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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, 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 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 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 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.

 

ClassOutstanding as of July 31, 2023
Common stock, $.001 par value54,423,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

TABLE OF CONTENTS

 

 

PART I. FINANCIAL INFORMATION

 4
 

Item 1.

Consolidated Financial Statements

 4
 

Item 2. 

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

 28
 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

 44
 

Item 4.

Controls and Procedures

 45
       

PART II. OTHER INFORMATION

 45
 

Item 1.

Legal Proceedings

 45
 

Item 1A.

Risk Factors

 46
 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 46
 

Item 3.

Defaults Upon Senior Securities

 46
 

Item 4.

Mine Safety Disclosures

 46
 

Item 5.

Other Information

 46
 

Item 6.

Exhibits

 46

 

EX-3.1 SECOND CERTIFICATE OF AMENDMENT TO THE RESTATED CERTIFICATE OF INCORPORATION

EX-3.2 RESTATED CERTIFICATE OF INCORPORATION, AS AMENDED

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. CONSOLIDATED FINANCIAL STATEMENTS

 

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED BALANCE SHEETS

 

(In thousands, except share and per share amounts)

 
         
  

June 30, 2023

  

December 31, 2022

 
  

(Unaudited)

   (1) 

ASSETS

        

Cash and due from banks

 $107,251  $106,317 

Interest-bearing balances due from depository institutions

  852,483   708,221 

Federal funds sold

  17,958   1,515 

Cash and cash equivalents

  977,692   816,053 

Available-for-sale debt securities, at fair value

  990,921   644,815 

Held-to-maturity debt securities (fair value of $963,843 at June 30, 2023 and $935,953 at December 31, 2022)

  1,057,306   1,034,121 

Restricted equity securities

  7,307   7,734 

Mortgage loans held for sale

  3,981   1,607 

Loans

  11,604,894   11,687,968 

Less allowance for credit losses

  (152,272)  (146,297)

Loans, net

  11,452,622   11,541,671 

Premises and equipment, net

  59,655   59,850 

Accrued interest and dividends receivable

  50,183   48,422 

Deferred tax asset, net

  65,635   60,448 

Other real estate owned and repossessed assets

  832   248 

Bank owned life insurance contracts

  290,979   287,752 

Goodwill and other identifiable intangible assets

  13,615   13,615 

Other assets

  102,080   79,417 

Total assets

 $15,072,808  $14,595,753 

LIABILITIES AND STOCKHOLDERS' EQUITY

        

Liabilities:

        

Deposits:

        

Non-interest-bearing demand

 $2,855,102  $3,321,347 

Interest-bearing

  9,433,117   8,225,458 

Total deposits

  12,288,219   11,546,805 

Federal funds purchased

  1,298,066   1,618,798 

Other borrowings

  64,737   64,726 

Accrued interest and dividends payable

  23,061   18,615 

Other liabilities

  35,254   48,913 

Total liabilities

  13,709,337   13,297,857 

Stockholders' equity:

        

Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at June 30, 2023 and December 31, 2022

  -   - 

Common stock, par value $0.001 per share; 200,000,000 shares authorized: 54,425,033 shares issued and outstanding at June 30, 2023; and 54,326,527 shares issued and outstanding at December 31, 2022

  54   54 

Additional paid-in capital

  230,659   229,693 

Retained earnings

  1,190,920   1,109,902 

Accumulated other comprehensive loss

  (58,662)  (42,253)

Total stockholders' equity attributable to ServisFirst Bancshares, Inc.

  1,362,971   1,297,396 

Noncontrolling interest

  500   500 

Total stockholders' equity

  1,363,471   1,297,896 

Total liabilities and stockholders' equity

 $15,072,808  $14,595,753 

 

 (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,

  
   

2023

    

2022

    

2023

    

2022

  

Interest income:

                                

Interest and fees on loans

   $ 171,718     $ 111,287     $ 335,450     $ 214,392  

Taxable securities

     11,570       10,515       22,465       18,738  

Nontaxable securities

     17       37       38       80  

Federal funds sold

     227       93       841       106  

Other interest and dividends

     6,124       4,623       12,184       6,427  

Total interest income

     189,656       126,555       370,978       239,743  

Interest expense:

                                

Deposits

     71,971       6,427       127,684       12,270  

Borrowed funds

     16,434       3,760       33,742       5,383  

Total interest expense

     88,405       10,187       161,426       17,653  

Net interest income

     101,251       116,368       209,552       222,090  

Provision for credit losses

     6,654       9,507       10,851       14,869  

Net interest income after provision for credit losses

     94,597       106,861       198,701       207,221  

Noninterest income:

                                

Service charges on deposit accounts

     2,142       2,133       4,076       4,275  

Mortgage banking

     696       614       1,138       1,140  

Credit card income

     2,406       2,672       4,095       5,044  

Securities losses

     -       (2,833 )     -       (6,168 )

Bank-owned life insurance income

     2,496       3,733       4,117       5,341  

Other operating income

     842       3,187       1,477       7,822  

Total noninterest income

     8,582       9,506       14,903       17,454  

Noninterest expenses:

                                

Salaries and employee benefits

     18,795       20,734       37,861       39,035  

Equipment and occupancy expense

     3,421       2,983       6,856       5,916  

Third party processing and other services

     6,198       6,345       13,482       11,950  

Professional services

     1,580       1,327       3,234       2,319  

FDIC and other regulatory assessments

     2,242       1,147       3,759       2,279  

OREO expense

     6       32       12       35  

Other operating expenses

     6,224       7,253       12,926       15,505  

Total noninterest expenses

     38,466       39,821       78,130       77,039  

Income before income taxes

     64,713       76,546       135,474       147,636  

Provision for income taxes

     11,245       14,410       24,035       27,887  

Net income

     53,468       62,136       111,439       119,749  

Preferred stock dividends

     31       31       31       31  

Net income available to common stockholders

   $ 53,437     $ 62,105     $ 111,408     $ 119,718  
                                 

Basic earnings per common share

   $ 0.98     $ 1.14     $ 2.05     $ 2.21  

Diluted earnings per common share

   $ 0.98     $ 1.14     $ 2.04     $ 2.20  

 

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,

 
  

2023

  

2022

  

2023

  

2022

 

Net income

 $53,468  $62,136  $111,439  $119,749 

Other comprehensive loss, net of tax:

                

Unrealized net holding losses arising during period from securities available for sale, net of tax of $(5,182) and $(5,403) for the three and six months ended June 30, 2023, respectively, and $(5,557) and $(12,572) for the three and six months ended June 30, 2022, respectively

  (15,455)  (13,344)  (16,122)  (40,340)

Amortization of net unrealized gains on securities transferred from available-for-sale to held-to-maturity, net of tax of $(51) and $(96) for the three and six months ended June 30, 2023, respectively, and $(100) and $(250) for the three and six months ended June 30, 2022, respectively

  (158)  (377)  (287)  (946)

Reclassification adjustment for net losses on sales of securities, net of tax of $595 and $1,295 for the three and six months ended June 30, 2022

  -   2,238   -   4,873 

Other comprehensive loss, net of tax

  (15,613)  (11,482)  (16,409)  (36,413)

Comprehensive income

 $37,855  $50,654  $95,030  $83,336 

 

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, 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 
                                 

Balance, April 1, 2023

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

Common dividends declared, $0.28 per share

  -   -   -   -   (15,239)  -   -   (15,239)

Preferred dividends paid

  -   -   -   -   (31)  -   -   (31)

Dividends on nonvested restricted stock recognized as compensation expense

  -   -   -   -   41   -   -   41 

Issue restricted shares pursuant to stock incentives, net of forfeitures

  16,555   -   -   -   -   -   -   - 

Issue shares of common stock upon exercise of stock options

  10,453   -   -   168   -   -   -   168 

2,247 shares of common stock withheld in net settlement upon exercise of stock options

  -   -   -   (122)  -   -   -   (122)

Stock-based compensation expense

  -   -   -   982   -   -   -   982 

Other comprehensive loss, net of tax

  -   -   -   -   -   (15,613)  -   (15,613)

Net income

  -   -   -   -   53,468   -   -   53,468 

Balance, June 30, 2023

  54,425,033  $-  $54  $230,659  $1,190,920  $(58,662) $500  $1,363,471 

 

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, 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 
                                 

Balance, January 1, 2023

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

Common dividends paid, $0.28 per share

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

Common dividends declared, $0.28 per share

  -   -   -   -   (15,239)  -   -   (15,239)

Preferred dividends paid

  -   -   -   -   (31)  -   -   (31)

Dividends on nonvested restricted stock recognized as compensation expense

  -   -   -   -   82   -   -   82 

Issue restricted shares pursuant to stock incentives, net of forfeitures

  37,268   -   -   -   -   -   -   - 

Issue shares of common stock upon exercise of stock options

  61,238   -   -   1,014   -   -   -   1,014 

26,462 shares of common stock withheld in net settlement upon exercise of stock options

  -   -   -   (1,838)  -   -   -   (1,838)

Stock-based compensation expense

  -   -   -   1,790   -   -   -   1,790 

Other comprehensive loss, net of tax

  -   -   -   -   -   (16,409)  -   (16,409)

Net income

  -   -   -   -   111,439   -   -   111,439 

Balance, June 30, 2023

  54,425,033  $-  $54  $230,659  $1,190,920  $(58,662) $500  $1,363,471 

 

See Notes to Consolidated Financial Statements.

 

8
 

 

 

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) (Unaudited)
   

Six Months Ended June 30,

  
   

2023

     2022  

OPERATING ACTIVITIES

                

Net income

   $ 111,439     $ 119,749  

Adjustments to reconcile net income to net cash provided by operations

                

Deferred tax

     312       424  

Provision for credit losses

     10,851       14,869  

Depreciation

     2,142       2,098  

Accretion on acquired loans

     98       70  

Amortization of core deposit intangible

     -       23  

Amortization of investments in tax credit partnerships

     6,540       5,857  

Net amortization of debt securities available-for-sale

     226       2,062  

Increase in accrued interest and dividends receivable

     (1,761 )     (1,726 )

Stock-based compensation expense

     1,790       1,587  

Increase (decrease) in accrued interest and dividends payable

     4,446       (104 )

Proceeds from sale of mortgage loans held for sale

     51,674       17,835  

Originations of mortgage loans held for sale

     (52,910 )     (19,032 )

Loss on sale of securities available for sale

     -       6,168  

Gain on sale of mortgage loans held for sale

     (1,138 )     (1,140 )

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

     (5 )     (239 )

Write down of other real estate owned and repossessed assets

     -       6  

Increase in cash surrender value of life insurance contracts

     (4,117 )     (5,341 )

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

     (36,094 )     (17,167 )

Net cash provided by operating activities

     93,493       125,999  

INVESTMENT ACTIVITIES

                

Purchases of debt securities available-for-sale

     (414,056 )     (76,360 )

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

     46,203       64,459  

Proceeds from sale of debt securities available-for-sale

     -       75,036  

Purchases of debt securities held-to-maturity

     (48,723 )     (648,266 )

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

     25,155       44,271  

Purchases of restricted equity securities

     (12,750 )     (423 )

Proceeds from sale of restricted equity securities

     13,177       -  

Investment in tax credit partnerships and SBIC

     (5,817 )     (1,646 )

Return of capital from tax credit partnerships and SBIC

     -       249  

Decrease (increase) in loans

     77,363       (1,088,455 )

Purchases of premises and equipment

     (1,947 )     (1,280 )

Proceeds from sale of other real estate owned and repossessed assets

     158       1,091  

Net cash used in investing activities

     (321,237 )     (1,631,324 )

FINANCING ACTIVITIES

                

Net decrease in non-interest-bearing deposits

     (466,245 )     (113,256 )

Net increase (decrease) in interest-bearing deposits

     1,207,659       (567,243 )

Net decrease in federal funds purchased

     (320,732 )     (322,610 )

FHLB advances

     300,000       -  

Repayment of FHLB advances

     (300,000 )     -  

Proceeds from exercise of stock options

     1,014       862  

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

     (1,838 )     (940 )

Dividends paid on common stock

     (30,444 )     (24,957 )

Dividends paid on preferred stock

     (31 )     (31 )

Net cash provided by (used in) financing activities

     389,383       (1,028,175 )

Net increase (decrease) in cash and cash equivalents

     161,639       (2,533,500 )

Cash and cash equivalents at beginning of period

     816,053       4,222,096  

Cash and cash equivalents at end of period

   $ 977,692     $ 1,688,596  

SUPPLEMENTAL DISCLOSURE

                

Cash paid/(received) for:

                

Interest

   $ 156,980     $ 10,291  

Income taxes

     46,968       35,965  

Income tax refund

     -       (142 )

NONCASH TRANSACTIONS

                

Other real estate acquired in settlement of loans

   $ 737     $ 857  

Dividends on nonvested restricted stock reclassified as compensation expense

     41       65  

Dividends declared

     15,239       12,491  

 

See Notes to Consolidated Financial Statements.

 

9
 

 

SERVISFIRST BANCSHARES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 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”) 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, 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 both the three and six month periods ended June 30, 2023 and 2022.

 

 

10
 
 
  

Three Months Ended June 30,

  

Six Months Ended June 30,

 
  

2023

  

2022

  

2023

  

2022

 
  

(In Thousands, Except Shares and Per Share Data)

 

Earnings per common share

                

Weighted average common shares outstanding

  54,411,016   54,295,789   54,385,775   54,279,574 

Net income available to common stockholders

 $53,437  $62,105  $111,408  $119,718 

Basic earnings per common share

 $0.98  $1.14  $2.05  $2.21 
                 

Weighted average common shares outstanding

  54,411,016   54,295,789   54,385,775   54,279,574 

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