| | | |
Sincerely,
H. Palmer Proctor, Jr.
Chief Executive Officer |
|
|
NOTICE OF 2021 ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON JUNE 10, 2021 |
|
| | | |
By Order of the Board of Directors,
Cindi H. Lewis
Corporate Secretary |
|
| |
Important notice regarding the availability of proxy materials for the 2021 Annual Meeting of Shareholders to be held on June 10, 2021. In accordance with U.S. Securities and Exchange Commission rules, we are using the Internet as our primary means of furnishing proxy materials to shareholders. Consequently, most shareholders will not receive paper copies of our proxy materials. We will instead send shareholders a Notice of Internet Availability of Proxy Materials with instructions for accessing the proxy materials, including our Proxy Statement and 2020 Annual Report, and voting via the Internet. The Notice of Internet Availability of Proxy Materials also provides information on how shareholders may obtain paper copies of our proxy materials if they so choose. The Proxy Statement, form of proxy card and 2020 Annual Report also are available free of charge at www.envisionreports.com/ABCB.
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| |
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TABLE OF CONTENTS
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PROXY STATEMENT SUMMARY
|
|
|
Items of Business
|
| |
Board
Recommendation |
| |
Page
Number |
|
| | | | | | |||
| | | | | | |||
| | | | | | |||
| | | | | |
|
Name
|
| |
Age
|
| |
Ameris
Director Since |
| |
Primary Occupation
|
| |
Independent
|
|
| William I. Bowen, Jr. | | |
56
|
| |
November
2014 |
| | Partner and President of Bowen Donaldson Home for Funerals | | |
✓
|
|
| Rodney D. Bullard | | |
46
|
| |
July 2019
|
| |
Vice President of Community Affairs of Chick-fil-A, Inc.;
Executive Director of Chick-fil-A Foundation
|
| |
✓
|
|
| Wm. Millard Choate | | |
68
|
| |
July 2019
|
| | Founder and Chairman of Choate Construction Company | | |
✓
|
|
| R. Dale Ezzell | | |
71
|
| |
May 2010
|
| | Founder and Owner of Wisecards Printing and Mailing | | |
✓
|
|
| Leo J. Hill | | |
66
|
| |
January 2013
|
| | Founder and Owner of Advisor Network Solutions, LLC | | |
✓
|
|
| Daniel B. Jeter | | |
69
|
| |
April 1997
|
| | Chairman and Co-Owner of Standard Discount Corporation | | |
✓
|
|
|
Name
|
| |
Age
|
| |
Ameris
Director Since |
| |
Primary Occupation
|
| |
Independent
|
|
| Robert P. Lynch | | |
57
|
| |
February 2000
|
| | Vice President and Chief Financial Officer of Lynch Management Company | | |
✓
|
|
| Elizabeth A. McCague | | |
71
|
| |
August 2016
|
| | Chief Financial Officer for Jacksonville Port Authority | | |
✓
|
|
| James B. Miller, Jr. | | |
81
|
| |
July 2019
|
| | Chairman of the Ameris Board of Directors | | | | |
| Gloria A. O’Neal | | |
71
|
| |
July 2019
|
| | Community Leader | | |
✓
|
|
|
H. Palmer Proctor, Jr.
|
| |
53
|
| |
July 2019
|
| | Chief Executive Officer of Ameris and the Bank | | | | |
| William H. Stern | | |
64
|
| |
November
2013 |
| | President and Chief Executive Officer of Stern & Stern and Associates | | |
✓
|
|
| Jimmy D. Veal | | |
72
|
| |
May 2008
|
| | Founding Partner and Co-Owner of Beachview Tent Rentals, Inc. | | |
✓
|
|
|
Corporate Governance
|
| |
Executive Compensation
|
|
|
•
Annual Election of All Directors (declassified the Board in 2020)
|
| |
•
Pay for Performance Philosophy
|
|
|
•
Approximately 85% of Board Members are Independent
|
| |
•
Independent Compensation Consultant Engaged by Compensation Committee
|
|
|
•
Independent Audit, Compensation, Corporate Governance and Nominating, and Enterprise Risk Committees of the Board
|
| |
•
Annual Advisory Votes on Executive Compensation
|
|
|
•
Strong Independent Lead Director of the Board
|
| |
•
Risk Oversight by Board and Committees, Including Enterprise Risk Committee
|
|
|
•
Regular Executive Sessions of Independent Directors
|
| |
•
No Adjustments Were Made to 2020 Executive Compensation Metrics Due to Impact of COVID-19 Pandemic
|
|
|
•
Formalized Annual Board and Committee Self-Assessments and Director Assessments
|
| |
•
No Discretionary Compensation Paid to Former Chief Executive Officer Who Departed in 2019
|
|
|
•
Director Continuing Education
|
| |
•
Stock Ownership Requirements for Named Executive Officers and Directors
|
|
|
•
All Directors Attended at Least 75% of 2020 Meetings
|
| |
•
Insider Trading Policy Prohibits Hedging and Short Sales
|
|
|
•
Majority Voting for Directors in Uncontested Elections
|
| | | |
|
•
No Supermajority Voting Requirements in Articles of Incorporation or Bylaws (eliminated in 2020)
|
| | | |
|
•
No Poison Pill in Effect
|
| | | |
|
PROXY SOLICITATION AND VOTING INFORMATION
|
|
|
Proposal
|
| |
Voting
Options |
| |
Vote Required to Elect
Directors or to Adopt Proposal |
| |
Effect of
Abstentions |
| |
Effect of
Broker Non-votes |
|
|
Election of Directors
(Proposal 1) |
| | For, Against or Abstain with respect to each director nominee | | | A majority of votes cast (meaning the number of shares voted “For” a director nominee must exceed the votes cast “Against” such director nominee)* | | | No effect | | | No effect | |
|
Approval, on an Advisory Basis, of the Compensation of Our Named Executive Officers
(Proposal 2) |
| | For, Against or Abstain | | | Affirmative vote of the holders of a majority of the stock having voting power present in person or represented by proxy at the Annual Meeting | | | Same effect as a vote “Against” | | | No effect | |
|
Ratification of the Appointment of Crowe
(Proposal 3) |
| | For, Against or Abstain | | | Affirmative vote of the holders of a majority of the stock having voting power present in person or represented by proxy at the Annual Meeting | | | Same effect as a vote “Against” | | | Brokers have discretion to vote | |
|
Approval of the 2021 Plan
(Proposal 4) |
| | For, Against or Abstain | | | Affirmative vote of the holders of a majority of the stock having voting power present in person or represented by proxy at the Annual Meeting | | | Same effect as a vote Against | | | No effect | |
|
MATTERS TO BE VOTED ON
|
|
|
Name
|
| |
Age
|
| |
Ameris
Director Since |
| |
Primary Occupation
|
| |
AC
|
| |
CC
|
| |
NC
|
| |
EC
|
| |
ERC
|
| |
CRC
|
| |
TC
|
|
| William I. Bowen, Jr.* | | |
56
|
| |
November
2014 |
| | Partner and President of Bowen Donaldson Home for Funerals | | | | | | | | | | | | | | | | | |
✓
|
| |
✓
|
|
| Rodney D. Bullard* | | |
46
|
| |
July 2019
|
| |
Vice President of Community Affairs of Chick-fil-A, Inc.;
Executive Director of Chick-fil-A Foundation
|
| | | | |
✓
|
| | | | | | | | | | | | | |
✓
|
|
| Wm. Millard Choate* | | |
68
|
| |
July 2019
|
| | Founder and Chairman of Choate Construction Company | | |
✓
|
| | | | | | | | | | | | | |
CH
|
| | | |
| R. Dale Ezzell* | | |
71
|
| |
May 2010
|
| |
Founder and Owner of Wisecards Printing and Mailing
|
| |
✓
|
| | | | | | | | | | | | | | | | |
CH
|
|
| Leo J. Hill* | | |
66
|
| |
January
2013 |
| | Founder and Owner of Advisor Network Solutions, LLC | | | | | |
CH
|
| |
✓
|
| |
✓
|
| | | | | | | | | |
| Daniel B. Jeter* | | |
69
|
| |
April 1997
|
| | Chairman and Co-Owner of Standard Discount Corporation | | | | | |
✓
|
| | | | | | | |
✓
|
| | | | | | |
| Robert P. Lynch* | | |
57
|
| |
February
2000 |
| | Vice President and Chief Financial Officer of Lynch Management Company | | |
CH
FE
|
| | | | | | | | | | | | | |
✓
|
| | | |
| Elizabeth A. McCague* | | |
71
|
| |
August 2016
|
| |
Chief Financial Officer for Jacksonville Port Authority
|
| | | | | | | |
✓
|
| |
✓
|
| |
CH
|
| | | | | | |
| James B. Miller, Jr. | | |
81
|
| |
July 2019
|
| | Chairman of the Ameris Board of Directors | | | | | | | | | | | |
✓
|
| | | | | | | | | |
| Gloria A. O’Neal* | | |
71
|
| |
July 2019
|
| | Community Leader | | |
✓
|
| | | | | | | | | | |
✓
|
| | | | | | |
| H. Palmer Proctor, Jr. | | |
53
|
| |
July 2019
|
| | Chief Executive Officer of Ameris and the Bank | | | | | | | | | | | |
CH
|
| | | | | | | | | |
| William H. Stern* | | |
64
|
| |
November
2013 |
| | President and Chief Executive Officer of Stern & Stern and Associates | | | | | |
✓
|
| |
CH
|
| |
✓
|
| | | | | | | | | |
| Jimmy D. Veal* | | |
72
|
| |
May 2008
|
| | Founding Partner and Co-Owner of Beachview Tent Rentals, Inc. | | | | | | | | |
✓
|
| | | | | | | |
✓
|
| | | |
| |
The Board recommends a vote “FOR” the election of the nominated directors. Proxies will be voted “FOR” the election of the director nominees named above unless otherwise specified.
|
| |
| |
The Board recommends that you vote “FOR” the ratification of the appointment of Crowe LLP as our independent registered public accounting firm for the year ending December 31, 2021. Proxies will be voted “FOR” the ratification of this appointment unless otherwise specified.
|
| |
| |
The Board recommends that you vote “FOR” the approval of the compensation of our named executive officers as set forth in this Proxy Statement under “Executive Compensation,” including the “Compensation Discussion and Analysis,” the compensation tables and related material. Proxies will be voted “FOR” the approval of the compensation of our named executive officers unless otherwise specified.
|
| |
|
Key Equity Metrics
|
| |
Fiscal 2020 (%)
|
| |
Fiscal 2019(%)
|
| |
Fiscal 2018 (%)
|
| |||||||||
| Burn Rate(1) | | | | | 0.35 | | | | | | 0.18 | | | | | | 0.19 | | |
| Overhang(2) | | | | | 1.56 | | | | | | — | | | | | | — | | |
| Dilution(3) | | | | | 0.89 | | | | | | — | | | | | | — | | |
| Total stock options outstanding(1) | | | | | 153,635 | | |
| Weighted-average exercise price of stock options outstanding | | | | $ | 29.25 | | |
| Weighted-average remaining duration of stock options outstanding (years) | | | | | 1.29 | | |
| Total shares subject to full value awards outstanding(2) | | | | | 125,372 | | |
| Total shares available for grant under the 2014 Plan | | | | | 335,854 | | |
| Shares issuable for 2021 non-employee director awards under the 2014 Plan(3) | | | | | 13,430 | | |
| Total shares of Common Stock outstanding(4) | | | | | 69,713,426 | | |
|
Plan Category
|
| |
Number of
securities to be issued upon exercise of outstanding options, warrants and rights(1) |
| |
Weighted
average exercise price of outstanding options, warrants and rights(1) |
| |
Number of
securities remaining available for future issuance under equity compensation (2) plans(2) |
| |||||||||
| | | |
(a)
|
| |
(b)
|
| |
(c)
|
| |||||||||
|
Equity compensation plans approved by security holders
|
| | | | 356,487 | | | | | $ | 28.13 | | | | | | 470,502 | | |
| |
The Board recommends that you vote “FOR” the approval of the Ameris Bancorp 2021 Omnibus Equity Incentive Plan. Proxies will be voted “FOR” approval of the Ameris Bancorp 2021 Omnibus Equity Incentive Plan unless otherwise specified.
|
| |
|
GOVERNANCE
|
|
|
ENVIRONMENTAL, SOCIAL AND GOVERNANCE MATTERS
|
|
|
BOARD OF DIRECTORS
|
|
|
Director Name
|
| |
Number of
Meetings in 2020 |
| |||
| Board of Directors | | | | | 8 | | |
| Audit Committee | | | | | 9 | | |
| Compensation Committee | | | | | 5 | | |
| Corporate Governance and Nominating Committee | | | | | 4 | | |
| Executive Committee | | | | | 2 | | |
| Enterprise Risk Committee | | | | | 4 | | |
| Credit Risk Committee | | | | | 4 | | |
| Trust Committee | | | | | 4 | | |
|
Name
|
| |
Fees
Earned or Paid in Cash |
| |
Stock
Awards(1) |
| |
Option
Awards |
| |
Non-Equity
Incentive Plan Compensation |
| |
Change in
Pension Value and Nonqualified Deferred Compensation Earnings |
| |
All Other
Compensation |
| |
Total
|
| |||||||||||||||||||||
| William I. Bowen, Jr. | | | | $ | 62,400 | | | | | $ | 60,004 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,249 | | | | | $ | 123,653 | | |
| Rodney D. Bullard | | | | $ | 60,000 | | | | | $ | 60,004 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,169 | | | | | $ | 121,173 | | |
| Wm. Millard Choate | | | | $ | 63,772 | | | | | $ | 60,004 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,169 | | | | | $ | 124,945 | | |
| R. Dale Ezzell | | | | $ | 72,400 | | | | | $ | 60,004 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,249 | | | | | $ | 133,653 | | |
| Leo J. Hill | | | | $ | 100,000 | | | | | $ | 60,004 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,249 | | | | | $ | 161,253 | | |
| Daniel B. Jeter | | | | $ | 61,600 | | | | | $ | 60,004 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,249 | | | | | $ | 122,853 | | |
| Robert P. Lynch | | | | $ | 81,600 | | | | | $ | 60,004 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,249 | | | | | $ | 142,853 | | |
| Elizabeth A. McCague | | | | $ | 70,000 | | | | | $ | 60,004 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,249 | | | | | $ | 131,253 | | |
| James B. Miller, Jr. | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 843,993(2) | | | | | $ | — | | | | | $ | 1,361,009(2) | | | | | $ | 2,205,002 | | |
| Gloria A. O’Neal | | | | $ | 60,000 | | | | | $ | 60,004 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,169 | | | | | $ | 121,173 | | |
| William H. Stern | | | | $ | 72,400 | | | | | $ | 60,004 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,249 | | | | | $ | 133,653 | | |
| Jimmy D. Veal | | | | $ | 62,400 | | | | | $ | 60,004 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,249 | | | | | $ | 123,653 | | |
|
INFORMATION ABOUT OUR EXECUTIVE OFFICERS
|
|
|
Name, Age and
Term as Officer |
| |
Position
|
| |
Principal Occupation for the Last Five Years
and Other Directorships |
|
|
H. Palmer Proctor, Jr., 53
Officer since 2019 |
| | Chief Executive Officer | | |
Chief Executive Officer of the Company and the Bank since July 2019. Prior to the Company’s acquisition of Fidelity, President of Fidelity since April 2006; Chief Executive Officer of Fidelity Bank since April 2017; President of Fidelity Bank since October 2004; and a director of Fidelity Bank since 2004. Also, has served as a director of Brown and Brown, Inc., an independent insurance intermediary, since 2012, and as Chairman of the Georgia Bankers Association from 2017 to 2018.
|
|
|
Lawton E. Bassett, III, 52
Officer since 2016 |
| | Corporate Executive Vice President, Chief Banking Officer and Bank President | | |
Chief Banking Officer of the Company and Bank President since February 2017; Corporate Executive Vice President since February 2016; Chief Banking Officer for Alabama and Georgia from February 2016 through January 2017; and Regional President and Market President from 2006 through January 2017. From 2003-2006, served as President and Chief Executive Officer of Citizens Security Bank, formerly a wholly owned subsidiary of the Company. Prior to joining the Company, served in various commercial lending and leadership roles at Barnett Bank and SunTrust.
|
|
|
Nicole S. Stokes, 46
Officer since 2018 |
| | Corporate Executive Vice President and Chief Financial Officer | | |
Corporate Executive Vice President and Chief Financial Officer of the Company and the Bank since January 2018; Chief Financial Officer of the Bank since June 2016; and Senior Vice President and Controller from December 2010 through May 2016.
|
|
|
Ross L. Creasy, 47
Officer since 2019 |
| | Corporate Executive Vice President and Chief Innovation Officer | | |
Corporate Executive Vice President and Chief Innovation Officer of the Bank since July 2019. Prior to the Company’s acquisition of Fidelity, Chief Information Officer of Fidelity Bank since July 2018, during which Mr. Creasy oversaw Technology and Operations. Prior to joining Fidelity, served in various positions with E*TRADE, Capital One and the Federal Reserve.
|
|
|
Jon S. Edwards, 59
Officer since 1999 |
| | Corporate Executive Vice President and Chief Credit Officer | | |
Corporate Executive Vice President and Chief Credit Officer since May 2005; Executive Vice President and Regional Bank Executive for Southern Division from August 2002 through April 2005; Director of Credit Administration from March 1999 to July 2003; Senior Vice President from March 1999 to August 2002; and director of each subsidiary bank in the Southern Division from September 2002 through April 2005.
|
|
|
Name, Age and
Term as Officer |
| |
Position
|
| |
Principal Occupation for the Last Five Years
and Other Directorships |
|
|
James A. LaHaise, 60
Officer since 2014 |
| | Corporate Executive Vice President and Chief Strategy Officer | | |
Corporate Executive Vice President and Chief Strategy Officer since October 2018; Executive Vice President and Corporate Banking Executive from February 2017 through September 2018; Executive Vice President and Chief Banking Officer for Florida and South Carolina from February 2016 through January 2017; Executive Vice President, Commercial Banking Executive from June 2014 until February 2016; President and Chief Executive Officer of Coastal Bankshares, Inc. and The Coastal Bank from January 2013 until they were acquired by the Company in June 2014; and Executive Vice President and Chief Banking Officer of The Coastal Bank from May 2007 through December 2012.
|
|
|
Cindi H. Lewis, 67
Officer since 1987 |
| | Corporate Executive Vice President, Chief Administrative Officer and Corporate Secretary | | |
Corporate Executive Vice President and Chief Administrative Officer of the Company since May 2006; Executive Vice President since May 2002; Corporate Secretary since May 2000; Director of Human Resources from May 2000 to May 2006; and Senior Vice President from May 2000 to May 2002.
|
|
|
William D. McKendry, 52
Officer since 2017 |
| | Corporate Executive Vice President and Chief Risk Officer | | |
Corporate Executive Vice President and Chief Risk Officer of the Company since September 2017; Executive Vice President and Chief Risk Officer for Bank of North Carolina from December 2011 to September 2017; and Deputy General Auditor for First Citizens Bancshares from June 2004 to October 2011.
|
|
|
Michael T. Pierson, 51
Officer since 2019 |
| | Corporate Executive Vice President and Chief Governance Officer | | |
Corporate Executive Vice President and Chief Governance Officer of the Company and the Bank since March 2020; and Executive Vice President and Chief Operations Officer of Ameris and Ameris Bank from July 2019 to March 2020. Prior to the Company’s acquisition of Fidelity, served in various leadership roles at Fidelity and Fidelity Bank for 21 years, including Head of Commercial Banking, Mergers and Acquisitions and Chief Risk Officer.
|
|
|
R. Todd Shutley, 57
Officer since 2020 |
| | Corporate Executive Vice President and Chief Specialty Banking Officer | | |
Corporate Executive Vice President and Chief Specialty Banking Officer of the Bank since June 2020. Prior to joining the Bank, EVP and Head of Commercial Industry Specialty and Advisory at SunTrust Bank (now Truist Bank). Prior to that, served as Managing Director and on the Operating Committee for SunTrust Robinson Humphrey.
|
|
|
Name, Age and
Term as Officer |
| |
Position
|
| |
Principal Occupation for the Last Five Years
and Other Directorships |
|
|
Jody L. Spencer, 49
Officer since 2019 |
| | Corporate Executive Vice President and Chief Legal Officer | | |
Corporate Executive Vice President and Chief Legal Officer since July 2019; attorney at Rogers & Hardin LLP from March 2001 to July 2019, serving as a partner from January 2008 to July 2019.
|
|
|
EXECUTIVE COMPENSATION
|
|
| |
NEO
|
| | |
Position
|
| |
| | H. Palmer Proctor, Jr. | | | | Chief Executive Officer | | |
| | Nicole S. Stokes | | | | Corporate Executive Vice President and Chief Financial Officer | | |
| | Lawton E. Bassett, III | | | | Corporate Executive Vice President, Chief Banking Officer and Bank President | | |
| | Jon S. Edwards | | | |
Corporate Executive Vice President and Chief Credit Officer
|
| |
| | James A. LaHaise | | | | Corporate Executive Vice President and Chief Strategy Officer | | |
| |
Company
|
| | |
Total Assets
(12/31/2020) |
| | |
Company
|
| | |
Total Assets
(12/31/2020) |
| | ||||||
| | South State Corporation | | | | | $ | 37.8 | | | | |
Atlantic Union Bankshares Corporation
|
| | | | $ | 19.6 | | | |
| | Pinnacle Financial Partners, Inc. | | | | | $ | 34.9 | | | | | Cadence Bancorporation | | | | | $ | 18.7 | | | |
| | Hancock Whitney Corporation | | | | | $ | 33.6 | | | | | Independent Bank Group, Inc. | | | | | $ | 17.8 | | | |
| | UMB Financial Corporation | | | | | $ | 33.1 | | | | | United Community Banks, Inc. | | | | | $ | 17.8 | | | |
| | Commerce Bancshares, Inc. | | | | | $ | 32.9 | | | | | Hilltop Holdings Inc. | | | | | $ | 16.9 | | | |
| | Bank OZK | | | | | $ | 27.2 | | | | | Trustmark Corporation | | | | | $ | 16.6 | | | |
| | United Bankshares, Inc. | | | | | $ | 26.2 | | | | | Home Bancshares, Inc. | | | | | $ | 16.4 | | | |
| | BancorpSouth Bank | | | | | $ | 24.1 | | | | | Renasant Corporation | | | | | $ | 14.9 | | | |
| |
Company
|
| | |
Total Assets
(12/31/2020) |
| | |
Company
|
| | |
Total Assets
(12/31/2020) |
| | |||
| | Simmons First National Corporation | | | | | $ | 22.4 | | | | | | | | | | | |
| |
Median
|
| | |
$22.4
|
| | |||||||||||
| |
Ameris Bancorp
|
| | |
$20.4
|
| |
|
Component
|
| |
Type
|
| |
Objectives
|
|
| Base Salary | | | Fixed | | |
•
Attract and retain executives
•
Compensate executive for level of responsibility and experience
|
|
| Short-Term (Annual) Incentives | | | Variable | | |
•
Reward achievement of the Company’s annual financial and operational goals
•
Promote accountability and strategic decision-making
|
|
|
Long-Term Incentives
|
| | Variable | | |
•
Align management and shareholder goals by linking management compensation to share price over extended period
•
Encourage long-term, strategic decision-making
•
Reward achievement of long-term company performance goals
•
Promote accountability
•
Retain key executives
|
|
| Perquisites and Other Personal Benefits | | | Fixed | | |
•
Foster the health and well-being of executives
•
Attract and retain executives
|
|
| Retirement Income and Savings Plans | | | Fixed | | |
•
Retain key executives
•
Reward employee loyalty and long-term service
|
|
| Post-Termination Compensation and Benefits | | | Fixed | | |
•
Attract and retain executives
•
Promote continuity in management
•
Promote equitable separations between the Company and its executives
|
|
| | | |
Base Salary
Effective July 1, 2019 |
| |
2020 Base Salary
|
| |
Total
Adjustment |
| |||||||||
| H. Palmer Proctor, Jr. | | | | $ | 850,000 | | | | | $ | 850,000 | | | | | | 0% | | |
| Nicole S. Stokes | | | | $ | 440,000 | | | | | $ | 440,000 | | | | | | 0% | | |
| Lawton E. Bassett, III | | | | $ | 500,000 | | | | | $ | 500,000 | | | | | | 0% | | |
| Jon S. Edwards | | | | $ | 375,000 | | | | | $ | 375,000 | | | | | | 0% | | |
| James A. LaHaise | | | | $ | 375,000 | | | | | $ | 375,000 | | | | | | 0% | | |
|
Performance Measure
|
| |
Weight
|
| |||
| Credit Quality | | | | | 33.0% | | |
| ROA (Return on Assets) | | | | | 34.0% | | |
| Efficiency Ratio | | | | | 33.0% | | |
|
Named Executive Officer
|
| |
Threshold
(% of salary) |
| |
Target
(% of salary) |
| |
Maximum
(% of salary) |
| |||||||||
| H. Palmer Proctor, Jr. | | | | | 42.50% | | | | | | 85.00% | | | | | | 144.50% | | |
| Nicole S. Stokes | | | | | 32.50% | | | | | | 65.00% | | | | | | 110.50% | | |
| Lawton E. Bassett, III | | | | | 32.50% | | | | | | 65.00% | | | | | | 110.50% | | |
| Jon S. Edwards | | | | | 32.50% | | | | | | 65.00% | | | | | | 110.50% | | |
| James A. LaHaise | | | | | 32.50% | | | | | | 65.00% | | | | | | 110.50% | | |
| | | |
33% Weight
Credit Quality |
| |
34% Weight
ROA |
| |
33% Weight
Efficiency Ratio |
|
| Threshold | | |
0.65%
|
| |
1.40%
|
| |
57%
|
|
| Target | | |
0.50% — 0.55%
|
| |
1.50% — 1.55%
|
| |
53.00% — 55.00%
|
|
| Maximum | | |
0.40%
|
| |
1.65%
|
| |
51.00%
|
|
| Actual | | |
0.48%
|
| |
1.56%
|
| |
52.17%
|
|
|
Named
Executive Officer |
| |
Base
Salary X |
| |
Target
(% of salary) X |
| |
Company
Achievement X |
| |
Individual
Performance = |
| |
Actual
Incentive Payout |
| |||||||||||||||
| H. Palmer Proctor, Jr. | | | | $ | 850,000 | | | | | | 85% | | | | | | 118.04% | | | | | | 110% | | | | | $ | 938,131 | | |
| Nicole S. Stokes | | | | $ | 440,000 | | | | | | 65% | | | | | | 118.04% | | | | | | 110% | | | | | $ | 371,357 | | |
| Lawton E. Bassett, III | | | | $ | 500,000 | | | | | | 65% | | | | | | 118.04% | | | | | | 110% | | | | | $ | 421,996 | | |
| Jon S. Edwards | | | | $ | 375,000 | | | | | | 65% | | | | | | 118.04% | | | | | | 110% | | | | | $ | 316,497 | | |
| James A. LaHaise | | | | $ | 375,000 | | | | | | 65% | | | | | | 118.04% | | | | | | 110% | | | | | $ | 316,497 | | |
|
Named Executive Officer
|
| |
LTI Target
|
| |||
| H. Palmer Proctor, Jr. | | | | $ | 900,000 | | |
| Nicole S. Stokes | | | | $ | 300,000 | | |
| Lawton E. Bassett, III | | | | $ | 350,000 | | |
| Jon S. Edwards | | | | $ | 300,000 | | |
| James A. LaHaise | | | | $ | 300,000 | | |
| | | |
ABCB
ROTCE |
| |
25% Percentile
KBW Regional Banking Index ROTCE |
| |
50% Percentile
KBW Regional Banking Index ROTCE |
| |
75% Percentile
KBW Regional Banking Index ROTCE |
| |
Level
|
| |
Payout
|
| ||||||||||||||||||
| 2018 | | | | | 19.18% | | | | | | 13.40% | | | | | | 15.44% | | | | | | 17.13% | | | | | | Maximum | | | | | | 200% | | |
| 2019 | | | | | 18.74% | | | | | | 12.46% | | | | | | 14.56% | | | | | | 16.28% | | | | | | Maximum | | | | | | 200% | | |
| 2020 | | | | | 19.77% | | | | | | 8.62% | | | | | | 10.58% | | | | | | 13.18% | | | | | | Maximum | | | | | | 200% | | |
| 3-Year Average | | | | | 19.23% | | | | | | 11.49% | | | | | | 13.53% | | | | | | 15.53% | | | | | | Maximum | | | | | | 200% | | |
|
NEO
|
| |
2018-2020 Plan
|
| |||
| H. Palmer Proctor, Jr. | | | | | — | | |
| Nicole S. Stokes | | | | | 1,529 | | |
| Lawton E. Bassett, III | | | | | 2,780 | | |
| Jon S. Edwards | | | | | 1,854 | | |
| James A. LaHaise | | | | | 1,854 | | |
|
Name and Principal Position
|
| |
Year
|
| |
Salary
|
| |
Bonus
|
| |
Stock
Awards(1) |
| |
Option
Awards |
| |
Non-Equity
Incentive Plan Compensation |
| |
Change in
Pension Value and Nonqualified Deferred Compensation Earnings |
| |
All Other
Compensation(2) |
| |
Total
|
| |||||||||||||||||||||||||||
|
H. Palmer Proctor, Jr.
Chief Executive Officer |
| | | | 2020 | | | | | $ | 850,000 | | | | | $ | 0 | | | | | $ | 893,793 | | | | | $ | 0 | | | | | $ | 938,131 | | | | | $ | 0 | | | | | $ | 58,377 | | | | | $ | 2,740,301 | | |
| | | 2019 | | | | | $ | 425,000 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 716,077 | | | | | $ | 0 | | | | | $ | 13,304 | | | | | $ | 1,154,381 | | | |||
|
Nicole S. Stokes
Corporate Executive Vice President and Chief Financial Officer |
| | | | 2020 | | | | | $ | 440,000 | | | | | $ | 0 | | | | | $ | 297,931 | | | | | $ | 0 | | | | | $ | 371,357 | | | | | $ | 9,361 | | | | | $ | 55,470 | | | | | $ | 1,174,119 | | |
| | | 2019 | | | | | $ | 411,205 | | | | | $ | 0 | | | | | $ | 300,019 | | | | | $ | 0 | | | | | $ | 283,458 | | | | | $ | 8,507 | | | | | $ | 110,479 | | | | | $ | 1,113,668 | | | |||
| | | 2018 | | | | | $ | 300,000 | | | | | $ | 0 | | | | | $ | 164,979 | | | | | $ | 0 | | | | | $ | 218,147 | | | | | $ | 7,717 | | | | | $ | 10,262 | | | | | $ | 701,105 | | | |||
|
Lawton E. Bassett, III
Corporate Executive Vice President, Chief Banking Officer and Bank President |
| | | | 2020 | | | | | $ | 500,000 | | | | | $ | 0 | | | | | $ | 347,599 | | | | | $ | 0 | | | | | $ | 421,996 | | | | | $ | 24,451 | | | | | $ | 30,444 | | | | | $ | 1,324,490 | | |
| | | 2019 | | | | | $ | 472,066 | | | | | $ | 0 | | | | | $ | 349,982 | | | | | $ | 0 | | | | | $ | 322,111 | | | | | $ | 22,264 | | | | | $ | 51,715 | | | | | $ | 1,218,138 | | | |||
| | | 2018 | | | | | $ | 400,000 | | | | | $ | 0 | | | | | $ | 299,962 | | | | | $ | 0 | | | | | $ | 293,800 | | | | | $ | 20,195 | | | | | $ | 17,126 | | | | | $ | 1,031,083 | | | |||
|
Jon S. Edwards
Corporate Executive Vice President and Chief Credit Officer |
| | | | 2020 | | | | | $ | 375,000 | | | | | $ | 0 | | | | | $ | 297,931 | | | | | $ | 0 | | | | | $ | 316,497 | | | | | $ | 73,597 | | | | | $ | 45,210 | | | | | $ | 1,108,235 | | |
| | | 2019 | | | | | $ | 364,343 | | | | | $ | 0 | | | | | $ | 300,019 | | | | | $ | 0 | | | | | $ | 241,583 | | | | | $ | 67,314 | | | | | $ | 110,704 | | | | | $ | 1,083,964 | | | |||
| | | 2018 | | | | | $ | 320,000 | | | | | $ | 0 | | | | | $ | 199,993 | | | | | $ | 0 | | | | | $ | 211,536 | | | | | $ | 61,061 | | | | | $ | 22,001 | | | | | $ | 814,591 | | | |||
|
James A. LaHaise
Corporate Executive Vice President and Chief Strategy Officer |
| | | | 2020 | | | | | $ | 375,000 | | | | | $ | 0 | | | | | $ | 297,931 | | | | | $ | 0 | | | | | $ | 316,497 | | | | | $ | 67,423 | | | | | $ | 224,174 | | | | | $ | 1,281,025 | | |
| | | 2019 | | | | | $ | 364,343 | | | | | $ | 0 | | | | | $ | 300,019 | | | | | $ | 0 | | | | | $ | 241,583 | | | | | $ | 61,247 | | | | | $ | 27,440 | | | | | $ | 994,632 | | | |||
| | | 2018 | | | | | $ | 320,000 | | | | | $ | 0 | | | | | $ | 199,993 | | | | | $ | 0 | | | | | $ | 232,690 | | | | | $ | 55,228 | | | | | $ | 27,132 | | | | | $ | 835,043 | | |
|
Named Executive
Officer |
| |
Auto
Provision(a) |
| |
Country Club
Membership and Dues(a) |
| |
Moving
Expenses(b) |
| |
Dividends
|
| |
Employer
401(k) Match |
| |
Health and
Welfare(c) |
| |
Life
Insurance |
| |||||||||||||||||||||
| H. Palmer Proctor, Jr. | | | | $ | 3,904 | | | | | $ | 18,059 | | | | | $ | — | | | | | $ | 7,867 | | | | | $ | 8,550 | | | | | $ | 16,546 | | | | | $ | 3,451 | | |
| Nicole S. Stokes. | | | | $ | — | | | | | $ | — | | | | | $ | 21,136 | | | | | $ | 8,995 | | | | | $ | 8,550 | | | | | $ | 16,249 | | | | | $ | 540 | | |
| Lawton E. Bassett, III | | | | $ | 1,352 | | | | | $ | — | | | | | $ | — | | | | | $ | 12,195 | | | | | $ | 8,550 | | | | | $ | 7,519 | | | | | $ | 828 | | |
| Jon S. Edwards | | | | $ | 2,450 | | | | | $ | — | | | | | $ | 14,559 | | | | | $ | 9,751 | | | | | $ | 8,550 | | | | | $ | 8,352 | | | | | $ | 1,548 | | |
| James A. LaHaise | | | | $ | 3,542 | | | | | $ | 3,209 | | | | | $ | 184,691 | | | | | $ | 9,751 | | | | | $ | 8,550 | | | | | $ | 12,883 | | | | | $ | 1,548 | | |
| | | | | | | | | | | | |
Estimated Future Payouts
Under Non-Equity Incentive Plan Awards(1) |
| |
Estimated Future Payouts
Under Equity Incentive Plan Awards(2) |
| |
All Other
Stock Awards: Number of Shares of Stock or Units (#)(3) |
| |
Grant
Date Fair Value of Stock and Option Awards(4) |
| ||||||||||||||||||||||||||||||||||||
|
Name
|
| |
Plan/Grant
Date |
| |
Award Type
|
| |
Threshold
($) |
| |
Target
($) |
| |
Maximum
($) |
| |
Threshold
(#) |
| |
Target
(#) |
| |
Maximum
(#) |
| |||||||||||||||||||||||||||||||||
| H. Palmer Proctor, Jr. | | | | | 3/11/2020 | | | | STI | | | | | 361,250 | | | | | | 722,500 | | | | | | 1,228,250 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | 3/11/2020 | | | | RSA | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 17,483 | | | | | $ | 450,012 | | |
| | | | | | 3/11/2020 | | | | IM PSU | | | | | — | | | | | | — | | | | | | — | | | | | | 2,185 | | | | | | 8,741 | | | | | | 17,482 | | | | | | — | | | | | $ | 224,993 | | |
| | | | | | 3/11/2020 | | | |
TSR PSU
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,185 | | | | | | 8,741 | | | | | | 17,482 | | | | | | — | | | | | $ | 218,787 | | |
| Nicole S. Stokes | | | | | 3/11/2020 | | | | STI | | | | | 143,000 | | | | | | 286,000 | | | | | | 486,200 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | 3/11/2020 | | | | RSA | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,828 | | | | | $ | 150,013 | | |
| | | | | | 3/11/2020 | | | | IM PSU | | | | | — | | | | | | — | | | | | | — | | | | | | 729 | | | | | | 2,914 | | | | | | 5,828 | | | | | | — | | | | | $ | 75,006 | | |
| | | | | | 3/11/2020 | | | |
TSR PSU
|
| | | | — | | | | | | — | | | | | | — | | | | | | 728 | | | | | | 2,913 | | | | | | 5,826 | | | | | | — | | | | | $ | 72,912 | | |
| Lawton E. Bassett, III | | | | | 3/11/2020 | | | | STI | | | | | 162,500 | | | | | | 325,000 | | | | | | 552,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | 3/11/2020 | | | | RSA | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,799 | | | | | $ | 175,006 | | |
| | | | | | 3/11/2020 | | | | IM PSU | | | | | — | | | | | | — | | | | | | — | | | | | | 850 | | | | | | 3,400 | | | | | | 6,800 | | | | | | — | | | | | $ | 87,516 | | |
| | | | | | 3/11/2020 | | | |
TSR PSU
|
| | | | — | | | | | | — | | | | | | — | | | | | | 850 | | | | | | 3,399 | | | | | | 6,798 | | | | | | — | | | | | $ | 85,077 | | |
| Jon S. Edwards | | | | | 3/11/2020 | | | | STI | | | | | 121,875 | | | | | | 243,750 | | | | | | 414,375 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | 3/11/2020 | | | | RSA | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,828 | | | | | $ | 150,013 | | |
| | | | | | 3/11/2020 | | | | IM PSU | | | | | — | | | | | | — | | | | | | — | | | | | | 729 | | | | | | 2,914 | | | | | | 5,828 | | | | | | — | | | | | $ | 75,006 | | |
| | | | | | 3/11/2020 | | | |
TSR PSU
|
| | | | — | | | | | | — | | | | | | — | | | | | | 728 | | | | | | 2,913 | | | | | | 5,826 | | | | | | — | | | | | $ | 72,912 | | |
| James A. LaHaise | | | | | 3/11/2020 | | | | STI | | | | | 121,875 | | | | | | 243,750 | | | | | | 414,375 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | 3/11/2020 | | | | RSA | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,828 | | | | | $ | 150,013 | | |
| | | | | | 3/11/2020 | | | | IM PSU | | | | | — | | | | | | — | | | | | | — | | | | | | 729 | | | | | | 2,914 | | | | | | 5,828 | | | | | | — | | | | | $ | 75,006 | | |
| | | | | | 3/11/2020 | | | |
TSR PSU
|
| | | | — | | | | | | — | | | | | | — | | | | | | 728 | | | | | | 2,913 | | | | | | 5,826 | | | | | | — | | | | | $ | 72,912 | | |
|
Name
|
| |
Award
Type |
| |
Number of
Shares or Units of Stock That Have Not Vested (#) |
| |
Market
Value of Shares or Units of Stock That Have Not Vested |
| |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) |
| |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested |
| |
Date Equity
Fully Vests |
| |||||||||||||||
|
H. Palmer Proctor, Jr.
|
| |
RSA
|
| | | | 5,827 | | | | | $ | 221,834 | | | | | | | | | | | | | | | | | | 3/11/2021(1) | | |
| RSA | | | | | 5,828 | | | | | $ | 221,872 | | | | | | | | | | | | | | | | | | 3/11/2022(1) | | | |||
| RSA | | | | | 5,828 | | | | | $ | 221,872 | | | | | | | | | | | | | | | | | | 3/11/2023(1) | | | |||
| IM PSU(7) | | | | | | | | | | | | | | | | | 8,741 | | | | | $ | 332,770 | | | | | | 12/31/2022(2) | | | |||
|
TSR PSU(7)
|
| | | | | | | | | | | | | | | | 8,741 | | | | | $ | 332,770 | | | | | | 12/31/2022(3) | | | |||
|
Nicole S. Stokes
|
| |
RSA
|
| | | | 1,529 | | | | | $ | 58,209 | | | | | | | | | | | | | | | | | | 2/19/2021(4) | | |
| PBRSA(7) | | | | | | | | | | | | | | | | | 1,529 | | | | | $ | 58,209 | | | | | | 2/19/2021(5) | | | |||
| RSA | | | | | 1,942 | | | | | $ | 73,932 | | | | | | | | | | | | | | | | | | 3/11/2021(1) | | | |||
| RSA | | | | | 3,693 | | | | | $ | 140,593 | | | | | | | | | | | | | | | | | | 2/19/2022(4) | | | |||
| PBRSA(7) | | | | | | | | | | | | | | | | | 3,693 | | | | | $ | 140,593 | | | | | | 2/19/2022(6) | | | |||
| RSA | | | | | 1,943 | | | | | $ | 73,970 | | | | | | | | | | | | | | | | | | 3/11/2022(1) | | | |||
| IM PSU(7) | | | | | | | | | | | | | | | | | 2,914 | | | | | $ | 110,936 | | | | | | 12/31/2022(2) | | | |||
|
TSR PSU(7)
|
| | | | | | | | | | | | | | | | 2,913 | | | | | $ | 110,898 | | | | | | 12/31/2022(3) | | | |||
| RSA | | | | | 1,943 | | | | | $ | 73,970 | | | | | | | | | | | | | | | | | | 3/11/2023(1) | | |
|
Name
|
| |
Award
Type |
| |
Number of
Shares or Units of Stock That Have Not Vested (#) |
| |
Market
Value of Shares or Units of Stock That Have Not Vested |
| |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) |
| |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested |
| |
Date Equity
Fully Vests |
| |||||||||||||||
|
Lawton E. Bassett, III
|
| |
RSA
|
| | | | 2,780 | | | | | $ | 105,835 | | | | | | | | | | | | | | | | | | 2/19/2021(4) | | |
| PBRSA(7) | | | | | | | | | | | | | | | | | 2,780 | | | | | $ | 105,835 | | | | | | 2/19/2021(5) | | | |||
| RSA | | | | | 2,266 | | | | | $ | 86,267 | | | | | | | | | | | | | | | | | | 3/11/2021(1) | | | |||
| RSA | | | | | 4,308 | | | | | $ | 164,006 | | | | | | | | | | | | | | | | | | 2/19/2022(4) | | | |||
| PBRSA(7) | | | | | | | | | | | | | | | | | 4,308 | | | | | $ | 164,006 | | | | | | 2/19/2022(6) | | | |||
| RSA | | | | | 2,266 | | | | | $ | 86,267 | | | | | | | | | | | | | | | | | | 3/11/2022(1) | | | |||
| IM PSU(7) | | | | | | | | | | | | | | | | | 3,400 | | | | | $ | 129,438 | | | | | | 12/31/2022(2) | | | |||
|
TSR PSU(7)
|
| | | | | | | | | | | | | | | | 3,399 | | | | | $ | 129,400 | | | | | | 12/31/2022(3) | | | |||
| RSA | | | | | 2,267 | | | | | $ | 86,305 | | | | | | | | | | | | | | | | | | 3/11/2023(1) | | | |||
|
Jon S. Edwards
|
| |
RSA
|
| | | | 1,853 | | | | | $ | 70,544 | | | | | | | | | | | | | | | | | | 2/19/2021(4) | | |
| PBRSA(7) | | | | | | | | | | | | | | | | | 1,854 | | | | | $ | 70,582 | | | | | | 2/19/2021(5) | | | |||
| RSA | | | | | 1,942 | | | | | $ | 73,932 | | | | | | | | | | | | | | | | | | 3/11/2021(1) | | | |||
| RSA | | | | | 3,693 | | | | | $ | 140,593 | | | | | | | | | | | | | | | | | | 2/19/2022(4) | | | |||
| PBRSA(7) | | | | | | | | | | | | | | | | | 3,693 | | | | | $ | 140,593 | | | | | | 2/19/2022(6) | | | |||
| RSA | | | | | 1,943 | | | | | $ | 73,970 | | | | | | | | | | | | | | | | | | 3/11/2022(1) | | | |||
| IM PSU(7) | | | | | | | | | | | | | | | | | 2,914 | | | | | $ | 110,936 | | | | | | 12/31/2022(2) | | | |||
|
TSR PSU(7)
|
| | | | | | | | | | | | | | | | 2,913 | | | | | $ | 110,898 | | | | | | 12/31/2022(3) | | | |||
| RSA | | | | | 1,943 | | | | | $ | 73,970 | | | | | | | | | | | | | | | | | | 3/11/2023(1) | | | |||
|
James A. LaHaise
|
| |
RSA
|
| | | | 1,853 | | | | | $ | 70,544 | | | | | | | | | | | | | | | | | | 2/19/2021(4) | | |
| PBRSA(7) | | | | | | | | | | | | | | | | | 1,854 | | | | | $ | 70,582 | | | | | | 2/19/2021(5) | | | |||
| RSA | | | | | 1,942 | | | | | $ | 73,932 | | | | | | | | | | | | | | | | | | 3/11/2021(1) | | | |||
| RSA | | | | | 3,693 | | | | | $ | 140,593 | | | | | | | | | | | | | | | | | | 2/19/2022(4) | | | |||
| PBRSA(7) | | | | | | | | | | | | | | | | | 3,693 | | | | | $ | 140,593 | | | | | | 2/19/2022(6) | | | |||
| RSA | | | | | 1,943 | | | | | $ | 73,970 | | | | | | | | | | | | | | | | | | 3/11/2022(1) | | | |||
| IM PSU(7) | | | | | | | | | | | | | | | | | 2,914 | | | | | $ | 110,936 | | | | | | 12/31/2022(2) | | | |||
|
TSR PSU(7)
|
| | | | | | | | | | | | | | | | 2,913 | | | | | $ | 110,898 | | | | | | 12/31/2022(3) | | | |||
| RSA | | | | | 1,943 | | | | | $ | 73,970 | | | | | | | | | | | | | | | | | | 3/11/2023(1) | | |
| | | |
Number of Shares
Acquired on Vesting (#) |
| |
Value Realized
on Vesting |
| ||||||
| H. Palmer Proctor, Jr. | | | | | — | | | | | | — | | |
| Nicole S. Stokes | | | | | 709 | | | | | $ | 29,090(1) | | |
| Lawton E. Bassett, III | | | | | 6,301 | | | | | $ | 194,312(2) | | |
| Jon S. Edwards | | | | | 4,726 | | | | | $ | 145,744(3) | | |
| James A. LaHaise | | | | | 4,726 | | | | | $ | 145,744(4) | | |
|
|
Name
|
| |
Plan Name
|
| |
Number of Years
Credited Service(1) |
| |
Present Value of
Accumulated Benefit(2) |
| |
Payments
During Last Fiscal Year |
| |||||||||
| H. Palmer Proctor, Jr. | | |
—
|
| | | | — | | | | | | — | | | | | | — | | |
| Nicole S. Stokes | | |
SERP Agreement 11-7-2012
|
| | | | 8 | | | | | $ | 54,946 | | | | | | — | | |
| Lawton E. Bassett, III. | | |
SERP Agreement 11-7-2012
|
| | | | 8 | | | | | $ | 143,754 | | | | | | — | | |
| Jon S. Edwards | | |
SERP Agreement 11-7-2012
|
| | | | 8 | | | | | $ | 434,309 | | | | | | — | | |
| James A. LaHaise | | |
SERP Agreement 11-10-2015
|
| | | | 5 | | | | | $ | 284,114 | | | | | | — | | |
|
Compensation and Benefits Payable
Upon Termination |
| |
Qualifying
Termination Within 12 Months Following Change in Control |
| |
Change in
Control (excluding other applicable benefits for termination)(1) |
| |
Voluntary
With Good Reason or Involuntary Without Cause |
| |
Voluntary
or Involuntary With Cause |
| |
Death
|
| |
Disability
|
| ||||||||||||||||||
| H. Palmer Proctor, Jr. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Base Salary
|
| | | $ | 1,785,000 | | | | | $ | 0 | | | | | $ | 1,785,000 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
|
Cash Bonus
|
| | | $ | 2,814,393 | | | | | $ | 0 | | | | | $ | 2,814,393 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
|
Pro-Rata Bonus
|
| | | $ | 938,131 | | | | | $ | 0 | | | | | $ | 938,131 | | | | | $ | 0 | | | | | $ | 938,131 | | | | | $ | 938,131 | | |
|
Non-Compete Payment
|
| | | $ | 765,000 | | | | | $ | 0 | | | | | $ | 765,000 | | | | | $ | 765,000 | | | | | $ | 0 | | | | | $ | 0 | | |
|
SERP
|
| | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
|
Acceleration of Unvested Equity
Awards(2) |
| | | $ | 0 | | | | | $ | 1,663,888 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 979,039 | | | | | $ | 979,039 | | |
|
Health and Welfare Benefits(3)
|
| | | $ | 29,342 | | | | | $ | 0 | | | | | $ | 29,342 | | | | | $ | 0 | | | | | $ | 29,342 | | | | | $ | 29,342 | | |
|
Total Benefit
|
| | |
$
|
6,331,866
|
| | | |
$
|
1,663,888
|
| | | |
$
|
6,331,866
|
| | | |
$
|
765,000
|
| | | |
$
|
1,946,512
|
| | | |
$
|
1,946,512
|
| |
| Nicole S. Stokes | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Base Salary
|
| | | $ | 880,000 | | | | | $ | 0 | | | | | $ | 880,000 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
|
Cash Bonus
|
| | | $ | 572,000 | | | | | $ | 0 | | | | | $ | 572,000 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
|
Pro-Rata Bonus
|
| | | $ | 371,357 | | | | | $ | 0 | | | | | $ | 371,357 | | | | | $ | 0 | | | | | $ | 371,357 | | | | | $ | 371,357 | | |
|
SERP
|
| | | $ | 54,946 | | | | | $ | 0 | | | | | $ | 54,946 | | | | | $ | 0 | | | | | $ | 500,000 | | | | | $ | 54,946 | | |
|
Acceleration of Unvested Equity
Awards(2) |
| | | $ | 0 | | | | | $ | 952,208 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 723,950 | | | | | $ | 723,950 | | |
|
Health and Welfare Benefits(3)
|
| | | $ | 29,206 | | | | | $ | 0 | | | | | $ | 29,206 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
|
Total Benefit
|
| | | $ | 1,907,509 | | | | | $ | 952,208 | | | | | $ | 1,907,509 | | | | | $ | 0 | | | | | $ | 1,595,307 | | | | | $ | 1,150,253 | | |
| Lawton E. Bassett, III | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Base Salary
|
| | | $ | 1,000,000 | | | | | $ | 0 | | | | | $ | 1,000,000 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
|
Cash Bonus
|
| | | $ | 650,000 | | | | | $ | 0 | | | | | $ | 650,000 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
|
Pro-Rata Bonus
|
| | | $ | 421,996 | | | | | $ | 0 | | | | | $ | 421,996 | | | | | $ | 0 | | | | | $ | 421,996 | | | | | $ | 421,996 | | |
|
SERP
|
| | | $ | 143,754 | | | | | $ | 0 | | | | | $ | 143,754 | | | | | $ | 0 | | | | | $ | 750,000 | | | | | $ | 143,754 | | |
|
Acceleration of Unvested Equity
Awards(2) |
| | | $ | 0 | | | | | $ | 1,186,759 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 920,423 | | | | | $ | 920,423 | | |
|
Health and Welfare Benefits(3)
|
| | | $ | 8,743 | | | | | $ | 0 | | | | | $ | 8,743 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
|
Total Benefit
|
| | |
$
|
2,224,493
|
| | | |
$
|
1,186,759
|
| | | |
$
|
2,224,493
|
| | | |
$
|
0
|
| | | |
$
|
2,092,419
|
| | | |
$
|
1,486,173
|
| |
| Jon S. Edwards | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Base Salary
|
| | | $ | 750,000 | | | | | $ | 0 | | | | | $ | 750,000 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
|
Cash Bonus
|
| | | $ | 487,500 | | | | | $ | 0 | | | | | $ | 487,500 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
|
Pro-Rata Bonus
|
| | | $ | 316,497 | | | | | $ | 0 | | | | | $ | 316,497 | | | | | $ | 0 | | | | | $ | 316,497 | | | | | $ | 316,497 | | |
|
SERP
|
| | | $ | 434,309 | | | | | $ | 0 | | | | | $ | 434,309 | | | | | $ | 0 | | | | | $ | 1,000,000 | | | | | $ | 434,309 | | |
|
Acceleration of Unvested Equity
Awards(2) |
| | | $ | 0 | | | | | $ | 976,916 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 748,658 | | | | | $ | 748,658 | | |
|
Health and Welfare Benefits(3)
|
| | | $ | 29,806 | | | | | $ | 0 | | | | | $ | 29,806 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
|
Total Benefit
|
| | | $ | 2,018,112 | | | | | $ | 976,916 | | | | | $ | 2,018,112 | | | | | $ | 0 | | | | | $ | 2,065,155 | | | | | $ | 1,499,464 | | |
| James A. LaHaise | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Base Salary
|
| | | $ | 750,000 | | | | | $ | 0 | | | | | $ | 750,000 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
|
Cash Bonus
|
| | | $ | 487,500 | | | | | $ | 0 | | | | | $ | 487,500 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
|
Pro-Rata Bonus
|
| | | $ | 316,497 | | | | | $ | 0 | | | | | $ | 316,497 | | | | | $ | 0 | | | | | $ | 316,497 | | | | | $ | 316,497 | | |
|
SERP
|
| | | $ | 284,114 | | | | | $ | 0 | | | | | $ | 284,114 | | | | | $ | 0 | | | | | $ | 1,000,000 | | | | | $ | 284,114 | | |
|
Acceleration of Unvested Equity
Awards(2) |
| | | $ | 0 | | | | | $ | 976,916 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 748,658 | | | | | $ | 748,658 | | |
|
Health and Welfare Benefits(3)
|
| | | $ | 20,806 | | | | | $ | 0 | | | | | $ | 20,806 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
|
Total Benefit
|
| | | $ | 1,858,917 | | | | | $ | 976,916 | | | | | $ | 1,858,917 | | | | | $ | 0 | | | | | $ | 2,065,155 | | | | | $ | 1,349,269 | | |
|
AUDIT MATTERS
|
|
|
Fee Category
|
| |
Fiscal 2020 Fees
|
| |
Fiscal 2019 Fees
|
| ||||||
| Audit Fees(1) | | | | $ | 1,886,000 | | | | | $ | 2,267,000 | | |
| Audit-related Fees(2) | | | | $ | 185,000 | | | | | | 185,000 | | |
| Tax Fees(3) | | | | | — | | | | | | — | | |
| All Other Fees(4) | | | | | — | | | | | | — | | |
|
Total Fees
|
| | | $ | 2,071,000 | | | | | $ | 2,452,000 | | |
|
STOCK OWNERSHIP
|
|
|
Name and Address of Beneficial Owner(1)
|
| |
Common Stock Beneficially
Owned as of April 1, 2021(2) |
| |
Percent of Class(3)
|
| ||||||
|
Beneficial Owners of 5% or More of Our Voting Securities
|
| | | | | | | | | | | | |
|
BlackRock, Inc.(4)
55 East 52nd Street New York, New York 10055 |
| | | | 10,239,597 | | | | | | 14.7% | | |
|
The Vanguard Group(5)
100 Vanguard Boulevard Malvern, Pennsylvania 19355 |
| | | | 6,994,512 | | | | | | 10.0% | | |
| Directors and Nominees for Director | | | | | | | | | | | | | |
| William I. Bowen, Jr.(6) | | | | | 20,267 | | | | |
|
*
|
| |
| Rodney D. Bullard(7) | | | | | 6,871 | | | | |
|
*
|
| |
| Wm. Millard Choate(8) | | | | | 203,764 | | | | |
|
*
|
| |
| R. Dale Ezzell(9) | | | | | 38,056 | | | | |
|
*
|
| |
| Leo J. Hill(10) | | | | | 25,120 | | | | |
|
*
|
| |
| Daniel B. Jeter(11) | | | | | 41,795 | | | | |
|
*
|
| |
| Robert P. Lynch(12) | | | | | 204,742 | | | | |
|
*
|
| |
| Elizabeth A. McCague(13) | | | | | 14,128 | | | | |
|
*
|
| |
| James B. Miller, Jr.(14) | | | | | 2,235,258 | | | | | | 3.2% | | |
| Gloria A. O’Neal(15) | | | | | 7,662 | | | | |
|
*
|
| |
| H. Palmer Proctor, Jr.(16) | | | | | 485,488 | | | | |
|
*
|
| |
| William H. Stern(17) | | | | | 34,909 | | | | |
|
*
|
| |
| Jimmy D. Veal(18) | | | | | 99,468 | | | | |
|
*
|
| |
| Named Executive Officers (other than Mr. Proctor) | | | | | | | | | | | | | |
| Lawton E. Bassett, III(19) | | | | | 67,502 | | | | |
|
*
|
| |
| Jon S. Edwards(20) | | | | | 56,402 | | | | |
|
*
|
| |
| James A. LaHaise(21) | | | | | 58,510 | | | | |
|
*
|
| |
| Nicole S. Stokes(22) | | | | | 22,289 | | | | |
|
*
|
| |
|
All Directors and Executive Officers as a group (23 persons)(23)
|
| | | | 3,827,048 | | | | | | 5.5% | | |
|
RELATED PARTY TRANSACTIONS
|
|
|
ADDITIONAL INFORMATION
|
|
|
EXHIBIT A
|
|
| | | |
Year Ended
|
| |||||||||
|
Adjusted Net Income
|
| |
December 31
2020 |
| |
December 31
2019 |
| ||||||
| (dollars in thousands except per share data) | | | | | | | | | | | | | |
| Net income available to common shareholders | | | | $ | 261,988 | | | | | $ | 161,441 | | |
| Adjustment items: | | | | | | | | | | | | | |
| Merger and conversion charges | | | | | 1,391 | | | | | | 73,105 | | |
| Restructuring charges | | | | | 1,513 | | | | | | 245 | | |
| Servicing right impairment | | | | | 40,067 | | | | | | 507 | | |
| Gain on BOLI proceeds | | | | | (948) | | | | | | (3,583) | | |
| Expenses related to SEC/DOJ Investigation | | | | | 3,058 | | | | | | 463 | | |
| Natural disaster and pandemic charges | | | | | 3,296 | | | | | | (39) | | |
| Loss on sale of premises | | | | | 624 | | | | | | 6,021 | | |
| Tax effect of adjustment items (Note 1) | | | | | (10,488) | | | | | | (16,065) | | |
| After tax adjustment items | | | | | 38,513 | | | | | | 60,654 | | |
|
Tax expense attributable to acquisition related compensation and acquired BOLI
|
| | | | — | | | | | | 849 | | |
| Adjusted net income | | | | $ | 300,501 | | | | | $ | 222,944 | | |
| Weighted average number of shares — diluted | | | | | 69,426,185 | | | | | | 58,614,151 | | |
| Net income per diluted share | | | | $ | 3.77 | | | | | $ | 2.75 | | |
| Adjusted net income per diluted share | | | | $ | 4.33 | | | | | $ | 3.80 | | |
| Average assets | | | | $ | 19,240,493 | | | | | $ | 14,621,185 | | |
| Return on average assets | | | | | 1.36% | | | | | | 1.10% | | |
| Adjusted return on average assets | | | | | 1.56% | | | | | | 1.52% | | |
| Average common equity | | | | $ | 2,531,419 | | | | | $ | 1,970,780 | | |
| Average tangible common equity | | | | $ | 1,520,303 | | | | | $ | 1,189,493 | | |
| Return on average common equity | | | | | 10.35% | | | | | | 8.19% | | |
| Adjusted return on average tangible common equity | | | | | 19.77% | | | | | | 18.74% | | |
| | | |
Year Ended
|
| |||||||||
|
Adjusted Efficiency Ratio (TE)
|
| |
December 31
2020 |
| |
December 31
2019 |
| ||||||
| (dollars in thousands) | | | | | | | | | | | | | |
| Adjusted Noninterest Expense | | | | | | | | | | | | | |
| Total noninterest expense | | | | $ | 598,629 | | | | | $ | 471,937 | | |
| Adjustment items: | | | | | | | | | | | | | |
|
Merger and conversion charges
|
| | | | (1,391) | | | | | | (73,105) | | |
|
Restructuring charges
|
| | | | (1,513) | | | | | | (245) | | |
|
Expenses related to SEC/DOJ Investigation
|
| | | | (3,058) | | | | | | (463) | | |
|
Natural disaster and pandemic charges
|
| | | | (3,296) | | | | | | 39 | | |
|
Loss on sale of premises
|
| | | | (624) | | | | | | (6,021) | | |
| Adjusted noninterest expense | | | | $ | 588,747 | | | | | $ | 392,142 | | |
| Total Revenue | | | | | | | | | | | | | |
| Net interest income | | | | $ | 637,753 | | | | | $ | 505,166 | | |
| Noninterest income | | | | | 446,500 | | | | | | 198,113 | | |
| Total revenue | | | | $ | 1,084,253 | | | | | $ | 703,279 | | |
| Adjusted Total Revenue | | | | | | | | | | | | | |
| Net interest income (TE) | | | | $ | 642,908 | | | | | $ | 505,166 | | |
| Noninterest income | | | | | 446,500 | | | | | | 198,113 | | |
| Total revenue (TE) | | | | | 1,089,408 | | | | | | 703,279 | | |
| Adjustment items: | | | | | | | | | | | | | |
|
Gain on securities
|
| | | | (5) | | | | | | (138) | | |
|
Gain on BOLI proceeds
|
| | | | (948) | | | | | | (3,583) | | |
|
Servicing right impairment
|
| | | | 40,067 | | | | | | 507 | | |
| Adjusted total revenue (TE) | | | | $ | 1,128,522 | | | | | $ | 704,415 | | |
|
Efficiency ratio
|
| | | | 55.21% | | | | | | 67.11% | | |
|
Adjusted efficiency ratio (TE)
|
| | | | 52.17% | | | | | | 55.67% | | |
| | | |
Year Ended
|
| |||||||||
|
Tangible Book Value Per Share
|
| |
December 31
2020 |
| |
December 31
2019 |
| ||||||
| (dollars in thousands except per share data) | | | | | | | | | | | | | |
| Total shareholders’ equity | | | | $ | 2,647,088 | | | | | $ | 2,469,582 | | |
| Less: | | | | | | | | | | | | | |
|
Goodwill
|
| | | | 928,005 | | | | | | 931,637 | | |
|
Other intangibles, net
|
| | | | 71,974 | | | | | | 91,586 | | |
| Total tangible shareholders’ equity | | | | $ | 1,647,109 | | | | | $ | 1,466,359 | | |
| Period end number of shares | | | | | 69,541,481 | | | | | | 69,503,833 | | |
| Book value per share (period end) | | | | $ | 38.07 | | | | | $ | 35.53 | | |
| Tangible book value per share (period end) | | | | $ | 23.69 | | | | | $ | 20.81 | | |
|
EXHIBIT B
|
|