Company Quick10K Filing
Quick10K
Servisfirst Bancshares
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$33.98 54 $1,820
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-15 Earnings, Exhibits
8-K 2019-06-17 Other Events, Exhibits
8-K 2019-05-01 Regulation FD, Exhibits
8-K 2019-04-17 Shareholder Vote
8-K 2019-04-15 Earnings, Exhibits
8-K 2019-03-18 Other Events, Exhibits
8-K 2019-02-07 Regulation FD, Exhibits
8-K 2019-01-22 Earnings, Exhibits
8-K 2018-12-17 Other Events, Exhibits
8-K 2018-10-30 Regulation FD, Exhibits
8-K 2018-10-17 Earnings, Exhibits
8-K 2018-10-15 Officers
8-K 2018-09-17 Enter Agreement, Officers, Exhibits
8-K 2018-09-17 Other Events, Exhibits
8-K 2018-08-15 Regulation FD, Exhibits
8-K 2018-07-19 Earnings, Exhibits
8-K 2018-06-18 Other Events, Exhibits
8-K 2018-05-23 Regulation FD, Exhibits
8-K 2018-05-15 Shareholder Vote
8-K 2018-04-16 Earnings, Exhibits
8-K 2018-03-21 Officers
8-K 2018-02-20 Other Events, Exhibits
8-K 2018-02-09 Regulation FD, Exhibits
8-K 2018-01-22 Earnings, Exhibits
BT BT Group 27,760
GLIBA GCI Liberty 6,290
ESLT Elbit Systems 5,850
EAF GrafTech 3,510
PEGI Pattern Energy Group 2,180
WLKP Westlake Chemical Partners 792
CIX Compx 186
MXC Mexco Energy 9
GMVP Gridiron Bionutrients 0
MEC Mayville Engineering 0
SFBS 2019-06-30
Part 1. Financial Information
Item 1. Financial Statements
Note 1 - General
Note 2 - Cash and Cash Equivalents
Note 3 - Earnings per Common Share
Note 4 - Securities
Note 5 – Loans
Note 6 - Leases
Note 7 - Employee and Director Benefits
Note 8 - Derivatives
Note 9 – Recently Adopted Accounting Pronouncements
Note 10 - Recent Accounting Pronouncements
Note 11 - Fair Value Measurement
Item 2. Management’S Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.01 ex_151309.htm
EX-31.02 ex_151308.htm
EX-32.01 ex_151307.htm
EX-32.02 ex_151305.htm

Servisfirst Bancshares Earnings 2019-06-30

SFBS 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

sfbs20190630_10q.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_________________________

FORM 10-Q

 

(Mark one)

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

  FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2019
   
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
  For the transition period from _______to_______

 

Commission file number 001-36452

 

SERVISFIRST BANCSHARES, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware 26-0734029
(State or Other Jurisdiction of  (I.R.S. Employer
Incorporation or Organization) Identification No.)
   
2500 Woodcrest Place, Birmingham, Alabama 35209
(Address of Principal Executive Offices) (Zip Code)

 

(205) 949-0302

(Registrant's Telephone Number, Including Area Code)

 

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common stock, par value $.001 per share

SFBS

The NASDAQ Stock Market LLC

 

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

None

(Title of Class)

 

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 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,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check one):

 

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

 

 

 

 

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

 

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

 

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

 

Class

Outstanding as of July 26, 2019

Common stock, $.001 par value

53,536,482

 

 

 

 

 

 

 

 

TABLE OF CONTENTS

 

 

PART I. FINANCIAL INFORMATION

4

 

Item 1.

Financial Statements

4

   

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

24

   

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

40

  

Item 4.

Controls and Procedures

40

       

PART II. OTHER INFORMATION

41

   

Item 1.

Legal Proceedings

41

  

Item 1A.

Risk Factors

41

   

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

41

   

Item 3.

Defaults Upon Senior Securities

41

   

Item 4.

Mine Safety Disclosures

41

 

Item 5.

Other Information

41

 

Item 6.

Exhibits

42

EX-31.01 SECTION 302 CERTIFICATION OF THE CEO

 

EX-31.02 SECTION 302 CERTIFICATION OF THE CFO

 

EX-32.01 SECTION 906 CERTIFICATION OF THE CEO

 

EX-32.02 SECTION 906 CERTIFICATION OF THE CFO

 

 

 

 

 

3

 

 

 

PART 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

 

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

 

   

June 30, 2019

   

December 31, 2018

 
   

(Unaudited)

      (1)  

ASSETS

               

Cash and due from banks

  $ 68,841     $ 97,516  

Interest-bearing balances due from depository institutions

    409,052       360,534  

Federal funds sold

    408,289       223,845  

Cash and cash equivalents

    886,182       681,895  

Available for sale debt securities, at fair value

    657,971       590,184  

Held to maturity debt securities (fair value of $250 at June 30, 2019)

    250       -  

Mortgage loans held for sale

    9,446       120  

Loans

    6,967,886       6,533,499  

Less allowance for loan losses

    (71,386 )     (68,600 )

Loans, net

    6,896,500       6,464,899  

Premises and equipment, net

    57,195       57,822  

Accrued interest and dividends receivable

    26,635       24,070  

Deferred tax assets

    24,850       27,277  

Other real estate owned and repossessed assets

    5,649       5,169  

Bank owned life insurance contracts

    132,189       130,649  

Goodwill and other identifiable intangible assets

    14,314       14,449  

Other assets

    29,056       10,848  

Total assets

  $ 8,740,237     $ 8,007,382  

LIABILITIES AND STOCKHOLDERS' EQUITY

               

Liabilities:

               

Deposits:

               

Noninterest-bearing

  $ 1,576,959     $ 1,557,341  

Interest-bearing

    5,827,835       5,358,367  

Total deposits

    7,404,794       6,915,708  

Federal funds purchased

    459,449       288,725  

Other borrowings

    64,684       64,666  

Accrued interest payable

    10,930       10,381  

Other liabilities

    21,423       12,699  

Total liabilities

    7,961,280       7,292,179  

Stockholders' equity:

               

Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at June 30, 2019 and December 31, 2018

    -       -  

Common stock, par value $0.001 per share; 100,000,000 shares authorized; 53,526,882 shares issued and outstanding at June 30, 2019, and 53,375,195 shares issued and outstanding at December 31, 2018

    54       53  

Additional paid-in capital

    218,658       218,521  

Retained earnings

    555,425       500,868  

Accumulated other comprehensive income (loss)

    4,318       (4,741 )

Total stockholders' equity attributable to ServisFirst Bancshares, Inc.

    778,455       714,701  

Noncontrolling interest

    502       502  

Total stockholders' equity

    778,957       715,203  

Total liabilities and stockholders' equity

  $ 8,740,237     $ 8,007,382  

 

(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
June 30,

   

Six Months Ended
June 30,

 
   

2019

   

2018

   

2019

   

2018

 

Interest income:

                               

Interest and fees on loans

  $ 88,610     $ 73,620     $ 174,134     $ 143,294  

Taxable securities

    4,193       3,127       7,939       5,872  

Nontaxable securities

    393       623       839       1,279  

Federal funds sold

    1,998       694       3,217       1,245  

Other interest and dividends

    2,593       332       5,357       715  

Total interest income

    97,787       78,396       191,486       152,405  

Interest expense:

                               

Deposits

    24,240       11,714       46,385       21,335  

Borrowed funds

    3,462       2,160       6,238       4,112  

Total interest expense

    27,702       13,874       52,623       25,447  

Net interest income

    70,085       64,522       138,863       126,958  

Provision for loan losses

    4,884       4,121       9,769       8,260  

Net interest income after provision for loan losses

    65,201       60,401       129,094       118,698  

Noninterest income:

                               

Service charges on deposit accounts

    1,786       1,653       3,488       3,238  

Mortgage banking

    1,087       789       1,662       1,307  

Credit card income

    1,741       1,361       3,317       2,616  

Securities (losses) gains

    (6 )     -       (6 )     4  

Increase in cash surrender value life insurance

    778       786       1,540       1,563  

Other operating income

    392       352       719       629  

Total noninterest income

    5,778       4,941       10,720       9,357  

Noninterest expenses:

                               

Salaries and employee benefits

    14,339       13,098       28,604       26,394  

Equipment and occupancy expense

    2,287       2,113       4,546       4,067  

Professional services

    1,191       924       2,185       1,729  

FDIC and other regulatory assessments

    1,081       1,159       2,100       2,292  

OREO expense

    212       160       234       476  

Other operating expenses

    6,912       6,038       13,679       11,593  

Total noninterest expenses

    26,022       23,492       51,348       46,551  

Income before income taxes

    44,957       41,850       88,466       81,504  

Provision for income taxes

    9,324       8,310       17,823       15,361  

Net income

    35,633       33,540       70,643       66,143  

Preferred stock dividends

    31       31       31       31  

Net income available to common stockholders

  $ 35,602     $ 33,509     $ 70,612     $ 66,112  
                                 

Basic earnings per common share

  $ 0.67     $ 0.63     $ 1.32     $ 1.24  

Diluted earnings per common share

  $ 0.66     $ 0.62     $ 1.31     $ 1.22  

 

See Notes to Consolidated Financial Statements.

 

5

 

 

 

SERVISFIRST BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

 

   

Three Months Ended
June 30,

   

Six Months Ended
June 30,

 
   

2019

   

2018

   

2019

   

2018

 

Net income

  $ 35,633     $ 33,540     $ 70,643     $ 66,143  

Other comprehensive income (loss), net of tax:

                               

Unrealized net holding gains (losses) arising during period from securities available for sale, net of tax of $1,448 and $2,408 for the three and six months ended June 30, 2019, respectively, and net of benefit of $(553) and $(1,858) for the three and six months ended June 30, 2018, respectively

    5,282       (2,073 )     9,054       (6,977 )

Reclassification adjustment for net loss (gains) on sale of securities, net of tax of $(1) and $1 for 2019 and 2018, respectively

    5       -       5       (3 )

Other comprehensive income (loss), net of tax

    5,287       (2,073 )     9,059       (6,980 )

Comprehensive income

  $ 40,920     $ 31,467     $ 79,702     $ 59,163  

 

 

See Notes to Consolidated Financial Statements.

 

 

6

 

 

 

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

(In thousands, except share amounts)(Unaudited)

 

   

Three Months Ended June 30,

 
   

Preferred

Stock

   

Common

Stock

   

Additional

Paid-in

Capital

   

Retained

Earnings

   

Accumulated

Other

Comprehensive

Income

   

Noncontrolling

interest

   

Total

Stockholders'

Equity

 

Balance, April 1, 2018

  $ -     $ 53     $ 217,536     $ 416,311     $ (5,105 )   $ 502     $ 629,297  

Common dividends declared, $0.11 per share

    -       -       -       (5,848 )     -       -       (5,848 )

Preferred dividends paid

    -       -       -       (31 )     -       -       (31 )

Issue 1,464 shares of common stock upon exercise of stock options

    -       -       8       -       -       -       8  

536 shares of common stock withheld in net settlement upon exercise of stock options

    -       -       (23 )     -       -       -       (23 )

Stock-based compensation expense

    -       -       244       -       -       -       244  

Other comprehensive income, net of tax

    -       -       -       -       (2,073 )     -       (2,073 )

Net income

    -       -       -       33,540       -       -       33,540  

Balance, June 30, 2018

  $ -     $ 53     $ 217,765     $ 443,972     $ (7,178 )   $ 502     $ 655,114  
                                                         

Balance, April 1, 2019

  $ -     $ 53     $ 218,147     $ 527,853     $ (969 )   $ 502     $ 745,586  

Common dividends declared, $0.15 per share

    -       -       -       (8,030 )     -       -       (8,030 )

Preferred dividends paid

    -       -       -       (31 )     -       -       (31 )

Issue 26,000 shares of common stock upon exercise of stock options

    -       1       305       -       -       -       306  

Stock-based compensation expense

    -       -       206       -       -       -       206  

Other comprehensive loss, net of tax

    -       -       -       -       5,287       -       5,287  

Net income

    -       -       -       35,633       -       -       35,633  

Balance, June 30, 2019

  $ -     $ 54     $ 218,658     $ 555,425     $ 4,318     $ 502     $ 778,957  

 

   

Six Months Ended June 30,

 
   

Preferred

Stock

   

Common

Stock

   

Additional

Paid-in

Capital

   

Retained

Earnings

   

Accumulated

Other

Comprehensive

Income

   

Noncontrolling

interest

   

Total

Stockholders'

Equity

 

Balance, January 1, 2018

  $ -     $ 53     $ 217,693     $ 389,554     $ (198 )   $ 502     $ 607,604  

Common dividends paid, $0.11 per share

    -       -       -       (5,846 )     -       -       (5,846 )

Common dividends declared, $0.11 per share

    -       -       -       (5,848 )     -       -       (5,848 )

Preferred dividends paid

    -       -       -       (31 )     -       -       (31 )

Issue 145,297 shares of common stock upon exercise of stock options

    -       -       860       -       -       -       860  

30,539 shares of common stock withheld in net settlement upon exercise of stock options

    -       -       (1,270 )     -       -       -       (1,270 )

Stock-based compensation expense

    -       -       482       -       -       -       482  

Other comprehensive income, net of tax

    -       -       -       -       (6,980 )     -       (6,980 )

Net income

    -       -       -       66,143       -       -       66,143  

Balance, June 30, 2018

  $ -     $ 53     $ 217,765     $ 443,972     $ (7,178 )   $ 502     $ 655,114  
                                                         

Balance, January 1, 2019

  $ -     $ 53     $ 218,521     $ 500,868     $ (4,741 )   $ 502     $ 715,203  

Common dividends paid, $0.15 per share

    -       -       -       (8,025 )     -       -       (8,025 )

Common dividends declared, $0.15 per share

    -       -       -       (8,030 )     -       -       (8,030 )

Preferred dividends paid

    -       -       -       (31 )     -       -       (31 )

Issue 143,313 shares of common stock upon exercise of stock options

    -       1       1,102       -       -       -       1,103  

45,187 shares of common stock withheld in net settlement upon exercise of stock options

    -       -       (1,453 )     -       -       -       (1,453 )

Stock-based compensation expense

    -       -       488       -       -       -       488  

Other comprehensive loss, net of tax

    -       -       -       -       9,059       -       9,059  

Net income

    -       -       -       70,643       -       -       70,643  

Balance, June 30, 2019

  $ -     $ 54     $ 218,658     $ 555,425     $ 4,318     $ 502     $ 778,957  

 

See Notes to Consolidated Financial Statements.

 

7

 

 

 

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) (Unaudited)

 

   

Six Months Ended June 30,

 
   

2019

   

2018

 

OPERATING ACTIVITIES

               

Net income

  $ 70,643     $ 66,143  

Adjustments to reconcile net income to net cash provided by

               

Deferred tax expense

    2,427       1,361  

Provision for loan losses

    9,769       8,260  

Depreciation

    1,845       1,679  

Accretion on acquired loans

    (91 )     (125 )

Amortization of core deposit intangible

    135       135  

Net amortization of debt securities available for sale

    1,304       1,219  

Increase in accrued interest and dividends receivable

    (2,565 )     (714 )

Stock-based compensation expense

    488       482  

Increase in accrued interest payable

    549       2,251  

Proceeds from sale of mortgage loans held for sale

    45,543       55,342  

Originations of mortgage loans held for sale

    (53,207 )     (54,181 )

Net loss (gain) on sale of debt securities available for sale

    6       (4 )

Gain on sale of mortgage loans held for sale

    (1,662 )     (1,307 )

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

    2       10  

Write down of other real estate owned and repossessed assets

    222       253  

Operating losses of tax credit partnerships

    73       70  

Increase in cash surrender value of life insurance contracts

    (1,540 )     (1,563 )

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

    (12,640 )     (2,238 )

Net cash provided by operating activities

    61,301       77,073  

INVESTMENT ACTIVITIES

               

Purchase of debt securities available for sale

    (121,590 )     (100,718 )

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

    64,611       40,484  

Proceeds from sale of debt securities available for sale

    -       5,100  

Purchase of debt securities held to maturity

    (250 )     -  

Proceeds from sale of equity securities

    -       30  

Increase in loans

    (442,031 )     (282,441 )

Purchase of premises and equipment

    (1,218 )     (1,078 )

Proceeds from sale of other real estate owned and repossessed assets

    48       1,252  

Net cash used in investing activities

    (500,430 )     (337,371 )

FINANCING ACTIVITIES

               

Net increase in non-interest-bearing deposits

    19,618       41,121  

Net increase (decrease) in interest-bearing deposits

    469,468       (47,113 )

Net increase (decrease) in federal funds purchased

    170,724       (39,138 )

Repayment of Federal Home Loan Bank advances

    -       (200 )

Proceeds from exercise of stock options

    1,102       860  

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

    (1,453 )     (1,270 )

Dividends paid on common stock

    (16,044 )     (5,846 )

Dividends paid on preferred stock

    (31 )     (31 )

Net cash provided by (used in) financing activities

    643,384       (51,617 )

Net increase (decrease) in cash and cash equivalents

    204,255       (311,915 )

Cash and cash equivalents at beginning of period

    681,895       477,586  

Cash and cash equivalents at end of period

  $ 886,150     $ 165,671  

SUPPLEMENTAL DISCLOSURE

               

Cash paid for:

               

Interest

  $ 52,074     $ 23,196  

Income taxes

    24,956       9,645  

NONCASH TRANSACTIONS

               

Other real estate acquired in settlement of loans

  $ 752     $ 751  

Dividends declared

    8,030       5,848  

 

See Notes to Consolidated Financial Statements.

 

8

 

 

SERVISFIRST BANCSHARES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2019

(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 recurring nature. The consolidated results of operations are not necessarily indicative of the consolidated results of operations which ServisFirst Bancshares, Inc. (the “Company”) and its consolidated subsidiaries, including ServisFirst Bank (the “Bank”), may achieve for future interim periods or the entire year. For further information, refer to the consolidated financial statements and footnotes included in the Company’s Form 10-K for the year ended December 31, 2018.

 

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

 

Leases

 

The Company leases certain office space and equipment under operating leases. Accounting Standards Update 2016-02,Leases (Topic 842)” requires that operating leases in effect as of date of adoption, January 1, 2019 for the Company, be recognized as a liability to make lease payments and as an asset representing the right to use the asset during the lease term, or “lease liability” and “right-of-use asset”, respectively. The lease liability is measured by the present value of remaining lease payments, discounted at the Company’s incremental borrowing rate.

 

Certain of the leases include one or more renewal options that extend the initial lease term 1 to 5 years. The exercise of lease renewal options is typically at the Company’s sole discretion; therefore, a majority of renewals to extend lease terms are not included in the right-of-use assets and lease liabilities as they are not reasonably certain to be exercised. Renewal options are regularly evaluated and when they are reasonably certain to be exercised, are included in lease terms.

 

None of the Company’s leases provide an implicit rate. The Company uses its incremental collateralized borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments.

 

The Company has made an accounting policy election to not apply the recognition requirements in ASU 2016-02 to short-term leases. The Company has also elected to use the practical expedients allowed by the new standard as follows: 1) forego an assessment of whether any existing contracts are or contain leases, 2) forego an assessment of the classification of existing leases as to whether they are operating leases or capital leases, and 3) forego an assessment of direct costs for any existing leases.

 

 

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 available to common stockholders 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 June 30,

   

Six Months Ended June 30,

 
   

2019

   

2018

   

2019

   

2018

 
   

(In Thousands, Except Shares and Per Share Data)

 

Earnings per common share

                               

Weighted average common shares outstanding

    53,515,418       53,150,142       53,490,393       53,116,420  

Net income available to common stockholders

  $ 35,602     $ 33,509     $ 70,612     $ 66,112  

Basic earnings per common share

  $ 0.67     $ 0.63     $ 1.32     $ 1.24  
                                 

Weighted average common shares outstanding

    53,515,418       53,150,142       53,490,393       53,116,420  

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

    573,689       1,045,881       592,464       1,073,326  

Weighted average common and dilutive potential common shares outstanding

    54,089,107       54,196,023       54,082,857       54,189,746  

Net income available to common stockholders

  $ 35,602     $ 33,509     $ 70,612     $ 66,112  

Diluted earnings per common share

  $ 0.66     $ 0.62     $ 1.31     $ 1.22  

 

 

NOTE 4 - SECURITIES

 

The amortized cost and fair value of available-for-sale and held-to-maturity securities at June 30, 2019 and December 31, 2018 are summarized as follows:

 

   

Amortized

Cost

   

Gross

Unrealized

Gain

   

Gross

Unrealized

Loss

   

Market

Value

 

June 30, 2019:

 

(In Thousands)

 

Securities Available for Sale

                               

U.S. Treasury and government sponsored agencies

  $ 74,342     $ 396     $ (31 )   $ 74,707  

Mortgage-backed securities

    360,816       3,072       (463 )     363,425  

State and municipal securities

    83,984       387       (60 )     84,311  

Corporate debt

    133,415       2,130       (17 )     135,528  

Total

  $ 652,557     $ 5,985     $ (571 )   $ 657,971  

Securities Held to Maturity

                               

State and municipal securities

    250       -       -       250  

Total

  $ 250     $ -     $ -     $ 250  
                                 

December 31, 2018:

                               

Securities Available for Sale

                               

U.S. Treasury and government sponsored agencies

  $ 77,534     $ 78     $ (619 )   $ 76,993  

Mortgage-backed securities

    309,244       591       (5,531 )     304,304  

State and municipal securities

    106,465       208       (679 )     105,994  

Corporate debt

    102,982       668       (757 )     102,893  

Total

  $ 596,225     $ 1,545     $ (7,586 )   $ 590,184  

 

The amortized cost and fair value of debt securities as of June 30, 2019 and December 31, 2018 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.

 

   

June 30, 2019

   

December 31, 2018

 
   

Amortized

Cost

   

Fair Value

   

Amortized

Cost

   

Fair Value

 
   

(In thousands)

 

Debt securities available for sale

                               

Due within one year

  $ 38,284     $ 38,302     $ 38,343     $ 38,225  

Due from one to five years

    144,968       145,841       167,873       166,380  

Due from five to ten years

    103,960       105,819       77,811       78,276  

Due after ten years

    4,529       4,584       2,954       2,999  

Mortgage-backed securities

    360,816       363,425       309,244       304,304  
    $ 652,557     $ 657,971     $ 596,225     $ 590,184  
                                 

Debt securities held to maturity

                               

Due from one to five years

  $ 250     $ 250     $ -     $ -  
    $ 250     $ 250     $ -     $ -  

 

10

 

 

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 debt securities pledged to secure public funds on deposit and for other purposes as required by law as of June 30, 2019 and December 31, 2018 was $334.1 million and $281.9 million, respectively.

 

The following table identifies, as of