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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 Street, S.E. Moultrie, Georgia 31768 (229) 890-1111 (Address, including ZIP code, and telephone number, including area code, of registrant’s principal executive offices) |
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Mr. Dennis J. Zember Jr.
President and Chief Executive Officer Ameris Bancorp 310 First Street, S.E. Moultrie, Georgia 31768 (229) 890-1111 (Name, address, including ZIP code, and telephone number, including area code, of agent for service) |
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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 Telephone: (404) 522-4700 Facsimile: (404) 525-2224 |
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Edward D. Herlihy, Esq.
Brandon C. Price, Esq. Wachtell, Lipton, Rosen & Katz 51 West 52nd Street New York, New York 10019 Telephone: (212) 403-1000 Facsimile: (212) 403-2000 |
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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| (Do not check if a smaller reporting company) | | |
Emerging growth company
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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)(4) |
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Proposed maximum
offering price per share |
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Proposed maximum
aggregate offering price(2)(4) |
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Amount of
registration fee(3) |
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Common Stock, $1.00 par value
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| | | | 23,171,811 | | | | | | N/A | | | | | $ | 883,958,863.28 | | | | | $ | 107,135.82(5) | | |
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Dennis J. Zember Jr.
President and Chief Executive Officer Ameris Bancorp |
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James B. Miller, Jr.
Chairman and Chief Executive Officer Fidelity Southern Corporation |
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Ameris Bancorp
310 First Street, S.E. Moultrie, Georgia 31768 Attention: Corporate Secretary Telephone: (229) 890-1111 |
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Fidelity Southern Corporation
3490 Piedmont Road, Suite 1550 Atlanta, Georgia 30305 Attention: Corporate Secretary Telephone: (404) 248-5466 |
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Ameris
Common Stock |
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Fidelity
Common Stock |
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Implied Value of
One Share of Fidelity Common Stock |
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December 14, 2018
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| | | $ | 34.02 | | | | | $ | 21.42 | | | | | $ | 27.22 | | |
March 20, 2019
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| | | $ | 35.37 | | | | | $ | 28.07 | | | | | $ | 28.30 | | |
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Years Ended December 31,
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2018
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2017
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2016
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2015
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2014
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(audited)
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(In thousands, except per share data)
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Selected Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets
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| | | $ | 11,443,515 | | | | | $ | 7,856,203 | | | | | $ | 6,892,031 | | | | | $ | 5,588,940 | | | | | $ | 4,037,077 | | |
Earning assets
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| | | | 10,348,393 | | | | | | 7,288,285 | | | | | | 6,293,670 | | | | | | 5,084,658 | | | | | | 3,574,561 | | |
Loans held for sale
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| | | | 111,298 | | | | | | 197,442 | | | | | | 105,924 | | | | | | 111,182 | | | | | | 94,759 | | |
Loans, net of unearned income
|
| | | | 5,660,457 | | | | | | 4,856,514 | | | | | | 3,626,821 | | | | | | 2,406,877 | | | | | | 1,889,881 | | |
Purchased loans
|
| | | | 2,588,832 | | | | | | 861,595 | | | | | | 1,069,191 | | | | | | 909,083 | | | | | | 945,518 | | |
Purchased loan pools
|
| | | | 262,625 | | | | | | 328,246 | | | | | | 568,314 | | | | | | 592,963 | | | | | | — | | |
Investment securities available for sale
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| | | | 1,192,423 | | | | | | 810,873 | | | | | | 822,735 | | | | | | 783,185 | | | | | | 541,805 | | |
FDIC loss-share receivable, net of clawback
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| | | | — | | | | | | — | | | | | | — | | | | | | 6,301 | | | | | | 31,351 | | |
Total deposits
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| | | | 9,469,313 | | | | | | 6,625,845 | | | | | | 5,575,163 | | | | | | 4,879,290 | | | | | | 3,431,149 | | |
FDIC loss-share payable including clawback
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| | | | 19,487 | | | | | | 8,803 | | | | | | 6,313 | | | | | | — | | | | | | — | | |
Shareholders’ equity
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| | | | 1,456,347 | | | | | | 804,479 | | | | | | 646,437 | | | | | | 514,759 | | | | | | 366,028 | | |
Selected Income Statement Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
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| | | $ | 413,326 | | | | | $ | 294,347 | | | | | $ | 239,065 | | | | | $ | 190,393 | | | | | $ | 164,566 | | |
Interest expense
|
| | | | 69,934 | | | | | | 34,222 | | | | | | 19,694 | | | | | | 14,856 | | | | | | 14,680 | | |
Net interest income
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| | | | 343,392 | | | | | | 260,125 | | | | | | 219,371 | | | | | | 175,537 | | | | | | 149,886 | | |
Provision for loan losses
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| | | | 16,667 | | | | | | 8,364 | | | | | | 4,091 | | | | | | 5,264 | | | | | | 5,648 | | |
Noninterest income
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| | | | 118,412 | | | | | | 104,457 | | | | | | 105,801 | | | | | | 85,586 | | | | | | 62,836 | | |
Noninterest expense
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| | | | 293,647 | | | | | | 231,936 | | | | | | 215,835 | | | | | | 199,115 | | | | | | 150,869 | | |
Income before income taxes
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| | | | 151,490 | | | | | | 124,282 | | | | | | 105,246 | | | | | | 56,744 | | | | | | 56,205 | | |
Income tax expense
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| | | | 30,463 | | | | | | 50,734 | | | | | | 33,146 | | | | | | 15,897 | | | | | | 17,482 | | |
Net income
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| | | $ | 121,027 | | | | | $ | 73,548 | | | | | $ | 72,100 | | | | | $ | 40,847 | | | | | $ | 38,723 | | |
Preferred stock dividends
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| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 286 | | |
Net income available to common shareholders
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| | | $ | 121,027 | | | | | $ | 73,548 | | | | | $ | 72,100 | | | | | $ | 40,847 | | | | | $ | 38,437 | | |
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Years Ended December 31,
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2018
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2017
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2016
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2015
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2014
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(audited)
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(In thousands, except per share data)
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Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share available to common shareholders:
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
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| | | $ | 2.81 | | | | | $ | 2.00 | | | | | $ | 2.10 | | | | | $ | 1.29 | | | | | $ | 1.48 | | |
Diluted
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| | | | 2.80 | | | | | | 1.98 | | | | | | 2.08 | | | | | | 1.27 | | | | | | 1.46 | | |
Common book value
|
| | | | 30.66 | | | | | | 21.59 | | | | | | 18.51 | | | | | | 15.98 | | | | | | 13.67 | | |
Tangible book value
|
| | | | 18.83 | | | | | | 17.86 | | | | | | 14.42 | | | | | | 12.65 | | | | | | 10.99 | | |
Cash dividends declared
|
| | | | 0.40 | | | | | | 0.40 | | | | | | 0.30 | | | | | | 0.20 | | | | | | 0.15 | | |
Profitability Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income to average total assets
|
| | | | 1.24% | | | | | | 1.00% | | | | | | 1.17% | | | | | | 0.85% | | | | | | 1.08% | | |
Net income to average shareholders’ equity
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| | | | 10.27% | | | | | | 9.55% | | | | | | 11.75% | | | | | | 8.37% | | | | | | 12.40% | | |
Net interest margin (fully taxable equivalent basis)
|
| | | | 3.92% | | | | | | 3.95% | | | | | | 3.99% | | | | | | 4.12% | | | | | | 4.59% | | |
Efficiency ratio
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| | | | 63.59% | | | | | | 63.62% | | | | | | 66.38% | | | | | | 76.25% | | | | | | 70.92% | | |
Loan Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net charge-offs to average loans*
|
| | | | 0.27% | | | | | | 0.13% | | | | | | 0.11% | | | | | | 0.22% | | | | | | 0.34% | | |
Allowance for loan losses to total loans*
|
| | | | 0.46% | | | | | | 0.44% | | | | | | 0.56% | | | | | | 0.85% | | | | | | 1.12% | | |
Non performing assets to total loans and OREO**
|
| | | | 0.72% | | | | | | 0.85% | | | | | | 1.12% | | | | | | 1.60% | | | | | | 3.35% | | |
Liquidity Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans to total deposits
|
| | | | 88.21% | | | | | | 91.25% | | | | | | 94.42% | | | | | | 80.11% | | | | | | 82.64% | | |
Average loans to average earning assets
|
| | | | 83.81% | | | | | | 83.50% | | | | | | 80.83% | | | | | | 75.96% | | | | | | 80.22% | | |
Noninterest-bearing deposits to total deposits
|
| | | | 26.12% | | | | | | 26.82% | | | | | | 28.22% | | | | | | 27.26% | | | | | | 24.46% | | |
Capital Adequacy Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity to total assets
|
| | | | 12.73% | | | | | | 10.24% | | | | | | 9.38% | | | | | | 9.21% | | | | | | 9.07% | | |
Common stock dividend payout ratio
|
| | | | 14.23% | | | | | | 20.00% | | | | | | 14.29% | | | | | | 15.50% | | | | | | 10.14% | | |
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December 31,
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2018
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2017
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2016
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2015
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2014
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(audited)
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(dollars in thousands, except per share data)
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Tangible Book Value Per Share Reconciliation: | | | | | | | | | | | | | | | | | | | | ||||||||||||
Common shareholders’ equity
|
| | | $ | 1,456,347 | | | | | $ | 804,479 | | | | | $ | 646,437 | | | | | $ | 514,759 | | | | | $ | 366,028 | | |
Less: Goodwill
|
| | | | 503,434 | | | | | | 125,532 | | | | | | 125,532 | | | | | | 90,082 | | | | | | 63,547 | | |
Less: Other intangibles, net
|
| | | | 58,689 | | | | | | 13,496 | | | | | | 17,428 | | | | | | 17,058 | | | | | | 8,221 | | |
Total tangible common shareholders’ equity
|
| | | $ | 894,224 | | | | | $ | 665,451 | | | | | $ | 503,477 | | | | | $ | 407,619 | | | | | $ | 294,260 | | |
Period-end number of shares
|
| | | | 47,499,941 | | | | | | 37,260,012 | | | | | | 34,921,474 | | | | | | 32,211,385 | | | | | | 26,773,863 | | |
Book value per common share
|
| | | $ | 30.66 | | | | | $ | 21.59 | | | | | $ | 18.51 | | | | | $ | 15.98 | | | | | $ | 13.67 | | |
Tangible book value per share
|
| | | | 18.83 | | | | | | 17.86 | | | | | | 14.42 | | | | | | 12.65 | | | | | | 10.99 | | |
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Years Ended December 31,
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2018
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2017
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2016
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2015
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2014
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(audited)
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(In thousands)
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Selected Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Total assets
|
| | | $ | 4,733,796 | | | | | $ | 4,576,858 | | | | | $ | 4,389,685 | | | | | $ | 3,849,063 | | | | | $ | 3,085,135 | | | | ||
Earning assets
|
| | | | 4,381,616 | | | | | | 4,242,218 | | | | | | 4,059,414 | | | | | | 3,558,669 | | | | | | 2,847,971 | | | | ||
Loans held for sale
|
| | | | 239,302 | | | | | | 357,755 | | | | | | 465,328 | | | | | | 397,834 | | | | | | 368,935 | | | | ||
Loans receivable
|
| | | | 3,685,478 | | | | | | 3,580,966 | | | | | | 3,302,264 | | | | | | 2,896,948 | | | | | | 2,253,306 | | | | ||
Investment securities available for
sale |
| | | | 251,602 | | | | | | 120,121 | | | | | | 144,310 | | | | | | 172,397 | | | | | | 149,590 | | | | ||
Investment securities held to maturity
|
| | | | 20,126 | | | | | | 21,689 | | | | | | 16,583 | | | | | | 14,398 | | | | | | 7,349 | | | | ||
Total deposits
|
| | | | 3,981,578 | | | | | | 3,867,200 | | | | | | 3,630,594 | | | | | | 3,179,511 | | | | | | 2,458,022 | | | | ||
Shareholders’ equity
|
| | | | 446,241 | | | | | | 401,632 | | | | | | 362,647 | | | | | | 301,459 | | | | | | 264,951 | | | | ||
Selected Income Statement Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Interest income
|
| | | $ | 181,445 | | | | | $ | 157,978 | | | | | $ | 149,283 | | | | | $ | 116,642 | | | | | $ | 101,667 | | | | ||
Interest expense
|
| | | | 31,900 | | | | | | 22,730 | | | | | | 20,448 | | | | | | 15,804 | | | | | | 11,226 | | | | ||
Net interest income
|
| | | | 149,545 | | | | | | 135,248 | | | | | | 128,835 | | | | | | 100,838 | | | | | | 90,441 | | | | ||
Provision for loan losses
|
| | | | 5,521 | | | | | | 4,275 | | | | | | 8,231 | | | | | | 4,351 | | | | | | 531 | | | | ||
Noninterest income
|
| | | | 138,851 | | | | | | 134,952 | | | | | | 141,325 | | | | | | 127,888 | | | | | | 95,320 | | | | ||
Noninterest expense
|
| | | | 225,292 | | | | | | 210,870 | | | | | | 201,020 | | | | | | 162,946 | | | | | | 138,754 | | | | ||
Income before income taxes
|
| | | | 57,583 | | | | | | 55,055 | | | | | | 60,909 | | | | | | 61,429 | | | | | | 46,476 | | | | ||
Income tax expense
|
| | | | 13,760 | | | | | | 15,259 | | | | | | 22,143 | | | | | | 22,294 | | | | | | 16,440 | | | | ||
Net income
|
| | | $ | 43,823 | | | | | $ | 39,796 | | | | | $ | 38,766 | | | | | $ | 39,135 | | | | | $ | 30,036 | | | | ||
Preferred stock dividends
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
Net income available to common shareholders
|
| | | $ | 43,823 | | | | | $ | 39,796 | | | | | $ | 38,766 | | | | | $ | 39,135 | | | | | $ | 30,036 | | | | ||
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Years Ended December 31,
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2018
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2017
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2016
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2015
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2014
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Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share available to common shareholders:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | 1.61 | | | | | $ | 1.50 | | | | | $ | 1.52 | | | | | $ | 1.77 | | | | | $ | 1.41 | | |
Diluted
|
| | | | 1.61 | | | | | | 1.49 | | | | | | 1.50 | | | | | | 1.64 | | | | | | 1.28 | | |
Common book value
|
| | | | 16.36 | | | | | | 14.86 | | | | | | 13.78 | | | | | | 13.03 | | | | | | 12.40 | | |
Tangible book value
|
| | | | 15.95 | | | | | | 14.41 | | | | | | 13.26 | | | | | | 12.66 | | | | | | 12.22 | | |
Cash dividends declared
|
| | | | 0.48 | | | | | | 0.48 | | | | | | 0.48 | | | | | | 0.39 | | | | | | 0.30 | | |
Profitability Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income to average total assets
|
| | | | 0.92% | | | | | | 0.89% | | | | | | 0.92% | | | | | | 1.16% | | | | | | 1.11% | | |
Net income to average shareholders’ equity
|
| | | | 10.43% | | | | | | 10.51% | | | | | | 11.61% | | | | | | 13.85% | | | | | | 12.07% | | |
Net interest margin (fully taxable equivalent basis)
|
| | | | 3.38% | | | | | | 3.26% | | | | | | 3.32% | | | | | | 3.24% | | | | | | 3.62% | | |
Efficiency ratio
|
| | | | 78.12% | | | | | | 78.04% | | | | | | 74.41% | | | | | | 71.24% | | | | | | 74.69% | | |
Loan Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net charge-offs to average loans*
|
| | | | 0.12% | | | | | | 0.13% | | | | | | 0.14% | | | | | | 0.13% | | | | | | 0.34% | | |
Allowance for loan losses to total loans*
|
| | | | 0.88% | | | | | | 0.88% | | | | | | 0.99% | | | | | | 0.98% | | | | | | 1.15% | | |
Non performing assets to total loans and OREO**
|
| | | | 1.93% | | | | | | 1.76% | | | | | | 1.77% | | | | | | 1.76% | | | | | | 2.78% | | |
Liquidity Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans to total deposits
|
| | | | 92.56% | | | | | | 92.60% | | | | | | 90.96% | | | | | | 91.11% | | | | | | 91.67% | | |
Average loans to average earning assets
|
| | | | 92.02% | | | | | | 90.20% | | | | | | 92.64% | | | | | | 92.84% | | | | | | 91.00% | | |
Noninterest-bearing deposits to total deposits
|
| | | | 30.50% | | | | | | 29.11% | | | | | | 26.58% | | | | | | 24.75% | | | | | | 22.70% | | |
Capital Adequacy Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity to total assets
|
| | | | 9.43% | | | | | | 8.78% | | | | | | 8.26% | | | | | | 7.83% | | | | | | 8.59% | | |
Common stock dividend payout ratio
|
| | | | 29.81% | | | | | | 32.00% | | | | | | 31.58% | | | | | | 22.03% | | | | | | 21.28% | | |
| | |
December 31,
|
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| | |
2018
|
| |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |||||||||||||||
| | |
(audited)
|
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| | |
(dollars in thousands, except per share data)
|
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Tangible Book Value Per Share Reconciliation: | | | | | | | | | | | | | | | | | | | | ||||||||||||
Common shareholders’ equity
|
| | | $ | 446,241 | | | | | $ | 401,632 | | | | | $ | 362,647 | | | | | $ | 301,459 | | | | | $ | 264,951 | | |
Less: Goodwill
|
| | | | 5,164 | | | | | | 5,164 | | | | | | 5,164 | | | | | | — | | | | | | — | | |
Less: Other intangibles, net
|
| | | | 6,033 | | | | | | 7,142 | | | | | | 8,485 | | | | | | 8,382 | | | | | | 3,858 | | |
Total tangible common shareholders’ equity
|
| | | $ | 435,044 | | | | | $ | 389,326 | | | | | $ | 348,998 | | | | | $ | 293,077 | | | | | $ | 261,093 | | |
Period-end number of shares
|
| | | | 27,279,729 | | | | | | 27,019,201 | | | | | | 26,318,400 | | | | | | 23,140,774 | | | | | | 21,365,098 | | |
Book value per common share
|
| | | $ | 16.36 | | | | | $ | 14.86 | | | | | $ | 13.78 | | | | | $ | 13.03 | | | | | $ | 12.40 | | |
Tangible book value per share
|
| | | | 15.95 | | | | | | 14.41 | | | | | | 13.26 | | | | | | 12.66 | | | | | | 12.22 | | |
| |
For the
year ended December 31, 2018 |
| ||||
| | |
(In thousands)
|
| |||
Unaudited Pro Forma Condensed Combined Income Statement Information: | | | |||||
Net interest income
|
| | | $ | 526,525 | | |
Provision for loan losses
|
| | | $ | 22,269 | | |
Income before income taxes
|
| | | $ | 217,345 | | |
Net income
|
| | | $ | 171,185 | | |
| | |
As of
December 31, 2018 |
| |||
| | |
(In thousands)
|
| |||
Unaudited Pro Forma Condensed Combined Balance Sheet Information: | | | |||||
Net loans
|
| | | $ | 12,129,316 | | |
Total assets
|
| | | | 16,623,037 | | |
Deposits
|
| | | | 13,632,956 | | |
Other borrowings
|
| | | | 351,089 | | |
Subordinated deferrable interest debentures
|
| | | | 135,580 | | |
Shareholders’ equity
|
| | | | 2,356,812 | | |
| | |
Ameris
Historical |
| |
Fidelity
Historical |
| |
Ameris
Pro Forma Total Combined |
| |
Per
Equivalent Fidelity Share |
| ||||||||||||
For the year ended December 31, 2018: | | | | | | ||||||||||||||||||||
Earnings per common share (Basic)
|
| | | $ | 2.81 | | | | | $ | 1.61 | | | | | $ | 2.47 | | | | | $ | 1.98 | | |
Earnings per common share (Diluted)
|
| | | $ | 2.80 | | | | | $ | 1.61 | | | | | $ | 2.44 | | | | | $ | 1.95 | | |
Dividends declared per share
|
| | | $ | 0.40 | | | | | $ | 0.48 | | | | | $ | 0.40 | | | | | $ | 0.32 | | |
Book value per common share
|
| | | $ | 30.66 | | | | | $ | 16.36 | | | | | $ | 34.00 | | | | | $ | 27.20 | | |
| | |
2018E
|
| |
2019E
|
| |
2020E
|
| |
2021E
|
| |
2022E
|
| |||||||||||||||
Earnings per share
|
| | | $ | 1.58 | | | | | $ | 1.59 | | | | | $ | 1.75 | | | | | $ | 1.92 | | | | | $ | 2.11 | | |
Dividends per share
|
| | | $ | 0.48 | | | | | $ | 0.52 | | | | | $ | 0.56 | | | | | $ | 0.60 | | | | | $ | 0.64 | | |
| | |
2018E
|
| |
2019E
|
| |
2020E
|
| |
2021E
|
| |
2022E
|
| |||||||||||||||
Adjusted earnings per share
|
| | | $ | 1.58 | | | | | $ | 1.54(1) | | | | | $ | 1.96 | | | | | $ | 2.37 | | | | | $ | 2.80(1) | | |
| | |
2018E
|
| |
2019E
|
| |
2020E
|
| |
2021E
|
| |
2022E
|
| |||||||||||||||
Earnings per share
|
| | | $ | 2.75 | | | | | $ | 4.26 | | | | | $ | 4.68(1) | | | | | $ | 5.15 | | | | | $ | 5.66(1) | | |
| | |
2018E
|
| |
2019E
|
| |
2020E
|
| |
2021E
|
| |
2022E
|
| |||||||||||||||
Earnings per share
|
| | | $ | 2.75 | | | | | $ | 4.30 | | | | | $ | 4.77 | | | | | $ | 5.25 | | | | | $ | 5.77 | | |
|
Transaction Value/Fidelity Last Twelve Months Earnings:
|
| | | | 16.2x | | |
|
Transaction Value/Fidelity Adjusted Last Twelve Months Earnings(1):
|
| | | | 18.1x | | |
|
Transaction Value/Fidelity 2018E Earnings:
|
| | | | 19.2x | | |
|
Transaction Value/Fidelity 2019E Earnings:
|
| | | | 17.3x | | |
|
Transaction Value/Fidelity September 30, 2018 Book Value:
|
| | | | 173.7% | | |
|
Transaction Value/Fidelity September 30, 2018 Tangible Book Value:
|
| | | | 178.5% | | |
|
Tangible Book Premium(2)/Core Deposits(3):
|
| | | | 8.5% | | |
|
Tangible Book Premium(2)/Core Deposits(4):
|
| | | | 8.9% | | |
|
Market Premium(5):
|
| | | | 27.1% | | |
| | & |