10-Q 1 sfbs20220331_10q.htm FORM 10-Q sfbs20220331_10q.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_________________________

FORM 10-Q

logo.jpg

 

(Mark one)

    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

    FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2022

 

    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

    For the transition period from _______to_______

 

Commission file number 001-36452

 

SERVISFIRST BANCSHARES, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware26-0734029
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)

 

2500 Woodcrest Place, Birmingham, Alabama35209
(Address of Principal Executive Offices)(Zip Code)

 

(205) 949-0302

(Registrant's Telephone Number, Including Area Code)

 

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

Title of each class

Trading Symbol(s)

Name of exchange on which registered

Common stock, par value $.001 per share

SFBS

New York Stock Exchange

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or Section 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check one):

 

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company  Emerging growth company 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes  No ☒

 

 

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

ClassOutstanding as of April 25, 2022
Common stock, $.001 par value54,290,392

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

PART 1. FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED BALANCE SHEETS

 

(In thousands, except share and per share amounts)

 
         
  

March 31, 2022

  

December 31, 2021

 
  

(Unaudited)

   (1) 

ASSETS

        

Cash and due from banks

 $103,439  $56,934 

Interest-bearing balances due from depository institutions

  3,315,312   4,106,790 

Federal funds sold

  24,638   58,372 

Cash and cash equivalents

  3,443,389   4,222,096 

Available for sale debt securities, at fair value

  784,673   842,570 

Held to maturity debt securities (fair value of $799,347 at March 31, 2022 and $466,286 at December 31, 2021)

  833,304   462,957 

Restricted equity securities

  7,734   7,311 

Mortgage loans held for sale

  403   1,114 

Loans

  9,898,957   9,532,934 

Less allowance for credit losses

  (119,463)  (116,660)

Loans, net

  9,779,494   9,416,274 

Premises and equipment, net

  59,908   60,300 

Accrued interest and dividends receivable

  34,388   34,831 

Deferred tax asset, net

  44,021   37,772 

Other real estate owned and repossessed assets

  1,989   1,208 

Bank owned life insurance contracts

  284,682   283,074 

Goodwill and other identifiable intangible assets

  13,615   13,638 

Other assets

  51,819   65,661 

Total assets

 $15,339,419  $15,448,806 

LIABILITIES AND STOCKHOLDERS' EQUITY

        

Liabilities:

        

Deposits:

        

Noninterest-bearing

 $4,889,495  $4,799,767 

Interest-bearing

  7,519,260   7,653,069 

Total deposits

  12,408,755   12,452,836 

Federal funds purchased

  1,639,238   1,711,777 

Other borrowings

  64,711   64,706 

Accrued interest payable

  14,185   13,619 

Other liabilities

  39,555   53,853 

Total liabilities

  14,166,444   14,296,791 

Stockholders' equity:

        

Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at March 31, 2022 and December 31, 2021

  -   - 

Common stock, par value $0.001 per share; 100,000,000 shares authorized; 54,282,132 shares issued and outstanding at March 31, 2022, and 54,227,060 shares issued and outstanding at December 31, 2021

  54   54 

Additional paid-in capital

  227,127   226,397 

Retained earnings

  956,169   911,008 

Accumulated other comprehensive (loss) income

  (10,875)  14,056 

Total stockholders' equity attributable to ServisFirst Bancshares, Inc.

  1,172,475   1,151,515 

Noncontrolling interest

  500   500 

Total stockholders' equity

  1,172,975   1,152,015 

Total liabilities and stockholders' equity

 $15,339,419  $15,448,806 

 

(1) Derived from audited financial statements.

 

See Notes to Consolidated Financial Statements.

 

4

 

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED STATEMENTS OF INCOME

 

(In thousands, except share and per share amounts)

 

(Unaudited)

 
   

Three Months Ended March 31,

 
   

2022

   

2021

 

Interest income:

               

Interest and fees on loans

  $ 103,105     $ 93,803  

Taxable securities

    8,223       5,807  

Nontaxable securities

    43       107  

Federal funds sold

    13       3  

Other interest and dividends

    1,804       676  

Total interest income

    113,188       100,396  

Interest expense:

               

Deposits

    5,843       6,881  

Borrowed funds

    1,623       1,150  

Total interest expense

    7,466       8,031  

Net interest income

    105,722       92,365  

Provision for credit losses

    5,362       7,451  

Net interest income after provision for credit losses

    100,360       84,914  

Noninterest income:

               

Service charges on deposit accounts

    2,142       1,908  

Mortgage banking

    526       2,747  

Credit card income

    2,372       1,192  

Securities losses

    (3,335 )     -  

Increase in cash surrender value life insurance

    1,608       1,658  

Other operating income

    4,635       958  

Total noninterest income

    7,948       8,463  

Noninterest expense:

               

Salaries and employee benefits

    18,301       15,543  

Equipment and occupancy

    2,933       2,654  

Third party processing and other services

    5,605       3,416  

Professional services

    992       923  

FDIC and other regulatory assessments

    1,132       1,582  

Other real estate owned

    3       157  

Other operating expense

    8,252       4,639  

Total noninterest expense

    37,218       28,914  

Income before income taxes

    71,090       64,463  

Provision for income taxes

    13,477       13,008  

Net income

    57,613       51,455  

Dividends on preferred stock

    -       -  

Net income available to common stockholders

  $ 57,613     $ 51,455  

Basic earnings per common share

  $ 1.06     $ 0.95  

Diluted earnings per common share

  $ 1.06     $ 0.95  

 

See Notes to Consolidated Financial Statements.

 

5

 

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

(In thousands)

 

(Unaudited)

 
  

Three Months Ended March 31,

 
  

2022

  

2021

 

Net income

 $57,613  $51,455 

Other comprehensive loss, net of tax:

        

Unrealized net holding losses arising during period from securities available for sale, net of tax of $7,003 and $917 for 2022 and 2021, respectively

  (26,997)  (3,464)

Amortization of net unrealized gains on securities transferred from available-for-sale to held-to-maturity, net of tax of $150 for 2022

  (569)  - 

Reclassification adjustment for net losses on sales of securities, net of tax of $700 for 2022

  2,635   - 

Other comprehensive loss, net of tax

  (24,931)  (3,464)

Comprehensive income

 $32,682  $47,991 

 

 

See Notes to Consolidated Financial Statements.

 

6

 

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

 

(In thousands, except share amounts)

 

(Unaudited)

 
   

Three Months Ended March 31,

 
                                           

Accumulated

                 
                           

Additional

           

Other

           

Total

 
   

Common

   

Preferred

   

Common

   

Paid-in

   

Retained

   

Comprehensive

   

Noncontrolling

   

Stockholders'

 
   

Shares

   

Stock

   

Stock

   

Capital

   

Earnings

   

Income (Loss)

   

Interest

   

Equity

 

Balance, January 1, 2021

    53,943,751     $ -     $ 54     $ 223,856     $ 748,224     $ 20,218     $ 500     $ 992,852  

Common dividends declared, $0.20 per share

    -       -       -       -       (10,829 )     -       -       (10,829 )

Dividends on nonvested restricted stock recognized as compensation expense

    -       -       -       -       25       -       -       25  

Issue restricted shares pursuant to stock incentives, net of forfeitures

    42,642       -       -       -       -       -       -       -  

Issue shares of common stock upon exercise of stock options

    151,257       -       -       1,865       -       -       -       1,865  

36,243 shares of common stock withheld in net settlement upon exercise of stock options

    -       -       -       (1,710 )     -       -       -       (1,710 )

Stock-based compensation expense

    -       -       -       291       -       -       -       291  

Other comprehensive loss, net of tax

    -       -       -       -       -       (3,464 )     -       (3,464 )

Net income

    -       -       -       -       51,455       -       -       51,455  

Balance, March 31, 2021

    54,137,650     $ -     $ 54     $ 224,302     $ 788,875     $ 16,754     $ 500     $ 1,030,485  
                                                                 

Balance, January 1, 2022

    54,227,060       -       54       226,397       911,008       14,056       500       1,152,015  

Common dividends declared, $0.23 per share

    -       -       -       -       (12,485 )     -       -       (12,485 )

Dividends on nonvested restricted stock recognized as compensation expense

    -       -       -       -       33       -       -       33  

Issue restricted shares pursuant to stock incentives, net of forfeitures

    26,974       -       -       -       -       -       -       -  

Issue shares of common stock upon exercise of stock options

    28,098       -       -       553       -       -       -       553  

8,402 shares of common stock withheld in net settlement upon exercise of stock options

    -       -       -       (613 )     -       -       -       (613 )

Stock-based compensation expense

    -       -       -       790       -       -       -       790  

Other comprehensive loss, net of tax

    -       -       -       -       -       (24,931 )     -       (24,931 )

Net income

    -       -       -       -       57,613       -       -       57,613  

Balance, March 31, 2022

    54,282,132     $ -     $ 54     $ 227,127     $ 956,169     $ (10,875 )   $ 500     $ 1,172,975  

 

 

See Notes to Consolidated Financial Statements.

 

7

 

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(In thousands) (Unaudited)

 
  

Three Months Ended March 31,

 
  

2022

  

2021

 

OPERATING ACTIVITIES

        

Net income

 $57,613  $51,455 

Adjustments to reconcile net income to net cash provided by

        

Deferred tax

  (5,257)  (137)

Provision for credit losses

  5,362   7,451 

Depreciation

  1,058   1,015 

Amortization of core deposit intangible

  23   67 

Net amortization of debt securities available for sale

  4,303   1,701 

Decrease in accrued interest and dividends receivable

  443   493 

Stock-based compensation expense

  790   291 

Increase in accrued interest payable

  566   544 

Proceeds from sale of mortgage loans held for sale

  8,955   90,227 

Originations of mortgage loans held for sale

  (7,718)  (88,889)

Loss on sale of securities available for sale

  3,335   - 

Gain on sale of mortgage loans held for sale

  (526)  (2,747)

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

  (1)  334 

Write down of other real estate owned and repossessed assets

  6   147 

Operating losses of tax credit partnerships

  -   4 

Increase in cash surrender value of life insurance contracts

  (1,608)  (1,658)

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

  1,921   6,462 

Net cash provided by operating activities

  69,265   66,760 

INVESTMENT ACTIVITIES

        

Purchases of debt securities available for sale

  (52,500)  (149,719)

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

  29,627   72,194 

Proceeds from sale of debt securities available for sale

  45,394   - 

Purchases of debt securities held to maturity

  (392,622)  - 

Proceeds from maturities and paydowns of debt securities held to maturity

  21,554   - 

Purchases of restricted equity securities

  (423)  - 

Investment in tax credit partnership and SBIC

  (65)  (56)

Return of capital from TC Partnerships and SBIC

  249   - 

Increase in loans

  (369,412)  (40,193)

Purchases of premises and equipment

  (666)  (2,518)

Proceeds from sale of other real estate owned and repossessed assets

  44   584 

Net cash used in investing activities

  (718,820)  (119,708)

FINANCING ACTIVITIES

        

Net increase in non-interest-bearing deposits

  89,728   255,839 

Net (decrease) increase in interest-bearing deposits

  (133,809)  346,047 

Net (decrease) increase in federal funds purchased

  (72,539)  60,013 

Proceeds from exercise of stock options

  553   1,865 

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

  (613)  (1,710)

Dividends paid on common stock

  (12,472)  (10,787)

Net cash (used-in) provided by financing activities

  (129,152)  651,267 

Net (decrease) increase in cash and cash equivalents

  (778,707)  598,319 

Cash and cash equivalents at beginning of period

  4,222,096   2,211,411 

Cash and cash equivalents at end of period

 $3,443,389  $2,809,730 

SUPPLEMENTAL DISCLOSURE

        

Cash paid for:

        

Interest

 $6,900  $7,487 

Income taxes

  891   4,294 

NONCASH TRANSACTIONS

        

Other real estate acquired in settlement of loans

 $830  $364 

Internally financed sale of other real estate owned

  -   3,779 
Dividends on nonvested restricted stock reclassified as compensation expense  33   25 

Dividends declared

  12,485   10,829 

 

See Notes to Consolidated Financial Statements.

 

8

 

SERVISFIRST BANCSHARES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2022

(Unaudited)

 

 

NOTE 1 - GENERAL

 

The accompanying consolidated financial statements in this report have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, including Regulation S-X and the instructions for Form 10-Q, and have not been audited. These consolidated financial statements do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments necessary to present fairly the consolidated financial position and the consolidated results of operations for the interim periods have been made. All such adjustments are of a normal nature. The consolidated results of operations are not necessarily indicative of the consolidated results of operations which ServisFirst Bancshares, Inc. (the “Company”) may achieve for future interim periods or the entire year. For further information, refer to the consolidated financial statements and footnotes included in the Company’s Form 10-K for the year ended December 31, 2021.

 

All reported amounts are in thousands except share and per share data.

 

 

NOTE 2 - CASH AND CASH EQUIVALENTS

 

Cash on hand, cash items in process of collection, amounts due from banks, and federal funds sold are included in cash and cash equivalents.

 

 

NOTE 3 - EARNINGS PER COMMON SHARE

 

Basic earnings per common share are computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock options.

 

9

 
  

Three Months Ended March 31,

 
  

2022

  

2021

 
  

(In Thousands, Except Shares and Per Share Data)

 

Earnings per common share

        

Weighted average common shares outstanding

  54,263,143   54,050,670 

Net income available to common stockholders

 $57,613  $51,455 

Basic earnings per common share

 $1.06  $0.95 
         

Weighted average common shares outstanding

  54,263,143   54,050,670 

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

  258,899   331,321 

Weighted average common and dilutive potential common shares outstanding

  54,522,042   54,381,991 

Net income available to common stockholders

 $57,613  $51,455 

Diluted earnings per common share

 $1.06  $0.95 

 

 

NOTE 4 - SECURITIES

 

The amortized cost and fair value of available-for-sale and held-to-maturity securities at March 31, 2022 and December 31, 2021 are summarized as follows:

 

   

Amortized Cost

   

Gross Unrealized Gain

   

Gross Unrealized Loss

   

Fair Value

 

March 31, 2022

 

(In Thousands)

 

Debt Securities Available for Sale

                               

U.S. Treasury Securities

  $ 6,005     $ 14     $ (9 )   $ 6,010  

Government Agency Securities

    14       -       -       14  

Mortgage-backed securities

    356,119       200       (17,185 )     339,134  

State and municipal securities

    20,350       23       (707 )     19,666  

Corporate debt

    420,826       4,075       (5,052 )     419,849  

Total

  $ 803,314     $ 4,312     $ (22,953 )   $ 784,673  

Debt Securities Held to Maturity

                               

U.S. Treasury Securities

  $ 346,414     $ 16     $ (14,370 )   $ 332,060  

Mortgage-backed securities

    478,865       383       (19,542 )     459,706  

State and municipal securities

    8,025       -       (444 )     7,581  

Total

  $ 833,304     $ 399     $ (34,356 )   $ 799,347  
                                 

December 31, 2021

                               

Debt Securities Available for Sale

                               

U.S. Treasury Securities

  $ 9,003     $ 101     $ -     $ 9,104  

Government Agency Securities

    6,022       19       -       6,041  

Mortgage-backed securities

    424,372       3,474       (2,685 )     425,161  

State and municipal securities

    21,531       173       (70 )     21,634  

Corporate debt

    369,618       11,659       (647 )     380,630  

Total

  $ 830,546     $ 15,425     $ (3,402 )   $ 842,570  

Debt Securities Held to Maturity

                               

U.S. Treasury Securities

  $ 149,263     $ 25     $ (668 )   $ 148,620  

Mortgage-backed securities

    310,641       5,251       (1,271 )     314,621  

State and municipal securities

    3,053       2       (10 )     3,045  

Total

  $ 462,957     $ 5,278     $ (1,949 )   $ 466,286  

 

 

10

 

The amortized cost and fair value of debt securities as of March 31, 2022 and December 31, 2021 by contractual maturity are shown below. Actual maturities may differ from contractual maturities of mortgage-backed securities since the mortgages underlying the securities may be called or prepaid with or without penalty. Therefore, these securities are not included in the maturity categories along with the other categories of debt securities.

 

  

March 31, 2022

  

December 31, 2021

 
  

Amortized Cost

  

Fair Value

  

Amortized Cost

  

Fair Value

 
  

(In thousands)

 

Debt securities available for sale

                

Due within one year

 $26,302  $26,389  $32,913  $33,232 

Due from one to five years

  64,413   64,291   31,760   32,307 

Due from five to ten years

  346,386   344,765   338,407   348,594 

Due after ten years

  10,094   10,094   3,094   3,276 

Mortgage-backed securities

  356,119   339,134   424,372   425,161 
  $803,314  $784,673  $830,546  $842,570 
                 

Debt securities held to maturity

                

Due within one year

 $250  $250  $250  $250 

Due from one to five years

  225,279   217,987   49,663   49,419 

Due from five to ten years

  128,910   121,403   102,403   101,996 

Mortgage-backed securities

  478,865   459,706   310,641   314,621 

Total

 $833,304  $799,347  $462,957  $466,286 

 

All mortgage-backed securities are with government-sponsored enterprises (GSEs) such as Federal National Mortgage Association, Government National Mortgage Association, Federal Home Loan Bank, and Federal Home Loan Mortgage Corporation.

 

The carrying value of investment securities pledged to secure public funds on deposit and for other purposes as required by law was $490.8 million and $481.3 million as of March 31, 2022 and December 31, 2021, respectively.

 

The following table identifies, as of March 31, 2022 and December 31, 2021, the Company’s investment securities that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months.

 

   

Less Than Twelve Months

   

Twelve Months or More

   

Total

 
   

Gross

           

Gross

           

Gross

         
   

Unrealized

           

Unrealized

           

Unrealized

         
   

Losses

   

Fair Value

   

Losses

   

Fair Value

   

Losses

   

Fair Value

 
   

(In Thousands)

 

March 31, 2022

                                               

Debt Securities available for sale

                                               

U.S. Treasury Securities

  $ (9 )   $ 2,997     $ -     $ -     $ (9 )   $ 2,997  

Mortgage-backed securities

    (13,930 )     273,725       (3,254 )     45,759       (17,185 )     319,485  

State and municipal securities

    (664 )     11,203       (43 )     427       (707 )     11,630  

Corporate debt

    (5,052 )     191,204       -       -       (5,052 )     191,204  

Total

  $ (19,655 )   $ 479,129     $ (3,297 )   $ 46,186     $ (22,953 )   $ 525,315  
                                                 

Debt Securities held to maturity

                                               

U.S. Treasury Securities

  $ (14,370 )   $ 284,429     $ -     $ -     $ (14,370 )   $ 284,429  

Mortgage-backed securities

    (18,096 )     407,781       (1,446 )     14,767       (19,542 )     422,549  

State and municipal securities

    (444 )     7,331       -       -       (444 )     7,331  

Total

  $ (32,910 )   $ 699,541     $ (1,446 )   $ 14,767     $ (34,356 )   $ 714,308  
                                                 

December 31, 2021

                                               

Debt Securities available for sale

                                               

Mortgage-backed securities

    (2,685 )     303,297       -       -       (2,685 )     303,297  

State and municipal securities

    (61 )     5,198       (9 )     228       (70 )     5,426  

Corporate debt

    (647 )     61,677       -       -       (647 )     61,677  

Total

  $ (3,393 )   $ 370,172     $ (9 )   $ 228     $ (3,402 )   $ 370,400  
                                                 

Debt Securities held to maturity

                                               

U.S. Treasury Securities

  $ (668 )   $ 123,698     $ -     $ -     $ (668 )   $ 123,698  

Mortgage-backed securities

    (1,271 )     134,192       -       -       (1,271 )     134,192  

State and municipal securities

    (10 )     482       -       -       (10 )     482  

Total

  $ (1,949 )   $ 258,372     $ -     $ -     $ (1,949 )   $ 258,372  

 

11

 

At March 31, 2022, no allowance for credit losses (“ACL”) has been recognized on available for sale debt securities in an unrealized loss position as the Company does not believe any of the debt securities are credit impaired. This is based on the Company’s analysis of the risk characteristics, including credit ratings, and other qualitative factors related to available for sale debt securities. The issuers of these debt securities continue to make timely principal and interest payments under the contractual terms of the securities. The Company does not intend to sell these debt securities and it is more likely than not that the Company will not be required to sell the debt securities before recovery of their amortized cost, which may be at maturity. The unrealized losses are due to increases in market interest rates over the yields available at the time the debt securities were purchased. Furthermore, the Company performed an analysis that determined that the following securities have a zero expected credit loss: U.S. Treasury Securities; State and Municipal Securities and, Agency-Backed Securities, including securities issued by GNMA, FNMA, FHLB, FFCB and SBA. All of the U.S. Treasury and Agency-Backed Securities have the full faith and credit backing of the United States Government or one of its agencies. All debt securities in an unrealized loss position as of March 31, 2022 continue to perform as scheduled and the Company does not believe there is a possible credit loss or that an allowance for credit loss on these debt securities is necessary.

 

   

Three Months Ended March 31,

 
   

2022

   

2021

 
   

(In Thousands)

 

Sale proceeds

  $ 45,394     $ -  

Gross realized losses

    (3,335 )     -  

Net realized losses

  $ (3,335 )   $ -  

 

Restricted equity securities are comprised entirely of a restricted investment in Federal Home Loan Bank of Atlanta stock for membership requirement.

 

NOTE 5 LOANS

 

The loan portfolio is classified based on the underlying collateral utilized to secure each loan for financial reporting purposes. This classification is consistent with the Quarterly Report of Condition and Income filed by ServisFirst Bank with the Federal Deposit Insurance Corporation (FDIC).

 

Commercial, financial and agricultural - Includes loans to business enterprises issued for commercial, industrial, agricultural production and/or other professional purposes. These loans are generally secured by equipment, inventory, and accounts receivable of the borrower and repayment is primarily dependent on business cash flows.

 

Real estate construction – Includes loans secured by real estate to finance land development or the construction of industrial, commercial or residential buildings. Repayment is dependent upon the completion and eventual sale, refinance or operation of the related real estate project.

 

Owner-occupied commercial real estate mortgage – Includes loans secured by nonfarm nonresidential properties for which the primary source of repayment is the cash flow from the ongoing operations conducted by the party that owns the property.

 

1-4 family real estate mortgage – Includes loans secured by residential properties, including home equity lines of credit. Repayment is primarily dependent on the personal cash flow of the borrower.

 

Other real estate mortgage – Includes loans secured by nonowner-occupied properties, including office buildings, industrial buildings, warehouses, retail buildings, multifamily residential properties and farmland. Repayment is primarily dependent on income generated from the underlying collateral.

 

Consumer – Includes loans to individuals not secured by real estate. Repayment is dependent upon the personal cash flow of the borrower.

 

In light of the U.S. and global economic crisis brought about by the COVID-19 pandemic, the Company prioritized assisting its clients. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) provided for Paycheck Protection Program (“PPP”) loans to be made by banks to employers with less than 500 employees if they continued to employ their existing workers. The American Rescue Plan Act of 2021, which was signed into law on March 21, 2021, provided additional relief for businesses, states, municipalities and individuals by, among other things, allocating additional funds for the PPP. Effective May 28, 2021, the PPP was closed to new applications. The Company funded approximately 7,400 loans for a total amount of $1.5 billion for clients under the PPP since April 2020. At  March 31, 2022 and December 31, 2021, unaccreted deferred loan origination fees, net of costs, related to PPP loans totaled $3.1 million and $7.2 million, respectively. PPP loan origination fees recorded to interest income totaled $4.5 million and $9.1 million for the three months ended  March 31, 2022 and 2021, respectively. PPP loans outstanding totaled $107.6 million and $230.2 million at March 31, 2022 and December 31, 2021, respectively. PPP loans are included within the Commercial, financial and agricultural loan category in the table below.

 

12

 

The following table details the Company’s loans at March 31, 2022 and December 31, 2021:

 

  

March 31,

  

December 31,

 
  

2022

  

2021

 
  

(Dollars In Thousands)

 

Commercial, financial and agricultural

 $2,955,927  $