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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 SEPTEMBER 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)

 

Delaware

26-0734029

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

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 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.

 

Class Outstanding as of October 27, 2023
Common stock, $.001 par value54,435,170

 

 

 

 

 

 

 

 
 

 

 

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

 27

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

 45

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-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)

 
         
  

September 30, 2023

  

December 31, 2022

 
  

(Unaudited)

  

(1)

 

ASSETS

        

Cash and due from banks

 $112,150  $106,317 

Interest-bearing balances due from depository institutions

  1,861,924   708,221 

Federal funds sold

  91,035   1,515 

Cash and cash equivalents

  2,065,109   816,053 

Available-for-sale debt securities, at fair value

  834,802   644,815 

Held-to-maturity debt securities (fair value of $933,006 and $935,953, respectively)

  1,043,899   1,034,121 

Restricted equity securities

  10,226   7,734 

Mortgage loans held for sale

  6,333   1,607 

Loans

  11,641,130   11,687,968 

Less allowance for credit losses

  (152,247)  (146,297)

Loans, net

  11,488,883   11,541,671 

Premises and equipment, net

  59,516   59,850 

Accrued interest and dividends receivable

  56,500   48,422 

Deferred tax asset, net

  66,029   60,448 

Other real estate owned and repossessed assets

  690   248 

Bank owned life insurance contracts

  291,521   287,752 

Goodwill

  13,615   13,615 

Other assets

  107,209   79,417 

Total assets

 $16,044,332  $14,595,753 

LIABILITIES AND STOCKHOLDERS' EQUITY

        

Liabilities:

        

Deposits:

        

Non-interest-bearing demand

 $2,621,072  $3,321,347 

Interest-bearing

  10,521,304   8,225,458 

Total deposits

  13,142,376   11,546,805 

Federal funds purchased

  1,370,289   1,618,798 

Other borrowings

  64,751   64,726 

Accrued interest and dividends payable

  24,683   18,615 

Other liabilities

  40,849   48,913 

Total liabilities

  14,642,948   13,297,857 

Stockholders' equity:

        

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

  -   - 

Common stock, par value $0.001 per share; 200,000,000 shares authorized: 54,425,447 shares issued and outstanding at September 30, 2023; and 54,326,527 shares issued and outstanding at December 31, 2022

  54   54 

Additional paid-in capital

  231,588   229,693 

Retained earnings

  1,229,080   1,109,902 

Accumulated other comprehensive loss

  (59,838)  (42,253)

Total stockholders' equity attributable to ServisFirst Bancshares, Inc.

  1,400,884   1,297,396 

Noncontrolling interest

  500   500 

Total stockholders' equity

  1,401,384   1,297,896 

Total liabilities and stockholders' equity

 $16,044,332  $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

    

Nine Months Ended

  
   

September 30,

    

September 30,

  
   

2023

    

2022

    

2023

    

2022

  

Interest income:

                                

Interest and fees on loans

   $ 178,754     $ 131,375     $ 514,204     $ 345,767  

Taxable securities

     15,522       11,089       37,987       29,827  

Nontaxable securities

     15       30       53       110  

Federal funds sold

     985       632       1,826       738  

Other interest and dividends

     17,930       6,173       30,114       12,600  

Total interest income

     213,206       149,299       584,184       389,042  

Interest expense:

                                

Deposits

     95,901       13,655       223,585       25,925  

Borrowed funds

     17,607       9,226       51,349       14,609  

Total interest expense

     113,508       22,881       274,934       40,534  

Net interest income

     99,698       126,418       309,250       348,508  

Provision for credit losses

     4,282       15,603       15,133       30,472  

Net interest income after provision for credit losses

     95,416       110,815       294,117       318,036  

Noninterest income:

                                

Service charges on deposit accounts

     2,163       1,892       6,239       6,167  

Mortgage banking

     825       784       1,963       1,924  

Credit card income

     2,532       2,612       6,627       7,656  

Securities losses

     -       -       -       (6,168 )

Bank-owned life insurance income

     1,818       1,637       5,935       6,978  

Other operating income

     797       2,014       2,274       9,836  

Total noninterest income

     8,135       8,939       23,038       26,393  

Noninterest expenses:

                                

Salaries and employee benefits

     20,080       19,687       57,941       58,722  

Equipment and occupancy expense

     3,579       3,140       10,435       9,056  

Third party processing and other services

     6,549       7,213       20,031       19,163  

Professional services

     1,265       1,036       4,499       3,355  

FDIC and other regulatory assessments

     2,346       975       6,105       3,254  

OREO expense

     18       21       30       56  

Other operating expenses

     7,826       10,613       20,752       26,118  

Total noninterest expenses

     41,663       42,685       119,793       119,724  

Income before income taxes

     61,888       77,069       197,362       224,705  

Provision for income taxes

     8,548       13,038       32,583       40,925  

Net income

     53,340       64,031       164,779       183,780  

Preferred stock dividends

     -       -       31       31  

Net income available to common stockholders

   $ 53,340     $ 64,031     $ 164,748     $ 183,749  
                                 

Basic earnings per common share

   $ 0.98     $ 1.18     $ 3.03     $ 3.38  

Diluted earnings per common share

   $ 0.98     $ 1.17     $ 3.02     $ 3.37  

 

See Notes to Consolidated Financial Statements.

 

5
 
 

 

SERVISFIRST BANCSHARES, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

(In thousands)

 

(Unaudited)

 
                 
  

Three Months Ended

  

Nine Months Ended

 
  

September 30,

  

September 30,

 
  

2023

  

2022

  

2023

  

2022

 

Net income

 $53,340  $64,031  $164,779  $183,780 

Other comprehensive loss, net of tax:

                

Unrealized net holding losses arising during period from securities available for sale, net of tax of $(340) and $(5,742) for the three and nine months ended September 30, 2023, respectively, and $(5,707) and $(18,409) for the three and nine months ended September 30, 2022, respectively

  (1,016)  (21,471)  (17,138)  (62,301)

Amortization of net unrealized gains on securities transferred from available-for-sale to held-to-maturity, net of tax of $(53) and $(150) for the three and nine months ended September 30, 2023, respectively, and $(70) and $(320) for the three and nine months ended September 30, 2022, respectively

  (160)  (262)  (447)  (1,208)

Reclassification adjustment for net losses on sales of securities, net of tax of $1,295 for the nine months ended September 30, 2022

  -   -   -   5,363 

Other comprehensive loss, net of tax

  (1,176)  (21,733)  (17,585)  (58,146)

Comprehensive income

 $52,164  $42,298  $147,194  $125,634 

 

                 

See Notes to Consolidated Financial Statements.                

 

 

 

 

 

 

 

 

6
 
 

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

 

(In thousands, except share amounts) (Unaudited)

 
                                 
  

Three Months Ended September 30,

 
  

Common Shares

  

Preferred Stock

  

Common Stock

  

Additional Paid-in Capital

  

Retained Earnings

  

Accumulated Other Comprehensive Loss

  

Noncontrolling interest

  

Total Stockholders' Equity

 

Balance, July 1, 2022

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

Common dividends declared, $0.23 per share

  -   -   -   -   (12,494)  -   -   (12,494)

Dividends on nonvested restricted stock recognized as compensation expense

  -   -   -   -   35   -   -   35 

Issue restricted shares pursuant to stock incentives, net of forfeitures

  1,845   -   -   -   -   -   -   - 

Issue shares of common stock upon exercise of stock options

  15,287   -   -   218   -   -   -   218 

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

  -   -   -   (189)  -   -   -   (189)

Stock-based compensation expense

  -   -   -   803   -   -   -   803 

Other comprehensive loss, net of tax

  -   -   -   -   -   (21,733)  -   (21,733)

Net income

  -   -   -   -   64,031   -   -   64,031 

Balance, September 30, 2022

  54,324,007  $-  $54  $228,738  $1,057,387  $(44,090) $500  $1,242,589 
                                 

Balance, July 1, 2023

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

Common dividends declared, $0.28 per share

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

Dividends on nonvested restricted stock recognized as compensation expense

  -   -   -   -   59   -   -   59 

Issue restricted shares pursuant to stock incentives, net of forfeitures

  414   -   -   -   -   -   -   - 

Stock-based compensation expense

  -   -   -   929   -   -   -   929 

Other comprehensive loss, net of tax

  -   -   -   -   -   (1,176)  -   (1,176)

Net income

  -   -   -   -   53,340   -   -   53,340 

Balance, September 30, 2023

  54,425,447  $-  $54  $231,588  $1,229,080  $(59,838) $500  $1,401,384 

 

7
 

 

  

Nine Months Ended September 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, $0.46 per share

  -   -   -   -   (24,976)  -   -   (24,976)

Common dividends declared, $0.23 per share

  -   -   -   -   (12,494)  -   -   (12,494)

Preferred dividends paid

  -   -   -   -   (31)  -   -   (31)

Dividends on nonvested restricted stock recognized as compensation expense

  -   -   -   -   100   -   -   100 

Issue restricted shares pursuant to stock incentives, net of forfeitures

  44,613   -   -   -   -   -   -   - 

Issue shares of common stock upon exercise of stock options

  52,334   -   -   1,079   -   -   -   1,079 

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

  -   -   -   (1,129)  -   -   -   (1,129)

Stock-based compensation expense

  -   -   -   2,391   -   -   -   2,391 

Other comprehensive loss, net of tax

  -   -   -   -   -   (58,146)  -   (58,146)

Net income

  -   -   -   -   183,780   -   -   183,780 

Balance, September 30, 2022

  54,324,007  $-  $54  $228,738  $1,057,387  $(44,090) $500  $1,242,589 
                                 

Balance, January 1, 2023

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

Common dividends paid, $0.56 per share

  -   -   -   -   (30,472)  -   -   (30,472)

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

  -   -   -   -   141   -   -   141 

Issue restricted shares pursuant to stock incentives, net of forfeitures

  37,682   -   -   -   -   -   -   - 

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

  -   -   -   2,719   -   -   -   2,719 

Other comprehensive loss, net of tax

  -   -   -   -   -   (17,585)  -   (17,585)

Net income

  -   -   -   -   164,779   -   -   164,779 

Balance, September 30, 2023

  54,425,447  $-  $54  $231,588  $1,229,080  $(59,838) $500  $1,401,384 

 

See Notes to Consolidated Financial Statements.

 

8
 
 

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(In thousands) (Unaudited)

 
  

Nine Months Ended September 30,

 
  2023  2022 

OPERATING ACTIVITIES

        

Net income

 $164,779  $183,780 

Adjustments to reconcile net income to net cash provided by operations

        

Deferred expense (benefit) tax

  (5,581)  476 

Provision for credit losses

  15,133   30,472 

Depreciation

  3,241   3,155 

Accretion on acquired loans

  148   108 

Amortization of core deposit intangible

  -   23 

Amortization of investments in tax credit partnerships

  9,114   8,786 

Net amortization of debt securities available-for-sale

  222   2,352 

Increase in accrued interest and dividends receivable

  (8,078)  (5,115)

Stock-based compensation expense

  2,719   2,391 

Increase in accrued interest and dividends payable

  6,068   1,262 

Proceeds from sale of mortgage loans held for sale

  91,747   38,564 

Originations of mortgage loans held for sale

  (94,511)  (37,529)

Loss on sale of securities available for sale

  -   6,168 

Gain on sale of mortgage loans held for sale

  (1,962)  (1,924)

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

  28   (239)

Write down of other real estate owned and repossessed assets

  -   7 

Increase in cash surrender value of life insurance contracts

  (5,935)  (6,978)

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

  (70,920)  (29,074)

Net cash provided by operating activities

  106,212   196,685 

INVESTMENT ACTIVITIES

        

Purchases of debt securities available-for-sale

  (626,728)  (76,360)

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

  436,523   95,691 

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

  38,945   60,854 

Purchases of restricted equity securities

  (46,482)  (423)

Proceeds from sale of restricted equity securities

  43,990   - 

Investment in tax credit partnerships and SBIC

  (7,303)  (16,295)

Return of capital from tax credit partnerships and SBIC

  191   434 

Decrease (increase) in loans

  36,879   (1,752,905)

Purchases of premises and equipment

  (2,907)  (1,935)

Proceeds from death benefit of bank owned life insurance contracts

  2,566   3,900 

Proceeds from sale of other real estate owned and repossessed assets

  158   1,240 

Expenditures for other real estate owned

  -   (93)

Net cash used in investing activities

  (172,891)  (2,259,122)

FINANCING ACTIVITIES

        

Net decrease in non-interest-bearing deposits

  (700,275)  (1,137,831)

Net increase (decrease) in interest-bearing deposits

  2,295,846   (263,090)

Net decrease in federal funds purchased

  (248,509)  (245,455)

FHLB advances

  300,000   - 

Repayment of FHLB advances

  (300,000)  - 

Proceeds from exercise of stock options

  1,014   1,079 

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

  (1,838)  (1,129)

Dividends paid on common stock

  (30,472)  (24,876)

Dividends paid on preferred stock

  (31)  (31)

Net cash provided by (used in) financing activities

  1,315,735   (1,671,333)

Net increase (decrease) in cash and cash equivalents

  1,249,056   (3,733,770)

Cash and cash equivalents at beginning of period

  816,053   4,222,096 

Cash and cash equivalents at end of period

 $2,065,109  $488,326 

SUPPLEMENTAL DISCLOSURE

        

Cash paid/(received) for:

        

Interest

 $268,866  $39,272 

Income taxes

  53,991   55,375 

Income tax refund

  -   (142)

NONCASH TRANSACTIONS

        

Other real estate acquired in settlement of loans

 $628  $1,045 

Dividends on nonvested restricted stock reclassified as compensation expense

  141   100 

Dividends declared

  15,239   12,494 

 

See Notes to Consolidated Financial Statements.

 

9
 

 

SERVISFIRST BANCSHARES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 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 nine month periods ended September 30, 2023 and 2022.

 

   

Three Months Ended September 30,

    

Nine Months Ended September 30,

  
   

2023

    

2022

    

2023

    

2022

  
   

(In Thousands, Except Shares and Per Share Data)

  

Earnings per common share

                                

Weighted average common shares outstanding

     54,424,561       54,315,671       54,398,845       54,291,739  

Net income available to common stockholders

   $ 53,340     $ 64,031     $ 164,748     $ 183,749  

Basic earnings per common share

   $ 0.98     $ 1.18     $ 3.03     $ 3.38  
                                 

Weighted average common shares outstanding

     54,424,561       54,315,671       54,398,845       54,291,739  

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

     106,074       231,011       131,952       242,054  

Weighted average common and dilutive potential common shares outstanding

     54,530,635       54,546,682       54,530,797       54,533,793  

Net income available to common stockholders

   $ 53,340     $ 64,031     $ 164,748     $ 183,749  

Diluted earnings per common share

   $ 0.98     $ 1.17     $ 3.02     $ 3.37  

 
 

NOTE 4 - SECURITIES

 

The amortized cost and fair value of available-for-sale and held-to-maturity securities at September 30, 2023 and December 31, 2022 are summarized as follows:

 

10
 
 
      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gain

  

Loss

  

Value

 

September 30, 2023

 

(In Thousands)

 

Debt Securities Available-for-Sale

                

U.S. Treasury Securities

 $280,807  $7  $(96) $280,718 

Mortgage-backed securities

  251,001   -   (35,760)  215,241 

State and municipal securities

  12,762   1   (1,570)  11,193 

Corporate debt

  375,673   -   (48,023)  327,650 

Total

 $920,243  $8  $(85,449) $834,802 

Debt Securities Held-to-Maturity

                

U.S. Treasury Securities

 $558,196  $-  $(35,014) $523,182 

Mortgage-backed securities

  477,646   -   (74,928)  402,718 

State and municipal securities

  8,057   -   (951)  7,106 

Total

 $1,043,899  $-  $(110,893) $933,006 
                 

December 31, 2022

                

Debt Securities Available-for-Sale

                

U.S. Treasury Securities

 $3,002  $-  $