UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

April 26, 2019

Date of Report (Date of earliest event reported)

 

 

 

Fidelity Southern Corporation

(Exact name of registrant as specified in its charter)

 

 

Georgia		001-34981		58-1416811
(State or other jurisdiction of incorporation)		(Commission file number)		(IRS Employer Identification Number)

 

3490 Piedmont Road, Suite 1550

Atlanta, Georgia 30305

(Address of principal executive offices)

 

(404) 639-6500

(Registrant’s telephone number, including area code)

 

 

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

 

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

 

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

 

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

 

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

 

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

Emerging growth company ¨

 

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

 

 

 

Item 8.01

Other Events.

 

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

 

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

 

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

 

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

 

 

Supplemental Disclosures

 

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

 

Fidelity Peer Group

 

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

 

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

 

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

Source: S&P Global Market Intelligence

 

 

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