ServisFirst Bancshares, Inc. Announces Results For Fourth Quarter of 2024
ServisFirst Bancshares (NYSE: SFBS) reported strong Q4 2024 results with diluted earnings per share of $1.19, up 8% from Q3 2024 and 31% from Q4 2023. The company showed significant growth with deposits increasing by $397 million (12% annualized) and loans growing by $268 million (9% annualized) during the quarter.
Key financial highlights include net income of $65.2 million, a net interest margin increase of 12 basis points from Q3, and net interest income growth of $8.0 million (28% annualized). The company maintained strong liquidity with $2.4 billion in cash and no FHLB advances or brokered deposits. Credit quality remained robust with non-performing assets to total assets at 0.26%.
The company increased its cash dividend by 12% from $0.30 to $0.335 per share. Book value per share reached $29.63, up 12.0% year-over-year. The consolidated common equity tier 1 capital ratio improved from 10.91% to 11.42% year-over-year.
ServisFirst Bancshares (NYSE: SFBS) ha riportato risultati solidi per il quarto trimestre del 2024, con utili per azione diluiti di $1.19, in aumento dell'8% rispetto al terzo trimestre del 2024 e del 31% rispetto al quarto trimestre del 2023. La società ha mostrato una crescita significativa, con depositi aumentati di $397 milioni (12% annualizzato) e prestiti cresciuti di $268 milioni (9% annualizzato) durante il trimestre.
I principali punti finanziari includono un reddito netto di $65.2 milioni, un incremento del margine di interesse netto di 12 punti base rispetto al terzo trimestre e una crescita del reddito d'interesse netto di $8.0 milioni (28% annualizzato). L'azienda ha mantenuto una solida liquidità con $2.4 miliardi in contante e senza avanzamenti FHLB o depositi intermediati. La qualità del credito è rimasta robusta, con attività non performanti rispetto alle attività totali al 0.26%.
L'azienda ha aumentato il suo dividendo in contante del 12%, passando da $0.30 a $0.335 per azione. Il valore contabile per azione ha raggiunto i $29.63, con un aumento del 12.0% rispetto all'anno precedente. Il rapporto consolidato di capitale di base di classe 1 è migliorato dal 10.91% all'11.42% su base annua.
ServisFirst Bancshares (NYSE: SFBS) informó resultados fuertes para el cuarto trimestre de 2024, con ganancias por acción diluidas de $1.19, un aumento del 8% respecto al tercer trimestre de 2024 y del 31% en comparación con el cuarto trimestre de 2023. La compañía mostró un crecimiento significativo, con depósitos aumentando en $397 millones (12% anualizado) y préstamos creciendo en $268 millones (9% anualizado) durante el trimestre.
Los puntos destacados financieros incluyen un ingreso neto de $65.2 millones, un aumento del margen de interés neto de 12 puntos base respecto al tercer trimestre, y un crecimiento del ingreso neto por intereses de $8.0 millones (28% anualizado). La empresa mantuvo una sólida liquidez con $2.4 mil millones en efectivo y sin avances FHLB o depósitos intermediados. La calidad crediticia se mantuvo robusta, con activos no productivos en relación a los activos totales en 0.26%.
La compañía aumentó su dividendo en efectivo en un 12%, de $0.30 a $0.335 por acción. El valor contable por acción alcanzó $29.63, un aumento del 12.0% interanual. La relación del capital común de nivel 1 consolidado mejoró del 10.91% al 11.42% interanual.
ServisFirst Bancshares (NYSE: SFBS)는 2024년 4분기 실적을 발표하며, 희석 주당순이익이 $1.19로 2024년 3분기 대비 8% 증가하고 2023년 4분기 대비 31% 증가했다고 보고했습니다. 이 회사는 4분기 동안 예금이 $397백만(연율 12%) 증가하고 대출이 $268백만(연율 9%) 증가하는 등 중요한 성장을 보여주었습니다.
주요 재무 하이라이트로는 $65.2백만의 순이익, 3분기 대비 12bp 증가한 순이자 마진, $8.0백만(연율 28%) 증가한 순이자 수익이 포함됩니다. 회사는 $24억의 현금과 FHLB 자금 조달이나 중개 예금 없이 강한 유동성을 유지하고 있습니다. 신용 품질은 강력하게 유지되었으며, 비생산 자산이 총 자산의 0.26%에 해당합니다.
회사는 현금 배당금을 $0.30에서 $0.335로 12% 증가시켰습니다. 주당 장부 가치는 $29.63에 도달하여 연간 12.0% 증가했습니다. 통합된 보통주 1단계 자본 비율은 연간 10.91%에서 11.42%로 개선되었습니다.
ServisFirst Bancshares (NYSE: SFBS) a publié des résultats solides pour le quatrième trimestre 2024, avec un bénéfice net par action dilué de 1,19 USD, en hausse de 8 % par rapport au troisième trimestre 2024 et de 31 % par rapport au quatrième trimestre 2023. L’entreprise a montré une croissance significative, avec des dépôts augmentant de 397 millions USD (12 % annualisé) et des prêts en hausse de 268 millions USD (9 % annualisé) durant le trimestre.
Les principaux points financiers comprennent un revenu net de 65,2 millions USD, une augmentation de la marge d'intérêt nette de 12 points de base par rapport au troisième trimestre, et une croissance des revenus d'intérêt net de 8,0 millions USD (28 % annualisé). L’entreprise a maintenu une solide liquidité avec 2,4 milliards USD en espèces et aucune avance FHLB ou dépôts intermédiaires. La qualité du crédit est restée robuste, avec des actifs non performants représentant 0,26 % des actifs totaux.
L’entreprise a augmenté son dividende en espèces de 12 %, passant de 0,30 USD à 0,335 USD par action. La valeur comptable par action a atteint 29,63 USD, soit une augmentation de 12,0 % par rapport à l'année précédente. Le ratio de capital de base de niveau 1 consolidé s'est amélioré de 10,91 % à 11,42 % sur une base annuelle.
ServisFirst Bancshares (NYSE: SFBS) hat starke Ergebnisse für das vierte Quartal 2024 gemeldet, mit einem verwässerten Ergebnis je Aktie von 1,19 USD, das gegenüber dem dritten Quartal 2024 um 8 % und im Vergleich zum vierten Quartal 2023 um 31 % gestiegen ist. Das Unternehmen verzeichnete ein signifikantes Wachstum, mit einem Anstieg der Einlagen um 397 Millionen USD (12 % annualisiert) und einem Kreditwachstum von 268 Millionen USD (9 % annualisiert) im vierten Quartal.
Wichtige finanzielle Eckpunkte sind ein Nettogewinn von 65,2 Millionen USD, ein Anstieg der Nettozinsmarge um 12 Basispunkte gegenüber dem 3. Quartal und ein Anstieg der Nettozinseinnahmen um 8,0 Millionen USD (28 % annualisiert). Das Unternehmen hielt eine starke Liquidität mit 2,4 Milliarden USD in bar und keinen FHLB-Darlehen oder vermittelten Einlagen. Die Kreditqualität blieb robust, mit nicht-leistungsfähigen Vermögenswerten, die 0,26 % der Gesamtvermögen ausmachten.
Das Unternehmen hat seine Bar-Dividende um 12 % von 0,30 USD auf 0,335 USD pro Aktie erhöht. Der Buchwert pro Aktie erreichte 29,63 USD, was einem Anstieg von 12,0 % im Jahresvergleich entspricht. Die konsolidierte Eigenkapitalquote für die erste Stufe verbesserte sich im Jahresvergleich von 10,91 % auf 11,42 %.
- Diluted EPS increased 31% YoY to $1.19
- Net interest income grew by $8.0 million (28% annualized)
- Deposits increased by $397 million (12% annualized)
- Loans grew by $268 million (9% annualized)
- Cash dividend increased 12% to $0.335 per share
- Strong liquidity position with $2.4 billion cash on hand
- Book value per share up 12.0% YoY to $29.63
- Non-performing assets increased to 0.26% from 0.14% YoY
- Loan yields decreased to 6.43% from 6.62% in Q3 2024
- Investment yields declined to 3.49% from 3.57% in Q3 2024
Insights
ServisFirst delivered an impressive fourth quarter performance that demonstrates strong fundamental improvements and operational efficiency. The 54.9% year-over-year increase in net income to
The net interest margin expansion to
The efficiency ratio improved significantly to
Credit quality metrics warrant attention - while still strong with NPAs at
The bank's capital position strengthened considerably, with the CET1 ratio improving to
Fourth Quarter 2024 Highlights:
-
Diluted earnings per share of
$1.19 -
Diluted earnings per share increased
8% from the third quarter of 2024, and31% from the year-ago quarter on an adjusted basis*. - Net interest margin increased 12 basis points from the third quarter of 2024.
-
Net interest income increased by
$8.0 million 28% annualized, during the quarter. -
Deposits grew by
$397 million 12% annualized, during the quarter. -
Loans grew by
$268 million 9% annualized, during the quarter. -
Cash dividend increased from
$0.30 $0.33 512% increase. -
Book value per share of
$29.63 12.0% from the fourth quarter of 2023 and11.6% annualized, from the third quarter of 2024. -
Liquidity remains solid with
$2.4 billion -
Consolidated common equity tier 1 capital to risk-weighted assets increased from
10.91% to11.42% year-over-year. -
Credit quality continues to be strong with non-performing assets to total assets of
0.26% .
Tom Broughton, Chairman, President, and CEO, said, “With a solid loan pipeline, an improving margin, strong liquidity and strong credit quality, we are optimistic about the outlook for the bank for 2025.”
Ed Woodie, Interim CFO, said, “We continue to enjoy higher net interest income. Our margin expanded
* This press release includes certain non-GAAP financial measures: adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average common stockholders’ equity, adjusted efficiency ratio, tangible common stockholders' equity, total tangible assets, tangible book value per share, and tangible common equity to total tangible assets. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.”
FINANCIAL SUMMARY (UNAUDITED) |
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(in Thousands except share and per share amounts) |
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Period Ending
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Period Ending
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% Change From
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Period Ending
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% Change From
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QUARTERLY OPERATING RESULTS |
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Net Income |
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$ |
65,173 |
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$ |
59,907 |
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8.8 |
% |
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$ |
42,074 |
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54.9 |
% |
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Net Income Available to Common Stockholders |
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$ |
65,142 |
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$ |
59,907 |
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8.7 |
% |
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$ |
42,043 |
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54.9 |
% |
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Diluted Earnings Per Share |
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$ |
1.19 |
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$ |
1.10 |
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8.2 |
% |
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$ |
0.77 |
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54.5 |
% |
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Return on Average Assets |
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1.52 |
% |
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1.43 |
% |
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1.04 |
% |
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Return on Average Common Stockholders' Equity |
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16.29 |
% |
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15.55 |
% |
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11.78 |
% |
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Average Diluted Shares Outstanding |
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54,649,808 |
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54,642,582 |
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54,548,719 |
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Adjusted Net Income, net of tax* |
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$ |
65,173 |
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$ |
59,907 |
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8.8 |
% |
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$ |
49,891 |
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30.6 |
% |
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Adjusted Net Income Available to Common |
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Stockholders, net of tax* |
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$ |
65,142 |
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$ |
59,907 |
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8.7 |
% |
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$ |
49,860 |
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30.6 |
% |
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Adjusted Diluted Earnings Per Share, net of tax* |
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$ |
1.19 |
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$ |
1.10 |
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8.2 |
% |
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$ |
0.91 |
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30.8 |
% |
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Adjusted Return on Average Assets, net of tax* |
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1.52 |
% |
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1.43 |
% |
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1.23 |
% |
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Adjusted Return on Average Common |
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Stockholders' Equity, net of tax* |
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16.29 |
% |
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15.55 |
% |
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13.98 |
% |
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YEAR-TO-DATE OPERATING RESULTS |
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Net Income |
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$ |
227,242 |
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$ |
206,853 |
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9.9 |
% |
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Net Income Available to Common Stockholders |
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$ |
227,180 |
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$ |
206,791 |
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9.9 |
% |
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Diluted Earnings Per Share |
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$ |
4.16 |
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$ |
3.79 |
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9.8 |
% |
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Return on Average Assets |
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1.39 |
% |
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1.37 |
% |
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Return on Average Common Stockholders' Equity |
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14.98 |
% |
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15.13 |
% |
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Average Diluted Shares Outstanding |
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54,624,234 |
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54,530,797 |
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Adjusted Net Income, net of tax* |
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$ |
228,589 |
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$ |
214,670 |
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6.5 |
% |
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Adjusted Net Income Available to Common |
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Stockholders, net of tax* |
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$ |
228,527 |
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$ |
214,608 |
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6.5 |
% |
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Adjusted Diluted Earnings Per Share, net of tax* |
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$ |
4.18 |
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$ |
3.94 |
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Adjusted Return on Average Assets, net of tax* |
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1.40 |
% |
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1.42 |
% |
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Adjusted Return on Average Common |
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Stockholders' Equity, net of tax* |
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15.07 |
% |
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15.71 |
% |
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BALANCE SHEET |
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Total Assets |
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$ |
17,351,643 |
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$ |
16,449,178 |
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5.5 |
% |
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$ |
16,129,668 |
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7.6 |
% |
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Loans |
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12,605,836 |
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12,338,226 |
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2.2 |
% |
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11,658,829 |
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8.1 |
% |
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Non-interest-bearing Demand Deposits |
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2,619,687 |
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2,576,329 |
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1.7 |
% |
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2,643,101 |
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(0.9) |
% |
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Total Deposits |
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13,543,459 |
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13,146,529 |
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3.0 |
% |
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13,273,511 |
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2.0 |
% |
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Stockholders' Equity |
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1,616,772 |
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1,570,269 |
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3.0 |
% |
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1,440,405 |
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12.2 |
% |
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* This press release includes certain non-GAAP financial measures: adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average common stockholders’ equity, adjusted efficiency ratio, tangible common stockholders' equity, total tangible assets, tangible book value per share, and tangible common equity to total tangible assets. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.” |
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DETAILED FINANCIALS
ServisFirst Bancshares, Inc. reported net income of
Annualized return on average assets was
Net interest income was
Average loans for the fourth quarter of 2024 were
Average total deposits for the fourth quarter of 2024 were
Non-performing assets to total assets were
Non-interest income increased
Non-interest expense decreased
Income tax expense increased
About ServisFirst Bancshares, Inc.
ServisFirst Bancshares, Inc. is a bank holding company based in
ServisFirst Bancshares, Inc. files periodic reports with the
Statements in this press release that are not historical facts, including, but not limited to, statements concerning future operations, results or performance, are hereby identified as "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. The words "believe," "expect," "anticipate," "project," “plan,” “intend,” “will,” “could,” “would,” “might” and similar expressions often signify forward-looking statements. Such statements involve inherent risks and uncertainties. ServisFirst Bancshares, Inc. cautions that such forward-looking statements, wherever they occur in this press release or in other statements attributable to ServisFirst Bancshares, Inc., are necessarily estimates reflecting the judgment of ServisFirst Bancshares, Inc.’s senior management and involve risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Such forward-looking statements should, therefore, be considered in light of various factors that could affect the accuracy of such forward-looking statements, including, but not limited to: general economic conditions, especially in the credit markets and in the Southeast; the performance of the capital markets; changes in interest rates, yield curves and interest rate spread relationships; changes in accounting and tax principles, policies or guidelines; changes in legislation or regulatory requirements; changes as a result of our reclassification as a large financial institution by the FDIC; changes in our loan portfolio and the deposit base; possible changes in laws and regulations and governmental monetary and fiscal policies, including, but not limited to, the Federal Reserve policies in connection with continued or re-emerging inflationary pressures and the ability of the
More information about ServisFirst Bancshares, Inc. may be obtained over the Internet at www.servisfirstbancshares.com or by calling (205) 949-0302.
SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED) |
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(In thousands except share and per share data) |
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4th Quarter 2024 |
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3rd Quarter 2024 |
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2nd Quarter 2024 |
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1st Quarter 2024 |
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4th Quarter 2023 |
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CONSOLIDATED STATEMENT OF INCOME |
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Interest income |
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$ |
243,892 |
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$ |
247,979 |
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$ |
227,540 |
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$ |
226,710 |
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$ |
229,062 |
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Interest expense |
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120,724 |
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|
132,858 |
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121,665 |
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124,215 |
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127,375 |
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Net interest income |
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123,168 |
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|
115,121 |
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|
105,875 |
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|
102,495 |
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101,687 |
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Provision for credit losses |
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5,704 |
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|
5,659 |
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5,353 |
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|
4,368 |
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|
3,582 |
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Net interest income after provision for credit losses |
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117,464 |
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|
109,462 |
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|
100,522 |
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|
98,127 |
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|
98,105 |
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Non-interest income |
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|
8,803 |
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|
8,549 |
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|
|
8,891 |
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|
8,813 |
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|
7,379 |
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Non-interest expense |
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|
46,896 |
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|
45,632 |
|
|
|
42,818 |
|
|
|
46,303 |
|
|
|
58,258 |
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Income before income tax |
|
|
79,371 |
|
|
|
72,379 |
|
|
|
66,595 |
|
|
|
60,637 |
|
|
|
47,226 |
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Provision for income tax |
|
|
14,198 |
|
|
|
12,472 |
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|
|
14,459 |
|
|
|
10,611 |
|
|
|
5,152 |
|
|
Net income |
|
|
65,173 |
|
|
|
59,907 |
|
|
|
52,136 |
|
|
|
50,026 |
|
|
|
42,074 |
|
|
Preferred stock dividends |
|
|
31 |
|
|
|
- |
|
|
|
31 |
|
|
|
- |
|
|
|
31 |
|
|
Net income available to common stockholders |
|
$ |
65,142 |
|
|
$ |
59,907 |
|
|
$ |
52,105 |
|
|
$ |
50,026 |
|
|
$ |
42,043 |
|
|
Earnings per share - basic |
|
$ |
1.19 |
|
|
$ |
1.10 |
|
|
$ |
0.96 |
|
|
$ |
0.92 |
|
|
$ |
0.77 |
|
|
Earnings per share - diluted |
|
$ |
1.19 |
|
|
$ |
1.10 |
|
|
$ |
0.95 |
|
|
$ |
0.92 |
|
|
$ |
0.77 |
|
|
Average diluted shares outstanding |
|
|
54,649,808 |
|
|
|
54,642,582 |
|
|
|
54,608,679 |
|
|
|
54,595,384 |
|
|
|
54,548,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
17,351,643 |
|
|
$ |
16,449,178 |
|
|
$ |
16,049,812 |
|
|
$ |
15,721,630 |
|
|
$ |
16,129,668 |
|
|
Loans |
|
|
12,605,836 |
|
|
|
12,338,226 |
|
|
|
12,332,780 |
|
|
|
11,880,696 |
|
|
|
11,658,829 |
|
|
Debt securities |
|
|
1,876,253 |
|
|
|
1,867,587 |
|
|
|
1,941,641 |
|
|
|
1,941,625 |
|
|
|
1,882,847 |
|
|
Non-interest-bearing demand deposits |
|
|
2,619,687 |
|
|
|
2,576,329 |
|
|
|
2,475,415 |
|
|
|
2,627,639 |
|
|
|
2,643,101 |
|
|
Total deposits |
|
|
13,543,459 |
|
|
|
13,146,529 |
|
|
|
13,259,392 |
|
|
|
12,751,448 |
|
|
|
13,273,511 |
|
|
Borrowings |
|
|
64,743 |
|
|
|
64,741 |
|
|
|
64,739 |
|
|
|
64,737 |
|
|
|
64,735 |
|
|
Stockholders' equity |
|
|
1,616,772 |
|
|
|
1,570,269 |
|
|
|
1,510,576 |
|
|
|
1,476,036 |
|
|
|
1,440,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
|
|
54,570,138 |
|
|
|
54,551,543 |
|
|
|
54,521,479 |
|
|
|
54,507,778 |
|
|
|
54,461,580 |
|
|
Book value per share |
|
$ |
29.63 |
|
|
$ |
28.79 |
|
|
$ |
27.71 |
|
|
$ |
27.08 |
|
|
$ |
26.45 |
|
|
Tangible book value per share (1) |
|
$ |
29.38 |
|
|
$ |
28.54 |
|
|
$ |
27.46 |
|
|
$ |
26.83 |
|
|
$ |
26.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED FINANCIAL RATIOS (Annualized) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
2.96 |
% |
|
|
2.84 |
% |
|
|
2.79 |
% |
|
|
2.66 |
% |
|
|
2.57 |
% |
|
Return on average assets |
|
|
1.52 |
% |
|
|
1.43 |
% |
|
|
1.34 |
% |
|
|
1.26 |
% |
|
|
1.04 |
% |
|
Return on average common stockholders' equity |
|
|
16.29 |
% |
|
|
15.55 |
% |
|
|
14.08 |
% |
|
|
13.82 |
% |
|
|
11.78 |
% |
|
Efficiency ratio |
|
|
35.54 |
% |
|
|
36.90 |
% |
|
|
37.31 |
% |
|
|
43.30 |
% |
|
|
55.23 |
% |
|
Non-interest expense to average earning assets |
|
|
1.13 |
% |
|
|
1.13 |
% |
|
|
1.13 |
% |
|
|
1.20 |
% |
|
|
1.47 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1 capital to risk-weighted assets |
|
|
11.42 |
% |
|
|
11.25 |
% |
|
|
10.93 |
% |
|
|
11.07 |
% |
|
|
10.91 |
% |
|
Tier 1 capital to risk-weighted assets |
|
|
11.42 |
% |
|
|
11.25 |
% |
|
|
10.93 |
% |
|
|
11.08 |
% |
|
|
10.92 |
% |
|
Total capital to risk-weighted assets |
|
|
12.90 |
% |
|
|
12.77 |
% |
|
|
12.43 |
% |
|
|
12.61 |
% |
|
|
12.45 |
% |
|
Tier 1 capital to average assets |
|
|
9.59 |
% |
|
|
9.54 |
% |
|
|
9.81 |
% |
|
|
9.44 |
% |
|
|
9.12 |
% |
|
Tangible common equity to total tangible assets (1) |
|
|
9.25 |
% |
|
|
9.47 |
% |
|
|
9.33 |
% |
|
|
9.31 |
% |
|
|
8.85 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) This press release contains certain non-GAAP financial measures. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.” |
|
||||||||||||||||||||
(2) Regulatory capital ratios for most recent period are preliminary. |
|
||||||||||||||||||||
GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures
This press release contains certain non-GAAP financial measures, including adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average common stockholders’ equity, and adjusted efficiency ratio. During the fourth quarter of 2023, we recorded a one-time expense of
We believe these non-GAAP financial measures provide useful information to management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP; however, we acknowledge that these non-GAAP financial measures have a number of limitations. As such, you should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies, including those in our industry, use. The following reconciliation table provides a more detailed analysis of the non-GAAP financial measures as of and for the comparative periods presented in this press release. Dollars are in thousands, except share and per share data.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
At December 31,
|
|
At September 30,
|
|
At June 30,
|
|
At March 31,
|
|
At December 31,
|
|
||||||||||||||||
Book value per share - GAAP |
$ |
29.63 |
|
|
|
$ |
28.79 |
|
|
|
$ |
27.71 |
|
|
|
$ |
27.08 |
|
|
|
$ |
26.45 |
|
|
|
|
Total common stockholders' equity - GAAP |
|
1,616,772 |
|
|
|
|
1,570,269 |
|
|
|
|
1,570,994 |
|
|
|
|
1,476,036 |
|
|
|
|
1,440,405 |
|
|
|
|
Adjustment for Goodwill |
|
(13,615 |
) |
|
|
|
(13,615 |
) |
|
|
|
(13,615 |
) |
|
|
|
(13,615 |
) |
|
|
|
(13,615 |
) |
|
|
|
Tangible common stockholders' equity - non-GAAP |
$ |
1,603,157 |
|
|
|
$ |
1,556,654 |
|
|
|
$ |
1,557,379 |
|
|
|
$ |
1,462,421 |
|
|
|
$ |
1,426,790 |
|
|
|
|
Tangible book value per share - non-GAAP |
$ |
29.38 |
|
|
|
$ |
28.54 |
|
|
|
$ |
27.46 |
|
|
|
$ |
26.83 |
|
|
|
$ |
26.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Stockholders' equity to total assets - GAAP |
|
9.32 |
|
% |
|
|
9.55 |
|
% |
|
|
9.55 |
|
% |
|
|
9.39 |
|
% |
|
|
8.93 |
|
% |
|
|
Total assets - GAAP |
$ |
17,351,643 |
|
|
|
$ |
16,449,178 |
|
|
|
$ |
16,448,582 |
|
|
|
$ |
16,048,819 |
|
|
|
$ |
16,129,668 |
|
|
|
|
Adjustment for Goodwill |
|
(13,615 |
) |
|
|
|
(13,615 |
) |
|
|
|
(13,615 |
) |
|
|
|
(13,615 |
) |
|
|
|
(13,615 |
) |
|
|
|
Total tangible assets - non-GAAP |
$ |
17,338,028 |
|
|
|
$ |
16,435,563 |
|
|
|
$ |
16,434,967 |
|
|
|
$ |
16,035,204 |
|
|
|
$ |
16,116,053 |
|
|
|
|
Tangible common equity to total tangible assets - non-GAAP |
|
9.25 |
|
% |
|
|
9.47 |
|
% |
|
|
9.48 |
|
% |
|
|
9.33 |
|
% |
|
|
8.85 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months
|
|
Three Months
|
|
|
Year Ended
|
|
Year Ended
|
|||||||||||
Net income - GAAP |
|
$ |
65,173 |
|
|
$ |
42,074 |
|
|
|
|
$ |
227,242 |
|
|
|
$ |
206,853 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
FDIC special assessment |
|
|
- |
|
|
|
7,152 |
|
|
|
|
|
1,799 |
|
|
|
|
7,152 |
|
|
Privilege tax expense |
|
|
- |
|
|
|
2,150 |
|
|
|
|
|
- |
|
|
|
|
2,150 |
|
|
EDP contract termination expense |
|
|
- |
|
|
|
1,134 |
|
|
|
|
|
- |
|
|
|
|
1,134 |
|
|
Tax on adjustments |
|
|
- |
|
|
|
(2,619 |
) |
|
|
|
|
(452 |
) |
|
|
|
(2,619 |
) |
|
Adjusted net income - non-GAAP |
|
$ |
65,173 |
|
|
$ |
49,891 |
|
|
|
|
$ |
228,589 |
|
|
|
$ |
214,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net income available to common stockholders - GAAP |
|
$ |
65,142 |
|
|
$ |
42,043 |
|
|
|
|
$ |
227,180 |
|
|
|
$ |
206,791 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
FDIC special assessment |
|
|
- |
|
|
|
7,152 |
|
|
|
|
|
1,799 |
|
|
|
|
7,152 |
|
|
Privilege tax expense |
|
|
- |
|
|
|
2,150 |
|
|
|
|
|
- |
|
|
|
|
2,150 |
|
|
EDP contract termination expense |
|
|
- |
|
|
|
1,134 |
|
|
|
|
|
- |
|
|
|
|
1,134 |
|
|
Tax on adjustments |
|
|
- |
|
|
|
(2,619 |
) |
|
|
|
|
(452 |
) |
|
|
|
(2,619 |
) |
|
Adjusted net income available to common stockholders - non-GAAP |
|
$ |
65,142 |
|
|
$ |
49,860 |
|
|
|
|
$ |
228,527 |
|
|
|
$ |
214,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Diluted earnings per share - GAAP |
|
$ |
1.19 |
|
|
$ |
0.77 |
|
|
|
|
$ |
4.16 |
|
|
|
$ |
3.79 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
FDIC special assessment |
|
|
- |
|
|
|
0.13 |
|
|
|
|
|
0.03 |
|
|
|
|
0.13 |
|
|
Privilege tax expense |
|
|
- |
|
|
|
0.04 |
|
|
|
|
|
- |
|
|
|
|
0.04 |
|
|
EDP contract termination expense |
|
|
- |
|
|
|
0.02 |
|
|
|
|
|
- |
|
|
|
|
0.02 |
|
|
Tax on adjustments |
|
|
- |
|
|
|
(0.05 |
) |
|
|
|
|
(0.01 |
) |
|
|
|
(0.05 |
) |
|
Adjusted diluted earnings per share - non-GAAP |
|
$ |
1.19 |
|
|
$ |
0.91 |
|
|
|
|
$ |
4.18 |
|
|
|
$ |
3.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Return on average assets - GAAP |
|
|
1.52 |
% |
|
|
1.04 |
|
% |
|
|
|
1.39 |
|
% |
|
|
1.37 |
|
% |
Net income available to common stockholders - GAAP |
|
$ |
65,142 |
|
|
$ |
42,074 |
|
|
|
|
$ |
227,180 |
|
|
|
$ |
206,853 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
FDIC special assessment |
|
|
- |
|
|
|
7,152 |
|
|
|
|
|
1,799 |
|
|
|
|
7,152 |
|
|
Privilege tax expense |
|
|
- |
|
|
|
2,150 |
|
|
|
|
|
- |
|
|
|
|
2,150 |
|
|
EDP contract termination expense |
|
|
- |
|
|
|
1,134 |
|
|
|
|
|
- |
|
|
|
|
1,134 |
|
|
Tax on adjustments |
|
|
- |
|
|
|
(2,619 |
) |
|
|
|
|
(452 |
) |
|
|
|
(2,619 |
) |
|
Adjusted net income available to common stockholders - non-GAAP |
|
$ |
65,142 |
|
|
$ |
49,891 |
|
|
|
|
$ |
228,527 |
|
|
|
$ |
214,670 |
|
|
Average assets - GAAP |
|
$ |
17,037,383 |
|
|
$ |
16,122,074 |
|
|
|
|
$ |
16,333,383 |
|
|
|
$ |
15,066,716 |
|
|
Adjusted return on average assets - non-GAAP |
|
|
1.52 |
% |
|
|
1.23 |
|
% |
|
|
|
1.40 |
|
% |
|
|
1.42 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Return on average common stockholders' equity - GAAP |
|
|
16.29 |
% |
|
|
11.78 |
|
% |
|
|
|
14.98 |
|
% |
|
|
15.13 |
|
% |
Net income available to common stockholders - GAAP |
|
$ |
65,142 |
|
|
$ |
42,074 |
|
|
|
|
$ |
227,180 |
|
|
|
$ |
206,853 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
FDIC special assessment |
|
|
- |
|
|
|
7,152 |
|
|
|
|
|
1,799 |
|
|
|
|
7,152 |
|
|
Privilege tax expense |
|
|
- |
|
|
|
2,150 |
|
|
|
|
|
- |
|
|
|
|
2,150 |
|
|
EDP contract termination expense |
|
|
- |
|
|
|
1,134 |
|
|
|
|
|
- |
|
|
|
|
1,134 |
|
|
Tax on adjustments |
|
|
- |
|
|
|
(2,619 |
) |
|
|
|
|
(452 |
) |
|
|
|
(2,619 |
) |
|
Adjusted diluted earnings per share - non-GAAP |
|
$ |
65,142 |
|
|
$ |
49,891 |
|
|
|
|
$ |
228,527 |
|
|
|
$ |
214,670 |
|
|
Average common stockholders' equity - GAAP |
|
$ |
1,591,248 |
|
|
$ |
1,415,866 |
|
|
|
|
$ |
1,516,855 |
|
|
|
$ |
1,366,708 |
|
|
Adjusted return on average common stockholders' equity non-GAAP |
|
|
16.29 |
% |
|
|
13.98 |
|
% |
|
|
|
15.07 |
|
% |
|
|
15.71 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Efficiency ratio |
|
|
35.54 |
% |
|
|
55.23 |
|
% |
|
|
|
37.71 |
|
% |
|
|
40.67 |
|
% |
Non-interest expense - GAAP |
|
$ |
46,896 |
|
|
$ |
56,480 |
|
|
|
|
$ |
181,146 |
|
|
|
$ |
176,273 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
FDIC special assessment |
|
|
- |
|
|
|
7,152 |
|
|
|
|
|
1,799 |
|
|
|
|
7,152 |
|
|
Privilege tax expense |
|
|
- |
|
|
|
2,150 |
|
|
|
|
|
- |
|
|
|
|
2,150 |
|
|
EDP contract termination expense |
|
|
- |
|
|
|
1,134 |
|
|
|
|
|
- |
|
|
|
|
1,134 |
|
|
Adjusted non-interest expense |
|
$ |
46,896 |
|
|
$ |
46,044 |
|
|
|
|
$ |
179,347 |
|
|
|
$ |
165,837 |
|
|
Net interest income plus non-interest income - GAAP |
|
$ |
131,971 |
|
|
$ |
109,066 |
|
|
|
|
$ |
481,715 |
|
|
|
$ |
441,354 |
|
|
Adjusted efficiency ratio - non-GAAP |
|
|
35.54 |
% |
|
|
42.22 |
|
% |
|
|
|
37.23 |
|
% |
|
|
37.57 |
|
% |
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
|||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|||
|
|
December 31,
|
|
December 31,
|
|
%
|
|
||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|||
Cash and due from banks |
|
$ |
116,394 |
|
|
$ |
123,430 |
|
|
(6 |
) |
% |
|
Interest-bearing balances due from depository institutions |
|
|
2,259,195 |
|
|
|
1,907,083 |
|
|
18 |
|
% |
|
Federal funds sold |
|
|
1,045 |
|
|
|
100,575 |
|
|
(99 |
) |
% |
|
Cash and cash equivalents |
|
|
2,376,634 |
|
|
|
2,131,088 |
|
|
12 |
|
% |
|
Available for sale debt securities, at fair value |
|
|
1,161,400 |
|
|
|
900,183 |
|
|
29 |
|
% |
|
Held to maturity debt securities (fair value of |
|
|
714,853 |
|
|
|
982,664 |
|
|
(27 |
) |
% |
|
Restricted equity securities |
|
|
11,300 |
|
|
|
10,226 |
|
|
11 |
|
% |
|
Mortgage loans held for sale |
|
|
9,211 |
|
|
|
5,074 |
|
|
82 |
|
% |
|
Loans |
|
|
12,605,836 |
|
|
|
11,658,829 |
|
|
8 |
|
% |
|
Less allowance for credit losses |
|
|
(164,458 |
) |
|
|
(153,317 |
) |
|
7 |
|
% |
|
Loans, net |
|
|
12,441,378 |
|
|
|
11,505,512 |
|
|
8 |
|
% |
|
Premises and equipment, net |
|
|
59,185 |
|
|
|
59,324 |
|
|
- |
|
% |
|
Goodwill |
|
|
13,615 |
|
|
|
13,615 |
|
|
- |
|
% |
|
Other assets |
|
|
564,067 |
|
|
|
521,982 |
|
|
8 |
|
% |
|
Total assets |
|
$ |
17,351,643 |
|
|
$ |
16,129,668 |
|
|
8 |
|
% |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|||
Non-interest-bearing demand |
|
$ |
2,619,687 |
|
|
$ |
2,643,101 |
|
|
(1 |
) |
% |
|
Interest-bearing |
|
|
10,923,772 |
|
|
|
10,630,410 |
|
|
3 |
|
% |
|
Total deposits |
|
|
13,543,459 |
|
|
|
13,273,511 |
|
|
2 |
|
% |
|
Federal funds purchased |
|
|
1,993,728 |
|
|
|
1,256,724 |
|
|
59 |
|
% |
|
Other borrowings |
|
|
64,743 |
|
|
|
64,735 |
|
|
- |
|
% |
|
Other liabilities |
|
|
132,941 |
|
|
|
94,293 |
|
|
41 |
|
% |
|
Total liabilities |
|
|
15,734,871 |
|
|
|
14,689,263 |
|
|
7 |
|
% |
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
|
|||
Preferred stock, par value |
|
|
- |
|
|
|
- |
|
|
- |
|
% |
|
Common stock, par value |
|
|
54 |
|
|
|
54 |
|
|
- |
|
% |
|
Additional paid-in capital |
|
|
235,781 |
|
|
|
232,605 |
|
|
1 |
|
% |
|
Retained earnings |
|
|
1,412,616 |
|
|
|
1,254,841 |
|
|
13 |
|
% |
|
Accumulated other comprehensive loss |
|
|
(32,179 |
) |
|
|
(47,595 |
) |
|
(32 |
) |
% |
|
Total stockholders' equity attributable to ServisFirst Bancshares, Inc. |
|
|
1,616,272 |
|
|
|
1,439,905 |
|
|
12 |
|
% |
|
Noncontrolling interest |
|
|
500 |
|
|
|
500 |
|
|
- |
|
% |
|
Total stockholders' equity |
|
|
1,616,772 |
|
|
|
1,440,405 |
|
|
12 |
|
% |
|
Total liabilities and stockholders' equity |
|
$ |
17,351,643 |
|
|
$ |
16,129,668 |
|
|
8 |
|
% |
|
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
|||
(In thousands except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
||||
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
200,875 |
|
$ |
184,897 |
|
$ |
788,105 |
|
$ |
699,101 |
|
Taxable securities |
|
|
16,905 |
|
|
15,512 |
|
|
66,535 |
|
|
53,499 |
|
Nontaxable securities |
|
|
6 |
|
|
12 |
|
|
31 |
|
|
65 |
|
Federal funds sold |
|
|
18 |
|
|
1,018 |
|
|
1,128 |
|
|
2,844 |
|
Other interest and dividends |
|
|
26,088 |
|
|
27,623 |
|
|
90,322 |
|
|
57,737 |
|
Total interest income |
|
|
243,892 |
|
|
229,062 |
|
|
946,121 |
|
|
813,246 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
98,702 |
|
|
108,155 |
|
|
420,650 |
|
|
331,740 |
|
Borrowed funds |
|
|
22,022 |
|
|
19,220 |
|
|
78,812 |
|
|
70,569 |
|
Total interest expense |
|
|
120,724 |
|
|
127,375 |
|
|
499,462 |
|
|
402,309 |
|
Net interest income |
|
|
123,168 |
|
|
101,687 |
|
|
446,659 |
|
|
410,937 |
|
Provision for credit losses |
|
|
5,704 |
|
|
3,582 |
|
|
21,587 |
|
|
18,715 |
|
Net interest income after provision for credit losses |
|
|
117,464 |
|
|
98,105 |
|
|
425,072 |
|
|
392,222 |
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
2,650 |
|
|
2,181 |
|
|
9,434 |
|
|
8,420 |
|
Mortgage banking |
|
|
1,513 |
|
|
792 |
|
|
4,922 |
|
|
2,755 |
|
Credit card income |
|
|
1,867 |
|
|
2,004 |
|
|
8,280 |
|
|
8,631 |
|
Bank-owned life insurance income |
|
|
2,131 |
|
|
1,639 |
|
|
9,533 |
|
|
7,574 |
|
Other operating income |
|
|
642 |
|
|
763 |
|
|
2,887 |
|
|
3,037 |
|
Total non-interest income |
|
|
8,803 |
|
|
7,379 |
|
|
35,056 |
|
|
30,417 |
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
24,062 |
|
|
23,024 |
|
|
96,318 |
|
|
80,965 |
|
Equipment and occupancy expense |
|
|
3,600 |
|
|
3,860 |
|
|
14,519 |
|
|
14,295 |
|
Third party processing and other services |
|
|
8,515 |
|
|
7,841 |
|
|
31,181 |
|
|
27,872 |
|
Professional services |
|
|
1,981 |
|
|
1,417 |
|
|
6,901 |
|
|
5,916 |
|
FDIC and other regulatory assessments |
|
|
2,225 |
|
|
9,509 |
|
|
10,687 |
|
|
15,614 |
|
Other real estate owned expense |
|
|
58 |
|
|
17 |
|
|
199 |
|
|
47 |
|
Other operating expense |
|
|
6,455 |
|
|
12,590 |
|
|
21,341 |
|
|
33,342 |
|
Total non-interest expense |
|
|
46,896 |
|
|
58,258 |
|
|
181,146 |
|
|
178,051 |
|
Income before income tax |
|
|
79,371 |
|
|
47,226 |
|
|
278,982 |
|
|
244,588 |
|
Provision for income tax |
|
|
14,198 |
|
|
5,152 |
|
|
51,740 |
|
|
37,735 |
|
Net income |
|
|
65,173 |
|
|
42,074 |
|
|
227,242 |
|
|
206,853 |
|
Dividends on preferred stock |
|
|
31 |
|
|
31 |
|
|
62 |
|
|
62 |
|
Net income available to common stockholders |
|
$ |
65,142 |
|
$ |
42,043 |
|
$ |
227,180 |
|
$ |
206,791 |
|
Basic earnings per common share |
|
$ |
1.19 |
|
$ |
0.77 |
|
$ |
4.17 |
|
$ |
3.80 |
|
Diluted earnings per common share |
|
$ |
1.19 |
|
$ |
0.77 |
|
$ |
4.16 |
|
$ |
3.79 |
|
LOANS BY TYPE (UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4th quarter 2024 |
|
3rd quarter 2024 |
|
2nd quarter 2024 |
|
1st quarter 2024 |
|
4th quarter 2023 |
|||||
Commercial, financial and agricultural |
|
$ |
2,869,894 |
|
$ |
2,793,989 |
|
$ |
2,935,577 |
|
$ |
2,834,102 |
|
$ |
2,823,986 |
Real estate - construction |
|
|
1,489,306 |
|
|
1,439,648 |
|
|
1,510,677 |
|
|
1,546,716 |
|
|
1,519,619 |
Real estate - mortgage: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owner-occupied commercial |
|
|
2,547,143 |
|
|
2,441,687 |
|
|
2,399,644 |
|
|
2,377,042 |
|
|
2,257,163 |
1-4 family mortgage |
|
|
1,444,623 |
|
|
1,409,981 |
|
|
1,350,428 |
|
|
1,284,888 |
|
|
1,249,938 |
Non-owner occupied commercial |
|
|
4,181,243 |
|
|
4,190,935 |
|
|
4,072,007 |
|
|
3,777,758 |
|
|
3,744,346 |
Subtotal: Real estate - mortgage |
|
|
8,173,009 |
|
|
8,042,603 |
|
|
7,822,079 |
|
|
7,439,688 |
|
|
7,251,447 |
Consumer |
|
|
73,627 |
|
|
61,986 |
|
|
64,447 |
|
|
60,190 |
|
|
63,777 |
Total loans |
|
$ |
12,605,836 |
|
$ |
12,338,226 |
|
$ |
12,332,780 |
|
$ |
11,880,696 |
|
$ |
11,658,829 |
SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
4th quarter 2024 |
|
3rd quarter 2024 |
|
2nd quarter 2024 |
|
1st quarter 2024 |
|
4th quarter 2023 |
|||||||||||
Allowance for credit losses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance |
$ |
160,755 |
|
|
$ |
158,092 |
|
|
$ |
155,892 |
|
|
$ |
153,317 |
|
|
$ |
152,247 |
|
|
Loans charged off: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial and agricultural |
|
3,899 |
|
|
|
3,020 |
|
|
|
3,355 |
|
|
|
1,842 |
|
|
|
2,831 |
|
|
Real estate - construction |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
89 |
|
|
Real estate - mortgage |
|
560 |
|
|
|
252 |
|
|
|
119 |
|
|
|
67 |
|
|
|
14 |
|
|
Consumer |
|
211 |
|
|
|
155 |
|
|
|
108 |
|
|
|
98 |
|
|
|
231 |
|
|
Total charge offs |
|
4,670 |
|
|
|
3,427 |
|
|
|
3,582 |
|
|
|
2,007 |
|
|
|
3,165 |
|
|
Recoveries: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial and agricultural |
|
1,801 |
|
|
|
616 |
|
|
|
406 |
|
|
|
199 |
|
|
|
614 |
|
|
Real estate - construction |
|
- |
|
|
|
- |
|
|
|
8 |
|
|
|
- |
|
|
|
- |
|
|
Real estate - mortgage |
|
23 |
|
|
|
2 |
|
|
|
- |
|
|
|
6 |
|
|
|
- |
|
|
Consumer |
|
151 |
|
|
|
37 |
|
|
|
15 |
|
|
|
9 |
|
|
|
39 |
|
|
Total recoveries |
|
1,975 |
|
|
|
655 |
|
|
|
429 |
|
|
|
214 |
|
|
|
653 |
|
|
Net charge-offs |
|
2,695 |
|
|
|
2,772 |
|
|
|
3,153 |
|
|
|
1,793 |
|
|
|
2,512 |
|
|
Provision for credit losses |
|
6,398 |
|
|
|
5,435 |
|
|
|
5,353 |
|
|
|
4,368 |
|
|
|
3,582 |
|
|
Ending balance |
$ |
164,458 |
|
|
$ |
160,755 |
|
|
$ |
158,092 |
|
|
$ |
155,892 |
|
|
$ |
153,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to total loans |
|
1.30 |
% |
|
|
1.30 |
% |
|
|
1.28 |
% |
|
|
1.31 |
% |
|
|
1.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to total average loans |
|
1.32 |
% |
|
|
1.30 |
% |
|
|
1.31 |
% |
|
|
1.33 |
% |
|
|
1.32 |
% |
|
Net charge-offs to total average loans |
|
0.09 |
% |
|
|
0.09 |
% |
|
|
0.10 |
% |
|
|
0.06 |
% |
|
|
0.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses to total average loans |
|
0.20 |
% |
|
|
0.17 |
% |
|
|
0.18 |
% |
|
|
0.15 |
% |
|
|
0.12 |
% |
|
Nonperforming assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
39,500 |
|
|
$ |
37,075 |
|
|
$ |
33,454 |
|
|
$ |
34,457 |
|
|
$ |
19,349 |
|
|
Loans 90+ days past due and accruing |
|
2,965 |
|
|
|
2,093 |
|
|
|
1,482 |
|
|
|
380 |
|
|
|
2,184 |
|
|
Other real estate owned and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
repossessed assets |
|
2,531 |
|
|
|
2,723 |
|
|
|
1,458 |
|
|
|
490 |
|
|
|
995 |
|
|
Total |
$ |
44,996 |
|
|
$ |
41,891 |
|
|
$ |
36,394 |
|
|
$ |
35,327 |
|
|
$ |
22,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to total loans |
|
0.34 |
% |
|
|
0.32 |
% |
|
|
0.28 |
% |
|
|
0.29 |
% |
|
|
0.18 |
% |
|
Nonperforming assets to total assets |
|
0.26 |
% |
|
|
0.25 |
% |
|
|
0.23 |
% |
|
|
0.22 |
% |
|
|
0.14 |
% |
|
Nonperforming assets to earning assets |
|
0.26 |
% |
|
|
0.26 |
% |
|
|
0.23 |
% |
|
|
0.23 |
% |
|
|
0.14 |
% |
|
Allowance for credit losses to nonaccrual loans |
|
416.35 |
% |
|
|
433.59 |
% |
|
|
472.57 |
% |
|
|
452.42 |
% |
|
|
795.17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
||||||
(In thousands except per share data) |
|
|
|
|
|
|
|
|
|
|
||||||
|
|
4th Quarter
|
|
3rd Quarter
|
|
2nd Quarter
|
|
1st Quarter
|
|
4th Quarter
|
|
|||||
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
200,875 |
|
$ |
205,952 |
|
$ |
194,300 |
|
$ |
186,978 |
|
$ |
184,897 |
|
Taxable securities |
|
|
16,905 |
|
|
17,493 |
|
|
16,158 |
|
|
15,979 |
|
|
15,512 |
|
Nontaxable securities |
|
|
6 |
|
|
7 |
|
|
9 |
|
|
9 |
|
|
12 |
|
Federal funds sold |
|
|
18 |
|
|
31 |
|
|
538 |
|
|
541 |
|
|
1,018 |
|
Other interest and dividends |
|
|
26,088 |
|
|
24,496 |
|
|
16,535 |
|
|
23,203 |
|
|
27,623 |
|
Total interest income |
|
|
243,892 |
|
|
247,979 |
|
|
227,540 |
|
|
226,710 |
|
|
229,062 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
98,702 |
|
|
113,211 |
|
|
104,671 |
|
|
104,066 |
|
|
108,155 |
|
Borrowed funds |
|
|
22,022 |
|
|
19,647 |
|
|
16,994 |
|
|
20,149 |
|
|
19,220 |
|
Total interest expense |
|
|
120,724 |
|
|
132,858 |
|
|
121,665 |
|
|
124,215 |
|
|
127,375 |
|
Net interest income |
|
|
123,168 |
|
|
115,121 |
|
|
105,875 |
|
|
102,495 |
|
|
101,687 |
|
Provision for credit losses |
|
|
5,704 |
|
|
5,659 |
|
|
5,353 |
|
|
4,368 |
|
|
3,582 |
|
Net interest income after provision for credit losses |
|
|
117,464 |
|
|
109,462 |
|
|
100,522 |
|
|
98,127 |
|
|
98,105 |
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
2,650 |
|
|
2,341 |
|
|
2,293 |
|
|
2,150 |
|
|
2,181 |
|
Mortgage banking |
|
|
1,513 |
|
|
1,352 |
|
|
1,379 |
|
|
678 |
|
|
792 |
|
Credit card income |
|
|
1,867 |
|
|
1,925 |
|
|
2,333 |
|
|
2,155 |
|
|
2,004 |
|
Bank-owned life insurance income |
|
|
2,131 |
|
|
2,113 |
|
|
2,058 |
|
|
3,231 |
|
|
1,639 |
|
Other operating income |
|
|
642 |
|
|
818 |
|
|
828 |
|
|
599 |
|
|
763 |
|
Total non-interest income |
|
|
8,803 |
|
|
8,549 |
|
|
8,891 |
|
|
8,813 |
|
|
7,379 |
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
24,062 |
|
|
25,057 |
|
|
24,213 |
|
|
22,986 |
|
|
23,024 |
|
Equipment and occupancy expense |
|
|
3,600 |
|
|
3,795 |
|
|
3,567 |
|
|
3,557 |
|
|
3,860 |
|
Third party processing and other services |
|
|
8,515 |
|
|
8,035 |
|
|
7,465 |
|
|
7,166 |
|
|
7,841 |
|
Professional services |
|
|
1,981 |
|
|
1,715 |
|
|
1,741 |
|
|
1,464 |
|
|
1,417 |
|
FDIC and other regulatory assessments |
|
|
2,225 |
|
|
2,355 |
|
|
2,202 |
|
|
3,905 |
|
|
9,509 |
|
Other real estate owned expense |
|
|
58 |
|
|
103 |
|
|
7 |
|
|
30 |
|
|
17 |
|
Other operating expense |
|
|
6,455 |
|
|
4,572 |
|
|
3,623 |
|
|
7,195 |
|
|
12,590 |
|
Total non-interest expense |
|
|
46,896 |
|
|
45,632 |
|
|
42,818 |
|
|
46,303 |
|
|
58,258 |
|
Income before income tax |
|
|
79,371 |
|
|
72,379 |
|
|
66,595 |
|
|
60,637 |
|
|
47,226 |
|
Provision for income tax |
|
|
14,198 |
|
|
12,472 |
|
|
14,459 |
|
|
10,611 |
|
|
5,152 |
|
Net income |
|
|
65,173 |
|
|
59,907 |
|
|
52,136 |
|
|
50,026 |
|
|
42,074 |
|
Dividends on preferred stock |
|
|
31 |
|
|
- |
|
|
31 |
|
|
- |
|
|
31 |
|
Net income available to common stockholders |
|
$ |
65,142 |
|
$ |
59,907 |
|
$ |
52,105 |
|
$ |
50,026 |
|
$ |
42,043 |
|
Basic earnings per common share |
|
$ |
1.19 |
|
$ |
1.10 |
|
$ |
0.96 |
|
$ |
0.92 |
|
$ |
0.77 |
|
Diluted earnings per common share |
|
$ |
1.19 |
|
$ |
1.10 |
|
$ |
0.95 |
|
$ |
0.92 |
|
$ |
0.77 |
|
AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) |
|
|||||||||||||||||||||||||||||||||||
ON A FULLY TAXABLE-EQUIVALENT BASIS |
|
|||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
|
|||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
4th Quarter 2024 |
|
3rd Quarter 2024 |
|
2nd Quarter 2024 |
|
1st Quarter 2024 |
|
4th Quarter 2023 |
|
|||||||||||||||||||||||||
|
|
Average
|
|
Yield /
|
|
Average
|
|
Yield /
|
|
Average
|
|
Yield /
|
|
Average
|
|
Yield /
|
|
Average
|
|
Yield /
|
|
|||||||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans, net of unearned income (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Taxable |
|
$ |
12,414,065 |
|
|
6.43 |
% |
|
$ |
12,351,073 |
|
|
6.63 |
% |
|
$ |
12,045,743 |
|
|
6.48 |
% |
|
$ |
11,723,391 |
|
|
6.41 |
% |
|
$ |
11,580,716 |
|
|
6.33 |
% |
|
Tax-exempt (2) |
|
|
13,198 |
|
|
1.57 |
|
|
|
15,584 |
|
|
1.86 |
|
|
|
17,230 |
|
|
2.08 |
|
|
|
17,605 |
|
|
5.00 |
|
|
|
17,787 |
|
|
4.71 |
|
|
Total loans, net of unearned income |
|
|
12,427,263 |
|
|
6.43 |
|
|
|
12,366,657 |
|
|
6.62 |
|
|
|
12,062,973 |
|
|
6.48 |
|
|
|
11,740,996 |
|
|
6.40 |
|
|
|
11,598,503 |
|
|
6.32 |
|
|
Mortgage loans held for sale |
|
|
9,642 |
|
|
5.36 |
|
|
|
10,674 |
|
|
3.80 |
|
|
|
6,761 |
|
|
6.13 |
|
|
|
4,770 |
|
|
5.57 |
|
|
|
5,105 |
|
|
6.22 |
|
|
Debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Taxable |
|
|
1,932,547 |
|
|
3.49 |
|
|
|
1,955,632 |
|
|
3.57 |
|
|
|
1,936,818 |
|
|
3.33 |
|
|
|
2,013,295 |
|
|
3.16 |
|
|
|
2,007,636 |
|
|
3.08 |
|
|
Tax-exempt (2) |
|
|
606 |
|
|
5.28 |
|
|
|
815 |
|
|
4.42 |
|
|
|
1,209 |
|
|
3.64 |
|
|
|
1,296 |
|
|
3.40 |
|
|
|
1,739 |
|
|
2.30 |
|
|
Total securities (3) |
|
|
1,933,153 |
|
|
3.49 |
|
|
|
1,956,447 |
|
|
3.57 |
|
|
|
1,938,027 |
|
|
3.33 |
|
|
|
2,014,591 |
|
|
3.16 |
|
|
|
2,009,375 |
|
|
3.08 |
|
|
Federal funds sold |
|
|
1,596 |
|
|
4.49 |
|
|
|
2,106 |
|
|
5.86 |
|
|
|
38,475 |
|
|
5.62 |
|
|
|
37,298 |
|
|
5.83 |
|
|
|
72,178 |
|
|
5.60 |
|
|
Restricted equity securities |
|
|
11,290 |
|
|
6.80 |
|
|
|
11,290 |
|
|
7.36 |
|
|
|
11,290 |
|
|
7.16 |
|
|
|
10,417 |
|
|
7.57 |
|
|
|
10,216 |
|
|
8.74 |
|
|
Interest-bearing balances with banks |
|
|
2,143,474 |
|
|
4.81 |
|
|
|
1,775,192 |
|
|
5.46 |
|
|
|
1,183,482 |
|
|
5.57 |
|
|
|
1,687,977 |
|
|
5.48 |
|
|
|
1,981,411 |
|
|
5.49 |
|
|
Total interest-earning assets |
|
$ |
16,526,418 |
|
|
5.87 |
% |
|
$ |
16,122,366 |
|
|
6.12 |
% |
|
$ |
15,241,008 |
|
|
6.01 |
% |
|
$ |
15,496,049 |
|
|
5.88 |
% |
|
$ |
15,676,788 |
|
|
5.80 |
% |
|
Non-interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and due from banks |
|
|
103,494 |
|
|
|
|
|
|
103,539 |
|
|
|
|
|
|
96,646 |
|
|
|
|
|
|
98,813 |
|
|
|
|
|
|
101,741 |
|
|
|
|
|
Net premises and equipment |
|
|
60,708 |
|
|
|
|
|
|
60,607 |
|
|
|
|
|
|
59,653 |
|
|
|
|
|
|
60,126 |
|
|
|
|
|
|
60,110 |
|
|
|
|
|
Allowance for credit losses, accrued interest and other assets |
|
|
346,763 |
|
|
|
|
|
|
340,621 |
|
|
|
|
|
|
300,521 |
|
|
|
|
|
|
302,592 |
|
|
|
|
|
|
283,435 |
|
|
|
|
|
Total assets |
|
$ |
17,037,383 |
|
|
|
|
|
$ |
16,627,133 |
|
|
|
|
|
$ |
15,697,828 |
|
|
|
|
|
$ |
15,957,580 |
|
|
|
|
|
$ |
16,122,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Checking |
|
$ |
2,353,439 |
|
|
2.61 |
% |
|
$ |
2,318,384 |
|
|
2.97 |
% |
|
$ |
2,227,527 |
|
|
2.85 |
% |
|
$ |
2,339,548 |
|
|
2.69 |
% |
|
$ |
2,245,431 |
|
|
2.91 |
% |
|
Savings |
|
|
102,858 |
|
|
1.52 |
|
|
|
102,627 |
|
|
1.76 |
|
|
|
105,955 |
|
|
1.71 |
|
|
|
106,924 |
|
|
1.76 |
|
|
|
107,035 |
|
|
1.72 |
|
|
Money market |
|
|
7,067,265 |
|
|
3.86 |
|
|
|
7,321,503 |
|
|
4.45 |
|
|
|
6,810,799 |
|
|
4.46 |
|
|
|
6,761,495 |
|
|
4.48 |
|
|
|
7,106,190 |
|
|
4.44 |
|
|
Time deposits |
|
|
1,286,754 |
|
|
4.45 |
|
|
|
1,197,650 |
|
|
4.52 |
|
|
|
1,157,528 |
|
|
4.47 |
|
|
|
1,164,204 |
|
|
4.37 |
|
|
|
1,111,350 |
|
|
4.18 |
|
|
Total interest-bearing deposits |
|
|
10,810,316 |
|
|
3.63 |
|
|
|
10,940,164 |
|
|
4.12 |
|
|
|
10,301,809 |
|
|
4.09 |
|
|
|
10,372,171 |
|
|
4.04 |
|
|
|
10,570,006 |
|
|
4.06 |
|
|
Federal funds purchased |
|
|
1,767,749 |
|
|
4.80 |
|
|
|
1,391,118 |
|
|
5.42 |
|
|
|
1,193,190 |
|
|
5.50 |
|
|
|
1,422,828 |
|
|
5.50 |
|
|
|
1,338,110 |
|
|
5.49 |
|
|
Other borrowings |
|
|
64,738 |
|
|
4.22 |
|
|
|
64,738 |
|
|
4.22 |
|
|
|
64,738 |
|
|
4.27 |
|
|
|
64,736 |
|
|
4.26 |
|
|
|
64,734 |
|
|
4.23 |
|
|
Total interest-bearing liabilities |
|
$ |
12,642,803 |
|
|
3.80 |
% |
|
$ |
12,396,020 |
|
|
4.26 |
% |
|
$ |
11,559,737 |
|
|
4.23 |
% |
|
$ |
11,859,735 |
|
|
4.21 |
% |
|
$ |
11,972,850 |
|
|
4.22 |
% |
|
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-interest-bearing checking |
|
|
2,672,875 |
|
|
|
|
|
|
2,575,575 |
|
|
|
|
|
|
2,560,245 |
|
|
|
|
|
|
2,550,841 |
|
|
|
|
|
|
2,656,504 |
|
|
|
|
|
Other liabilities |
|
|
130,457 |
|
|
|
|
|
|
122,455 |
|
|
|
|
|
|
89,418 |
|
|
|
|
|
|
91,066 |
|
|
|
|
|
|
76,651 |
|
|
|
|
|
Stockholders' equity |
|
|
1,624,084 |
|
|
|
|
|
|
1,574,902 |
|
|
|
|
|
|
1,536,013 |
|
|
|
|
|
|
1,503,240 |
|
|
|
|
|
|
1,475,366 |
|
|
|
|
|
Accumulated other comprehensive loss |
|
|
(32,836 |
) |
|
|
|
|
|
(41,819 |
) |
|
|
|
|
|
(47,584 |
) |
|
|
|
|
|
(47,302 |
) |
|
|
|
|
|
(59,297 |
) |
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
17,037,383 |
|
|
|
|
|
$ |
16,627,133 |
|
|
|
|
|
$ |
15,697,828 |
|
|
|
|
|
$ |
15,957,580 |
|
|
|
|
|
$ |
16,122,074 |
|
|
|
|
|
Net interest spread |
|
|
|
|
2.07 |
% |
|
|
|
|
1.86 |
% |
|
|
|
|
1.78 |
% |
|
|
|
|
1.67 |
% |
|
|
|
|
1.58 |
% |
|
|||||
Net interest margin |
|
|
|
|
2.96 |
% |
|
|
|
|
2.84 |
% |
|
|
|
|
2.79 |
% |
|
|
|
|
2.66 |
% |
|
|
|
|
2.57 |
% |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(1) Average loans include nonaccrual loans in all periods. Loan fees of |
|
|||||||||||||||||||||||||||||||||||
(2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of |
|
|||||||||||||||||||||||||||||||||||
(3) Unrealized losses on debt securities of |
|
|||||||||||||||||||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250127119594/en/
ServisFirst Bank
Davis Mange (205) 949-3420
dmange@servisfirstbank.com
Source: ServisFirst Bancshares, Inc.
FAQ
What was ServisFirst Bancshares (SFBS) earnings per share in Q4 2024?
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