | | | $ | 14.86 | | | | | $ | 13.78 | | | | | $ | 13.03 | | | | | $ | 12.40 | | | | | $ | 11.07 | | |
Tangible book value per common share | | | | | 15.43 | | | | | | 14.00 | | | | | | 14.41 | | | | | | 13.26 | | | | | | 12.66 | | | | | | 12.22 | | | | | | 10.96 | | |
| | | As of and for the Nine Months Ended September 30, 2017 | | | As of and for the Twelve Months Ended December 31, 2016 | | ||||||||||||||||||||||||||||||||||||||||||
| | | Ameris Historical | | | Atlantic Historical | | | Pro Forma Combined | | | Per Equivalent Atlantic Share(1) | | | Ameris Historical | | | Atlantic Historical | | | Pro Forma Combined | | | Per Equivalent Atlantic Share(1) | | ||||||||||||||||||||||||
Net Income Per Common Share – Basic | | | | $ | 1.76 | | | | | $ | 0.25 | | | | | $ | 1.76 | | | | | $ | 0.30 | | | | | $ | 2.10 | | | | | $ | 0.42 | | | | | $ | 2.16 | | | | | $ | 0.37 | | |
Net Income Per Common Share – Diluted | | | | $ | 1.74 | | | | | $ | 0.25 | | | | | $ | 1.75 | | | | | $ | 0.30 | | | | | $ | 2.08 | | | | | $ | 0.42 | | | | | $ | 2.14 | | | | | $ | 0.36 | | |
Cash Dividends Per Common Share | | | | $ | 0.30 | | | | | $ | — | | | | | $ | 0.30 | | | | | $ | 0.05 | | | | | $ | 0.30 | | | | | $ | — | | | | | $ | 0.30 | | | | | $ | 0.05 | | |
Book Value Per Common Share | | | | $ | 21.54 | | | | | $ | 5.88 | | | | | $ | 23.30 | | | | | $ | 3.96 | | | | | $ | 18.51 | | | | | $ | 5.61 | | | | | $ | 20.59 | | | | | $ | 3.50 | | |
QUARTER DATA | | | HIGH | | | LOW | | | DIVIDEND DECLARED | | |||||||||
First Quarter 2018 Fiscal Year (through January 12, 2018) | | | | $ | 53.45 | | | | | $ | 47.90 | | | | | | — | | |
First Quarter 2017 Fiscal Year | | | | | 49.50 | | | | | | 41.60 | | | | | $ | 0.10 | | |
Second Quarter 2017 Fiscal Year | | | | | 49.80 | | | | | | 42.60 | | | | | | 0.10 | | |
Third Quarter 2017 Fiscal Year | | | | | 51.28 | | | | | | 41.05 | | | | | | 0.10 | | |
Fourth Quarter 2017 Fiscal Year | | | | | 51.30 | | | | | | 44.75 | | | | | | 0.10 | | |
First Quarter 2016 Fiscal Year | | | | | 33.81 | | | | | | 24.96 | | | | | | 0.05 | | |
Second Quarter 2016 Fiscal Year | | | | | 32.76 | | | | | | 27.73 | | | | | | 0.05 | | |
Third Quarter 2016 Fiscal Year | | | | | 36.20 | | | | | | 28.90 | | | | | | 0.10 | | |
Fourth Quarter 2016 Fiscal Year | | | | | 47.70 | | | | | | 34.61 | | | | | | 0.10 | | |
QUARTER DATA | | | HIGH | | | LOW | | | DIVIDEND DECLARED | | |||||||||
First Quarter 2018 Fiscal Year (through January 12, 2018) | | | | $ | 10.33 | | | | | $ | 9.38 | | | | | | — | | |
First Quarter 2017 Fiscal Year | | | | | 8.27 | | | | | | 6.76 | | | | | | — | | |
Second Quarter 2017 Fiscal Year | | | | | 8.35 | | | | | | 7.27 | | | | | | — | | |
Third Quarter 2017 Fiscal Year | | | | | 8.89 | | | | | | 7.05 | | | | | | — | | |
Fourth Quarter 2017 Fiscal Year | | | | | 9.95 | | | | | | 8.27 | | | | | | — | | |
First Quarter 2016 Fiscal Year | | | | | 6.20 | | | | | | 5.16 | | | | | | — | | |
Second Quarter 2016 Fiscal Year | | | | | 6.51 | | | | | | 5.53 | | | | | | — | | |
Third Quarter 2016 Fiscal Year | | | | | 6.95 | | | | | | 5.84 | | | | | | — | | |
Fourth Quarter 2016 Fiscal Year | | | | | 7.35 | | | | | | 6.26 | | | | | | — | | |
Date | | | Atlantic Closing Price | | | Ameris Closing Price | | | Exchange Ratio | | | Estimated Equivalent Per share Value(1) | | ||||||||||||
November 16, 2017 | | | | $ | 8.69 | | | | | $ | 47.30 | | | | | | 0.17 | | | | | $ | 9.43 | | |
[•] | | | | | [•] | | | | | | [•] | | | | | | 0.17 | | | | | | [•] | | |
| | | For the nine months ended September 30, 2018 | | | For the year ended December 31, 2017 | | ||||||
| | | (In thousands) | | |||||||||
Unaudited Pro Forma Condensed Combined Income Statement Information: | | | | ||||||||||
Net interest income | | | | $ | 385,130 | | | | | $ | 509,577 | | |
Provision for loan losses | | | | $ | 17,863 | | | | | $ | 13,549 | | |
Income before income taxes | | | | $ | 152,618 | | | | | $ | 223,829 | | |
Net income | | | | $ | 117,413 | | | | | $ | 135,260 | | |
| | | As of September 30, 2018 | | |||
| | | (In thousands) | | |||
Unaudited Pro Forma Condensed Combined Balance Sheet Information: | | | |||||
Net loans | | | | $ | 12,169,098 | | |
Total assets | | | | | 16,552,225 | | |
Deposits | | | | | 13,233,355 | | |
Other borrowings | | | | | 881,118 | | |
Subordinated deferrable interest debentures | | | | | 135,379 | | |
Shareholders’ equity | | | | | 2,155,710 | | |
| | | Ameris Historical | | | Fidelity Historical | | | Pro Forma Combined | | | Per Equivalent Fidelity Share | | ||||||||||||
For the nine months ended September 30, 2018: | | | | | | ||||||||||||||||||||
Earnings per common share (Basic) | | | | $ | 1.86 | | | | | $ | 1.25 | | | | | $ | 1.69 | | | | | $ | 1.35 | | |
Earnings per common share (Diluted) | | | | $ | 1.85 | | | | | $ | 1.25 | | | | | $ | 1.67 | | | | | $ | 1.34 | | |
Dividends declared per share | | | | $ | 0.30 | | | | | $ | 0.36 | | | | | $ | 0.30 | | | | | $ | 0.24 | | |
Book value per common share | | | | $ | 29.58 | | | | | $ | 15.85 | | | | | $ | 31.06 | | | | | $ | 24.85 | | |
For the year ended December 31, 2017: | | | | | | ||||||||||||||||||||
Earnings per common share (Basic) | | | | $ | 2.00 | | | | | $ | 1.50 | | | | | $ | 1.96 | | | | | $ | 1.57 | | |
Earnings per common share (Diluted) | | | | $ | 1.98 | | | | | $ | 1.49 | | | | | $ | 1.93 | | | | | $ | 1.54 | | |
Dividends declared per share | | | | $ | 0.40 | | | | | $ | 0.48 | | | | | $ | 0.40 | | | | | $ | 0.32 | | |
Book value per common share | | | | $ | 21.59 | | | | | $ | 14.86 | | | | | $ | 30.34 | | | | | $ | 24.27 | | |
| | | Three Months Ended | | | Year Ended | | ||||||||||||||||||||||||||||||||||||
(dollars in thousands except per share data) | | | December 2018 | | | September 2018 | | | June 2018 | | | March 2018 | | | December 2017 | | | December 2018 | | | December 2017 | | |||||||||||||||||||||
Total shareholders’ equity | | | | $ | 1,456,347 | | | | | $ | 1,404,977 | | | | | $ | 1,371,896 | | | | | $ | 868,944 | | | | | $ | 804,479 | | | | | $ | 1,456,347 | | | | | $ | 804,479 | | |
Less: | | | | | | | | | |||||||||||||||||||||||||||||||||||
Goodwill | | | | | 503,434 | | | | | | 505,604 | | | | | | 504,764 | | | | | | 208,513 | | | | | | 125,532 | | | | | | 503,434 | | | | | | 125,532 | | |
Other intangibles, net | | | | | 58,689 | | | | | | 54,729 | | | | | | 53,561 | | | | | | 12,562 | | | | | | 13,496 | | | | | | 58,689 | | | | | | 13,496 | | |
Total tangible shareholders’ equity | | | | $ | 894,224 | | | | | $ | 844,644 | | | | | $ | 813,571 | | | | | $ | 647,869 | | | | | $ | 665,451 | | | | | $ | 894,224 | | | | | $ | 665,451 | | |
Period end number of shares | | | | | 47,499,941 | | | | | | 47,496,966 | | | | | | 47,518,662 | | | | | | 38,327,081 | | | | | | 37,260,012 | | | | | | 47,499,941 | | | | | | 37,260,012 | | |
Book value per share (period end) | | | | $ | 30.66 | | | | | $ | 29.58 | | | | | $ | 28.87 | | | | | $ | 22.67 | | | | | $ | 21.59 | | | | | $ | 30.66 | | | | | $ | 21.59 | | |
Tangible book value per share (period end) | | | | $ | 18.83 | | | | | $ | 17.78 | | | | | $ | 17.12 | | | | | $ | 16.90 | | | | | $ | 17.86 | | | | | $ | 18.83 | | | | | $ | 17.86 | | |
| | | Nine Months Ended September 30, | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||
| | | (unaudited) | | | (audited) | | ||||||||||||||||||||||||||||||||||||
| | | (In thousands, except per share data and ratios) | | |||||||||||||||||||||||||||||||||||||||
Selected Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | | | $ | 11,428,994 | | | | | $ | 7,649,820 | | | | | $ | 7,856,203 | | | | | $ | 6,892,031 | | | | | $ | 5,588,940 | | | | | $ | 4,037,077 | | | | | $ | 3,667,649 | | |
Earning assets | | | | | 10,340,558 | | | | | | 7,074,828 | | | | | | 7,288,285 | | | | | | 6,293,670 | | | | | | 5,084,658 | | | | | | 3,574,561 | | | | | | 3,232,769 | | |
Loans held for sale | | | | | 130,179 | | | | | | 137,392 | | | | | | 197,442 | | | | | | 105,924 | | | | | | 111,182 | | | | | | 94,759 | | | | | | 67,278 | | |
Loans, net of unearned income | | | | | 5,543,306 | | | | | | 4,574,678 | | | | | | 4,856,514 | | | | | | 3,626,821 | | | | | | 2,406,877 | | | | | | 1,889,881 | | | | | | 1,618,454 | | |
Purchased loans | | | | | 2,711,460 | | | | | | 917,126 | | | | | | 861,595 | | | | | | 1,069,191 | | | | | | 909,083 | | | | | | 945,518 | | | | | | 838,990 | | |
Purchased loan pools | | | | | 274,752 | | | | | | 465,218 | | | | | | 328,246 | | | | | | 568,314 | | | | | | 592,963 | | | | | | — | | | | | | — | | |
Investment securities available for sale | | | | | 1,162,570 | | | | | | 819,593 | | | | | | 810,873 | | | | | | 822,735 | | | | | | 783,185 | | | | | | 541,805 | | | | | | 486,235 | | |
FDIC loss-share receivable, net of clawback | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,301 | | | | | | 31,351 | | | | | | 65,441 | | |
Total deposits | | | | | 9,181,363 | | | | | | 5,895,504 | | | | | | 6,625,845 | | | | | | 5,575,163 | | | | | | 4,879,290 | | | | | | 3,431,149 | | | | | | 2,999,231 | | |
FDIC loss-share payable including clawback | | | | | 18,740 | | | | | | 8,190 | | | | | | 8,803 | | | | | | 6,313 | | | | | | — | | | | | | — | | | | | | — | | |
Shareholders’ equity | | | | | 1,404,977 | | | | | | 801,921 | | | | | | 804,479 | | | | | | 646,437 | | | | | | 514,759 | | | | | | 366,028 | | | | | | 316,699 | | |
|
| | | Nine Months Ended September 30, | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||
| | | (unaudited) | | | (audited) | | ||||||||||||||||||||||||||||||||||||
| | | (In thousands, except per share data and ratios) | | |||||||||||||||||||||||||||||||||||||||
Selected Income Statement Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | $ | 290,577 | | | | | $ | 214,783 | | | | | $ | 294,347 | | | | | $ | 239,065 | | | | | $ | 190,393 | | | | | $ | 164,566 | | | | | $ | 126,322 | | |
Interest expense | | | | | 46,739 | | | | | | 24,181 | | | | | | 34,222 | | | | | | 19,694 | | | | | | 14,856 | | | | | | 14,680 | | | | | | 10,137 | | |
Net interest income | | | | | 243,838 | | | | | | 190,602 | | | | | | 260,125 | | | | | | 219,371 | | | | | | 175,537 | | | | | | 149,886 | | | | | | 116,185 | | |
Provision for loan losses | | | | | 13,006 | | | | | | 5,828 | | | | | | 8,364 | | | | | | 4,091 | | | | | | 5,264 | | | | | | 5,648 | | | | | | 11,486 | | |
Noninterest income | | | | | 87,942 | | | | | | 80,894 | | | | | | 104,457 | | | | | | 105,801 | | | | | | 85,586 | | | | | | 62,836 | | | | | | 46,549 | | |
Noninterest expense | | | | | 217,837 | | | | | | 172,599 | | | | | | 231,936 | | | | | | 215,835 | | | | | | 199,115 | | | | | | 150,869 | | | | | | 121,945 | | |
Income before income taxes | | | | | 100,937 | | | | | | 93,069 | | | | | | 124,282 | | | | | | 105,246 | | | | | | 56,744 | | | | | | 56,205 | | | | | | 29,303 | | |
Income tax expense | | | | | 23,446 | | | | | | 28,671 | | | | | | 50,734 | | | | | | 33,146 | | | | | | 15,897 | | | | | | 17,482 | | | | | | 9,285 | | |
Net income | | | | | 77,491 | | | | | | 64,398 | | | | | | 73,548 | | | | | | 72,100 | | | | | | 40,847 | ��� | | | | | 38,723 | | | | | | 20,018 | | |
Preferred stock dividends | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 286 | | | | | | 1,738 | | |
Net income available to common shareholders | | | | $ | 77,491 | | | | | $ | 64,398 | | | | | $ | 73,548 | | | | | $ | 72,100 | | | | | $ | 40,847 | | | | | $ | 38,437 | | | | | $ | 18,280 | | |
Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share available to common shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | | | $ | 1.86 | | | | | $ | 1.76 | | | | | $ | 2.00 | | | | | $ | 2.10 | | | | | $ | 1.29 | | | | | $ | 1.48 | | | | | $ | 0.76 | | |
Diluted | | | | | 1.85 | | | | | | 1.74 | | | | | | 1.98 | | | | | | 2.08 | | | | | | 1.27 | | | | | | 1.46 | | | | | | 0.75 | | |
Common book value | | | | | 29.58 | | | | | | 21.54 | | | | | | 21.59 | | | | | | 18.51 | | | | | | 15.98 | | | | | | 13.67 | | | | | | 11.50 | | |
Tangible book value | | | | | 17.78 | | | | | | 17.78 | | | | | | 17.86 | | | | | | 14.42 | | | | | | 12.65 | | | | | | 10.99 | | | | | | 9.87 | | |
Cash dividends declared | | | | | 0.30 | | | | | | 0.30 | | | | | | 0.40 | | | | | | 0.30 | | | | | | 0.20 | | | | | | 0.15 | | | | | | — | | |
Profitability Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income to average total assets | | | | | 1.12% | | | | | | 1.20% | | | | | | 1.00% | | | | | | 1.17% | | | | | | 0.85% | | | | | | 1.08% | | | | | | 0.70% | | |
Net income to average shareholders’ equity | | | | | 9.47% | | | | | | 11.39% | | | | | | 9.55% | | | | | | 11.75% | | | | | | 8.37% | | | | | | 12.40% | | | | | | 8.06% | | |
Net interest margin (fully taxable equivalent basis) | | | | | 3.93% | | | | | | 3.96% | | | | | | 3.95% | | | | | | 3.99% | | | | | | 4.12% | | | | | | 4.59% | | | | | | 4.74% | | |
Efficiency ratio | | | | | 65.66% | | | | | | 63.57% | | | | | ��� | 63.62% | | | | | | 66.38% | | | | | | 76.25% | | | | | | 70.92% | | | | | | 74.94% | | |
Loan Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net charge-offs to average loans* | | | | | 0.29% | | | | | | 0.13% | | | | | | 0.13% | | | | | | 0.11% | | | | | | 0.22% | | | | | | 0.34% | | | | | | 0.75% | | |
Allowance for loan losses to total loans* | | | | | 0.46% | | | | | | 0.46% | | | | | | 0.44% | | | | | | 0.56% | | | | | | 0.85% | | | | | | 1.12% | | | | | | 1.38% | | |
Non performing assets to total loans and OREO** | | | | | 0.78% | | | | | | 0.94% | | | | | | 0.85% | | | | | | 1.12% | | | | | | 1.60% | | | | | | 3.35% | | | | | | 3.49% | | |
Liquidity Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans to total deposits | | | | | 92.90% | | | | | | 101.04% | | | | | | 91.25% | | | | | | 94.42% | | | | | | 80.11% | | | | | | 82.64% | | | | | | 81.94% | | |
Average loans to average earning assets | | | | | 84.11% | | | | | | 83.42% | | | | | | 83.50% | | | | | | 80.83% | | | | | | 75.96% | | | | | | 80.22% | | | | | | 78.08% | | |
Noninterest-bearing deposits to total deposits | | | | | 25.42% | | | | | | 29.14% | | | | | | 26.82% | | | | | | 28.22% | | | | | | 27.26% | | | | | | 24.46% | | | | | | 22.29% | | |
Capital Adequacy Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity to total assets | | | | | 12.29% | | | | | | 10.48% | | | | | | 10.24% | | | | | | 9.38% | | | | | | 9.21% | | | | | | 9.07% | | | | | | 8.63% | | |
Common stock dividend payout ratio | | | | | 16.13% | | | | | | 17.05% | | | | | | 20.00% | | | | | | 14.29% | | | | | | 15.50% | | | | | | 10.14% | | | | | | — | | |
| | | September 30, | | | December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||
| | | (unaudited) | | | (audited) | | ||||||||||||||||||||||||||||||||||||
| | | (dollars in thousands, except per share data) | | |||||||||||||||||||||||||||||||||||||||
Tangible Book Value Per Share Reconciliation: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Common shareholders’ equity | | | | $ | 1,404,977 | | | | | $ | 801,921 | | | | | $ | 804,479 | | | | | $ | 646,437 | | | | | $ | 514,759 | | | | | $ | 366,028 | | | | | $ | 288,699 | | |
Less: Goodwill | | | | | 505,604 | | | | | | 125,532 | | | | | | 125,532 | | | | | | 125,532 | | | | | | 90,082 | | | | | | 63,547 | | | | | | 35,049 | | |
Less: Other intangibles, net | | | | | 54,729 | | | | | | 14,437 | | | | | | 13,496 | | | | | | 17,428 | | | | | | 17,058 | | | | | | 8,221 | | | | | | 6,009 | | |
Total tangible common shareholders’ equity | | | | $ | 844,644 | | | | | $ | 661,952 | | | | | $ | 665,451 | | | | | $ | 503,477 | | | | | $ | 407,619 | | | | | $ | 294,260 | | | | | $ | 247,641 | | |
Period end number of shares | | | | | 47,496,966 | | | | | | 37,231,049 | | | | | | 37,260,012 | | | | | | 34,921,474 | | | | | | 32,211,385 | | | | | | 26,773,863 | | | | | | 25,098,427 | | |
Book value per common share | | | | $ | 29.58 | | | | | $ | 21.54 | | | | | $ | 21.59 | | | | | $ | 18.51 | | | | | $ | 15.98 | | | | | $ | 13.67 | | | | | $ | 11.50 | | |
Tangible book value per common share | | | | | 17.78 | | | | | | 17.78 | | | | | | 17.86 | | | | | | 14.42 | | | | | | 12.65 | | | | | | 10.99 | | | | | | 9.87 | | |
| | | Nine Months Ended September 30, | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||
| | | (unaudited) | | | (audited) | | ||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||
Selected Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | | | $ | 4,812,056 | | | | | $ | 4,505,423 | | | | | $ | 4,576,858 | | | | | $ | 4,389,685 | | | | | $ | 3,849,063 | | | | | $ | 3,085,135 | | | | | $ | 2,564,053 | | |
Earning assets | | | | | 4,448,875 | | | | | | 4,167,549 | | | | | | 4,242,218 | | | | | | 4,059,414 | | | | | | 3,558,669 | | | | | | 2,847,971 | | | | | | 2,355,530 | | |
Loans held for sale | | | | | 371,319 | | | | | | 340,329 | | | | | | 357,755 | | | | | | 465,328 | | | | | | 397,834 | | | | | | 368,935 | | | | | | 187,366 | | |
Loans receivable | | | | | 3,706,953 | | | | | | 3,409,707 | | | | | | 3,580,966 | | | | | | 3,302,264 | | | | | | 2,896,948 | | | | | | 2,253,306 | | | | | | 1,893,037 | | |
Investment securities available for sale | | | | | 209,180 | | | | | | 124,827 | | | | | | 120,121 | | | | | | 144,310 | | | | | | 172,397 | | | | | | 149,590 | | | | | | 168,865 | | |
Investment securities held to maturity | | | | | 20,383 | | | | | | 15,072 | | | | | | 21,689 | | | | | | 16,583 | | | | | | 14,398 | | | | | | 7,349 | | | | | | 4,051 | | |
Total deposits | | | | | 4,049,969 | | | | | | 3,938,360 | | | | | | 3,867,200 | | | | | | 3,630,594 | | | | | | 3,179,511 | | | | | | 2,458,022 | | | | | | 2,202,452 | | |
Shareholders’ equity | | | | | 432,098 | | | | | | 388,068 | | | | | | 401,632 | | | | | | 362,647 | | | | | | 301,459 | | | | | | 264,951 | | | | | | 236,230 | | |
| | | Nine Months Ended September 30, | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||
| | | (unaudited) | | | (audited) | | ||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||
Selected Income Statement Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | $ | 133,174 | | | | | $ | 116,325 | | | | | $ | 157,978 | | | | | $ | 149,283 | | | | | $ | 116,642 | | | | | $ | 101,667 | | | | | $ | 97,563 | | |
Interest expense | | | | | 23,187 | | | | | | 16,951 | | | | | | 22,730 | | | | | | 20,448 | | | | | | 15,804 | | | | | | 11,226 | | | | | | 13,961 | | |
Net interest income | | | | | 109,987 | | | | | | 99,374 | | | | | | 135,248 | | | | | | 128,835 | | | | | | 100,838 | | | | | | 90,441 | | | | | | 83,602 | | |
Provision for loan losses | | | | | 4,776 | | | | | | 4,275 | | | | | | 4,275 | | | | | | 8,231 | | | | | | 4,351 | | | | | | 531 | | | | | | 5,440 | | |
Noninterest income | | | | | 107,772 | | | | | | 106,064 | | | | | | 134,952 | | | | | | 141,325 | | | | | | 127,888 | | | | | | 95,320 | | | | | | 96,878 | | |
Noninterest expense | | | | | 169,179 | | | | | | 157,960 | | | | | | 210,870 | | | | | | 201,020 | | | | | | 162,946 | | | | | | 138,754 | | | | | | 132,325 | | |
Income before income taxes | | | | | 43,804 | | | | | | 43,203 | | | | | | 55,055 | | | | | | 60,909 | | | | | | 61,429 | | | | | | 46,476 | | | | | | 42,715 | | |
Income tax expense | | | | | 9,905 | | | | | | 15,850 | | | | | | 15,259 | | | | | | 22,143 | | | | | | 22,294 | | | | | | 16,440 | | | | | | 15,077 | | |
Net income | | | | | 33,899 | | | | | | 27,353 | | | | | | 39,796 | | | | | | 38,766 | | | | | | 39,135 | | | | | | 30,036 | | | | | | 27,638 | | |
Preferred stock dividends | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,463) | | |
Net income available to common shareholders | | | | $ | 33,899 | | | | | $ | 27,353 | | | | | $ | 39,796 | | | | | $ | 38,766 | | | | | $ | 39,135 | | | | | $ | 30,036 | | | | | $ | 25,175 | | |
|
| | | Nine Months Ended September 30, | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||
Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share available to common shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | | | $ | 1.25 | | | | | $ | 1.03 | | | | | $ | 1.50 | | | | | $ | 1.52 | | | | | $ | 1.77 | | | | | $ | 1.41 | | | | | $ | 1.35 | | |
Diluted | | | | | 1.25 | | | | | | 1.03 | | | | | | 1.49 | | | | | | 1.50 | | | | | | 1.64 | | | | | | 1.28 | | | | | | 1.21 | | |
Common book value | | | | | 15.85 | | | | | | 14.47 | | | | | | 14.86 | | | | | | 13.78 | | | | | | 13.03 | | | | | | 12.40 | | | | | | 11.07 | | |
Tangible book value | | | | | 15.43 | | | | | | 14.00 | | | | | | 14.41 | | | | | | 13.26 | | | | | | 12.66 | | | | | | 12.22 | | | | | | 10.96 | | |
Cash dividends declared | | | | | 0.36 | | | | | | 0.36 | | | | | | 0.48 | | | | | | 0.48 | | | | | | 0.39 | | | | | | 0.30 | | | | | | 0.05 | | |
Profitability Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income to average total assets | | | | | 0.95% | | | | | | 0.81% | | | | | | 0.89% | | | | | | 0.92% | | | | | | 1.16% | | | | | | 1.11% | | | | | | 1.09% | | |
Net income to average shareholders’ equity | | | | | 10.92% | | | | | | 9.66% | | | | | | 10.51% | | | | | | 11.61% | | | | | | 13.85% | | | | | | 12.07% | | | | | | 12.20% | | |
Net interest margin (fully taxable equivalent basis) | | | | | 3.32% | | | | | | 3.20% | | | | | | 3.26% | | | | | | 3.32% | | | | | | 3.24% | | | | | | 3.62% | | | | | | 3.58% | | |
Efficiency ratio | | | | | 77.69% | | | | | | 76.89% | | | | | | 78.04% | | | | | | 74.41% | | | | | | 71.24% | | | | | | 74.69% | | | | | | 73.32% | | |
Loan Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net charge-offs to average loans* | | | | | 0.13% | | | | | | 0.14% | | | | | | 0.13% | | | | | | 0.14% | | | | | | 0.13% | | | | | | 0.34% | | | | | | 0.38% | | |
Allowance for loan losses to total loans* | | | | | 0.88% | | | | | | 0.96% | | | | | | 0.88% | | | | | | 0.99% | | | | | | 0.98% | | | | | | 1.15% | | | | | | 1.85% | | |
Non performing assets to total loans and OREO** | | | | | 1.92% | | | | | | 1.71% | | | | | | 1.76% | | | | | | 1.77% | | | | | | 1.76% | | | | | | 2.78% | | | | | | 3.90% | | |
Liquidity Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans to total deposits | | | | | 91.53% | | | | | | 86.58% | | | | | | 92.60% | | | | | | 90.96% | | | | | | 91.11% | | | | | | 91.67% | | | | | | 85.95% | | |
Average loans to average earning assets | | | | | 92.63% | | | | | | 89.61% | | | | | | 90.20% | | | | | | 92.64% | | | | | | 92.84% | | | | | | 91.00% | | | | | | 90.00% | | |
Noninterest-bearing deposits to total deposits | | | | | 30.85% | | | | | | 28.25% | | | | | | 29.11% | | | | | | 26.58% | | | | | | 24.75% | | | | | | 22.70% | | | | | | 22.17% | | |
| | | Nine Months Ended September 30, | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||
Capital Adequacy Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity to total assets | | | | | 8.98% | | | | | | 8.61% | | | | | | 8.78% | | | | | | 8.26% | | | | | | 7.83% | | | | | | 8.59% | | | | | | 9.21% | | |
Common stock dividend payout ratio | | | | | 28.80% | | | | | | 34.95% | | | | | | 32.00% | | | | | | 31.58% | | | | | | 22.03% | | | | | | 21.28% | | | | | | 3.70% | | |
| | | September 30, | | | December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||
| | | (unaudited) | | | (audited) | | ||||||||||||||||||||||||||||||||||||
| | | (dollars in thousands, except per share data) | | |||||||||||||||||||||||||||||||||||||||
Tangible Book Value Per Share Reconciliation: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Common shareholders’ equity | | | | $ | 432,098 | | | | | $ | 388,068 | | | | | $ | 401,632 | | | | | $ | 362,647 | | | | | $ | 301,459 | | | | | $ | 264,951 | | | | | $ | 236,230 | | |
Less: intangibles | | | | | 11,474 | | | | | | 12,625 | | | | | | 12,306 | | | | | | 13,649 | | | | | | 8,382 | | | | | | 3,858 | | | | | | 2,376 | | |
Tangible common shareholders’ equity | | | | | 420,624 | | | | | | 375,443 | | | | | | 389,326 | | | | | | 348,998 | | | | | | 293,077 | | | | | | 261,093 | | | | | | 233,854 | | |
Period end number of shares | | | | | 27,260,681 | | | | | | 26,815,287 | | | | | | 27,019,201 | | | | | | 26,318,400 | | | | | | 23,140,774 | | | | | | 21,365,098 | | | | | | 21,342,549 | | |
Book value per common share | | | | $ | 15.85 | | | | | $ | 14.47 | | | | | $ | 14.86 | | | | | $ | 13.78 | | | | | $ | 13.03 | | | | | $ | 12.40 | | | | | $ | 11.07 | | |
Tangible book value per common share | | | | | 15.43 | | | | | | 14.00 | | | | | | 14.41 | | | | | | 13.26 | | | | | | 12.66 | | | | | | 12.22 | | | | | | 10.96 | | |
| | | For the nine months ended September 30, 2018 | | | For the year ended December 31, 2017 | | ||||||
| | | (In thousands) | | |||||||||
Unaudited Pro Forma Condensed Combined Income Statement Information: | | | | ||||||||||
Net interest income | | | | $ | 385,130 | | | | | $ | 509,577 | | |
Provision for loan losses | | | | $ | 17,863 | | | | | $ | 13,549 | | |
Income before income taxes | | | | $ | 152,618 | | | | | $ | 223,829 | | |
Net income | | | | $ | 117,413 | | | | | $ | 135,260 | | |
| | | As of September 30, 2018 | | |||
| | | (In thousands) | | |||
Unaudited Pro Forma Condensed Combined Balance Sheet Information: | | | |||||
Net loans | | | | $ | 12,169,098 | | |
Total assets | | | | | 16,552,225 | | |
Deposits | | | | | 13,233,355 | | |
Other borrowings | | | | | 881,118 | | |
Subordinated deferrable interest debentures | | | | | 135,379 | | |
Shareholders’ equity | | | | | 2,155,710 | | |
| | | Ameris Historical | | | Fidelity Historical | | | Pro Forma Combined | | | Per Equivalent Fidelity Share | | ||||||||||||
For the nine months ended September 30, 2018: | | | | | | ||||||||||||||||||||
Earnings per common share (Basic) | | | | $ | 1.86 | | | | | $ | 1.25 | | | | | $ | 1.69 | | | | | $ | 1.35 | | |
Earnings per common share (Diluted) | | | | $ | 1.85 | | | | | $ | 1.25 | | | | | $ | 1.67 | | | | | $ | 1.34 | | |
Dividends declared per share | | | | $ | 0.30 | | | | | $ | 0.36 | | | | | $ | 0.30 | | | | | $ | 0.24 | | |
Book value per common share | | | | $ | 29.58 | | | | | $ | 15.85 | | | | | $ | 31.06 | | | | | $ | 24.85 | | |
For the year ended December 31, 2017: | | | | | | ||||||||||||||||||||
Earnings per common share (Basic) | | | | $ | 2.00 | | | | | $ | 1.50 | | | | | $ | 1.96 | | | | | $ | 1.57 | | |
Earnings per common share (Diluted) | | | | $ | 1.98 | | | | | $ | 1.49 | | | | | $ | 1.93 | | | | | $ | 1.54 | | |
Dividends declared per share | | | | $ | 0.40 | | | | | $ | 0.48 | | | | | $ | 0.40 | | | | | $ | 0.32 | | |
Book value per common share | | | | $ | 21.59 | | | | | $ | 14.86 | | | | | $ | 30.34 | | | | | $ | 24.27 | | |
| | | 2018E | | | 2019E | | | 2020E | | | 2021E | | | 2022E | | |||||||||||||||
Earnings per share | | | | $ | 1.58 | | | | | $ | 1.59 | | | | | $ | 1.75 | | | | | $ | 1.92 | | | | | $ | 2.11 | | |
Dividends per share | | | | $ | 0.48 | | | | | $ | 0.52 | | | | | $ | 0.56 | | | | | $ | 0.60 | | | | | $ | 0.64 | | |
| | | 2018E | | | 2019E | | | 2020E | | | 2021E | | | 2022E | | |||||||||||||||
Adjusted earnings per share | | | | $ | 1.58 | | | | | $ | 1.54(1) | | | | | $ | 1.96 | | | | | $ | 2.37 | | | | | $ | 2.80(1) | | |
| | | 2018E | | | 2019E | | | 2020E | | | 2021E | | | 2022E | | |||||||||||||||
Earnings per share | | | | $ | 2.75 | | | | | $ | 4.26 | | | | | $ | 4.68(1) | | | | | $ | 5.15 | | | | | $ | 5.66(1) | | |
| | | 2018E | | | 2019E | | | 2020E | | | 2021E | | | 2022E | | |||||||||||||||
Earnings per share | | | | $ | 2.75 | | | | | $ | 4.30 | | | | | $ | 4.77 | | | | | $ | 5.25 | | | | | $ | 5.77 | | |
| Transaction Value/Fidelity Last Twelve Months Earnings: | | | | | 16.2x | | |
| Transaction Value/Fidelity Adjusted Last Twelve Months Earnings(1): | | | | | 18.1x | | |
| Transaction Value/Fidelity 2018E Earnings: | | | | | 19.2x | | |
| Transaction Value/Fidelity 2019E Earnings: | | | | | 17.3x | | |
| Transaction Value/Fidelity September 30, 2018 Book Value: | | | | | 173.7% | | |
| Transaction Value/Fidelity September 30, 2018 Tangible Book Value: | | | | | 178.5% | | |
| Tangible Book Premium(2)/Core Deposits(3): | | | | | 8.5% | | |
| Tangible Book Premium(2)/Core Deposits(4): | | | | | 8.9% | | |
| Market Premium(5): | | | | | 27.1% | | |
| | | December 14, 2017 | | | December 14, 2018 | | ||||||
Fidelity | | | | | 100% | | | | | | 100.1% | | |
Fidelity Peer Group | | | | | 100% | | | | | | 92.7% | | |
NASDAQ Bank Index | | | | | 100% | | | | | | 85.5% | | |
S&P 500 Index | | | | | 100% | | | | | | 98.0% | | |
| | | December 14, 2015 | | | December 14, 2018 | | ||||||
Fidelity | | | | | 100% | | | | | | 98.3% | | |
Fidelity Peer Group | | | | | 100% | | | | | | 152.7% | | |
NASDAQ Bank Index | | | | | 100% | | | | | | 119.6% | | |
S&P 500 Index | | | | | 100% | | | | | | 128.6% | | |
| | | December 14, 2017 | | | December 14, 2018 | | ||||||
Ameris | | | | | 100% | | | | | | 73.4% | | |
Ameris Peer Group | | | | | 100% | | | | | | 84.1% | | |
NASDAQ Bank Index | | | | | 100% | | | | | | 85.5% | | |
S&P 500 Index | | | | | 100% | | | | | | 98.0% | | |
| | | December 14, 2015 | | | December 14, 2018 | | ||||||
Ameris | | | | | 100% | | | | | | 101.4% | | |
Ameris Peer Group | | | | | 100% | | | | | | 109.9% | | |
NASDAQ Bank Index | | | | | 100% | | | | | | 119.6% | | |
S&P 500 Index | | | | | 100% | | | | | | 128.6% | | |
| ServisFirst Bancshares, Inc. | | | HomeTrust Bancshares, Inc. | |
| Seacoast Banking Corporation of Florida | | | Atlantic Capital Bancshares, Inc. | |
| First Bancorp | | | Capital City Bank Group, Inc. | |
| FB Financial Corporation | | | Southern National Bancorp of Virginia, Inc. | |
| City Holding Company | | | First Bancshares, Inc. | |
| Franklin Financial Network, Inc. | | | First Community Bankshares, Inc. | |
| Carolina Financial Corporation | | | SmartFinancial, Inc. | |
| | | Fidelity | | | Fidelity Peer Group Median | | | Fidelity Peer Group Mean | | | Fidelity Peer Group High | | | Fidelity Peer Group Low | | |||||||||||||||
Market Capitalization ($mm) | | | | | 584 | | | | | | 501 | | | | | | 729 | | | | | | 1,788 | | | | | | 251 | | |
Price/LTM Earnings per Share (x) | | | | | 12.6 | | | | | | 16.6 | | | | | | 19.3 | | | | | | 48.1 | | | | | | 12.0 | | |
Price/Year-to-Date Annualized Earnings per Share (x) | | | | | 12.9 | | | | | | 14.5 | | | | | | 16.8 | | | | | | 45.8 | | | | | | 9.6 | | |
Price/2018E Earnings per Share (x) | | | | | 15.3 | | | | | | 14.1 | | | | | | 14.7 | | | | | | 21.0 | | | | | | 10.4 | | |
Price/2019E Earnings per Share (x) | | | | | 14.2 | | | | | | 12.2 | | | | | | 12.8 | | | | | | 15.9 | | | | | | 10.6 | | |
Price/Tangible Book Value (%) | | | | | 142 | | | | | | 191 | | | | | | 185 | | | | | | 268 | | | | | | 118 | | |
Price/52-Week High (%) | | | | | 79.2 | | | | | | 75.9 | | | | | | 77.2 | | | | | | 92.0 | | | | | | 65.0 | | |
Dividend Payout (%) | | | | | 28.2 | | | | | | 15.8 | | | | | | 24.8 | | | | | | 75.0 | | | | | | 7.3 | | |
Total Assets ($mm) | | | | | 4,812 | | | | | | 3,538 | | | | | | 3,937 | | | | | | 7,518 | | | | | | 2,051 | | |
Loans/Deposits (%) | | | | | 91.5 | | | | | | 90.2 | | | | | | 91.2 | | | | | | 117.4 | | | | | | 74.5 | | |
Tangible Common Equity/Tangible Assets (%) | | | | | 8.76 | | | | | | 9.55 | | | | | | 9.70 | | | | | | 11.72 | | | | | | 7.80 | | |
Total Risk Based Capital Ratio (%) | | | | | 12.78 | | | | | | 14.85 | | | | | | 14.82 | | | | | | 17.08 | | | | | | 12.05 | | |
MRQ Return on Average Assets (%) | | | | | 1.06 | | | | | | 1.21 | | | | | | 1.29 | | | | | | 1.90 | | | | | | 0.84 | | |
MRQ Return on Average Equity (%) | | | | | 11.96 | | | | | | 10.56 | | | | | | 10.92 | | | | | | 20.59 | | | | | | 6.92 | | |
MRQ Net Interest Margin (%) | | | | | 3.48 | | | | | | 3.82 | | | | | | 3.84 | | | | | | 4.75 | | | | | | 2.73 | | |
MRQ Cost of Deposits (%) | | | | | 0.56 | | | | | | 0.69 | | | | | | 0.70 | | | | | | 1.69 | | | | | | 0.18 | | |
MRQ Efficiency Ratio (%) | | | | | 79.2 | | | | | | 57.0 | | | | | | 57.1 | | | | | | 76.4 | | | | | | 31.5 | | |
Non-performing Assets/Total Assets (%)(1) | | | | | 1.03 | | | | | | 0.62 | | | | | | 0.72 | | | | | | 1.43 | | | | | | 0.15 | | |
Loan Loss Reserve/Loans (%) | | | | | 0.76 | | | | | | 0.76 | | | | | | 0.73 | | | | | | 1.05 | | | | | | 0.45 | | |
| United Bankshares, Inc. | | | WesBanco, Inc. | |
| BancorpSouth Bank | | | United Community Banks, Inc. | |
| Simmons First National Corporation | | | CenterState Bank Corporation | |
| Home BancShares, Inc. | | | TowneBank | |
| South State Corporation | | | ServisFirst Bancshares, Inc. | |
| Trustmark Corporation | | | Seacoast Banking Corporation of Florida | |
| Union Bankshares Corporation | | | First Bancorp | |
| Renasant Corporation | | | FB Financial Corporation | |
| | | Ameris | | | Ameris Peer Group Median | | | Ameris Peer Group Mean | | | Ameris Peer Group High | | | Ameris Peer Group Low | | |||||||||||||||
Market Capitalization ($mm) | | | | | 1,615 | | | | | | 1,955 | | | | | | 2,002 | | | | | | 3,262 | | | | | | 1,003 | | |
Price/LTM Earnings per Share (x) | | | | | 16.6 | | | | | | 15.4 | | | | | | 14.9 | | | | | | 19.5 | | | | | | 11.6 | | |
Price/Year-to-Date Annualized Earnings per Share (x) | | | | | 13.8 | | | | | | 13.0 | | | | | | 12.8 | | | | | | 18.5 | | | | | | 9.6 | | |
Price/2018E Earnings per Share (x) | | | | | 11.0 | | | | | | 12.7 | | | | | | 12.6 | | | | | | 17.5 | | | | | | 10.0 | | |
Price/2019E Earnings per Share (x) | | | | | 8.5 | | | | | | 12.0 | | | | | | 11.7 | | | | | | 13.9 | | | | | | 9.5 | | |
Price/Tangible Book Value (%) | | | | | 191 | | | | | | 187 | | | | | | 195 | | | | | | 268 | | | | | | 163 | | |
Price/52-Week High (%) | | | | | 57.6 | | | | | | 74.6 | | | | | | 72.6 | | | | | | 79.9 | | | | | | 62.4 | | |
Dividend Payout (%) | | | | | 19.5 | | | | | | 34.0 | | | | | | 35.1 | | | | | | 67.7 | | | | | | 7.3 | | |
Total Assets ($mm) | | | | | 11,429 | | | | | | 12,673 | | | | | | 12,146 | | | | | | 19,188 | | | | | | 5,058 | | |
Loans/Deposits (%) | | | | | 92.9 | | | | | | 92.9 | | | | | | 91.2 | | | | | | 101.6 | | | | | | 80.4 | | |
Tangible Common Equity/Tangible Assets (%) | | | | | 7.77 | | | | | | 9.07 | | | | | | 9.18 | | | | | | 10.17 | | | | | | 8.11 | | |
Total Risk Based Capital Ratio (%) | | | | | 11.78 | | | | | | 13.74 | | | | | | 13.82 | | | | | | 15.73 | | | | | | 12.05 | | |
MRQ Return on Average Assets (%) | | | | | 1.48 | | | | | | 1.38 | | | | | | 1.42 | | | | | | 2.16 | | | | | | 1.08 | | |
MRQ Return on Average Equity (%) | | | | | 11.88 | | | | | | 9.61 | | | | | | 10.74 | | | | | | 20.59 | | | | | | 7.46 | | |
MRQ Net Interest Margin (%) | | | | | 3.95 | | | | | | 3.91 | | | | | | 3.96 | | | | | | 4.75 | | | | | | 3.53 | | |
MRQ Cost of Deposits (%) | | | | | 0.70 | | | | | | 0.57 | | | | | | 0.60 | | | | | | 0.96 | | | | | | 0.35 | | |
MRQ Efficiency Ratio (%) | | | | | 51.9 | | | | | | 55.4 | | | | | | 54.4 | | | | | | 65.4 | | | | | | 31.5 | | |
Non-performing Assets/Total Assets (%)(1) | | | | | 0.86 | | | | | | 0.45 | | | | | | 0.50 | | | | | | 0.79 | | | | | | 0.28 | | |
Loan Loss Reserve/Loans (%) | | | | | 0.32 | | | | | | 0.62 | | | | | | 0.69 | | | | | | 1.05 | | | | | | 0.44 | | |
Buyer | | | Target | |
CenterState Bank Corporation | | | National Commerce Corporation | |
Union Bankshares Corporation | | | Access National Corporation | |
Cadence Bancorporation | | | State Bank Financial Corporation | |
Renasant Corporation | | | Brand Group Holdings, Inc. | |
Banco de Credito e Inversiones SA | | | TotalBank | |
Arvest Bank Group, Inc. | | | Bear State Financial, Inc. | |
Valley National Bancorp | | | USAmeriBancorp, Inc. | |
Union Bankshares Corporation | | | Xenith Bankshares, Inc. | |
Sandy Spring Bancorp, Inc. | | | WashingtonFirst Bankshares, Inc. | |
South State Corporation | | | Park Sterling Corporation | |
Home BancShares, Inc. | | | Stonegate Bank | |
IBERIABANK Corporation | | | Sabadell United Bank, N.A. | |
Pinnacle Financial Partners, Inc. | | | BNC Bancorp | |
| | | Fidelity/ Ameris | | | Regional Precedent Transactions Median | | | Regional Precedent Transactions Mean | | | Regional Precedent Transactions High | | | Regional Precedent Transactions Low | | |||||||||||||||
Transaction Price/LTM Earnings (x) | | | | | 16.2 | | | | | | 22.6 | | | | | | 23.1 | | | | | | 40.0 | | | | | | 10.1 | | |
Transaction Price/Forward Earnings (x) | | | | | 19.2 | | | | | | 18.8 | | | | | | 20.0 | | | | | | 27.5 | | | | | | 15.7 | | |
Transaction Price/Book Value (%) | | | | | 174 | | | | | | 189 | | | | | | 181 | | | | | | 248 | | | | | | 106 | | |
Transaction Price/Tangible Book Value (%) | | | | | 178 | | | | | | 245 | | | | | | 229 | | | | | | 271 | | | | | | 156 | | |
Core Deposit Premium (%) | | | | | 8.9(2)/8.5(1) | | | | | | 15.7 | | | | | | 15.8 | | | | | | 22.1 | | | | | | 9.2 | | |
1-Day Market Premium (%) | | | | | 27.1 | | | | | | 8.0 | | | | | | 14.4 | | | | | | 60.9 | | | | | | 2.1 | | |
Buyer | | | Target | |
People’s United Financial, Inc. | | | BSB Bancorp, Inc. | |
CenterState Bank Corporation | | | National Commerce Corporation | |
Union Bankshares Corporation | | | Access National Corporation | |
Independent Bank Corp. | | | Blue Hills Bancorp, Inc. | |
PacWest Bancorp | | | El Dorado Savings Bank, F.S.B. | |
WSFS Financial Corporation | | | Beneficial Bancorp, Inc. | |
Veritex Holdings, Inc. | | | Green Bancorp, Inc. | |
People’s United Financial, Inc. | | | First Connecticut Bancorp, Inc. | |
BOK Financial Corporation | | | CoBiz Financial Inc. | |
Independent Bank Group, Inc. | | | Guaranty Bancorp | |
Cadence Bancorporation | | | State Bank Financial Corporation | |
Renasant Corporation | | | Brand Group Holdings, Inc. | |
CVB Financial Corp. | | | Community Bank | |
Pacific Premier Bancorp, Inc. | | | Grandpoint Capital, Inc. | |
Banco de Credito e Inversiones SA | | | TotalBank | |
Arvest Bank Group, Inc. | | | Bear State Financial, Inc. | |
Old National Bancorp | | | Anchor Bancorp, Inc. | |
Valley National Bancorp | | | USAmeriBancorp, Inc. | |
First Financial Bancorp. | | | MainSource Financial Group, Inc. | |
Associated Banc-Corp | | | Bank Mutual Corporation | |
OceanFirst Financial Corp. | | | Sun Bancorp, Inc. | |
Buyer | | | Target | |
Union Bankshares Corporation | | | Xenith Bankshares, Inc. | |
Berkshire Hills Bancorp, Inc. | | | Commerce Bancshares Corp. | |
Sandy Spring Bancorp, Inc. | | | WashingtonFirst Bankshares, Inc. | |
South State Corporation | | | Park Sterling Corporation | |
PacWest Bancorp | | | CU Bancorp | |
Home BancShares, Inc. | | | Stonegate Bank | |
IBERIABANK Corporation | | | Sabadell United Bank, N.A. | |
Simmons First National Corporation | | | First Texas BHC, Inc. | |
Pinnacle Financial Partners, Inc. | | | BNC Bancorp | |
Columbia Banking System, Inc. | | | Pacific Continental Corporation | |
| | | Fidelity/ Ameris | | | Nationwide Precedent Transactions Median | | | Nationwide Precedent Transactions Mean | | | Nationwide Precedent Transactions High | | | Nationwide Precedent Transactions Low | | |||||||||||||||
Transaction Price/LTM Earnings (x) | | | | | 16.2 | | | | | | 24.2 | | | | | | 24.6 | | | | | | 53.0 | | | | | | 7.8 | | |
Transaction Price/Forward Earnings (x) | | | | | 19.2 | | | | | | 19.4 | | | | | | 23.3 | | | | | | 63.2 | | | | | | 15.2 | | |
Transaction Price/Book Value (%) | | | | | 174 | | | | | | 189 | | | | | | 189 | | | | | | 288 | | | | | | 106 | | |
Transaction Price/Tangible Book Value (%) | | | | | 178 | | | | | | 241 | | | | | | 227 | | | | | | 325 | | | | | | 138 | | |
Core Deposit Premium (%) | | | | | 8.9(2)/8.5(1) | | | | | | 16.0 | | | | | | 15.6 | | | | | | 24.1 | | | | | | 3.0 | | |
1-Day Market Premium/(Discount) (%) | | | | | 27.1 | | | | | | 11.9 | | | | | | 15.1 | | | | | | 60.9 | | | | | | (7.1) | | |
Buyer | | | Target | |
People’s United Financial, Inc. | | | BSB Bancorp, Inc. | |
CenterState Bank Corporation | | | National Commerce Corporation | |
Union Bankshares Corporation | | | Access National Corporation | |
Independent Bank Corp. | | | Blue Hills Bancorp, Inc. | |
PacWest Bancorp | | | El Dorado Savings Bank, F.S.B. | |
WSFS Financial Corporation | | | Beneficial Bancorp, Inc. | |
Veritex Holdings, Inc. | | | Green Bancorp, Inc. | |
Independent Bank Group, Inc. | | | Guaranty Bancorp | |
Cadence Bancorporation | | | State Bank Financial Corporation | |
| | | Fidelity/ Ameris | | | Pending Precedent Transactions Median | | | Pending Precedent Transactions Mean | | | Pending Precedent Transactions High | | | Pending Precedent Transactions Low | | |||||||||||||||
Transaction Price/LTM Earnings (x) | | | | | 16.2 | | | | | | 16.9 | | | | | | 20.8 | | | | | | 40.0 | | | | | | 14.0 | | |
Transaction Price/Forward Earnings (x) | | | | | 19.2 | | | | | | 13.3 | | | | | | 15.0 | | | | | | 25.1 | | | | | | 9.8 | | |
Transaction Price/Tangible Book Value (%) | | | | | 178 | | | | | | 157 | | | | | | 165 | | | | | | 194 | | | | | | 134 | | |
Core Deposit Premium (%) | | | | | 8.9(2)/8.5(1) | | | | | | 10.3 | | | | | | 8.9 | | | | | | 11.4 | | | | | | 5.2 | | |
Discount Rate | | | 13.0x | | | 14.0x | | | 15.0x | | | 16.0x | | | 17.0x | | | 18.0x | | ||||||||||||||||||
9.5% | | | | $ | 20.60 | | | | | $ | 22.03 | | | | | $ | 23.47 | | | | | $ | 24.91 | | | | | $ | 26.35 | | | | | $ | 27.79 | | |
10.5% | | | | $ | 19.84 | | | | | $ | 21.23 | | | | | $ | 22.61 | | | | | $ | 23.99 | | | | | $ | 25.38 | | | | | $ | 26.76 | | |
11.5% | | | | $ | 19.13 | | | | | $ | 20.46 | | | | | $ | 21.79 | | | | | $ | 23.12 | | | | | $ | 24.45 | | | | | $ | 25.78 | | |
12.5% | | | | $ | 18.44 | | | | | $ | 19.72 | | | | | $ | 21.00 | | | | | $ | 22.29 | | | | | $ | 23.57 | | | | | $ | 24.85 | | |
13.5% | | | | $ | 17.79 | | | | | $ | 19.02 | | | | | $ | 20.26 | | | | | $ | 21.49 | | | | | $ | 22.72 | | | | | $ | 23.96 | | |
Discount Rate | | | 130% | | | 145% | | | 160% | | | 175% | | | 190% | | | 205% | | ||||||||||||||||||
9.5% | | | | $ | 20.41 | | | | | $ | 22.54 | | | | | $ | 24.68 | | | | | $ | 26.81 | | | | | $ | 28.95 | | | | | $ | 31.08 | | |
10.5% | | | | $ | 19.67 | | | | | $ | 21.72 | | | | | $ | 23.77 | | | | | $ | 25.82 | | | | | $ | 27.88 | | | | | $ | 29.93 | | |
11.5% | | | | $ | 18.95 | | | | | $ | 20.93 | | | | | $ | 22.91 | | | | | $ | 24.88 | | | | | $ | 26.86 | | | | | $ | 28.83 | | |
12.5% | | | | $ | 18.28 | | | | | $ | 20.18 | | | | | $ | 22.08 | | | | | $ | 23.98 | | | | | $ | 25.88 | | | | | $ | 27.79 | | |
13.5% | | | | $ | 17.63 | | | | | $ | 19.46 | | | | | $ | 21.29 | | | | | $ | 23.12 | | | | | $ | 24.96 | | | | | $ | 26.79 | | |
Annual Budget Variance | | | 13.0x | | | 14.0x | | | 15.0x | | | 16.0x | | | 17.0x | | | 18.0x | | ||||||||||||||||||
(20.0%) | | | | $ | 15.59 | | | | | $ | 16.65 | | | | | $ | 17.71 | | | | | $ | 18.77 | | | | | $ | 19.83 | | | | | $ | 20.89 | | |
(10.0%) | | | | $ | 17.31 | | | | | $ | 18.50 | | | | | $ | 19.69 | | | | | $ | 20.89 | | | | | $ | 22.08 | | | | | $ | 23.27 | | |
0.0% | | | | $ | 19.03 | | | | | $ | 20.36 | | | | | $ | 21.68 | | | | | $ | 23.01 | | | | | $ | 24.33 | | | | | $ | 25.65 | | |
10.0% | | | | $ | 20.75 | | | | | $ | 22.21 | | | | | $ | 23.67 | | | | | $ | 25.12 | | | | | $ | 26.58 | | | | | $ | 28.04 | | |
20.0% | | | | $ | 22.48 | | | | | $ | 24.07 | | | | | $ | 25.65 | | | | | $ | 27.24 | | | | | $ | 28.83 | | | | | $ | 30.42 | | |
Discount Rate | | | 10.0x | | | 11.0x | | | 12.0x | | | 13.0x | | | 14.0x | | | 15.0x | | ||||||||||||||||||
9.0% | | | | $ | 40.63 | | | | | $ | 44.55 | | | | | $ | 48.48 | | | | | $ | 52.41 | | | | | $ | 56.33 | | | | | $ | 60.26 | | |
10.0% | | | | $ | 39.10 | | | | | $ | 42.88 | | | | | $ | 46.66 | | | | | $ | 50.43 | | | | | $ | 54.21 | | | | | $ | 57.99 | | |
11.0% | | | | $ | 37.65 | | | | | $ | 41.28 | | | | | $ | 44.92 | | | | | $ | 48.55 | | | | | $ | 52.18 | | | | | $ | 55.82 | | |
12.0% | | | | $ | 36.26 | | | | | $ | 39.76 | | | | | $ | 43.26 | | | | | $ | 46.76 | | | | | $ | 50.25 | | | | | $ | 53.75 | | |
13.0% | | | | $ | 34.94 | | | | | $ | 38.30 | | | | | $ | 41.67 | | | | | $ | 45.04 | | | | | $ | 48.41 | | | | | $ | 51.78 | | |
Discount Rate | | | 180% | | | 190% | | | 200% | | | 210% | | | 220% | | | 230% | | ||||||||||||||||||
9.0% | | | | $ | 47.97 | | | | | $ | 50.56 | | | | | $ | 53.15 | | | | | $ | 55.74 | | | | | $ | 58.33 | | | | | $ | 60.92 | | |
10.0% | | | | $ | 46.17 | | | | | $ | 48.66 | | | | | $ | 51.15 | | | | | $ | 53.64 | | | | | $ | 56.13 | | | | | $ | 58.62 | | |
11.0% | | | | $ | 44.45 | | | | | $ | 46.84 | | | | | $ | 49.24 | | | | | $ | 51.64 | | | | | $ | 54.03 | | | | | $ | 56.43 | | |
12.0% | | | | $ | 42.81 | | | | | $ | 45.11 | | | | | $ | 47.42 | | | | | $ | 49.73 | | | | | $ | 52.03 | | | | | $ | 54.34 | | |
13.0% | | | | $ | 41.24 | | | | | $ | 43.46 | | | | | $ | 45.68 | | | | | $ | 47.90 | | | | | $ | 50.12 | | | | | $ | 52.35 | | |
Annual Budget Variance | | | 10.0x | | | 11.0x | | | 12.0x | | | 13.0x | | | 14.0x | | | 15.0x | | ||||||||||||||||||
(20.0%) | | | | $ | 30.66 | | | | | $ | 33.60 | | | | | $ | 36.54 | | | | | $ | 39.47 | | | | | $ | 42.41 | | | | | $ | 45.34 | | |
(10.0%) | | | | $ | 34.33 | | | | | $ | 37.64 | | | | | $ | 40.94 | | | | | $ | 44.24 | | | | | $ | 47.54 | | | | | $ | 50.85 | | |
0.0% | | | | $ | 38.00 | | | | | $ | 41.67 | | | | | $ | 45.34 | | | | | $ | 49.01 | | | | | $ | 52.68 | | | | | $ | 56.35 | | |
10.0% | | | | $ | 41.67 | | | | | $ | 45.71 | | | | | $ | 49.75 | | | | | $ | 53.78 | | | | | $ | 57.82 | | | | | $ | 61.86 | | |
20.0% | | | | $ | 45.34 | | | | | $ | 49.75 | | | | | $ | 54.15 | | | | | $ | 58.55 | | | | | $ | 62.96 | | | | | $ | 67.36 | | |
| Transaction Price/2018E Net Income(1): | | | | | 17.4x | | |
| Transaction Price/2019E Net Income (including cost savings)(2): | | | | | 9.5x | | |
| Transaction Price/Tangible Book Value Per Share(3): | | | | | 178.5% | | |
| Tangible Book Premium/Core Deposits(4): | | | | | 8.5% | | |
| Transaction Price/Total Assets(5): | | | | | 15.6% | | |
| | | Beginning January 1, 2018 | | | Ending December 14, 2018 | | ||||||
Ameris | | | | | 100% | | | | | | 71% | | |
Nasdaq | | | | | 100% | | | | | | 100% | | |
SNL U.S. Bank > $10B | | | | | 100% | | | | | | 83% | | |
| Pinnacle Financial Partners | | | First Bancorp | |
| South State Corporation | | | National Commerce Corp. | |
| CenterState Bank Corp. | | | Carolina Financial Corp. | |
| ServisFirst Bancshares Inc. | | | Access National Corp. | |
| United Community Banks Inc. | | | First Bancshares Inc. | |
| Eagle Bancorp Inc. | | | Atlantic Capital Bancshares Inc. | |
| Ameris Bancorp | | | Capital City Bank Group Inc. | |
| Cadence Bancorp | | | Franklin Financial Network Inc | |
| Seacoast Banking Corp. of FL | | | Home Bancorp Inc. | |
| | | Fidelity | | | Fidelity Peer Group Median | | | Fidelity Peer Group Mean | | | Fidelity Peer Group High | | | Fidelity Peer Group Low | | |||||||||||||||
Market Capitalization ($M) | | | | $ | 584.1 | | | | | $ | 1,125.2 | | | | | $ | 1,261.0 | | | | | $ | 3,712.2 | | | | | $ | 333.3 | | |
Price/Tangible Book Value | | | | | 142.2% | | | | | | 182.0% | | | | | | 180.4% | | | | | | 267.8% | | | | | | 117.7% | | |
Price/LTM EPS | | | | | 12.6x | | | | | | 16.6x | | | | | | 16.2x | | | | | | 23.8x | | | | | | 10.7x | | |
Price/NTM EPS | | | | | 13.9x | | | | | | 11.9x | | | | | | 11.9x | | | | | | 16.6x | | | | | | 8.9x | | |
Dividend Yield | | | | | 2.2% | | | | | | 1.3% | | | | | | 1.6% | | | | | | 3.2% | | | | | | 0.0% | | |
Weekly Volume | | | | | 1.8% | | | | | | 2.0% | | | | | | 2.4% | | | | | | 6.2% | | | | | | 0.6% | | |
Insider Ownership | | | | | 23.8% | | | | | | 7.5% | | | | | | 9.8% | | | | | | 36.5% | | | | | | 2.2% | | |
Institutional Ownership | | | | | 72.0% | | | | | | 73.0% | | | | | | 68.5% | | | | | | 89.6% | | | | | | 30.9% | | |
Last Twelve Months Return | | | | | 2.2% | | | | | | -15.4% | | | | | | -13.4% | | | | | | 6.6% | | | | | | -28.0% | | |
Total Assets ($M) | | | | $ | 4,812.1 | | | | | $ | 5,821.3 | | | | | $ | 7,751.8 | | | | | $ | 24,557.5 | | | | | $ | 2,140.5 | | |
Total Loans ($M) | | | | $ | 4,078.3 | | | | | $ | 4136.1 | | | | | $ | 5,681.8 | | | | | $ | 17,522.8 | | | | | $ | 1,636.5 | | |
Tangible Common Equity/ Tangible Assets | | | | | 8.6% | | | | | | 9.1% | | | | | | 9.5% | | | | | | 12.0% | | | | | | 7.8% | | |
NPAs/Assets | | | | | 1.03% | | | | | | 0.45% | | | | | | 0.57% | | | | | | 1.36% | | | | | | 0.14% | | |
Last Twelve Months ROAA | | | | | 0.98% | | | | | | 1.10% | | | | | | 1.08% | | | | | | 1.72% | | | | | | 0.16% | | |
Last Twelve Months ROAE | | | | | 11.32% | | | | | | 8.27% | | | | | | 8.78% | | | | | | 19.25% | | | | | | 1.38% | | |
| Pinnacle Financial Partners | | | TowneBank | |
| United Bankshares Inc. | | | First Merchants Corp. | |
| Home BancShares Inc. | | | United Community Banks Inc. | |
| Bank OZK | | | Heartland Financial USA Inc. | |
| Simmons First National Corp. | | | Cadence Bancorp. | |
| South State Corporation | | | Sandy Spring Bancorp Inc. | |
| CenterState Bank Corp. | | | Southside Bancshares Inc. | |
| Union Bankshares Corp | | | First Bancorp | |
| Renasant Corp. | | |
| | | Ameris | | | Ameris Peer Group Median | | | Ameris Peer Group Mean | | | Ameris Peer Group High | | | Ameris Peer Group Low | | |||||||||||||||
Market Capitalization ($M) | | | | $ | 1,615.3 | | | | | $ | 1,824.3 | | | | | $ | 2,056.5 | | | | | $ | 3,712.2 | | | | | $ | 1,003.4 | | |
Price/Tangible Book Value | | | | | 191.3% | | | | | | 182.4% | | | | | | 180.2% | | | | | | 218.9% | | | | | | 95.6% | | |
Price/LTM EPS | | | | | 16.6x | | | | | | 13.3x | | | | | | 13.9x | | | | | | 17.2x | | | | | | 6.3x | | |
Price/NTM EPS | | | | | 8.9x | | | | | | 10.8x | | | | | | 11.0x | | | | | | 14.1x | | | | | | 7.0x | | |
Dividend Yield | | | | | 1.2% | | | | | | 2.7% | | | | | | 2.7% | | | | | | 4.3% | | | | | | 1.2% | | |
Weekly Volume | | | | | 3.0% | | | | | | 2.2% | | | | | | 2.7% | | | | | | 6.2% | | | | | | 1.0% | | |
Insider Ownership | | | | | 2.6% | | | | | | 4.3% | | | | | | 5.1% | | | | | | 11.1% | | | | | | 1.4% | | |
Institutional Ownership | | | | | 86.8% | | | | | | 72.5% | | | | | | 73.3% | | | | | | 109.3% | | | | | | 44.9% | | |
Last Twelve Months Return | | | | | -26.0% | | | | | | -17.0% | | | | | | -17.3% | | | | | | -2.9% | | | | | | -51.7% | | |
Total Assets ($M) | | | | $ | 11,429.0 | | | | | $ | 12,405.1 | | | | | $ | 13,306.0 | | | | | $ | 24,557.5 | | | | | $ | 5,711.6 | | |
Total Loans ($M) | | | | $ | 8,659.7 | | | | | $ | 9,412.0 | | | | | $ | 9,593.5 | | | | | $ | 17,522.8 | | | | | $ | 3,275.5 | | |
Tangible Common Equity/Tangible Assets | | | | | 7.8% | | | | | | 9.0% | | | | | | 9.3% | | | | | | 13.8% | | | | | | 7.7% | | |
NPAs/Assets | | | | | 0.86% | | | | | | 0.45% | | | | | | 0.48% | | | | | | 0.78% | | | | | | 0.23% | | |
Last Twelve Months ROAA | | | | | 0.98% | | | | | | 1.15% | | | | | | 1.24% | | | | | | 2.09% | | | | | | 0.90% | | |
Last Twelve Months ROAE | | | | | 8.60% | | | | | | 8.57% | | | | | | 8.92% | | | | | | 12.74% | | | | | | 5.95% | | |
Buyer | | | Target | |
Berkshire Hills Bancorp Inc. | | | SI Financial Group Inc. | |
First Midwest Bancorp Inc. | | | Bridgeview Bancorp Inc. | |
People’s United Financial Inc. | | | BSB Bancorp Inc. | |
CenterState Bank Corp. | | | National Commerce Corp. | |
Simmons First National Corp. | | | Reliance Bancshares Inc. | |
First Merchants Corp. | | | MBT Financial Corp. | |
Union Bankshares Corp. | | | Access National Corp. | |
Independent Bank Corp. | | | Blue Hills Bancorp Inc. | |
PacWest Bancorp | | | El Dorado SB FSB | |
First Busey Corp. | | | Banc Ed Corp. | |
MidWestOne Financial Group Inc. | | | ATBancorp | |
WSFS Financial Corp. | | | Beneficial Bancorp Inc | |
Veritex Holdings Inc. | | | Green Bancorp Inc | |
| | | Fidelity/ Ameris | | | Precedent Transactions Median | | | Precedent Transactions Mean | | | Precedent Transactions High | | | Precedent Transactions Low | | |||||||||||||||
Deal Value ($M) | | | | $ | 750.7 | | | | | $ | 327.8 | | | | | $ | 519.6 | | | | | $ | 1,507.4 | | | | | $ | 145.0 | | |
Transaction price/Tangible book value per share | | | | | 178.5% | | | | | | 177.9% | | | | | | 185.1% | | | | | | 249.9% | | | | | | 117.5% | | |
Transaction price/Earnings per share | | | | | 16.2x | | | | | | 22.8x | | | | | | 20.1x | | | | | | 27.3x | | | | | | 6.3x | | |
Transaction price/Total assets | | | | | 15.6% | | | | | | 20.6% | | | | | | 18.1% | | | | | | 26.5% | | | | | | 11.0% | | |
Core deposit premium | | | | | 8.5% | | | | | | 8.33% | | | | | | 10.2% | | | | | | 19.2% | | | | | | 2.6% | | |
Target Total Assets ($M) | | | | $ | 4,812.1 | | | | | $ | 2,206.3 | | | | | $ | 2,616.1 | | | | | $ | 5,770.3 | | | | | $ | 1,259.9 | | |
Target NPAs/Assets | | | | | 1.03% | | | | | | 0.52% | | | | | | 0.67% | | | | | | 1.34% | | | | | | 0.14% | | |
Target TCE/TA | | | | | 8.76% | | | | | | 10.06% | | | | | | 10.09% | | | | | | 15.19% | | | | | | 5.75% | | |
Target LTM ROAA | | | | | 0.98% | | | | | | 0.74% | | | | | | 0.74% | | | | | | 1.69% | | | | | | 0.01% | | |
Discount Rate | | | 14.5x | | | 15.5x | | | 16.5x | | | 17.5x | | | 18.5x | | |||||||||||||||
11.5% | | | | $ | 28.65 | | | | | $ | 30.51 | | | | | $ | 32.36 | | | | | $ | 34.22 | | | | | $ | 36.07 | | |
12.0% | | | | $ | 28.13 | | | | | $ | 29.95 | | | | | $ | 31.77 | | | | | $ | 33.59 | | | | | $ | 35.40 | | |
12.5% | | | | $ | 27.61 | | | | | $ | 29.40 | | | | | $ | 31.18 | | | | | $ | 32.97 | | | | | $ | 34.75 | | |
13.0% | | | | $ | 27.11 | | | | | $ | 28.86 | | | | | $ | 30.62 | | | | | $ | 32.37 | | | | | $ | 34.12 | | |
13.5% | | | | $ | 26.62 | | | | | $ | 28.34 | | | | | $ | 30.06 | | | | | $ | 31.78 | | | | | $ | 33.50 | | |
Discount Rate | | | 180% | | | 190% | | | 200% | | | 210% | | | 220% | | |||||||||||||||
11.5% | | | | $ | 27.12 | | | | | $ | 28.53 | | | | | $ | 29.94 | | | | | $ | 31.35 | | | | | $ | 32.76 | | |
12.0% | | | | $ | 26.63 | | | | | $ | 28.01 | | | | | $ | 29.39 | | | | | $ | 30.77 | | | | | $ | 32.16 | | |
12.5% | | | | $ | 26.14 | | | | | $ | 27.50 | | | | | $ | 28.85 | | | | | $ | 30.21 | | | | | $ | 31.57 | | |
13.0% | | | | $ | 25.67 | | | | | $ | 27.00 | | | | | $ | 28.33 | | | | | $ | 29.66 | | | | | $ | 30.99 | | |
13.5% | | | | $ | 25.20 | | | | | $ | 26.51 | | | | | $ | 27.82 | | | | | $ | 29.12 | | | | | $ | 30.43 | | |
Annual Budget Variance | | | 14.5x | | | 15.5x | | | 16.5x | | | 17.5x | | | 18.5x | | |||||||||||||||
(15.0%) | | | | $ | 23.73 | | | | | $ | 25.25 | | | | | $ | 26.77 | | | | | $ | 28.28 | | | | | $ | 29.80 | | |
(10.0%) | | | | $ | 25.02 | | | | | $ | 26.63 | | | | | $ | 28.24 | | | | | $ | 29.85 | | | | | $ | 31.45 | | |
(5.0%) | | | | $ | 26.32 | | | | | $ | 28.02 | | | | | $ | 29.71 | | | | | $ | 31.34 | | | | | $ | 33.10 | | |
0.0% | | | | $ | 27.61 | | | | | $ | 29.40 | | | | | $ | 31.18 | | | | | $ | 32.97 | | | | | $ | 34.75 | | |
5.0% | | | | $ | 28.91 | | | | | $ | 30.78 | | | | | $ | 32.66 | | | | | $ | 34.53 | | | | | $ | 36.41 | | |
10.0% | | | | $ | 30.20 | | | | | $ | 32.17 | | | | | $ | 34.13 | | | | | $ | 36.09 | | | | | $ | 38.06 | | |
15.0% | | | | $ | 31.50 | | | | | $ | 33.55 | | | | | $ | 35.60 | | | | | $ | 37.66 | | | | | $ | 39.71 | | |
Annual Budget Variance | | | 180% | | | 190% | | | 200% | | | 210% | | | 220% | | |||||||||||||||
(15.0%) | | | | $ | 24.61 | | | | | $ | 25.89 | | | | | $ | 27.16 | | | | | $ | 28.43 | | | | | $ | 29.70 | | |
(10.0%) | | | | $ | 25.12 | | | | | $ | 26.42 | | | | | $ | 27.72 | | | | | $ | 29.02 | | | | | $ | 30.32 | | |
(5.0%) | | | | $ | 25.63 | | | | | $ | 26.96 | | | | | $ | 28.29 | | | | | $ | 29.62 | | | | | $ | 30.94 | | |
0.0% | | | | $ | 26.14 | | | | | $ | 27.50 | | | | | $ | 28.85 | | | | | $ | 30.21 | | | | | $ | 31.57 | | |
5.0% | | | | $ | 26.65 | | | | | $ | 28.04 | | | | | $ | 29.42 | | | | | $ | 30.80 | | | | | $ | 32.19 | | |
10.0% | | | | $ | 27.16 | | | | | $ | 28.57 | | | | | $ | 29.99 | | | | | $ | 31.40 | | | | | $ | 32.81 | | |
15.0% | | | | $ | 27.67 | | | | | $ | 29.11 | | | | | $ | 30.55 | | | | | $ | 31.99 | | | | | $ | 33.43 | | |
Discount Rate | | | 10.0x | | | 11.0x | | | 12.0x | | | 13.0x | | | 14.0x | | |||||||||||||||
11.5% | | | | $ | 37.02 | | | | | $ | 40.58 | | | | | $ | 44.15 | | | | | $ | 47.71 | | | | | $ | 51.28 | | |
12.0% | | | | $ | 36.33 | | | | | $ | 39.83 | | | | | $ | 43.33 | | | | | $ | 46.82 | | | | | $ | 50.32 | | |
12.5% | | | | $ | 35.66 | | | | | $ | 39.09 | | | | | $ | 42.53 | | | | | $ | 45.96 | | | | | $ | 49.39 | | |
13.0% | | | | $ | 35.01 | | | | | $ | 38.37 | | | | | $ | 41.74 | | | | | $ | 45.11 | | | | | $ | 48.48 | | |
13.5% | | | | $ | 34.37 | | | | | $ | 37.67 | | | | | $ | 40.98 | | | | | $ | 44.28 | | | | | $ | 47.59 | | |
Discount Rate | | | 170% | | | 180% | | | 190% | | | 200% | | | 210% | | |||||||||||||||
11.5% | | | | $ | 40.60 | | | | | $ | 42.91 | | | | | $ | 45.22 | | | | | $ | 47.53 | | | | | $ | 49.84 | | |
12.0% | | | | $ | 39.85 | | | | | $ | 42.11 | | | | | $ | 44.38 | | | | | $ | 46.64 | | | | | $ | 48.91 | | |
12.5% | | | | $ | 39.11 | | | | | $ | 41.34 | | | | | $ | 43.56 | | | | | $ | 45.78 | | | | | $ | 48.00 | | |
13.0% | | | | $ | 38.39 | | | | | $ | 40.57 | | | | | $ | 42.75 | | | | | $ | 44.94 | | | | | $ | 47.12 | | |
13.5% | | | | $ | 37.69 | | | | | $ | 39.83 | | | | | $ | 41.97 | | | | | $ | 44.11 | | | | | $ | 46.25 | | |
Annual Budget Variance | | | 10.0x | | | 11.0x | | | 12.0x | | | 13.0x | | | 14.0x | | |||||||||||||||
(15.0%) | | | | $ | 30.51 | | | | | $ | 33.43 | | | | | $ | 36.35 | | | | | $ | 39.26 | | | | | $ | 42.18 | | |
(10.0%) | | | | $ | 32.23 | | | | | $ | 35.32 | | | | | $ | 38.41 | | | | | $ | 41.50 | | | | | $ | 44.58 | | |
(5.0%) | | | | $ | 33.94 | | | | | $ | 37.20 | | | | | $ | 40.47 | | | | | $ | 43.73 | | | | | $ | 46.99 | | |
0.0% | | | | $ | 35.66 | | | | | $ | 39.09 | | | | | $ | 42.53 | | | | | $ | 45.96 | | | | | $ | 49.39 | | |
5.0% | | | | $ | 37.38 | | | | | $ | 40.98 | | | | | $ | 44.58 | | | | | $ | 48.19 | | | | | $ | 51.79 | | |
10.0% | | | | $ | 39.09 | | | | | $ | 42.87 | | | | | $ | 46.64 | | | | | $ | 50.42 | | | | | $ | 54.20 | | |
15.0% | | | | $ | 42.31 | | | | | $ | 44.72 | | | | | $ | 47.13 | | | | | $ | 49.54 | | | | | $ | 51.95 | | |
Annual Budget Variance | | | 170% | | | 180% | | | 190% | | | 200% | | | 210% | | |||||||||||||||
(15.0%) | | | | $ | 35.92 | | | | | $ | 37.95 | | | | | $ | 39.99 | | | | | $ | 42.02 | | | | | $ | 44.06 | | |
(10.0%) | | | | $ | 36.98 | | | | | $ | 39.08 | | | | | $ | 41.18 | | | | | $ | 43.27 | | | | | $ | 45.37 | | |
(5.0%) | | | | $ | 38.05 | | | | | $ | 40.21 | | | | | $ | 42.37 | | | | | $ | 44.53 | | | | | $ | 46.69 | | |
0.0% | | | | $ | 39.11 | | | | | $ | 41.34 | | | | | $ | 43.56 | | | | | $ | 45.78 | | | | | $ | 48.00 | | |
5.0% | | | | $ | 40.18 | | | | | $ | 42.46 | | | | | $ | 44.75 | | | | | $ | 47.03 | | | | | $ | 49.32 | | |
10.0% | | | | $ | 41.24 | | | | | $ | 43.59 | | | | | $ | 45.94 | | | | | $ | 48.28 | | | | | $ | 50.63 | | |
15.0% | | | | $ | 40.81 | | | | | $ | 44.76 | | | | | $ | 48.70 | | | | | $ | 52.65 | | | | | $ | 56.60 | | |
| | | Price-to-Tangible Common Book Value Multiple | | | Price-to-Adjusted Common Tangible Book Value(1) | | | Price-to-LTM Earnings Multiple(2) | | | Premium-to-Core Deposits Multiple(3) | | ||||||||||||
Total Transaction Value | | | | | 158.3% | | | | | | 172.2% | | | | | | 25.0x | | | | | | 9.4% | | |
Precedent Transactions Regional Group: | | ||||||||||||||||||||||||
Median | | | | | 161.3% | | | | | | 165.3% | | | | | | 23.5x | | | | | | 8.4% | | |
Minimum | | | | | 101.4% | | | | | | 103.6% | | | | | | 13.6x | | | | | | 0.6% | | |
Maximum | | | | | 232.3% | | | | | | 237.1% | | | | | | 32.5x | | | | | | 16.1% | | |
Precedent Transactions Nationwide Group: | | ||||||||||||||||||||||||
Median | | | | | 160.9% | | | | | | 168.3% | | | | | | 21.8x | | | | | | 8.2% | | |
Minimum | | | | | 133.6% | | | | | | 142.2% | | | | | | 13.6x | | | | | | 4.4% | | |
Maximum | | | | | 200.7% | | | | | | 223.9% | | | | | | 39.3x | | | | | | 17.2% | | |
| | | Tangible Equity/ Tangible Assets | | | Core Deposits(2) | | | LTM ROAA | | | LTM ROAE | | | Efficiency Ratio | | | NPAs/ Assets(3) | | | LLR/ NPLs(4) | | |||||||||||||||||||||
Atlantic(1) | | | | | 9.91% | | | | | | 84.18% | | | | | | 0.66% | | | | | | 6.49% | | | | | | 72.63% | | | | | | 3.81% | | | | | | 24.06% | | |
Precedent Transactions – Regional Group Median: | | | | | 9.42% | | | | | | 81.10% | | | | | | 0.72% | | | | | | 6.48% | | | | | | 73.98% | | | | | | 1.76% | | | | | | 54.18% | | |
Precedent Transactions – Nationwide Group Median: | | | | | 10.38% | | | | | | 87.41% | | | | | | 0.74% | | | | | | 6.87% | | | | | | 72.00% | | | | | | 1.98% | | | | | | 53.32% | | |
|
Implied Multiple Value for Atlantic common stock Based On: | | | Implied Aggregate Value | | | Price-to-Tangible Book Value Multiple(1) | | | Price-to-LTM Earnings Multiple(1)(2) | | | Premium-to- Core Deposits Multiple(1)(3) | | ||||||||||||
Total Deal Value | | | | $ | 144,640 | | | | | | 158.3% | | | | | | 25.0x | | | | | | 9.4% | | |
DCF Analysis – Terminal P/E Multiple(1)(4) | | ||||||||||||||||||||||||
Midpoint | | | | $ | 138,853 | | | | | | 151.9% | | | | | | 24.0x | | | | | | 8.3% | | |
DCF Analysis – Terminal P/TBV Multiple(1)(4) | | ||||||||||||||||||||||||
Midpoint | | | | $ | 115,776 | | | | | | 126.7% | | | | | | 20.0x | | | | | | 4.3% | | |
| | | Comparable Company Analysis | | |||||||||||||||||||||
| | | Ameris | | | Ameris Peer Group | | ||||||||||||||||||
| | | 75th | | | Median | | | 25th | | |||||||||||||||
Total Assets (in millions) | | | | $ | 11,429 | | | | | $ | 18,017 | | | | | $ | 14,717 | | | | | $ | 12,636 | | |
Loans/Deposits | | | | | 92.9% | | | | | | 94.9% | | | | | | 93.6% | | | | | | 86.5% | | |
Core Deposits/Deposits | | | | | 88.3% | | | | | | 95.9% | | | | | | 93.2% | | | | | | 88.9% | | |
Non-performing Assets/Assets | | | | | 0.86% | | | | | | 0.55% | | | | | | 0.43% | | | | | | 0.32% | | |
Tangible Common Equity/Tangible Assets | | | | | 7.77% | | | | | | 9.57% | | | | | | 9.06% | | | | | | 8.83% | | |
Core Return on Average Assets(1) | | | | | 1.52% | | | | | | 1.58% | | | | | | 1.42% | | | | | | 1.36% | | |
Net Interest Margin | | | | | 3.95% | | | | | | 4.09% | | | | | | 3.75% | | | | | | 3.61% | | |
Efficiency Ratio | | | | | 51.9% | | | | | | 60.5% | | | | | | 55.4% | | | | | | 49.4% | | |
Construction & Development Loans/Total Risk-Based Capital(2) | | | | | 77.1% | | | | | | 84.8% | | | | | | 74.3% | | | | | | 64.9% | | |
Commercial Real Estate Loans/Total Risk-Based Capital(2) | | | | | 257.7% | | | | | | 288.4% | | | | | | 254.7% | | | | | | 218.5% | | |
Market Capitalization | | | | $ | 1,615 | | | | | $ | 2,866 | | | | | $ | 2,071 | | | | | $ | 1,855 | | |
Price/Tangible Book Value | | | | | 1.91x | | | | | | 1.94x | | | | | | 1.82x | | | | | | 1.75x | | |
Price/2018 Consensus Estimated EPS | | | | | 10.3x | | | | | | 12.8x | | | | | | 12.0x | | | | | | 10.4x | | |
Price/2019 Consensus Estimated EPS | | | | | 8.0x | | | | | | 11.7x | | | | | | 11.0x | | | | | | 9.7x | | |
| | | Comparable Company Analysis | | |||||||||||||||||||||
| | | Fidelity | | | Fidelity Peer Group | | ||||||||||||||||||
| | | 75th | | | Median | | | 25th | | |||||||||||||||
Total Assets (in millions) | | | | $ | 4,812 | | | | | $ | 5,966 | | | | | $ | 4,421 | | | | | $ | 3,632 | | |
Loans/Deposits | | | | | 91.5% | | | | | | 97.6% | | | | | | 94.6% | | | | | | 88.6% | | |
Core Deposits/Deposits | | | | | 94.1% | | | | | | 94.4% | | | | | | 91.9% | | | | | | 88.1% | | |
Non-performing Assets/Assets | | | | | 1.03% | | | | | | 1.03% | | | | | | 0.74% | | | | | | 0.35% | | |
Tangible Common Equity/Tangible Assets | | | | | 8.57% | | | | | | 11.61% | | | | | | 10.28% | | | | | | 8.98% | | |
Core Return on Average Assets(1) | | | | | 0.89% | | | | | | 1.81% | | | | | | 1.55% | | | | | | 1.08% | | |
Net Interest Margin | | | | | 3.48% | | | | | | 3.91% | | | | | | 3.80% | | | | | | 3.54% | | |
Efficiency Ratio | | | | | 79.2% | | | | | | 60.5% | | | | | | 55.1% | | | | | | 50.9% | | |
Construction & Development Loans/Total Risk-Based Capital(2) | | | | | 60.9% | | | | | | 79.6% | | | | | | 66.5% | | | | | | 50.6% | | |
Commercial Real Estate Loans/Total Risk-Based Capital(2) | | | | | 144.3% | | | | | | 249.2% | | | | | | 234.1% | | | | | | 203.4% | | |
Market Capitalization | | | | $ | 584 | | | | | $ | 1,140 | | | | | $ | 796 | | | | | $ | 619 | | |
Price/Tangible Book Value | | | | | 1.39x | | | | | | 2.29x | | | | | | 1.83x | | | | | | 1.43x | | |
Price/2018 Consensus Estimated EPS | | | | | 13.6x | | | | | | 16.9x | | | | | | 12.9x | | | | | | 11.4x | | |
Price/2019 Consensus Estimated EPS | | | | | 13.5x | | | | | | 14.3x | | | | | | 12.1x | | | | | | 11.3x | | |
Acquirer | | | Target | | | Announcement Date | |
CenterState Bank Corp. | | | National Commerce Corp. | | | 11/26/2018 | |
PacWest Bancorp | | | El Dorado SB FSB | | | 9/12/2018 | |
Veritex Holdings Inc. | | | Green Bancorp Inc. | | | 7/24/2018 | |
People’s United Financial Inc. | | | First Connecticut Bancorp, Inc. | | | 6/19/2018 | |
BOK Financial Corp. | | | CoBiz Financial Inc. | | | 6/18/2018 | |
Independent Bk Group Inc. | | | Guaranty Bancorp | | | 5/22/2018 | |
Cadence Bancorp | | | State Bank Financial Corp. | | | 5/13/2018 | |
CVB Financial Corp. | | | Community Bank | | | 2/26/2018 | |
Valley National Bancorp | | | USAmeriBancorp Inc. | | | 7/26/2017 | |
First Financial Bancorp. | | | MainSource Financial Group | | | 7/25/2017 | |
South State Corporation | | | Park Sterling Corporation | | | 4/27/2017 | |
PacWest Bancorp | | | CU Bancorp | | | 4/06/2017 | |
IBERIABANK Corp. | | | Sabadell United Bank N.A. | | | 2/28/2017 | |
Pinnacle Financial Partners | | | BNC Bancorp | | | 1/22/2017 | |
| | | Ameris/ Fidelity | | | Precedent Transactions | | ||||||||||||||||||
| | | 75th | | | Median | | | 25th | | |||||||||||||||
Deal Value (in millions) | | | | $ | 751(3) | | | | | $ | 1,022 | | | | | $ | 928 | | | | | $ | 741 | | |
Total Assets (Target) | | | | $ | 4,812 | | | | | $ | 4,389 | | | | | $ | 3,929 | | | | | $ | 3,412 | | |
Non-performing Assets/Assets | | | | | 1.03% | | | | | | 0.70% | | | | | | 0.55% | | | | | | 0.41% | | |
Tangible Common Equity/Tangible Assets | | | | | 8.76% | | | | | | 9.33% | | | | | | 8.96% | | | | | | 8.86% | | |
LTM Return on Average Assets | | | | | 0.98% | | | | | | 1.10% | | | | | | 0.98% | | | | | | 0.81% | | |
LTM Efficiency Ratio | | | | | 78.9% | | | | | | 61.0% | | | | | | 55.3% | | | | | | 52.8% | | |
Price/Tangible Book Value | | | | | 176.4% | | | | | | 268.8% | | | | | | 247.7% | | | | | | 212.6% | | |
Price/LTM EPS(1) | | | | | 17.4x(4) | | | | | | 23.0x | | | | | | 21.3x | | | | | | 19.9x | | |
Price/Next Year EPS | | | | | 17.1x(5) | | | | | | 17.3x | | | | | | 16.4x | | | | | | 14.6x | | |
Core Deposit Premium | | | | | 8.8%(6) | | | | | | 20.4% | | | | | | 18.0% | | | | | | 14.2% | | |
Market Premium(2) | | | | | 27.1%(7) | | | | | | 17.6% | | | | | | 10.5% | | | | | | 3.7% | | |
| | | Ameris % of Total | | | Fidelity % of Total | | ||||||
Balance Sheet | | | | | | | | | | | | | |
Assets | | | | | 70.4% | | | | | | 29.6% | | |
Gross Loans | | | | | 68.0% | | | | | | 32.0% | | |
Deposits | | | | | 69.4% | | | | | | 30.6% | | |
Equity | | | | | 76.5% | | | | | | 23.5% | | |
Tangible Equity | | | | | 67.3% | | | | | | 32.7% | | |
Income Statement | | | | | | | | | | | | | |
Last Twelve Months (“LTM”) Operating Pre-Tax Income(1) | | | | | 73.2% | | | | | | 26.8% | | |
2018E Operating Income(2) | | | | | 76.2% | | | | | | 23.8% | | |
2019E Operating Income(2) | | | | | 82.0% | | | | | | 18.0% | | |
Ownership(3) | | | | | | | | | | | | | |
100% Common Stock at 0.8000x Exchange Ratio | | | | | 68.4% | | | | | | 31.6% | | |
| | | Market Cap ($M) | | | Price/ Tangible Book Value | | | Price/ LTM EPS | | | Price/ 2017E EPS | | | Dividend Yield | | | YTD Price Change | | | Two Year Total Return | | |||||||||||||||||||||
Ameris | | | | $ | 1,741 | | | | | | 262.9% | | | | | | 20.6x | | | | | | 18.9x | | | | | | 0.86% | | | | | | 7.2% | | | | | | 47.4% | | |
Comparable Companies: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Median | | | | $ | 1,634 | | | | | | 226.7% | | | | | | 19.7x | | | | | | 18.0x | | | | | | 1.75% | | | | | | (2.1)% | | | | | | 37.5% | | |
Name | | | Cash ($)(1) | | | Equity ($)(2) | | | Perquisites/ Benefits ($)(3) | | | Total ($) | | ||||||||||||
Named Executive Officers | | | | | | | | | | | | | | | | | | | | | | | | | |
James B. Miller, Jr. | | | | | 9,907,854 | | | | | | 366,224 | | | | | | 65,472 | | | | | | 10,339,550 | | |
Charles D. Christy | | | | | 537,844 | | | | | | 239,876 | | | | | | 47,694 | | | | | | 825,413 | | |
H. Palmer Proctor, Jr. | | | | | 6,148,121 | | | | | | 228,900 | | | | | | 61,046 | | | | | | 6,438,067 | | |
David Buchanan | | | | | 3,567,820 | | | | | | 1,026,091 | | | | | | 42,439 | | | | | | 4,636,350 | | |
Stephen H. Brolly | | | | | 246,048 | | | | | | — | | | | | | — | | | | | | 246,048 | | |
Name | | | Cash Severance ($) | | | Noncompete Payment ($) | | | Salary Continuation Payment ($) | | |||||||||
Named Executive Officers | | | | | | | | | | | | | | | | | | | |
James B. Miller, Jr. | | | | | 3,077,854 | | | | | | 900,000 | | | | | | 5,930,000 | | |
Charles D. Christy | | | | | 387,844 | | | | | | 150,000 | | | | | | — | | |
H. Palmer Proctor, Jr. | | | | | 1,868,121 | | | | | | 720,000 | | | | | | 3,560,000 | | |
David Buchanan | | | | | 437,820 | | | | | | 160,000 | | | | | | 2,970,000 | | |
Stephen H. Brolly | | | | | — | | | | | | — | | | | | | 246,048 | | |
Golden Parachute Compensation | | ||||||||||||||||||
Name | | | Cash | | | Equity(1) | | | Total | | |||||||||
John K. Stephens, Jr. President and Chief Executive Officer | | | | $ | 1,150,939 | | | | | $ | 261,234 | | | | | $ | 1,412,173 | | |
Tracy L. Keegan Chief Financial Officer and Executive Vice President | | | | $ | 624,167 | | | | | $ | 89,349 | | | | | $ | 713,516 | | |
Phillip S. Buddenbohm Chief Credit Officer and Executive Vice President | | | | $ | 562,525 | | | | | $ | 77,172 | | | | | $ | 639,697 | | |
| | Ameris | | Atlantic | | | | Pro Forma | | |||||||||||||||||||||||||||||||||||||||||||||||
| | September 30, 2017 (as reported) | | September 30, 2017 (as reported) | | Pro Forma Adjustments | | | | September 30, 2017 Combined | | |||||||||||||||||||||||||||||||||||||||||||||
| | (In thousands) | | | Ameris As Reported | | Fidelity As Reported | | Fidelity Pro Forma Adjustments | | | | Ameris Pro Forma Total Combined | | ||||||||||||||||||||||||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Cash and due from banks | | | $ | 131,071 | | | | $ | 4,091 | | | | $ | (21,531) | | | A | | | $ | 113,631 | | | | | $ | 158,453 | | | | $ | 52,125 | | | | $ | — | | | | | | $ | 210,578 | | | ||||||||||
Federal funds sold and interest bearing deposits in banks | | | | 112,844 | | | | | 38,143 | | | | | — | | | | | | | 150,987 | | | |||||||||||||||||||||||||||||||||
Federal funds sold and interest-bearing deposits in banks | | | | 470,804 | | | | | 130,547 | | | | | — | | | | | | | 601,351 | | | |||||||||||||||||||||||||||||||||
Time deposits in other banks | | | | 11,558 | | | | | — | | | | | — | | | | | | | 11,558 | | | |||||||||||||||||||||||||||||||||
Investment securities available for sale, at fair value | | | | 819,593 | | | | | 39,113 | | | | | — | | | | | | | 858,706 | | | | | | 1,162,570 | | | | | 209,180 | | | | | 19,383 | | | A | | | | 1,391,133 | | | ||||||||||
Investment securities held to maturity, at amortized cost | | | | — | | | | | 20,383 | | | | | (20,383) | | | B | | | | — | | | |||||||||||||||||||||||||||||||||
Other investments | | | | 47,977 | | | | | 7,228 | | | | | — | | | | | | | 55,205 | | | | | | 35,929 | | | | | 10,492 | | | | | — | | | | | | | 46,421 | | | ||||||||||
Loans held for sale, at fair value | | | | 137,392 | | | | | 5,025 | | | | | — | | | | | | | 142,417 | | | |||||||||||||||||||||||||||||||||
Loans | | | | 4,574,678 | | | | | 793,927 | | | | | (13,063) | | | B | | | | 5,355,542 | | | |||||||||||||||||||||||||||||||||
Purchased loans | | | | 917,126 | | | | | — | | | | | — | | | | | | | 917,126 | | | |||||||||||||||||||||||||||||||||
Purchased loan pools | | | | 465,218 | | | | | — | | | | | — | | | | | | | 465,218 | | | |||||||||||||||||||||||||||||||||
Loans held for sale | | | | 130,179 | | | | | 371,319 | | | | | — | | | | | | | 501,498 | | | |||||||||||||||||||||||||||||||||
Loans held for investment | | | | 8,529,518 | | | | | 3,706,953 | | | | | (39,257) | | | C | | | | 12,197,214 | | | |||||||||||||||||||||||||||||||||
Less allowance for loan losses | | | | (25,966) | | | | | (8,405) | | | | | 8,405 | | | C | | | | (25,966) | | | | | | (28,116) | | | | | (31,157) | | | | | 31,157 | | | D | | | | (28,116) | | | ||||||||||
Loans, net | | | | 5,931,056 | | | | | 785,522 | | | | | (4,658) | | | | | | | 6,711,920 | | | |||||||||||||||||||||||||||||||||
Loans held for investment, net | | | | 8,501,402 | | | | | 3,675,796 | | | | | (8,100) | | | | | | | 12,169,098 | | | |||||||||||||||||||||||||||||||||
Other real estate owned, net | | | | 9,391 | | | | | 188 | | | | | (47) | | | D | | | | 9,532 | | | | | | 17,067 | | | | | 8,031 | | | | | (803) | | | E | | | | 24,295 | | | ||||||||||
Purchased other real estate owned, net | | | | 9,946 | | | | | — | | | | | — | | | | | | | 9,946 | | | |||||||||||||||||||||||||||||||||
Total other real estate owned, net | | | | 19,337 | | | | | 188 | | | | | (47) | | | | | | | 19,478 | | | |||||||||||||||||||||||||||||||||
Premises and equipment, net | | | | 119,458 | | | | | 14,360 | | | | | — | | | | | | | 133,818 | | | | | | 145,885 | | | | | 91,359 | | | | | 30,900 | | | F | | | | 268,144 | | | ||||||||||
Goodwill | | | | 505,604 | | | | | 5,164 | | | | | 247,010 | | | G | | | | 757,778 | | | |||||||||||||||||||||||||||||||||
Other intangible assets, net | | | | 14,437 | | | | | — | | | | | 7,121 | | | E | | | | 21,558 | | | | | | 54,729 | | | | | 6,310 | | | | | 71,690 | | | H | | | | 132,729 | | | ||||||||||
Goodwill | | | | 125,532 | | | | | — | | | | | 59,586 | | | F | | | | 185,118 | | | |||||||||||||||||||||||||||||||||
Deferred income taxes, net | | | | 39,365 | | | | | 5,836 | | | | | (659) | | | G | | | | 44,542 | | | |||||||||||||||||||||||||||||||||
Deferred tax asset, net | | | | 38,217 | | | | | — | | | | | (28,522) | | | I | | | | 9,695 | | | |||||||||||||||||||||||||||||||||
Cash value of bank owned life insurance | | | | 79,241 | | | | | 17,887 | | | | | — | | | | | | | 97,128 | | | | | | 103,588 | | | | | 71,092 | | | | | — | | | | | | | 174,680 | | | ||||||||||
Other assets | | | | 72,517 | | | | | 4,542 | | | | | — | | | | | | | 77,059 | | | | | | 93,009 | | | | | 160,258 | | | | | — | | | | | | | 253,267 | | | ||||||||||
Total assets | | | $ | 7,649,820 | | | | $ | 921,935 | | | | $ | 39,812 | | | | | | $ | 8,611,567 | | | | | $ | 11,428,994 | | | | $ | 4,812,056 | | | | $ | 311,175 | | | | | | $ | 16,552,225 | | | ||||||||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Noninterest-bearing | | | $ | 1,718,022 | | | | $ | 70,029 | | | | $ | — | | | | | | $ | 1,788,051 | | | | | $ | 2,333,992 | | | | $ | 1,249,391 | | | | $ | — | | | | | | $ | 3,583,383 | | | ||||||||||
Interest-bearing | | | | 4,177,482 | | | | | 606,387 | | | | | — | | | | | | | 4,783,869 | | | | | | 6,847,371 | | | | | 2,800,578 | | | | | 2,023 | | | J | | | | 9,649,972 | | | ||||||||||
Total deposits | | | | 5,895,504 | | | | | 676,416 | | | | | — | | | | | | | 6,571,920 | | | | | | 9,181,363 | | | | | 4,049,969 | | | | | 2,023 | | | | | | | 13,233,355 | | | ||||||||||
Federal funds purchased & securities sold under agreements to repurchase | | | | 14,156 | | | | | — | | | | | — | | | | | | | 14,156 | | | | | | 14,071 | | | | | 13,562 | | | | | — | | | | | | | 27,633 | | | ||||||||||
Other borrowings | | | | 808,572 | | | | | 150,842 | | | | | 4,298 | | | H | | | | 963,712 | | | | | | 656,831 | | | | | 224,287 | | | | | — | | | | | | | 881,118 | | | ||||||||||
Subordinated deferrable interest debentures | | | | 88,986 | | | | | 46,393 | | | | | — | | | | | | | 135,379 | | | |||||||||||||||||||||||||||||||||
FDIC loss-share payable, net | | | | 18,740 | | | | | — | | | | | — | | | | | | | 18,740 | | | |||||||||||||||||||||||||||||||||
Deferred tax liability, net | | | | — | | | | | 9,483 | | | | | (9,483) | | | K | | | | — | | | |||||||||||||||||||||||||||||||||
Other liabilities | | | | 44,447 | | | | | 3,283 | | | | | — | | | | | | | 47,730 | | | | | | 64,026 | | | | | 36,264 | | | | | — | | | | | | | 100,290 | | | ||||||||||
Subordinated deferrable interest debentures | | | | 85,220 | | | | | — | | | | | — | | | | | | | 85,220 | | | |||||||||||||||||||||||||||||||||
Total liabilities | | | | 6,847,899 | | | | | 830,541 | | | | | 4,298 | | | | | | | 7,682,738 | | | | | | 10,024,017 | | | | | 4,379,958 | | | | | (7,460) | | | | | | | 14,396,515 | | | ||||||||||
Shareholders’ equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Preferred stock | | | $ | — | | | | $ | — | | | | $ | — | | | | | | $ | — | | | | | | — | | | | | — | | | | | — | | | | | | | — | | | ||||||||||
Common stock | | | | 38,706 | | | | | 156 | | | | | 2,477 | | | I | | | | 41,339 | | | | | | 49,012 | | | | | 197,870 | | | | | (175,972) | | | L | | | | 70,910 | | | ||||||||||
Capital surplus | | | | 506,779 | | | | | 100,423 | | | | | 23,852 | | | J | | | | 631,054 | | | | | | 1,050,752 | | | | | 28,735 | | | | | 700,100 | | | M | | | | 1,779,587 | | | ||||||||||
Common stock held by ESOP and benefit plans | | | | — | | | | | (1,484) | | | | | 1,484 | | | K | | | | — | | | |||||||||||||||||||||||||||||||||
Retained earnings | | | | 267,694 | | | | | (6,532) | | | | | 6,532 | | | L | | | | 267,694 | | | | | | 338,350 | | | | | 207,763 | | | | | (207,763) | | | N | | | | 338,350 | | | ||||||||||
Accumulated other comprehensive income/(loss) | | | | 3,241 | | | | | (1,169) | | | | | 1,169 | | | M | | | | 3,241 | | | |||||||||||||||||||||||||||||||||
Less treasury stock | | | | (14,499) | | | | | — | | | | | — | | | | | | | (14,499) | | | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss, net of tax | | | | (16,576) | | | | | (2,270) | | | | | 2,270 | | | O | | | | (16,576) | | | |||||||||||||||||||||||||||||||||
Less treasury stock, at cost | | | | (16,561) | | | | | — | | | | | — | | | | | | | (16,561) | | | |||||||||||||||||||||||||||||||||
Total shareholders’ equity | | | | 801,921 | | | | | 91,394 | | | | | 35,514 | | | | | | | 928,829 | | | | | | 1,404,977 | | | | | 432,098 | | | | | 318,635 | | | | | | | 2,155,710 | | | ||||||||||
Total liabilities and shareholders’ equity | | | $ | 7,649,820 | | | | $ | 921,935 | | | | $ | 39,812 | | | | | | $ | 8,611,567 | | | | | $ | 11,428,994 | | | | $ | 4,812,056 | | | | $ | 311,175 | | | | | | $ | 16,552,225 | | | |
| | | Ameris | | | Atlantic | | | | | | | | | Pro Forma | | | |||||||||||||||||
| | | September 30, 2017 (as reported) | | | September 30, 2017 (as reported) | | | Pro Forma Adjustments | | | | | | | | | September 30, 2017 Combined | | | ||||||||||||||
| | | (In thousands, except per share data) | | ||||||||||||||||||||||||||||||
Interest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Interest and fees on loans | | | | $ | 197,447 | | | | | $ | 23,861 | | | | | $ | 1,306 | | | | | | A | | | | | $ | 222,614 | | | | ||
Interest on taxable securities | | | | | 15,057 | | | | | | 889 | | | | | | — | | | | | | | | | | | | 15,946 | | | | ||
Interest on nontaxable securities | | | | | 1,209 | | | | | | 84 | | | | | | — | | | | | | | | | | | | 1,293 | | | | ||
Interest on deposits in other banks and federal funds sold | | | | | 1,070 | | | | | | 186 | | | | | | — | | | | | | | | | | | | 1,256 | | | | ||
Total interest income | | | | | 214,783 | | | | | | 25,020 | | | | | | 1,306 | | | | | | | | | | | | 241,109 | | | | ||
Interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Interest on deposits | | | | $ | 13,479 | | | | | $ | 3,712 | | | | | $ | — | | | | | | | | | | | $ | 17,191 | | | | ||
Interest on other borrowings | | | | | 10,702 | | | | | | 1,532 | | | | | | (806) | | | | | | B | | | | | | 11,428 | | | | ||
Total interest expense | | | | | 24,181 | | | | | | 5,244 | | | | | | (806) | | | | | | | | | | | | 28,619 | | | | ||
Net interest income | | | | | 190,602 | | | | | | 19,776 | | | | | | 2,112 | | | | | | | | | | | | 212,490 | | | | ||
Provision for loan losses | | | | | 5,828 | | | | | | 458 | | | | | | — | | | | | | | | | | | | 6,286 | | | | ||
Net interest income after provision for loan losses | | | | $ | 184,774 | | | | | $ | 19,318 | | | | | $ | 2,112 | | | | | | | | | | | $ | 206,204 | | | | ||
Noninterest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Service charges on deposit accounts | | | | $ | 31,714 | | | | | $ | 2,299 | | | | | $ | — | | | | | | | | | | | $ | 34,013 | | | | ||
Mortgage banking activity | | | | | 38,498 | | | | | | 1,347 | | | | | | — | | | | | | | | | | | | 39,845 | | | | ||
Other service charges, commissions and fees | | | | | 2,137 | | | | | | 24 | | | | | | — | | | | | | | | | | | | 2,161 | | | | ||
Gain on sale of securities | | | | | 37 | | | | | | 409 | | | | | | — | | | | | | | | | | | | 446 | | | | ||
Other noninterest income | | | | | 8,508 | | | | | | 1,636 | | | | | | — | | | | | | | | | | | | 10,144 | | | | ||
Total noninterest income | | | | | 80,894 | | | | | | 5,715 | | | | | | — | | | | | | | | | | | | 86,609 | | | | ||
Noninterest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Salaries and employee benefits | | | | $ | 89,509 | | | | | $ | 10,558 | | | | | $ | — | | | | | | | | | | | $ | 100,067 | | | | ||
Occupancy and equipment expenses | | | | | 18,059 | | | | | | 1,745 | | | | | | — | | | | | | | | | | | | 19,804 | | | | ||
Data processing and communications expenses | | | | | 20,650 | | | | | | 1,774 | | | | | | — | | | | | | | | | | | | 22,424 | | | | ||
Credit resolution-related expenses | | | | | 2,879 | | | | | | 609 | | | | | | — | | | | | | | | | | | | 3,488 | | | | ||
Advertising and marketing expenses | | | | | 3,612 | | | | | | 88 | | | | | | — | | | | | | | | | | | | 3,700 | | | | ||
Amortization of intangible assets | | | | | 2,990 | | | | | | — | | | | | | 534 | | | | | | C | | | | | | 3,524 | | | | ||
Merger and conversion charges | | | | | 494 | | | | | | — | | | | | | — | | | | | | | | | | | | 494 | | | | ||
Other noninterest expenses | | | | | 34,406 | | | | | | 4,417 | | | | | | — | | | | | | | | | | | | 38,823 | | | | ||
Total noninterest expense | | | | | 172,599 | | | | | | 19,191 | | | | | | 534 | | | | | | | | | | | | 192,324 | | | | ||
Income before income tax expense | | | | $ | 93,069 | | | | | $ | 5,842 | | | | | $ | 1,578 | | | | | | | | | | | $ | 100,489 | | | | ||
Income tax expense | | | | | 28,671 | | | | | | 2,058 | | | | | | 552 | | | | | | D | | | | | | 31,281 | | | | ||
Net income | | | | $ | 64,398 | | | | | $ | 3,784 | | | | | $ | 1,026 | | | | | | | | | | | $ | 69,208 | | | | ||
Preferred stock dividends | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | ||
Net income available to common shareholders | | | | $ | 64,398 | | | | | $ | 3,784 | | | | | $ | 1,026 | | | | | | | | | | | $ | 69,208 | | | | ||
Basic earnings available to common shareholders per share | | | | | 1.76 | | | | | | 0.25 | | | | | | — | | | | | | | | | | | | 1.76 | | | | ||
Diluted earnings available to common shareholders per share | | | | | 1.74 | | | | | | 0.25 | | | | | | — | | | | | | | | | | | | 1.75 | | | | ||
Weighted average common shares outstanding | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Basic | | | | | 36,690 | | | | | | 15,424 | | | | | | — | | | | | | | | | | | | 39,323 | | | | ||
Diluted | | | | | 37,017 | | | | | | 15,424 | | | | | | — | | | | | | | | | | | | 39,650 | | | |
| | | Ameris As Reported | | | USPF Pro Forma Adjustments | | | | | | Atlantic As Reported | | | Atlantic Pro Forma Adjustments | | | | | | Hamilton As Reported | | | Hamilton Pro Forma Adjustments | | | | | | Ameris USPF Atlantic Hamilton Pro Forma | | | Fidelity As Reported | | | Fidelity Pro Forma Adjustments | | | | | | Ameris Pro Forma Total Combined | |||||||||||||||||||||||||||||
Interest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and fees on loans | | | | $ | 266,460 | | | | | $ | — | | | | | | | | $ | 8,846 | | | | | $ | 445 | | | | S | | | | $ | 17,657 | | | | | $ | 690 | | | | V | | | | $ | 294,098 | | | | | $ | 127,440 | | | | | $ | 4,676 | | | | AA | | | | $ | 426,214 |
Interest on taxable securities | | | | | 20,320 | | | | | | — | | | | | | | | | 265 | | | | | | — | | | | | | | | | 1,488 | | | | | | — | | | | | | | | | 22,073 | | | | | | 3,925 | | | | | | — | | | | | | | | | 25,998 |
Interest on nontaxable securities | | | | | 705 | | | | | | — | | | | | | | | | 29 | | | | | | — | | | | | | | | | 40 | | | | | | — | | | | | | | | | 774 | | | | | | 250 | | | | | | — | | | | | | | | | 1,024 |
Interest on deposits in other banks | | | | | 3,020 | | | | | | — | | | | | | | | | 114 | | | | | | — | | | | | | | | | 426 | | | | | | — | | | | | | | | | 3,560 | | | | | | 1,559 | | | | | | — | | | | | | | | | 5,119 |
Interest on federal funds sold | | | | | 72 | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | 11 | | | | | | — | | | | | | | | | 83 | | | | | | — | | | | | | — | | | | | | | | | 83 |
Total interest income | | | | | 290,577 | | | | | | — | | | | | | | | | 9,254 | | | | | | 445 | | | | | | | | | 19,622 | | | | | | 690 | | | | | | | | | 320,588 | | | | | | 133,174 | | | | | | 4,676 | | | | | | | | | 458,438 |
Interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest on deposits | | | | $ | 30,196 | | | | | $ | — | | | | | | | | $ | 1,438 | | | | | $ | — | | | | | | | | $ | 1,513 | | | | | $ | 242 | | | | W | | | | $ | 33,389 | | | | | $ | 14,791 | | | | | | (642) | | | | BB | | | | $ | 47,538 |
Interest on other borrowings | | | | | 16,543 | | | | | | — | | | | | | | | | 688 | | | | | | — | | | | | | | | | 102 | | | | | | 41 | | | | X | | | | | 17,374 | | | | | | 8,396 | | | | | | — | | | | | | | | | 25,770 |
Total interest expense | | | | | 46,739 | | | | | | — | | | | | | | | | 2,126 | | | | | | — | | | | | | | | | 1,615 | | | | | | 283 | | | | | | | | | 50,763 | | | | | | 23,187 | | | | | | (642) | | | | | | | | | 73,308 |
Net interest income | | | | | 243,838 | | | | | | — | | | | �� | | | | | 7,128 | | | | | | 445 | | | | | | | | | 18,007 | | | | | | 407 | | | | | | | | | 269,825 | | | | | | 109,987 | | | | | | 5,318 | | | | | | | | | 385,130 |
Provision for loan losses | | | | | 13,006 | | | | | | — | | | | | | | | | 168 | | | | | | — | | | | | | | | | (87) | | | | | | — | | | | | | | | | 13,087 | | | | | | 4,776 | | | | | | — | | | | | | | | | 17,863 |
Net interest income after provision for loan losses | | | | $ | 230,832 | | | | | $ | — | | | | | | | | $ | 6,960 | | | | | $ | 445 | | | | | | | | $ | 18,094 | | | | | $ | 407 | | | | | | | | $ | 256,738 | | | | | $ | 105,211 | | | | | $ | 5,318 | | | | | | | | $ | 367,267 |
Noninterest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Service charges on deposit accounts | | | | $ | 33,531 | | | | | $ | — | | | | | | | | $ | 727 | | | | | $ | — | | | | | | | | $ | 952 | | | | | $ | — | | | | | | | | $ | 35,210 | | | | | $ | 4,630 | | | | | $ | — | | | | | | | | $ | 39,840 |
Mortgage banking activity | | | | | 40,203 | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | 164 | | | | | | — | | | | | | | | | 40,367 | | | | | | 81,465 | | | | | | — | | | | | | | | | 121,832 |
Other service charges, commissions and fees | | | | | 2,193 | | | | | | — | | | | | | | | | 19 | | | | | | — | | | | | | | | | 729 | | | | | | — | | | | | | | | | 2,941 | | | | | | 7,148 | | | | | | — | | | | | | | | | 10,089 |
Net loss on securities | | | | | (38) | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | (3) | | | | | | — | | | | | | | | | (41) | | | | | | — | | | | | | — | | | | | | | | | (41) |
Gain on sale of SBA and USDA loans | | | | | 2,246 | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | 2,246 | | | | | | 3,288 | | | | | | — | | | | | | | | | 5,534 |
Other non-interest income | | | | | 9,807 | | | | | | — | | | | | | | | | 490 | | | | | | — | | | | | | | | | 39 | | | | | | — | | | | | | | | | 10,336 | | | | | | 11,241 | | | | | | — | | | | | | | | | 21,577 |
Total noninterest income | | | | | 87,942 | | | | | | — | | | | | | | | | 1,236 | | | | | | — | | | | | | | | | 1,881 | | | | | | — | | | | | | | | | 91,059 | | | | | | 107,772 | | | | | | — | | | | | | | | | 198,831 |
Noninterest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits | | | | $ | 110,311 | | | | | $ | — | | | | | | | | $ | 3,600 | | | | | $ | — | | | | | | | | $ | 6,914 | | | | | $ | — | | | | | | | | $ | 120,825 | | | | | $ | 112,852 | | | | | $ | — | | | | | | | | $ | 233,677 |
Occupancy and equipment expenses | | | | | 21,186 | | | | | | — | | | | | | | | | 585 | | | | | | — | | | | | | | | | 1,759 | | | | | | — | | | | | | | | | 23,530 | | | | | | 9,895 | | | | | | 648 | | | | CC | | | | | 34,073 |
Data processing and telecommunications expenses | | | | | 22,092 | | | | | | — | | | | | | | | | 582 | | | | | | — | | | | | | | | | 969 | | | | | | — | | | | | | | | | 23,643 | | | | | | 7,095 | | | | | | — | | | | | | | | | 30,738 |
Legal and other professional fees | | | | | 4,618 | | | | | | (274) | | | | P | | | | | 513 | | | | | | — | | | | | | | | | 445 | | | | | | — | | | | | | | | | 5,302 | | | | | | 10,813 | | | | | | — | | | | | | | | | 16,115 |
Credit resolution-related expenses | | | | | 2,842 | | | | | | — | | | | | | | | | 9 | | | | | | — | | | | | | | | | 367 | | | | | | — | | | | | | | | | 3,218 | | | | | | 978 | | | | | | — | | | | | | | | | 4,196 |
Advertising and marketing expenses | | | | | 3,938 | | | | | | — | | | | | | | | | 16 | | | | | | — | | | | | | | | | 20 | | | | | | — | | | | | | | | | 3,974 | | | | | | 2,097 | | | | | | — | | | | | | | | | 6,071 |
Amortization of intangible assets | | | | | 5,862 | | | | | | 250 | | | | Q | | | | | — | | | | | | 148 | | | | T | | | | | 282 | | | | | | 119 | | | | Y | | | | | 6,661 | | | | | | 832 | | | | | | 5,018 | | | | DD | | | | | 12,511 |
FDIC insurance | | | | | 2,378 | | | | | | — | | | | | | | | | 83 | | | | | | — | | | | | | | | | 125 | | | | | | — | | | | | | | | | 2,586 | | | | | | 2,765 | | | | | | — | | | | | | | | | 5,351 |
Merger and conversion charges | | | | | 19,502 | | | | | | — | | | | | | | | | 233 | | | | | | — | | | | | | | | | 1,509 | | | | | | — | | | | | | | | | 21,244 | | | | | | — | | | | | | — | | | | | | | | | 21,244 |
Other noninterest expenses | | | | | 25,108 | | | | | | — | | | | | | | | | 729 | | | | | | — | | | | | | | | | 1,815 | | | | | | — | | | | | | | | | 27,652 | | | | | | 21,852 | | | | | | — | | | | | | | | | 49,504 |
Total noninterest expense | | | | | 217,837 | | | | | | (24) | | | | | | | | | 6,350 | | | | | | 148 | | | | | | | | | 14,205 | | | | | | 119 | | | | | | | | | 238,635 | | | | | | 169,179 | | | | | | 5,666 | | | | | | | | | 413,480 |
|
| | | Ameris | | | Atlantic | | | | | | | | | Pro Forma | | | |||||||||||||||||
| | | December 31, 2016 (as reported) | | | December 31, 2016 (as reported) | | | Pro Forma Adjustments | | | | | | | | | December 31, 2016 Combined | | | ||||||||||||||
| | | (In thousands, except per share data) | | ||||||||||||||||||||||||||||||
Interest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Interest and fees on loans | | | | $ | 218,659 | | | | | $ | 31,681 | | | | | $ | 1,742 | | | | | | A | | | | | $ | 252,082 | | | | ||
Interest on taxable securities | | | | | 17,824 | | | | | | 1,989 | | | | | | — | | | | | | | | | | | | 19,813 | | | | ||
Interest on nontaxable securities | | | | | 1,722 | | | | | | 103 | | | | | | — | | | | | | | | | | | | 1,825 | | | | ||
Interest on deposits in other banks | | | | | 827 | | | | | | 116 | | | | | | — | | | | | | | | | | | | 943 | | | | ||
Interest on federal funds sold | | | | | 33 | | | | | | — | | | | | | — | | | | | | | | | | | | 33 | | | | ||
Total interest income | | | | | 239,065 | | | | | | 33,889 | | | | | | 1,742 | | | | | | | | | | | | 274,696 | | | | ||
Interest expense | | | | | | | | |||||||||||||||||||||||||||
Interest on deposits | | | | $ | 12,410 | | | | | $ | 3,607 | | | | | $ | — | | | | | | | | | | | $ | 16,017 | | | | ||
Interest on other borrowings | | | | | 7,284 | | | | | | 3,810 | | | | | | (1,074) | | | | | | B | | | | | | 10,020 | | | | ||
Total interest expense | | | | | 19,694 | | | | | | 7,417 | | | | | | (1,074) | | | | | | | | | | | | 26,037 | | | | ||
Net interest income | | | | | 219,371 | | | | | | 26,472 | | | | | | 2,816 | | | | | | | | | | | | 248,659 | | | | ||
Provision for loan losses | | | | | 4,091 | | | | | | 619 | | | | | | — | | | | | | | | | | | | 4,710 | | | | ||
Net interest income after provision for loan losses | | | | $ | 215,280 | | | | | $ | 25,853 | | | | | $ | 2,816 | | | | | | | | | | | $ | 243,949 | | | | ||
Noninterest income | | | | | | | | | | | | | ||||||||||||||||||||||
Service charges on deposit accounts | | | | $ | 42,745 | | | | | $ | 3,635 | | | | | $ | — | | | | | | | | | | | $ | 46,380 | | | | ||
Mortgage banking activity | | | | | 48,298 | | | | | | 980 | | | | | | — | | | | | | | | | | | | 49,278 | | | | ||
Other service charges, commissions and fees | | | | | 3,575 | | | | | | 41 | | | | | | — | | | | | | | | | | | | 3,616 | | | | ||
Gain on sale of securities | | | | | 94 | | | | | | 1,321 | | | | | | — | | | | | | | | | | | | 1,415 | | | | ||
Gain on sale of SBA and USDA loans | | | | | 3,974 | | | | | | 986 | | | | | | — | | | | | | | | | | | | 4,960 | | | | ||
Other noninterest income | | | | | 7,115 | | | | | | 2,284 | | | | | | — | | | | | | | | | | | | 9,399 | | | | ||
Total noninterest income | | | | | 105,801 | | | | | | 9,247 | | | | | | — | | | | | | | | | | | | 115,048 | | | | ||
Noninterest expense | | | | | | | | | | | | | ||||||||||||||||||||||
Salaries and employee benefits | | | | $ | 106,837 | | | | | $ | 13,703 | | | | | $ | — | | | | | | | | | | | $ | 120,540 | | | | ||
Occupancy and equipment expenses | | | | | 24,397 | | | | | | 2,295 | | | | | | — | | | | | | | | | | | | 26,692 | | | | ||
Data processing and communications expenses | | | | | 24,591 | | | | | | 2,209 | | | | | | — | | | | | | | | | | | | 26,800 | | | | ||
Credit resolution-related expenses | | | | | 6,172 | | | | | | 838 | | | | | | — | | | | | | | | | | | | 7,010 | | | | ||
Advertising and marketing expenses | | | | | 4,181 | | | | | | 139 | | | | | | — | | | | | | | | | | | | 4,320 | | | | ||
Amortization of intangible assets | | | | | 4,376 | | | | | | — | | | | | | 712 | | | | | | C | | | | | | 5,088 | | | | ||
Merger and conversion charges | | | | | 6,376 | | | | | | — | | | | | | — | | | | | | | | | | | | 6,376 | | | | ||
Other noninterest expenses | | | | | 38,905 | | | | | | 5,866 | | | | | | — | | | | | | | | | | | | 44,771 | | | | ||
Total noninterest expense | | | | | 215,835 | | | | | | 25,050 | | | | | | 712 | | | | | | | | | | | | 241,597 | | | | ||
Income before income tax expense | | | | $ | 105,246 | | | | | $ | 10,050 | | | | | $ | 2,104 | | | | | | | | | | | $ | 117,400 | | | | ||
Income tax expense | | | | | 33,146 | | | | | | 3,632 | | | | | | 736 | | | | | | D | | | | | | 37,514 | | | | ||
Net income | | | | $ | 72,100 | | | | | $ | 6,418 | | | | | $ | 1,368 | | | | | | | | | | | $ | 79,886 | | | | ||
Preferred stock dividends | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | ||
Net income available to common shareholders | | | | $ | 72,100 | | | | | $ | 6,418 | | | | | $ | 1,368 | | | | | | | | | | | $ | 79,886 | | | | ||
Basic earnings available to common shareholders per share | | | | | 2.10 | | | | | | 0.42 | | | | | | — | | | | | | | | | | | | 2.16 | | | | ||
Diluted earnings available to common shareholders per share | | | | | 2.08 | | | | | | 0.42 | | | | | | — | | | | | | | | | | | | 2.14 | | | | ||
Weighted average common shares outstanding | | | | | | | | |||||||||||||||||||||||||||
Basic | | | | | 34,347 | | | | | | 15,417 | | | | | | — | | | | | | | | | | | | 36,980 | | | | ||
Diluted | | | | | 34,702 | | | | | | 15,417 | | | | | | — | | | | | | | | | | | | 37,335 | | | |
| | | Ameris As Reported | | | USPF Pro Forma Adjustments | | | | | | Atlantic As Reported | | | Atlantic Pro Forma Adjustments | | | | | | Hamilton As Reported | | | Hamilton Pro Forma Adjustments | | | | | | Ameris USPF Atlantic Hamilton Pro Forma | | | Fidelity As Reported | | | Fidelity Pro Forma Adjustments | | | | | | Ameris Pro Forma Total Combined | |||||||||||||||||||||||||||||
Net income before income tax expense | | | | $ | 100,937 | | | | | $ | 24 | | | | | | | | $ | 1,846 | | | | | $ | 297 | | | | | | | | $ | 5,770 | | | | | $ | 288 | | | | | | | | $ | 109,162 | | | | | $ | 43,804 | | | | | $ | (348) | | | | | | | | $ | 152,618 |
Income tax expense | | | | | 23,446 | | | | | | 5 | | | | R | | | | | 430 | | | | | | 62 | | | | U | | | | | 1,370 | | | | | | 60 | | | | Z | | | | | 25,373 | | | | | | 9,905 | | | | | | (73) | | | | EE | | | | | 35,205 |
Net income | | | | $ | 77,491 | | | | | $ | 19 | | | | | | | | $ | 1,416 | | | | | $ | 235 | | | | | | | | $ | 4,400 | | | | | $ | 228 | | | | | | | | $ | 83,789 | | | | | $ | 33,899 | | | | | $ | (275) | | | | | | | | $ | 117,413 |
Preferred stock dividends | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — |
Net income available to common shareholders | | | | $ | 77,491 | | | | | $ | 19 | | | | | | | | $ | 1,416 | | | | | $ | 235 | | | | | | | | $ | 4,400 | | | | | $ | 228 | | | | | | | | $ | 83,789 | | | | | $ | 33,899 | | | | | $ | (275) | | | | | | | | $ | 117,413 |
Basic earnings available to common shareholders per share | | | | $ | 1.86 | | | | | | | | | | | | | | $ | 0.09 | | | | | | | | | | | | | | $ | 0.11 | | | | | | | | | | | | | | $ | 1.77 | | | | | $ | 1.25 | | | | | | | | | | | | | | $ | 1.69 |
Diluted earnings available to common shareholders per share | | | | $ | 1.85 | | | | | | | | | | | | | | $ | 0.09 | | | | | | | | | | | | | | $ | 0.10 | | | | | | | | | | | | | | $ | 1.76 | | | | | $ | 1.25 | | | | | | | | | | | | | | $ | 1.67 |
Weighted average common shares outstanding | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | | | | 41,673 | | | | | | | | | | | | | | | 15,438 | | | | | | | | | | | | | | | 40,411 | | | | | | | | | | | | | | | 47,447 | | | | | | 27,112 | | | | | | | | | | | | | | | 69,345 |
Diluted | | | | | 41,845 | | | | | | | | | | | | | | | 15,449 | | | | | | | | | | | | | | | 42,478 | | | | | | | | | | | | | | | 47,619 | | | | | | 27,223 | | | | | | | | | | | | | | | 70,251 |
| | | Ameris As Reported | | | USPF Pro Forma Adjustments | | | | | | Atlantic As Reported | | | Atlantic Pro Forma Adjustments | | | | | | Hamilton As Reported | | | Hamilton Pro Forma Adjustments | | | | | | Ameris USPF Atlantic Hamilton Pro Forma | | | Fidelity As Reported | | | Fidelity Pro Forma Adjustments | | | | | | Ameris Pro Forma Total Combined | |||||||||||||||||||||||||||||
Interest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and fees on loans | | | | $ | 270,887 | | | | | $ | — | | | | | | | | $ | 32,812 | | | | | $ | 1,782 | | | | S | | | | $ | 74,483 | | | | | $ | 2,761 | | | | V | | | | $ | 382,725 | | | | | $ | 150,998 | | | | | $ | 6,235 | | | | AA | | | | $ | 539,958 |
Interest on taxable securities | | | | | 20,154 | | | | | | — | | | | | | | | | 1,153 | | | | | | — | | | | | | | | | 6,430 | | | | | | — | | | | | | | | | 27,737 | | | | | | 4,269 | | | | | | — | | | | | | | | | 32,006 |
Interest on nontaxable securities | | | | | 1,581 | | | | | | — | | | | | | | | | 113 | | | | | | — | | | | | | | | | 187 | | | | | | — | | | | | | | | | 1,881 | | | | | | 135 | | | | | | — | | | | | | | | | 2,016 |
Interest on deposits in other banks | | | | | 1,725 | | | | | | — | | | | | | | | | 294 | | | | | | — | | | | | | | | | 1,234 | | | | | | — | | | | | | | | | 3,253 | | | | | | 2,576 | | | | | | — | | | | | | | | | 5,829 |
Interest on federal funds sold | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | 27 | | | | | | — | | | | | | | | | 27 | | | | | | — | | | | | | — | | | | | | | | | 27 |
Total interest income | | | | | 294,347 | | | | | | — | | | | | | | | | 34,372 | | | | | | 1,782 | | | | | | | | | 82,361 | | | | | | 2,761 | | | | | | | | | 415,623 | | | | | | 157,978 | | | | | | 6,235 | | | | | | | | | 579,836 |
Interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest on deposits | | | | $ | 19,877 | | | | | $ | — | | | | | | | | $ | 5,170 | | | | | $ | — | | | | | | | | $ | 5,499 | | | | | $ | 1,001 | | | | W | | | | $ | 31,547 | | | | | $ | 15,722 | | | | | | (1,231) | | | | BB | | | | $ | 46,038 |
Interest on other borrowings | | | | | 14,345 | | | | | | — | | | | | | | | | 2,208 | | | | | | — | | | | | | | | | 469 | | | | | | 191 | | | | X | | | | | 17,213 | | | | | | 7,008 | | | | | | — | | | | | | | | | 24,221 |
Total interest expense | | | | | 34,222 | | | | | | — | | | | | | | | | 7,378 | | | | | | — | | | | | | | | | 5,968 | | | | | | 1,192 | | | | | | | | | 48,760 | | | | | | 22,730 | | | | | | (1,231) | | | | | | | | | 70,259 |
Net interest income | | | | | 260,125 | | | | | | — | | | | | | | | | 26,994 | | | | | | 1,782 | | | | | | | | | 76,393 | | | | | | 1,569 | | | | | | | | | 366,863 | | | | | | 135,248 | | | | | | 7,466 | | | | | | | | | 509,577 |
Provision for loan losses | | | | | 8,364 | | | | | | — | | | | | | | | | 693 | | | | | | — | | | | | | | | | 217 | | | | | | — | | | | | | | | | 9,274 | | | | | | 4,275 | | | | | | — | | | | | | | | | 13,549 |
Net interest income after provision for loan losses | | | | $ | 251,761 | | | | | $ | — | | | | | | | | $ | 26,301 | | | | | $ | 1,782 | | | | | | | | $ | 76,176 | | | | | $ | 1,569 | | | | | | | | $ | 357,589 | | | | | $ | 130,973 | | | | | $ | 7,466 | | | | | | | | $ | 496,028 |
Noninterest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Service charges on deposit accounts | | | | $ | 42,054 | | | | | $ | — | | | | | | | | $ | 3,049 | | | | | $ | — | | | | | | | | $ | 4,253 | | | | | $ | — | | | | | | | | $ | 49,356 | | | | | $ | 6,019 | | | | | $ | — | | | | | | | | $ | 55,375 |
Mortgage banking activity | | | | | 48,535 | | | | | | — | | | | | | | | | 1,480 | | | | | | — | | | | | | | | | 524 | | | | | | — | | | | | | | | | 50,539 | | | | | | 98,797 | | | | | | — | | | | | | | | | 149,336 |
Other service charges, commissions and fees | | | | | 2,872 | | | | | | — | | | | | | | | | 35 | | | | | | — | | | | | | | | | 2,964 | | | | | | — | | | | | | | | | 5,871 | | | | | | 8,402 | | | | | | — | | | | | | | | | 14,273 |
Net gain on securities | | | | | 37 | | | | | | — | | | | | | | | | 409 | | | | | | — | | | | | | | | | 12 | | | | | | — | | | | | | | | | 458 | | | | | | — | | | | | | — | | | | | | | | | 458 |
Gain on sale of SBA and USDA loans | | | | | 4,590 | | | | | | — | | | | | | | | | 748 | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | 5,338 | | | | | | 4,540 | | | | | | — | | | | | | | | | 9,878 |
Other non-interest income | | | | | 6,369 | | | | | | — | | | | | | | | | 1,264 | | | | | | — | | | | | | | | | 299 | | | | | | — | | | | | | | | | 7,932 | | | | | | 17,194 | | | | | | — | | | | | | | | | 25,126 |
Total noninterest income | | | | | 104,457 | | | | | | — | | | | | | | | | 6,985 | | | | | | — | | | | | | | | | 8,052 | | | | | | — | | | | | | | | | 119,494 | | | | | | 134,952 | | | | | | — | | | | | | | | | 254,446 |
Noninterest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits | | | | $ | 120,016 | | | | | $ | — | | | | | | | | $ | 13,867 | | | | | $ | — | | | | | | | | $ | 27,511 | | | | | $ | — | | | | | | | | $ | 161,394 | | | | | $ | 137,939 | | | | | $ | — | | | | | | | | $ | 299,333 |
Occupancy and equipment expenses | | | | | 24,069 | | | | | | — | | | | | | | | | 2,399 | | | | | | — | | | | | | | | | 7,132 | | | | | | — | | | | | | | | | 33,600 | | | | | | 13,347 | | | | | | 863 | | | | CC | | | | | 47,810 |
Data processing and telecommunications expenses | | | | | 27,869 | | | | | | — | | | | | | | | | 2,316 | | | | | | — | | | | | | | | | 3,930 | | | | | | — | | | | | | | | | 34,115 | | | | | | 8,696 | | | | | | — | | | | | | | | | 42,811 |
Legal and other professional fees | | | | | 15,355 | | | | | | (5,542) | | | | P | | | | | 2,035 | | | | | | — | | | | | | | | | 1,902 | | | | | | — | | | | | | | | | 13,750 | | | | | | 32,545 | | | | | | — | | | | | | | | | 46,295 |
Credit resolution-related expenses | | | | | 3,493 | | | | | | — | | | | | | | | | 679 | | | | | | — | | | | | | | | | 769 | | | | | | — | | | | | | | | | 4,941 | | | | | | 1,245 | | | | | | — | | | | | | | | | 6,186 |
Advertising and marketing expenses | | | | | 5,131 | | | | | | — | | | | | | | | | 113 | | | | | | — | | | | | | | | | 142 | | | | | | — | | | | | | | | | 5,386 | | | | | | 2,059 | | | | | | — | | | | | | | | | 7,445 |
Amortization of intangible assets | | | | | 3,932 | | | | | | 3,004 | | | | Q | | | | | — | | | | | | 594 | | | | T | | | | | 1,309 | | | | | | 291 | | | | Y | | | | | 9,130 | | | | | | 1,343 | | | | | | 6,457 | | | | DD | | | | | 16,930 |
FDIC insurance | | | | | 3,078 | | | | | | — | | | | | | | | | 384 | | | | | | — | | | | | | | | | 692 | | | | | | — | | | | | | | | | 4,154 | | | | | | 3,430 | | | | | | — | | | | | | | | | 7,584 |
Merger and conversion charges | | | | | 915 | | | | | | — | | | | | | | | | 454 | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | 1,369 | | | | | | — | | | | | | — | | | | | | | | | 1,369 |
Other noninterest expenses | | | | | 28,078 | | | | | | — | | | | | | | | | 3,312 | | | | | | — | | | | | | | | | 9,226 | | | | | | — | | | | | | | | | 40,616 | | | | | | 10,266 | | | | | | — | | | | | | | | | 50,882 |
Total noninterest expense | | | | | 231,936 | | | | | | (2,538) | | | | | | | | | 25,559 | | | | | | 594 | | | | | | | | | 52,613 | | | | | | 291 | | | | | | | | | 308,455 | | | | | | 210,870 | | | | | | 7,320 | | | | | | | | | 526,645 |
|
| | | Ameris As Reported | | | USPF Pro Forma Adjustments | | | | | | Atlantic As Reported | | | Atlantic Pro Forma Adjustments | | | | | | Hamilton As Reported | | | Hamilton Pro Forma Adjustments | | | | | | Ameris USPF Atlantic Hamilton Pro Forma | | | Fidelity As Reported | | | Fidelity Pro Forma Adjustments | | | | | | Ameris Pro Forma Total Combined | |||||||||||||||||||||||||||||
Net income before income tax expense | | | | $ | 124,282 | | | | | $ | 2,538 | | | | | | | | $ | 7,727 | | | | | $ | 1,188 | | | | | | | | $ | 31,615 | | | | | $ | 1,278 | | | | | | | | $ | 168,628 | | | | | $ | 55,055 | | | | | $ | 146 | | | | | | | | $ | 223,829 |
Income tax expense | | | | | 50,734 | | | | | | 533 | | | | R | | | | | 4,559 | | | | | | 249 | | | | U | | | | | 16,936 | | | | | | 268 | | | | Z | | | | | 73,279 | | | | | | 15,259 | | | | | | 31 | | | | EE | | | | | 88,569 |
Net income | | | | $ | 73,548 | | | | | $ | 2,005 | | | | | | | | $ | 3,168 | | | | | $ | 939 | | | | | | | | $ | 14,679 | | | | | $ | 1,010 | | | | | | | | $ | 95,349 | | | | | $ | 39,796 | | | | | $ | 115 | | | | | | | | $ | 135,260 |
Preferred stock dividends | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — |
Net income available to common shareholders | | | | $ | 73,548 | | | | | $ | 2,005 | | | | | | | | $ | 3,168 | | | | | $ | 939 | | | | | | | | $ | 14,679 | | | | | $ | 1,010 | | | | | | | | $ | 95,349 | | | | | $ | 39,796 | | | | | $ | 115 | | | | | | | | $ | 135,260 |
Basic earnings available to common shareholders per share | | | | $ | 2.00 | | | | | | | | | | | | | | $ | 0.21 | | | | | | | | | | | | | | $ | 0.36 | | | | | | | | | | | | | | $ | 2.03 | | | | | $ | 1.50 | | | | | | | | | | | | | | $ | 1.96 |
Diluted earnings available to common shareholders per share | | | | $ | 1.98 | | | | | | | | | | | | | | $ | 0.21 | | | | | | | | | | | | | | $ | 0.35 | | | | | | | | | | | | | | $ | 2.02 | | | | | $ | 1.49 | | | | | | | | | | | | | | $ | 1.93 |
Weighted average common shares outstanding | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | | | | 36,828 | | | | | | | | | | | | | | | 15,425 | | | | | | | | | | | | | | | 40,318 | | | | | | | | | | | | | | | 46,959 | | | | | | 26,602 | | | | | | | | | | | | | | | 68,857 |
Diluted | | | | | 37,144 | | | | | | | | | | | | | | | 15,425 | | | | | | | | | | | | | | | 42,217 | | | | | | | | | | | | | | | 47,275 | | | | | | 26,722 | | | | | | | | | | | | | | | 69,907 |
| Number of shares of Ameris common stock – as exchanged | | | | | 1,073 | | |
| Fair value of Ameris common stock issued (weighted average of $52.047 per share) | | | | $ | 55,855 | | |
| Cash paid to former shareholders of USPF | | | | $ | 21,421 | | |
| Present value of contingent earn-out consideration expected to be paid out as of acquisition date | | | | $ | 5,705 | | |
| Total Acquisition Consideration – USPF | | | | $ | 82,981 | | |
| Total number of shares of Atlantic common stock outstanding at September 30, 2017 | | | | 15,553 | | | Total number of shares of Atlantic common stock outstanding at May 25, 2018 | | | | 15,541 | | | ||
| Less: Unallocated shares of Atlantic common stock held by ESOP | | | | (63) | | | Less: Unallocated shares of Atlantic common stock held by ESOP and benefit plans | | | | (61) | | | ||
| Total number of shares of Atlantic common stock to be converted | | | | 15,490 | | | Total number of shares of Atlantic common stock converted | | | | 15,480 | | | ||
| Per share exchange ratio | | | | 0.17 | | | Per share exchange ratio for the merger with Atlantic | | | | 0.17 | | | ||
| Number of shares of Ameris common stock – as exchanged | | | | 2,633 | | | Number of shares of Ameris common stock – as exchanged | | | | 2,632 | | | ||
| Multiplied by Ameris common stock price on December 29, 2017 | | | $ | 48.20 | | | Multiplied by Ameris common stock price on May 25, 2018 | | | $ | 56.15 | | | ||
| Estimated fair value of Ameris common stock issued | | | $ | 126,908 | | | Fair value of Ameris common stock issued | | | $ | 147,760 | | | ||
| Per share cash exchange price | | | $ | 1.39 | | | Per share cash exchange price | | | $ | 1.39 | | | ||
| Estimated cash paid at acquisition | | | $ | 21,531 | | | Cash paid at acquisition to Atlantic shareholders | | | $ | 21,527 | | | ||
| Total Preliminary Estimated Acquisition Consideration | | | $ | 148,439 | | | Total Acquisition Consideration – Atlantic | | | $ | 169,287 | | |
| Total number of shares of Hamilton common stock outstanding at June 29, 2018, including restricted share units that automatically vest under a change in control | | | | | 40,927 | | |
| Per share exchange ratio for the merger with Hamilton | | | | | 0.16 | | |
| Number of shares of Ameris common stock – as exchanged | | | | | 6,548 | | |
| Multiplied by Ameris common stock price on June 29, 2018 | | | | $ | 53.35 | | |
| Fair value of Ameris common stock issued | | | | $ | 349,356 | | |
| Per share cash exchange price | | | | $ | 0.93 | | |
| Cash paid at acquisition to Hamilton shareholders | | | | $ | 38,068 | | |
| Cash paid at acquisition to holders of Hamilton stock warrants | | | | | 9,711 | | |
| Total Acquisition Consideration – Hamilton | | | | $ | 397,135 | | |
| Total number of shares of Fidelity common stock outstanding at December 14, 2018, including restricted shares that immediately vest on the merger date | | | | | 27,372 | | |
| Per share exchange ratio for the merger with Fidelity | | | | | 0.80 | | |
| Number of shares of Ameris common stock – as exchanged | | | | | 21,898 | | |
| Muliplied by Ameris common stock price on December 14, 2018 | | | | $ | 34.02 | | |
| Fair value of Ameris common stock issued | | | | $ | 744,955 | | |
| Total number of Fidelity options outstanding at December 14, 2018 | | | | | 917 | | |
| Per option exchange ratio | | | | | 0.80 | | |
| Number of Ameris options – as exchanged | | | | | 734 | | |
| Weighted average fair value per option | | | | $ | 7.88 | | |
| Fair value of rolled over stock options | | | | $ | 5,778 | | |
| Total Acquisition Consideration – Fidelity | | | | $ | 750,733 | | |
| Cash and due from banks | | | $ | 4,091 | | | | USPF | | Atlantic | | Hamilton | | Fidelity | | |||||||||||||||||
| Federal funds sold and interest bearing deposits in banks | | | | 38,143 | | | ||||||||||||||||||||||||||
| Investment securities available for sale | | | | 39,113 | | | ||||||||||||||||||||||||||
| Other investments | | | | 7,228 | | | ||||||||||||||||||||||||||
| Loans held for sale | | | | 5,025 | | | ||||||||||||||||||||||||||
| Loans, net of unearned income | | | | 780,864 | | | ||||||||||||||||||||||||||
| Other real estate owned | | | | 141 | | | ||||||||||||||||||||||||||
| Premises and equipment | | | | 14,360 | | | ||||||||||||||||||||||||||
| Deferred income taxes | | | | 5,177 | | | ||||||||||||||||||||||||||
| Cash value of bank owned life insurance | | | | 17,887 | | | ||||||||||||||||||||||||||
| Other assets | | | | 4,542 | | | ||||||||||||||||||||||||||
| Deposits | | | | (676,416) | | | ||||||||||||||||||||||||||
| Other borrowings | | | | (155,140) | | | ||||||||||||||||||||||||||
| Other liabilities | | | | (3,283) | | | ||||||||||||||||||||||||||
| Intangible assets | | | | 7,121 | | | ||||||||||||||||||||||||||
| Goodwill | | | | 59,586 | | | ||||||||||||||||||||||||||
| Total Preliminary Estimated Acquisition Consideration | | | $ | 148,439 | | | ||||||||||||||||||||||||||
Cash and due from banks | | | $ | — | | | | $ | 3,990 | | | | $ | 13,927 | | | | $ | 52,125 | | | ||||||||||||
Federal funds sold and interest bearing balances | | | | — | | | | | 22,149 | | | | | 102,156 | | | | | 130,547 | | | ||||||||||||
Time deposits in other banks | | | | — | | | | | — | | | | | 11,558 | | | | | — | | | ||||||||||||
Investment securities available for sale | | | | — | | | | | 35,126 | | | | | 285,830 | | | | | 228,563 | | | ||||||||||||
Other investments | | | | — | | | | | 9,576 | | | | | 2,094 | | | | | 10,492 | | | ||||||||||||
Loans held for sale | | | | — | | | | | 358 | | | | | — | | | | | 371,319 | | | ||||||||||||
Loans held for investment | | | | — | | | | | 755,704 | | | | | 1,298,736 | | | | | 3,667,696 | | | ||||||||||||
Other real estate owned | | | | — | | | | | 1,041 | | | | | 847 | | | | | 7,228 | | | ||||||||||||
Premises and equipment | | | | — | | | | | 10,896 | | | | | 27,483 | | | | | 122,259 | | | ||||||||||||
Goodwill | | | | 65,457 | | | | | 93,338 | | | | | 221,277 | | | | | 252,174 | | | ||||||||||||
Other intangible assets | | | | 23,607 | | | | | 7,488 | | | | | 16,000 | | | | | 78,000 | | | ||||||||||||
Deferred income tax asset, net | | | | (6,083) | | | | | 6,465 | | | | | 6,137 | | | | | (28,522) | | | ||||||||||||
Cash value of bank owned life insurance | | | | — | | | | | 18,182 | | | | | 4,454 | | | | | 71,092 | | | ||||||||||||
Other assets | | | | — | | | | | 2,970 | | | | | 13,010 | | | | | 160,258 | | | ||||||||||||
Deposits | | | | — | | | | | (585,167) | | | | | (1,580,467) | | | | | (4,051,992) | | | ||||||||||||
Securities sold under agreements to repurchase | | | | — | | | | | — | | | | | — | | | | | (13,562) | | | ||||||||||||
Other borrowings | | | | — | | | | | (204,475) | | | | | (10,621) | | | | | (224,287) | | | ||||||||||||
Subordinated deferrable interest debentures | | | | — | | | | | — | | | | | (2,435) | | | | | (46,393) | | | ||||||||||||
Other liabilities | | | | — | | | | | (8,354) | | | | | (12,851) | | | | | (36,264) | | | ||||||||||||
Total Acquisition Consideration | | | $ | 82,981 | | | | $ | 169,287 | | | | $ | 397,135 | | | | $ | 750,733 | | |
| A | | Adjustment to reflect estimated cash paid at closing to Atlantic shareholders | | | $ | (21,531) | | | | As of September 30, 2018 | | ||||||
| B | | Adjustment to loans to reflect estimated fair value at acquisition date | | | $ | (13,063) | | | |||||||||
| C | | Adjustment to allowance for loan losses to reflect the reversal of Atlantic’s allowance for loan losses | | | $ | 8,405 | | | |||||||||
| D | | Adjustment to other real estate owned to reflect the fair value at acquisition date based on Ameris’s more aggressive liquidation strategy | | | $ | (47) | | | |||||||||
| E | | Adjustment to intangible assets to reflect the recording of core deposit intangible | | | $ | 7,121 | | | |||||||||
| F | | Adjustment to goodwill to reflect the goodwill generated as a result of consideration paid being greater than the net assets acquired | | | $ | 59,586 | | | |||||||||
| G | | Adjustment to deferred tax assets to reflect the recording of the deferred tax asset generated by the net fair value adjustments using an estimated effective tax rate of 35% | | | $ | (659) | | | |||||||||
| H | | Adjustment to other borrowings to reflect the fair value at acquisition | | | $ | 4,298 | | | |||||||||
| I | | Adjustment to common stock | | | |||||||||||||
| | | To reflect the reversal of Atlantic’s September 30, 2017 common stock | | | $ | (156) | | | |||||||||
| | | To reflect the value of Ameris common stock issued to Atlantic stockholders | | | | 2,633 | | | |||||||||
| | Total adjustment to common stock | | | $ | 2,477 | | | ||||||||||
| J | | Adjustment to capital surplus | | | |||||||||||||
| | | To reflect the reversal of Atlantic’s September 30, 2017 capital surplus | | | $ | (100,423) | | | |||||||||
| | | To reflect the value of Ameris common stock issued to Atlantic stockholders | | | | 124,275 | | | |||||||||
| | | Total adjustment to capital surplus | | | $ | 23,852 | | | |||||||||
| K | | Adjustment to common stock held by Atlantic ESOP and benefit plans reflects the reversal of Atlantic’s September 30, 2017 common stock held by Atlantic ESOP and benefits plans | | | $ | 1,484 | | | |||||||||
| L | | Adjustment to retained earnings reflects the reversal of Atlantic’s September 30, 2017 retained earnings | | | $ | 6,532 | | | |||||||||
| M | | Adjustment to accumulated other comprehensive income reflects the reversal of Atlantic’s September 30, 2017 accumulated other comprehensive loss | | | $ | 1,169 | | | |||||||||
A Adjustment to investment securities available for sale | | | | | | | ||||||||||||
To reclass at amortized cost investment securities designated as held to maturity by Fidelity to investment securities available for sale | | | $ | 20,383 | | | ||||||||||||
To reflect fair value at acquisition date for investment securities designated as held to maturity by Fidelity but will be designated as available for sale by Ameris | | | $ | (1,000) | | | ||||||||||||
Total adjustment to investment securities available for sale | | | $ | 19,383 | | | ||||||||||||
B Adjustment to investment securities held to maturity to reclass at amortized cost investment securities designated as held to maturity by Fidelity to investment securities available for sale | | | $ | (20,383) | | | ||||||||||||
C Adjustment to loans | | | | | | | ||||||||||||
To reflect estimated credit mark adjustment for loans at acquisition date | | | $ | (34,257) | | | ||||||||||||
To reflect estimated yield mark adjustment for indirect auto loans at acquisition date | | | $ | (5,000) | | | ||||||||||||
Total adjustment to loans | | | $ | (39,257) | | | ||||||||||||
D Adjustment to allowance for loan losses to reflect the reversal of Fidelity’s September 30, 2018 allowance for loan losses | | | $ | 31,157 | | | ||||||||||||
E Adjustment to other real estate owned to reflect the estimated fair value at acquisition date based on Ameris’s more aggressive liquidation strategy | | | $ | (803) | | | ||||||||||||
F Adjustment to premises and equipment to reflect the estimated fair value at acquisition date | | | $ | 30,900 | | | ||||||||||||
G Adjustment to goodwill | | | | | | | ||||||||||||
To reflect reversal of Fidelity’s September 30, 2018 goodwill recorded from its prior acquisitions | | | $ | (5,164) | | | ||||||||||||
Adjustment to goodwill to reflect the estimated goodwill generated as a result of consideration paid being greater than the net assets acquired | | | $ | 252,174 | | | ||||||||||||
Total adjustment to goodwill | | | $ | 247,010 | | |
| | | As of September 30, 2018 | | |||
H Adjustment to other intangible assets | | | | | | | |
To reflect reversal of Fidelity’s September 30, 2018 unamortized other intangibles from its prior acquisitions | | | | $ | (6,310) | | |
To reflect the recording of the estimated core deposit intangible | | | | $ | 78,000 | | |
Total adjustment to other intangible assets | | | | $ | 71,690 | | |
I Adjustment to deferred tax asset, net | | | | | | | |
To reclass Fidelity’s September 30, 2018 net deferred tax liability position against Ameris’s net deferred tax asset position | | | | $ | (9,483) | | |
To reflect the deferred tax impact resulting from the net fair value adjustments based on assumed effective tax rate of 21% | | | | $ | (19,039) | | |
Total adjustment to deferred tax asset, net | | | | $ | (28,522) | | |
J Adjustment to interest-bearing deposits | | | | | | | |
To reflect reversal of Fidelity’s September 30, 2018 unamortized fair value adjustment on certificates of deposit from its prior acquisitions | | | | $ | (277) | | |
To reflect the estimated fair value at acquisition date of certificate of deposits | | | | $ | 2,300 | | |
Total adjustment to interest-bearing deposits | | | | $ | 2,023 | | |
K Adjustment to deferred tax liability, net to reflect reclass of Fidelity’s September 30, 2018 net deferred tax liability position against Ameris’s net deferred tax asset position | | | | $ | (9,483) | | |
L Adjustment to common stock | | | | | | | |
To reflect the reversal of Fidelity’s September 30, 2018 common stock | | | | $ | (197,870) | | |
To reflect the value of Ameris common stock issued to Fidelity shareholders | | | | $ | 21,898 | | |
Total adjustment to common stock | | | | $ | (175,972) | | |
M Adjustment to capital surplus | | | | | | | |
To reflect the reversal of Fidelity’s September 30, 2018 capital surplus | | | | $ | (28,735) | | |
To reflect the value of Ameris common stock issued to Fidelity shareholders | | | | $ | 723,057 | | |
To reflect the value of Ameris options issued to Fidelity optionholders | | | | $ | 5,778 | | |
Total adjustment to capital surplus | | | | $ | 700,100 | | |
N Adjustment to retained earnings to reflect the reversal of Fidelity’s September 30, 2018 retained earnings | | | | $ | (207,763) | | |
O Adjustment to accumulated other comprehensive loss to reflect the reversal of Fidelity’s September 30, 2018 accumulated other comprehensive loss | | | | $ | 2,270 | | |
| | | Nine Months Ended September 30, 2018 | | | Year Ended December 31, 2017 | | ||||||
P Adjustment to legal and other professional fees to reflect elimination of fees previously paid under the USPF Management and License Agreement that are no longer incurred after acquisition of the final 70% investment in USPF | | | | $ | (274) | | | | | $ | (5,542) | | |
Q Adjustment to amortization of intangible assets to reflect estimated amortization expense on the insurance agent relationships, trade name, and non-compete intangible assets | | | | $ | 250 | | | | | $ | 3,004 | | |
R Adjustment to income tax expense to reflect the tax effect of the USPF income statement pro forma adjustments using an assumed effective tax rate of 21% | | | | $ | 5 | | | | | $ | 533 | | |
| | | Three Months Ended March 31, 2018 | | | Year Ended December 31, 2017 | | ||||||
S Adjustment to interest income and fees on loans to reflect estimated additional accretion on loan portfolio | | | | $ | 445 | | | | | $ | 1,782 | | |
T Adjustment to amortization of intangible assets to reflect the estimated amortization of the core deposit intangible | | | | $ | 148 | | | | | $ | 594 | | |
U Adjustment to income tax expense to reflect the tax effect of the Atlantic income statement pro forma adjustments using an assumed effective tax rate of 21% | | | | $ | 62 | | | | | $ | 249 | | |
| | | Three Months Ended March 31, 2018 | | | Year Ended December 31, 2017 | | ||||||
V Adjustment to interest income and fees on loans to reflect estimated additional accretion on loan portfolio | | | | $ | 690 | | | | | $ | 2,761 | | |
W Adjustment to interest expense on deposits | | | | | | | | | | | | | |
To reflect the reversal of Hamilton’s amortization of fair value adjustment on certificates of deposits resulting from its prior acquisitions | | | | $ | 6 | | | | | $ | 56 | | |
To reflect the estimated amortization of the fair value adjustment on certificates of deposit | | | | $ | 236 | | | | | $ | 945 | | |
Total adjustment to interest expense on deposits | | | | $ | 242 | | | | | $ | 1,001 | | |
X Adjustment to interest expense on other borrowings and subordinated deferrable interest debentures | | | | | | | | | | | | | |
To reflect the reversal of Hamilton’s amortization of fair value adjustment in other borrowings from its prior acquisitions | | | | $ | 32 | | | | | $ | 154 | | |
To reflect the estimated amortization of the fair value adjustment on subordinated deferrable interest debentures | | | | $ | 9 | | | | | $ | 37 | | |
Total adjustment to interest expense on other borrowings and subordinated deferrable interest debentures | | | | $ | 41 | | | | | $ | 191 | | |
| | | Three Months Ended March 31, 2018 | | | Year Ended December 31, 2017 | | ||||||
Y Adjustment to amortization of intangible assets | | | | | | | | | | | | | |
To reflect the reversal of Hamilton’s amortization expense on its existing core deposit intangible resulting from its prior acquisitions | | | | $ | (281) | | | | | $ | (1,309) | | |
To reflect the estimated amortization expense on the core deposit intangible | | | | $ | 400 | | | | | $ | 1,600 | | |
Total adjustment to amortization of intangible assets | | | | $ | 119 | | | | | $ | 291 | | |
Z Adjustment to income tax expense to reflect the tax effect of the Hamilton income statement pro forma adjustments using an assumed effective tax rate of 21% | | | | $ | 60 | | | | | $ | 268 | | |
| | | Nine Months Ended September 30, 2018 | | | Year Ended December 31, 2017 | | ||||||
AA Adjustment to interest income and fees on loans to reflect estimated additional accretion on loan portfolio | | | | $ | 4,676 | | | | | $ | 6,235 | | |
BB Adjustment to interest expense on deposits | | | | | | | | | | | | | |
To reflect the reversal of Fidelity’s amortization of fair value adjustment on certificates of deposits resulting from its prior acquisitions | | | | $ | 125 | | | | | $ | 302 | | |
To reflect the estimated amortization of the fair value adjustment on certificates of deposit | | | | $ | (767) | | | | | $ | (1,533) | | |
Total adjustment to interest expense on deposits | | | | $ | (642) | | | | | $ | (1,231) | | |
CC Adjustment to occupancy and equipment expense to reflect estimated additional depreciation resulting from fair value adjustment on premises and equipment | | | | $ | 648 | | | | | $ | 863 | | |
DD Adjustment to amortization of intangible assets | | | | | | | | | | | | | |
To reflect the reversal of Fidelity’s amortization expense on its existing core deposit intangible resulting from its prior acquisitions | | | | $ | (832) | | | | | $ | (1,343) | | |
To reflect the estimated amortization expense on the core deposit intangible | | | | $ | 5,850 | | | | | $ | 7,800 | | |
Total adjustment to amortization of intangible assets | | | | $ | 5,018 | | | | | $ | 6,457 | | |
EE Adjustment to income tax expense to reflect the tax effect of the Fidelity income statement pro forma adjustments using an assumed effective tax rate of 21% | | | | $ | (73) | | | | | $ | 31 | | |
| | | | | | Nine Months Ended September 30, 2017 | | | Year Ended December 31, 2016 | | ||||||
A | | | Adjustment to reflect additional accretion of loan portfolio | | | | | 1,306 | | | | | | 1,742 | | |
B | | | Adjustment to reflect amortization of fair value adjustment of other borrowings | | | | | (806) | | | | | | (1,074) | | |
C | | | Adjustment to reflect amortization of core deposit intangible | | | | | 534 | | | | | | 712 | | |
D | | | Adjustment to reflect income tax effect of pro forma adjustments at an estimated effective tax rate of 35% | | | | | 552 | | | | | | 736 | | |
| | Nine Months Ended September 30, 2017 | | Year Ended December 31, 2016 | | | Nine Months Ended September 30, 2018 | | Year Ended December 31, 2017 | | ||||||||||||||||||||||||||||||||||||||||
| | Basic | | Diluted | | Basic | | Diluted | | | Basic | | Diluted | | Basic | | Diluted | | ||||||||||||||||||||||||||||||||
Pro forma net income available to common shareholders | | | $ | 69,208 | | | | $ | 69,208 | | | | $ | 79,886 | | | | $ | 79,886 | | | | | $ | 117,413 | | | | $ | 117,413 | | | | $ | 135,260 | | | | $ | 135,260 | | | ||||||||
Weighted average common shares outstanding: | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
Ameris | | | | 36,690 | | | | | 37,017 | | | | | 34,347 | | | | | 34,702 | | | | | | 41,673 | | | | | 41,845 | | | | | 36,828 | | | | | 37,144 | | | ||||||||
Common shares issued to Atlantic stockholders | | | | 2,633 | | | | | 2,633 | | | | | 2,633 | | | | | 2,633 | | | |||||||||||||||||||||||||||||
Shares of Ameris common stock issued to USPF shareholders | | | | 92 | | | | | 92 | | | | | 951 | | | | | 951 | | | |||||||||||||||||||||||||||||
Shares of Ameris common stock issued to Atlantic shareholders | | | | 1,388 | | | | | 1,388 | | | | | 2,632 | | | | | 2,632 | | | |||||||||||||||||||||||||||||
Shares of Ameris common stock issued to Hamilton shareholders | | | | 4,294 | | | | | 4,294 | | | | | 6,548 | | | | | 6,548 | | | |||||||||||||||||||||||||||||
Shares of Ameris common stock issued to Fidelity shareholders | | | | 21,898 | | | | | 22,632 | | | | | 21,898 | | | | | 22,632 | | | |||||||||||||||||||||||||||||
Pro forma | | | | 39,323 | | | | | 39,650 | | | | | 36,980 | | | | | 37,335 | | | | | | 69,345 | | | | | 70,251 | | | | | 68,857 | | | | | 69,907 | | | ||||||||
Pro forma net income per common share | | | $ | 1.76 | | | | $ | 1.75 | | | | $ | 2.16 | | | | $ | 2.14 | | | | | $ | 1.69 | | | | $ | 1.67 | | | | $ | 1.96 | | | | $ | 1.93 | | |
| | | Fidelity | | | Ameris | |
Capital Stock | | | Holders of Fidelity capital stock are entitled to all the rights and obligations provided to capital shareholders under Georgia law and Fidelity’s articles of incorporation and bylaws. | | | Holders of Ameris capital stock are entitled to all the rights and obligations provided to capital shareholders under Georgia law and Ameris’s articles of incorporation and bylaws. | |
Authorized, Issued and Outstanding Capital Stock | | | The authorized capital stock of Fidelity consists of 50,000,000 shares of common stock, no par value per share, and 10,000,000 shares of preferred stock, no par value per share. As of the date of this joint proxy statement/prospectus, [•] shares of Fidelity common stock were issued and outstanding, and no shares of Fidelity preferred stock were issued and outstanding. | | | The authorized capital stock of Ameris currently consists of 100,000,000 shares of common stock, par value $1.00 per share, and 5,000,000 shares of preferred stock. As of the date of this joint proxy statement/prospectus, [•] shares of Ameris common stock were issued and outstanding, and no shares of Ameris preferred stock were issued and outstanding. | |
Preferred Stock | | | The Fidelity board of directors has previously designated 48,200 shares of Fidelity preferred stock as Fixed Rate Cumulative Perpetual Preferred Stock, Series A, no par value per share, and 1,000 shares of Fidelity preferred stock as Series B Participating Cumulative Preferred Stock, no par value per share. | | | The Ameris board of directors has previously designated 52,000 shares of Ameris preferred stock as Fixed Rate Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, and 175,000 shares of Ameris preferred stock as Series A Junior Participating Preferred Stock, no par value per share. | |
Voting Rights | | | Holders of Fidelity common stock generally are entitled to one vote per share in the election of directors and on all other matters submitted to a vote at a meeting of shareholders. | | | Holders of Ameris common stock generally are entitled to one vote per share in the election of directors and on all other matters submitted to a vote at a meeting of shareholders. | |
| | | Fidelity | | | Ameris | |
Number of Directors | | | Fidelity’s bylaws provide that the Fidelity board of directors shall consist of not less than three or more than twenty-four members, except that if all of the shares of Fidelity are owned beneficially and of record by less than three shareholders, the number of directors may be less than three but not less than the number of shareholders. Fidelity’s bylaws further provide that at each annual meeting the Fidelity shareholders shall fix the number of directors; provided that the shareholders may, by the affirmative vote of the holders of a majority of the shares entitled to vote at an election of directors, increase or reduce the number of directors and add or remove directors with or without cause at any time. The Fidelity board of directors may, by its action, increase the number of directors by two and elect directors to fill those positions provided the number of directors does not exceed the number permitted by Fidelity’s bylaws. | | | Ameris’s bylaws provide that the number of directors serving on the Ameris board of directors shall not be less than seven or more than fifteen. There are currently nine directors serving on the Ameris board of directors. In connection with the merger, the Ameris board of directors will be increased in size by five to fourteen members at the effective time. | |
Election of Directors | | | Directors are elected by a majority of the shares present and entitled to vote. | | | Directors are elected by a majority of the votes cast in an uncontested election and a plurality of the votes cast in a contested election. | |
Term of Directors | | | Directors are elected at each annual meeting of shareholders to serve until their successors are elected and qualified. | | | The Ameris board of directors is divided into three classes, with the members of each class of directors serving staggered three-year terms, with approximately one-third of the directors being elected annually. Ameris’s bylaws require that each director retire at the annual meeting following the date such director attains the age of 75. The merger agreement provides that Ameris’s bylaws will be amended at or prior to the effective time so that the mandatory retirement age will be inapplicable to James B. Miller, Jr. | |
Removal of Directors | | | Directors may be removed from office, with or without cause, by the affirmative vote of the holders of a majority of the shares entitled to vote at an election of directors. | | | Directors may be removed from office, with cause, by the vote of shareholders representing a majority of the issued and outstanding capital stock entitled to vote for the election of directors. | |
| | | Fidelity | | | Ameris | |
Vacancies on the Board of Directors | | | A vacancy occurring in the Fidelity board of directors by reason of removal of a director by the shareholders shall be filled by the shareholders, or, if authorized by the shareholders, by the remaining directors. Any other vacancy occurring in the Fidelity board of directors may be filled by the affirmative vote of a majority of the remaining directors though less than a quorum of the Fidelity board of directors. A director elected to fill a vacancy shall serve for the unexpired term of his or her predecessor in office. | | | Any vacancies in the Ameris board of directors resulting from an increase in the size of the board or the death or resignation of a director may be filled by a majority vote of the directors then in office, even if less than a quorum, and any director so chosen will hold office for the remainder of the full term of the class of directors in which the vacancy occurred and until a successor is elected and qualified. Vacancies in the Ameris board of directors resulting from the removal of a director may be filled at the same meeting at which the removal occurred or any subsequent meeting of shareholders; provided that, to the extent a vacancy is not filled by an election within sixty days after the removal which caused such vacancy, the remaining directors shall, by majority vote, fill the vacancy. | |
Director Qualifications | | | Directors must be natural persons eighteen years of age or over. | | | Directors must be natural persons eighteen years of age or over. Employees of subsidiary corporations (who are not also officers of Ameris) are not eligible to serve as directors. | |
Shareholder Action by Written Consent | | | Any action required or permitted to be taken at a meeting of Fidelity shareholders may be taken without a meeting if a unanimous consent which sets forth the action is given in writing by all of the shareholders entitled to vote on the subject matter. With respect to approval of a plan of merger or consolidation by written consent, the information required by the GBCC must be delivered to the shareholders prior to their execution of the consent or the consent must conspicuously and specifically waive the right to such information. | | | Any action required or permitted to be taken at a meeting of Ameris shareholders may be taken without a meeting if a unanimous consent which sets forth the action is given in writing by all of the shareholders. | |
Advance Notice Requirements for Shareholder Nominations and Other Proposals | | | Fidelity’s articles of incorporation and bylaws do not contain advance notice provisions applicable to shareholder nominations and other proposals. | | | An Ameris shareholder who desires to nominate a person for election to the Ameris board of directors at a meeting of shareholders and who is eligible to make such nomination must give written notice of the proposed nomination to the Corporate Secretary at Ameris’s principal executive office not fewer than one hundred twenty calendar days in advance of the date | |
| | | Fidelity | | | Ameris | |
| | | | | | which is one year later than the date of the proxy statement released to shareholders in connection with the previous year’s annual meeting of shareholders; provided, however, that if no annual meeting of shareholders was held in the previous year or if the date of the forthcoming annual meeting of shareholders has been changed by more than thirty calendar days from the date contemplated at the time of the previous year’s proxy statement or if the forthcoming meeting is not an annual meeting of shareholders, then to be timely such shareholder’s notice must be so received not later than the close of business on the tenth day following the earlier of: (i) the day on which notice of the date of the forthcoming meeting was mailed or given to shareholders by or on behalf of Ameris; or (ii) the day on which public disclosure of the date of the forthcoming meeting was made by or on behalf of Ameris. Such notice shall contain, among other things, biographical information about the nominee, information regarding share ownership of Ameris capital stock by such nominee and a description of all arrangements between the nominee and the shareholder making the proposal. | |
Notice of Shareholder Meeting | | | Written notice of each shareholder meeting must be mailed to each shareholder entitled to vote at or to notice of such meeting at his address shown on the books of Fidelity not less than ten nor more than seventy days prior to such meeting unless such shareholder waives notice of the meeting. | | | Notice of each shareholder meeting must be given to each shareholder entitled to vote at such meeting not less than ten, nor more than sixty, days before the date of the meeting. | |
Amendments to Charter | | | Fidelity’s articles of incorporation may be amended in accordance with the GBCC, which generally requires the approval of the Fidelity board of directors and the holders of a majority of the votes entitled to be cast on the amendment. Any amendment or repeal of Article VI (approval of fundamental corporate transactions) or Article VII (tender offers) of Fidelity’s articles of | | | Ameris’s articles of incorporation may be amended in accordance with the GBCC, which generally requires the approval of the Ameris board of directors and the holders of a majority of the votes entitled to be cast on the amendment. Amendment of provisions in Ameris’s articles of incorporation related to the filling of vacancies on the Ameris board of directors requires the affirmative vote of the holders of at | |
| | | Fidelity | | | Ameris | |
| | | incorporation requires the affirmative vote of holders of 662∕3% of the shares of capital stock of Fidelity then entitled to vote on such matters. | | | least 75% of the voting power of all outstanding shares of Ameris capital stock then entitled to vote in an election of directors of Ameris. | |
Amendments to Bylaws | | | The Fidelity board of directors may alter, amend or repeal Fidelity’s bylaws or adopt new bylaws, but any bylaws adopted by the Fidelity board of directors may be altered, amended or repealed by the shareholders, and new bylaws may be adopted by the shareholders. Fidelity shareholders may prescribe that any bylaw adopted by them shall not be altered, amended or repealed by the Fidelity board of directors. Action by the directors with respect to the bylaws shall be taken by an affirmative vote of a majority of all the directors then in office. Action by the shareholders with respect to the bylaws shall be taken by an affirmative vote of a majority of all shares outstanding and entitled to vote. | | | Ameris’s bylaws may be amended by the majority vote of all of the directors, but any bylaws adopted by the Ameris board of directors may be altered, amended or repealed and new bylaws adopted by the shareholders by majority vote of all of the shares having voting power. Any amendment that limits or adversely affects any right to indemnification or advancement of expenses under Ameris’s bylaws shall apply only to proceedings based on actions, events or omissions occurring after such amendment and delivery of notice thereof to the indemnified person so affected. The provision in Ameris’s bylaws with respect to the foregoing may not be amended in a manner effective as to any indemnified person (except as to post-amendment events) without the prior written consent of such indemnified person. | |
Special Meeting of Shareholders | | | A special meeting of Fidelity shareholders may be called at any time by the Fidelity board of directors, Fidelity’s President, or upon written request of the holders of at least 25% of the outstanding Fidelity common stock. Fidelity’s bylaws provide that the Fidelity board of directors may specify by resolution prior to any special meeting of shareholders held within the year that such meeting shall be in lieu of the annual meeting. | | | A special meeting of Ameris shareholders may be called by the Chairman or the Chief Executive Officer of Ameris. In addition, Ameris’s bylaws provide that a special meeting of shareholders shall be called by the Corporate Secretary or Chief Executive Officer of Ameris when so requested by the Ameris board of directors or upon the written request of shareholders owning at least 50% of the issued and outstanding capital stock of Ameris entitled to vote at such meeting. | |
Quorum | | | The holders of a majority of the outstanding shares entitled to vote, represented either in person or by proxy, constitute a quorum at any meeting of Fidelity shareholders. | | | The holders of a majority of the stock issued, outstanding and entitled to vote at the meeting, present in person or by proxy, constitute a quorum at any meeting of Ameris shareholders. | |
| | | Fidelity | | | Ameris | |
Preemptive Rights | | | State Law. Under the GBCC, a corporation’s shareholders do not have preemptive rights unless the corporation’s articles of incorporation provide otherwise. Charter Provision. Fidelity’s articles of incorporation provide that no shareholder shall, because of his ownership of stock, have any preemptive or other right to purchase, subscribe for, or take any part of shares of Fidelity issued, optioned, or sold by Fidelity. | | | State Law. The provisions of the GBCC are also applicable to Ameris and its shareholders. Charter Provision. Ameris’s articles of incorporation do not provide for preemptive rights. | |
Limitation of Personal Liability of Directors | | | State Law. The GBCC provides that a corporation’s articles of incorporation may set forth a provision eliminating or limiting the liability of a director to the corporation or its shareholders for monetary damages for any action taken, or any failure to take any action, as a director, except liability: (i) for any appropriation, in violation of his or her duties, of any business opportunity of the corporation; (ii) for acts or omissions which involve intentional misconduct or a knowing violation of law; (iii) for unlawful distributions; or (iv) for any transaction from which the director received an improper personal benefit; provided, in each case, that no such provision shall eliminate or limit the liability of a director for any act or omission occurring prior to the date when such provision becomes effective. Charter. Fidelity’s articles of incorporation provide that, to the extent permitted by law, a director shall not be liable to Fidelity or its shareholders for monetary damages for breach of the duty of care or other duty as a director; provided, however, that a director may be liable: (i) for any appropriation, in violation of his duties, of any business opportunity of Fidelity; (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law; (iii) for the types of liability set forth in | | | State Law. The provisions of the GBCC are also applicable to Ameris and its shareholders. Bylaw Provision. Ameris’s bylaws provide that no director of Ameris shall be personally liable to Ameris or its shareholders for monetary damages for breach of such person’s duty of care or other duty as a director except to the extent such liability cannot be eliminated or limited pursuant to the GBCC. | |
| | | Fidelity | | | Ameris | |
| | | Section 14-2-154 of the GBCC [now Section 14-2-832]; or (iv) for any transaction from which the director derived an improper personal benefit. | | | | |
Indemnification of Directors and Officers | | | Pursuant to Fidelity’s bylaws, Fidelity will indemnify and hold harmless any person who was or is a party or is threatened to be made a party to any threatened, pending, or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of Fidelity) by reason of the fact that he is or was a director, officer, employee or agent of Fidelity, or is or was serving at the request of Fidelity as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in a manner he reasonably believed to be in or not opposed to the best interests of Fidelity, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. Fidelity will indemnify and hold harmless any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of Fidelity to procure a judgment in its favor by reason of the fact he is or was a director, officer, employee or agent of Fidelity, or is or was serving at the request of Fidelity as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of Fidelity; provided, however, that | | | Ameris’s bylaws provide that every person (and the heirs and legal representatives of such person) who is or was a director or officer of Ameris or any other corporation of which he or she served as such at the request of Ameris and of which Ameris directly or indirectly is a shareholder or creditor, or in which or in the stocks, bonds, securities or other obligations of which it is in any way interested, may in accordance with Ameris’s bylaws, and to the extent permitted by the GBCC, be indemnified for any liability and expense that may be incurred by such person in connection with or resulting from any proceeding in which he or she may become involved, as a party or prospective party or otherwise, by reason of any action taken or not taken in his or her capacity as such director or officer or as a member of any committee appointed by the Ameris board of directors to act for, in the interest of, or on behalf of Ameris, whether or not he or she continues to be such at the time such liability or expense shall have been incurred; provided such person: (i) acted in good faith; and (ii) reasonably believed (a) in the case of conduct in the person’s official capacity, that the conduct was in Ameris’s best interests, (b) in all other cases, that the conduct was at least not opposed to Ameris’s best interests, and (c) in the case of a criminal proceeding, that the person had no reasonable cause to believe that the conduct was unlawful. Ameris’s bylaws further provide that those persons who may be entitled to indemnification under the bylaws who have been wholly successful, on the merits or otherwise, with respect to any claim for which indemnification is available shall be entitled to indemnification as of right without any further action or approval by the | |
| | | Fidelity | | | Ameris | |
| | | no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to Fidelity, unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the court shall deem proper. To the extent that a director, officer, employee or agent of Fidelity has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to above, or in defense of any claim, issue or matter therein, he shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection therewith. Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid by Fidelity in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the director, officer, employee or agent to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by Fidelity. If any expenses or other amounts are paid by way of indemnification, otherwise than by court order or by an insurance carrier pursuant to insurance maintained by the corporation, Fidelity shall, not later than the next annual meeting of shareholders, unless such meeting is held within three months from the date of such payment, and, in any event, within fifteen months from the date of such payment, send by delivery or first class mail, or such other means as is authorized by law, to its shareholders of record at the same time entitled to vote for the election of directors, a statement specifying the persons paid, the amounts paid, and the nature and | | | Ameris board of directors. Those officers and directors who have not been wholly successful with respect to any claim for which indemnification is available may be entitled to indemnification if the Ameris board of directors, acting by majority vote, finds the director or officer has met the required standard of conduct. Pursuant to its bylaws, Ameris may advance to directors or officers expenses incurred with respect to any claim for which indemnification is available under the bylaws prior to the final disposition thereof upon Ameris’s receipt of an undertaking by, or on behalf of, the director or officer to repay such amount unless it shall ultimately be determined that he or she is entitled to indemnification. | |
| | | Fidelity | | | Ameris | |
| | | status at the time of such payment of the litigation or threatened litigation. | | | | |
Certain Business Combination Restrictions | | | State Law. The GBCC contains a business combination statute that protects certain Georgia corporations from hostile takeovers, and from actions following the takeover, by prohibiting some transactions once an acquiror has gained a significant holding in the corporation. The GBCC prohibits “business combinations,” including mergers, sales and leases of assets, issuances or exchanges of securities, certain loans and other financial benefits and similar transactions by a corporation or a subsidiary with an interested shareholder that beneficially owns 10% or more of a corporation’s voting stock, within five years after the person becomes an interested shareholder, unless: • prior to the time the person becomes an interested shareholder, the board of directors of the target corporation approved either the business combination or the transaction which will result in the person becoming an interested shareholder; after the completion of the transaction in which the person becomes an interested shareholder, the interested shareholder holds at least 90% of the voting stock of the corporation, excluding for purposes of determining the number of shares outstanding, those shares owned by: (i) persons who are directors or officers or their affiliates or associates; (ii) subsidiaries of the corporation; and (iii) specific employee benefit plans; or • after the shareholder becomes an interested shareholder, the shareholder acquires additional shares such that the shareholder becomes the holder of at least 90% of the voting stock of the corporation, excluding for | | | State Law. The provisions of the GBCC are also applicable to Ameris and its shareholders. However, the GBCC’s business combination statute does not apply to a corporation unless the corporation’s bylaws provide that such requirements are applicable. Bylaw Provision. Ameris has not elected to be covered by the GBCC’s business combination statute, but Ameris could do so by action of the Ameris board of directors, without a vote by shareholders except as may be prohibited by law. | |
| | | Fidelity | | | Ameris | |
| | | purposes of determining the number of shares outstanding, those shares owned by: (i) persons who are directors or officers, their affiliates or associates; (ii) subsidiaries of the corporation; and (iii) specific employee benefit plans, and the business combination was approved by the shareholders of the corporation by holders of a majority of the stock entitled to vote on the transaction (with the number of shares outstanding calculated as above and further excluding shares held by the interested shareholder). Bylaw Provision. The GBCC’s business combination statute does not apply to a corporation unless the corporation’s bylaws provide that such requirements are applicable. Fidelity’s bylaws provide that the requirements of the GBCC’s business combination statute shall apply to all “business combinations” (as defined in such statute) involving Fidelity. | | | | |
Certain Fair Price Requirements | | | State Law. The GBCC also contains a fair price statute, which imposes certain fair pricing and procedural requirements on certain “business combinations” with an interested shareholder that beneficially owns 10% or more of a corporation’s voting stock. The GBCC’s fair price statute prohibits business combinations with an interested shareholder unless: • the transaction is unanimously approved by the continuing directors who must constitute at least three members of the board of directors at the time of such approval; or • the transaction is recommended by at least two-thirds of the continuing directors and approved by a majority of the shareholders excluding the interested shareholder. Such statute further provides that the approval requirements described | | | State Law. The provisions of the GBCC are also applicable to Ameris and its shareholders. The GBCC’s fair price statute does not apply to a corporation unless the corporation’s bylaws provide that such requirements are applicable. Bylaw Provision. Ameris has not elected to be covered by the GBCC’s fair price statute, but Ameris could do so by action of the Ameris board of directors, without a vote by shareholders except as may be prohibited by law. | |
| | | Fidelity | | | Ameris | |
| | | above do not apply to a business combination if the terms of the transaction meet specified fair pricing criteria and certain other tests which are intended to assure that all shareholders receive a fair price for their shares regardless of which point in time they sell to the acquiring party. Bylaw Provision. The GBCC’s fair price statute does not apply to a corporation unless the corporation’s bylaws provide that such statute is applicable. Fidelity has not elected to be covered by the GBCC’s fair price statute, but Fidelity could do so by action of the Fidelity board of directors, without a vote by shareholders except as may be prohibited by law. | | | | |
Fundamental Business Transactions | | | State Law. Under the GBCC, subject to certain exceptions, a merger, share exchange or sale, lease, exchange or transfer of all or substantially all of the corporation’s assets generally must be approved at a meeting of a corporation’s shareholders by the: (i) affirmative vote of a majority of all the votes entitled to be cast on the matter; and (ii) in addition, with respect to a merger or share exchange, affirmative vote of a majority of all the votes entitled to be cast by holders of the shares of each voting group entitled to vote separately on the transaction as a group by the articles of incorporation. Charter Provision. Fidelity’s articles of incorporation provide that any merger, liquidation or dissolution of Fidelity, or any action that would result in the same or other disposition of all or substantially all of the assets of Fidelity (other than a mortgage or pledge of or creation of a security interest in or conveyance of title to all or part of the property and assets of Fidelity or any interest therein for the purpose of securing the payment or performance of any contract, note, bond or any other obligation of | | | State Law. The provisions of the GBCC are also applicable to Ameris and its shareholders. Charter Provision. Ameris’s articles of incorporation do not contain any provision regarding approval of fundamental business transactions by the holders of Ameris common stock. | |
| | | Fidelity | | | Ameris | |
| | | Fidelity), shall require approval by the affirmative vote of the holders of at least 662∕3% of the issued and outstanding shares of capital stock then entitled to vote on such matters. | | | | |
Non-Shareholder Constituency Provision | | | Fidelity’s articles of incorporation provide that the Fidelity board of directors may, if it deems it advisable, oppose a tender or other offer for Fidelity’s securities, whether the offer is in cash or in securities or otherwise, and that when considering whether to oppose an offer, the Fidelity board of directors may, but is not legally obligated to, consider any pertinent issues, including, by way of illustration but not of limitation: (i) whether the offer price is acceptable based on the historical and present operating results or financial condition of Fidelity; (ii) whether a more favorable price could be obtained for Fidelity’s securities in the future; (iii) the impact which an acquisition of Fidelity would have on the employees, depositors and customers of Fidelity and the communities which it and its subsidiaries serve; (iv) the reputation and business practices of the offeror and its management and affiliates as they would affect the employees, depositors and customers of Fidelity and its subsidiaries and the future value of the Corporation’s stock; (v) the value of the securities, if any, that the offeror is offering in exchange for Fidelity’s securities, based on an analysis of the worth of Fidelity compared to the entity whose securities are being offered; and (vi) any antitrust or other legal regulatory issues that are raised by the offer. | | | Ameris’s articles of incorporation do not contain a provision that expressly permits the Ameris board of directors to consider constituencies other than the shareholders when evaluating certain offers. | |
| | | Fidelity | | | Ameris | |
Dissenters’ Rights | | | State Law. Under the GBCC, a shareholder is entitled to dissent from, and obtain the fair value in cash of his or her shares in connection with, certain corporate actions, including some mergers, share exchanges, sales or exchanges of all or substantially all of the corporation’s property other than in the usual and regular course of business, and certain amendments to the corporation’s articles of incorporation, subject to specified exceptions. However, a shareholder is not entitled to appraisal rights or dissenters’ rights in connection with such corporate actions if his or her shares are listed on a national securities exchange or held of record by more than 2,000 shareholders, and such shareholder accepts as consideration for his or her shares the shares of the surviving corporation or another publicly held corporation which at the effective date of the merger is either listed on a national securities exchange or held by more than 2,000 shareholders, except for cash paid in lieu of fractional shares. Accordingly, Fidelity shareholders are not entitled to appraisal or dissenters’ rights in connection with the merger. | | | State Law. The provisions of the GBCC are also applicable to Ameris and its shareholders. | |
| | | Ameris Common Stock | | | Fidelity Common Stock | | ||||||||||||||||||||||||||||||
| | | High | | | Low | | | Dividend | | | High | | | Low | | | Dividend | | ||||||||||||||||||
Quarter Ended: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
March 31, 2019 (through February 8, 2019) | | | | $ | 39.11 | | | | | $ | 31.27 | | | | | | — | | | | | $ | 31.19 | | | | | $ | 25.64 | | | | | $ | 0.12 | | |
December 31, 2018 | | | | | 47.25 | | | | | | 29.97 | | | | | $ | 0.10 | | | | | | 26.56 | | | | | | 21.18 | | | | | | 0.12 | | |
September 30, 2018 | | | | | 54.35 | | | | | | 45.15 | | | | | | 0.10 | | | | | | 26.71 | | | | | | 23.44 | | | | | | 0.12 | | |
June 30, 2018 | | | | | 58.10 | | | | | | 50.20 | | | | | | 0.10 | | | | | | 27.05 | | | | | | 22.09 | | | | | | 0.12 | | |
March 31, 2018 | | | | | 59.05 | | | | | | 47.90 | | | | | | 0.10 | | | | | | 24.96 | | | | | | 21.77 | | | | | | 0.12 | | |
December 31, 2017 | | | | | 51.30 | | | | | | 44.75 | | | | | | 0.10 | | | | | | 23.94 | | | | | | 20.28 | | | | | | 0.12 | | |
September 30, 2017 | | | | | 51.28 | | | | | | 41.05 | | | | | | 0.10 | | | | | | 23.78 | | | | | | 20.51 | | | | | | 0.12 | | |
June 30, 2017 | | | | | 49.80 | | | | | | 42.60 | | | | | | 0.10 | | | | | | 23.96 | | | | | | 20.08 | | | | | | 0.12 | | |
March 31, 2017 | | | | | 49.50 | | | | | | 41.60 | | | | | | 0.10 | | | | | | 24.95 | | | | | | 20.30 | | | | | | 0.12 | | |
| | | Ameris Common Stock | | | Fidelity Common Stock | | | Implied Value of One Share of Fidelity Common Stock | | |||||||||
December 14, 2018 | | | | $ | 34.02 | | | | | $ | 21.42 | | | | | $ | 27.22 | | |
[•] | | | | $ | [•] | | | | | $ | [•] | | | | | $ | [•] | | |
Ameris SEC Filings (File No. 001-13901) | | | Period or Date Filed | |
Annual Report on Form 10-K | | | Year ended December 31, 2017 | |
Quarterly Report on Form 10-Q | | | Quarters ended March, 31, 2018, June 30, 2018 and September 30, 2018 | |
Current Reports on Form 8-K | | | Filed on January 2, 2018, January 19, 2018, January 26, 2018 (with respect to Items 1.01, 1.02 and 3.02 and Exhibits 2.1, 2.2, 99.1, 99.3, 99.4 and 99.5 only), February 6, 2018, April 25, 2018, May 16, 2018, June 6, 2018, July 2, 2018 (and as amended September 12, 2018), July 6, 2018, October 25, 2018, December 17, 2018, and December 20, 2018 (other than those portions of the documents deemed to be furnished and not filed) | |
Definitive Proxy Statement on Schedule 14A | | | Filed on April 2, 2018 | |
The description of the Ameris common stock set forth under the caption “Description of Capital Stock” found in Ameris’s Preliminary Prospectus dated as of April 21, 1994, filed as part of Ameris’s Registration Statement on Form SB-2 (Registration No. 33-77930) on April 21, 1994, including any amendment or report filed with the SEC for purposes of updating this description | | | | |
Fidelity SEC Filings (File No. 001-34981) | | | Period or Date Filed | |
Annual Report on Form 10-K | | | Year ended December 31, 2017 | |
Quarterly Report on Form 10-Q | | | Quarters ended March, 31, 2018, June 30, 2018 and September 30, 2018 | |
Current Reports on Form 8-K | | | Filed on January 19, 2018, February 16, 2018, March 14, 2018, April 20, 2018, April 27, 2018, July 20, 2018, August 31, 2018, October 19, 2018 December 17, 2018 and January 18, 2019 (other than those portions of the documents deemed to be furnished and not filed) | |
Definitive Proxy Statement on Schedule 14A | | | Filed on April 3, 2018 | |
The description of the Fidelity common stock set forth in its registration statement on Form 10 filed on August 27, 1993, including any amendment or report filed with the SEC for purposes of updating this description | | | | |
| Ameris Bancorp. 310 First Street SE Moultrie, Georgia 31768 Attention: Corporate Secretary Telephone: (229) 890-1111 | | | Fidelity Southern Corporation 3490 Piedmont Road, Suite 1550 Atlanta, Georgia 30305 Attention: Corporate Secretary Telephone: (404) 248-5466 | |
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Defined Term | | | Section Reference | |
ABCB | | | Preamble | |
ABCB 401(k) Plan | | | 5.7(e) | |
ABCB Capitalization Date | | | 4.7(a) | |
ABCB Common Stock Issuance | | | Recitals | |
ABCB Contract | | | 4.23(a) | |
ABCB Disclosure Schedule | | | 4.1(a) | |
ABCB Financial Advisor | | | 4.29 | |
ABCB Financial Statements | | | 4.10(a) | |
ABCB Loans | | | 4.17(a) | |
ABCB Recommendation | | | 2.13 | |
ABCB Regulatory Agencies | | | 4.6 | |
ABCB Regulatory Agreement | | | 4.6 | |
ABCB SEC Filings | | | 4.9 | |
ABCB Shareholder Approval | | | 4.3(a) | |
ABCB Shareholders | | | Recitals | |
ABCB Shareholders’ Meeting | | | 2.13 | |
ABCB Stock Option | | | 2.7(a) | |
Acquisition Agreement | | | 5.8(a) | |
Adverse Recommendation Change | | | 2.12(b) | |
Agreement | | | Preamble | |
Ameris | | | Recitals | |
Bank Merger | | | Recitals | |
Bank Merger Agreement | | | Recitals | |
BHCA | | | 3.2(a) | |
Book-Entry Shares | | | 2.8(b)(i) | |
Certificate of Merger | | | 2.4(a) | |
Certificates | | | 2.8(b)(i) | |
Chosen Courts | | | 8.7(b) | |
Claim | | | 5.9(a) | |
Closing | | | 2.3 | |
Closing Date | | | 2.3 | |
Code | | | Recitals | |
Continuing Employee | | | 5.7(a) | |
Defined Term | | | Section Reference | |
CRA | | | 3.18 | |
Data Conversion | | | 5.11 | |
Discontinued Employee | | | 5.7(b) | |
Effective Time | | | 2.4(a) | |
Exchange Agent | | | 2.8(a) | |
Exchange Agent Agreement | | | 2.8(a) | |
Exchange Fund | | | 2.8(a) | |
Exchange Ratio | | | 2.6(a) | |
Excluded Shares | | | 2.6(c) | |
Fidelity | | | Recitals | |
FSC | | | Preamble | |
FSC 401(k) Plan | | | 5.7(e) | |
FSC Capitalization Date | | | 3.7(a) | |
FSC Contract | | | 3.23(a) | |
FSC Disclosure Schedule | | | 3.1(a) | |
FSC Financial Advisor | | | 3.30 | |
FSC Financial Statements | | | 3.10(a) | |
FSC Insiders | | | 5.17 | |
FSC Loans | | | 3.17(a) | |
FSC Recommendation | | | 2.12(a) | |
FSC Regulatory Agencies | | | 3.6 | |
FSC Regulatory Agreement | | | 3.6 | |
FSC SEC Filings | | | 3.9 | |
FSC Shareholder Approval | | | 3.3(a) | |
FSC Shareholders | | | Recitals | |
FSC Shareholders’ Meeting | | | 2.12(a) | |
FSC Voting Agreement | | | Recitals | |
Georgia Secretary | | | 2.4(a) | |
Indemnitees | | | 5.9(a) | |
Letter of Transmittal | | | 2.8(b)(i) | |
Materially Burdensome Regulatory Condition | | | 5.3(a) | |
Merger | | | Recitals | |
Merger Consideration | | | 2.6(a) | |
Notice of Recommendation Change | | | 2.12(b)(iii) | |
Premium Cap | | | 5.9(b) | |
Providing Party | | | 5.4(a) | |
Regulatory Agencies | | | 4.6 | |
Requesting Party | | | 5.4(a) | |
Surviving Bank | | | Recitals | |
Surviving Corporation | | | 2.1(a) | |
Takeover Statutes | | | 3.3(b) | |
Termination Fee | | | 7.2(b) | |
Transition Plan Year | | | 5.7(c) | |
Trust Preferred Securities | | | 5.16 | |
AMERIS BANCORP By: /s/ Dennis J. Zember Jr. Dennis J. Zember Jr. President and Chief Executive Officer FIDELITY SOUTHERN CORPORATION By: /s/ James B. Miller, Jr. James B. Miller, Jr. Chairman and Chief Executive Officer [Shareholder signatures follow.] [Signature Page to Voting and Support Agreement] |
| Shareholder | | | | Name(s) in Which Shares are Registered | | | | Number of Owned Shares | | | ||
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| December 16, 2018 page 2 | | | |
| December 16, 2018 page 3 | | | |
| December 16, 2018 page 4 | | | |
| Very truly yours, | |
| STEPHENS INC. | |
| |
| 2.1 | | | | |
| 2.2 | | | | |
| 3.1 | | | Articles of Incorporation of Ameris Bancorp, as amended (incorporated herein by reference to Exhibit 2.1 to Ameris Bancorp’s Regulation A Offering Statement on Form 1-A filed with the SEC on August 14, 1987). | |
| 3.2 | | | | |
| 3.3 | | | | |
| 3.4 | | | | |
| 3.5 | | | | |
| 3.6 | | | | |
| 3.7 | | | | |
| 4.1 | | | See Exhibits 3.1 through 3.7 for provisions of the Articles of Incorporation of Ameris Bancorp, as amended, and Bylaws of Ameris Bancorp, as amended and restated effective | |
| 4.2 | | | Specimen Common Stock Certificate (incorporated by reference to Exhibit 1 to Ameris Bancorp’s Registration Statement on Form 8-A filed with the SEC on September 2, 1987). | |
| 4.3 | | | | |
| 4.4 | | | | |
| 4.5 | | | |
| 4.6 | | | | |
| 4.7 | | | | |
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| 4.26 | | | | |
| 4.27 | | | | |
| 4.28 | | | | |
| 4.29 | | | | |
| 4.30 | | | | |
| 4.31 | | | |
Name | | | Title | | | Date | |
/s/ | | | | | | ||
/s/ Nicole S. Stokes Nicole S. Stokes | | | Executive Vice President and Chief Financial Officer (Principal Financial and Principal Accounting Officer) | | | | |
/s/ William I. Bowen, Jr. William I. Bowen, Jr. | | | Director | | | | |
/s/ R. Dale Ezzell R. Dale Ezzell | | | Director | | | | |
/s/ Leo J. Hill Leo J. Hill | | | Director | | | | |
/s/ Daniel B. Jeter Daniel B. Jeter | | | Director | | | | |
/s/ Robert P. Lynch Robert P. Lynch | | | Director | | | | |
/s/ Elizabeth A. McCague Elizabeth A. McCague | | | Director | | | | |
/s/ William H. Stern William H. Stern | | | Director | | | | |
/s/ Jimmy D. Veal Jimmy D. Veal | | | Director | | | |