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Georgia
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6022
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58-1456434
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(State or other jurisdiction of
incorporation or organization) |
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(Primary Standard Industrial
Classification Code Number) |
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(I.R.S. Employer
Identification No.) |
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Ameris Bancorp 310 First St., S.E. Moultrie, Georgia 31768 (229) 890-1111 |
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Mr. Edwin W. Hortman, Jr.
Executive Chairman, President and Chief Executive Officer Ameris Bancorp 310 First St., S.E. Moultrie, Georgia 31768 (229) 890-1111 |
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|
(Address, including ZIP code, and telephone number,
including area code, of Registrant’s principal executive offices) |
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(Name, address, including ZIP code, and telephone number,
including areacode, of agent for service) |
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COPIES TO:
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Lori A. Gelchion, Esq.
Jody L. Spencer, Esq. Rogers & Hardin LLP 2700 International Tower 229 Peachtree Street, NE Atlanta, Georgia 30303 (404) 522-4700 |
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Christopher C. Frieden, Esq.
Alston & Bird LLP One Atlantic Center 1201 West Peachtree Street Atlanta, Georgia 30309 (404) 881-7000 |
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| Large accelerated filer | | | ☒ | | | Accelerated filer | | | ☐ | |
| Non-accelerated filer | | | ☐ | | | Smaller reporting company | | | ☐ | |
| (Do not check if a smaller reporting company) | | | Emerging growth company | | | ☐ | |
Calculation of Registration Fee
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Title of each class of securities to be registered
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Amount to be
registered(1) |
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Proposed
maximum offering price per share |
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Proposed
maximum aggregate offering price(2) |
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Amount of
registration fee(3) |
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Common Stock, $1.00 par value
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| | | | 6,561,220 | | | | | | N/A | | | | | $ | 162,800,251.40 | | | | | $ | 20,268.63(4) | | |
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| | | | 120 | | | |
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| | | | 134 | | | |
EXPERTS | | | | | 134 | | |
| | | | 134 | | | |
| | | | 135 | | | |
| | | | A-1 | | | |
| | | | B-1 | | | |
| | | | C-1 | | | |
| | | | D-1 | | | |
| | | | E-1 | | | |
| | | | F-1 | | |
Date
|
| |
Ameris
Closing Price |
| |
Exchange
Ratio |
| |
Equivalent HSB
Per Share Value |
| |||||||||
January 25, 2018
|
| | | $ | 53.45 | | | | | | 0.16 | | | | | $ | 9.48 | | |
April 24, 2018
|
| | | $ | 52.45 | | | | | | 0.16 | | | | | $ | 9.32 | | |
Adjusted Net Income
|
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Three Months Ended
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March
2018 |
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December
2017 |
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March
2017 |
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(dollars in thousands except per share data)
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Net income available to common shareholders
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| | | $ | 26,660 | | | | | $ | 9,150 | | | | | $ | 21,153 | | |
Adjustment items: | | | | | |||||||||||||||
Merger and conversion charges
|
| | | | 835 | | | | | | 421 | | | | | | 402 | | |
Certain compliance resolution expenses
|
| | | | — | | | | | | 434 | | | | | | — | | |
Accelerated premium amortization on loans sold from purchased
loan pools |
| | | | — | | | | | | 456 | | | | | | — | | |
Loss on sale of premises
|
| | | | 583 | | | | | | 308 | | | | | | 295 | | |
Tax effect of adjustment items
|
| | | | (298) | | | | | | (567) | | | | | | (244) | | |
After tax adjustment items
|
| | | | 1,120 | | | | | | 1,052 | | | | | | 453 | | |
Tax expense attributable to remeasurement of deferred tax assets and deferred tax liabilities at reduced federal corporate tax rate
|
| | | | — | | | | | | 13,388 | | | | | | — | | |
Adjusted net income
|
| | | $ | 27,780 | | | | | $ | 23,590 | | | | | $ | 21,606 | | |
Weighted average number of shares – diluted
|
| | | | 38,250,122 | | | | | | 37,566,335 | | | | | | 36,040,240 | | |
Net income per diluted share
|
| | | $ | 0.70 | | | | | $ | 0.24 | | | | | $ | 0.59 | | |
Adjusted net income per diluted share
|
| | | $ | 0.73 | | | | | $ | 0.63 | | | | | $ | 0.60 | | |
Average assets
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| | | $ | 7,823,451 | | | | | $ | 7,777,996 | | | | | $ | 6,915,965 | | |
Return on average assets
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| | | | 1.38% | | | | | | 0.47% | | | | | | 1.24% | | |
Adjusted return on average assets
|
| | | | 1.44% | | | | | | 1.20% | | | | | | 1.27% | | |
Average common equity
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| | | $ | 849,346 | | | | | $ | 812,264 | | | | | $ | 695,830 | | |
Average tangible common equity
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| | | $ | 659,096 | | | | | $ | 672,728 | | | | | $ | 553,335 | | |
Return on average common equity
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| | | | 12.73% | | | | | | 4.47% | | | | | | 12.33% | | |
Adjusted return on average tangible common equity
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| | | | 17.09% | | | | | | 13.91% | | | | | | 15.84% | | |
Net Interest Margin Excluding Accretion and Yield on Total Loans Excluding Accretion
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Three Months Ended
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March
2018 |
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December
2017 |
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March
2017 |
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(dollars in thousands)
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Net interest income (TE)
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| | | $ | 69,787 | | | | | $ | 71,537 | | | | | $ | 62,108 | | |
Accretion income
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| | | | 1,444 | | | | | | 2,183 | | | | | | 2,810 | | |
Net interest income (TE) excluding accretion income
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| | | $ | 68,343 | | | | | $ | 69,354 | | | | | $ | 59,298 | | |
Average total interest-earning assets
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| | | $ | 7,215,742 | | | | | $ | 7,202,103 | | | | | $ | 6,347,807 | | |
Net interest margin (TE)
|
| | | | 3.92% | | | | | | 3.94% | | | | | | 3.97% | | |
Net interest margin (TE) excluding accretion
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| | | | 3.84% | | | | | | 3.82% | | | | | | 3.79% | | |
Interest income on total loans (TE)
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| | | $ | 74,167 | | | | | $ | 75,254 | | | | | $ | 62,815 | | |
Accretion income
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| | | | 1,444 | | | | | | 2,183 | | | | | | 2,810 | | |
Interest income on total loans (TE) excluding accretion
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| | | $ | 72,723 | | | | | $ | 73,071 | | | | | $ | 60,005 | | |
Average total loans
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| | | $ | 6,207,833 | | | | | $ | 6,166,996 | | | | | $ | 5,337,806 | | |
Yield on total loans (TE)
|
| | | | 4.85% | | | | | | 4.84% | | | | | | 4.77% | | |
Yield on total loans (TE) excluding accretion
|
| | | | 4.75% | | | | | | 4.70% | | | | | | 4.56% | | |
(TE) denotes fully taxable equivalent | | | | | | | | | | | | | | | | | | | |
Adjusted Efficiency Ratio (TE)
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Three Months Ended
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March
2018 |
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December
2017 |
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March
2017 |
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(dollars in thousands)
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Adjusted Noninterest Expense | | | | | |||||||||||||||
Total noninterest expense
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| | | $ | 59,098 | | | | | $ | 59,337 | | | | | $ | 53,093 | | |
Adjustment items: | | | | | |||||||||||||||
Merger and conversion expenses
|
| | | | (835) | | | | | | (421) | | | | | | (402) | | |
Certain compliance resolution expenses
|
| | | | — | | | | | | (434) | | | | | | — | | |
Loss on sale of premises
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| | | | (583) | | | | | | (308) | | | | | | (295) | | |
Adjusted noninterest expense
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| | | $ | 57,680 | | | | | $ | 58,174 | | | | | $ | 52,396 | | |
Total Revenue | | | | | |||||||||||||||
Net interest income
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| | | $ | 68,801 | | | | | $ | 69,523 | | | | | $ | 60,590 | | |
Noninterest income
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| | | | 26,464 | | | | | | 23,563 | | | | | | 25,706 | | |
Total revenue
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| | | $ | 95,265 | | | | | $ | 93,086 | | | | | $ | 86,296 | | |
Adjusted Total Revenue | | | | | |||||||||||||||
Net interest income (TE)
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| | | $ | 69,787 | | | | | $ | 71,537 | | | | | $ | 62,108 | | |
Noninterest income
|
| | | | 26,464 | | | | | | 23,563 | | | | | | 25,706 | | |
Total revenue (TE)
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| | | | 96,251 | | | | | | 95,100 | | | | | | 87,814 | | |
Adjustment items: | | | | | |||||||||||||||
Gain on sale of securities
|
| | | | (37) | | | | | | — | | | | | | — | | |
Accelerated premium amortization on loans sold from purchased loan pools
|
| | | | — | | | | | | 456 | | | | | | — | | |
Adjusted total revenue (TE)
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| | | $ | 96,214 | | | | | $ | 95,556 | | | | | $ | 87,814 | | |
Efficiency ratio
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| | | | 62.04% | | | | | | 63.74% | | | | | | 61.52% | | |
Adjusted efficiency ratio (TE)
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| | | | 59.95% | | | | | | 60.88% | | | | | | 59.67% | | |
(TE) denotes fully taxable equivalent | | | | | | | | | | | | | | | | | | | |
Adjusted Net Overhead Ratio
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Three Months Ended
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| | |
March
2018 |
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December
2017 |
| |
March
2017 |
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(dollars in thousands)
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Noninterest expense
|
| | | | 59,098 | | | | | | 59,337 | | | | | | 53,093 | | |
Adjustment items: | | | | | | | | | | ||||||||||
Merger and conversion expenses
|
| | | | (835) | | | | | | (421) | | | | | | (402) | | |
Certain compliance resolution expenses
|
| | | | — | | | | | | (434) | | | | | | — | | |
Loss on sale of premises
|
| | | | (583) | | | | | | (308) | | | | | | (295) | | |
Adjusted noninterest expense
|
| | | | 57,680 | | | | | | 58,174 | | | | | | 52,396 | | |
Noninterest income
|
| | | | 26,464 | | | | | | 23,563 | | | | | | 25,706 | | |
Net overhead
|
| | | | 32,634 | | | | | | 35,774 | | | | | | 27,387 | | |
Adjusted net overhead
|
| | | | 31,216 | | | | | | 34,611 | | | | | | 26,690 | | |
Average total assets
|
| | | | 7,823,451 | | | | | | 7,777,996 | | | | | | 6,915,965 | | |
Net overhead ratio
|
| | | | 1.69% | | | | | | 1.82% | | | | | | 1.61% | | |
Adjusted net overhead ratio
|
| | | | 1.62% | | | | | | 1.77% | | | | | | 1.57% | | |
Tangible Book Value Per Share
|
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Three Months Ended
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March
2018 |
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December
2017 |
| |
March
2017 |
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(dollars in thousands except per share data)
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Total shareholders’ equity
|
| | | $ | 868,944 | | | | | $ | 804,479 | | | | | $ | 758,216 | | |
Less: | | | | | |||||||||||||||
Goodwill
|
| | | | 208,513 | | | | | | 125,532 | | | | | | 125,532 | | |
Other intangibles, net
|
| | | | 12,562 | | | | | | 13,496 | | | | | | 16,391 | | |
Total tangible shareholders’ equity
|
| | | $ | 647,869 | | | | | $ | 665,451 | | | | | $ | 616,293 | | |
Period end number of shares
|
| | | | 38,327,081 | | | | | | 37,260,012 | | | | | | 37,128,714 | | |
Book value per share (period end)
|
| | | $ | 22.67 | | | | | $ | 21.59 | | | | | $ | 20.42 | | |
Tangible book value per share (period end)
|
| | | $ | 16.90 | | | | | $ | 17.86 | | | | | $ | 16.60 | | |
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Years Ended December 31,
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2017
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2016
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2015
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2014
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2013
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(audited)
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(In thousands, except per share data and ratios)
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Selected Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 7,856,203 | | | | | $ | 6,892,031 | | | | | $ | 5,588,940 | | | | | $ | 4,037,077 | | | | | $ | 3,667,649 | | |
Earning assets
|
| | | | 7,288,285 | | | | | | 6,293,670 | | | | | | 5,084,658 | | | | | | 3,574,561 | | | | | | 3,232,769 | | |
Loans held for sale
|
| | | | 197,442 | | | | | | 105,924 | | | | | | 111,182 | | | | | | 94,759 | | | | | | 67,278 | | |
Loans, net of unearned income
|
| | | | 4,856,514 | | | | | | 3,626,821 | | | | | | 2,406,877 | | | | | | 1,889,881 | | | | | | 1,618,454 | | |
Purchased loans
|
| | | | 861,595 | | | | | | 1,069,191 | | | | | | 909,083 | | | | | | 945,518 | | | | | | 838,990 | | |
Purchased loan pools
|
| | | | 328,246 | | | | | | 568,314 | | | | | | 592,963 | | | | | | — | | | | | | — | | |
Investment securities available for sale
|
| | | | 810,873 | | | | | | 822,735 | | | | | | 783,185 | | | | | | 541,805 | | | | | | 486,235 | | |
FDIC loss-share receivable, net of clawback
|
| | | | — | | | | | | — | | | | | | 6,301 | | | | | | 31,351 | | | | | | 65,441 | | |
Total deposits
|
| | | | 6,625,845 | | | | | | 5,575,163 | | | | | | 4,879,290 | | | | | | 3,431,149 | | | | | | 2,999,231 | | |
FDIC loss-share payable including clawback
|
| | | | 8,803 | | | | | | 6,313 | | | | | | — | | | | | | — | | | | | | — | | |
Shareholders’ equity
|
| | | | 804,479 | | | | | | 646,437 | | | | | | 514,759 | | | | | | 366,028 | | | | | | 316,699 | | |
Selected Income Statement Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | $ | 294,347 | | | | | $ | 239,065 | | | | | $ | 190,393 | | | | | $ | 164,566 | | | | | $ | 126,322 | | |
Interest expense
|
| | | | 34,222 | | | | | | 19,694 | | | | | | 14,856 | | | | | | 14,680 | | | | | | 10,137 | | |
Net interest income
|
| | | | 260,125 | | | | | | 219,371 | | | | | | 175,537 | | | | | | 149,886 | | | | | | 116,185 | | |
Provision for loan losses
|
| | | | 8,364 | | | | | | 4,091 | | | | | | 5,264 | | | | | | 5,648 | | | | | | 11,486 | | |
Noninterest income
|
| | | | 104,457 | | | | | | 105,801 | | | | | | 85,586 | | | | | | 62,836 | | | | | | 46,549 | | |
Noninterest expense
|
| | | | 231,936 | | | | | | 215,835 | | | | | | 199,115 | | | | | | 150,869 | | | | | | 121,945 | | |
Income before income taxes
|
| | | | 124,282 | | | | | | 105,246 | | | | | | 56,744 | | | | | | 56,205 | | | | | | 29,303 | | |
Income tax expense
|
| | | | 50,734 | | | | | | 33,146 | | | | | | 15,897 | | | | | | 17,482 | | | | | | 9,285 | | |
Net income
|
| | | $ | 73,548 | | | | | $ | 72,100 | | | | | $ | 40,847 | | | | | $ | 38,723 | | | | | $ | 20,018 | | |
Preferred stock dividends
|
| | | | — | | | | | | — | | | | | | — | | | | | | 286 | | | | | | 1,738 | | |
Net income available to common shareholders
|
| | | $ | 73,548 | | | | | $ | 72,100 | | | | | $ | 40,847 | | | | | $ | 38,437 | | | | | $ | 18,280 | | |
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Years Ended December 31,
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2017
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2016
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2015
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2014
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2013
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(audited)
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(In thousands, except per share data and ratios)
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Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share available to common shareholders:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | 2.00 | | | | | $ | 2.10 | | | | | $ | 1.29 | | | | | $ | 1.48 | | | | | $ | 0.76 | | |
Diluted
|
| | | | 1.98 | | | | | | 2.08 | | | | | | 1.27 | | | | | | 1.46 | | | | | | 0.75 | | |
Common book value
|
| | | | 21.59 | | | | | | 18.51 | | | | | | 15.98 | | | | | | 13.67 | | | | | | 11.50 | | |
Tangible book value
|
| | | | 17.86 | | | | | | 14.42 | | | | | | 12.65 | | | | | | 10.99 | | | | | | 9.87 | | |
Cash dividends declared
|
| | | | 0.40 | | | | | | 0.30 | | | | | | 0.20 | | | | | | 0.15 | | | | | | — | | |
Profitability Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income to average total assets
|
| | | | 1.00% | | | | | | 1.17% | | | | | | 0.85% | | | | | | 1.08% | | | | | | 0.70% | | |
Net income to average common shareholders’ equity
|
| | | | 9.55% | | | | | | 11.75% | | | | | | 8.37% | | | | | | 12.40% | | | | | | 8.06% | | |
Net interest margin (fully taxable equivalent basis)
|
| | | | 3.95% | | | | | | 3.99% | | | | | | 4.12% | | | | | | 4.59% | | | | | | 4.74% | | |
Efficiency ratio
|
| | | | 63.62% | | | | | | 66.38% | | | | | | 76.25% | | | | | | 70.92% | | | | | | 74.94% | | |
Loan Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net charge-offs to average loans*
|
| | | | 0.13% | | | | | | 0.11% | | | | | | 0.22% | | | | | | 0.34% | | | | | | 0.75% | | |
Allowance for loan losses to total loans*
|
| | | | 0.44% | | | | | | 0.56% | | | | | | 0.85% | | | | | | 1.12% | | | | | | 1.38% | | |
Non-performing assets to total loans
and OREO** |
| | | | 0.85% | | | | | | 1.12% | | | | | | 1.60% | | | | | | 3.35% | | | | | | 3.49% | | |
Liquidity Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans to total deposits
|
| | | | 91.25% | | | | | | 94.42% | | | | | | 80.11% | | | | | | 82.64% | | | | | | 81.94% | | |
Average loans to average earning assets
|
| | | | 83.50% | | | | | | 80.83% | | | | | | 75.96% | | | | | | 80.22% | | | | | | 78.08% | | |
Noninterest-bearing deposits to total
deposits |
| | | | 26.82% | | | | | | 28.22% | | | | | | 27.26% | | | | | | 24.46% | | | | | | 22.29% | | |
Capital Adequacy Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity to total assets
|
| | | | 10.24% | | | | | | 9.38% | | | | | | 9.21% | | | | | | 9.07% | | | | | | 8.63% | | |
Common stock dividend payout ratio
|
| | | | 20.00% | | | | | | 14.29% | | | | | | 15.50% | | | | | | 10.14% | | | | | | 0.00% | | |
| | |
Years Ended December 31,
|
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2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
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| | |
(audited)
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| | |
(In thousands, except share and per share data)
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Tangible Book Value Per Share Reconciliation:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common shareholders’ equity
|
| | | $ | 804,479 | | | | | $ | 646,437 | | | | | $ | 514,759 | | | | | $ | 366,028 | | | | | $ | 288,699 | | |
Less: Goodwill
|
| | | | 125,532 | | | | | | 125,532 | | | | | | 90,082 | | | | | | 63,547 | | | | | | 35,049 | | |
Less: Other intangibles, net
|
| | | | 13,496 | | | | | | 17,428 | | | | | | 17,058 | | | | | | 8,221 | | | | | | 6,009 | | |
Total tangible shareholders’ equity
|
| | | $ | 665,451 | | | | | $ | 503,477 | | | | | $ | 407,619 | | | | | $ | 294,260 | | | | | $ | 247,641 | | |
Period end number of shares
|
| | | | 37,260,012 | | | | | | 34,921,474 | | | | | | 32,211,385 | | | | | | 26,773,863 | | | | | | 25,098,427 | | |
Book value per common share
|
| | | $ | 21.59 | | | | | $ | 18.51 | | | | | $ | 15.98 | | | | | $ | 13.67 | | | | | $ | 11.50 | | |
Tangible book value per common
share |
| | | | 17.86 | | | | | | 14.42 | | | | | | 12.65 | | | | | | 10.99 | | | | | | 9.87 | | |
| | |
Years Ended December 31,
|
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| | |
2017
|
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2016
|
| |
2015
|
| |
2014
|
| |
2013
|
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| | |
(audited)
|
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| | |
(In thousands, except per share data and ratios)
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Selected Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 1,786,638 | | | | | $ | 1,851,126 | | | | | $ | 1,782,423 | | | | | $ | 1,681,597 | | | | | $ | 1,595,903 | | |
Earning assets
|
| | | | 1,704,909 | | | | | | 1,745,066 | | | | | | 1,650,132 | | | | | | 1,515,327 | | | | | | 1,388,534 | | |
Loans receivable, originated
|
| | | | 1,119,944 | | | | | | 1,028,978 | | | | | | 820,450 | | | | | | 621,062 | | | | | | 379,497 | | |
Acquired covered loans
|
| | | | 45,978 | | | | | | 94,851 | | | | | | 163,036 | | | | | | 241,535 | | | | | | 341,202 | | |
Acquired non-covered loans
|
| | | | 130,258 | | | | | | 151,988 | | | | | | 161,838 | | | | | | 103,903 | | | | | | 29,151 | | |
Investment securities available for sale
|
| | | | 179,036 | | | | | | 224,776 | | | | | | 227,292 | | | | | | 285,107 | | | | | | 491,382 | | |
Investment securities held to maturity
|
| | | | 106,814 | | | | | | 124,877 | | | | | | 146,613 | | | | | | 167,696 | | | | | | — | | |
FDIC loss-share receivable
|
| | | | 3,680 | | | | | | 13,411 | | | | | | 19,345 | | | | | | 50,518 | | | | | | 92,927 | | |
Total deposits
|
| | | | 1,549,675 | | | | | | 1,534,849 | | | | | | 1,522,750 | | | | | | 1,347,063 | | | | | | 1,285,469 | | |
Clawback
|
| | | | 8,199 | | | | | | 7,901 | | | | | | 10,131 | | | | | | 8,408 | | | | | | 8,115 | | |
Stockholders’ equity
|
| | | | 206,370 | | | | | | 240,059 | | | | | | 222,407 | | | | | | 288,016 | | | | | | 271,633 | | |
Selected Average Balances: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 1,792,586 | | | | | $ | 1,794,471 | | | | | $ | 1,742,006 | | | | | $ | 1,678,750 | | | | | $ | 1,558,215 | | |
Earning assets
|
| | | | 1,700,507 | | | | | | 1,679,125 | | | | | | 1,587,479 | | | | | | 1,485,746 | | | | | | 1,336,187 | | |
Loans, net of unearned income
|
| | | | 1,266,277 | | | | | | 1,199,964 | | | | | | 1,044,043 | | | | | | 874,607 | | | | | | 673,030 | | |
Investment securities available for sale
|
| | | | 203,769 | | | | | | 238,030 | | | | | | 259,572 | | | | | | 349,778 | | | | | | 482,789 | | |
Investment securities held to maturity
|
| | | | 115,788 | | | | | | 136,250 | | | | | | 157,396 | | | | | | 133,951 | | | | | | — | | |
Total deposits
|
| | | | 1,536,198 | | | | | | 1,512,554 | | | | | | 1,412,901 | | | | | | 1,355,206 | | | | | | 1,245,921 | | |
Stockholders’ equity
|
| | | | 212,758 | | | | | | 232,839 | | | | | | 275,745 | | | | | | 276,720 | | | | | | 272,872 | | |
Selected Income Statement Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | $ | 82,361 | | | | | $ | 77,426 | | | | | $ | 79,503 | | | | | $ | 88,948 | | | | | $ | 71,353 | | |
Interest expense
|
| | | | 5,968 | | | | | | 5,611 | | | | | | 6,032 | | | | | | 5,148 | | | | | | 5,176 | | |
Net interest income
|
| | | | 76,393 | | | | | | 71,815 | | | | | | 73,471 | | | | | | 83,800 | | | | | | 66,177 | | |
Provision for loan losses
|
| | | | 217 | | | | | | 2,334 | | | | | | 2,177 | | | | | | 3,242 | | | | | | (190) | | |
Noninterest income
|
| | | | 8,052 | | | | | | 7,374 | | | | | | 7,315 | | | | | | 9,591 | | | | | | 11,619 | | |
Noninterest expense
|
| | | | 52,613 | | | | | | 50,726 | | | | | | 57,652 | | | | | | 75,873 | | | | | | 68,618 | | |
Income before income taxes
|
| | | | 31,615 | | | | | | 26,129 | | | | | | 20,957 | | | | | | 14,276 | | | | | | 9,368 | | |
Income tax expense
|
| | | | 16,936 | | | | | | 9,076 | | | | | | 7,278 | | | | | | 3,902 | | | | | | 3,048 | | |
Net income
|
| | | $ | 14,679 | | | | | $ | 17,053 | | | | | $ | 13,679 | | | | | $ | 10,374 | | | | | $ | 6,320 | | |
|
| | |
Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||||||||
| | |
(audited)
|
| |||||||||||||||||||||||||||
| | |
(In thousands, except per share data and ratios)
|
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Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income – basic
|
| | | $ | 0.36 | | | | | $ | 0.43 | | | | | $ | 0.34 | | | | | $ | 0.26 | | | | | $ | 0.16 | | |
Net income – diluted
|
| | | | 0.35 | | | | | | 0.41 | | | | | | 0.34 | | | | | | 0.26 | | | | | | 0.16 | | |
Common book value
|
| | | | 5.11 | | | | | | 5.97 | | | | | | 5.56 | | | | | | 7.19 | | | | | | 6.79 | | |
Special cash dividends
|
| | | | 1.24 | | | | | | — | | | | | | 1.99 | | | | | | — | | | | | | — | | |
Profitability Ratios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income to average total assets
|
| | | | 0.82% | | | | | | 0.95% | | | | | | 0.79% | | | | | | 0.62% | | | | | | 0.41% | | |
Net income to average common stockholders’ equity
|
| | | | 6.90% | | | | | | 7.32% | | | | | | 4.96% | | | | | | 3.75% | | | | | | 2.32% | | |
Net interest margin
|
| | | | 4.55% | | | | | | 4.33% | | | | | | 4.68% | | | | | | 5.68% | | | | | | 4.99% | | |
Efficiency ratio
|
| | | | 62.30% | | | | | | 64.06% | | | | | | 71.36% | | | | | | 81.24% | | | | | | 88.20% | | |
Loan Quality Ratios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net charge-offs to average loans*
|
| | | | 0.04% | | | | | | 0.09% | | | | | | 0.01% | | | | | | 0.25% | | | | | | 0.13% | | |
Allowance for loan losses to total loans*
|
| | | | 0.84% | | | | | | 0.94% | | | | | | 1.06% | | | | | | 1.08% | | | | | | 1.42% | | |
Nonperforming assets to total loans and OREO**
|
| | | | 0.43% | | | | | | 0.71% | | | | | | 0.64% | | | | | | 1.52% | | | | | | 3.70% | | |
Liquidity Ratios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans to total deposits
|
| | | | 83.64% | | | | | | 83.12% | | | | | | 75.21% | | | | | | 71.75% | | | | | | 58.33% | | |
Average loans to average earnings assets
|
| | | | 74.46% | | | | | | 71.46% | | | | | | 65.77% | | | | | | 58.87% | | | | | | 50.37% | | |
Noninterest-bearing deposits to total
deposits |
| | | | 23.06% | | | | | | 21.25% | | | | | | 19.12% | | | | | | 16.11% | | | | | | 12.14% | | |
Capital Adequacy Ratios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Stockholders’ equity to total assets
|
| | | | 11.55% | | | | | | 12.97% | | | | | | 12.48% | | | | | | 17.13% | | | | | | 17.02% | | |
| | |
Ameris
As Reported |
| |
HSB
As Reported |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined |
| | | | | | | ||||||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Cash and due from banks
|
| | | $ | 139,313 | | | | | $ | 13,712 | | | | | $ | (65,850) | | | | | | A | | | | | $ | 87,175 | | | | | | | | | ||||||||||||
Federal funds sold and interest-bearing deposits in banks
|
| | | | 191,345 | | | | | | 109,069 | | | | | | — | | | | | | | | | | | | 300,414 | | | | | | | | | ||||||||||||
Investment securities available for sale, at fair value
|
| | | | 810,873 | | | | | | 179,036 | | | | | | 107,774 | | | | | | B | | | | | | 1,097,683 | | | | | | | | | ||||||||||||
Investment securities held to maturity, at amortized cost
|
| | | | — | | | | | | 106,814 | | | | | | (106,814) | | | | | | C | | | | | | — | | | | | | | | | ||||||||||||
Other investments
|
| | | | 42,270 | | | | | | 13,810 | | | | | | — | | | | | | | | | | | | 56,080 | | | | | | | | | ||||||||||||
Loans held for sale, at fair value
|
| | | | 197,442 | | | | | | — | | | | | | — | | | | | | | | | | | | 197,442 | | | | | | | | | ||||||||||||
Loans
|
| | | | 4,856,514 | | | | | | 1,119,944 | | | | | | (20,000) | | | | | | D | | | | | | 5,956,458 | | | | | | | | | ||||||||||||
Purchased loans
|
| | | | 861,595 | | | | | | 176,236 | | | | | | — | | | | | | | | | | | | 1,037,831 | | | | | | | | | ||||||||||||
Purchased loan pools
|
| | | | 328,246 | | | | | | — | | | | | | — | | | | | | | | | | | | 328,246 | | | | | | | | | ||||||||||||
Loans, net of unearned income
|
| | | | 6,046,355 | | | | | | 1,296,180 | | | | | | (20,000) | | | | | | | | | | | | 7,322,535 | | | | | | | | | ||||||||||||
Allowance for loan losses
|
| | | | (25,791) | | | | | | (11,483) | | | | | | 11,483 | | | | | | E | | | | | | (25,791) | | | | | | | | | ||||||||||||
Loans, net
|
| | | | 6,020,564 | | | | | | 1,284,697 | | | | | | (8,517) | | | | | | | | | | | | 7,296,744 | | | | | | | | | ||||||||||||
Other real estate owned, net
|
| | | | 8,464 | | | | | | 1,223 | | | | | | (306) | | | | | | F | | | | | | 9,381 | | | | | | | | | ||||||||||||
Purchased other real estate owned, net
|
| | | | 9,011 | | | | | | 434 | | | | | | — | | | | | | | | | | | | 9,445 | | | | | | | | | ||||||||||||
Total other real estate owned, net
|
| | | | 17,475 | | | | | | 1,657 | | | | | | (306) | | | | | | | | | | | | 18,826 | | | | | | | | | ||||||||||||
Premises and equipment, net
|
| | | | 117,738 | | | | | | 28,418 | | | | | | — | | | | | | | | | | | | 146,156 | | | | | | | | | ||||||||||||
Goodwill
|
| | | | 125,532 | | | | | | 17,477 | | | | | | 198,678 | | | | | | G | | | | | | 341,687 | | | | | | | | | ||||||||||||
Other intangible assets, net
|
| | | | 13,496 | | | | | | 1,769 | | | | | | 13,688 | | | | | | H | | | | | | 28,953 | | | | | | | | | ||||||||||||
Cash value of bank owned life insurance
|
| | | | 79,641 | | | | | | 4,426 | | | | | | — | | | | | | | | | | | | 84,067 | | | | | | | | | ||||||||||||
Deferred income taxes, net
|
| | | | 28,320 | | | | | | 11,606 | | | | | | (1,414) | | | | | | I | | | | | | 38,512 | | | | | | | | | ||||||||||||
FDIC indemnification assets, net
|
| | | | — | | | | | | 3,680 | | | | | | — | | | | | | | | | | | | 3,680 | | | | | | | | | ||||||||||||
Other assets
|
| | | | 72,194 | | | | | | 10,467 | | | | | | — | | | | | | | | | | | | 82,661 | | | | | | | | | ||||||||||||
Total assets
|
| | | $ | 7,856,203 | | | | | $ | 1,786,638 | | | | | $ | 137,239 | | | | | | | | | | | $ | 9,780,080 | | | | | | | | | ||||||||||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Deposits:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Noninterest-bearing
|
| | | $ | 1,777,141 | | | | | $ | 357,399 | | | | | $ | — | | | | | | | | | | | $ | 2,134,540 | | | | | | | | | ||||||||||||
Interest-bearing
|
| | | | 4,848,704 | | | | | | 1,192,276 | | | | | | (584) | | | | | | J | | | | | | 6,040,396 | | | | | | | | | ||||||||||||
Total deposits
|
| | | | 6,625,845 | | | | | | 1,549,675 | | | | | | (584) | | | | | | | | | | | | 8,174,936 | | | | | | | | | ||||||||||||
Federal funds purchased & securities sold under agreements to repurchase
|
| | | | 30,638 | | | | | | — | | | | | | — | | | | | | | | | | | | 30,638 | | | | | | | | | ||||||||||||
Other borrowings
|
| | | | 250,554 | | | | | | 12,819 | | | | | | 366 | | | | | | K | | | | | | 263,739 | | | | | | | | | ||||||||||||
Subordinated deferrable interest debentures, net
|
| | | | 85,550 | | | | | | 3,093 | | | | | | (691) | | | | | | L | | | | | | 87,952 | | | | | | | | | ||||||||||||
FDIC loss-share payable, net
|
| | | | 8,803 | | | | | | 8,199 | | | | | | — | | | | | | | | | | | | 17,002 | | | | | | | | | ||||||||||||
Other liabilities
|
| | | | 50,334 | | | | | | 6,482 | | | | | | — | | | | | | | | | | | | 56,816 | | | | | | | | | ||||||||||||
Total liabilities
|
| | | | 7,051,724 | | | | | | 1,580,268 | | | | | | (909) | | | | | | | | | | | | 8,631,083 | | | | | | | | | ||||||||||||
Shareholders’ equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | ||||||||||||
Common stock
|
| | | | 38,735 | | | | | | 407 | | | | | | 6,106 | | | | | | M | | | | | | 45,248 | | | | | | | | | ||||||||||||
Capital surplus
|
| | | | 508,404 | | | | | | 211,893 | | | | | | 126,112 | | | | | | N | | | | | | 846,409 | | | | | | | | | ||||||||||||
Retained earnings
|
| | | | 273,119 | | | | | | — | | | | | | — | | | | | | | | | | | | 273,119 | | | | | | | | | ||||||||||||
Accumulated other comprehensive income (loss)
|
| | | | (1,280) | | | | | | (3,220) | | | | | | 3,220 | | | | | | O | | | | | | (1,280) | | | | | | | | | ||||||||||||
Treasury stock, at cost
|
| | | | (14,499) | | | | | | (2,710) | | | | | | 2,710 | | | | | | P | | | | | | (14,499) | | | | | | | | | ||||||||||||
Total shareholders’ equity
|
| | | | 804,479 | | | | | | 206,370 | | | | | | 138,148 | | | | | | | | | | | | 1,148,997 | | | | | | | | | ||||||||||||
Total liabilities and shareholders’ equity
|
| | | $ | 7,856,203 | | | | | $ | 1,786,638 | | | | | $ | 137,239 | | | | | | | | | | | $ | 9,780,080 | | | | | | | | | ||||||||||||
|
| | |
Ameris
As Reported |
| |
HSB
As Reported |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||
Interest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and fees on loans
|
| | | $ | 270,887 | | | | | $ | 74,483 | | | | | $ | 2,667 | | | | | | A | | | | | $ | 348,037 | | |
Interest on taxable securities
|
| | | | 20,154 | | | | | | 6,430 | | | | | | — | | | | | | | | | | | | 26,584 | | |
Interest on nontaxable securities
|
| | | | 1,581 | | | | | | 187 | | | | | | — | | | | | | | | | | | | 1,768 | | |
Interest on deposits in other banks
|
| | | | 1,725 | | | | | | 1,234 | | | | | | — | | | | | | | | | | | | 2,959 | | |
Interest on federal funds sold
|
| | | | — | | | | | | 27 | | | | | | — | | | | | | | | | | | | 27 | | |
Total interest income
|
| | | | 294,347 | | | | | | 82,361 | | | | | | 2,667 | | | | | | | | | | | | 379,375 | | |
Interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest on deposits
|
| | | $ | 19,877 | | | | | $ | 5,499 | | | | | $ | 227 | | | | | | B | | | | | $ | 25,603 | | |
Interest on other borrowings
|
| | | | 14,345 | | | | | | 469 | | | | | | (233) | | | | | | C | | | | | | 14,581 | | |
Total interest expense
|
| | | | 34,222 | | | | | | 5,968 | | | | | | (6) | | | | | | | | | | | | 40,184 | | |
Net interest income
|
| | | | 260,125 | | | | | | 76,393 | | | | | | 2,673 | | | | | | | | | | | | 339,191 | | |
Provision for loan losses
|
| | | | 8,364 |