UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

April 26, 2019

Date of Report (Date of earliest event reported)

 

 

 

Fidelity Southern Corporation

(Exact name of registrant as specified in its charter)

 

 

 

Georgia   001-34981   58-1416811

(State or other jurisdiction

of incorporation)

 

(Commission

file number)

 

(IRS Employer

Identification Number)

 

3490 Piedmont Road, Suite 1550

Atlanta, Georgia 30305

(Address of principal executive offices)

 

(404) 639-6500

(Registrant’s telephone number, including area code)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

x    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 8.01Other Events.

 

As previously disclosed, on December 17, 2018, Fidelity Southern Corporation, a Georgia corporation (“Fidelity”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Ameris Bancorp, a Georgia corporation (“Ameris”), pursuant to which, among other things, upon the terms and subject to the conditions set forth therein, Fidelity will merge with and into Ameris (the “Merger”), with Ameris surviving the Merger.

 

On March 8, 2019, an action captioned Paul Parshall v. Fidelity Southern Corporation et al., Case 1:19-cv-01098-MHC (the “Action”), was filed in the U.S. District Court for the Northern District of Georgia on behalf of a purported class of Fidelity shareholders against Fidelity, its current directors and Ameris. This complaint contends, among other things, that the registration statement on Form S-4 filed by Ameris on February 12, 2019 in connection with the Merger (as amended, the “Registration Statement”) is false and misleading because it omits certain allegedly material information in violation of Sections 14(a) and 20(a) of the Exchange Act, and Rule 14a-9 promulgated under the Exchange Act.

 

The defendants believe that the Action is without merit, and deny that any further disclosure beyond that already contained in the Registration Statement is required under applicable law to supplement the Registration Statement and the joint proxy statement included therein which has been disseminated to Fidelity and Ameris stockholders. Nonetheless, to avoid the risk that the Action may delay or otherwise adversely affect the consummation of the Merger and to minimize the expense of defending such action, the defendants are making the following supplemental disclosures (the “litigation-related supplemental disclosures”) to the Registration Statement. Nothing in this Current Report on Form 8-K shall be deemed an admission of the legal necessity or materiality under applicable laws of any of the supplemental disclosures set forth herein.

 

The litigation-related supplemental disclosures contained below should be read in conjunction with the Registration Statement, which is available on the Internet site maintained by the Securities and Exchange Commission (the “SEC”) at http://www.sec.gov, along with periodic reports and other information Fidelity and Ameris file with the SEC. To the extent that the information set forth herein differs from or updates information contained in the Registration Statement, the information set forth herein shall supersede or supplement the information in the Registration Statement. All page references are to pages in the definitive proxy statement that was filed by Fidelity on March 25, 2019 and forms a part of the Registration Statement, and terms used below, unless otherwise defined, have the meanings set forth in the Registration Statement.

 

 -2- 

 

 

Supplemental Disclosures

 

The disclosure under the subsection captioned “Opinion of Sandler O’Neill & Partners, L.P.” is hereby amended and supplemented by adding the following after the Note on page 66 of the Registration Statement:

 

Fidelity Peer Group

 

Financial Data as of
September 30, 2018
  Market Information as of
December 14, 2018
   Balance Sheet   MRQ Profitability   Asset Qual. 
       Price to:                                                 
   Market
Cap.
   LTM
EPS
   YTDA
EPS
   2018E
EPS
   2019E
EPS
   TBV   52-
Wk
High
   Div.
Payout
   Total
Asset
   Loans /
Dep.
   TCE / TA   Total
RBC
Ratio
   ROAA   ROAE   NIM   Cost
of
Dep.
   Eff.
Ratio
   NPAs /
Assets
   LLR /
Loans
 
Company  ($mm)   (x)   (x)   (x)   (x)   (%)   (%)   (%)   ($mm)   (%)   (%)   (%)   (%)   (%)   (%)   (%)   (%)   (1) (%)   (%) 
ServisFirst Bancshares Inc.   1,788    14.9    13.5    13.9    12.5    268    74.6    16.9    7,518    97.8    8.88    12.05    1.89    20.59    3.80    0.96    31.5    0.40    1.05 
Seacoast Banking Corp. of FL   1,247    19.5    18.5    17.5    13.9    220    75.5        5,931    87.4    9.85    15.57    1.11    8.96    3.85    0.44    56.6    0.75    0.83 
First Bancorp   1,003    12.5    11.5    11.8    11.8    204    78.2    14.1    5,712    92.5    9.02    13.68    1.54    11.93    4.10    0.35    55.2    0.72    0.49 
FB Financial Corp.   1,066    12.6    12.9    13.4    12.0    214    76.4    7.3    5,058    85.7    10.17    12.83    1.73    13.39    4.75    0.81    63.9    0.53    0.71 
City Holding Co.   1,104    16.2    14.1    14.6    14.5    255    86.1    32.7    4,421    91.4    9.99    17.08    1.90    16.05    3.57    0.64    48.7    1.07    0.52 
Franklin Financial Network Inc   397    12.0    9.8    10.6    10.7    118    65.8        4,168    75.6    8.12    15.00    1.02    12.01    2.73    1.69    58.9    0.15    0.88 
Carolina Financial Corp.   702    16.6    15.0    11.7    11.5    169    68.7    13.3    3,721    89.1    11.72    16.81    1.66    10.87    4.11    0.74    51.6    0.46    0.55 
HomeTrust Bancshares Inc.   466    48.1    45.8    20.9    15.2    123    83.4    11.5    3,354    117.4    11.57    13.58    0.94    7.55    3.45    0.50    65.2    1.01    0.81 
Atlantic Capital Bcshs Inc.   433    NM    16.6    17.7    13.4    146    76.7        2,883    85.7    10.38    14.70    0.93    8.14    3.50    0.78    63.3    0.44    1.00 
Capital City Bank Group Inc.   423    23.8    17.9    21.0    15.9    198    92.0    30.8    2,819    74.5    7.80    16.94    0.85    8.05    3.75    0.18    76.4    1.36    0.80 
Southern National Bncp of VA   331    13.5    9.6    10.4    11.0    144    75.4    31.4    2,703    106.8    8.87    14.25    1.30    10.43    3.66    1.00    51.2    0.29    0.53 
First Bancshares Inc.   465    23.1    20.8    14.2    11.4    183    72.1    14.7    2,509    85.4    9.15    16.57    0.84    7.25    3.97    0.54    57.5    1.11    0.56 
First Community Bankshares Inc   535    19.6    15.3    15.1    14.9    226    91.1    75.0    2,270    95.5    11.00    15.01    1.57    10.68    4.40    0.27    54.5    1.43    1.02 
SmartFinancial Inc.   251    18.8    14.1    12.5    10.6    125    65.0        2,051    92.6    9.25    13.34    0.86    6.92    4.15    0.92    65.6    0.33    0.45 
High   1,788    48.1    45.8    21.0    15.9    268    92.0    75.0    7,518    117.4    11.72    17.08    1.90    20.59    4.75    1.69    76.4    1.43    1.05 
Low   251    12.0    9.6    10.4    10.6    118    65.0    7.3    2,051    74.5    7.80    12.05    0.84    6.92    2.73    0.18    31.5    0.15    0.45 
Mean   729    19.3    16.8    14.7    12.8    185    77.2    24.8    3,937    91.2    9.70    14.82    1.29    10.92    3.84    0.70    57.1    0.72    0.73 
Median   501    16.6    14.5    14.1    12.2    191    75.9    15.8    3,538    90.2    9.55    14.85    1.21    10.56    3.82    0.69    57.0    0.62    0.76 
Fidelity   584    12.6    12.9    15.3    14.2    142    79.2    28.2    4,812    91.5    8.76    12.78    1.06    11.96    3.48    0.56    79.2    1.03    0.76 

 

Note: Excludes AMTB due to recent IPO and LOB due to nontraditional banking model

 

(1) NPAs / Assets = (nonaccrual loans + TDR+ OREO) / total assets

Source: S&P Global Market Intelligence

 

 -3- 

 

 

The disclosure under the subsection captioned “Opinion of Sandler O’Neill & Partners, L.P.” is hereby amended and supplemented by adding the following after the Note on page 67 of the Registration Statement:

 

Ameris Peer Group

 

Financial Data as of
September 30, 2018
  Market Information as of
December 14, 2018
   Balance Sheet   MRQ Profitability   Asset Qual. 
       Price to:                                                 
   Market
Cap.
   LTM
EPS
   YTDA
EPS
   2018E
EPS
   2019E
EPS
   TBV   52-Wk
High
   Div.
Payout
   Total
Asset
   Loans /
Dep.
   TCE /
TA
   Total
RBC
Ratio
   ROAA   ROAE   NIM   Cost
of
Dep.
   Eff.
Ratio
   NPAs /
Assets
   LLR /
Loans
 
Company  ($mm)   (x)   (x)   (x)   (x)   (%)   (%)   (%)   ($mm)   (%)   (%)   (%)   (%)   (%)   (%)   (%)   (%)   (1) (%)   (%) 
United Bankshares Inc.   3,262    15.7    13.0    13.6    13.1    189    79.1    67.7    19,188    94.2    9.81    14.64    1.35    7.90    3.56    0.76    49.8    0.78    0.57 
BancorpSouth Bank   2,739    12.7    11.7    12.8    12.2    182    77.3    28.6    17,249    93.3    8.96    12.60    1.56    12.76    3.70    0.44    64.7    0.39    0.96 
Simmons First National Corp.   2,310    12.9    10.9    11.2    10.5    185    74.6    30.9    16,281    98.1    8.11    13.08    1.38    10.14    4.02    0.82    54.1    0.54    0.48 
Home BancShares Inc.   2,909    11.6    9.6    10.0    9.5    219    66.3    31.7    14,913    101.6    9.62    15.73    2.16    13.85    4.49    0.81    37.4    0.45    1.02 
South State Corporation   2,258    17.2    13.2    11.9    11.9    175    66.3    38.3    14,522    93.9    9.65    13.80    1.29    7.96    4.07    0.45    58.0    0.28    0.49 
Trustmark Corp.   1,948    15.3    13.0    13.8    13.5    163    79.9    48.4    13,440    81.0    9.26    13.61    1.08    9.08    3.61    0.54    65.4    0.79    1.00 
Union Bkshs Corp   1,962    15.7    14.4    12.7    11.0    178    69.6    46.3    13,372    95.7    8.74    12.97    1.18    8.12    3.79    0.65    55.3    0.44    0.44 
Renasant Corp.   1,824    13.2    11.5    11.0    10.0    176    62.4    34.0    12,747    89.7    8.80    13.85    1.13    7.46    4.10    0.60    58.6    0.31    0.51 
WesBanco Inc.   2,102    15.6    13.7    12.8    12.3    210    75.3    47.0    12,599    86.4    8.56    15.20    1.11    7.56    3.53    0.41    54.1    0.35    0.63 
United Community Banks Inc.   1,761    16.6    11.0    11.0    10.3    164    65.0    43.3    12,405    80.4    8.91    14.15    1.42    12.54    3.98    0.44    55.5    0.58    0.74 
CenterState Bank Corp.   2,041    16.9    13.0    11.2    10.3    196    66.1    31.7    12,274    86.8    9.13    12.46    1.39    9.08    4.34    0.43    49.2    0.31    0.47 
TowneBank   1,806    16.1    13.7    13.0    12.1    182    74.5    39.5    11,121    95.0    9.41    14.90    1.45    10.55    3.67    0.73    61.1    0.45    0.61 
ServisFirst Bancshares Inc.   1,788    14.9    13.5    13.9    12.5    268    74.6    16.9    7,518    97.8    8.88    12.05    1.89    20.59    3.80    0.96    31.5    0.40    1.05 
Seacoast Banking Corp. of FL   1,247    19.5    18.5    17.5    13.9    220    75.5        5,931    87.4    9.85    15.57    1.11    8.96    3.85    0.44    56.6    0.75    0.83 
First Bancorp   1,003    12.5    11.5    11.8    11.8    204    78.2    14.1    5,712    92.5    9.02    13.68    1.54    11.93    4.10    0.35    55.2    0.72    0.49 
FB Financial Corp.   1,066    12.6    12.9    13.4    12.0    214    76.4    7.3    5,058    85.7    10.17    12.83    1.73    13.39    4.75    0.81    63.9    0.53    0.71 
High   3,262    19.5    18.5    17.5    13.9    268    79.9    67.7    19,188    101.6    10.17    15.73    2.16    20.59    4.75    0.96    65.4    0.79    1.05 
Low   1,003    11.6    9.6    10.0    9.5    163    62.4    7.3    5,058    80.4    8.11    12.05    1.08    7.46    3.53    0.35    31.5    0.28    0.44 
Mean   2,002    14.9    12.8    12.6    11.7    195    72.6    35.1    12,146    91.2    9.18    13.82    1.42    10.74    3.96    0.60    54.4    0.50    0.69 
Median   1,955    15.4    13.0    12.7    12.0    187    74.6    34.0    12,673    92.9    9.07    13.74    1.38    9.61    3.91    0.57    55.4    0.45    0.62 
Ameris   1,615    16.6    13.8    11.0    8.5    191    57.6    19.5    11,429    92.9    7.77    11.78    1.48    11.88    3.95    0.70    51.9    0.86    0.32 

 

Note: Excludes AMTB due to recent IPO

 

(1) NPAs / Assets = (nonaccrual loans + TDR+ OREO) / total assets

Source: S&P Global Market Intelligence

 

 -4- 

 

 

The disclosure under the subsection captioned “Opinion of Sandler O’Neill & Partners, L.P.” is hereby amended and supplemented by adding the following after the second footnote on page 68 of the Registration Statement:

 

Regional Precedent Transactions

 

      Transaction Information  Seller Information 
             Price to:                         
       Announce  Deal
Value
   LTM
Earnings
   Forward
Earnings
   Book
Value
   TBV   Core
Deposit
Premium
   1-Day
Market
Premium
   Total
Assets
   TCE /
TA
   LTM
ROAA
   NPAs /
Assets
 
Acquiror  Target  Date  ($mm)   (x)   (x)   (%)   (%)   (%)   (%)   ($mm)   (%)   (%)   (%) 
CenterState Bank Corporation  National Commerce Corporation  11/26/2018   844.0    22.4    15.7    122    207    14.1    5.1    4,103    10.8    1.10    0.14 
Union Bankshares Corporation  Access National Corporation  10/5/2018   611.0    22.3    17.5    140    245    16.8    8.8    2,921    9.1    0.95    0.25 
Cadence Bancorporation  State Bank Financial Corporation  5/13/2018   1,372.2    26.2    15.7    212    249    20.3    5.9    4,892    11.5    1.15    0.47 
Renasant Corporation  Brand Group Holdings, Inc.  3/28/2018   476.3    40.0        248    248    14.4        2,409    8.0    0.51    2.51 
Banco de Credito e Inversiones SA  TotalBank  12/1/2017   528.1    22.6        106    156    9.2        3,042    11.8    0.78    0.79 
Arvest Bank Group, Inc.  Bear State Financial, Inc.  8/22/2017   391.3    18.0        159    201    12.8    11.7    2,239    8.9    1.02    0.84 
Valley National Bancorp  USAmeriBancorp, Inc.  7/26/2017   852.1    16.7        229    263    15.7    60.9    4,383    7.4    1.15    1.12 
Union Bankshares Corporation  Xenith Bankshares, Inc.  5/22/2017   699.8    10.1    27.5    146    159    10.1    10.4    3,199    13.9    2.14    1.82 
Sandy Spring Bancorp, Inc.  WashingtonFirst Bankshares, Inc.  5/16/2017   499.8    26.4    24.5    244    271    20.6    29.1    2,059    9.0    0.99    0.37 
South State Corporation  Park Sterling Corporation  4/27/2017   693.9    27.4    21.8    189    241    16.7    2.8    3,309    8.9    0.77    0.46 
Home BancShares, Inc.  Stonegate Bank  3/27/2017   780.6    22.9    19.4    197    269    20.2    7.2    2,902    10.2    1.13    0.70 
IBERIABANK Corporation  Sabadell United Bank, N.A.  2/28/2017   1,028.0    21.2        167    196    12.8        5,789    9.2    0.88    0.37 
Pinnacle Financial Partners, Inc.  BNC Bancorp  1/22/2017   1,732.4    23.8    18.3    192    270    22.1    2.1    7,402    9.0    1.00    0.66 
High         1,732.4    40.0    27.5    248    271    22.1    60.9    7,402    13.9    2.14    2.51 
Low         391.3    10.1    15.7    106    156    9.2    2.1    2,059    7.4    0.51    0.14 
Mean         808.4    23.1    20.0    181    229    15.8    14.4    3,742    9.8    1.04    0.81 
Median         699.8    22.6    18.8    189    245    15.7    8.0    3,199    9.1    1.00    0.66 
Ameris  Fidelity(1)      750.7    16.2    19.2    174    178    8.5(3)   27.1    4,812    8.8    0.98    1.03 
               18.1(2)                  8.9(4)                         

 

(1) Based on Ameris’s closing stock price on December 14, 2018

(2) LTM earnings adjusted to exclude one-time $4.9 million tax benefit associated with the enactment of the Tax Cuts and Jobs Act of 2017

(3) Core deposits equates to total deposits less time deposits > $250,000

(4) Core deposits equates to total deposits less time deposits > $100,000

Source: S&P Global Market Intelligence

 

 -5- 

 

 

The disclosure under the subsection captioned “Opinion of Sandler O’Neill & Partners, L.P.” is hereby amended and supplemented by adding the following after the second footnote on page 69 of the Registration Statement:

 

Nationwide Precedent Transactions

 

      Transaction Information  Seller Information 
             Price to:                         
      Announce  Deal
Value
   LTM
Earnings
   Forward
Earnings
   Book
Value
   TBV   Core
Deposit
Premium
   1-Day
Market
Premium
   Total
Assets
   TCE /
TA
   LTM
ROAA
   NPAs /
Assets
 
Acquiror  Target  Date  ($mm)   (x)   (x)   (%)   (%)   (%)   (%)   ($mm)   (%)   (%)   (%) 
People's United Financial, Inc.  BSB Bancorp, Inc.  11/27/2018   327.8    14.9        160    166    7.2    20.7    2,972    6.7    0.74    0.19 
CenterState Bank Corporation  National Commerce Corporation  11/26/2018   844.0    22.4    15.7    122    207    14.1    5.1    4,103    10.8    1.10    0.14 
Union Bankshares Corporation  Access National Corporation  10/5/2018   611.0    22.3    17.5    140    245    16.8    8.8    2,921    9.1    0.95    0.25 
Independent Bank Corp.  Blue Hills Bancorp, Inc.  9/20/2018   726.5    35.0    25.1    174    186    17.0    12.0    2,741    14.3    0.70    0.52 
PacWest Bancorp  El Dorado Savings Bank, F.S.B.  9/12/2018   466.7    27.3        204    205    12.4        2,206    10.3    0.78    0.47 
WSFS Financial Corporation  Beneficial Bancorp, Inc.  8/8/2018   1,507.4    53.0    33.2    144    177    16.0    20.3    5,770    15.2    0.48    0.36 
Veritex Holdings, Inc.  Green Bancorp, Inc.  7/24/2018   1,000.0    24.2    15.2    201    259    21.6    15.1    4,392    9.0    0.95    1.34 
People's United Financial, Inc.  First Connecticut Bancorp, Inc.  6/19/2018   552.3    29.9    19.4    187    199    11.9    24.3    3,138    8.8    0.57    0.71 
BOK Financial Corporation  CoBiz Financial Inc.  6/18/2018   978.4    25.6    18.4    288    290    20.4    4.0    3,816    8.9    0.98    1.69 
Independent Bank Group, Inc.  Guaranty Bancorp  5/22/2018   1,036.6    23.7    18.5    252    319    24.1    15.2    3,722    8.9    1.20    0.65 
Cadence Bancorporation  State Bank Financial Corporation  5/13/2018   1,372.2    26.2    15.7    212    249    20.3    5.9    4,892    11.5    1.15    0.47 
Renasant Corporation  Brand Group Holdings, Inc.  3/28/2018   476.3    40.0        248    248    14.4        2,409    8.0    0.51    2.51 
CVB Financial Corp.  Community Bank  2/26/2018   878.3    32.5        246    250    19.8    48.9    3,747    9.4    0.72    0.40 
Pacific Premier Bancorp, Inc.  Grandpoint Capital, Inc.  2/12/2018   641.2    25.1        176    221    15.9    (7.1)   3,194    9.3    0.76    0.41 
Banco de Credito e Inversiones SA  TotalBank  12/1/2017   528.1    22.6        106    156    9.2        3,042    11.8    0.78    0.79 
Arvest Bank Group, Inc.  Bear State Financial, Inc.  8/22/2017   391.3    18.0        159    201    12.8    11.7    2,239    8.9    1.02    0.84 
Old National Bancorp  Anchor Bancorp, Inc.  8/8/2017   303.3    17.1        174    191    8.5        2,056    7.3    0.88    0.45 
Valley National Bancorp  USAmeriBancorp, Inc.  7/26/2017   852.1    16.7        229    263    15.7    60.9    4,383    7.4    1.15    1.12 
First Financial Bancorp.  MainSource Financial Group, Inc.  7/25/2017   1,005.6    22.4    18.2    203    288    19.2    15.3    4,042    8.9    1.06    0.62 
Associated Banc-Corp  Bank Mutual Corporation  7/20/2017   482.3    28.8    27.3    165    167    10.3    12.2    2,668    10.8    0.61    0.50 
OceanFirst Financial Corp.  Sun Bancorp, Inc.  6/30/2017   488.9    7.8    63.2    149    172    11.9    1.3    2,256    12.8    2.82    0.28 
Union Bankshares Corporation  Xenith Bankshares, Inc.  5/22/2017   699.8    10.1    27.5    146    159    10.1    10.4    3,199    13.9    2.14    1.82 
Berkshire Hills Bancorp, Inc.  Commerce Bancshares Corp.  5/22/2017   209.2    14.6        129    138    3.0        2,219    6.9    0.75    1.14 
Sandy Spring Bancorp, Inc.  WashingtonFirst Bankshares, Inc.  5/16/2017   499.8    26.4    24.5    244    271    20.6    29.1    2,059    9.0    0.99    0.37 
South State Corporation  Park Sterling Corporation  4/27/2017   693.9    27.4    21.8    189    241    16.7    2.8    3,309    8.9    0.77    0.46 
PacWest Bancorp  CU Bancorp  4/6/2017   706.3    25.3    22.3    214    273    16.4    (0.1)   3,143    8.4    0.97    0.02 
Home BancShares, Inc.  Stonegate Bank  3/27/2017   780.6    22.9    19.4    197    269    20.2    7.2    2,902    10.2    1.13    0.70 
IBERIABANK Corporation  Sabadell United Bank, N.A.  2/28/2017   1,028.0    21.2        167    196    12.8        5,789    9.2    0.88    0.37 
Simmons First National Corporation  First Texas BHC, Inc.  1/23/2017   467.0    25.1        206    247    18.5        2,129    9.1    1.00    0.00 
Pinnacle Financial Partners, Inc.  BNC Bancorp  1/22/2017   1,732.4    23.8    18.3    192    270    22.1    2.1    7,402    9.0    1.00    0.66 
Columbia Banking System, Inc.  Pacific Continental Corporation  1/9/2017   660.9    30.0    21.6    235    325    22.2    36.1    2,541    8.2    0.92    1.20 
High         1,732.4    53.0    63.2    288    325    24.1    60.9    7,402    15.2    2.82    2.51 
Low         209.2    7.8    15.2    106    138    3.0    (7.1)   2,056    6.7    0.48    0.00 
Mean         740.3    24.6    23.3    189    227    15.6    15.1    3,400    9.7    0.98    0.69 
Median         693.9    24.2    19.4    189    241    16.0    11.9    3,138    9.0    0.95    0.50 
Ameris  Fidelity(1)      750.7    16.2    19.2    174    178    8.5(3)   27.1    4,812    8.8    0.98    1.03 
               18.1(2)                  8.9(4)                         

 

(1) Based on Ameris’s closing stock price on December 14, 2018

(2) LTM earnings adjusted to exclude one-time $4.9 million tax benefit associated with the enactment of the Tax Cuts and Jobs Act of 2017

(3) Core deposits equates to total deposits less time deposits > $250,000

(4) Core deposits equates to total deposits less time deposits > $100,000

Source: S&P Global Market Intelligence

 

 -6- 

 

 

The disclosure under the subsection captioned “Opinion of Sandler O’Neill & Partners, L.P.” is hereby amended and supplemented by adding the following after the second footnote on page 70 of the Registration Statement:

 

Pending Precedent Transactions

 

      Transaction Information at Announcement  Transaction Information at Present(1)
             Price to:                      Price to:     
      Announce   Deal
Value
   LTM
Earnings
   Forward
Earnings
   TBV   Core
Deposit
Prem.
   1-Day
Market
Premium
  

Deal

Status

  Deal
Value
   Change
Since
Announce
   LTM
Earnings
   Forward
Earnings
   TBV   Core
Deposit
Prem.
 
Acquiror  Target  Date  ($mm)   (x)   (x)   (%)   (2) (%)   (%)      ($mm)   (%)   (x)   (x)   (%)   (2)(%) 
People's United Financial, Inc.  BSB Bancorp, Inc.  11/27/2018   327.8    14.9        166    7.2    20.7   Pending   308.0    (6.1)   14.0        156    6.1 
CenterState Bank Corporation  National Commerce Corporation  11/26/2018   844.0    22.4    15.7    207    14.1    5.1   Pending   741.8    (12.1)   19.6    13.8    182    10.5 
Union Bankshares Corporation  Access National Corporation  10/05/2018   618.0    22.3    17.5    248    16.8    8.8   Pending   468.9    (24.1)   16.9    13.3    188    11.1 
Independent Bank Corp.  Blue Hills Bancorp, Inc.  09/20/2018   725.4    35.0    25.1    186    17.0    12.0   Pending   615.5    (15.2)   29.7    21.3    157    11.4 
PacWest Bancorp  El Dorado Savings Bank, F.S.B.  09/12/2018   466.7    27.3        205    12.4       Pending   328.2    (29.7)   19.2        144    5.2 
WSFS Financial Corporation  Beneficial Bancorp, Inc.  08/08/2018   1,507.4    53.0    33.2    177    16.0    20.3   Pending   1,139.0    (24.4)   40.0    25.1    134    6.9 
Veritex Holdings, Inc.  Green Bancorp, Inc.  07/24/2018   1,000.0    24.2    15.2    259    21.6    15.1   Pending   688.1    (31.2)   16.6    10.5    178    10.6 
Independent Bank Group, Inc.  Guaranty Bancorp  05/22/2018   1,036.6    23.7    18.5    319    24.1    15.2   Pending   628.8    (39.3)   14.4    11.2    194    10.3 
Cadence Bancorporation  State Bank Financial Corporation  05/13/2018   1,372.2    26.2    15.7    249    20.3    5.9   Pending   855.0    (37.7)   16.3    9.8    155    7.5 
High         1,507.4    53.0    33.2    319    24.1    20.7       1,139.0    (6.1)   40.0    25.1    194    11.4 
Low         327.8    14.9    15.2    166    7.2    5.1       308.0    (39.3)   14.0    9.8    134    5.2 
Mean         877.6    27.7    20.1    224    16.6    12.9       641.5    (24.4)   20.8    15.0    165    8.9 
Median         844.0    24.2    17.5    207    16.8    13.5       628.8    (24.4)   16.9    13.3    157    10.3 
                                             Fidelity/Ameris as of December 14, 2018(3) 
Ameris  Fidelity                                       750.7    (24.0)   16.2    19.2    178    8.5(2)
                                                     18.1(4)             8.9(5)

 

(1) Represents pricing multiples based on buyer closing stock prices on December 14, 2018

(2) Core deposits equates to total deposits less time deposits > $250,000

(3) Based on Ameris’s closing stock price on December 14, 2018 of $34.02; presented on an aggregate basis

(4) LTM earnings adjusted to exclude one-time $4.9 million tax benefit associated with the enactment of the Tax Cuts and Jobs Act of 2017

(5) Core deposits equates to total deposits less time deposits > $100,000

Source: S&P Global Market Intelligence

 

The disclosure under the subsection captioned “Opinion of Sandler O’Neill & Partners, L.P.” is hereby amended and supplemented by adding the following after the second sentence of the first full paragraph on page 70 of the Registration Statement:

 

Sandler O’Neill selected the price to earnings and tangible book value multiples for Fidelity based on Sandler O’Neill’s review of, among other matters, the respective trading multiples of selected companies that Sandler O’Neill deemed to be comparable to Fidelity.

 

 -7- 

 

 

The disclosure under the subsection captioned “Opinion of Sandler O’Neill & Partners, L.P.” is hereby amended and supplemented by adding the following after the third sentence of the first full paragraph on page 70 of the Registration Statement:

 

The range of discount rates of 9.5% to 13.5% used in the analysis was selected taking into account a capital asset pricing model implied cost of equity calculation. The following table describes the discount rate calculation for Fidelity common stock prepared by Sandler O’Neill. In its normal course of business, Sandler O’Neill employs the Duff & Phelps Cost of Capital Navigator and Bloomberg in determining an appropriate discount rate in which the discount rate equals the risk free rate plus the product of the 2-year adjusted beta for Fidelity common stock and the equity risk premium, plus the size premium.

 

Calculation of Discount Rate
Risk Free Rate   3.50%
2 Year Beta of Stock   0.931x
Equity Risk Premium   5.00%
Size Premium   3.48%
Discount Rate   11.64%

 

The disclosure under the subsection captioned “Opinion of Sandler O’Neill & Partners, L.P.” is hereby amended and supplemented by adding the following after the second sentence of the first full paragraph on page 71 of the Registration Statement:

 

Sandler O’Neill selected the price to earnings and tangible book value multiples for Ameris based on Sandler O’Neill’s review of, among other matters, the respective trading multiples of selected companies that Sandler O’Neill deemed to be comparable to Ameris.

 

The disclosure under the subsection captioned “Opinion of Sandler O’Neill & Partners, L.P.” is hereby amended and supplemented by adding the following after the third sentence of the first full paragraph on page 71 of the Registration Statement:

 

The range of discount rates of 9.0% to 13.0% used in the analysis was selected taking into account a capital asset pricing model implied cost of equity calculation. The following table describes the discount rate calculation for Ameris common stock prepared by Sandler O’Neill. In its normal course of business, Sandler O’Neill employs the Duff & Phelps Cost of Capital Navigator and Bloomberg in determining an appropriate discount rate in which the discount rate equals the risk free rate plus the product of the 2-year adjusted beta for Ameris common stock and the equity risk premium, plus the size premium.

 

Calculation of Discount Rate
Risk Free Rate   3.50%
2 Year Beta of Stock   1.122x
Equity Risk Premium   5.00%
Size Premium   1.64%
Discount Rate   10.75%

 

 -8- 

 

 

The disclosure under the subsection captioned “Opinion of FIG Partners, LLC” is hereby amended and supplemented by replacing the title of the table on page 76 of the Registration Statement with the title “Fidelity Comparable Company Analysis – Summary”.

 

The disclosure under the subsection captioned “Opinion of FIG Partners, LLC” is hereby amended and supplemented by adding the following after the last Note on page 76 of the Registration Statement:

 

Fidelity Comparable Company Analysis – Additional Detail – Market Data

 

       Price to:           Ownership     
Institution  Mkt
Cap
($M)
   P/
TBV
(%)
   P/
LTM
EPS
(x)
  

P/
NTM

EPS
(x)

   P/
Assets
(%)
   Div.
Yield
(%)
   Weekly
Volume
(%)
   Insider
(%)
   Inst.
(%)
   LTM
Return
(%)
 
Pinnacle Financial Partners   3,712.2    181.8    12.7    10.2    15.1    1.3    3.4    6.3    81.0    -25.8 
South State Corporation   2,257.7    174.8    17.2    12.3    15.6    2.3    2.1    2.5    78.2    -28.0 
CenterState Bank Corp.   2,040.6    195.9    16.9    10.7    16.6    1.9    3.4    3.3    80.8    -17.5 
ServisFirst Bancshares, Inc.   1,788.0    267.8    14.9    12.8    23.7    1.3    1.3    15.6    48.9    -15.3 
United Community Banks Inc   1,760.8    163.6    16.6    10.5    14.2    2.9    2.8    2.2    89.6    -17.0 
Eagle Bancorp, Inc.   1,722.2    180.0    13.6    11.3    21.3    0.0    3.0    8.7    77.8    -13.6 
Ameris Bancorp, Inc.   1,615.3    191.3    16.6    8.9    14.1    1.2    3.0    2.6    86.8    -26.0 
Cadence Bancorp   1,575.5    143.2    10.7    8.9    13.4    3.2    6.2    3.9    109.3    -22.9 
Seacoast Banking Corp of FL   1,247.0    219.6    19.5    14.4    21.0    0.0    3.7    3.2    86.6    5.2 
First Bancorp   1,003.4    203.7    12.5    12.0    17.6    1.2    1.7    2.6    67.2    -5.7 
National Commerce Corp   753.0    184.4    20.3    12.9    18.4    0.0    1.5    16.4    49.2    -9.2 
Carolina Financial Corp.   702.2    168.5    16.6    11.8    19.0    0.9    1.9    8.6    56.3    -13.4 
Access National Corp.   469.9    182.1    15.7    13.1    15.5    3.0    1.4    27.9    44.7    -18.8 
First Bancshares, Inc.   464.6    183.5    23.1    12.0    16.3    0.6    1.2    9.9    60.3    -5.8 
Atlantic Capital Bksh., Inc.   432.6    145.7    NM    14.2    15.0    0.0    1.9    4.1    79.3    0.7 
Capital City Bank Group, Inc.   423.1    198.4    23.8    16.6    15.0    1.5    0.6    36.5    38.6    6.6 
Franklin Financial Network   396.6    117.7    12.0    11.2    9.5    0.0    3.7    10.0    68.2    -19.7 
Home Bancorp, Inc.   333.3    145.4    11.9    10.5    15.6    2.3    1.0    11.7    30.9    -15.5 

 

Fidelity Comparable Company Analysis – Additional Detail – Financial Highlights

 

Institution  Total
Assets
($M)
   Total
Loans
($M)
   TCE/
TA
(%)
   NPAs/
Assets
(%)
   LTM
ROAA
(%)
 
Pinnacle Financial Partners   24,557.5    17,552.8    9.0    0.41    1.27 
South State Corporation   14,552.2    10,942.9    9.7    0.28    0.95 
CenterState Bank Corp.   12,274.4    8,262.6    9.1    0.31    1.12 
ServisFirst Bancshares, Inc.   7,517.8    6,368.8    8.9    0.40    1.72 
United Community Banks Inc.   12,405.1    8,253.8    8.9    0.58    0.90 
Eagle Bancorp, Inc.   8,057.9    6,863.4    12.0    0.40    1.65 
Ameris Bancorp, Inc.   11,429.0    8,659.7    7.8    0.86    0.98 
Cadence Bancorp   11,759.8    9,490.6    9.6    0.61    1.34 
Seacoast Banking Corp of FL   5,930.9    4,075.5    9.8    0.75    1.10 
First Bancorp   5,711.6    4,196.7    9.0    0.72    1.42 
National Commerce Corp   4,103.3    3,245.9    10.6    0.14    1.10 
Carolina Financial Corp.   3,721.5    2,482.8    11.7    0.46    1.17 
Access National Corp.   3,021.3    2,130.9    9.1    0.22    1.03 
First Bancshares, Inc.   2,508.9    1,752.8    9.1    1.11    0.77 
Atlantic Capital Bancshares, Inc.   2,882.7    2,040.3    10.4    0.44    0.16 
Capital City Bank Group, Inc.   2,819.2    1,782.1    7.8    1.36    0.62 
Franklin Financial Network Inc.   4,167.8    2,564.7    8.1    0.15    0.83 
Home Bancorp, Inc.   2,140.5    1,636.5    11.1    1.08    1.29 

 

 -9- 

 

 

The disclosure under the subsection captioned “Opinion of FIG Partners, LLC” is hereby amended and supplemented by replacing the title of the table on page 77 of the Registration Statement with the title “Ameris Comparable Company Analysis – Summary”.

 

The disclosure under the subsection captioned “Opinion of FIG Partners, LLC” is hereby amended and supplemented by adding the following after the last Note on page 77 of the Registration Statement:

 

Ameris Comparable Company Analysis – Additional Detail – Market Data

 

       Price to:           Ownership     
Institution  Mkt
Cap
($M)
   P/
TBV
(%)
   P/
LTM
EPS
(x)
   P/
NTM
EPS
(x)
   P/
Assets
(%)
   Div.
Yield
(%)
   Weekly
Volume
(%)
   Insider
(%)
   Inst.
(%)
   LTM
Return
(%)
 
Pinnacle Financial Partners   3,712.2    181.8    12.7    10.2    15.1    1.3    3.4    6.3    81.0    -25.8 
United Bankshares Inc.   3,261.6    189.2    15.7    13.3    17.1    4.3    2.7    2.8    72.5    -4.0 
Home BancShares Inc.   2,908.7    218.9    11.6    9.7    19.6    2.9    2.4    9.2    67.2    -23.8 
Bank OZK   2,823.1    95.6    6.3    7.0    12.8    3.8    4.9    6.3    92.3    -51.7 
Simmons First National Corp.   2,309.6    185.2    12.9    10.8    14.1    2.4    2.2    2.2    67.7    -7.7 
South State Corporation   2,257.7    174.8    17.2    12.3    15.6    2.3    2.1    2.5    78.2    -28.0 
CenterState Bank Corp.   2,040.6    195.9    16.9    10.7    16.6    1.9    3.4    3.3    80.8    -17.5 
Union Bankshares Corp.   1,962.5    178.3    15.7    11.4    14.7    3.1    3.0    8.6    84.2    -16.1 
Renasant Corp.   1,824.3    176.1    13.2    10.2    14.3    2.7    1.5    4.3    60.7    -21.0 
TowneBank   1,806.1  </