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
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-10-29
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-04-30
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-10-30
10-Q 2018-06-30 Filed 2018-07-31
10-Q 2018-03-31 Filed 2018-05-01
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-10-31
10-Q 2017-06-30 Filed 2017-08-01
10-Q 2017-03-31 Filed 2017-05-02
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-01
10-Q 2016-06-30 Filed 2016-08-02
10-Q 2016-03-31 Filed 2016-05-03
10-K 2015-12-31 Filed 2016-02-24
10-Q 2015-09-30 Filed 2015-11-03
10-Q 2015-06-30 Filed 2015-08-04
10-Q 2015-03-31 Filed 2015-05-05
10-K 2014-12-31 Filed 2015-03-03
10-Q 2014-09-30 Filed 2014-10-29
10-Q 2014-06-30 Filed 2014-07-30
10-Q 2014-03-31 Filed 2014-04-25
10-K 2013-12-31 Filed 2014-03-07
10-Q 2013-09-30 Filed 2013-10-30
10-Q 2013-06-30 Filed 2013-07-31
10-Q 2013-03-31 Filed 2013-05-01
10-K 2012-12-31 Filed 2013-03-12
10-Q 2012-09-30 Filed 2012-10-31
10-Q 2012-06-30 Filed 2012-07-31
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
10-Q 2011-06-30 Filed 2011-08-03
10-Q 2011-03-31 Filed 2011-05-03
10-K 2010-12-31 Filed 2011-03-08
10-Q 2010-09-30 Filed 2010-11-01
10-Q 2010-06-30 Filed 2010-08-03
10-Q 2010-03-31 Filed 2010-04-30
10-K 2009-12-31 Filed 2010-03-08
8-K 2020-09-08 Regulation FD, Exhibits
8-K 2020-07-20 Earnings, Regulation FD, Exhibits
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-31.01 ex_194969.htm
EX-31.02 ex_194968.htm
EX-32.01 ex_194967.htm
EX-32.02 ex_194966.htm

ServisFirst Bancshares Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

sfbs20200630_10q.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_________________________

FORM 10-Q

 

(Mark one)

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

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020

 

 

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, Alabama 35209

(Address of Principal Executive Offices) (Zip Code)

 

(205) 949-0302

(Registrant's Telephone Number, Including Area Code)

 

Securities registered pursuant to Section 12(g) 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

The 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 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 July 27, 2020
Common stock, $.001 par value53,882,358

 

 

 

 

 

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

 

3

Item 1.

 

Financial Statements

 

3

Item 2.

 

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

 

24

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

40

Item 4.

 

Controls and Procedures

 

41

 

 

 

 

 

PART II. OTHER INFORMATION

 

41

Item 1.

 

Legal Proceedings

 

41

Item 1A.

 

Risk Factors

 

41

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

42

Item 3.

 

Defaults Upon Senior Securities

 

42

Item 4.

 

Mine Safety Disclosures

 

42

Item 5.

 

Other Information

 

42

Item 6.

 

Exhibits

 

42

 

 

EX-31.01 SECTION 302 CERTIFICATION OF THE CEO

EX-31.02 SECTION 302 CERTIFICATION OF THE CFO

EX-32.01 SECTION 906 CERTIFICATION OF THE CEO

EX-32.02 SECTION 906 CERTIFICATION OF THE CFO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

PART 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED BALANCE SHEETS

 

(In thousands, except share and per share amounts)

 
         
  

June 30, 2020

  

December 31, 2019

 
  

(Unaudited)

    (1) 

ASSETS

 

Cash and due from banks

 $102,282  $78,618 

Interest-bearing balances due from depository institutions

  1,444,293   451,509 

Federal funds sold

  2,352   100,473 

Cash and cash equivalents

  1,548,927   630,600 

Available for sale debt securities, at fair value

  856,128   759,399 

Held to maturity debt securities (fair value of $250 at June 30, 2020 and December 31, 2019)

  250   250 

Mortgage loans held for sale

  14,491   6,312 

Loans

  8,315,375   7,261,451 

Less allowance for loan losses

  (91,507)  (76,584)

Loans, net

  8,223,868   7,184,867 

Premises and equipment, net

  55,588   56,496 

Accrued interest and dividends receivable

  30,928   26,262 

Deferred tax assets

  23,307   25,566 

Other real estate owned and repossessed assets

  6,537   8,178 

Bank owned life insurance contracts

  212,312   209,395 

Goodwill and other identifiable intangible assets

  14,043   14,179 

Other assets

  25,816   26,149 

Total assets

 $11,012,195  $8,947,653 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

Liabilities:

 

Deposits:

 

Noninterest-bearing

 $2,678,893  $1,749,879 

Interest-bearing

  6,664,025   5,780,554 

Total deposits

  9,342,918   7,530,433 

Federal funds purchased

  635,606   470,749 

Other borrowings

  64,715   64,703 

Accrued interest payable

  11,710   11,934 

Other liabilities

  42,658   27,152 

Total liabilities

  10,097,607   8,104,971 

Stockholders' equity:

 

Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at June 30, 2020 and December 31, 2019

  -   - 

Common stock, par value $0.001 per share; 100,000,000 shares authorized; 53,874,276 shares issued and outstanding at June 30, 2020, and 53,623,740 shares issued and outstanding at December 31, 2019

  54   54 

Additional paid-in capital

  222,437   219,766 

Retained earnings

  672,984   616,611 

Accumulated other comprehensive income

  18,611   5,749 

Total stockholders' equity attributable to ServisFirst Bancshares, Inc.

  914,086   842,180 

Noncontrolling interest

  502   502 

Total stockholders' equity

  914,588   842,682 

Total liabilities and stockholders' equity

 $11,012,195  $8,947,653 

 

(1) Derived from audited financial statements.

 

See Notes to Consolidated Financial Statements.

 

3

 

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED STATEMENTS OF INCOME

 

(In thousands, except per share amounts)

 

(Unaudited)

 
                                 
   

Three Months Ended

   

Six Months Ended

 
   

June 30,

   

June 30,

 
   

2020

   

2019

   

2020

   

2019

 

Interest income:

 

Interest and fees on loans

  $ 89,383     $ 88,610     $ 178,768     $ 174,134  

Taxable securities

    5,092       4,193       10,246       7,939  

Nontaxable securities

    211       393       444       839  

Federal funds sold

    34       1,998       311       3,217  

Other interest and dividends

    360       2,593       2,078       5,357  

Total interest income

    95,080       97,787       191,847       191,486  

Interest expense:

 

Deposits

    10,756       24,240       27,501       46,385  

Borrowed funds

    1,090       3,462       3,472       6,238  

Total interest expense

    11,846       27,702       30,973       52,623  

Net interest income

    83,234       70,085       160,874       138,863  

Provision for loan losses

    10,283       4,884       23,867       9,769  

Net interest income after provision for loan losses

    72,951       65,201       137,007       129,094  

Noninterest income:

 

Service charges on deposit accounts

    1,823       1,786       3,739       3,488  

Mortgage banking

    2,107       1,087       3,178       1,662  

Credit card income

    1,398       1,741       3,163       3,317  

Securities losses

    -       (6 )     -       (6 )

Increase in cash surrender value life insurance

    1,464       778       2,917       1,540  

Other operating income

    241       392       710       721  

Total noninterest income

    7,033       5,778       13,707       10,722  

Noninterest expenses:

 

Salaries and employee benefits

    15,792       14,339       31,450       28,604  

Equipment and occupancy expense

    2,434       2,287       4,834       4,546  

Third party processing and other services

    3,513       2,724       6,858       5,135  

Professional services

    1,091       1,191       2,039       2,185  

FDIC and other regulatory assessments

    595       1,081       1,927       2,100  

OREO expense

    1,303       212       1,904       234  

Other operating expenses

    4,088       4,188       7,724       8,546  

Total noninterest expenses

    28,816       26,022       56,736       51,350  

Income before income taxes

    51,168       44,957       93,978       88,466  

Provision for income taxes

    10,720       9,324       18,752       17,823  

Net income

    40,448       35,633       75,226       70,643  

Preferred stock dividends

    31       31       31       31  

Net income available to common stockholders

  $ 40,417     $ 35,602     $ 75,195     $ 70,612  
                                 

Basic earnings per common share

  $ 0.75     $ 0.67     $ 1.40     $ 1.32  

Diluted earnings per common share

  $ 0.75     $ 0.66     $ 1.39     $ 1.31  

 

See Notes to Consolidated Financial Statements.

 

4

 

 

SERVISFIRST BANCSHARES, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

(In thousands)

 

(Unaudited)

 
                 
  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 
  

2020

  

2019

  

2020

  

2019

 

Net income

 $40,448  $35,633  $75,226  $70,643 

Other comprehensive income, net of tax:

 

Unrealized net holding gains arising during period from securities available for sale, net of tax of $309 and $3,419 for the three and six months ended June 30, 2020, respectively, and net of tax of $1,448 and $2,408 for the three and six months ended June 30, 2019, respectively

  1,163   5,282   12,862   9,054 

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

  -   5   -   5 

Other comprehensive income, net of tax

  1,163   5,287   12,862   9,059 

Comprehensive income

 $41,611  $40,920  $88,088  $79,702 

 

See Notes to Consolidated Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

 

(In thousands, except share amounts)(Unaudited)

 
                                 
  

Three Months Ended June 30,

 
  

Common Shares

  

Preferred Stock

  

Common Stock

  

Additional Paid-in Capital

  

Retained Earnings

  

Accumulated Other Comprehensive Income (Loss)

  

Noncontrolling interest

  

Total Stockholders' Equity

 

Balance, April 1, 2019

  53,495,208  $-  $53  $218,147  $527,853  $(969) $502  $745,586 

Common dividends declared, $0.15 per share

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

Preferred dividends paid

  -   -   -   -   (31)  -   -   (31)

Issue restricted shares pursuant to stock incentives, net of forfeitures

  5,674   -   -   -   -   -   -   - 

Issue shares of common stock upon exercise of stock options

  26,000   -   1   305   -   -   -   306 

Stock-based compensation expense

  -   -   -   206   -   -   -   206 

Other comprehensive income, net of tax

  -   -   -   -   -   5,287   -   5,287 

Net income

  -   -   -   -   35,633   -   -   35,633 

Balance, June 30, 2019

  53,526,882  $-  $54  $218,658  $555,425  $4,318  $502  $778,957 
                                 

Balance, April 1, 2020

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

Common dividends declared, $0.175 per share

  -   -   -   -   (9,413)  -   -   (9,413)

Preferred dividends paid

  -   -   -   -   (31)  -   -   (31)

Issue restricted shares pursuant to stock incentives, net of forfeitures

  10,267   -   -   -   -   -   -   - 

Issue shares of common stock upon exercise of stock options

  20,000   -   -   183   -   -   -   183 

Stock-based compensation expense

  -   -   -   353   -   -   -   353 

Other comprehensive loss, net of tax

  -   -   -   -   -   1,163   -   1,163 

Net income

  -   -   -   -   40,448   -   -   40,448 

Balance, June 30, 2020

  53,874,276  $-  $54  $222,437  $672,984  $18,611  $502  $914,588 

 

  

Six Months Ended June 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, 2019

  53,375,195  $-  $53  $218,521  $500,868  $(4,741) $502  $715,203 

Common dividends paid, $0.15 per share

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

Common dividends declared, $0.15 per share

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

Preferred dividends paid

  -   -   -   -   (31)  -   -   (31)

Issue restricted shares pursuant to stock incentives, net of forfeitures

  8,374   -   -   -   -   -   -   - 

Issue shares of common stock upon exercise of stock options

  143,313   -   1   1,102   -   -   -   1,103 

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

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

Stock-based compensation expense

  -   -   -   488   -   -