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thunderdome:item
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________
FORM 10-Q
(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 value | 54,435,170 |
TABLE OF CONTENTS
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
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.
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.
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.
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 | |
| | 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.
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.
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:
| | | | | | 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 | | | $ | - | | | $ | |