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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_________________________

FORM 10-Q

 

logo.jpg

 

(Mark one)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______to_______

 

Commission file number 001-36452

 

SERVISFIRST BANCSHARES, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

 

26-0734029

(State or Other Jurisdiction of

 

(I.R.S. Employer

Incorporation or Organization)

 

Identification No.)

 

2500 Woodcrest Place, Birmingham, Alabama

 

35209

(Address of Principal Executive Offices)

 

(Zip Code)

 

(205) 949-0302

(Registrant's Telephone Number, Including Area Code)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common stock, par value $.001 per share

SFBS

New York Stock Exchange

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or Section 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check one):

 

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company  Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if 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 ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No ☒

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class

 

Outstanding as of July 25, 2022

Common stock, $.001 par value

 

54,308,895

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

4

Item 1.

 

Financial Statements

4

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

27

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

43

Item 4.

 

Controls and Procedures

44
       

PART II. OTHER INFORMATION

44

Item 1.

 

Legal Proceedings

44

Item 1A.

 

Risk Factors

45

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

45

Item 3.

 

Defaults Upon Senior Securities

45

Item 4.

 

Mine Safety Disclosures

45

Item 5.

 

Other Information

45

Item 6.

 

Exhibits

45

 

EX-3.01 FIRST AMENDMENT TO RESTATED CERTIFICATE OF INCORPORATION

EX-3.02 AMENDED RESTATED CERTIFICATE OF INCORPORATION

EX-31.01 SECTION 302 CERTIFICATION OF THE CEO

EX-31.02 SECTION 302 CERTIFICATION OF THE CFO

EX-32.01 SECTION 906 CERTIFICATION OF THE CEO

EX-32.02 SECTION 906 CERTIFICATION OF THE CFO

 

 

 

 

 

 

 

 

 

3

 

 

PART 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED BALANCE SHEETS

 

(In thousands, except share and per share amounts)

 
         
  

June 30, 2022

  

December 31, 2021

 
  

(Unaudited)

   (1) 

ASSETS

        

Cash and due from banks

 $252,638  $56,934 

Interest-bearing balances due from depository institutions

  1,334,511   4,106,790 

Federal funds sold

  101,447   58,372 

Cash and cash equivalents

  1,688,596   4,222,096 

Available for sale debt securities, at fair value

  724,463   842,570 

Held to maturity debt securities (fair value of $1,003,840 at June 30, 2022 and $466,286 at December 31, 2021)

  1,065,755   462,957 

Restricted equity securities

  7,734   7,311 

Mortgage loans held for sale

  3,451   1,114 

Loans

  10,617,320   9,532,934 

Less allowance for credit losses

  (128,387)  (116,660)

Loans, net

  10,488,933   9,416,274 

Premises and equipment, net

  59,482   60,300 

Accrued interest and dividends receivable

  36,557   34,831 

Deferred tax asset, net

  48,874   37,772 

Other real estate owned and repossessed assets

  1,207   1,208 

Bank owned life insurance contracts

  286,315   283,074 

Goodwill and other identifiable intangible assets

  13,615   13,638 

Other assets

  69,335   65,661 

Total assets

 $14,494,317  $15,448,806 

LIABILITIES AND STOCKHOLDERS' EQUITY

        

Liabilities:

        

Deposits:

        

Non-interest-bearing demand

 $4,686,511  $4,799,767 

Interest-bearing

  7,085,826   7,653,069 

Total deposits

  11,772,337   12,452,836 

Federal funds purchased

  1,389,167   1,711,777 

Other borrowings

  64,716   64,706 

Accrued interest and dividends payable

  13,515   13,619 

Other liabilities

  42,664   53,853 

Total liabilities

  13,282,399   14,296,791 

Stockholders' equity:

        

Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at June 30, 2022 and December 31, 2021

  -   - 

Common stock, par value $0.001 per share; 200,000,000 shares authorized, 54,306,875 shares issued and outstanding at June 30, 2022; and 100,000,000 shares authorized, 54,227,060 shares issued and outstanding at December 31, 2021

  54   54 

Additional paid-in capital

  227,906   226,397 

Retained earnings

  1,005,815   911,008 

Accumulated other comprehensive (loss) income

  (22,357)  14,056 

Total stockholders' equity attributable to ServisFirst Bancshares, Inc.

  1,211,418   1,151,515 

Noncontrolling interest

  500   500 

Total stockholders' equity

  1,211,918   1,152,015 

Total liabilities and stockholders' equity

 $14,494,317  $15,448,806 

 

(1) Derived from audited financial statements.

 

See Notes to Consolidated Financial Statements.

 

4

 

 

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

(Unaudited)

 

                 
  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 
  

2022

  

2021

  

2022

  

2021

 

Interest income:

                

Interest and fees on loans

 $111,287  $95,451  $214,392  $189,254 

Taxable securities

  10,515   6,315   18,738   12,122 

Nontaxable securities

  37   86   80   193 

Federal funds sold

  93   4   106   7 

Other interest and dividends

  4,623   863   6,427   1,539 

Total interest income

  126,555   102,719   239,743   203,115 

Interest expense:

                

Deposits

  6,427   6,836   12,270   13,717 

Borrowed funds

  3,760   1,215   5,383   2,365 

Total interest expense

  10,187   8,051   17,653   16,082 

Net interest income

  116,368   94,668   222,090   187,033 

Provision for credit losses

  9,507   9,652   14,869   17,103 

Net interest income after provision for credit losses

  106,861   85,016   207,221   169,930 

Noninterest income:

                

Service charges on deposit accounts

  2,133   1,907   4,275   3,815 

Mortgage banking

  614   2,699   1,140   5,446 

Credit card income

  2,672   1,912   5,044   3,104 

Securities (losses) gains

  (2,833)  620   (6,168)  620 

Increase in cash surrender value life insurance

  1,633   1,683   3,241   3,341 

Other operating income

  5,287   777   9,922   1,735 

Total noninterest income

  9,506   9,598   17,454   18,061 

Noninterest expenses:

                

Salaries and employee benefits

  20,734   16,887   39,035   32,430 

Equipment and occupancy expense

  2,983   2,844   5,916   5,498 

Third party processing and other services

  6,345   3,946   11,950   7,362 

Professional services

  1,327   1,107   2,319   2,030 

FDIC and other regulatory assessments

  1,147   1,425   2,279   3,007 

OREO expense

  32   540   35   697 

Other operating expenses

  7,253   4,560   15,505   9,199 

Total noninterest expenses

  39,821   31,309   77,039   60,223 

Income before income taxes

  76,546   63,305   147,636   127,768 

Provision for income taxes

  14,410   13,278   27,887   26,286 

Net income

  62,136   50,027   119,749   101,482 

Preferred stock dividends

  31   31   31   31 

Net income available to common stockholders

 $62,105  $49,996  $119,718  $101,451 
                 

Basic earnings per common share

 $1.14  $0.92  $2.21  $1.87 

Diluted earnings per common share

 $1.14  $0.92  $2.20  $1.86 

  

See Notes to Consolidated Financial Statements.                                

 

5

 

 

SERVISFIRST BANCSHARES, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

(In thousands)

 

(Unaudited)

 
                 
  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 
  

2022

  

2021

  

2022

  

2021

 

Net income

 $62,136  $50,027  $119,749  $101,482 

Other comprehensive (loss) income, net of tax:

                

Unrealized net holding (losses) gains arising during period from securities available for sale, net of tax of $(5,557) and $(12,572) for the three and six months ended June 30, 2022, respectively, and net of tax of $877 and $(40) for the three and six months ended June 30, 2021, respectively

  (13,344)  3,291   (40,340)  (173)

Amortization of net unrealized gains on securities transferred from available-for-sale to held-to-maturity, net of tax of $100 and $250 for three and six months ended June 30, 2022, respectively

  (377)  -   (946)  - 

Net losses on sales of securities, net of tax of $595 and $1,295 for three and six months ended June 30, 2022, and net (gain) on call of securities, net of tax of $(130) for three and six months ended June 30, 2021 reclassified from other comprehensive income into net income

  2,238   (490)  4,873   (490)

Other comprehensive (loss) income, net of tax

  (11,482)  2,801   (36,413)  (663)

Comprehensive income

 $50,654  $52,828  $83,336  $100,819 

 

See Notes to Consolidated Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

6

 

 

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

(In thousands, except share amounts)(Unaudited)

 

  

Three Months Ended June 30,

 
  

Common Shares

  

Preferred Stock

  

Common Stock

  

Additional Paid-in Capital

  

Retained Earnings

  

Accumulated Other Comprehensive Income (Loss)

  

Noncontrolling interest

  

Total Stockholders' Equity

 

Balance, April 1, 2021

  54,137,650  $-  $54  $224,302  $788,875  $16,754  $500  $1,030,485 

Common dividends declared, $0.20 per share

  -   -   -   -   (10,849)  -   -   (10,849)

Preferred dividends paid

  -   -   -   -   (31)  -   -   (31)

Dividends on nonvested restricted stock recognized as compensation expense

  -   -   -   -   26   -   -   26 

Issue restricted shares pursuant to stock incentives, net of forfeitures

  14,582   -   -   -   -   -   -   - 

Issue shares of common stock upon exercise of stock options

  48,972   -   -   1,195   -   -   -   1,195 

13,528 shares of common stock withheld in net settlement upon exercise of stock options

  -   -   -   (928)  -   -   -   (928)

Stock-based compensation expense

  -   -   -   558   -   -   -   558 

Other comprehensive income, net of tax

  -   -   -   -   -   2,801   -   2,801 

Net income

  -   -   -   -   50,027   -   -   50,027 

Balance, June 30, 2021

  54,201,204  $-  $54  $225,127  $828,048  $19,555  $500  $1,073,284 
                                 

Balance, April 1, 2022

  54,282,132  $-  $54  $227,127  $956,169  $(10,875) $500  $1,172,975 

Common dividends declared, $0.23 per share

  -   -   -   -   (12,491)  -   -   (12,491)

Preferred dividends paid

  -   -   -   -   (31)  -   -   (31)

Dividends on nonvested restricted stock recognized as compensation expense

  -   -   -   -   32   -   -   32 

Issue restricted shares pursuant to stock incentives, net of forfeitures

  15,794   -   -   -   -   -   -   - 

Issue shares of common stock upon exercise of stock options

  8,949   -   -   308   -   -   -   308 

2,551 shares of common stock withheld in net settlement upon exercise of stock options

  -   -   -   (326)  -   -   -   (326)

Stock-based compensation expense

  -   -   -   797   -   -   -   797 

Other comprehensive loss, net of tax

  -   -   -   -   -   (11,482)  -   (11,482)

Net income

  -   -   -   -   62,136   -   -   62,136 

Balance, June 30, 2022

  54,306,875  $-  $54  $227,906  $1,005,815  $(22,357) $500  $1,211,918 

 

7

 

  

Six Months Ended June 30,

 
  

Common Shares

  

Preferred Stock

  

Common Stock

  

Additional Paid-in Capital

  

Retained Earnings

  

Accumulated Other Comprehensive Income (Loss)

  

Noncontrolling interest

  

Total Stockholders' Equity

 

Balance, January 1, 2021

  53,943,751  $-  $54  $223,856  $748,224  $20,218  $500  $992,852 

Common dividends paid, $0.20 per share

  -   -   -   -   (10,829)  -   -   (10,829)

Common dividends declared, $0.20 per share

  -   -   -   -   (10,849)  -   -   (10,849)

Preferred dividends paid

  -   -   -   -   (31)  -   -   (31)

Dividends on nonvested restricted stock recognized as compensation expense

  -   -   -   -   51   -   -   51 

Issue restricted shares pursuant to stock incentives, net of forfeitures

  57,224   -   -   -   -   -   -   - 

Issue shares of common stock upon exercise of stock options

  200,229   -   -   3,060   -   -   -   3,060 

49,771 shares of common stock withheld in net settlement upon exercise of stock options

  -   -   -   (2,638)  -   -   -   (2,638)

Stock-based compensation expense

  -   -   -   849   -   -   -   849 

Other comprehensive loss, net of tax

  -   -   -   -   -   (663)  -   (663)

Net income

  -   -   -   -   101,482   -   -   101,482 

Balance, June 30, 2021

  54,201,204  $-  $54  $225,127  $828,048  $19,555  $500  $1,073,284 
                                 

Balance, January 1, 2022

  54,227,060  $-  $54  $226,397  $911,008  $14,056  $500  $1,152,015 

Common dividends paid, $0.23 per share

  -   -   -   -   (12,485)  -   -   (12,485)

Common dividends declared, $0.23 per share

  -   -   -   -   (12,491)  -   -   (12,491)

Preferred dividends paid

  -   -   -   -   (31)  -   -   (31)

Dividends on nonvested restricted stock recognized as compensation expense

  -   -   -   -   65   -   -   65 

Issue restricted shares pursuant to stock incentives, net of forfeitures

  42,768   -   -   -   -   -   -   - 

Issue shares of common stock upon exercise of stock options

  37,047   -   -   862   -   -   -   862 

10,953 shares of common stock withheld in net settlement upon exercise of stock options

  -   -   -   (940)  -   -   -   (940)

Stock-based compensation expense

  -   -   -   1,587   -   -   -   1,587 

Other comprehensive loss, net of tax

  -   -   -   -   -   (36,413)  -   (36,413)

Net income

  -   -   -   -   119,749   -   -   119,749 

Balance, June 30, 2022

  54,306,875  $-  $54  $227,906  $1,005,815  $(22,357) $500  $1,211,918 

  

See Notes to Consolidated Financial Statements.                                                                

 

 

 

 

8

 

 

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) (Unaudited)

 

  

Six Months Ended June 30,

 
  

2022

  

2021

 

OPERATING ACTIVITIES

        

Net income

 $119,749  $101,482 

Adjustments to reconcile net income to net cash provided by

        

Deferred tax

  424   12 

Provision for credit losses

  14,869   17,103 

Depreciation

  2,098   2,030 

Accretion on acquired loans

  70   69 

Amortization of core deposit intangible

  23   135 

Amortization of investments in tax credit partnerships

  5,857   243 

Net amortization of debt securities available for sale

  2,062   2,635 

(Increase) decrease in accrued interest and dividends receivable

  (1,726)  3,711 

Stock-based compensation expense

  1,587   849 

Decrease in accrued interest payable

  (104)  (232)

Proceeds from sale of mortgage loans held for sale

  17,835   171,592 

Originations of mortgage loans held for sale

  (19,032)  (157,868)

Loss (gain) on sale of securities available for sale

  6,168   (620)

Gain on sale of mortgage loans held for sale

  (1,140)  (5,446)

Net (gain) loss on sale of other real estate owned and repossessed assets

  (239)  282 

Write down of other real estate owned and repossessed assets

  6   761 

Operating losses of tax credit partnerships

  -   4 

Increase in cash surrender value of life insurance contracts

  (3,241)  (3,341)

Net change in other assets, liabilities, and other operating activities

  (19,267)  (3,948)

Net cash provided by operating activities

  125,999   129,453 

INVESTMENT ACTIVITIES

        

Purchases of debt securities available for sale

  (76,360)  (263,647)

Proceeds from maturities, calls and paydowns of debt securities available for sale

  64,459   133,954 

Proceeds from sale of debt securities available for sale

  75,036   - 

Purchases of debt securities held to maturity

  (648,266)  - 

Proceeds from maturities, calls and paydowns of debt securities held to maturity

  44,271   - 

Purchases of restricted equity securities

  (423)  - 

Investment in tax credit partnership and SBIC

  (1,646)  (56)

Return of capital from TC Partnerships and SBIC

  249   - 

Increase in loans

  (1,088,455)  (185,506)

Purchases of premises and equipment

  (1,280)  (14,799)

Proceeds from sale of other real estate owned and repossessed assets

  1,091   761 

Net cash used in investing activities

  (1,631,324)  (329,293)

FINANCING ACTIVITIES

        

Net (decrease) increase in non-interest-bearing deposits

  (113,256)  507,657 

Net (decrease) increase in interest-bearing deposits

  (567,243)  474,855 

Net (decrease) increase in federal funds purchased

  (322,610)  207,929 

Proceeds from exercise of stock options

  862   3,060 

Taxes paid in net settlement of tax obligation upon exercise of stock options

  (940)  (2,638)

Dividends paid on common stock

  (24,957)  (21,627)

Dividends paid on preferred stock

  (31)  (31)

Net cash (used in) provided by financing activities

  (1,028,175)  1,169,205 

Net (decrease) increase in cash and cash equivalents

  (2,533,500)  969,365 

Cash and cash equivalents at beginning of period

  4,222,096   2,211,411 

Cash and cash equivalents at end of period

 $1,688,596  $3,180,776 

SUPPLEMENTAL DISCLOSURE

        

Cash paid/(received) for:

        

Interest

 $10,291  $16,314 

Income taxes

  3,241   5,428 

Income tax refund

  (142)  (3)

Cash and cash equivalents at end of period

        

Other real estate acquired in settlement of loans

 $857  $364 

Internally financed sale of other real estate owned

  -   3,779 

Dividends on nonvested restricted stock reclassified as compensation expense

  65   25 

Dividends declared

  12,491   10,849 

 

See Notes to Consolidated Financial Statements.

 

9

 

SERVISFIRST BANCSHARES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

(Unaudited)

 

 

NOTE 1 - GENERAL

 

The accompanying unaudited consolidated financial statements in this report have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, including Regulation S-X and the instructions for Form 10-Q, and have not been audited. These consolidated financial statements do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments necessary to present fairly the consolidated financial position and the consolidated results of operations for the interim periods have been made. All such adjustments are of a normal recurring nature. The consolidated results of operations are not necessarily indicative of the consolidated results of operations which ServisFirst Bancshares, Inc. (the “Company”) and its consolidated subsidiaries, including ServisFirst Bank (the “Bank”), may achieve for future interim periods or the entire year. For further information, refer to the consolidated financial statements and footnotes included in the Company’s Form 10-K for the year ended December 31, 2021.

 

All reported amounts are in thousands except share and per share data.

 

 

NOTE 2 - CASH AND CASH EQUIVALENTS

 

Cash on hand, cash items in process of collection, amounts due from banks, and federal funds sold are included in cash and cash equivalents.

 

 

NOTE 3 - EARNINGS PER COMMON SHARE

 

Basic earnings per common share are computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock options. The difference in earnings per share under the two-class method was not significant for the three and six months ended June 30, 2022 and 2021, respectively.

 

 

 

 

 

 

 

 

 

 

 

10

 
  

Three Months Ended June 30,

  

Six Months Ended June 30,

 
  

2022

  

2021

  

2022

  

2021

 
  

(In Thousands, Except Shares and Per Share Data)

 

Earnings per common share

                

Weighted average common shares outstanding

  54,295,789   54,173,034   54,279,574   54,112,190 

Net income available to common stockholders

 $62,105  $49,996  $119,718  $101,451 

Basic earnings per common share

 $1.14  $0.92  $2.21  $1.87 
                 

Weighted average common shares outstanding

  54,295,789   54,173,034   54,279,574   54,112,190 

Dilutive effects of assumed exercise of stock options and vesting of performance shares

  236,596   287,196   247,668   309,137 

Weighted average common and dilutive potential common shares outstanding

  54,532,385   54,460,230   54,527,242   54,421,327 

Net income available to common stockholders

 $62,105  $49,996  $119,718  $101,451 

Diluted earnings per common share

 $1.14  $0.92  $2.20  $1.86 

 

 

NOTE 4 - SECURITIES

 

The amortized cost and fair value of available-for-sale and held-to-maturity securities at June 30, 2022 and December 31, 2021 are summarized as follows:

 

      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gain

  

Loss

  

Value

 

June 30, 2022

 

(In Thousands)

 

Debt Securities Available for Sale

                

U.S. Treasury Securities

 $6,004  $-  $(38) $5,966 

Government Agency Securities

  14   -   -   14 

Mortgage-backed securities

  308,033   43   (22,648)  285,428 

State and municipal securities

  17,446   5   (1,171)  16,280 

Corporate debt

  427,688   618   (11,531)  416,775 

Total

 $759,185  $666  $(35,388) $724,463 

Debt Securities Held to Maturity

                

U.S. Treasury Securities

 $506,246  $-  $(22,750) $483,496 

Mortgage-backed securities

  551,480   56   (38,538)  512,998 

State and municipal securities

  8,030   -   (683)  7,347 

Total

 $1,065,755  $56  $(61,971) $1,003,840 
                 

December 31, 2021

                

Debt Securities Available for Sale

                

U.S Treasury Securities

 $9,003  $101  $-  $9,104 

Government Agency Securities

  6,022   19