Company Quick10K Filing
ServisFirst Bancshares
Price33.56 EPS2
Shares54 P/E17
MCap1,815 P/FCF18
Net Debt-1,047 EBIT238
TEV769 TEV/EBIT3
TTM 2019-09-30, in MM, except price, ratios
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10-K 2013-12-31 Filed 2014-03-07
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10-K 2012-12-31 Filed 2013-03-12
10-Q 2012-09-30 Filed 2012-10-31
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10-Q 2012-03-31 Filed 2012-05-01
10-K 2011-12-31 Filed 2012-03-07
10-Q 2011-09-30 Filed 2011-11-01
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10-Q 2011-03-31 Filed 2011-05-03
10-K 2010-12-31 Filed 2011-03-08
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10-K 2009-12-31 Filed 2010-03-08
8-K 2020-11-16
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8-K 2020-11-06
8-K 2020-10-21
8-K 2020-10-19
8-K 2020-09-21
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8-K 2020-07-20
8-K 2020-06-15
8-K 2020-05-06
8-K 2020-04-23
8-K 2020-04-20
8-K 2020-03-16
8-K 2020-01-21
8-K 2019-11-04
8-K 2019-10-21
8-K 2019-10-21
8-K 2019-10-21
8-K 2019-09-16
8-K 2019-08-29
8-K 2019-07-15
8-K 2019-06-17
8-K 2019-05-01
8-K 2019-04-17
8-K 2019-04-15
8-K 2019-03-18
8-K 2019-02-07
8-K 2019-01-22
8-K 2018-12-17
8-K 2018-10-30
8-K 2018-10-17
8-K 2018-10-15
8-K 2018-09-17
8-K 2018-09-17
8-K 2018-08-15
8-K 2018-07-19
8-K 2018-06-18
8-K 2018-05-23
8-K 2018-05-15
8-K 2018-04-16
8-K 2018-03-21
8-K 2018-02-20
8-K 2018-02-09
8-K 2018-01-22

SFBS 10Q Quarterly Report

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
EX-10.3 ex_243638.htm
EX-10.4 ex_243639.htm
EX-31.01 ex_243545.htm
EX-31.02 ex_243546.htm
EX-32.01 ex_243547.htm
EX-32.02 ex_243548.htm

ServisFirst Bancshares Earnings 2021-03-31

Balance SheetIncome StatementCash Flow

sfbs20210331_10q.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_________________________

FORM 10-Q

logo.jpg

 

(Mark one)

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

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2021

 

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

For the transition period from _______to_______

 

Commission file number 001-36452

 

SERVISFIRST BANCSHARES, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware26-0734029

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer 

Identification No.)

 

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

 

(205) 949-0302

(Registrant's Telephone Number, Including Area Code)

 

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

 

Title of each class

Trading Symbol(s)

Name of exchange on which registered

Common stock, par value $.001 per share

SFBS

NASDAQ Global Select Market

 

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

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

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

 

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

 

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

 

 

 

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

 

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

 

ClassOutstanding as of April 26, 2021
Common stock, $.001 par value54,152,882

                                                    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

4

Item 1.

Consolidated Financial Statements

4

Item 2.

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

26

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

39

Item 4.

Controls and Procedures

39

   

PART II. OTHER INFORMATION

40

Item 1

Legal Proceedings

40

Item 1A.

Risk Factors

40

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

40

Item 3.

Defaults Upon Senior Securities

40

Item 4.

Mine Safety Disclosures

40

Item 5.

Other Information

40

Item 6.

Exhibits

40

 

EX-10.3 Form of ServisFirst Bancshares, Inc. Restricted Stock Award Agreement

EX-10.4 Form of ServisFirst Bancshares, Inc. Performance Share Award Agreement

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. CONSOLIDATED FINANCIAL STATEMENTS

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED BALANCE SHEETS

 

(In thousands, except share and per share amounts)

 
         
  

March 31, 2021

  

December 31, 2020

 
  

(Unaudited)

   (1) 

ASSETS

        

Cash and due from banks

 $70,107  $93,655 

Interest-bearing balances due from depository institutions

  2,738,046   2,115,985 

Federal funds sold

  1,577   1,771 

Cash and cash equivalents

  2,809,730   2,211,411 

Available for sale debt securities, at fair value

  961,879   886,688 

Held to maturity debt securities (fair value of $250 at March 31, 2021 and December 31, 2020)

  250   250 

Mortgage loans held for sale

  15,834   14,425 

Loans

  8,504,980   8,465,688 

Less allowance for credit losses

  (94,906)  (87,942)

Loans, net

  8,410,074   8,377,746 

Premises and equipment, net

  56,472   54,969 

Accrued interest and dividends receivable

  36,348   36,841 

Deferred tax assets, net

  32,126   31,072 

Other real estate owned and repossessed assets

  2,067   6,497 

Bank owned life insurance contracts

  278,045   276,387 

Goodwill and other identifiable intangible assets

  13,841   13,908 

Other assets

  30,708   22,460 

Total assets

 $12,647,374  $11,932,654 

LIABILITIES AND STOCKHOLDERS' EQUITY

        

Liabilities:

        

Deposits:

        

Noninterest-bearing

 $3,044,611  $2,788,772 

Interest-bearing

  7,532,999   7,186,952 

Total deposits

  10,577,610   9,975,724 

Federal funds purchased

  911,558   851,545 

Other borrowings

  64,691   64,748 

Accrued interest payable

  12,865   12,321 

Other liabilities

  50,165   35,464 

Total liabilities

  11,616,889   10,939,802 

Stockholders' equity:

        

Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at March 31, 2021 and December 31 2020

  -   - 

Common stock, par value $0.001 per share; 100,000,000 shares authorized; 54,137,650 shares issued and outstanding at March 31, 2021, and 53,943,751 shares issued and outstanding at December 31 2020

  54   54 

Additional paid-in capital

  224,302   223,856 

Retained earnings

  788,875   748,224 

Accumulated other comprehensive income

  16,754   20,218 

Total stockholders' equity attributable to ServisFirst Bancshares, Inc.

  1,029,985   992,352 

Noncontrolling interest

  500   500 

Total stockholders' equity

  1,030,485   992,852 

Total liabilities and stockholders' equity

 $12,647,374  $11,932,654 

 

(1) derived from audited financial statements.

 

See Notes to Consolidated Financial Statements.

 

4

 

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED STATEMENTS OF INCOME

 

(In thousands, except share and per share amounts)

 

(Unaudited)

 
   

Three Months Ended March 31,

 
   

2021

   

2020

 

Interest income:

               

Interest and fees on loans

  $ 93,803     $ 89,385  

Taxable securities

    5,807       5,154  

Nontaxable securities

    107       233  

Federal funds sold

    3       277  

Other interest and dividends

    676       1,718  

Total interest income

    100,396       96,767  

Interest expense:

               

Deposits

    6,881       16,745  

Borrowed funds

    1,150       2,382  

Total interest expense

    8,031       19,127  

Net interest income

    92,365       77,640  

Provision for credit losses

    7,451       13,584  

Net interest income after provision for credit losses

    84,914       64,056  

Noninterest income:

               

Service charges on deposit accounts

    1,908       1,916  

Mortgage banking

    2,747       1,071  

Credit card income

    1,192       1,765  

Increase in cash surrender value life insurance

    1,658       1,453  

Other operating income

    958       469  

Total noninterest income

    8,463       6,674  

Noninterest expense:

               

Salaries and employee benefits

    15,543       15,658  

Equipment and occupancy

    2,654       2,400  

Third party processing and other services

    3,416       3,457  

Professional services

    923       948  

FDIC and other regulatory assessments

    1,582       1,332  

Other real estate owned

    157       601  

Other operating expense

    4,639       3,524  

Total noninterest expense

    28,914       27,920  

Income before income taxes

    64,463       42,810  

Provision for income taxes

    13,008       8,032  

Net income

    51,455       34,778  

Dividends on preferred stock

    -       -  

Net income available to common stockholders

  $ 51,455     $ 34,778  

Basic earnings per common share

  $ 0.95     $ 0.65  

Diluted earnings per common share

  $ 0.95     $ 0.64  

 

See Notes to Consolidated Financial Statements.

 

5

 

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

(In thousands)

 

(Unaudited)

 
  

Three Months Ended March 31,

 
  

2021

  

2020

 

Net income

 $51,455  $34,778 

Other comprehensive (loss) income, net of tax:

        

Unrealized net holding (losses) gains arising during period from securities available for sale, net of tax of $(917) and $3,110 for 2021 and 2020, respectively

  (3,464)  11,699 

Other comprehensive (loss) income, net of tax

  (3,464)  11,699 

Comprehensive income

 $47,991  $46,477 

 

 

See Notes to Consolidated Financial Statements.

 

 

 

 

 

 

 

 

 

 

6

 

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

 

(In thousands, except share amounts)

 

(Unaudited)

 
  

Three Months Ended March 31,

 
                      

Accumulated

         
              

Additional

      

Other

      

Total

 
  

Common

  

Preferred

  

Common

  

Paid-in

  

Retained

  

Comprehensive

  

Noncontrolling

  

Stockholders'

 
  

Shares

  

Stock

  

Stock

  

Capital

  

Earnings

  

Income (loss)

  

Interest

  

Equity

 

Balance, January 1, 2020

  53,623,740  $-  $54  $219,766  $616,611  $5,749  $502  $842,682 

Common dividends declared, $0.175 per share

  -   -   -   -   (9,423)  -   -   (9,423)

Dividends on nonvested restricted stock recognized as compensation expense

  -   -   -   -   14   -   -   14 

Issue restricted shares pursuant to stock incentives

  15,300   -   -   -   -   -   -   - 

Issue shares of common stock upon exercise of stock options

  204,969   -   -   2,261   -   -   -   2,261 

11,031 shares of common stock withheld in net settlement upon exercise of stock options

  -   -   -   (403)  -   -   -   (403)

Stock-based compensation expense

  -   -   -   277   -   -   -   277 

Other comprehensive income, net of tax

  -   -   -   -   -   11,699   -   11,699 

Net income

  -   -   -   -   34,778   -   -   34,778 

Balance, March 31, 2020

  53,844,009  $-  $54  $221,901  $641,980  $17,448  $502  $881,885 
                                 

Balance, January 1, 2021

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

Common dividends declared, $0.20 per share

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

Dividends on nonvested restricted stock recognized as compensation expense

  -   -   -   -   25   -   -   25 

Issue restricted shares pursuant to stock incentives, net of forfeitures

  42,642   -   -   -   -   -   -   - 

Issue shares of common stock upon exercise of stock options

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

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

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

Stock-based compensation expense

  -   -   -   291   -   -   -   291 

Other comprehensive loss, net of tax

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

Net income

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

Balance, March 31, 2021

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

 

See Notes to Consolidated Financial Statements.

 

7

 

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(In thousands) (Unaudited)

 
   

Three Months Ended March 31,

 
   

2021

   

2020

 

OPERATING ACTIVITIES

               

Net income

  $ 51,455     $ 34,778  

Adjustments to reconcile net income to net cash provided by

               

Deferred tax benefit

    (137 )     (1,267 )

Provision for credit losses

    7,451       13,584  

Depreciation

    1,015       921  

Amortization of core deposit intangible

    67       68  

Net amortization of debt securities available for sale

    1,701       966  

Increase in accrued interest and dividends receivable

    493       948  

Stock-based compensation expense

    291       277  

Increase in accrued interest payable

    544       465  

Proceeds from sale of mortgage loans held for sale

    90,227       36,308  

Originations of mortgage loans held for sale

    (88,889 )     (35,672 )

Gain on sale of mortgage loans held for sale

    (2,747 )     (1,071 )

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

    334       (24 )

Write down of other real estate owned and repossessed assets

    147       587  

Operating losses of tax credit partnerships

    4       3  

Increase in cash surrender value of life insurance contracts

    (1,658 )     (1,453 )

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

    6,462       2,814  

Net cash provided by operating activities

    66,760       52,232  

INVESTMENT ACTIVITIES

               

Purchase of debt securities available for sale

    (149,719 )     (80,149 )

Proceeds from maturities, calls and paydowns of debt securities

               

available for sale

    72,194       26,778  

Investment in tax credit partnership and SBIC

    (56 )     (111 )

Increase in loans

    (40,193 )     (312,426 )

Purchase of premises and equipment

    (2,518 )     (417 )

Proceeds from sale of other real estate owned and repossessed assets

    584       454  

Net cash used in investing activities

    (119,708 )     (365,871 )

FINANCING ACTIVITIES

               

Net increase in non-interest-bearing deposits

    255,839       175,747  

Net increase in interest-bearing deposits

    346,047       126,475  

Net increase in federal funds purchased

    60,013       72,874  

Proceeds from exercise of stock options

    1,865       2,261  

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

    (1,710 )     (403 )

Dividends paid on common stock

    (10,787 )     (9,384 )

Net cash provided by financing activities

    651,267       367,570  

Net increase in cash and cash equivalents

    598,319       53,931  

Cash and cash equivalents at beginning of period

    2,211,411       630,600  

Cash and cash equivalents at end of period

  $ 2,809,730     $ 684,531  

SUPPLEMENTAL DISCLOSURE

               

Cash paid for:

               

Interest

  $ 7,487     $ 18,662  

Income taxes

    4,294       400  

NONCASH TRANSACTIONS

               

Other real estate acquired in settlement of loans

  $ 364     $ 287  

Internally financed sale of other real estate owned

    3,779       -  

Dividends declared

    10,829       9,423  

 

See Notes to Consolidated Financial Statements.

 

8

 

SERVISFIRST BANCSHARES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2021

(Unaudited)

 

 

NOTE 1 - GENERAL

 

The accompanying consolidated financial statements in this report have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, including Regulation S-X and the instructions for Form 10-Q, and have not been audited. These consolidated financial statements do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments necessary to present fairly the consolidated financial position and the consolidated results of operations for the interim periods have been made. All such adjustments are of a normal nature. The consolidated results of operations are not necessarily indicative of the consolidated results of operations which ServisFirst Bancshares, Inc. (the “Company”) may achieve for future interim periods or the entire year. For further information, refer to the consolidated financial statements and footnotes included in the Company’s Form 10-K for the year ended December 31, 2020.

 

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

 

Allowance for Credit Losses

 

The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was passed on March 27, 2020 and provided financial institutions with the option to delay adoption of ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“CECL”). As described below under Recently Adopted Accounting Pronouncements, the Company decided to delay its adoption of ASU 2016-13, as provided by the CARES Act, until the earlier of the date on which the national emergency concerning COVID-19 terminates or December 31, 2020, with an effective retrospective implementation date of January 1, 2020. Prior to January 1, 2020, except quarterly periods in 2020 which were not restated, the allowance for credit losses was calculated using an incurred losses methodology.

 

 

NOTE 2 - CASH AND CASH EQUIVALENTS

 

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

 

 

NOTE 3 - EARNINGS PER COMMON SHARE

 

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

 

   

Three Months Ended March 31,

 
   

2021

   

2020

 
   

(In Thousands, Except Shares and Per Share Data)

 

Earnings per common share

               

Weighted average common shares outstanding

    54,050,670       53,704,224  

Net income available to common stockholders

  $ 51,455     $ 34,778  

Basic earnings per common share

  $ 0.95     $ 0.65  
                 

Weighted average common shares outstanding

    54,050,670       53,704,224  

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

    331,321       463,190  

Weighted average common and dilutive potential common shares outstanding

    54,381,991       54,167,414  

Net income available to common stockholders

  $ 51,455     $ 34,778  

Diluted earnings per common share

  $ 0.95     $ 0.64  

 

9

 
 

NOTE 4 - SECURITIES

 

The amortized cost and fair value of available-for-sale and held-to-maturity securities at March 31, 2021 and December 31, 2020 are summarized as follows:

 

  

Amortized Cost

  

Gross Unrealized Gain

  

Gross Unrealized Loss

  

Allowance For Credit Losses

  

Fair Value

 

March 31, 2021

 

(In Thousands)

 

Available for sale debt securities

                    

U.S. Treasury Securities

 $13,995  $301  $-  $-  $14,296 

Government Agency Securities

  12,020   170   -   -   12,190 

Mortgage-backed securities

  558,985   13,352   (2,795)  -   569,542 

State and municipal securities

  33,408   303   (189)  -   33,522 

Corporate debt

  322,320   10,288   (279)  -   332,329 

Total

 $940,728  $24,414 </