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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_________________________

FORM 10-Q

sfbs20230331_10qimg001.jpg

 

(Mark one)

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

         FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2023

 

         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)

 

Delaware26-0734029
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
  
2500 Woodcrest Place, Birmingham, Alabama35209
(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 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 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

 

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

 

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

 

ClassOutstanding as of April 28, 2023
Common stock, $.001 par value54,282,132

 

 

 

 

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION 3
Item 1. Consolidated Financial Statements 3
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 24
Item 3. Quantitative and Qualitative Disclosures about Market Risk  37
Item 4. Controls and Procedures 38
   
PART II. OTHER INFORMATION 38
Item 1 Legal Proceedings 38
Item 1A. Risk Factors 39
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39
Item 3. Defaults Upon Senior Securities 39
Item 4. Mine Safety Disclosures 39
Item 5. Other Information 39
Item 6. Exhibits 39
 

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

 

 

2

 

 

PART 1. FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED BALANCE SHEETS

 

(In thousands, except share and per share amounts)

 
         
  

March 31, 2023

  

December 31, 2022

 
  

(Unaudited)

   (1) 

ASSETS

        

Cash and due from banks

 $139,175  $106,317 

Interest-bearing balances due from depository institutions

  725,318   708,221 

Federal funds sold

  6,478   1,515 

Cash and cash equivalents

  870,971   816,053 

Available for sale debt securities, at fair value

  624,948   644,815 

Held to maturity debt securities (fair value of $937,961 at March 31, 2023 and $935,953 at December 31, 2022)

  1,021,989   1,034,121 

Restricted equity securities

  7,307   7,734 

Mortgage loans held for sale

  1,651   1,607 

Loans

  11,629,802   11,687,968 

Less allowance for credit losses

  (148,965)  (146,297)

Loans, net

  11,480,837   11,541,671 

Premises and equipment, net

  60,093   59,850 

Accrued interest and dividends receivable

  50,500   48,422 

Deferred tax asset, net

  60,666   60,448 

Other real estate owned and repossessed assets

  248   248 

Bank owned life insurance contracts

  289,374   287,752 

Goodwill and other identifiable intangible assets

  13,615   13,615 

Other assets

  84,360   79,417 

Total assets

 $14,566,559  $14,595,753 

LIABILITIES AND STOCKHOLDERS' EQUITY

        

Liabilities:

        

Deposits:

        

Noninterest-bearing

 $2,898,736  $3,321,347 

Interest-bearing

  8,716,581   8,225,458 

Total deposits

  11,615,317   11,546,805 

Federal funds purchased

  1,480,160   1,618,798 

Other borrowings

  65,417   64,726 

Accrued interest payable

  20,541   18,615 

Other liabilities

  45,307   48,913 

Total liabilities

  13,226,742   13,297,857 

Stockholders' equity:

        

Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at March 31, 2023 and December 31, 2022

  -   - 

Common stock, par value $0.001 per share; 200,000,000 shares authorized: 54,398,025 shares issued and outstanding at March 31, 2023; and 54,326,527 shares issued and outstanding at December 31, 2022

  54   54 

Additional paid-in capital

  229,631   229,693 

Retained earnings

  1,152,681   1,109,902 

Accumulated other comprehensive loss

  (43,049)  (42,253)

Total stockholders' equity attributable to ServisFirst Bancshares, Inc.

  1,339,317   1,297,396 

Noncontrolling interest

  500   500 

Total stockholders' equity

  1,339,817   1,297,896 

Total liabilities and stockholders' equity

 $14,566,559  $14,595,753 

 

(1) derived from audited financial statements.

               
                 

See Notes to Consolidated Financial Statements.

               

 

3

 

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED STATEMENTS OF INCOME

 

(In thousands, except share and per share amounts)

 

(Unaudited)

 
   

Three Months Ended March 31,

 
   

2023

   

2022

 

Interest income:

               

Interest and fees on loans

  $ 163,732     $ 103,105  

Taxable securities

    10,895       8,223  

Nontaxable securities

    21       43  

Federal funds sold

    614       13  

Other interest and dividends

    6,060       1,804  

Total interest income

    181,322       113,188  

Interest expense:

               

Deposits

    55,713       5,843  

Borrowed funds

    17,308       1,623  

Total interest expense

    73,021       7,466  

Net interest income

    108,301       105,722  

Provision for credit losses

    4,197       5,362  

Net interest income after provision for credit losses

    104,104       100,360  

Noninterest income:

               

Service charges on deposit accounts

    1,934       2,142  

Mortgage banking

    442       526  

Credit card income

    1,689       2,372  

Securities losses

    -       (3,335 )

Increase in cash surrender value life insurance

    1,621       1,608  

Other operating income

    635       4,635  

Total noninterest income

    6,321       7,948  

Noninterest expense:

               

Salaries and employee benefits

    19,066       18,301  

Equipment and occupancy

    3,435       2,933  

Third party processing and other services

    7,284       5,605  

Professional services

    1,654       992  

FDIC and other regulatory assessments

    1,517       1,132  

Other real estate owned

    6       3  

Other operating expense

    6,702       8,252  

Total noninterest expense

    39,664       37,218  

Income before income taxes

    70,761       71,090  

Provision for income taxes

    12,790       13,477  

Net income

    57,971       57,613  

Dividends on preferred stock

    -       -  

Net income available to common stockholders

  $ 57,971     $ 57,613  

Basic earnings per common share

  $ 1.07     $ 1.06  

Diluted earnings per common share

  $ 1.06     $ 1.06  

 

See Notes to Consolidated Financial Statements.

               

 

4

 

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

(In thousands)

 

(Unaudited)

 
  

Three Months Ended March 31,

 
  

2023

  

2022

 

Net income

 $57,971  $57,613 

Other comprehensive loss, net of tax:

        

Unrealized net holding losses arising during period from securities available for sale, net of tax of $(221) and $(7,004) for 2023 and 2022, respectively

  (666)  (26,997)

Amortization of net unrealized gains on securities transferred from available-for-sale to held-to-maturity, net of tax of $(45) and $(150) for 2023 and 2022, respectively

  (129)  (569)

Reclassification adjustment for net losses on sales of securities, net of tax of $700 for 2022

  -   2,635 

Other comprehensive loss, net of tax

  (796)  (24,931)

Comprehensive income

 $57,175  $32,682 

 

5

 

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

 

(In thousands, except share amounts)

 

(Unaudited)

 
  

Three Months Ended March 31,

 
                      

Accumulated

         
              

Additional

      

Other

      

Total

 
  

Common

  

Preferred

  

Common

  

Paid-in

  

Retained

  

Comprehensive

  

Noncontrolling

  

Stockholders'

 
  

Shares

  

Stock

  

Stock

  

Capital

  

Earnings

  

Income (Loss)

  

Interest

  

Equity

 

Balance, January 1, 2022

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

Common dividends declared, $0.23 per share

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

Dividends on nonvested restricted stock recognized as compensation expense

  -   -   -   -   33   -   -   33 

Issue restricted shares pursuant to stock incentives, net of forfeitures

  26,974   -   -   -   -   -   -   - 

Issue shares of common stock upon exercise of stock options

  28,098   -   -   553   -   -   -   553 

8,402 shares of common stock withheld in net settlement upon exercise of stock options

  -   -   -   (613)  -   -   -   (613)

Stock-based compensation expense

  -   -   -   790   -   -   -   790 

Other comprehensive loss, net of tax

  -   -   -   -   -   (24,931)  -   (24,931)

Net income

  -   -   -   -   57,613   -   -   57,613 

Balance, March 31, 2022

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

Balance, January 1, 2023

  54,326,527   -   54   229,693   1,109,902   (42,253)  500   1,297,896 

Common dividends declared, $0.28 per share

  -   -   -   -   (15,233)  -   -   (15,233)

Dividends on nonvested restricted stock recognized as compensation expense

  -   -   -   -   41   -   -   41 

Issue restricted shares pursuant tostock incentives, net of forfeitures

  20,713   -   -   -   -   -   -   - 

Issue shares of common stock upon exercise of stock options

  50,785   -   -   846   -   -   -   846 

24,215 shares of common stock withheld in net settlement upon exercise of stock options

  -   -   -   (1,716)  -   -   -   (1,716)

Stock-based compensation expense

  -   -   -   808   -   -   -   808 

Other comprehensive loss, net of tax

  -   -   -   -   -   (796)  -   (796)

Net income

  -   -   -   -   57,971   -   -   57,971 

Balance, March 31, 2023

  54,398,025  $-  $54  $229,631  $1,152,681  $(43,049) $500  $1,339,817 

 

See Notes to Consolidated Financial Statements.

                                                 

 

6

 

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(In thousands) (Unaudited)

 
   

Three Months Ended March 31,

 
   

2023

   

2022

 

OPERATING ACTIVITIES

               

Net income

  $ 57,971     $ 57,613  

Adjustments to reconcile net income to net cash provided by

               

Deferred tax

    49       (5,257 )

Provision for credit losses

    4,197       5,362  

Depreciation

    1,071       1,058  

Accretion on acquired loans

    49       32  

Amortization of core deposit intangible

    -       23  

Amortization of investments in tax credit partnerships

    3,345       2,927  

Net amortization of debt securities available for sale

    128       1,376  

(Increase) decrease in accrued interest and dividends receivable

    (2,078 )     443  

Stock-based compensation expense

    808       790  

Increase in accrued interest and dividends payable

    1,926       566  

Proceeds from sale of mortgage loans held for sale

    16,320       8,955  

Originations of mortgage loans held for sale

    (15,922 )     (7,718 )

Loss on sale of securities available for sale

    -       3,335  

Gain on sale of mortgage loans held for sale

    (442 )     (526 )

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

    -       (1 )

Write down of other real estate owned and repossessed assets

    -       6  

Increase in cash surrender value of life insurance contracts

    (1,621 )     (1,608 )

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

    (10,652 )     1,889  

Net cash provided by operating activities

    55,149       69,265  

INVESTMENT ACTIVITIES

               

Purchases of debt securities available for sale

    -       (52,500 )

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

    18,853       29,627  

Proceeds from sale of debt securities available for sale

    -       45,394  

Purchases of debt securities held to maturity

    -       (392,622 )

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

    11,960       21,554  

Purchases of restricted equity securities

    (12,750 )     (423 )

Proceeds from sale of restricted equity securities

    13,177       -  

Investment in tax credit partnerships and SBIC

    (538 )     (65 )

Return of capital from tax credit partnerships and SBIC

    -       249  

Decrease (increase) in loans

    56,588       (369,412 )

Purchases of premises and equipment

    (1,314 )     (666 )

Proceeds from sale of other real estate owned and repossessed assets

    -       44  

Net cash provided by (used in) investing activities

    85,976       (718,820 )

FINANCING ACTIVITIES

               

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

    (422,611 )     89,728  

Net increase (decrease) in interest-bearing deposits

    491,123       (133,809 )

Net decrease in federal funds purchased

    (138,638 )     (72,539 )

FHLB advances

    300,000       -  

Repayment of FHLB advances

    (300,000 )     -  

Proceeds from exercise of stock options

    846       553  

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

    (1,716 )     (613 )

Dividends paid on common stock

    (15,211 )     (12,472 )

Net cash used in financing activities

    (86,207 )     (129,152 )

Net increase (decrease) in cash and cash equivalents

    54,918       (778,707 )

Cash and cash equivalents at beginning of period

    816,053       4,222,096  

Cash and cash equivalents at end of period

  $ 870,971     $ 3,443,389  

SUPPLEMENTAL DISCLOSURE

               

Cash paid for:

               

Interest

  $ 71,095     $ 6,900  

Income taxes

    1,920       591  

Income tax refund

    -       (142 )

NONCASH TRANSACTIONS

               

Other real estate acquired in settlement of loans

  $ -     $ 830  

Dividends on nonvested restricted stock reclassified as compensation expense

    41       33  

Dividends declared

    15,233       12,485  

 

See Notes to Consolidated Financial Statements.

               

 

7

 

SERVISFIRST BANCSHARES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2023

(Unaudited)

 

 

NOTE 1 - GENERAL

 

The accompanying 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 nature. The consolidated results of operations are not necessarily indicative of the consolidated results of operations which ServisFirst Bancshares, Inc. (the “Company”) 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, 2022.

 

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 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 month period ended March 31, 2023 and 2022, respectively.

 

  

Three Months Ended March 31,

 
  

2023

  

2022

 
  

(In Thousands, Except Shares and Per Share Data)

 

Earnings per common share

        

Weighted average common shares outstanding

  54,360,253   54,263,143 

Net income available to common stockholders

 $57,971  $57,613 

Basic earnings per common share

 $1.07  $1.06 
         

Weighted average common shares outstanding

  54,360,253   54,263,143 

Dilutive effects of assumed conversions and exercise of stock options and warrants

  174,229   258,899 

Weighted average common and dilutive potential common shares outstanding

  54,534,482   54,522,042 

Net income available to common stockholders

 $57,971  $57,613 

Diluted earnings per common share

 $1.06  $1.06 

 

 

8

 
 

NOTE 4 - SECURITIES

 

The amortized cost and fair value of available-for-sale and held-to-maturity securities at March 31, 2023 and December 31, 2022 are summarized as follows:

 

      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Market

 
  

Cost

  

Gain

  

Loss

  

Value

 

March 31, 2023

 

(In Thousands)

 

Debt Securities Available for Sale

                

U.S. Treasury Securities

 $3,001  $-  $(11) $2,990 

Government Agency Securities

  4   -   -   4 

Mortgage-backed securities

  272,070   7   (29,046)  243,031 

State and municipal securities

  14,646   2   (1,337)  13,311 

Corporate debt

  398,676   3   (33,067)  365,612 

Total

 $688,397  $12  $(63,461) $624,948 

Debt Securities Held to Maturity

                

U.S. Treasury Securities

 $507,601  $-  $(30,021) $477,580 

Mortgage-backed securities

  506,342   10   (53,190)  453,162 

State and municipal securities

  8,046   -   (827)  7,219 

Total

 $1,021,989  $10  $(84,038) $937,961 
                 

December 31, 2022

                

Debt Securities Available for Sale

                

U.S. Treasury Securities

 $3,002  $-  $(33) $2,969 

Government Agency Securities

  9   -   -   9 

Mortgage-backed securities

  282,480   5   (32,782)  249,703 

State and municipal securities

  15,205   1   (1,597)  13,609 

Corporate debt

  406,680   -   (28,155)  378,525 

Total

 $707,376  $6  $(62,567) $644,815 

Debt Securities Held to Maturity

                

U.S. Treasury Securities

 $507,151  $-  $(36,197) $470,954 

Mortgage-backed securities

  518,929   7   (60,960)  457,976 

State and municipal securities

  8,041   -   (1,018)  7,023 

Total

 $1,034,121  $7  $(98,175) $935,953 

 

The amortized cost and fair value of debt securities as of March 31, 2023 and December 31, 2022 by contractual maturity are shown below. Actual maturities may differ from contractual maturities of mortgage-backed securities since the mortgages underlying the securities may be called or prepaid with or without penalty. Therefore, these securities are not included in the maturity categories along with the other categories of debt securities.

 

  

March 31, 2023

  

December 31, 2022

 
  

Amortized Cost

  

Market Value

  

Amortized Cost

  

Market Value

 
  

(In Thousands)

 

Debt securities available for sale

                

Due within one year

 $24,422  $24,042  $24,712  $24,432 

Due from one to five years

  59,243   57,178   58,554   57,092 

Due from five to ten years

  329,662   298,353   338,630   311,100 

Due after ten years

  3,000   2,344   3,000   2,488 

Mortgage-backed securities

  272,070   243,031   282,480   249,703 
  $688,397  $624,948  $707,376  $644,815 
                 

Debt securities held to maturity

                

Due within one year

 $250  $250  $250  $250 

Due from one to five years

  386,897   370,166   386,465   366,095 

Due from five to ten years

  128,500   114,383   128,477   111,632 

Due after ten years

  -   -   -   - 

Mortgage-backed securities

  506,342   453,162   518,929   457,976 
  $1,021,989  $937,961  $1,034,121  $935,953 

 

All mortgage-backed securities are with government-sponsored enterprises (GSEs) such as Federal National Mortgage Association, Government National Mortgage Association, Federal Home Loan Bank, and Federal Home Loan Mortgage Corporation.

 

Restricted equity securities are comprised entirely of restricted investment in Federal Home Loan Bank stock for membership requirements.

 

The carrying value of investment securities pledged to secure public funds on deposit and for other purposes as required by law was $834.9 million and $789.3 million as of March 31, 2023 and December 31, 2022, respectively.

 

9

 

The following table identifies, as of March 31, 2023 and December 31, 2022, the Company’s investment securities that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months.

 

  

Less Than Twelve Months

  

Twelve Months or More

  

Total

 
  

Gross

      

Gross

      

Gross

     
  

Unrealized

      

Unrealized

      

Unrealized

     
  

Losses

  

Fair Value

  

Losses

  

Fair Value

  

Losses

  

Fair Value

 
  

(In Thousands)

 

March 31, 2023

                        

Debt Securities available for sale

                        

U.S. Treasury Securities

 $-  $-  $(11) $2,990  $(11) $2,990 

Government Agency Securities

  -   4   -   -   -   4 

Mortgage-backed securities

  (364)  8,468   (28,682)  233,956   (29,046)  242,424 

State and municipal securities

  (27)  3,328   (1,310)  9,202   (1,337)  12,530 

Corporate debt

  (8,809)  163,363   (24,258)  189,931   (33,067)  353,294 

Total

 $(9,200) $175,163  $(54,261) $436,079  $(63,461) $611,242 

Debt Securities held to maturity

                        

U.S. Treasury Securities

 $(2,678) $130,640  $(27,343) $346,939  $(30,021) $477,579 

Mortgage-backed securities

  (1,645)  31,827   (51,545)  416,994   (53,190)  448,821 

State and municipal securities

  -   -   (827)  6,969   (827)  6,969 

Total

 $(4,323) $162,467  $(79,715) $770,902  $(84,038) $933,369 

December 31, 2022

                        

Debt Securities available for sale

                        

U.S. Treasury Securities

 $(33) $2,969  $-  $-  $(33) $2,969 

Government Agency Securities

  -   9   -   -   -   9 

Mortgage-backed securities

 $(3,473) $60,234  $(29,309) $189,109  $(32,782) $249,343 

State and municipal securities

  (186)  5,283   (1,411)  7,880   (1,597)  13,163 

Corporate debt

  (18,566)  304,254   (9,589)  63,411   (28,155)  367,666 

Total