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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 MARCH 31, 2024

 

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:

 

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 29, 2024
Common stock, $.001 par value54,509,296  

 

 

 

 

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

37
     

PART II. OTHER INFORMATION

38

Item 1

Legal Proceedings

38

Item 1A.

Risk Factors

38

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

38

Item 3.

Defaults Upon Senior Securities

38

Item 4.

Mine Safety Disclosures

38

Item 5.

Other Information

38

Item 6.

Exhibits

38

 

 

 

 

 

 

 

 

 

 

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, 2024

  

December 31, 2023

 
  

(Unaudited)

  

(1)

 

ASSETS

        

Cash and due from banks

 $78,708  $123,430 

Interest-bearing balances due from depository institutions

  1,201,566   1,907,083 

Federal funds sold

  170,625   100,575 

Cash and cash equivalents

  1,450,899   2,131,088 

Available-for-sale debt securities, at fair value

  1,073,929   900,183 

Held-to-maturity debt securities (fair value of $785,270 and $907,191, respectively)

  867,696   982,664 

Restricted equity securities

  11,300   10,226 

Mortgage loans held for sale

  7,592   5,074 

Loans

  11,880,696   11,658,829 

Less allowance for credit losses

  (155,892)  (153,317)

Loans, net

  11,724,804   11,505,512 

Premises and equipment, net

  59,302   59,324 

Accrued interest and dividends receivable

  61,407   59,181 

Deferred tax asset, net

  60,292   62,918 

Other real estate owned and repossessed assets

  490   995 

Bank owned life insurance contracts

  294,786   292,759 

Goodwill

  13,615   13,615 

Other assets

  95,518   106,129 

Total assets

 $15,721,630  $16,129,668 

LIABILITIES AND STOCKHOLDERS' EQUITY

        

Liabilities:

        

Deposits:

        

Non-interest-bearing demand

 $2,627,639  $2,643,101 

Interest-bearing

  10,123,809   10,630,410 

Total deposits

  12,751,448   13,273,511 

Federal funds purchased

  1,345,328   1,256,724 

Other borrowings

  64,737   64,735 

Accrued interest and dividends payable

  26,822   27,545 

Other liabilities

  57,259   66,748 

Total liabilities

  14,245,594   14,689,263 

Stockholders' equity:

        

Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at March 31, 2024 and December 31, 2023

  -   - 

Common stock, par value $0.001 per share; 200,000,000 shares authorized: 54,507,778 shares issued and outstanding at March 31, 2024; and 54,461,580 shares issued and outstanding at December 31, 2023

  54   54 

Additional paid-in capital

  233,560   232,605 

Retained earnings

  1,288,514   1,254,841 

Accumulated other comprehensive loss

  (46,592)  (47,595)

Total stockholders' equity attributable to ServisFirst Bancshares, Inc.

  1,475,536   1,439,905 

Noncontrolling interest

  500   500 

Total stockholders' equity

  1,476,036   1,440,405 

Total liabilities and stockholders' equity

 $15,721,630  $16,129,668 

 

(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,

 
   

2024

   

2023

 

Interest income:

               

Interest and fees on loans

  $ 186,978     $ 163,732  

Taxable securities

    15,979       10,895  

Nontaxable securities

    9       21  

Federal funds sold

    541       614  

Other interest and dividends

    23,203       6,060  

Total interest income

    226,710       181,322  

Interest expense:

               

Deposits

    104,066       55,713  

Borrowed funds

    20,149       17,308  

Total interest expense

    124,215       73,021  

Net interest income

    102,495       108,301  

Provision for credit losses

    4,368       4,197  

Net interest income after provision for credit losses

    98,127       104,104  

Noninterest income:

               

Service charges on deposit accounts

    2,150       1,934  

Mortgage banking

    678       442  

Credit card income

    2,155       1,689  

Bank-owned life insurance income

    3,231       1,621  

Other operating income

    599       635  

Total noninterest income

    8,813       6,321  

Noninterest expense:

               

Salaries and employee benefits

    22,986       19,066  

Equipment and occupancy

    3,557       3,435  

Third party processing and other services

    7,166       7,284  

Professional services

    1,464       1,654  

FDIC and other regulatory assessments

    3,905       1,517  

Other real estate owned

    30       6  

Other operating expense

    7,195       6,702  

Total noninterest expense

    46,303       39,664  

Income before income taxes

    60,637       70,761  

Provision for income taxes

    10,611       12,790  

Net income

    50,026       57,971  

Dividends on preferred stock

    -       -  

Net income available to common stockholders

  $ 50,026     $ 57,971  

Basic earnings per common share

  $ 0.92     $ 1.07  

Diluted earnings per common share

  $ 0.92     $ 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,

 
  

2024

  

2023

 

Net income

 $50,026  $57,971 
Other comprehensive income (loss), net of tax        

Unrealized net holding gains (losses) arising during period from securities available-for-sale, net of $2,373 and $(221) for the three months ended March 31, 2024 and 2023, respectively

  1,138   (667)

Amortization of net unrealized gains on securities transferred from available-for-sale to held-to-maturity, net of tax of $(37) and $(46) for the three months ended March 31, 2024 and 2023, respectively

  (135)  (129)
Other comprehensive income (loss), net of tax  1,003   (796)

Comprehensive income

 $51,029  $57,175 

 

See Notes to Consolidated Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

5

 

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED STATEMENTS 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, 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 to stock 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 
                                 

Balance, January 1, 2024

  54,461,580  $-  $54  $232,605  $1,254,841  $(47,595) $500  $1,440,405 

Common dividends declared, $0.30 per share

  -   -   -   -   (16,353)  -   -   (16,353)

Issue restricted shares pursuant to stock incentives, net of forfeitures

  39,912   -   -   -   -   -   -   - 

Issue shares of common stock upon exercise of stock options

  6,286   -   -   130   -   -   -   130 

2,014 shares of common stock withheld in net settlement upon exercise of stock options

  -   -   -   (133)  -   -   -   (133)

Stock-based compensation expense

  -   -   -   958   -   -   -   958 

Other comprehensive income, net of tax

  -   -   -   -   -   1,003   -   1,003 

Net income

  -   -   -   -   50,026   -   -   50,026 

Balance, March 31, 2024

  54,507,778  $-  $54  $233,560  $1,288,514  $(46,592) $500  $1,476,036 

 

See Notes to Consolidated Financial Statements.

 

 

 

6

 

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(In thousands) (Unaudited)

 
   

Three Months Ended March 31,

 
   

2024

   

2023

 

OPERATING ACTIVITIES

               

Net income

  $ 50,026     $ 57,971  

Adjustments to reconcile net income to net cash provided by operations

               

Deferred benefit tax

    2,626       49  

Provision for credit losses

    4,368       4,197  

Depreciation

    1,099       1,071  

Accretion on acquired loans

    49       49  

Amortization of investments in tax credit partnerships

    2,837       3,345  

Net (accretion) amortization of debt securities available-for-sale

    (197 )     128  

Increase in accrued interest and dividends receivable

    (2,226 )     (2,078 )

Stock-based compensation expense

    958       808  

(Decrease) Increase in accrued interest and dividends payable

    (723 )     1,926  

Proceeds from sale of mortgage loans held for sale

    37,635       16,320  

Originations of mortgage loans held for sale

    (39,475 )     (15,922 )

Gain on sale of mortgage loans held for sale

    (678 )     (442 )

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

    (95 )     -  

Increase in cash surrender value of life insurance contracts

    (3,231 )     (1,621 )

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

    500       (10,652 )

Net cash provided by operating activities

    53,473       55,149  

INVESTMENT ACTIVITIES

               

Purchases of debt securities available-for-sale

    (198,269 )     -  

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

    24,724       18,853  

Purchases of debt securities held-to-maturity

    (9,936 )     -  

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

    124,904       11,960  

Purchases of restricted equity securities

    (1,074 )     (12,750 )

Proceeds from sale of restricted equity securities

    -       13,177  

Investment in tax credit partnerships and SBIC

    (25 )     (538 )

(Increase) decrease in loans

    (223,799 )     56,588  

Purchases of premises and equipment

    (1,077 )     (1,314 )

Proceeds from sale of other real estate owned and repossessed assets

    690       -  

Net cash (used in) provided by investing activities

    (283,862 )     85,976  

FINANCING ACTIVITIES

               

Net decrease in non-interest-bearing deposits

    (15,462 )     (422,611 )

Net (decrease) increase in interest-bearing deposits

    (506,601 )     491,123  

Net increase (decrease) in federal funds purchased

    88,604       (138,638 )

FHLB advances

    -       300,000  

Repayment of FHLB advances

    -       (300,000 )

Proceeds from exercise of stock options

    130       846  

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

    (133 )     (1,716 )

Dividends paid on common stock

    (16,338 )     (15,211 )

Net cash used in financing activities

    (449,800 )     (86,207 )

Net (decrease) increase in cash and cash equivalents

    (680,189 )     54,918  

Cash and cash equivalents at beginning of period

    2,131,088       816,053  

Cash and cash equivalents at end of period

  $ 1,450,899     $ 870,971  

SUPPLEMENTAL DISCLOSURE

               

Cash paid for:

               

Interest

  $ 124,938     $ 71,095  

Income taxes

    6,977       1,920  

NONCASH TRANSACTIONS

               

Other real estate acquired in settlement of loans

  $ 90     $ 1,046  

Dividends on nonvested restricted stock reclassified as compensation expense

    -       41  

Dividends declared

    16,353       15,233  

 

See Notes to Consolidated Financial Statements.

 

7

 

SERVISFIRST BANCSHARES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(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 that 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, 2023.

 

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 periods ended March 31, 2024 and 2023.

 

  

Three Months Ended March 31,

 
  

2024

  

2023

 
  

(In Thousands, Except Shares and Per Share Data)

 

Earnings per common share

        

Weighted average common shares outstanding

  54,491,019   54,360,253 

Net income available to common stockholders

 $50,026  $57,971 

Basic earnings per common share

 $0.92  $1.07 
         

Weighted average common shares outstanding

  54,491,019   54,360,253 

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

  104,365   174,229 

Weighted average common and dilutive potential common shares outstanding

  54,595,384   54,542,899 

Net income available to common stockholders

 $50,026  $57,971 

Diluted earnings per common share

 $0.92  $1.06 

 

 

NOTE 4 - SECURITIES

 

The amortized cost and fair value of available-for-sale and held-to-maturity securities at March 31, 2024 and December 31, 2023 are summarized as follows:

 

8

 
      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Market

 
  

Cost

  

Gain

  

Loss

  

Value

 

March 31, 2024

 

(In Thousands)

 

Debt Securities Available-for-Sale

                

U.S. Treasury Securities

 $494,156  $10  $(197) $493,969 

Mortgage-backed securities

  281,343   249   (26,677)  254,915 

State and municipal securities

  11,142   1   (1,186)  9,958 

Corporate debt

  352,684   60   (37,657)  315,086 

Total

 $1,139,325  $320  $(65,716) $1,073,929 

Debt Securities Held-to-Maturity

                

U.S. Treasury Securities

 $393,932  $-  $(25,065) $368,868 

Mortgage-backed securities

  465,695   5   (56,634)  409,066 

State and municipal securities

  8,069   -   (733)  7,336 

Total

 $867,696  $5  $(82,431) $785,270 
                 

December 31, 2023

                

Debt Securities Available-for-Sale

                

U.S. Treasury Securities

 $340,556  $251  $-  $340,807 

Mortgage-backed securities

  241,458   6   (25,979)  215,485 

State and municipal securities

  11,400   1   (1,178)  10,223 

Corporate debt

  375,676   -   (42,009)  333,667 

Total

 $969,090  $258  $(69,166) $900,183 

Debt Securities Held-to-Maturity

                

U.S. Treasury Securities

 $508,985  $-  $(24,718) $484,267 

Mortgage-backed securities

  465,615   3   (50,025)  415,593 

State and municipal securities

  8,063   -   (732)  7,331 

Total

 $982,664  $3  $(75,475) $907,191 

 

The amortized cost and fair value of debt securities as of March 31, 2024 and December 31, 2023 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, 2024

  

December 31, 2023

 
  

Amortized Cost

  

Market Value

  

Amortized Cost

  

Market Value

 
  

(In Thousands)

 

Debt securities available-for-sale

                

Due within one year

 $430,857  $430,760  $350,400  $350,396 

Due from one to five years

  132,967   129,779   70,016   67,334 

Due from five to ten years

  291,157   256,407   304,216   264,893 

Due after ten years

  3,000   2,068   3,000   2,076 

Mortgage-backed securities

  281,343   254,915   241,458   215,485 
  $1,139,325  $1,073,929  $969,090  $900,183 
                 

Debt securities held-to-maturity

                

Due within one year

 $144,940  $144,283  $260,047  $257,835 

Due from one to five years

  253,772   229,043   203,481   185,741 

Due from five to ten years

  3,289   2,878   53,521   48,022 

Mortgage-backed securities

  465,695   409,066   465,615   415,593 
  $867,696  $785,270  $982,664  $907,191 

 

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 $1.48 billion and $1.49 billion as of March 31, 2024 and December 31, 2023, respectively.

 

The following table identifies, as of March 31, 2024 and December 31, 2023, 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.

 

9

 
  

Less Than Twelve Months

  

Twelve Months or More

  

Total

 
  

Gross

      

Gross

      

Gross

     
  

Unrealized