10-Q 1 sfbs20220930_10q.htm FORM 10-Q sfbs20220930_10q.htm
0001430723 ServisFirst Bancshares, Inc. false --12-31 Q3 2021 942,282 466,286 0.001 0.001 1,000,000 1,000,000 1,000,000 1,000,000 0.001 0.001 100,000,000 54,324,007 54,324,007 54,227,060 54,227,060 5,707 18,409 1,798 1,844 70 320 36 36 1,480 1,480 1,425 130 0.20 1,903 0.23 2,213 0.40 0.20 51,374 0.46 0.23 13,166 0 2.0 0 0 0 10 3 0 0 derived from audited financial statements. 00014307232022-01-012022-09-30 xbrli:shares 00014307232022-10-27 iso4217:USD 00014307232022-09-30 00014307232021-12-31 iso4217:USDxbrli:shares 00014307232022-07-012022-09-30 00014307232021-07-012021-09-30 00014307232021-01-012021-09-30 0001430723us-gaap:DepositAccountMember2022-07-012022-09-30 0001430723us-gaap:DepositAccountMember2021-07-012021-09-30 0001430723us-gaap:DepositAccountMember2022-01-012022-09-30 0001430723us-gaap:DepositAccountMember2021-01-012021-09-30 0001430723us-gaap:MortgageBankingMember2022-07-012022-09-30 0001430723us-gaap:MortgageBankingMember2021-07-012021-09-30 0001430723us-gaap:MortgageBankingMember2022-01-012022-09-30 0001430723us-gaap:MortgageBankingMember2021-01-012021-09-30 0001430723us-gaap:CreditCardMember2022-07-012022-09-30 0001430723us-gaap:CreditCardMember2021-07-012021-09-30 0001430723us-gaap:CreditCardMember2022-01-012022-09-30 0001430723us-gaap:CreditCardMember2021-01-012021-09-30 0001430723us-gaap:CommonStockMember2021-06-30 0001430723us-gaap:PreferredStockMember2021-06-30 0001430723us-gaap:AdditionalPaidInCapitalMember2021-06-30 0001430723us-gaap:RetainedEarningsMember2021-06-30 0001430723us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-30 0001430723us-gaap:NoncontrollingInterestMember2021-06-30 00014307232021-06-30 0001430723us-gaap:PreferredStockMember2021-07-012021-09-30 0001430723us-gaap:CommonStockMember2021-07-012021-09-30 0001430723us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-30 0001430723us-gaap:RetainedEarningsMember2021-07-012021-09-30 0001430723us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-30 0001430723us-gaap:NoncontrollingInterestMember2021-07-012021-09-30 0001430723us-gaap:CommonStockMember2021-09-30 0001430723us-gaap:PreferredStockMember2021-09-30 0001430723us-gaap:AdditionalPaidInCapitalMember2021-09-30 0001430723us-gaap:RetainedEarningsMember2021-09-30 0001430723us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-30 0001430723us-gaap:NoncontrollingInterestMember2021-09-30 00014307232021-09-30 0001430723us-gaap:CommonStockMember2022-06-30 0001430723us-gaap:PreferredStockMember2022-06-30 0001430723us-gaap:AdditionalPaidInCapitalMember2022-06-30 0001430723us-gaap:RetainedEarningsMember2022-06-30 0001430723us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-30 0001430723us-gaap:NoncontrollingInterestMember2022-06-30 00014307232022-06-30 0001430723us-gaap:PreferredStockMember2022-07-012022-09-30 0001430723us-gaap:CommonStockMember2022-07-012022-09-30 0001430723us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-30 0001430723us-gaap:RetainedEarningsMember2022-07-012022-09-30 0001430723us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-30 0001430723us-gaap:NoncontrollingInterestMember2022-07-012022-09-30 0001430723us-gaap:CommonStockMember2022-09-30 0001430723us-gaap:PreferredStockMember2022-09-30 0001430723us-gaap:AdditionalPaidInCapitalMember2022-09-30 0001430723us-gaap:RetainedEarningsMember2022-09-30 0001430723us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-30 0001430723us-gaap:NoncontrollingInterestMember2022-09-30 0001430723us-gaap:CommonStockMember2020-12-31 0001430723us-gaap:PreferredStockMember2020-12-31 0001430723us-gaap:AdditionalPaidInCapitalMember2020-12-31 0001430723us-gaap:RetainedEarningsMember2020-12-31 0001430723us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-31 0001430723us-gaap:NoncontrollingInterestMember2020-12-31 00014307232020-12-31 0001430723us-gaap:PreferredStockMember2021-01-012021-09-30 0001430723us-gaap:CommonStockMember2021-01-012021-09-30 0001430723us-gaap:AdditionalPaidInCapitalMember2021-01-012021-09-30 0001430723us-gaap:RetainedEarningsMember2021-01-012021-09-30 0001430723us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-30 0001430723us-gaap:NoncontrollingInterestMember2021-01-012021-09-30 0001430723us-gaap:CommonStockMember2021-12-31 0001430723us-gaap:PreferredStockMember2021-12-31 0001430723us-gaap:AdditionalPaidInCapitalMember2021-12-31 0001430723us-gaap:RetainedEarningsMember2021-12-31 0001430723us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-31 0001430723us-gaap:NoncontrollingInterestMember2021-12-31 0001430723us-gaap:PreferredStockMember2022-01-012022-09-30 0001430723us-gaap:CommonStockMember2022-01-012022-09-30 0001430723us-gaap:AdditionalPaidInCapitalMember2022-01-012022-09-30 0001430723us-gaap:RetainedEarningsMember2022-01-012022-09-30 0001430723us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-30 0001430723us-gaap:NoncontrollingInterestMember2022-01-012022-09-30 0001430723us-gaap:USTreasurySecuritiesMember2022-09-30 0001430723us-gaap:USGovernmentAgenciesDebtSecuritiesMember2022-09-30 0001430723us-gaap:MortgageBackedSecuritiesMember2022-09-30 0001430723us-gaap:USStatesAndPoliticalSubdivisionsMember2022-09-30 0001430723us-gaap:CorporateDebtSecuritiesMember2022-09-30 0001430723us-gaap:USTreasurySecuritiesMember2021-12-31 0001430723us-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-12-31 0001430723us-gaap:MortgageBackedSecuritiesMember2021-12-31 0001430723us-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-31 0001430723us-gaap:CorporateDebtSecuritiesMember2021-12-31 0001430723us-gaap:AssetNotPledgedAsCollateralAndAssetPledgedAsCollateralWithoutRightMember2022-09-30 0001430723us-gaap:AssetNotPledgedAsCollateralAndAssetPledgedAsCollateralWithoutRightMember2021-12-31 xbrli:pure 00014307232021-05-28 0001430723sfbs:PaycheckProtectionProgramPPPLoansMember2022-09-30 0001430723sfbs:PaycheckProtectionProgramPPPLoansMember2021-12-31 0001430723sfbs:PaycheckProtectionProgramPPPLoansMember2022-07-012022-09-30 0001430723sfbs:PaycheckProtectionProgramPPPLoansMember2021-07-012021-09-30 0001430723sfbs:PaycheckProtectionProgramPPPLoansMember2022-01-012022-09-30 0001430723sfbs:PaycheckProtectionProgramPPPLoansMember2021-01-012021-09-30 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMember2022-09-30 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMember2021-12-31 0001430723us-gaap:ConsumerPortfolioSegmentMember2022-09-30 0001430723us-gaap:ConsumerPortfolioSegmentMember2021-12-31 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2022-09-30 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2022-09-30 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2022-09-30 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:DoubtfulMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:PassMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:SpecialMentionMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:SubstandardMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:DoubtfulMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMemberus-gaap:PassMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMemberus-gaap:SpecialMentionMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMemberus-gaap:SubstandardMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMemberus-gaap:DoubtfulMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMemberus-gaap:PassMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMemberus-gaap:SpecialMentionMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMemberus-gaap:SubstandardMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMemberus-gaap:DoubtfulMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMemberus-gaap:PassMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMemberus-gaap:SpecialMentionMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMemberus-gaap:SubstandardMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMemberus-gaap:DoubtfulMember2022-09-30 0001430723us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2022-09-30 0001430723us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2022-09-30 0001430723us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2022-09-30 0001430723us-gaap:ConsumerPortfolioSegmentMemberus-gaap:DoubtfulMember2022-09-30 0001430723us-gaap:PassMember2022-09-30 0001430723us-gaap:SpecialMentionMember2022-09-30 0001430723us-gaap:SubstandardMember2022-09-30 0001430723us-gaap:DoubtfulMember2022-09-30 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2021-12-31 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2021-12-31 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2021-12-31 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:DoubtfulMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:PassMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:SpecialMentionMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:SubstandardMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:DoubtfulMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMemberus-gaap:PassMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMemberus-gaap:SpecialMentionMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMemberus-gaap:SubstandardMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMemberus-gaap:DoubtfulMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMemberus-gaap:PassMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMemberus-gaap:SpecialMentionMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMemberus-gaap:SubstandardMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMemberus-gaap:DoubtfulMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMemberus-gaap:PassMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMemberus-gaap:SpecialMentionMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMemberus-gaap:SubstandardMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMemberus-gaap:DoubtfulMember2021-12-31 0001430723us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2021-12-31 0001430723us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2021-12-31 0001430723us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2021-12-31 0001430723us-gaap:ConsumerPortfolioSegmentMemberus-gaap:DoubtfulMember2021-12-31 0001430723us-gaap:PassMember2021-12-31 0001430723us-gaap:SpecialMentionMember2021-12-31 0001430723us-gaap:SubstandardMember2021-12-31 0001430723us-gaap:DoubtfulMember2021-12-31 0001430723us-gaap:PerformingFinancingReceivableMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-09-30 0001430723us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-09-30 0001430723us-gaap:PerformingFinancingReceivableMembersfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-09-30 0001430723us-gaap:NonperformingFinancingReceivableMembersfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-09-30 0001430723us-gaap:PerformingFinancingReceivableMembersfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMember2022-09-30 0001430723us-gaap:NonperformingFinancingReceivableMembersfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMember2022-09-30 0001430723us-gaap:PerformingFinancingReceivableMembersfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMember2022-09-30 0001430723us-gaap:NonperformingFinancingReceivableMembersfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMember2022-09-30 0001430723us-gaap:PerformingFinancingReceivableMembersfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMember2022-09-30 0001430723us-gaap:NonperformingFinancingReceivableMembersfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMember2022-09-30 0001430723us-gaap:PerformingFinancingReceivableMembersfbs:RealEstatePortfolioSegmentMember2022-09-30 0001430723us-gaap:NonperformingFinancingReceivableMembersfbs:RealEstatePortfolioSegmentMember2022-09-30 0001430723us-gaap:PerformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2022-09-30 0001430723us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2022-09-30 0001430723us-gaap:PerformingFinancingReceivableMember2022-09-30 0001430723us-gaap:NonperformingFinancingReceivableMember2022-09-30 0001430723us-gaap:PerformingFinancingReceivableMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-31 0001430723us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-31 0001430723us-gaap:PerformingFinancingReceivableMembersfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-12-31 0001430723us-gaap:NonperformingFinancingReceivableMembersfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-12-31 0001430723us-gaap:PerformingFinancingReceivableMembersfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMember2021-12-31 0001430723us-gaap:NonperformingFinancingReceivableMembersfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMember2021-12-31 0001430723us-gaap:PerformingFinancingReceivableMembersfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMember2021-12-31 0001430723us-gaap:NonperformingFinancingReceivableMembersfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMember2021-12-31 0001430723us-gaap:PerformingFinancingReceivableMembersfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMember2021-12-31 0001430723us-gaap:NonperformingFinancingReceivableMembersfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMember2021-12-31 0001430723us-gaap:PerformingFinancingReceivableMembersfbs:RealEstatePortfolioSegmentMember2021-12-31 0001430723us-gaap:NonperformingFinancingReceivableMembersfbs:RealEstatePortfolioSegmentMember2021-12-31 0001430723us-gaap:PerformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-31 0001430723us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-31 0001430723us-gaap:PerformingFinancingReceivableMember2021-12-31 0001430723us-gaap:NonperformingFinancingReceivableMember2021-12-31 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-09-30 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-30 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-30 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2022-09-30 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancialAssetPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancialAssetNotPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMemberus-gaap:FinancialAssetPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMemberus-gaap:FinancialAssetNotPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMemberus-gaap:FinancialAssetPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMemberus-gaap:FinancialAssetNotPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMemberus-gaap:FinancialAssetPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMemberus-gaap:FinancialAssetNotPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2022-09-30 0001430723us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2022-09-30 0001430723us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-30 0001430723us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-30 0001430723us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2022-09-30 0001430723us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2022-09-30 0001430723us-gaap:FinancingReceivables30To59DaysPastDueMember2022-09-30 0001430723us-gaap:FinancingReceivables60To89DaysPastDueMember2022-09-30 0001430723us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2022-09-30 0001430723us-gaap:FinancialAssetPastDueMember2022-09-30 0001430723us-gaap:FinancialAssetNotPastDueMember2022-09-30 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-31 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-31 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-31 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2021-12-31 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancialAssetPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMemberus-gaap:FinancialAssetNotPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMemberus-gaap:FinancialAssetPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMemberus-gaap:FinancialAssetNotPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMemberus-gaap:FinancialAssetPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMemberus-gaap:FinancialAssetNotPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMemberus-gaap:FinancialAssetPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMemberus-gaap:FinancialAssetNotPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2021-12-31 0001430723us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-31 0001430723us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-31 0001430723us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-31 0001430723us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2021-12-31 0001430723us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2021-12-31 0001430723us-gaap:FinancingReceivables30To59DaysPastDueMember2021-12-31 0001430723us-gaap:FinancingReceivables60To89DaysPastDueMember2021-12-31 0001430723us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-12-31 0001430723us-gaap:FinancialAssetPastDueMember2021-12-31 0001430723us-gaap:FinancialAssetNotPastDueMember2021-12-31 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMember2022-06-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-06-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:RealEstateLoanMember2022-06-30 0001430723us-gaap:ConsumerPortfolioSegmentMember2022-06-30 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMember2022-07-012022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-07-012022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:RealEstateLoanMember2022-07-012022-09-30 0001430723us-gaap:ConsumerPortfolioSegmentMember2022-07-012022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:RealEstateLoanMember2022-09-30 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMember2021-06-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-06-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:RealEstateLoanMember2021-06-30 0001430723us-gaap:ConsumerPortfolioSegmentMember2021-06-30 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMember2021-07-012021-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-07-012021-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:RealEstateLoanMember2021-07-012021-09-30 0001430723us-gaap:ConsumerPortfolioSegmentMember2021-07-012021-09-30 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMember2021-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:RealEstateLoanMember2021-09-30 0001430723us-gaap:ConsumerPortfolioSegmentMember2021-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:RealEstateLoanMember2021-12-31 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMember2022-01-012022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-01-012022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:RealEstateLoanMember2022-01-012022-09-30 0001430723us-gaap:ConsumerPortfolioSegmentMember2022-01-012022-09-30 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMember2020-12-31 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-12-31 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:RealEstateLoanMember2020-12-31 0001430723us-gaap:ConsumerPortfolioSegmentMember2020-12-31 0001430723us-gaap:CommercialRealEstatePortfolioSegmentMember2021-01-012021-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-01-012021-09-30 0001430723sfbs:RealEstatePortfolioSegmentMemberus-gaap:RealEstateLoanMember2021-01-012021-09-30 0001430723us-gaap:ConsumerPortfolioSegmentMember2021-01-012021-09-30 00014307232021-01-012021-12-31 0001430723us-gaap:UnfundedLoanCommitmentMember2022-07-012022-09-30 0001430723us-gaap:UnfundedLoanCommitmentMember2022-01-012022-09-30 0001430723us-gaap:UnfundedLoanCommitmentMember2021-07-012021-09-30 0001430723us-gaap:UnfundedLoanCommitmentMember2021-01-012021-09-30 0001430723us-gaap:RealEstateMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-09-30 0001430723sfbs:CollateralAccountsReceivableMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-09-30 0001430723us-gaap:EquipmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-09-30 0001430723sfbs:CollateralOtherMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-09-30 0001430723us-gaap:CollateralPledgedMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-09-30 0001430723us-gaap:RealEstateMembersfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-09-30 0001430723sfbs:CollateralAccountsReceivableMembersfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-09-30 0001430723us-gaap:EquipmentMembersfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-09-30 0001430723sfbs:CollateralOtherMembersfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-09-30 0001430723us-gaap:CollateralPledgedMembersfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2022-09-30 0001430723us-gaap:RealEstateMembersfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMember2022-09-30 0001430723sfbs:CollateralAccountsReceivableMembersfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMember2022-09-30 0001430723us-gaap:EquipmentMembersfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMember2022-09-30 0001430723sfbs:CollateralOtherMembersfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMember2022-09-30 0001430723us-gaap:CollateralPledgedMembersfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMember2022-09-30 0001430723us-gaap:RealEstateMembersfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMember2022-09-30 0001430723sfbs:CollateralAccountsReceivableMembersfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMember2022-09-30 0001430723us-gaap:EquipmentMembersfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMember2022-09-30 0001430723sfbs:CollateralOtherMembersfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMember2022-09-30 0001430723us-gaap:CollateralPledgedMembersfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMember2022-09-30 0001430723us-gaap:RealEstateMembersfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMember2022-09-30 0001430723sfbs:CollateralAccountsReceivableMembersfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMember2022-09-30 0001430723us-gaap:EquipmentMembersfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMember2022-09-30 0001430723sfbs:CollateralOtherMembersfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMember2022-09-30 0001430723us-gaap:CollateralPledgedMembersfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMember2022-09-30 0001430723us-gaap:RealEstateMembersfbs:RealEstatePortfolioSegmentMember2022-09-30 0001430723sfbs:CollateralAccountsReceivableMembersfbs:RealEstatePortfolioSegmentMember2022-09-30 0001430723us-gaap:EquipmentMembersfbs:RealEstatePortfolioSegmentMember2022-09-30 0001430723sfbs:CollateralOtherMembersfbs:RealEstatePortfolioSegmentMember2022-09-30 0001430723us-gaap:CollateralPledgedMembersfbs:RealEstatePortfolioSegmentMember2022-09-30 0001430723us-gaap:RealEstateMemberus-gaap:ConsumerPortfolioSegmentMember2022-09-30 0001430723sfbs:CollateralAccountsReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2022-09-30 0001430723us-gaap:EquipmentMemberus-gaap:ConsumerPortfolioSegmentMember2022-09-30 0001430723sfbs:CollateralOtherMemberus-gaap:ConsumerPortfolioSegmentMember2022-09-30 0001430723us-gaap:CollateralPledgedMemberus-gaap:ConsumerPortfolioSegmentMember2022-09-30 0001430723us-gaap:RealEstateMember2022-09-30 0001430723sfbs:CollateralAccountsReceivableMember2022-09-30 0001430723us-gaap:EquipmentMember2022-09-30 0001430723sfbs:CollateralOtherMember2022-09-30 0001430723us-gaap:CollateralPledgedMember2022-09-30 0001430723us-gaap:RealEstateMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-31 0001430723sfbs:CollateralAccountsReceivableMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-31 0001430723us-gaap:EquipmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-31 0001430723sfbs:CollateralOtherMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-31 0001430723us-gaap:CollateralPledgedMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-31 0001430723us-gaap:RealEstateMembersfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-12-31 0001430723sfbs:CollateralAccountsReceivableMembersfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-12-31 0001430723us-gaap:EquipmentMembersfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-12-31 0001430723sfbs:CollateralOtherMembersfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-12-31 0001430723us-gaap:CollateralPledgedMembersfbs:RealEstatePortfolioSegmentMemberus-gaap:ConstructionLoansMember2021-12-31 0001430723us-gaap:RealEstateMembersfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMember2021-12-31 0001430723sfbs:CollateralAccountsReceivableMembersfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMember2021-12-31 0001430723us-gaap:EquipmentMembersfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMember2021-12-31 0001430723sfbs:CollateralOtherMembersfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMember2021-12-31 0001430723us-gaap:CollateralPledgedMembersfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMember2021-12-31 0001430723us-gaap:RealEstateMembersfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMember2021-12-31 0001430723sfbs:CollateralAccountsReceivableMembersfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMember2021-12-31 0001430723us-gaap:EquipmentMembersfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMember2021-12-31 0001430723sfbs:CollateralOtherMembersfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMember2021-12-31 0001430723us-gaap:CollateralPledgedMembersfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMember2021-12-31 0001430723us-gaap:RealEstateMembersfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMember2021-12-31 0001430723sfbs:CollateralAccountsReceivableMembersfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMember2021-12-31 0001430723us-gaap:EquipmentMembersfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMember2021-12-31 0001430723sfbs:CollateralOtherMembersfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMember2021-12-31 0001430723us-gaap:CollateralPledgedMembersfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMember2021-12-31 0001430723us-gaap:RealEstateMembersfbs:RealEstatePortfolioSegmentMember2021-12-31 0001430723sfbs:CollateralAccountsReceivableMembersfbs:RealEstatePortfolioSegmentMember2021-12-31 0001430723us-gaap:EquipmentMembersfbs:RealEstatePortfolioSegmentMember2021-12-31 0001430723sfbs:CollateralOtherMembersfbs:RealEstatePortfolioSegmentMember2021-12-31 0001430723us-gaap:CollateralPledgedMembersfbs:RealEstatePortfolioSegmentMember2021-12-31 0001430723us-gaap:RealEstateMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-31 0001430723sfbs:CollateralAccountsReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-31 0001430723us-gaap:EquipmentMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-31 0001430723sfbs:CollateralOtherMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-31 0001430723us-gaap:CollateralPledgedMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-31 0001430723us-gaap:RealEstateMember2021-12-31 0001430723sfbs:CollateralAccountsReceivableMember2021-12-31 0001430723us-gaap:EquipmentMember2021-12-31 0001430723sfbs:CollateralOtherMember2021-12-31 0001430723us-gaap:CollateralPledgedMember2021-12-31 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMember2022-07-012022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OwnerOccupiedCommercialMember2022-01-012022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMember2022-07-012022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OneToFourFamilyMember2022-01-012022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMember2022-07-012022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMembersfbs:OtherMortgagesMember2022-01-012022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMember2022-07-012022-09-30 0001430723sfbs:RealEstatePortfolioSegmentMember2022-01-012022-09-30 utr:Y 0001430723us-gaap:OtherLiabilitiesMember2022-09-30 0001430723sfbs:The2009PlanMember2022-09-30 0001430723sfbs:The2009PlanMember2022-01-012022-09-30 0001430723us-gaap:EmployeeStockOptionMember2022-01-012022-09-30 0001430723us-gaap:EmployeeStockOptionMember2021-12-31 0001430723us-gaap:EmployeeStockOptionMember2021-01-012021-12-31 0001430723us-gaap:EmployeeStockOptionMember2022-09-30 0001430723us-gaap:EmployeeStockOptionMember2020-12-31 0001430723us-gaap:EmployeeStockOptionMember2020-01-012020-09-30 0001430723us-gaap:EmployeeStockOptionMember2020-09-30 0001430723us-gaap:EmployeeStockOptionMember2021-01-012021-09-30 0001430723us-gaap:EmployeeStockOptionMember2021-09-30 0001430723us-gaap:RestrictedStockMember2022-09-30 0001430723us-gaap:RestrictedStockMember2022-01-012022-09-30 0001430723us-gaap:PerformanceSharesMembersrt:MinimumMember2022-01-012022-09-30 0001430723us-gaap:PerformanceSharesMembersrt:MaximumMember2022-01-012022-09-30 0001430723us-gaap:PerformanceSharesMember2022-01-012022-09-30 0001430723us-gaap:PerformanceSharesMember2022-09-30 0001430723us-gaap:RestrictedStockMember2021-12-31 0001430723us-gaap:PerformanceSharesMember2021-12-31 0001430723us-gaap:RestrictedStockMember2020-12-31 0001430723us-gaap:PerformanceSharesMember2020-12-31 0001430723us-gaap:RestrictedStockMember2021-01-012021-09-30 0001430723us-gaap:PerformanceSharesMember2021-01-012021-09-30 0001430723us-gaap:RestrictedStockMember2021-09-30 0001430723us-gaap:PerformanceSharesMember2021-09-30 0001430723us-gaap:InterestRateCapMember2020-05-012020-05-31 0001430723us-gaap:InterestRateCapMember2020-05-31 0001430723us-gaap:InterestRateCapMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-05-31 0001430723us-gaap:InterestRateCapMember2022-09-30 0001430723us-gaap:InterestRateCapMember2022-01-012022-09-30 0001430723srt:MinimumMember2022-09-30 0001430723srt:MaximumMember2022-09-30 0001430723srt:WeightedAverageMember2022-09-30 0001430723srt:MinimumMember2021-12-31 0001430723srt:MaximumMember2021-12-31 0001430723srt:WeightedAverageMember2021-12-31 0001430723us-gaap:FairValueMeasurementsRecurringMember2022-09-30 0001430723us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2022-09-30 0001430723us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2022-09-30 0001430723us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2022-09-30 0001430723us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2022-09-30 0001430723us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2022-09-30 0001430723us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2022-09-30 0001430723us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2022-09-30 0001430723us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2022-09-30 0001430723us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2022-09-30 0001430723us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2022-09-30 0001430723us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2022-09-30 0001430723us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2022-09-30 0001430723us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-09-30 0001430723us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-09-30 0001430723us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-09-30 0001430723us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-09-30 0001430723us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2022-09-30 0001430723us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2022-09-30 0001430723us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2022-09-30 0001430723us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2022-09-30 0001430723us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-30 0001430723us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-30 0001430723us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-30 0001430723us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-30 0001430723us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-30 0001430723us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-30 0001430723us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-30 0001430723us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2021-12-31 0001430723us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2021-12-31 0001430723us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2021-12-31 0001430723us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2021-12-31 0001430723us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-12-31 0001430723us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-12-31 0001430723us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-12-31 0001430723us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-12-31 0001430723us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2021-12-31 0001430723us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2021-12-31 0001430723us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2021-12-31 0001430723us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2021-12-31 0001430723us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-31 0001430723us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-31 0001430723us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-31 0001430723us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-31 0001430723us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-12-31 0001430723us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-12-31 0001430723us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-12-31 0001430723us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-12-31 0001430723us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-31 0001430723us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-31 0001430723us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-31 0001430723us-gaap:FairValueMeasurementsRecurringMember2021-12-31 0001430723us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-31 0001430723us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-31 0001430723us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-31 0001430723us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-31 0001430723us-gaap:FairValueMeasurementsNonrecurringMember2022-09-30 0001430723us-gaap:FairValueMeasurementsNonrecurringMember2021-12-31 0001430723us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-30 0001430723us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-30 0001430723us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-30 0001430723us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-31 0001430723us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-31 0001430723us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-31 0001430723us-gaap:DomesticCorporateDebtSecuritiesMember2022-06-30 0001430723us-gaap:DomesticCorporateDebtSecuritiesMember2021-06-30 0001430723us-gaap:DomesticCorporateDebtSecuritiesMember2021-12-31 0001430723us-gaap:DomesticCorporateDebtSecuritiesMember2020-12-31 0001430723us-gaap:DomesticCorporateDebtSecuritiesMember2022-07-012022-09-30 0001430723us-gaap:DomesticCorporateDebtSecuritiesMember2021-07-012021-09-30 0001430723us-gaap:DomesticCorporateDebtSecuritiesMember2022-01-012022-09-30 0001430723us-gaap:DomesticCorporateDebtSecuritiesMember2021-01-012021-09-30 0001430723us-gaap:DomesticCorporateDebtSecuritiesMember2022-09-30 0001430723us-gaap:DomesticCorporateDebtSecuritiesMember2021-09-30 0001430723us-gaap:FairValueInputsLevel1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-30 0001430723us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-30 0001430723us-gaap:FairValueInputsLevel1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-31 0001430723us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-31 0001430723us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-30 0001430723us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-30 0001430723us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-31 0001430723us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-31 0001430723us-gaap:FairValueInputsLevel3Member2022-09-30 0001430723us-gaap:FairValueInputsLevel3Member2021-12-31 0001430723us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-09-30 0001430723us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-30 0001430723us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-31 0001430723us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-31
 

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 SEPTEMBER 30, 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 each 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 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 practicable date.

 

ClassOutstanding as of October 27, 2022
Common stock, $.001 par value54,324,375

 

 

 

 

 

 

 

 

 

 

 

 

 

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

27

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

43

Item 4.

Controls and Procedures

44
     

PART II. OTHER INFORMATION

44

Item 1.

Legal Proceedings

44

Item 1A.

Risk Factors

44

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

45

Item 3.

Defaults Upon Senior Securities

45

Item 4.

Mine Safety Disclosures

45

Item 5.

Other Information

45

Item 6.

Exhibits

45

 

 

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)

 

 

         
  

September 30, 2022

  

December 31, 2021

 
  

(Unaudited)

   (1) 

ASSETS

        

Cash and due from banks

 $249,051  $56,934 

Interest-bearing balances due from depository institutions

  156,959   4,106,790 

Federal funds sold

  82,316   58,372 

Cash and cash equivalents

  488,326   4,222,096 

Available for sale debt securities, at fair value

  665,763   842,570 

Held to maturity debt securities (fair value $942,282 at September 30, 2022 and $466,286 at December 31, 2021)

  1,048,840   462,957 

Restricted equity securities

  7,734   7,311 

Mortgage loans held for sale

  2,003   1,114 

Loans

  11,278,614   9,532,934 

Less allowance for credit losses

  (140,967)  (116,660)

Loans, net

  11,137,647   9,416,274 

Premises and equipment, net

  59,080   60,300 

Accrued interest and dividends receivable

  39,946   34,831 

Deferred tax asset, net

  54,599   37,772 

Other real estate owned and repossessed assets

  1,245   1,208 

Bank owned life insurance contracts

  286,152   283,074 

Goodwill and other identifiable intangible assets

  13,615   13,638 

Other assets

  85,080   65,661 

Total assets

 $13,890,030  $15,448,806 

LIABILITIES AND STOCKHOLDERS' EQUITY

        

Liabilities:

        

Deposits:

        

Non-interest-bearing demand

 $3,661,936  $4,799,767 

Interest-bearing

  7,389,979   7,653,069 

Total deposits

  11,051,915   12,452,836 

Federal funds purchased

  1,466,322   1,711,777 

Other borrowings

  64,721   64,706 

Accrued interest and dividends payable

  14,881   13,619 

Other liabilities

  49,602   53,853 

Total liabilities

  12,647,441   14,296,791 

Stockholders' equity:

        

Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at September 30, 2022 and December 31, 2021

  -   - 

Common stock, par value $0.001 per share; 200,000,000 shares authorized, 54,324,007 shares issued and outstanding at September 30, 2022; and 100,000,000 shares authorized, 54,227,060 shares issued and outstanding at December 31, 2021

  54   54 

Additional paid-in capital

  228,738   226,397 

Retained earnings

  1,057,387   911,008 

Accumulated other comprehensive (loss) income

  (44,090)  14,056 

Total stockholders' equity attributable to ServisFirst Bancshares, Inc.

  1,242,089   1,151,515 

Noncontrolling interest

  500   500 

Total stockholders' equity

  1,242,589   1,152,015 

Total liabilities and stockholders' equity

 $13,890,030  $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 per share amounts)

 

(Unaudited)

 

 

                                 
   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2022

   

2021

   

2022

   

2021

 

Interest income:

                               

Interest and fees on loans

  $ 131,375     $ 96,119     $ 345,767     $ 285,373  

Taxable securities

    11,089       6,544       29,827       18,666  

Nontaxable securities

    30       62       110       255  

Federal funds sold

    632       4       738       11  

Other interest and dividends

    6,173       1,507       12,600       3,046  

Total interest income

    149,299       104,236       389,042       307,351  

Interest expense:

                               

Deposits

    13,655       6,581       25,925       20,298  

Borrowed funds

    9,226       1,335       14,609       3,700  

Total interest expense

    22,881       7,916       40,534       23,998  

Net interest income

    126,418       96,320       348,508       283,353  

Provision for credit losses

    15,603       5,963       30,472       23,066  

Net interest income after provision for credit losses

    110,815       90,357       318,036       260,287  

Noninterest income:

                               

Service charges on deposit accounts

    1,892       1,727       6,167       5,542  

Mortgage banking

    784       1,423       1,924       6,869  

Credit card income

    2,612       2,043       7,656       5,147  

Securities (losses) gains

    -       -       (6,168 )     620  

Increase in cash surrender value life insurance

    1,637       1,671       4,878       5,012  

Other operating income

    2,014       1,162       11,936       2,897  

Total noninterest income

    8,939       8,026       26,393       26,087  

Noninterest expenses:

                               

Salaries and employee benefits

    19,687       17,995       58,722       50,425  

Equipment and occupancy expense

    3,140       2,996       9,056       8,494  

Third party processing and other services

    7,213       4,144       19,163       11,506  

Professional services

    1,036       948       3,355       2,978  

FDIC and other regulatory assessments

    975       1,630       3,254       4,637  

OREO expense

    21       123       56       820  

Other operating expenses

    10,613       6,541       26,118       15,740  

Total noninterest expenses

    42,685       34,377       119,724       94,600  

Income before income taxes

    77,069       64,006       224,705       191,774  

Provision for income taxes

    13,038       11,507       40,925       37,793  

Net income

    64,031       52,499       183,780       153,981  

Preferred stock dividends

    -       -       31       31  

Net income available to common stockholders

  $ 64,031     $ 52,499     $ 183,749     $ 153,950  
                                 

Basic earnings per common share

  $ 1.18     $ 0.97     $ 3.38     $ 2.84  

Diluted earnings per common share

  $ 1.17     $ 0.96     $ 3.37     $ 2.83  

 

See Notes to Consolidated Financial Statements.

 

5

 

 

SERVISFIRST BANCSHARES, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

(In thousands)

 

(Unaudited)

 

 

                 
  

Three Months Ended

  

Nine Months Ended

 
  

September 30,

  

September 30,

 
  

2022

  

2021

  

2022

  

2021

 

Net income

 $64,031  $52,499  $183,780  $153,981 

Other comprehensive loss, net of tax:

                

Unrealized net holding losses arising during period from securities available for sale, net of tax of $(5,707) and $(18,409) for the three and nine months ended September 30, 2022, respectively, and net of tax of $(1,798) and $(1,844) for the three and nine months ended September 30, 2021, respectively

  (21,471)  (6,764)  (62,301)  (6,937)

Amortization of net unrealized gains on securities transferred from available-for-sale to held-to-maturity, net of tax of $(70) and $(320) for three and nine months ended September 30, 2022, respectively, and net of tax of $(36) for the three and nine months ended September 30, 2021

  (262)  (136)  (1,208)  (136)

Reclassification adjustment for securities transferred from available-for-sale to held-to-maturity net of tax of $1,480 for the three and nine months ended September 30, 2021

  -   5,705   -   5,705 

Net losses on sales of securities, net of tax of $1,425 for nine months ended September 30, 2022, and net (gain) on call of securities, net of tax of $(130) for nine months ended September 30, 2021 reclassified from other comprehensive income into net income

  -   -   5,363   (490)

Other comprehensive loss, net of tax

  (21,733)  (1,195)  (58,146)  (1,858)

Comprehensive income

 $42,298  $51,304  $125,634  $152,123 

  

See Notes to Consolidated Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

6

 

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

 

(In thousands, except share amounts)(Unaudited)

 

 

  

Three Months Ended September 30,

 
  

Common Shares

  

Preferred Stock

  

Common Stock

  

Additional Paid-in Capital

  

Retained Earnings

  

Accumulated Other Comprehensive Income (Loss)

  

Noncontrolling interest

  

Total Stockholders' Equity

 

Balance, July 1, 2021

  54,201,204  $-  $54  $225,127  $828,048  $19,555  $500  $1,073,284 

Common dividends declared, $0.20 per share

  -   -   -   -   (10,842)  -   -   (10,842)

Dividends on nonvested restricted stock recognized as compensation expense

  -   -   -   -   26   -   -   26 

Issue restricted shares pursuant to stock incentives, net of forfeitures

  346   -   -   -   -   -   -   - 

Issue shares of common stock upon exercise of stock options

  5,597   -   -   159   -   -   -   159 

1,903 shares of common stock withheld in net settlement upon exercise of stock options

  -   -   -   (99)  -   -   -   (99)

Stock-based compensation expense

  -   -   -   461   -   -   -   461 

Other comprehensive loss, net of tax

  -   -   -   -   -   (1,195)  -   (1,195)

Net income

  -   -   -   -   52,499   -   -   52,499 

Balance, September 30, 2021

  54,207,147  $-  $54  $225,648  $869,731  $18,360  $500  $1,114,293 
                                 

Balance, July 1, 2022

  54,306,875  $-  $54  $227,906  $1,005,815  $(22,357) $500  $1,211,918 

Common dividends declared, $0.23 per share

  -   -   -   -   (12,494)  -   -   (12,494)

Dividends on nonvested restricted stock recognized as compensation expense

  -   -   -   -   35   -   -   35 

Issue restricted shares pursuant to stock incentives, net of forfeitures

  1,845   -   -   -   -   -   -   - 

Issue shares of common stock upon exercise of stock options

  15,287   -   -   218   -   -   -   218 

2,213 shares of common stock withheld in net settlement upon exercise of stock options

  -   -   -   (189)  -   -   -   (189)

Stock-based compensation expense

  -   -   -   803   -   -   -   803 

Other comprehensive loss, net of tax

  -   -   -   -   -   (21,733)  -   (21,733)

Net income

  -   -   -   -   64,031   -   -   64,031 

Balance, September 30, 2022

  54,324,007  $-  $54  $228,738  $1,057,387  $(44,090) $500  $1,242,589 

 

 

7

 

  

Nine Months Ended September 30,

 
  

Common Shares

  

Preferred Stock

  

Common Stock

  

Additional Paid-in Capital

  

Retained Earnings

  

Accumulated Other Comprehensive Income (Loss)

  

Noncontrolling interest

  

Total Stockholders' Equity

 

Balance, January 1, 2021

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

Common dividends paid, $0.40 per share

  -   -   -   -   (21,678)  -   -   (21,678)

Common dividends declared, $0.20 per share

  -   -   -   -   (10,842)  -   -   (10,842)

Preferred dividends paid

  -   -   -   -   (31)  -   -   (31)

Dividends on nonvested restricted stock recognized as compensation expense

  -   -   -   -   77   -   -   77 

Issue restricted shares pursuant to stock incentives, net of forfeitures

  57,570   -   -   -   -   -   -   - 

Issue shares of common stock upon exercise of stock options

  205,826   -   -   3,219   -   -   -   3,219 

51,374 shares of common stock withheld in net settlement upon exercise of stock options

  -   -   -   (2,737)  -   -   -   (2,737)

Stock-based compensation expense

  -   -   -   1,310   -   -   -   1,310 

Other comprehensive loss, net of tax

  -   -   -   -   -   (1,858)  -   (1,858)

Net income

  -   -   -   -   153,981   -   -   153,981 

Balance, September 30, 2021

  54,207,147  $-  $54  $225,648  $869,731  $18,360  $500  $1,114,293 
                                 

Balance, January 1, 2022

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

Common dividends paid, $0.46 per share

  -   -   -   -   (24,976)  -   -   (24,976)

Common dividends declared, $0.23 per share

  -   -   -   -   (12,494)  -   -   (12,494)

Preferred dividends paid

  -   -   -   -   (31)  -   -   (31)

Dividends on nonvested restricted stock recognized as compensation expense

  -   -   -   -   100   -   -   100 

Issue restricted shares pursuant to stock incentives, net of forfeitures

  44,613   -   -   -   -   -   -   - 

Issue shares of common stock upon exercise of stock options

  52,334   -   -   1,079   -   -   -   1,079 

13,166 shares of common stock withheld in net settlement upon exercise of stock options

  -   -   -   (1,129)  -   -   -   (1,129)

Stock-based compensation expense

  -   -   -   2,391   -   -   -   2,391 

Other comprehensive loss, net of tax

  -   -   -   -   -   (58,146)  -   (58,146)

Net income

  -   -   -   -   183,780   -   -   183,780 

Balance, September 30, 2022

  54,324,007  $-  $54  $228,738  $1,057,387  $(44,090) $500  $1,242,589 

  

See Notes to Consolidated Financial Statements.

 

8

 

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(In thousands) (Unaudited)

 

 

  

Nine Months Ended September 30,

 
  

2022

  

2021

 

OPERATING ACTIVITIES

        

Net income

 $183,780  $153,981 

Adjustments to reconcile net income to net cash provided by

        

Deferred tax

  476   12 

Provision for credit losses

  30,472   23,066 

Depreciation

  3,155   3,074 

Accretion on acquired loans

  108   43 

Amortization of core deposit intangible

  23   203 

Amortization of investments in tax credit partnerships

  8,786   3,516 

Net amortization of debt securities available for sale

  2,352   3,689 

(Increase) decrease in accrued interest and dividends receivable

  (5,115)  3,026 

Stock-based compensation expense

  2,391   1,310 

Increase in accrued interest payable

  1,262   376 

Proceeds from sale of mortgage loans held for sale

  38,564   221,548 

Originations of mortgage loans held for sale

  (37,529)  (200,832)

Loss (gain) on sale of securities available for sale

  6,168   (620)

Gain on sale of mortgage loans held for sale

  (1,924)  (6,869)

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

  (239)  282 

Write down of other real estate owned and repossessed assets

  7   876 

Operating losses of tax credit partnerships

  -   4 

Increase in cash surrender value of life insurance contracts

  (4,878)  (5,012)

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

  (29,074)  (6,144)

Net cash provided by operating activities

  198,785   195,529 

INVESTMENT ACTIVITIES

        

Purchases of debt securities available for sale

  (76,360)  (298,684)

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

  95,691   188,559 

Proceeds from sale of debt securities available for sale

  75,036   - 

Purchases of debt securities held to maturity

  (648,266)  - 

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

  60,854   - 

Purchases of restricted equity securities

  (423)  - 

Investment in tax credit partnership and SBIC

  (16,295)  (10,546)

Return of capital from TC Partnerships and SBIC

  434   - 

Increase in loans

  (1,752,905)  (350,643)

Purchases of premises and equipment

  (1,935)  (9,058)
Proceeds from death benefit of bank owned life insurance contracts  1,800   - 

Proceeds from sale of other real estate owned and repossessed assets

  1,240   911 

Expenditures for other real estate owned

  (93)  - 

Net cash used in investing activities

  (2,261,222)  (479,461)

FINANCING ACTIVITIES

        

Net (decrease) increase in non-interest-bearing deposits

  (1,137,831)  1,577,882 

Net (decrease) increase in interest-bearing deposits

  (263,090)  525,064 

Net (decrease) increase in federal funds purchased

  (245,455)  435,211 

Proceeds from exercise of stock options

  1,079   3,219 

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

  (1,129)  (2,737)

Dividends paid on common stock

  (24,876)  (21,601)

Dividends paid on preferred stock

  (31)  (31)

Net cash (used in) provided by financing activities

  (1,671,333)  2,517,007 

Net (decrease) increase in cash and cash equivalents

  (3,733,770)  2,233,075 

Cash and cash equivalents at beginning of period

  4,222,096   2,211,411 

Cash and cash equivalents at end of period

 $488,326  $4,444,486 

SUPPLEMENTAL DISCLOSURE

        

Cash paid/(received) for:

        

Interest

 $39,272  $23,622 

Income taxes

  55,375   51,308 

Income tax refund

  (142)  (3)

NONCASH TRANSACTIONS

        

Other real estate acquired in settlement of loans

 $1,045  $1,419 

Internally financed sale of other real estate owned

  -   3,779 

Dividends on nonvested restricted stock reclassified as compensation expense

  100   77 

Dividends declared

  12,494   10,842 

  

See Notes to Consolidated Financial Statements.

 

9

 

SERVISFIRST BANCSHARES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2022

(Unaudited)

 

 

NOTE 1 - GENERAL

 

The accompanying unaudited 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, 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 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. The difference in earnings per share under the two-class method was not significant for the three and nine months ended September 30, 2022 and 2021, respectively.

 

  

Three Months Ended September 30,

  

Nine Months Ended September 30,

 
  

2022

  

2021

  

2022

  

2021

 
  

(In Thousands, Except Shares and Per Share Data)

 

Earnings per common share

                

Weighted average common shares outstanding

  54,315,671   54,205,565   54,291,739   54,143,324 

Net income available to common stockholders

 $64,031  $52,499  $183,749  $153,950 

Basic earnings per common share

 $1.18  $0.97  $3.38  $2.84 
                 

Weighted average common shares outstanding

  54,315,671   54,205,565   54,291,739   54,143,324 

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

  231,011   272,175   242,054   296,680 

Weighted average common and dilutive potential common shares outstanding

  54,546,682   54,477,740   54,533,793   54,440,004 

Net income available to common stockholders

 $64,031  $52,499  $183,749  $153,950 

Diluted earnings per common share

 $1.17  $0.96  $3.37  $2.83 

 

 

NOTE 4 - SECURITIES

 

The amortized cost and fair value of available-for-sale and held-to-maturity securities at September 30, 2022 and December 31, 2021 are summarized as follows:

 

10

 
      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gain

  

Loss

  

Value

 

September 30, 2022

 

(In Thousands)

 

Debt Securities Available for Sale

                

U.S. Treasury Securities

 $6,003  $-  $(51) $5,952 

Government Agency Securities

  9   -   -   9 

Mortgage-backed securities

  294,289   3   (36,528)  257,764 

State and municipal securities

  16,677   2   (1,659)  15,020 

Corporate debt

  410,685   5   (23,671)  387,019 

Total

 $727,663  $10  $(61,910) $665,763 

Debt Securities Held to Maturity