EX-99.1 2 a53382453ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

ServisFirst Bancshares, Inc. Announces Results For First Quarter of 2023

BIRMINGHAM, Ala.--(BUSINESS WIRE)--April 17, 2023--ServisFirst Bancshares, Inc. (NYSE: SFBS), today announced earnings and operating results for the quarter ended March 31, 2023.

First Quarter 2023 Highlights:

  • Diluted earnings per share were $1.06 for the first quarter of 2023, unchanged from the first quarter of 2022. When adjusting for income on Paycheck Protection Program (“PPP”) loans in 2022, diluted earnings per share increased 7% over the first quarter of 2022. (1)
  • An increase of 23% in new accounts opened year-over-year.
  • Deposit balances grew $69 million during the first quarter of 2023 while the deposit pipeline increased by $244 million, or 51%.
  • Available liquidity sources totaled $8.4 billion as of March 31, 2023.
  • Return on assets increased from 1.53% to 1.63% year-over-year.
  • Book value per share grew from $21.61 to $24.63, or 14%, year-over-year.
  • No brokered deposits or FHLB borrowings as of March 31, 2023.
  • Bank level Tier 1 capital to average assets increased from 8.08% to 9.91% year-over-year.
  • Industry-leading credit quality measures.

Tom Broughton, Chairman, President and CEO, said, “Our business model has proven itself over the past 18 years and we continue to attract new customers with a 23% increase in new accounts opened year-over-year due to our financial stability, our commitment to customer service, and our team of responsive bankers.”

Bud Foshee, CFO, said, “We are pleased with a very good first quarter of growth in profitability, liquidity, and capital while maintaining pristine credit quality.”

(1) See "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures" for a discussion of these Non-GAAP financial measures

FINANCIAL SUMMARY (UNAUDITED)

(In thousands except share and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period Ending March 31, 2023

 

Period Ending December 31, 2022

 

% Change From Period Ending December 31, 2022 to Period Ending March 31, 2023

 

Period Ending March 31, 2022

 

% Change From Period Ending March 31, 2022 to Period Ending March 31, 2023

QUARTERLY OPERATING RESULTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

57,971

 

 

$

67,724

 

 

(14)

%

 

$

57,613

 

 

1

%

Net Income Available to Common Stockholders

 

$

57,971

 

 

$

67,693

 

 

(14)

%

 

$

57,613

 

 

1

%

Diluted Earnings Per Share

 

$

1.06

 

 

$

1.24

 

 

(15)

%

 

$

1.06

 

 

-

%

Return on Average Assets

 

 

1.63

%

 

 

1.89

%

 

 

 

 

 

1.53

%

 

 

 

Return on Average Common Stockholders' Equity

 

 

17.83

%

 

 

21.27

%

 

 

 

 

 

20.09

%

 

 

 

Average Diluted Shares Outstanding

 

 

54,534,482

 

 

 

54,537,685

 

 

 

 

 

 

54,522,042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE SHEET

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

14,566,559

 

 

$

14,595,753

 

 

-

%

 

$

15,339,419

 

 

(5)

%

Loans

 

 

11,629,802

 

 

 

11,687,968

 

 

-

%

 

 

9,898,957

 

 

17

%

Non-interest-bearing Demand Deposits

 

 

2,898,736

 

 

 

3,321,347

 

 

(13)

%

 

 

4,889,495

 

 

(41)

%

Total Deposits

 

 

11,615,317

 

 

 

11,546,805

 

 

1

%

 

 

12,408,755

 

 

(6)

%

Stockholders' Equity

 

 

1,339,817

 

 

 

1,297,896

 

 

3

%

 

 

1,172,975

 

 

14

%

DETAILED FINANCIALS

ServisFirst Bancshares, Inc. reported net income and net income available to common stockholders of $58.0 million for the quarter ended March 31, 2023, compared to net income and net income available to common stockholders of $57.6 million for the same quarter in 2022. Basic and diluted earnings per common share were $1.07 and $1.06, respectively, for the first quarter of 2023, compared to $1.06 for both in the first quarter of 2022.

Annualized return on average assets was 1.63% and annualized return on average common stockholders’ equity was 17.83% for the first quarter of 2023, compared to 1.53% and 20.09%, respectively, for the first quarter of 2022.

Net interest income was $108.3 million for the first quarter of 2023, compared to $122.4 million for the fourth quarter of 2022 and $105.7 million for the first quarter of 2022. The net interest margin in the first quarter of 2023 was 3.15% compared to 3.52% in the fourth quarter of 2022 and 2.89% in the first quarter of 2022. Loan yields were 5.70% during the first quarter of 2023 compared to 5.32% during the fourth quarter of 2022 and 4.29% during the first quarter of 2022. Investment yields were 2.54% during the first quarter of 2023, compared to 2.49% during the fourth quarter of 2022 and 2.17% during the first quarter of 2022. Average interest-bearing deposit rates were 2.68% during the first quarter of 2023, compared to 1.70% during the fourth quarter of 2022 and 0.31% during the first quarter of 2022. Average federal funds purchased rates were 4.67% during the first quarter of 2023, compared to 3.75% during the fourth quarter of 2022 and 0.23% during the first quarter of 2022.

Average loans for the first quarter of 2023 were $11.65 billion, an increase of $166.4 million, or 5.9% annualized, over average loans of $11.49 billion for the fourth quarter of 2022, and an increase of $2.00 billion, or 20.8%, over average loans of $9.65 billion for the first quarter of 2022.

Average total deposits for the first quarter of 2023 were $11.50 billion, an increase of $118.9 million, or 4.2%, annualized, over average total deposits of $11.39 billion for the fourth quarter of 2022, and a decrease of $875.0 million, or 7.1%, over average total deposits of $12.38 billion for the first quarter of 2022.

Non-performing assets to total assets were 0.12% for the first quarter of 2023, unchanged compared to 0.12% for the fourth quarter of 2022, and a decrease of two basis points compared to 0.14% for the first quarter of 2022. Annualized net charge-offs to average loans were 0.05% for the first quarter of 2023, compared to 0.06% and 0.11% for the fourth quarter of 2022 and first quarter of 2022, respectively. The allowance for credit losses as a percentage of total loans at March 31, 2023, December 31, 2022 and March 31, 2022, was 1.28%, 1.25%, and 1.21%, respectively. We recorded a $4.2 million provision for credit losses in the first quarter of 2023 compared to $7.1 million in the fourth quarter of 2022, and $5.4 million in the first quarter of 2022.

Non-interest income decreased $1.6 million, or 20.5%, to $6.3 million for the first quarter of 2023 from $7.9 million in the first quarter of 2022, and decreased $645,000, or 9.3%, on a linked quarter basis. Service charges on deposit accounts decreased $208,000, or 9.7%, to $1.9 million from the first quarter of 2022 to the first quarter of 2023, and increased $68,000, or 3.6%, on a linked quarter basis. Mortgage banking revenue decreased $84,000, or 16.0%, to $442,000 from the first quarter of 2022 to the first quarter of 2023, and decreased $72,000, or 14.0%, on a linked quarter basis. Net credit card revenue decreased $683,000, or 28.8%, to $1.7 million during the first quarter of 2023, compared to $2.4 million during the first quarter of 2022, and decreased $572,000, or 25.3%, on a linked quarter basis. The number of credit card accounts increased approximately 8.2% and the aggregate amount of spend on all credit card accounts increased 14.7% during the first quarter of 2023 compared to the first quarter of 2022. Cash surrender value life insurance increased $13,000, or 0.8%, to $1.6 million during the first quarter of 2023, compared to $1.6 million during the first quarter of 2022, and increased $21,000, or 1.3%, on a linked quarter basis. Other operating income for the first quarter of 2023 decreased $4.0 million, or 86.3%, to $635,000 from $4.6 million in the first quarter of 2022, and decreased $90,000, or 12.4%, on a linked quarter basis. Other income in the first quarter of 2022 included $3.4 million of income on our interest rate cap. We did not recognize any income on the cap during the first quarter of 2023 and $162,000 during the fourth quarter of 2022. Merchant service revenue increased by $118,000, or 35.2%, to $455,000, during the first quarter of 2023, from $336,000 during the first quarter of 2022, and decreased $35,000, or 7.2%, on a linked quarter basis.

Non-interest expense for the first quarter of 2023 increased $2.4 million, or 6.6%, to $39.7 million from $37.2 million in the first quarter of 2022, and increased $1.6 million, or 4.1%, on a linked quarter basis. Salary and benefit expense for the first quarter of 2023 increased $765,000, or 4.2%, to $19.1 million from $18.3 million in the first quarter of 2022, and decreased $164,000, or 0.9%, on a linked quarter basis. The number of FTE employees increased by 62 to 573 at March 31, 2023 compared to 511 at March 31, 2022, and increased by 2 from the end of the fourth quarter of 2022. Equipment and occupancy expense increased $502,000, or 17.1%, to $3.4 million in the first quarter of 2023, from $2.9 million in the first quarter of 2022, and increased $172,000, or 5.3% on a linked-quarter basis. Third party processing and other services expense increased $1.7 million, or 30.0%, to $7.3 million in the first quarter of 2023, from $5.6 million in the first quarter of 2022, and decreased $886,000, or 10.8%, on a linked-quarter basis. The increase year-over-year in third party processing also includes Federal Reserve Bank charges related to correspondent bank settlement activities. Professional services expense increased $662,000, or 66.7%, to $1.7 million in the first quarter of 2023, from $992,000 in the first quarter of 2022, and increased $732,000, or 79.4%, on a linked quarter basis. FDIC and other regulatory assessments increased $385,000, or 34.0%, to $1.5 million in the first quarter of 2023, from $1.1 million in the first quarter of 2022, and increased $206,000, or 15.7%, on a linked quarter basis. Other operating expenses for the first quarter of 2023 decreased $1.6 million, or 18.8%, to $6.7 million from $8.3 million in the first quarter of 2022, and increased $1.7 million on a linked-quarter basis. The efficiency ratio was 34.60% during the first quarter of 2023 compared to 32.74% during the first quarter of 2022 and compared to 29.45% during the fourth quarter of 2022.

Income tax expense decreased $687,000, or 5.1%, to $12.8 million in the first quarter of 2023, compared to $13.5 million in the first quarter of 2022. Our effective tax rate was 18.07% for the first quarter of 2023 compared to 18.96% for the first quarter of 2022. We recognized an aggregate of $3.9 million in credits during the first quarter of 2023 related to investments in tax credit partnerships, compared to an aggregate of $3.3 million in credits during the first quarter of 2022. We recognized a reduction in provision for income taxes resulting from excess tax benefits from the exercise and vesting of stock options and restricted stock during the first quarter of 2023 and 2022 of $1.1 million and $572,000, respectively.

GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures

We originated over 7,400 PPP loans with an aggregate balance of approximately $1.5 billion during the COVID-19 pandemic. At March 31, 2022, we had outstanding PPP loans of $107.6 million. Financial measures in this press release that are presented adjusted for our PPP activities are net income available to common stockholders and diluted earnings per share. These financial measures exclude the impact of PPP loans, net of tax, and are considered non-GAAP financial measures. We believe these non-GAAP financial measures provide useful information to management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP; however, we acknowledge that these non-GAAP financial measures have a number of limitations. As such, you should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies, including those in our industry, use. The following reconciliation table provides a more detailed analysis of the non-GAAP financial measures as of and for the comparative periods presented in this press release. Dollars are in thousands, except share and per share data.

 

 

 

 

Three Months Ended
March 31, 2022

Net income - GAAP

 

$

57,613

 

 

Adjustments:

 

 

 

 

PPP loan income

 

 

(4,869

)

 

 

Tax on adjustment

 

 

1,222

 

Adjusted net income - non-GAAP

 

$

53,966

 

 

 

 

 

 

 

Diluted earnings per share - GAAP

 

$

1.06

 

 

Adjustments:

 

 

 

 

PPP loan income

 

 

(0.09

)

 

 

Tax on adjustment

 

 

0.02

 

Adjusted diluted earnings per share - non-GAAP

 

$

0.99

 

About ServisFirst Bancshares, Inc.

ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank, ServisFirst Bancshares, Inc. provides business and personal financial services from locations in Birmingham, Huntsville, Mobile, Montgomery and Dothan, Alabama, Northwest Florida, West Central Florida, Nashville, Tennessee, Atlanta, Georgia, Charleston, South Carolina, and Charlotte and Asheville, North Carolina.

ServisFirst Bancshares, Inc. files periodic reports with the U.S. Securities and Exchange Commission (SEC). Copies of its filings may be obtained through the SEC’s website at www.sec.gov or at www.servisfirstbancshares.com.

Statements in this press release that are not historical facts, including, but not limited to, statements concerning future operations, results or performance, are hereby identified as "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. The words "believe," "expect," "anticipate," "project," “plan,” “intend,” “will,” “could,” “would,” “might” and similar expressions often signify forward-looking statements. Such statements involve inherent risks and uncertainties. ServisFirst Bancshares, Inc. cautions that such forward-looking statements, wherever they occur in this press release or in other statements attributable to ServisFirst Bancshares, Inc., are necessarily estimates reflecting the judgment of ServisFirst Bancshares, Inc.’s senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Such forward-looking statements should, therefore, be considered in light of various factors that could affect the accuracy of such forward-looking statements, including, but not limited to: the global health and economic crisis precipitated by the COVID-19 outbreak; general economic conditions, especially in the credit markets and in the Southeast; the performance of the capital markets; changes in interest rates, yield curves, interest rate spread relationships and inflation; changes in accounting and tax principles, policies or guidelines; changes in legislation or regulatory requirements; changes as a result of our reclassification as a large financial institution by the FDIC; changes in our loan portfolio and the deposit base; economic crisis and associated credit issues in industries most impacted by the COVID-19 outbreak; possible changes in laws and regulations and governmental monetary and fiscal policies, including, but not limited to, economic stimulus initiatives and the ability of the U.S. Congress to increase the U.S. statutory debt limit as needed; the cost and other effects of legal and administrative cases and similar contingencies; possible changes in the credit worthiness of customers and the possible impairment of the collectability of loans and the value of collateral; the effect of natural disasters, such as hurricanes and tornados, in our geographic markets; the effect of data breaches, cyberattacks or other data security issues; and increased competition from both banks and non-bank financial institutions. The foregoing list of factors is not exhaustive. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-looking Statements” and “Risk Factors” in our most recent Annual Report on Form 10-K, and our other SEC filings. If one or more of the factors affecting our forward-looking information and statements proves incorrect, then our actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained herein. Accordingly, you should not place undue reliance on any forward-looking statements, which speak only as of the date made. ServisFirst Bancshares, Inc. assumes no obligation to update or revise any forward-looking statements that are made from time to time.

More information about ServisFirst Bancshares, Inc. may be obtained over the Internet at www.servisfirstbancshares.com or by calling (205) 949-0302.

SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2023

 

4th Quarter 2022

 

3rd Quarter 2022

 

2nd Quarter 2022

 

1st Quarter 2022

CONSOLIDATED STATEMENT OF INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

181,322

 

 

$

170,273

 

 

$

149,299

 

 

$

126,555

 

 

$

113,188

 

Interest expense

 

 

73,021

 

 

 

47,889

 

 

 

22,881

 

 

 

10,187

 

 

 

7,466

 

Net interest income

 

 

108,301

 

 

 

122,384

 

 

 

126,418

 

 

 

116,368

 

 

 

105,722

 

Provision for credit losses

 

 

4,197

 

 

 

7,135

 

 

 

15,603

 

 

 

9,507

 

 

 

5,362

 

Net interest income after provision for credit losses

 

 

104,104

 

 

 

115,249

 

 

 

110,815

 

 

 

106,861

 

 

 

100,360

 

Non-interest income

 

 

6,321

 

 

 

6,966

 

 

 

8,939

 

 

 

9,506

 

 

 

7,948

 

Non-interest expense

 

 

39,664

 

 

 

38,092

 

 

 

42,685

 

 

 

39,821

 

 

 

37,218

 

Income before income tax

 

 

70,761

 

 

 

84,123

 

 

 

77,069

 

 

 

76,546

 

 

 

71,090

 

Provision for income tax

 

 

12,790

 

 

 

16,399

 

 

 

13,038

 

 

 

14,410

 

 

 

13,477

 

Net income

 

 

57,971

 

 

 

67,724

 

 

 

64,031

 

 

 

62,136

 

 

 

57,613

 

Preferred stock dividends

 

 

-

 

 

 

31

 

 

 

-

 

 

 

31

 

 

 

-

 

Net income available to common stockholders

 

$

57,971

 

 

$

67,693

 

 

$

64,031

 

 

$

62,105

 

 

$

57,613

 

Earnings per share - basic

 

$

1.07

 

 

$

1.25

 

 

$

1.18

 

 

$

1.14

 

 

$

1.06

 

Earnings per share - diluted

 

$

1.06

 

 

$

1.24

 

 

$

1.17

 

 

$

1.14

 

 

$

1.06

 

Average diluted shares outstanding

 

 

54,534,482

 

 

 

54,537,716

 

 

 

54,528,554

 

 

 

54,532,385

 

 

 

54,522,042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED BALANCE SHEET DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

14,566,559

 

 

$

14,595,753

 

 

$

13,890,030

 

 

$

14,494,317

 

 

$

15,339,419

 

Loans

 

 

11,629,802

 

 

 

11,687,968

 

 

 

11,278,614

 

 

 

10,617,320

 

 

 

9,898,957

 

Debt securities

 

 

1,646,937

 

 

 

1,678,936

 

 

 

1,714,603

 

 

 

1,790,218

 

 

 

1,617,977

 

Non-interest-bearing demand deposits

 

 

2,898,736

 

 

 

3,321,347

 

 

 

3,661,936

 

 

 

4,686,511

 

 

 

4,889,495

 

Total deposits

 

 

11,615,317

 

 

 

11,546,805

 

 

 

11,051,915

 

 

 

11,772,337

 

 

 

12,408,755

 

Borrowings

 

 

65,417

 

 

 

64,726

 

 

 

64,721

 

 

 

64,716

 

 

 

64,711

 

Stockholders' equity

 

 

1,339,817

 

 

 

1,297,896

 

 

 

1,242,589

 

 

 

1,211,918

 

 

 

1,172,975

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares outstanding

 

 

54,398,025

 

 

 

54,326,527

 

 

 

54,324,007

 

 

 

54,306,875

 

 

 

54,282,132

 

Book value per share

 

$

24.63

 

 

$

23.89

 

 

$

22.87

 

 

$

22.32

 

 

$

21.61

 

Tangible book value per share (1)

 

$

24.38

 

 

$

23.64

 

 

$

22.62

 

 

$

22.07

 

 

$

21.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SELECTED FINANCIAL RATIOS (Annualized)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin

 

 

3.15

%

 

 

3.52

%

 

 

3.64

%

 

 

3.26

%

 

 

2.89

%

Return on average assets

 

 

1.63

%

 

 

1.89

%

 

 

1.77

%

 

 

1.67

%

 

 

1.53

%

Return on average common stockholders' equity

 

 

17.83

%

 

 

21.27

%

 

 

20.49

%

 

 

20.93

%

 

 

20.09

%

Efficiency ratio

 

 

34.60

%

 

 

29.45

%

 

 

31.54

%

 

 

31.64

%

 

 

32.74

%

Non-interest expense to average earning assets

 

 

1.15

%

 

 

1.10

%

 

 

1.23

%

 

 

1.11

%

 

 

1.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL RATIOS (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common equity tier 1 capital to risk-weighted assets

 

 

10.01

%

 

 

9.54

%

 

 

9.37

%

 

 

9.59

%

 

 

9.86

%

Tier 1 capital to risk-weighted assets

 

 

10.02

%

 

 

9.54

%

 

 

9.37

%

 

 

9.59

%

 

 

9.87

%

Total capital to risk-weighted assets

 

 

11.54

%

 

 

11.06

%

 

 

10.91

%

 

 

11.12

%

 

 

11.43

%

Tier 1 capital to average assets

 

 

9.49

%

 

 

9.29

%

 

 

8.84

%

 

 

8.19

%

 

 

7.67

%

Tangible common equity to total tangible assets (1)

 

 

9.11

%

 

 

8.81

%

 

 

8.86

%

 

 

8.28

%

 

 

7.56

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) This press release also contains certain non-GAAP financial measures, including tangible common stockholders’ equity, total tangible assets, tangible book value per share and tangible common equity to total tangible assets, each of which excludes goodwill associated with our acquisition of Metro Bancshares, Inc. in January 2015.

(2) Regulatory capital ratios for most recent period are preliminary.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2023

 

March 31, 2022

 

% Change

ASSETS

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

139,175

 

 

$

103,439

 

 

35

 

%

Interest-bearing balances due from depository institutions

 

 

725,318

 

 

 

3,315,312

 

 

(78

)

%

Federal funds sold

 

 

6,478

 

 

 

24,638

 

 

(74

)

%

 

Cash and cash equivalents

 

 

870,971

 

 

 

3,443,389

 

 

(75

)

%

Available for sale debt securities, at fair value

 

 

624,948

 

 

 

784,673

 

 

(20

)

%

Held to maturity debt securities (fair value of $937,960 at March 31, 2023 and $799,347 at March 31, 2022)

 

 

1,021,989

 

 

 

833,304

 

 

23

 

%

Restricted equity securities

 

 

7,307

 

 

 

7,734

 

 

(6

)

%

Mortgage loans held for sale

 

 

1,651

 

 

 

403

 

 

310

 

%

Loans

 

 

11,629,802

 

 

 

9,898,957

 

 

17

 

%

Less allowance for credit losses

 

 

(148,965

)

 

 

(119,463

)

 

25

 

%

 

Loans, net

 

 

11,480,837

 

 

 

9,779,494

 

 

17

 

%

Premises and equipment, net

 

 

60,093

 

 

 

59,908

 

 

-

 

%

Goodwill and other identifiable intangible assets

 

 

13,615

 

 

 

13,615

 

 

-

 

%

Other assets

 

 

485,148

 

 

 

416,899

 

 

16

 

%

 

Total assets

 

$

14,566,559

 

 

$

15,339,419

 

 

(5

)

%

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing

 

$

2,898,736

 

 

$

4,889,495

 

 

(41

)

%

 

Interest-bearing

 

 

8,716,581

 

 

 

7,519,260

 

 

16

 

%

 

 

Total deposits

 

 

11,615,317

 

 

 

12,408,755

 

 

(6

)

%

Federal funds purchased

 

 

1,480,160

 

 

 

1,639,238

 

 

(10

)

%

Other borrowings

 

 

65,417

 

 

 

64,711

 

 

1

 

%

Other liabilities

 

 

65,848

 

 

 

53,740

 

 

23

 

%

 

Total liabilities

 

 

13,226,742

 

 

 

14,166,444

 

 

(7

)

%

Stockholders' equity:

 

 

 

 

 

 

 

 

 

 

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

 

 

-

 

 

 

-

 

 

 

 

 

Common stock, par value $0.001 per share; 200,000,000 shares authorized; 54,398,025 shares issued and outstanding at March 31, 2023, and 100,000,000 shares authorized; 54,282,132 shares issued and outstanding at March 31, 2022

 

 

54

 

 

 

54

 

 

-

 

%

 

Additional paid-in capital

 

 

229,631

 

 

 

227,127

 

 

1

 

%

 

Retained earnings

 

 

1,152,681

 

 

 

956,169

 

 

21

 

%

 

Accumulated other comprehensive loss

 

 

(43,049

)

 

 

(10,875

)

 

296

 

%

 

 

Total stockholders' equity attributable to ServisFirst Bancshares, Inc.

 

 

1,339,317

 

 

 

1,172,475

 

 

14

 

%

 

Noncontrolling interest

 

 

500

 

 

 

500

 

 

-

 

%

 

 

Total stockholders' equity

 

 

1,339,817

 

 

 

1,172,975

 

 

14

 

%

 

Total liabilities and stockholders' equity

 

$

14,566,559

 

 

$

15,339,419

 

 

(5

)

%

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 

 

 

(In thousands except per share data)

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2023

 

2022

Interest income:

 

 

 

 

 

 

Interest and fees on loans

 

$

163,732

 

$

103,105

 

Taxable securities

 

 

10,895

 

 

8,223

 

Nontaxable securities

 

 

21

 

 

43

 

Federal funds sold

 

 

614

 

 

13

 

Other interest and dividends

 

 

6,060

 

 

1,804

 

Total interest income

 

 

181,322

 

 

113,188

 

Interest expense:

 

 

 

 

 

 

Deposits

 

 

55,713

 

 

5,843

 

Borrowed funds

 

 

17,308

 

 

1,623

 

Total interest expense

 

 

73,021

 

 

7,466

 

Net interest income

 

 

108,301

 

 

105,722

 

Provision for credit losses

 

 

4,197

 

 

5,362

 

Net interest income after provision for credit losses

 

 

104,104

 

 

100,360

 

Non-interest income:

 

 

 

 

 

 

Service charges on deposit accounts

 

 

1,934

 

 

2,142

 

Mortgage banking

 

 

442

 

 

526

 

Credit card income

 

 

1,689

 

 

2,372

 

Securities losses

 

 

-

 

 

(3,335

)

Increase in cash surrender value life insurance

 

 

1,621

 

 

1,608

 

Other operating income

 

 

635

 

 

4,635

 

Total non-interest income

 

 

6,321

 

 

7,948

 

Non-interest expense:

 

 

 

 

 

 

Salaries and employee benefits

 

 

19,066

 

 

18,301

 

Equipment and occupancy expense

 

 

3,435

 

 

2,933

 

Third party processing and other services

 

 

7,284

 

 

5,605

 

Professional services

 

 

1,654

 

 

992

 

FDIC and other regulatory assessments

 

 

1,517

 

 

1,132

 

Other real estate owned expense

 

 

6

 

 

3

 

Other operating expense

 

 

6,702

 

 

8,252

 

Total non-interest expense

 

 

39,664

 

 

37,218

 

Income before income tax

 

 

70,761

 

 

71,090

 

Provision for income tax

 

 

12,790

 

 

13,477

 

Net income

 

 

57,971

 

 

57,613

 

Net income available to common stockholders

 

$

57,971

 

$

57,613

 

Basic earnings per common share

 

$

1.07

 

$

1.06

 

Diluted earnings per common share

 

$

1.06

 

$

1.06

 

LOANS BY TYPE (UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2023

 

4th Quarter 2022

 

3rd Quarter 2022

 

2nd Quarter 2022

 

1st Quarter 2022

Commercial, financial and agricultural

 

$

3,081,926

 

$

3,145,317

 

$

3,104,155

 

$

2,966,040

 

$

2,955,927

Real estate - construction

 

 

1,469,670

 

 

1,532,388

 

 

1,433,698

 

 

1,383,155

 

 

1,164,690

Real estate - mortgage:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner-occupied commercial

 

 

2,243,436

 

 

2,199,280

 

 

2,145,621

 

 

2,026,807

 

 

1,919,811

 

1-4 family mortgage

 

 

1,138,645

 

 

1,146,831

 

 

1,089,826

 

 

1,015,698

 

 

926,697

 

Other mortgage

 

 

3,624,071

 

 

3,597,750

 

 

3,438,762

 

 

3,160,510

 

 

2,869,158

Subtotal: Real estate - mortgage

 

 

7,006,152

 

 

6,943,861

 

 

6,674,209

 

 

6,203,015

 

 

5,715,666

Consumer

 

 

72,054

 

 

66,402

 

 

66,552

 

 

65,110

 

 

62,674

Total loans

 

$

11,629,802

 

$

11,687,968

 

$

11,278,614

 

$

10,617,320

 

$

9,898,957

SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2023

 

4th Quarter 2022

 

3rd Quarter 2022

 

2nd Quarter 2022

 

1st Quarter 2022

Allowance for credit losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

146,297

 

 

$

140,967

 

 

$

128,387

 

 

$

119,463

 

 

$

116,660

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans charged off:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial financial and agricultural

 

 

1,257

 

 

 

2,116

 

 

 

2,902

 

 

 

1,667

 

 

 

2,574

 

 

Real estate - construction

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

Real estate - mortgage

 

 

26

 

 

 

-

 

 

 

170

 

 

 

23

 

 

 

27

 

 

Consumer

 

 

390

 

 

 

200

 

 

 

261

 

 

 

123

 

 

 

75

 

 

 

Total charge offs

 

 

1,673

 

 

 

2,316

 

 

 

3,333

 

 

 

1,813

 

 

 

2,676

 

Recoveries:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial financial and agricultural

 

 

128

 

 

 

393

 

 

 

297

 

 

 

1,217

 

 

 

105

 

 

Real estate - construction

 

 

3

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

Real estate - mortgage

 

 

1

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

Consumer

 

 

11

 

 

 

118

 

 

 

12

 

 

 

13

 

 

 

12

 

 

 

Total recoveries

 

 

143

 

 

 

511

 

 

 

309

 

 

 

1,230

 

 

 

117

 

 

Net charge-offs

 

 

1,530

 

 

 

1,805

 

 

 

3,024

 

 

 

583

 

 

 

2,559

 

 

Provision for credit losses

 

 

4,197

 

 

 

7,135

 

 

 

15,604

 

 

 

9,507

 

 

 

5,362

 

 

Ending balance

 

$

148,965

 

 

$

146,297

 

 

$

140,967

 

 

$

128,387

 

 

$

119,463

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses to total loans

 

 

1.28

%

 

 

1.25

%

 

 

1.25

%

 

 

1.21

%

 

 

1.21

%

 

Allowance for credit losses to total average

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

loans

 

 

1.30

%

 

 

1.27

%

 

 

1.29

%

 

 

1.26

%

 

 

1.24

%

 

Net charge-offs to total average loans

0.05

%

 

 

0.06

%

 

 

0.11

%

 

 

0.02

%

 

 

0.11

%

 

Provision for credit losses to total average loans

 

 

0.14

%

 

 

0.25

%

 

 

0.57

%

 

 

0.37

%

 

 

0.23

%

 

Nonperforming assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccrual loans

 

$

13,157

 

 

$

12,450

 

 

$

11,655

 

 

$

10,540

 

 

$

14,738

 

 

 

Loans 90+ days past due and accruing

 

 

4,683

 

 

 

5,391

 

 

 

4,803

 

 

 

4,991

 

 

 

4,686

 

 

 

Other real estate owned and repossessed assets

 

 

248

 

 

 

248

 

 

 

1,245

 

 

 

1,207

 

 

 

1,989

 

 

Total

 

$

18,088

 

 

$

18,089

 

 

$

17,703

 

 

$

16,738

 

 

$

21,413

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming loans to total loans

 

 

0.15

%

 

 

0.15

%

 

 

0.15

%

 

 

0.15

%

 

 

0.20

%

 

Nonperforming assets to total assets

 

 

0.12

%

 

 

0.12

%

 

 

0.13

%

 

 

0.12

%

 

 

0.14

%

 

Nonperforming assets to earning assets

 

 

0.13

%

 

 

0.13

%

 

 

0.13

%

 

 

0.12

%

 

 

0.14

%

 

Allowance for credit losses to nonaccrual loans

1,132.24

%

 

 

1,175.08

%

 

 

1,209.50

%

 

 

1,218.05

%

 

 

826.19

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructured accruing loans

 

 

 

 

 

$

2,480

 

 

$

236

 

 

$

421

 

 

$

426

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructured accruing loans to total loans

 

 

 

 

 

 

0.02

%

 

 

-

%

 

 

-

%

 

 

-

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TROUBLED DEBT RESTRUCTURINGS (TDRs) (UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4th Quarter 2022

 

3rd Quarter 2022

 

2nd Quarter 2022

 

1st Quarter 2022

 

Beginning balance:

 

 

 

 

 

$

2,041

 

 

$

2,403

 

 

$

2,482

 

 

$

2,576

 

 

 

Additions

 

 

 

 

 

 

444

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

Net (paydowns) / advances

 

 

 

 

 

 

(5)

 

 

 

(362)

 

 

 

(79)

 

 

 

(94)

 

 

 

Charge-offs

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

Transfer to OREO

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

Ending balance

 

 

 

 

 

$

2,480

 

 

$

2,041

 

 

$

2,403

 

 

$

2,482

 

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 

 

 

 

 

 

 

 

 

(In thousands except per share data)

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2023

 

4th Quarter 2022

 

3rd Quarter 2022

 

2nd Quarter 2022

 

1st Quarter 2022

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

163,732

 

$

153,924

 

$

131,375

 

$

111,287

 

 

$

103,105

 

Taxable securities

 

 

10,895

 

 

10,895

 

 

11,089

 

 

10,515

 

 

 

8,223

 

Nontaxable securities

 

 

21

 

 

27

 

 

30

 

 

37

 

 

 

43

 

Federal funds sold

 

 

614

 

 

818

 

 

632

 

 

93

 

 

 

13

 

Other interest and dividends

 

 

6,060

 

 

4,609

 

 

6,173

 

 

4,623

 

 

 

1,804

 

Total interest income

 

 

181,322

 

 

170,273

 

 

149,299

 

 

126,555

 

 

 

113,188

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

55,713

 

 

33,471

 

 

13,655

 

 

6,427

 

 

 

5,843

 

Borrowed funds

 

 

17,308

 

 

14,418

 

 

9,226

 

 

3,760

 

 

 

1,623

 

Total interest expense

 

 

73,021

 

 

47,889

 

 

22,881

 

 

10,187

 

 

 

7,466

 

Net interest income

 

 

108,301

 

 

122,384

 

 

126,418

 

 

116,368

 

 

 

105,722

 

Provision for credit losses

 

 

4,197

 

 

7,135

 

 

15,603

 

 

9,507

 

 

 

5,362

 

Net interest income after provision for credit losses

 

 

104,104

 

 

115,249

 

 

110,815

 

 

106,861

 

 

 

100,360

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

1,934

 

 

1,866

 

 

1,892

 

 

2,133

 

 

 

2,142

 

Mortgage banking

 

 

442

 

 

514

 

 

784

 

 

614

 

 

 

526

 

Credit card income

 

 

1,689

 

 

2,261

 

 

2,612

 

 

2,672

 

 

 

2,372

 

Securities losses

 

 

-

 

 

-

 

 

-

 

 

(2,833

)

 

 

(3,335

)

Increase in cash surrender value life insurance

 

 

1,621

 

 

1,600

 

 

1,637

 

 

1,633

 

 

 

1,608

 

Other operating income

 

 

635

 

 

725

 

 

2,014

 

 

5,287

 

 

 

4,635

 

Total non-interest income

 

 

6,321

 

 

6,966

 

 

8,939

 

 

9,506

 

 

 

7,948

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

19,066

 

 

19,230

 

 

19,687

 

 

20,734

 

 

 

18,301

 

Equipment and occupancy expense

 

 

3,435

 

 

3,263

 

 

3,140

 

 

2,983

 

 

 

2,933

 

Third party processing and other services

 

 

7,284

 

 

8,170

 

 

7,213

 

 

6,345

 

 

 

5,605

 

Professional services

 

 

1,654

 

 

922

 

 

1,036

 

 

1,327

 

 

 

992

 

FDIC and other regulatory assessments

 

 

1,517

 

 

1,311

 

 

975

 

 

1,147

 

 

 

1,132

 

Other real estate owned expense

 

 

6

 

 

239

 

 

21

 

 

32

 

 

 

3

 

Other operating expense

 

 

6,702

 

 

4,957

 

 

10,613

 

 

7,253

 

 

 

8,252

 

Total non-interest expense

 

 

39,664

 

 

38,092

 

 

42,685

 

 

39,821

 

 

 

37,218

 

Income before income tax

 

 

70,761

 

 

84,123

 

 

77,069

 

 

76,546

 

 

 

71,090

 

Provision for income tax

 

 

12,790

 

 

16,399

 

 

13,038

 

 

14,410

 

 

 

13,477

 

Net income

 

 

57,971

 

 

67,724

 

 

64,031

 

 

62,136

 

 

 

57,613

 

Dividends on preferred stock

 

 

-

 

 

31

 

 

-

 

 

31

 

 

 

-

 

Net income available to common stockholders

 

$

57,971

 

$

67,693

 

$

64,031

 

$

62,105

 

 

$

57,613

 

Basic earnings per common share

 

$

1.07

 

$

1.25

 

$

1.18

 

$

1.14

 

 

$

1.06

 

Diluted earnings per common share

 

$

1.06

 

$

1.24

 

$

1.17

 

$

1.14

 

 

$

1.06

 

AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED)

ON A FULLY TAXABLE-EQUIVALENT BASIS

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2023

 

4th Quarter 2022

 

3rd Quarter 2022

 

2nd Quarter 2022

 

1st Quarter 2022

 

 

 

 

 

Average Balance

 

Yield / Rate

 

Average Balance

 

Yield / Rate

 

Average Balance

 

Yield / Rate

 

Average Balance

 

Yield / Rate

 

Average Balance

 

Yield / Rate

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net of unearned income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

$

11,632,439

 

5.70

%

 

$

11,465,538

 

5.32

%

 

$

10,900,105

 

4.77

%

 

$

10,165,470

 

4.38

%

 

$

9,621,484

 

4.29

%

 

 

Tax-exempt (2)

 

 

18,978

 

3.36

 

 

 

19,526

 

6.60

 

 

 

19,852

 

4.14

 

 

 

23,616

 

4.09

 

 

 

25,195

 

4.08

 

 

 

 

Total loans, net of unearned income

 

 

11,651,417

 

5.70

 

 

 

11,485,064

 

5.32

 

 

 

10,919,957

 

4.77

 

 

 

10,189,086

 

4.38

 

 

 

9,646,679

 

4.29

 

 

Mortgage loans held for sale

 

 

1,522

 

6.40

 

 

 

1,515

 

3.67

 

 

 

2,906

 

2.73

 

 

 

471

 

3.41

 

 

 

927

 

1.73

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

1,724,523

 

2.54

 

 

 

1,755,764

 

2.49

 

 

 

1,797,560

 

2.47

 

 

 

1,775,425

 

2.37

 

 

 

1,518,572

 

2.17

 

 

 

Tax-exempt (2)

 

 

3,781

 

2.43

 

 

 

4,863

 

2.39

 

 

 

5,863

 

2.39

 

 

 

7,148

 

2.35

 

 

 

8,812

 

2.36

 

 

 

 

Total securities (3)

 

 

1,728,304

 

2.54

 

 

 

1,760,627

 

2.49

 

 

 

1,803,423

 

2.47

 

 

 

1,782,573

 

2.37

 

 

 

1,527,384

 

2.17

 

 

Federal funds sold

 

 

50,526

 

4.93

 

 

 

82,656

 

3.93

 

 

 

102,028

 

2.46

 

 

 

30,721

 

1.21

 

 

 

16,639

 

0.31

 

 

Restricted equity securities

 

 

9,919

 

7.69

 

 

 

7,724

 

7.35

 

 

 

7,724

 

3.65

 

 

 

7,724

 

3.74

 

 

 

7,371

 

3.70

 

 

Interest-bearing balances with banks

 

 

510,021

 

4.67

 

 

 

458,115

 

3.83

 

 

 

945,142

 

2.56

 

 

 

2,332,412

 

0.80

 

 

 

3,637,882

 

0.20

 

 

Total interest-earning assets

 

$

13,951,709

 

5.27

 

 

$

13,795,701

 

4.90

 

 

$

13,781,180

 

4.30

 

 

$

14,342,987

 

3.54

 

 

$

14,836,882

 

3.06

 

Non-interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

 

106,448

 

 

 

 

 

113,823

 

 

 

 

 

256,607

 

 

 

 

 

204,994

 

 

 

 

 

74,534

 

 

 

 

Net premises and equipment

 

 

60,617

 

 

 

 

 

60,323

 

 

 

 

 

60,155

 

 

 

 

 

60,673

 

 

 

 

 

61,209

 

 

 

 

Allowance for credit losses, accrued interest and other assets

 

 

279,775

 

 

 

 

 

273,964

 

 

 

 

 

294,006

 

 

 

 

 

297,893

 

 

 

 

 

313,560

 

 

 

 

 

 

Total assets

 

$

14,398,549

 

 

 

 

$

14,243,811

 

 

 

 

$

14,391,948

 

 

 

 

$

14,906,547

 

 

 

 

$

15,286,185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Checking

 

$

1,675,355

 

1.25

%

 

$

1,763,622

 

0.73

%

 

$

1,722,926

 

0.28

%

 

$

1,699,602

 

0.21

%

 

$

1,594,645

 

0.20

%

 

Savings

 

 

134,671

 

0.94

 

 

 

141,163

 

0.64

 

 

 

144,368

 

0.21

 

 

 

134,469

 

0.18

 

 

 

135,545

 

0.17

 

 

Money market

 

 

5,756,642

 

3.17

 

 

 

5,047,133

 

2.07

 

 

 

4,444,583

 

0.89

 

 

 

4,617,021

 

0.33

 

 

 

4,985,224

 

0.26

 

 

Time deposits

 

 

850,639

 

2.51

 

 

 

860,336

 

1.69

 

 

 

809,057

 

1.16

 

 

 

766,225

 

0.86

 

 

 

792,930

 

0.91

 

 

 

Total interest-bearing deposits

 

 

8,417,307

 

2.68

 

 

 

7,812,254

 

1.70

 

 

 

7,120,934

 

0.76

 

 

 

7,217,317

 

0.36

 

 

 

7,508,344

 

0.31

 

 

Federal funds purchased

 

 

1,389,217

 

4.67

 

 

 

1,453,445

 

3.75

 

 

 

1,493,444

 

2.27

 

 

 

1,550,805

 

0.79

 

 

 

1,620,012

 

0.23

 

 

Other borrowings

 

 

114,726

 

4.61

 

 

 

64,726

 

4.23

 

 

 

65,406

 

4.19

 

 

 

64,713

 

4.28

 

 

 

64,708

 

4.28

 

 

Total interest-bearing liabilities

 

$

9,921,250

 

2.98

%

 

$

9,330,425

 

2.04

%

 

$

8,679,784

 

1.05

%

 

$

8,832,835

 

0.46

%

 

$

9,193,064

 

0.33

%

Non-interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing demand deposits

 

 

3,086,774

 

 

 

 

 

3,572,956

 

 

 

 

 

4,410,318

 

 

 

 

 

4,824,521

 

 

 

 

 

4,870,701

 

 

 

 

Other liabilities

 

 

72,121

 

 

 

 

 

77,544

 

 

 

 

 

62,093

 

 

 

 

 

58,784

 

 

 

 

 

59,619

 

 

 

 

Stockholders' equity

 

 

1,358,587

 

 

 

 

 

1,307,553

 

 

 

 

 

1,263,870

 

 

 

 

 

1,205,551

 

 

 

 

 

1,156,186

 

 

 

 

Accumulated other comprehensive (loss) income

 

 

(40,183)

 

 

 

 

 

(44,667)

 

 

 

 

 

(24,117)

 

 

 

 

 

(15,144)

 

 

 

 

 

6,615

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

14,398,549

 

 

 

 

$

14,243,811

 

 

 

 

$

14,391,948

 

 

 

 

$

14,906,547

 

 

 

 

$

15,286,185

 

 

 

Net interest spread

 

 

 

 

2.29

%

 

 

 

 

2.86

%

 

 

 

 

3.25

%

 

 

 

 

3.08

%

 

 

 

 

2.77

%

Net interest margin

 

 

 

 

3.15

%

 

 

 

 

3.52

%

 

 

 

 

3.64

%

 

 

 

 

3.26

%

 

 

 

 

2.89

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Average loans include nonaccrual loans in all periods. Loan fees of $3,263, $3,630, $3,849, $5,303, and $6,823 are included in interest income in the first quarter of 2023, fourth quarter of 2022, third quarter of 2022, second quarter of 2022, and first quarter of 2022, respectively.

(2)

Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%.

(3)

Unrealized (losses) gains on debt securities of $(59,738), $(62,568), $(34,688), $(25,703), and $8,245 for the first quarter of 2023, fourth quarter of 2022, third quarter of 2022, second quarter of 2022, and first quarter of 2022, respectively, are excluded from the yield calculation.

 

Contacts

ServisFirst Bank
Davis Mange (205) 949-3420
dmange@servisfirstbank.com