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)
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Georgia
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001-34981
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58-1416811
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(State or other jurisdiction
of incorporation)
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(Commission
file number)
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(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.
¨
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.
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
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Market
Information as of
December 14, 2018
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Balance Sheet
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MRQ
Profitability
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Asset
Qual.
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Price
to:
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Market
Cap.
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LTM
EPS
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YTDA
EPS
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2018E
EPS
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2019E
EPS
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TBV
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52-
Wk
High
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Div.
Payout
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Total
Asset
|
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Loans
/
Dep.
|
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TCE
/ TA
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Total
RBC
Ratio
|
|
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ROAA
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ROAE
|
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NIM
|
|
|
Cost
of
Dep.
|
|
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Eff.
Ratio
|
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NPAs
/
Assets
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LLR
/
Loans
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Company
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($mm)
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(x)
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(x)
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(x)
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|
(x)
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(%)
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(%)
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(%)
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|
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($mm)
|
|
|
(%)
|
|
|
(%)
|
|
|
(%)
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|
|
(%)
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|
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(%)
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|
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(%)
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(%)
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(%)
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(1)
(%)
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(%)
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|
ServisFirst
Bancshares Inc.
|
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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
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|
|
|
0.40
|
|
|
|
1.05
|
|
|
Seacoast Banking Corp.
of FL
|
|
|
1,247
|
|
|
|
19.5
|
|
|
|
18.5
|
|
|
|
17.5
|
|
|
|
13.9
|
|
|
|
220
|
|
|
|
75.5
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|
|
–
|
|
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|
5,931
|
|
|
|
87.4
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|
9.85
|
|
|
|
15.57
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|
|
|
1.11
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|
|
|
8.96
|
|
|
|
3.85
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|
|
|
0.44
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|
|
|
56.6
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|
|
|
0.75
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|
|
|
0.83
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|
|
First Bancorp
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|
1,003
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|
|
|
12.5
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|
|
|
11.5
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|
|
|
11.8
|
|
|
|
11.8
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|
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|
204
|
|
|
|
78.2
|
|
|
|
14.1
|
|
|
|
5,712
|
|
|
|
92.5
|
|
|
|
9.02
|
|
|
|
13.68
|
|
|
|
1.54
|
|
|
|
11.93
|
|
|
|
4.10
|
|
|
|
0.35
|
|
|
|
55.2
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|
|
|
0.72
|
|
|
|
0.49
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|
FB Financial Corp.
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|
1,066
|
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|
|
12.6
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|
12.9
|
|
|
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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
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|
|
|
0.53
|
|
|
|
0.71
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|
|
City Holding Co.
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1,104
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|
|
|
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
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|
|
Franklin Financial Network
Inc
|
|
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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
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
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 > $100,000
Source: S&P Global Market Intelligence
The disclosure under the subsection captioned “Opinion
of Sandler O’Neill & Partners, L.P.” is hereby amended and supplemented by adding the following after the second
footnote on page 69 of the Registration Statement:
Nationwide Precedent Transactions
|
|
|
|
|
Transaction
Information
|
|
Seller
Information
|
|
|
|
|
|
|
|
|
|
|
|
Price
to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Announce
|
|
Deal
Value
|
|
|
LTM
Earnings
|
|
|
Forward
Earnings
|
|
|
Book
Value
|
|
|
TBV
|
|
|
Core
Deposit
Premium
|
|
|
1-Day
Market
Premium
|
|
|
Total
Assets
|
|
|
TCE
/
TA
|
|
|
LTM
ROAA
|
|
|
NPAs
/
Assets
|
|
|
Acquiror
|
|
Target
|
|
Date
|
|
($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 > $100,000
Source: S&P Global Market Intelligence
The disclosure under the subsection captioned “Opinion
of Sandler O’Neill & Partners, L.P.” is hereby amended and supplemented by adding the following after the second
footnote on page 70 of the Registration Statement:
Pending Precedent Transactions
|
|
|
|
|
Transaction
Information at Announcement
|
|
Transaction
Information at Present
(1)
|
|
|
|
|
|
|
|
|
|
|
Price
to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Price
to:
|
|
|
|
|
|
|
|
|
|
Announce
|
|
Deal
Value
|
|
|
LTM
Earnings
|
|
|
Forward
Earnings
|
|
|
TBV
|
|
|
Core
Deposit
Prem.
|
|
|
1-Day
Market
Premium
|
|
|
Deal
Status
|
|
Deal
Value
|
|
|
Change
Since
Announce
|
|
|
LTM
Earnings
|
|
|
Forward
Earnings
|
|
|
TBV
|
|
|
Core
Deposit
Prem.
|
|
|
Acquiror
|
|
Target
|
|
Date
|
|
($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.
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
|
|
|
0.931
|
x
|
|
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
|
|
|
1.122
|
x
|
|
Equity Risk Premium
|
|
|
5.00
|
%
|
|
Size Premium
|
|
|
1.64
|
%
|
|
Discount Rate
|
|
|
10.75
|
%
|
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
|
|
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
|
|
|
|
182.4
|
|
|
|
16.1
|
|
|
|
12.2
|
|
|
|
16.4
|
|
|
|
2.5
|
|
|
|
1.0
|
|
|
|
11.1
|
|
|
|
44.9
|
|
|
|
-19.0
|
|
|
First Merchants Corp.
|
|
|
1,800.6
|
|
|
|
200.9
|
|
|
|
12.7
|
|
|
|
11.6
|
|
|
|
18.3
|
|
|
|
2.4
|
|
|
|
1.6
|
|
|
|
1.4
|
|
|
|
72.8
|
|
|
|
-11.8
|
|
|
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
|
|
|
Heartland Financial
USA Inc
|
|
|
1,638.5
|
|
|
|
195.4
|
|
|
|
15.7
|
|
|
|
12.1
|
|
|
|
14.5
|
|
|
|
1.2
|
|
|
|
1.9
|
|
|
|
7.3
|
|
|
|
55.7
|
|
|
|
-5.8
|
|
|
Cadence Bancorp
|
|
|
1,575.5
|
|
|
|
143.2
|
|
|
|
10.7
|
|
|
|
8.9
|
|
|
|
13.4
|
|
|
|
3.2
|
|
|
|
6.2
|
|
|
|
3.9
|
|
|
|
109.3
|
|
|
|
-22.9
|
|
|
Sandy Spring Bancorp
Inc
|
|
|
1,158.4
|
|
|
|
168.6
|
|
|
|
13.3
|
|
|
|
10.4
|
|
|
|
14.4
|
|
|
|
3.4
|
|
|
|
2.2
|
|
|
|
5.2
|
|
|
|
70.9
|
|
|
|
-12.7
|
|
|
Southside Bancshares
Inc
|
|
|
1,116.3
|
|
|
|
209.7
|
|
|
|
16.4
|
|
|
|
14.1
|
|
|
|
18.3
|
|
|
|
3.8
|
|
|
|
2.1
|
|
|
|
6.9
|
|
|
|
52.0
|
|
|
|
-2.9
|
|
|
First Bancorp
|
|
|
1,003.4
|
|
|
|
203.7
|
|
|
|
12.5
|
|
|
|
12.0
|
|
|
|
17.6
|
|
|
|
1.2
|
|
|
|
1.7
|
|
|
|
2.6
|
|
|
|
67.2
|
|
|
|
-5.7
|
|
Ameris 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
|
|
|
|
17,522.8
|
|
|
|
9.0
|
|
|
|
0.41
|
|
|
|
1.27
|
|
|
United Bankshares Inc.
|
|
|
19.187.6
|
|
|
|
13,510.9
|
|
|
|
9.8
|
|
|
|
0.78
|
|
|
|
1.12
|
|
|
Home BancShares Inc.
|
|
|
14,912.7
|
|
|
|
10,832.8
|
|
|
|
9.6
|
|
|
|
0.45
|
|
|
|
1.76
|
|
|
Bank OZK
|
|
|
22,086.5
|
|
|
|
16,725.8
|
|
|
|
13.8
|
|
|
|
0.23
|
|
|
|
2.09
|
|
|
Simmons First National Corp.
|
|
|
16,281.3
|
|
|
|
11,907.7
|
|
|
|
8.1
|
|
|
|
0.54
|
|
|
|
1.18
|
|
|
South State Corporation
|
|
|
14,522.2
|
|
|
|
10,942.9
|
|
|
|
9.7
|
|
|
|
0.28
|
|
|
|
0.95
|
|
|
CenterState Bank Corp.
|
|
|
12,274.4
|
|
|
|
8,262.6
|
|
|
|
9.1
|
|
|
|
0.31
|
|
|
|
1.12
|
|
|
Union Bankshares Corp.
|
|
|
13,371.7
|
|
|
|
9,412.0
|
|
|
|
8.7
|
|
|
|
0.44
|
|
|
|
0.97
|
|
|
Renasant Corp.
|
|
|
12,746.9
|
|
|
|
9,586.2
|
|
|
|
8.8
|
|
|
|
0.31
|
|
|
|
1.14
|
|
|
TowneBank
|
|
|
11,121.2
|
|
|
|
8,215.0
|
|
|
|
9.4
|
|
|
|
0.45
|
|
|
|
1.15
|
|
|
First Merchants Corp.
|
|
|
9,787.3
|
|
|
|
7,091.1
|
|
|
|
9.6
|
|
|
|
0.31
|
|
|
|
1.49
|
|
|
United Community Banks Inc
|
|
|
12,405.1
|
|
|
|
8,253.8
|
|
|
|
8.9
|
|
|
|
0.58
|
|
|
|
0.90
|
|
|
Heartland Financial USA Inc
|
|
|
11,335.1
|
|
|
|
7,443.2
|
|
|
|
7.7
|
|
|
|
0.64
|
|
|
|
0.95
|
|
|
Cadence Bancorp
|
|
|
11,759.8
|
|
|
|
9,490.6
|
|
|
|
9.6
|
|
|
|
0.61
|
|
|
|
1.34
|
|
|
Sandy Spring Bancorp Inc
|
|
|
8,034.6
|
|
|
|
6,420.5
|
|
|
|
8.9
|
|
|
|
0.42
|
|
|
|
1.15
|
|
|
Southside Bancshares Inc
|
|
|
6,105.4
|
|
|
|
3,275.5
|
|
|
|
9.0
|
|
|
|
0.65
|
|
|
|
1.09
|
|
|
First Bancorp
|
|
|
5,711.6
|
|
|
|
4,196.7
|
|
|
|
9.0
|
|
|
|
0.72
|
|
|
|
1.42
|
|
The disclosure under the subsection captioned “Opinion
of FIG Partners, LLC” is hereby amended and supplemented by adding the title, “
Comparable Transactions Analysis
– Summary
” to the table on page 78 of the Registration Statement.
The disclosure under the subsection captioned “Opinion
of FIG Partners, LLC” is hereby amended and supplemented by adding the following after the table on page 78 of the Registration
Statement:
Comparable Transactions Analysis –
Additional Information – Transaction Terms
|
|
|
|
|
|
|
|
|
|
|
|
Price to:
|
|
|
|
|
Date
Announced
|
|
Buyer
|
|
Seller
|
|
Consid
Type
|
|
Deal
Value
($M)
|
|
|
TBV
(%)
|
|
|
EPS
(x)
|
|
|
Assets
(%)
|
|
|
Core
Dep.
Premium
(%)
|
|
|
12/11/2018
|
|
Berkshire Hills Bancorp, Inc.
|
|
SI Financial Group, Inc.
|
|
Stock
|
|
|
182.2
|
|
|
|
117.5
|
|
|
|
27.3
|
|
|
|
11.3
|
|
|
|
2.6
|
|
|
12/06/2018
|
|
First Midwest Bancorp, Inc.
|
|
Bridgeview Bancorp, Inc.
|
|
Mix
|
|
|
145.0
|
|
|
|
130.0
|
|
|
|
9.4
|
|
|
|
11.5
|
|
|
|
4.0
|
|
|
11/27/2018
|
|
People’s United Financial Inc.
|
|
BSB Bancorp Inc.
|
|
Stock
|
|
|
327.8
|
|
|
|
159.8
|
|
|
|
14.9
|
|
|
|
11.0
|
|
|
|
7.9
|
|
|
11/26/2018
|
|
CenterState Bank Corp.
|
|
National Commerce Corp.
|
|
Stock
|
|
|
844.0
|
|
|
|
202.6
|
|
|
|
22.4
|
|
|
|
20.6
|
|
|
|
14.9
|
|
|
11/13/2018
|
|
Simmons First National Corp.
|
|
Reliance Bancshares Inc.
|
|
Mix
|
|
|
171.6
|
|
|
|
187.7
|
|
|
|
NM
|
|
|
|
11.5
|
|
|
|
8.8
|
|
|
10/10/2018
|
|
First Merchants Corp
|
|
MBT Financial Corp.
|
|
Stock
|
|
|
290.5
|
|
|
|
240.1
|
|
|
|
23.3
|
|
|
|
22.0
|
|
|
|
NA
|
|
|
10/05/2018
|
|
Union Bankshares Corp
|
|
Access National Corp
|
|
Mix
|
|
|
618.0
|
|
|
|
243.4
|
|
|
|
22.3
|
|
|
|
21.2
|
|
|
|
NA
|
|
|
9/20/2018
|
|
Independent Bank Corp.
|
|
Blue Hills Bancorp Inc
|
|
Mix
|
|
|
725.4
|
|
|
|
117.9
|
|
|
|
NM
|
|
|
|
26.5
|
|
|
|
19.2
|
|
|
9/12/2018
|
|
PacWest Bancorp
|
|
El Dorado SB FSB
|
|
Mix
|
|
|
466.7
|
|
|
|
204.6
|
|
|
|
27.3
|
|
|
|
21.2
|
|
|
|
13.3
|
|
|
8/22/2018
|
|
First Busey Corp
|
|
Banc Ed Corp
|
|
Mix
|
|
|
304.9
|
|
|
|
164.0
|
|
|
|
23.3
|
|
|
|
16.5
|
|
|
|
7.7
|
|
|
8/22/2018
|
|
MidWestOne Financial Grp
|
|
ATBancorp
|
|
Mix
|
|
|
171.7
|
|
|
|
155.8
|
|
|
|
6.3
|
|
|
|
12.8
|
|
|
|
6.8
|
|
|
8/08/2018
|
|
WSFS Financial Corp.
|
|
Beneficial Bancorp Inc
|
|
Mix
|
|
|
1,507.4
|
|
|
|
172.7
|
|
|
|
NM
|
|
|
|
26.1
|
|
|
|
16.6
|
|
|
7/24/2018
|
|
Veritex Holdings Inc.
|
|
Green Bancorp Inc.
|
|
Mix
|
|
|
1,000.0
|
|
|
|
249.9
|
|
|
|
24.2
|
|
|
|
22.8
|
|
|
|
NA
|
|
Comparable Transactions Analysis –
Additional Information – Target Financials
Date
Announced
|
|
Buyer
|
|
Seller
|
|
Total
Assets
($M)
|
|
|
NPAs/
Assets
(%)
|
|
|
TCE/
TA
(%)
|
|
|
LTM
ROAA
(%)
|
|
|
12/11/2018
|
|
Berkshire Hills Bancorp, Inc.
|
|
SI Financial Group, Inc.
|
|
|
1,607.1
|
|
|
|
1.17
|
|
|
|
9.65
|
|
|
|
0.41
|
|
|
12/06/2018
|
|
First Midwest Bancorp, Inc.
|
|
Bridgeview Bancorp, Inc.
|
|
|
1,259.9
|
|
|
|
1.31
|
|
|
|
11.00
|
|
|
|
0.19
|
|
|
11/27/2018
|
|
People’s United Financial Inc.
|
|
BSB Bancorp Inc.
|
|
|
2,971.8
|
|
|
|
0.19
|
|
|
|
6.66
|
|
|
|
0.74
|
|
|
11/26/2018
|
|
CenterState Bank Corp.
|
|
National Commerce Corp.
|
|
|
4,103.3
|
|
|
|
0.14
|
|
|
|
10.64
|
|
|
|
1.10
|
|
|
11/13/2018
|
|
Simmons First National Corp.
|
|
Reliance Bancshares Inc.
|
|
|
1,492.9
|
|
|
|
0.71
|
|
|
|
5.75
|
|
|
|
0.01
|
|
|
10/10/2018
|
|
First Merchants Corp
|
|
MBT Financial Corp.
|
|
|
1,321.9
|
|
|
|
0.91
|
|
|
|
9.10
|
|
|
|
0.96
|
|
|
10/05/2018
|
|
Union Bankshares Corp
|
|
Access National Corp
|
|
|
2,920.6
|
|
|
|
0.25
|
|
|
|
9.12
|
|
|
|
0.95
|
|
|
9/20/2018
|
|
Independent Bank Corp.
|
|
Blue Hills Bancorp Inc
|
|
|
2,741.2
|
|
|
|
0.52
|
|
|
|
14.31
|
|
|
|
0.70
|
|
|
9/12/2018
|
|
PacWest Bancorp
|
|
El Dorado SB FSB
|
|
|
2,206.3
|
|
|
|
0.47
|
|
|
|
10.34
|
|
|
|
0.78
|
|
|
8/22/2018
|
|
First Busey Corp
|
|
Banc Ed Corp
|
|
|
1,853.1
|
|
|
|
0.18
|
|
|
|
10.06
|
|
|
|
0.71
|
|
|
8/22/2018
|
|
MidWestOne Financial Grp
|
|
ATBancorp
|
|
|
1,369.1
|
|
|
|
1.15
|
|
|
|
10.40
|
|
|
|
1.69
|
|
|
8/08/2018
|
|
WSFS Financial Corp.
|
|
Beneficial Bancorp Inc
|
|
|
5,770.3
|
|
|
|
0.36
|
|
|
|
15.19
|
|
|
|
0.48
|
|
|
7/24/2018
|
|
Veritex Holdings Inc.
|
|
Green Bancorp Inc.
|
|
|
4,391.7
|
|
|
|
1.34
|
|
|
|
8.99
|
|
|
|
0.95
|
|
The disclosure under the subsection captioned “Opinion
of FIG Partners, LLC” is hereby amended and supplemented by adding the following after the second sentence of the last paragraph
on page 78 of the Registration Statement:
In arriving at the range of multiples used, FIG Partners
analyzes precedent transactions of similar companies, such as the comparable transaction group previously defined in this document.
FIG analyzed the P/E and P/TBV multiples of those comparable transactions, and combined with FIG’s general industry knowledge
and experience arrived at the aforementioned ranges. This led to Capitalized Terminal Values of $1,224,626,000 on a tangible
book value multiple basis and $1,329,801,000 on an earnings multiple basis.
The disclosure under the subsection captioned “Opinion
of FIG Partners, LLC” is hereby amended and supplemented by replacing the title of the first table on page 79 of the Registration
Statement with the title “
Fidelity Net Present Value Analysis – Earnings Per Share Multiples
”.
The disclosure under the subsection captioned “Opinion
of FIG Partners, LLC” is hereby amended and supplemented by replacing the title of the second table on page 79 of the Registration
Statement with the title “
Fidelity Net Present Value Analysis – Tangible Book Value Multiples
”.
The disclosure under the subsection captioned “Opinion
of FIG Partners, LLC” is hereby amended and supplemented by replacing the title of the third table on page 79 of the Registration
Statement with the title “
Fidelity Net Present Value Variance Analysis – Earnings Per Share Multiples
”.
The disclosure under the subsection captioned “Opinion
of FIG Partners, LLC” is hereby amended and supplemented by replacing the title of the fourth table on page 79 of the Registration
Statement with the title “
Fidelity Net Present Value Variance Analysis – Tangible Book Value Multiples
”.
The disclosure under the subsection captioned “Opinion
of FIG Partners, LLC” is hereby amended and supplemented by adding the following after the fourth table titled “Tangible
Book Value Multiples” on page 79 of the Registration Statement:
In its net present value analysis, FIG Partners assumed
a range of discount rates applied to terminal values of 11.5% to 13.5%. FIG Partners assumptions and calculations to justify the
selected range of discount rates is detailed in the table below:
Discount Rate Build-Up
Discount
Rate
|
|
Low
|
|
|
Median
|
|
|
High
|
|
|
Comments/Source
|
|
Yield to Maturity on 10-Year U.S. Treasuries
|
|
|
2.91
|
%
|
|
|
2.91
|
%
|
|
|
2.91
|
%
|
|
Per FRED Data
|
|
+ Equity Risk Premium – Large Cap
|
|
|
5.50
|
%
|
|
|
5.50
|
%
|
|
|
5.50
|
%
|
|
KPMG Equity Market Risk Premium Research Summary
|
|
* Industry Beta
|
|
|
0.98
|
|
|
|
0.98
|
|
|
|
0.98
|
|
|
FIG Partners
|
|
+ Small Stock Premium over Large Cap Stocks
|
|
|
1.75
|
%
|
|
|
1.75
|
%
|
|
|
1.75
|
%
|
|
Duff & Phelps – Valuation Handbook
|
|
+/- Specific Risks Associated with the Subject Company
|
|
|
1.50
|
%
|
|
|
2.50
|
%
|
|
|
3.50
|
%
|
|
FIG Partners
|
|
= Range of Discount Rates
|
|
|
11.5
|
%
|
|
|
12.5
|
%
|
|
|
13.5
|
%
|
|
|
The disclosure under the subsection captioned “Opinion
of FIG Partners, LLC” is hereby amended and supplemented by adding the heading “
Ameris Net Present Value Analyses
”
above the last paragraph on page 79 of the Registration Statement.
The disclosure under the subsection captioned “Opinion
of FIG Partners, LLC” is hereby amended and supplemented by adding the following after the second sentence in the last paragraph
on page 79 of the Registration Statement:
In arriving at the range of multiples used, FIG Partners
analyzes precedent transactions of similar companies, such as the comparable transaction group previously defined in this document.
FIG analyzed the P/E and P/TBV multiples of those comparable transactions, and combined with FIG’s general industry knowledge
and experience arrived at the aforementioned ranges. This led to Capitalized Terminal Values of $1,224,626,000 on a tangible
book value multiple basis and $1,329,801,000 on an earnings multiple basis.
The disclosure under the subsection captioned “Opinion
of FIG Partners, LLC” is hereby amended and supplemented by replacing the title of the first table on page 80 of the Registration
Statement with the title “
Ameris Net Present Value Analysis – Earnings Per Share Multiples
”.
The disclosure under the subsection captioned “Opinion
of FIG Partners, LLC” is hereby amended and supplemented by replacing the title of the second table on page 80 of the Registration
Statement with the title “
Ameris Net Present Value Analysis – Tangible Book Value Multiples
”.
The disclosure under the subsection captioned “Opinion
of FIG Partners, LLC” is hereby amended and supplemented by replacing the title of the third table on page 80 of the Registration
Statement with the title “
Ameris Net Present Value Variance Analysis – Earnings Per Share Multiples
”.
The disclosure under the subsection captioned “Opinion
of FIG Partners, LLC” is hereby amended and supplemented by replacing the title of the fourth table on page 80 of the Registration
Statement with the title “
Ameris Net Present Value Variance Analysis – Tangible Book Value Multiples
”.
The disclosure under the subsection captioned “Opinion
of FIG Partners, LLC” is hereby amended and supplemented by adding the following after the fourth table titled “Tangible
Book Value Multiples” on page 80 of the Registration Statement:
In its net present value analysis, FIG Partners assumed
a range of discount rates applied to terminal values of 11.5% to 13.5%. FIG Partners assumptions and calculations to justify the
selected range of discount rates is detailed in the table below:
Discount Rate Build-Up
|
Discount
Rate
|
|
Low
|
|
|
Median
|
|
|
High
|
|
|
Comments/Source
|
|
Yield to Maturity on 10-Year U.S. Treasuries
|
|
|
2.91
|
%
|
|
|
2.91
|
%
|
|
|
2.91
|
%
|
|
Per FRED Data
|
|
+ Equity Risk Premium – Large Cap
|
|
|
5.50
|
%
|
|
|
5.50
|
%
|
|
|
5.50
|
%
|
|
KPMG Equity Market Risk Premium Research Summary
|
|
* Industry Beta
|
|
|
0.98
|
|
|
|
0.98
|
|
|
|
0.98
|
|
|
FIG Partners
|
|
+ Small Stock Premium over Large Cap Stocks
|
|
|
1.75
|
%
|
|
|
1.75
|
%
|
|
|
1.75
|
%
|
|
Duff & Phelps – Valuation Handbook
|
|
+/- Specific Risks Associated with the Subject Company
|
|
|
1.50
|
%
|
|
|
2.50
|
%
|
|
|
3.50
|
%
|
|
FIG Partners
|
|
= Range of Discount Rates
|
|
|
11.5
|
%
|
|
|
12.5
|
%
|
|
|
13.5
|
%
|
|
|
* * *
Cautionary Statements Regarding Forward-Looking Information
This Report contains
forward-looking statements, as defined by federal securities laws, including, among other forward-looking statements, certain plans,
expectations and goals, and including statements about the benefits of the Merger. Words such as “may,” “believe,”
“expect,” “anticipate,” “intend,” “will,” “should,” “plan,”
“estimate,” “predict,” “continue” and “potential” or the negative of these terms
or other comparable terminology, as well as similar expressions, are meant to identify forward-looking statements. The forward-looking
statements in this Report are based on current expectations and are provided to assist in the understanding of potential future
performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results
to differ materially from those expressed or implied in any such statements.
Factors that could
cause or contribute to such differences include, without limitation, the following: the parties’ ability to consummate the
Merger or satisfy the conditions to the completion of the Merger, including, without limitation, the receipt of required shareholder
and regulatory approvals, on the terms expected or on the anticipated schedule; the parties’ ability to meet expectations
regarding the timing, completion and accounting and tax treatments of the Merger; the businesses of Fidelity and Ameris may not
be integrated successfully or such integration may take longer to accomplish than expected; the expected cost savings and any revenue
synergies from the Merger may not be fully realized within the expected timeframes; disruption from the Merger may make it more
difficult to maintain relationships with customers, employees or others; diversion of management time to Merger-related issues;
dilution caused by Ameris’s issuance of additional shares of Ameris Common Stock in connection with the Merger; general competitive,
economic, political and market conditions and fluctuations, including, without limitation, movements in interest rates; competitive
pressures on product pricing and services; and success and timing of other business strategies. For a discussion of some of the
other risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer
to Fidelity’s and Ameris’s filings with the SEC, including Fidelity’s Annual Report on Form 10-K for the year
ended December 31, 2018 and its subsequently filed Current Reports on Form 8-K, and Ameris’s Annual Report on Form 10-K for
the year ended December 31, 2018 and its subsequently filed Current Reports on Form 8-K. Forward-looking statements speak only
as of the date they are made, and neither Fidelity nor Ameris undertakes any obligation to update or revise forward-looking statements.
Additional Information
On February 12, 2019,
Ameris filed a registration statement on Form S-4, as amended on March 22, 2019, with the SEC to register the shares of Ameris
Common Stock that will be issued to Fidelity’s shareholders in connection with the Merger. The registration statement included
a joint proxy statement/prospectus and other relevant materials in connection with the transaction. The registration statement
was declared effective by the SEC on March 25, 2019, and Fidelity and Ameris commenced mailing the definitive joint proxy statement/prospectus
to stockholders of Fidelity and Ameris on or about March 28, 2019. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND
SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER AND ANY OTHER RELEVANT
DOCUMENTS CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT
THE MERGER. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC on
its website at http://www.sec.gov. Investors and security holders may also obtain free copies of the documents filed with the SEC
by Fidelity on its website at www.FidelitySouthern.com and by Ameris on its website at http://www.AmerisBank.com.
This Report does not
constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. Before
making any voting or investment decision, investors and security holders of Fidelity and Ameris are urged to read carefully the
entire registration statement and definitive joint proxy statement/prospectus, including any amendments thereto, because they contain
or will contain important information about the Merger. Free copies of these documents may be obtained as described above.
Participants in the Solicitation
Fidelity and Ameris,
and certain of their respective directors, executive officers and other members of management and employees, may be deemed to be
participants in the solicitation of proxies from Fidelity’s shareholders and Ameris’s shareholders in respect of the
Merger. Information regarding the directors and executive officers of Fidelity and Ameris and other persons who may be deemed participants
in the solicitation of Fidelity’s shareholders and Ameris’s shareholders is included in the definitive joint proxy
statement/prospectus for Fidelity’s meeting of shareholders and Ameris’s meeting of shareholders, which is filed with
the SEC. Information about Fidelity’s directors and executive officers and their ownership of Fidelity common stock can also
be found in Fidelity’s Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the SEC on March 13,
2019, and other documents subsequently filed by Fidelity with the SEC. Information about Ameris’s directors and executive
officers and their ownership of Ameris common stock can also be found in Ameris’s definitive proxy statement in connection
with its 2019 annual meeting of shareholders, as filed with the SEC on April 1, 2019, and other documents subsequently filed by
Ameris with the SEC. Additional information regarding the interests of such participants is included in the definitive joint proxy
statement/prospectus filed with the SEC and other relevant documents regarding the Merger to be filed with the SEC when they become
available.
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
|
|
FIDELITY SOUTHERN CORPORATION
|
|
|
By:
|
/s/ Charles D. Christy
|
|
|
|
Charles D. Christy
|
|
|
|
Chief Financial Officer
|
Date: April 26, 2019
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