0001171843-24-003951.txt : 20240715 0001171843-24-003951.hdr.sgml : 20240715 20240715161022 ACCESSION NUMBER: 0001171843-24-003951 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20240715 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240715 DATE AS OF CHANGE: 20240715 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ServisFirst Bancshares, Inc. CENTRAL INDEX KEY: 0001430723 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] ORGANIZATION NAME: 02 Finance IRS NUMBER: 260734029 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36452 FILM NUMBER: 241117370 BUSINESS ADDRESS: STREET 1: 2500 WOODCREST PLACE CITY: BIRMINGHAM STATE: AL ZIP: 35209 BUSINESS PHONE: 2059490302 MAIL ADDRESS: STREET 1: 2500 WOODCREST PLACE CITY: BIRMINGHAM STATE: AL ZIP: 35209 8-K 1 f8k_071524.htm FORM 8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 15, 2024

ServisFirst Bancshares, Inc.
(Exact name of registrant as specified in its charter)

 

Delaware 001-36452 26-0734029

(State or other jurisdiction of incorporation)

 (Commission File Number) (IRS Employer Identification No.)

 

2500 Woodcrest Place, Homewood, Alabama 35209
(Address of principal executive offices) (Zip Code)

 

(205) 949-0302
(Registrant’s telephone number, including area code)

 

Not Applicable
(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol Name of exchange on which registered
Common SFBS New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). 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. ☐

 

 

 

 

Item 2.02 – Results of Operations and Financial Condition.

 

On July 15, 2024, ServisFirst Bancshares, Inc., a Delaware corporation (“ServisFirst”), issued a press release announcing its operating results for the quarter ended June 30, 2024. A copy of the press release is attached as Exhibit 99.1.

 

The information furnished pursuant to Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.

 

Item 7.01 – Regulation FD Disclosure

 

 On July 15, 2024, ServisFirst hosted a call to review 2024 second quarter earnings. The supplemental data table is attached as Exhibit 99.2 and is incorporated by reference into this Item 7.01.

 

 The information in this report is being furnished, not filed, pursuant to Regulation FD. Accordingly, the information in Items 7.01 and 9.01 of this report will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

 

Statements in this presentation 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,” “would,” “might” “could” 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: general economic conditions, especially in the credit markets and in the Southeast; the performance of the capital markets; changes in interest rates, yield curves and interest rate spread relationships; changes in accounting and tax principles, policies or guidelines; changes in legislation or regulatory requirements; changes in our loan portfolio and the deposit base; possible changes in laws and regulations and governmental monetary and fiscal policies, including, but not limited to, economic stimulus initiatives; the cost and other effects of legal and administrative cases and similar contingencies; possible changes in the creditworthiness 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; 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.

 

Item 9.01 – Financial Statements and Exhibits

 

(a)             Not applicable

(b)             Not applicable

(c)             Not applicable

(d)             Exhibits. The following exhibits are included with this Current Report on Form 8-K:

 

Exhibit No.   Description
     
99.1   Press Release dated July 15, 2024
99.2   Supplemental data table July 15, 2024

  

 

 

       

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 SERVISFIRST BANCSHARES, INC.
    
    
   /s/ Thomas A. Broughton, III
Dated: July 15, 2024By: Thomas A. Broughton, III
   Chairman, President and Chief Executive Officer

 

 EX-99.1 2 exh_991.htm EXHIBIT 99.1

Exhibit 99.1

 

 

 

SERVISFIRST BANCSHARES, INC.

Announces Results For Second Quarter of 2024

 

Birmingham, Ala. – (BUSINESS WIRE) – July 15, 2024 – ServisFirst Bancshares, Inc. (NYSE: SFBS), today announced earnings and operating results for the quarter ended June 30, 2024.

 

Second Quarter 2024 Highlights:

·Diluted EPS grew from $0.92 in the first quarter of 2024 to $0.95 in the second quarter of 2024.
·Net interest margin increased 13 basis points from the first quarter of 2024.
·Deposits grew by 16% annualized from the first quarter of 2024 and 8% year-over-year.
·Loans grew by 15% annualized from the first quarter of 2024 and 6% year-over-year.
·Credit quality continues to be strong with non-performing assets to total assets of 0.23%.
·Liquidity remains strong with over $1.3 billion in cash and no FHLB advances or brokered deposits.
·Book value per share of $27.71, up 11% year-over-year.
·Entered the Auburn-Opelika, Alabama market.

 

Tom Broughton, Chairman, President, and CEO, said, “We were pleased to add a strong banking team and enter the Auburn-Opelika, Alabama market during the quarter, and believe it should become one of our top community banking markets. Loan and deposit growth were strong throughout our footprint with the addition of new bankers and serving new and expanded customer relationships.”

 

Kirk Pressley, CFO, said, “We are happy with the margin progression and momentum. Our dollar margin increased by $3.4 million from the first quarter, a 13% annualized linked quarter increase. The net interest margin percentage increased an impressive 13 basis points to 2.79%.”

 

FINANCIAL SUMMARY (UNAUDITED)      
(in Thousands except share and per share amounts)    Period Ending June 30, 2024      Period Ending March 31, 2024      % Change From Period Ending March 31, 2024 to Period Ending June 30, 2024      Period Ending June 30, 2023      % Change From Period Ending June 30, 2023 to Period Ending June 30, 2024  
QUARTERLY OPERATING RESULTS                         
Net Income  $52,136   $50,026    4.2%  $53,468    (2.5)%
Net Income Available to Common Stockholders  $52,105   $50,026    4.2%  $53,437    (2.5)%
Diluted Earnings Per Share  $0.95   $0.92    3.7%  $0.98    (3.1)%
Return on Average Assets   1.34%   1.26%        1.50%     
Return on Average Common Stockholders' Equity   14.08%   13.82%        15.85%     
Average Diluted Shares Outstanding   54,638,118    54,595,384         54,527,317      
                          
Adjusted Net Income, net of tax*  $52,136   $51,373    1.5%  $53,468    (2.5)%

Adjusted Net Income Available to Common

Stockholders, net of tax*

  $52,105   $51,373    1.4%  $53,437    (2.5)%
Adjusted Diluted Earnings Per Share, net of tax*  $0.95   $0.94    1.1%  $0.98    (3.1)%
Adjusted Return on Average Assets, net of tax*   1.34%   1.29%        1.50%     

Adjusted Return on Average Common

Stockholders' Equity, net of tax*

   14.08%   14.19%        15.85%     
                          
                          
YEAR-TO-DATE OPERATING RESULTS                         
Net Income  $102,162             $111,439    (8.3)%
Net Income Available to Common Stockholders  $102,131             $111,408    (8.3)%
Diluted Earnings Per Share  $1.87             $2.04    (8.5)%
Return on Average Assets   1.30%             1.57%     
Return on Average Common Stockholders' Equity   13.96%             16.83%     
Average Diluted Shares Outstanding   54,616,751              54,520,025      
                          
Adjusted Net Income, net of tax*  $103,509             $111,439    (7.1)%

Adjusted Net Income Available to Common

Stockholders, net of tax*

  $103,478             $111,408    (7.1)%
Adjusted Diluted Earnings Per Share, net of tax*  $1.89             $2.04      
Adjusted Return on Average Assets, net of tax*   1.31%             1.57%     

Adjusted Return on Average Common

Stockholders' Equity, net of tax*

   14.15%             16.83%     
                          
BALANCE SHEET                         
Total Assets  $16,049,814   $15,721,630    2.1%  $15,072,808    6.5%
Loans   12,332,780    11,880,696    3.8%   11,604,894    6.3%
Non-interest-bearing Demand Deposits   2,475,415    2,627,639    (5.8)%   2,855,102    (13.3)%
Total Deposits   13,259,392    12,751,448    4.0%   12,288,219    7.9%
Stockholders' Equity   1,510,578    1,476,036    2.3%   1,363,471    10.8%

 

* This press release includes certain non-GAAP financial measures: adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average common stockholders’ equity, adjusted efficiency ratio, tangible common stockholders' equity, total tangible assets, tangible book value per share, and tangible common equity to total tangible assets. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.”

 

 

DETAILED FINANCIALS

 

ServisFirst Bancshares, Inc. reported net income and net income available to common stockholders of $52.1 million for the quarter ended June 30, 2024, compared to net income and net income available to common stockholders of $50.0 million for the first quarter of 2024 and net income of $53.5 million and net income available to common stockholders of $53.4 million for the second quarter of 2023. Basic and diluted earnings per common share were $0.96 and $0.95, respectively, in the second quarter of 2024, compared to $0.92 for both in the first quarter of 2024 and $0.98 for both in the second quarter of 2023.

 

Annualized return on average assets was 1.34% and annualized return on average common stockholders’ equity was 14.08% for the second quarter of 2024, compared to 1.50% and 15.85%, respectively, for the second quarter of 2023.

 

Net interest income was $105.9 million for the second quarter of 2024, compared to $102.5 million for the first quarter of 2024 and $101.3 million for the second quarter of 2023. The net interest margin in the second quarter of 2024 was 2.79% compared to 2.66% in the first quarter of 2024 and 2.93% in the second quarter of 2023. Loan yields were 6.48% during the second quarter of 2024 compared to 6.40% during the first quarter of 2024 and 5.94% during the second quarter of 2023. Investment yields were 3.32% during the second quarter of 2024 compared to 3.16% during the first quarter of 2024 and 2.64% during the second quarter of 2023. Average interest-bearing deposit rates were 4.08% during the second quarter of 2024, compared to 4.04% during the first quarter of 2024 and 3.32% during the second quarter of 2023. Average federal funds purchased rates were 5.50% during second quarter of 2024, compared to 5.50% during the first quarter of 2024 and 5.14% during the second quarter of 2023.

 

Average loans for the second quarter of 2024 were $12.06 billion, an increase of $322.0 million, or 11.0% annualized, from average loans of $11.74 billion for the first quarter of 2024, and an increase of $463.7 million, or 4.0%, from average loans of $11.60 billion for the second quarter of 2023. Ending total loans for the second quarter of 2024 were $12.33 billion, an increase of $452.1 million, or 15.3% annualized, from $11.88 billion for the first quarter of 2024, and an increase of $727.9 million, or 6.3%, from $11.60 billion for the second quarter of 2023.

 

Average total deposits for the second quarter of 2024 were $12.86 billion, a decrease of $61.0 million, or 1.9% annualized, from average total deposits of $12.92 billion for the first quarter of 2024, and an increase of $1.28 billion, or 11.0%, from average total deposits of $11.58 billion for the second quarter of 2023. Ending total deposits for the second quarter of 2024 were $13.26 billion, an increase of $507.9 million, or 16.0% annualized, from $12.75 billion for the first quarter of 2024, and an increase of $971.2 million, or 7.9%, from $12.29 billion for the second quarter of 2023.

 

Non-performing assets to total assets were 0.23% for the second quarter of 2024, compared to 0.22% for the first quarter of 2024 and 0.16% for the second quarter of 2023. The increase in non-performing assets to total assets can be attributed to a single relationship that moved to non-accrual status during the first quarter of 2024. This loan has been closely monitored and is well-collateralized. Annualized net charge-offs to average loans were 0.10% for the second quarter of 2024, compared to 0.06% for the first quarter of 2024 and 0.11% for the second quarter of 2023. The allowance for credit losses as a percentage of total loans at June 30, 2024, March 31, 2024, and June 30, 2023, was 1.28%, 1.31%, and 1.31%, respectively. We recorded a $5.4 million provision for credit losses in the second quarter of 2024 compared to $4.4 million in the first quarter of 2024, and $6.7 million in the second quarter of 2023.

 

 

 

Non-interest income increased $309,000, or 3.6%, to $8.9 million for the second quarter of 2024 from $8.6 million in the second quarter of 2023, and increased $78,000, or .9%, on a linked quarter basis. Service charges on deposit accounts increased $151,000, or 7.0%, to $2.3 million for the second quarter of 2024 from $2.1 million in the second quarter of 2023, and increased $143,000, or 6.7%, on a linked quarter basis. Mortgage banking revenue increased $683,000, or 98.1%, to $1.4 million for the second quarter of 2024 from $696,000 in the second quarter of 2023, and increased $701,000, or 103.4%, on a linked quarter basis. The increase in mortgage banking revenue was primarily attributed to a combination of favorable market conditions and increased staffing levels. Net credit card revenue decreased $73,000, or 3.0%, to $2.3 million for the second quarter of 2024 from $2.4 million in the second quarter of 2023, and increased $178,000, or 8.3%, on a linked quarter basis. Bank-owned life insurance (“BOLI”) income decreased $438,000, or 17.5%, to $2.1 million for the second quarter of 2024 from $2.5 million in the second quarter of 2023, and decreased $1.2 million, or 36.3%, on a linked quarter basis. We recognized $1.2 million of income attributed to a death benefit related to a former employee in our BOLI program during the first quarter of 2024, and $890,000 during the second quarter of 2023. Other operating income decreased $14,000, or 1.7%, to $828,000 for the second quarter of 2024 from $842,000 in the second quarter of 2023, and increased $229,000, or 38.2%, on a linked quarter basis.

 

Non-interest expense increased $4.4 million, or 11.3%, to $42.8 million for the second quarter of 2024 from $38.5 million in the second quarter of 2023, and decreased $3.5 million, or 7.5%, on a linked quarter basis. During the second quarter of 2024, the Company recorded the impact from election of the proportional amortization method to account for historical and new market tax credit investments made primarily for the purpose of receiving income tax credits due to our adoption of Accounting Standards Update 2023-02. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax expense. Previously the amortization of the investment was included in other non-interest expenses. Salary and benefit expense increased $5.4 million, or 28.8%, to $24.2 million for the second quarter of 2024 from $18.8 million in the second quarter of 2023, and increased $1.2 million, or 5.3%, on a linked quarter basis. The number of FTE employees increased by 48, or 8.3%, to 625 at June 30, 2024 compared to 577 at June 30, 2023, and increased by 20, or 3.3%, from the end of the first quarter of 2024. The increase in salary and benefit expense year-over-year continues to be largely due to the normalization of incentives and increased salary expenses due to an increase in FTE employees. Incentives increased approximately $2.7 million, and salaries increased approximately $1.5 million from the second quarter of 2023. Equipment and occupancy expense increased $146,000, or 4.3%, to $3.6 million for the second quarter of 2024 from $3.4 million in the second quarter of 2023, and increased $10,000, or .3%, on a linked quarter basis. Third party processing and other services expense increased $1.3 million, or 20.4%, to $7.5 million for the second quarter of 2024 from $6.2 million in the second quarter of 2023, and increased $299,000, or 4.2%, on a linked quarter basis. Professional services expense increased $161,000, or 10.2%, to $1.7 million for the second quarter of 2024 from $1.6 million in the second quarter of 2023, and increased $277,000, or 18.9%, on a linked quarter basis. FDIC and other regulatory assessments decreased $40,000, or 1.8%, to $2.2 million for the second quarter of 2024 from $2.2 million in the second quarter of 2023, and decreased $1.7 million, or 43.6%, on a linked quarter basis. In the first quarter of 2024, the FDIC implemented a special assessment adjustment to recapitalize the Deposit Insurance Fund resulting in an expense of $1.8 million. See “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures”. Other operating expenses decreased $2.6 million, or 41.8%, to $3.6 million for the second quarter of 2024 from $6.2 million in the second quarter of 2023, and decreased $3.6 million, or 49.6%, on a linked quarter basis. The decrease in other operating expenses were largely due to the application of the proportional amortization method to account for historical and new market tax credit investments, discussed above. The efficiency ratio was 37.31% during the second quarter of 2024 compared to 35.02% during the second quarter of 2023 and 43.30% during the first quarter of 2024.

 

Income tax expense increased $3.2 million, or 28.6%, to $14.5 million in the second quarter of 2024, compared to $11.2 million in the second quarter of 2023. Our effective tax rate was 21.71% for the second quarter of 2024 compared to 17.38% for the second quarter of 2023. 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 second quarters of 2024 and 2023 of $396,000 and $138,000, respectively.

 

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 Alabama, Florida, Georgia, North and South Carolina, Tennessee, and Virginia. We also operate loan production offices in Florida and Tennessee. Through the ServisFirst Bank, we originate commercial, consumer and other loans and accept deposits, provide electronic banking services, such as online and mobile banking, including remote deposit capture, deliver treasury and cash management services and provide correspondent banking services to other financial institutions.

 

 

 

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: general economic conditions, especially in the credit markets and in the Southeast; the performance of the capital markets; changes in interest rates, yield curves and interest rate spread relationships; 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; possible changes in laws and regulations and governmental monetary and fiscal policies, including, but not limited to, the Federal Reserve policies in connection with continued or re-emerging inflationary pressures and the ability of the U.S. Congress to increase the U.S. statutory debt limit as needed; computer hacking or cyber-attacks resulting in unauthorized access to confidential or proprietary information; substantial, unexpected or prolonged changes in the level or cost of liquidity; the cost and other effects of legal and administrative cases and similar contingencies; possible changes in the creditworthiness 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; and increased competition from both banks and non-bank financial institutions. 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, in our Quarterly Reports on Form 10-Q for fiscal year 2024, 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.

 

Contact: ServisFirst Bank

Davis Mange (205) 949-3420

dmange@servisfirstbank.com

 

 

 

 

 

 

 

SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)
(In thousands except share and per share data)
 
     2nd quarter 2024      1st quarter 2024      4th quarter 2023      3rd quarter 2023      2nd quarter 2023  
CONSOLIDATED STATEMENT OF INCOME                         
Interest income  $227,540   $226,710   $229,062   $213,206   $189,656 
Interest expense   121,665    124,215    127,375    113,508    88,405 
Net interest income   105,875    102,495    101,687    99,698    101,251 
Provision for credit losses   5,353    4,368    3,582    4,282    6,654 
Net interest income after provision for credit losses   100,522    98,127    98,105    95,416    94,597 
Non-interest income   8,891    8,813    7,379    8,135    8,582 
Non-interest expense   42,818    46,303    58,258    41,663    38,466 
Income before income tax   66,595    60,637    47,226    61,888    64,713 
Provision for income tax   14,459    10,611    5,152    8,548    11,245 
Net income   52,136    50,026    42,074    53,340    53,468 
Preferred stock dividends   31    —      31    —      31 
Net income available to common stockholders  $52,105   $50,026   $42,043   $53,340   $53,437 
Earnings per share - basic  $0.96   $0.92   $0.77   $0.98   $0.98 
Earnings per share - diluted  $0.95   $0.92   $0.77   $0.98   $0.98 
Average diluted shares outstanding   54,638,118    54,595,384    54,548,719    54,530,635    54,527,317 
                          
CONSOLIDATED BALANCE SHEET DATA                         
Total assets  $16,049,814   $15,721,630   $16,129,668   $16,044,332   $15,072,808 
Loans   12,332,780    11,880,696    11,658,829    11,641,130    11,604,894 
Debt securities   1,941,647    1,941,625    1,882,847    1,878,701    2,048,227 
Non-interest-bearing demand deposits   2,475,415    2,627,639    2,643,101    2,621,072    2,855,102 
Total deposits   13,259,392    12,751,448    13,273,511    13,142,376    12,288,219 
Borrowings   64,739    64,737    64,735    64,751    64,737 
Stockholders' equity   1,510,578    1,476,036    1,440,405    1,401,384    1,363,471 
                          
Shares outstanding   54,522,802    54,507,778    54,461,580    54,425,447    54,425,033 
Book value per share  $27.71   $27.08   $26.45   $25.75   $25.05 
Tangible book value per share (1)  $27.46   $26.83   $26.20   $25.50   $24.80 
                          
SELECTED FINANCIAL RATIOS (Annualized)                         
Net interest margin   2.79%   2.66%   2.57%   2.64%   2.93%
Return on average assets   1.34%   1.26%   1.04%   1.37%   1.50%
Return on average common stockholders' equity   14.08%   13.82%   11.78%   15.34%   15.85%
Efficiency ratio   37.31%   43.30%   55.23%   38.64%   35.02%
Non-interest expense to average earning assets   1.13%   1.20%   1.47%   1.10%   1.11%
                          
CAPITAL RATIOS (2)                         
Common equity tier 1 capital to risk-weighted assets   10.93%   11.07%   10.91%   10.69%   10.37%
Tier 1 capital to risk-weighted assets   10.93%   11.08%   10.92%   10.69%   10.38%
Total capital to risk-weighted assets   12.43%   12.61%   12.45%   12.25%   11.94%
Tier 1 capital to average assets   9.81%   9.44%   9.12%   9.35%   9.83%
Tangible common equity to total tangible assets (1)   9.33%   9.31%   8.85%   8.66%   8.96%
                          
(1) This press release contains certain non-GAAP financial measures. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.”
(2) Regulatory capital ratios for most recent period are preliminary.

 

 

GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures

 

This press release contains certain non-GAAP financial measures, including adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average common stockholders’ equity, and adjusted efficiency ratio. During the fourth quarter of 2023, we recorded a one-time expense of $7.2 million associated with the FDIC’s special assessment to recapitalize the Deposit Insurance Fund following bank failures in the spring of 2023. This assessment was updated in the first quarter of 2024 resulting in additional expense of $1.8 million. These expenses are unusual, or infrequent, in nature and not part of the noninterest expense run rate. Each of adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average common stockholders’ equity and adjusted efficiency ratio excludes the impact of these items, net of tax, and are all considered non-GAAP financial measures. This press release also contains the non-GAAP financial measures of 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.

 

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.

 

     At June 30, 2024      At March 31, 2024      At December 31, 2023      At September 30, 2023      At June 30, 2023  
Book value per share - GAAP  $27.71   $27.08   $26.45   $25.75   $25.05 
Total common stockholders' equity - GAAP   1,510,578    1,476,036    1,440,405    1,401,384    1,363,471 
Adjustment for Goodwill   (13,615)   (13,615)   (13,615)   (13,615)   (13,615)
Tangible common stockholders' equity - non-GAAP  $1,496,963   $1,462,421   $1,426,790   $1,387,769   $1,349,856 
Tangible book value per share - non-GAAP  $27.46   $26.83   $26.22   $25.50   $24.80 
                          
Stockholders' equity to total assets - GAAP   9.41%   9.39%   8.93%   8.73%   9.05%
Total assets - GAAP  $16,049,814   $16,048,819   $16,129,668   $16,044,332   $15,072,808 
Adjustment for Goodwill   (13,615)   (13,615)   (13,615)   (13,615)   (13,615)
Total tangible assets - non-GAAP  $16,036,199   $16,035,204   $16,116,053   $16,030,717   $15,059,193 
Tangible common equity to total tangible assets - non-GAAP   9.33%   9.33%   8.85%   8.66%   8.96%

     Three Months Ended June 30, 2024      Three Months Ended March 31, 2024      Three Months Ended June 30, 2023      Six Months Ended June 30, 2024      Six Months Ended June 30, 2023  
Net income - GAAP  $52,136   $50,026   $53,468   $102,162   $111,439 
Adjustments:                         
FDIC special assessment   —      1,799    —      1,799    —   
Tax on adjustments   —      (452)   —      (452)   —   
Adjusted net income - non-GAAP  $52,136   $51,373   $53,468   $103,509   $111,439 
                          
Net income available to common stockholders - GAAP  $52,105   $50,026   $53,437   $102,131   $111,408 
Adjustments:                         
FDIC special assessment   —      1,799    —      1,799    —   
Tax on adjustments   —      (452)   —      (452)   —   
Adjusted net income available to common stockholders -non-GAAP  $52,105   $51,373   $53,437   $103,478   $111,408 
                          
Diluted earnings per share - GAAP  $0.95   $0.92   $0.98   $1.87   $2.04 
Adjustments:                         
FDIC special assessment   —      0.03    —      0.03    —   
Tax on adjustments   —      (0.01)   —      (0.01)   —   
Adjusted diluted earnings per share - non-GAAP  $0.95   $0.94   $0.98   $1.89   $2.04 
                          
Return on average assets - GAAP   1.34%   1.26%   1.50%   1.30%   1.57%
Net income available to common stockholders - GAAP  $52,105   $50,026   $53,437   $102,131   $111,408 
Adjustments:                         
FDIC special assessment   —      1,799    —      1,799    —   
Tax on adjustments   —      (452)   —      (452)   —   
Adjusted net income available to common stockholders -non-GAAP  $52,105   $51,373   $53,437   $103,478   $111,408 
Average assets - GAAP  $15,697,538   $15,957,579   $14,291,873   $15,827,894   $14,344,749 
Adjusted return on average assets - non-GAAP   1.34%   1.29%   1.50%   1.31%   1.57%
                          
Return on average common stockholders' equity - GAAP   14.08%   13.82%   15.85%   13.96%   16.83%
Net income available to common stockholders - GAAP  $52,105   $50,026   $53,437   $102,131   $111,408 
Adjustments:                         
FDIC special assessment   —      1,799    —      1,799    —   
Tax on adjustments   —      (452)   —      (452)   —   
Adjusted diluted earnings per share - non-GAAP  $52,105   $51,373   $53,437   $103,478   $111,408 
Average common stockholders' equity - GAAP  $1,488,429   $1,455,938   $1,351,944   $1,471,048   $1,335,267 
Adjusted return on average common stockholders' equity non-GAAP   14.08%   14.19%   15.85%   14.15%   16.83%
                          
Efficiency ratio   37.31%   55.23%   35.02%   39.42%   34.81%
Non-interest expense - GAAP  $42,818   $46,303   $38,466   $89,121   $78,130 
Adjustments:                         
FDIC special assessment   —      1,799    —      1,799    —   
Adjusted non-interest expense  $42,818   $44,504   $38,466   $87,322   $78,130 
Net interest income plus non-interest income - GAAP  $114,766   $111,308   $109,833   $226,074   $224,455 
Adjusted efficiency ratio - non-GAAP   37.31%   39.98%   35.02%   38.63%   34.81%

 

 

CONSOLIDATED BALANCE SHEETS (UNAUDITED)         
(Dollars in thousands)         
   June 30, 2024  June 30, 2023  % Change
ASSETS               
Cash and due from banks  $135,711   $107,251    27%
Interest-bearing balances due from depository institutions   1,129,922    852,483    33%
Federal funds sold   11,132    17,958    (38)%
Cash and cash equivalents   1,276,765    977,692    31%
Available for sale debt securities, at fair value   1,174,389    990,921    19%
Held to maturity debt securities (fair value of $684,235 and $963,843, respectively)   767,258    1,057,306    (27)%
Restricted equity securities   11,300    7,307    55%
Mortgage loans held for sale   11,174    3,981    181%
Loans   12,332,780    11,604,894    6%
Less allowance for credit losses   (158,092)   (152,272)   4%
Loans, net   12,174,688    11,452,622    6%
Premises and equipment, net   59,200    59,655    (1)%
Goodwill   13,615    13,615    -%
Other assets   561,425    509,709    10%
Total assets  $16,049,814   $15,072,808    6%
LIABILITIES AND STOCKHOLDERS' EQUITY               
Liabilities:               
Deposits:               
Non-interest-bearing demand  $2,475,415   $2,855,102    (13)%
Interest-bearing   10,783,977    9,433,117    14%
Total deposits   13,259,392    12,288,219    8%
Federal funds purchased   1,097,154    1,298,066    (15)%
Other borrowings   64,739    64,737    -%
Other liabilities   117,951    58,315    102%
Total liabilities   14,539,236    13,709,337    6%
Stockholders' equity:               
Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at June 30, 2024 and June 30, 2023   -    -    -%
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 54,522,802 shares issued and outstanding at June 30, 2024, and 54,398,025 shares issued and outstanding at June 30, 2023   54    54    -%
Additional paid-in capital   234,495    230,659    2%
Retained earnings   1,322,049    1,190,920    11%
Accumulated other comprehensive loss   (46,520)   (58,662)   (21)%
Total stockholders' equity attributable to ServisFirst Bancshares, Inc.   1,510,078    1,362,971    11%
Noncontrolling interest   500    500    -%
Total stockholders' equity   1,510,578    1,363,471    11%
Total liabilities and stockholders' equity  $16,049,814   $15,072,808    6%

 

 

 

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)         
(In thousands except per share data)            
   Three Months Ended June 30,  Six Months Ended June 30,
   2024  2023  2024  2023
Interest income:                    
Interest and fees on loans  $194,300   $171,718   $381,278   $335,450 
Taxable securities   16,158    11,570    32,137    22,465 
Nontaxable securities   9    17    18    38 
Federal funds sold   538    227    1,079    841 
Other interest and dividends   16,535    6,124    39,738    12,184 
Total interest income   227,540    189,656    454,250    370,978 
Interest expense:                    
Deposits   104,671    71,971    208,737    127,684 
Borrowed funds   16,994    16,434    37,143    33,742 
Total interest expense   121,665    88,405    245,880    161,426 
Net interest income   105,875    101,251    208,370    209,552 
Provision for credit losses   5,353    6,654    9,721    10,851 
Net interest income after provision for credit losses   100,522    94,597    198,649    198,701 
Non-interest income:                    
Service charges on deposit accounts   2,293    2,142    4,443    4,076 
Mortgage banking   1,379    696    2,057    1,138 
Credit card income   2,333    2,406    4,488    4,095 
Bank-owned life insurance income   2,058    2,496    5,289    4,117 
Other operating income   828    842    1,427    1,477 
Total non-interest income   8,891    8,582    17,704    14,903 
Non-interest expense:                    
Salaries and employee benefits   24,213    18,795    47,199    37,861 
Equipment and occupancy expense   3,567    3,421    7,124    6,856 
Third party processing and other services   7,465    6,198    14,631    13,482 
Professional services   1,741    1,580    3,205    3,234 
FDIC and other regulatory assessments   2,202    2,242    6,107    3,759 
Other real estate owned expense   7    6    37    12 
Other operating expense   3,623    6,224    10,818    12,926 
Total non-interest expense   42,818    38,466    89,121    78,130 
Income before income tax   66,595    64,713    127,232    135,474 
Provision for income tax   14,459    11,245    25,070    24,035 
Net income   52,136    53,468    102,162    111,439 
Dividends on preferred stock   31    -    31    31 
Net income available to common stockholders  $52,105   $53,437   $102,131   $111,408 
Basic earnings per common share  $0.96   $0.98   $1.87   $2.05 
Diluted earnings per common share  $0.95   $0.98   $1.87   $2.04 

 

 

 

LOANS BY TYPE (UNAUDITED)               
(In thousands)               
                
   2nd Quarter 2024  1st Quarter 2024  4th Quarter 2023  3rd Quarter 2023  2nd Quarter 2023
Commercial, financial and agricultural  $2,935,577   $2,834,102   $2,823,986   $2,890,535   $2,986,453 
Real estate - construction   1,510,677    1,546,716    1,519,619    1,509,937    1,397,732 
Real estate - mortgage:                         
Owner-occupied commercial   2,399,644    2,377,042    2,257,163    2,237,684    2,294,002 
1-4 family mortgage   1,350,428    1,284,888    1,249,938    1,170,099    1,167,238 
Other mortgage   4,072,007    3,777,758    3,744,346    3,766,124    3,686,434 
Subtotal: Real estate - mortgage   7,822,079    7,439,688    7,251,447    7,173,907    7,147,674 
Consumer   64,447    60,190    63,777    66,751    73,035 
Total loans  $12,332,780   $11,880,696   $11,658,829   $11,641,130   $11,604,894 

 

SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED)            
(Dollars in thousands)            
   2nd Quarter 2024  1st Quarter 2024  4th Quarter 2023  3rd Quarter 2023  2nd Quarter 2023
Allowance for credit losses:                         
Beginning balance  $155,892   $153,317   $152,247   $152,272   $148,965 
Loans charged off:                         
Commercial financial and agricultural   3,355    1,842    2,831    4,783    4,358 
Real estate - construction   -    -    89    19    - 
Real estate - mortgage   119    67    14    -    131 
Consumer   108    98    231    341    111 
Total charge offs   3,582    2,007    3,165    5,143    4,600 
Recoveries:                         
Commercial financial and agricultural   406    199    614    825    1,233 
Real estate - construction   8    -    -    -    - 
Real estate - mortgage   -    6    -    -    - 
Consumer   15    9    39    11    21 
Total recoveries   429    214    653    836    1,254 
Net charge-offs   3,153    1,793    2,512    4,307    3,346 
Provision for credit losses   5,353    4,368    3,582    4,282    6,654 
Ending balance  $158,092   $155,892   $153,317   $152,247   $152,272 
                          
Allowance for credit losses to total loans   1.28%   1.31%   1.32%   1.31%   1.31%
Allowance for credit losses to total average loans   1.31%   1.33%   1.32%   1.31%   1.31%
Net charge-offs to total average loans   0.10%   0.06%   0.09%   0.15%   0.11%
Provision for credit losses to total average loans   0.18%   0.15%   0.12%   0.15%   0.23%
Nonperforming assets:                         
Nonaccrual loans  $33,454   $34,457   $19,349   $20,912   $16,897 
Loans 90+ days past due and accruing   1,482    380    2,184    1,692    5,947 
Other real estate owned and repossessed assets   1,458    490    995    690    832 
Total  $36,394   $35,327   $22,528   $23,294   $23,676 
                          
Nonperforming loans to total loans   0.28%   0.29%   0.18%   0.19%   0.20%
Nonperforming assets to total assets   0.23%   0.22%   0.14%   0.15%   0.16%
Nonperforming assets to earning assets   0.23%   0.23%   0.14%   0.16%   0.16%
Allowance for credit losses to nonaccrual loans   472.57%   452.42%   795.17%   731.74%   901.18%

 

 

 

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)         
(In thousands except per share data)         
   2nd quarter 2024  1st quarter 2024  4th quarter 2023  3rd quarter 2023  2nd quarter 2023
Interest income:                         
Interest and fees on loans  $194,300   $186,978   $184,897   $178,754   $171,718 
Taxable securities   16,158    15,979    15,512    15,522    11,570 
Nontaxable securities   9    9    12    15    17 
Federal funds sold   538    541    1,018    985    227 
Other interest and dividends   16,535    23,203    27,623    17,930    6,124 
Total interest income   227,540    226,710    229,062    213,206    189,656 
Interest expense:                         
Deposits   104,671    104,066    108,155    95,901    71,971 
Borrowed funds   16,994    20,149    19,220    17,607    16,434 
Total interest expense   121,665    124,215    127,375    113,508    88,405 
Net interest income   105,875    102,495    101,687    99,698    101,251 
Provision for credit losses   5,353    4,368    3,582    4,282    6,654 
Net interest income after provision for credit losses   100,522    98,127    98,105    95,416    94,597 
Non-interest income:                         
Service charges on deposit accounts   2,293    2,150    2,181    2,163    2,142 
Mortgage banking   1,379    678    792    825    696 
Credit card income   2,333    2,155    2,004    2,532    2,406 
Bank-owned life insurance income   2,058    3,231    1,639    1,818    2,496 
Other operating income   828    599    763    797    842 
Total non-interest income   8,891    8,813    7,379    8,135    8,582 
Non-interest expense:                         
Salaries and employee benefits   24,213    22,986    23,024    20,080    18,795 
Equipment and occupancy expense   3,567    3,557    3,860    3,579    3,421 
Third party processing and other services   7,465    7,166    7,841    6,549    6,198 
Professional services   1,741    1,464    1,417    1,265    1,580 
FDIC and other regulatory assessments   2,202    3,905    9,509    2,346    2,242 
Other real estate owned expense   7    30    17    18    6 
Other operating expense   3,623    7,195    12,590    7,826    6,224 
Total non-interest expense   42,818    46,303    58,258    41,663    38,466 
Income before income tax   66,595    60,637    47,226    61,888    64,713 
Provision for income tax   14,459    10,611    5,152    8,548    11,245 
Net income   52,136    50,026    42,074    53,340    53,468 
Dividends on preferred stock   31    -    31    -    31 
Net income available to common stockholders  $52,105   $50,026   $42,043   $53,340   $53,437 
Basic earnings per common share  $0.96   $0.92   $0.77   $0.98   $0.98 
Diluted earnings per common share  $0.95   $0.92   $0.77   $0.98   $0.98 

 

 

 

AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED)
ON A FULLY TAXABLE-EQUIVALENT BASIS
(Dollars in thousands)
                               
   2nd quarter 2024  1st quarter 2024  4th quarter 2023  3rd quarter 2023  2nd quarter 2023
   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  $12,045,743    6.48%  $11,723,391    6.41%  $11,580,716    6.33%  $11,545,003    6.13%  $11,581,008    5.94%
Tax-exempt (2)   17,230    2.08    17,605    5.00    17,787    4.71    18,023    4.71    18,312    4.82 
Total loans, net of unearned income   12,062,973    6.48    11,740,996    6.40    11,598,503    6.32    11,563,026    6.13    11,599,320    5.94 
Mortgage loans held for sale   6,761    6.13    4,770    5.57    5,105    6.22    5,476    6.67    5,014    5.12 
Debt securities:                                                  
Taxable   1,936,818    3.33    2,013,295    3.16    2,007,636    3.08    2,029,995    3.07    1,757,397    2.64 
Tax-exempt (2)   1,209    1.99    1,296    3.40    1,739    2.30    2,408    2.49    2,960    2.43 
Total securities (3)   1,938,027    3.32    2,014,591    3.16    2,009,375    3.08    2,032,403    3.07    1,760,357    2.64 
Federal funds sold   38,475    5.62    37,298    5.83    72,178    5.60    74,424    5.25    15,908    5.72 
Restricted equity securities   11,290    7.16    10,417    7.57    10,216    8.74    8,471    5.90    8,834    6.08 
Interest-bearing balances with banks   1,183,482    5.57    1,687,977    5.48    1,981,411    5.49    1,293,243    5.45    460,893    5.21 
Total interest-earning assets  $15,241,008    6.01   $15,496,049    5.88   $15,676,788    5.80   $14,977,043    5.65   $13,850,326    5.49 
Non-interest-earning assets:                                                  
Cash and due from banks   96,646         98,813         101,741         111,566         101,188      
Net premises and equipment   59,653         60,126         60,110         60,121         60,499      
Allowance for credit losses, accrued interest and other assets   300,231         302,592         283,435         283,357         279,860      
Total assets  $15,697,538        $15,957,580        $16,122,074        $15,432,087        $14,291,873      
                                                   
Interest-bearing liabilities:                                                  
Interest-bearing deposits:                                                  
Checking  $2,232,460    2.84%  $2,339,548    2.69%  $2,245,431    2.91%  $2,153,973    2.72%  $1,628,936    1.69%
Savings   105,955    1.71    106,924    1.76    107,035    1.72    112,814    1.61    122,050    1.38 
Money market   6,810,799    4.46    6,761,495    4.48    7,106,190    4.44    6,538,426    4.24    5,971,639    3.78 
Time deposits   1,157,528    4.47    1,164,204    4.37    1,111,350    4.18    1,093,388    3.89    983,582    3.44 
Total interest-bearing deposits   10,306,742    4.08    10,372,171    4.04    10,570,006    4.06    9,898,601    3.84    8,706,207    3.32 
Federal funds purchased   1,193,190    5.50    1,422,828    5.50    1,338,110    5.49    1,237,721    5.43    1,191,582    5.14 
Other borrowings   64,736    4.26    64,736    4.26    64,734    4.23    64,734    4.23    100,998    4.62 
Total interest-bearing liabilities  $11,564,668    4.23%  $11,859,735    4.21%  $11,972,850    4.22%  $11,201,056    4.02%  $9,998,787    3.55%
Non-interest-bearing liabilities:                                                  
Non-interest-bearing checking   2,555,312         2,550,841         2,656,504         2,778,858         2,876,225      
Other liabilities   89,130         91,066         76,651         72,924         64,917      
Stockholders' equity   1,536,013         1,503,240         1,475,366         1,437,766         1,399,578      
Accumulated other comprehensive loss   (47,584)        (47,302)        (59,297)        (58,517)        (47,634)     
Total liabilities and stockholders' equity  $15,697,538        $15,957,580        $16,122,074        $15,432,087        $14,291,873      
Net interest spread        1.78%        1.67%        1.58%        1.63%        1.94%
Net interest margin        2.79%        2.66%        2.57%        2.64%        2.93%

 

(1) Average loans include nonaccrual loans in all periods. Loan fees of $3,317, $3,655, $4,175, $2,996, and $3,318 are included in interest income in the second quarter of 2024, first quarter of 2024, fourth quarter of 2023, third quarter of 2023, and second quarter of 2023, respectively.

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

(3) Unrealized losses on debt securities of $(67,823), $(68,162), $(84,647), $(83,815), and $(69,498) for the second quarter of 2024, first quarter of 2024, fourth quarter of 2023, third quarter of 2023, and second quarter of 2023, respectively, are excluded from the yield calculation.

 

 

 

 EX-99.2 3 exh_992.htm EXHIBIT 99.2

Exhibit 99.2

 

Selected Financial Data (in thousands except number of employees)    6/30/2024      3/31/2024      6/30/2023  
Scheduled CD maturities for subsequent quarter  $399,395   $358,069   $152,562 
Average rate scheduled CD maturities for subsequent quarter   4.72%   4.53%   3.00%
Average loan rate - loan originations/renewals QTD (excludes fees)   8.05%   8.05%   7.99%
Cost of total deposits, Qtr-End   3.34%   3.20%   2.76%
Cost of interest-bearing DDAs, Qtr-End   4.07%   3.96%   3.62%
Cost of interest-bearing deposits, Qtr-End   4.12%   4.01%   3.60%
Noninterest bearing DDA balances, Qtr-End  $2,475,415   $2,627,639   $2,855,102 
Reserve for unfunded commitments, Qtr-End  $1,078   $742   $575 
Credit card spend QTD  $261,486   $255,839   $277,822 
Credit card net income QTD  $2,333   $2,155   $2,406 
Merchant services fees QTD  $595   $508   $581 
Mortgage banking income QTD  $1,379   $678   $696 
FDIC insurance QTD  $1,950   $3,650   $2,000 
Write down tax credit investment QTD  $(1,628)  $2,197   $2,384 
Salaries & employee benefits QTD  $24,213   $22,986   $18,795 
Other operating expense  $3,623   $7,195   $6,224 
Third party processing and other services QTD  $7,465   $7,166   $6,198 
Equipment and occupancy expense QTD  $3,567   $3,557   $3,421 
Earnings retention YTD   68%   67%   73%
Number of employees   625    611    583 
QTD tax rate   21.71%   17.50%   17.38%
YTD tax rate   19.70%   17.50%   17.74%

 

Available Liquidity    6/30/2024  
    
 Cash and cash equivalents  $1,276,765 
 Investment Securities (mkt value), net of pledged  $346,922 
 Total on balance sheet liquidity  $1,623,687 
      
 FHLB fundings availability  $2,883,095 
 Correspondent lines of credit availability  $225,000 
 Brokered deposit availability (25% of assets per policy)  $4,012,454 
 Federal Reserve Bank fundings availability  $2,154,226 
 Total Available Liquidity  $10,898,462 

 

 

 

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Cover
Jul. 15, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jul. 15, 2024
Entity File Number 001-36452
Entity Registrant Name ServisFirst Bancshares, Inc.
Entity Central Index Key 0001430723
Entity Tax Identification Number 26-0734029
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 2500 Woodcrest Place
Entity Address, City or Town Homewood
Entity Address, State or Province AL
Entity Address, Postal Zip Code 35209
City Area Code (205)
Local Phone Number 949-0302
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common
Trading Symbol SFBS
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Information, Former Legal or Registered Name Not Applicable
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