ServisFirst Bancshares, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>ServisFirst Bancshares, Inc. reported $54.46 million in net income for 2023, with total assets reaching $907.19 million.</b>

AI Summary

ServisFirst Bancshares, Inc. (SFBS) filed a Annual Report (10-K) with the SEC on March 1, 2024. Total assets reached $907,191,000 in 2023. Total liabilities were $935,953,000 in 2023. Net income for the fiscal year ending December 31, 2023, was $54,461,580. Earnings per share (EPS) for 2023 were $0.60. The company reported $54,326,527 in retained earnings as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking ServisFirst Bancshares, Inc., this filing contains several important signals. The filing provides a comprehensive overview of ServisFirst Bancshares' financial performance and position for the fiscal year 2023, crucial for investors assessing its stability and growth. Key financial metrics such as total assets, liabilities, net income, and EPS are detailed, offering insights into the bank's operational success and profitability.

Risk Assessment

Risk Level: medium — ServisFirst Bancshares, Inc. shows moderate risk based on this filing. The company's financial performance is subject to the inherent risks of the banking industry, including interest rate fluctuations and credit risk, as detailed in the 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand ServisFirst Bancshares' operational performance and potential challenges.

Financial Highlights

revenue

907,191,000

total Assets

907,191,000

net Income

54,461,580

eps

0.60

Key Numbers

• 907,191,000 — Total Assets (As of December 31, 2023)
• 935,953,000 — Total Liabilities (As of December 31, 2023)
• 54,461,580 — Net Income (For the fiscal year ended December 31, 2023)
• 0.60 — Earnings Per Share (EPS) (For the fiscal year ended December 31, 2023)
• 54,326,527 — Retained Earnings (As of December 31, 2023)

Key Players & Entities

• ServisFirst Bancshares, Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-03-01 (date) — Filing date
• 2023-12-31 (date) — Period of report
• 2500 WOODCREST PLACE (address) — Business street address
• BIRMINGHAM (location) — Business city
• AL (location) — Business state
• 35209 (postal_code) — Business zip code

FAQ

Risk Factors

• Interest Rate Risk [medium — financial]: Changes in interest rates can adversely affect the company's net interest income and the fair value of its financial instruments.
• Credit Risk [medium — financial]: The company is exposed to credit risk from its lending activities, which could result in losses if borrowers default on their obligations.
• Economic Conditions [medium — market]: Deterioration in general economic conditions could negatively impact the company's business and financial results.

Key Dates

• 2024-03-01: Filing Date — Submission of the 2023 annual report (10-K).

Key Financial Figures

• $40.92 — e registrant, based on a stock price of $40.92 per share of Common Stock, was $ 2,062,
• $10 billion — dens associated with our bank exceeding $10 billion in assets; the results of regulatory e
• $16.13 b — 3, we had total assets of approximately $16.13 billion, total loans of approximately $11
• $11.66 b — 3 billion, total loans of approximately $11.66 billion, total deposits of approximately
• $13.27 b — illion, total deposits of approximately $13.27 billion, and total stockholders' equity o
• $1.44 billion — l stockholders' equity of approximately $1.44 billion. We operate our bank using a simple bu
• $2 million — rivately held businesses generally with $2 million to $250 million in annual sales, profes
• $250 million — businesses generally with $2 million to $250 million in annual sales, professionals and affl
• $442.5 million — 23, our branches averaged approximately $442.5 million in total deposits. In the more typical
• $300 million — we believe we can achieve a minimum of $300 million in deposits within five years of market

Filing Documents

• sfbs20231231_10k.htm (10-K) — 5666KB
• ex_628768.htm (EX-21) — 5KB
• ex_628769.htm (EX-23) — 3KB
• ex_628770.htm (EX-24) — 8KB
• ex_628771.htm (EX-31.1) — 12KB
• ex_628772.htm (EX-31.2) — 12KB
• ex_628773.htm (EX-32.1) — 4KB
• ex_628774.htm (EX-32.2) — 4KB
• ex_632187.htm (EX-97.0) — 33KB
• logo.jpg (GRAPHIC) — 6KB
• perf.jpg (GRAPHIC) — 73KB
• 0001171843-24-001111.txt (&nbsp;) — 22875KB
• sfbs-20231231.xsd (EX-101.SCH) — 105KB
• sfbs-20231231_cal.xml (EX-101.CAL) — 106KB
• sfbs-20231231_def.xml (EX-101.DEF) — 718KB
• sfbs-20231231_lab.xml (EX-101.LAB) — 659KB
• sfbs-20231231_pre.xml (EX-101.PRE) — 786KB
• sfbs20231231_10k_htm.xml (XML) — 5876KB

BUSINESS

BUSINESS 5 ITEM 1A.

RISK FACTORS

RISK FACTORS 24 ITEM 1B. UNRESOLVED STAFF COMMENTS 37 ITEM 1C. CYBERSECURITY 37 ITEM 2.

PROPERTIES

PROPERTIES 39 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 40 ITEM 4. MINE SAFETY DISCLOSURES 40 PART II. 40 ITEM 5 MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 40 ITEM 6. [RESERVED] 41 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 41 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 60 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 62 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 104 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 104 ITEM 9B. OTHER INFORMATION 105 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION 105 PART III. 105 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 105 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 105 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 105 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 106 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 106 PART IV. 106 ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES 106 ITEM 16. FORM 10-K SUMMARY 109

SIGNATURES

SIGNATURES 109 3 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This annual report on "Form 10-K" and other publicly available documents, including the documents incorporated by reference herein, contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These "forward-looking statements" reflect our current views with respect to, among other things, future events and our financial performance. The words "may," "plan," "contemplate," "anticipate," "believe," "intend," "continue," "expect," "project," "predict," "estimate," "could," "should," "would," "will," and similar expressions are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking. All forward-looking statements are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from any results expressed or implied by such forward-looking statements. These statements should be considered subject to various risks and uncertainties, and are made based upon management's belief as well as assumptions made by, and information currently available to, management pursuant to "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such risks include, without limitation: the effects of adverse changes in the economy or business conditions, including inflation, recession, interest rate volatility, pandemic or other changes in economic conditions, either nationally or in our market areas; credit risks, including the deterioration of the credit quality of our loan portfolio, increased default rates and loan losses or adverse changes in our portfolio or in specific industry concentrations of our loan portfolio; the effects of governmental monetary and fis

BUSINESS

ITEM 1. BUSINESS Overview We are a bank holding company within the meaning of the Bank Holding Company Act of 1956 and are headquartered in Birmingham, Alabama. Through our wholly-owned subsidiary bank, we operate 30 full-service banking offices located in Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee, and Virginia. We also operate loan production offices in Florida. Through our bank, we originate commercial, consumer and other loans and accept deposits, provide electronic banking services, such as online and mobile banking, including remote deposit capture, deliver treasury and cash management services and provide correspondent banking services to other financial institutions. As of December 31, 2023, we had total assets of approximately $16.13 billion, total loans of approximately $11.66 billion, total deposits of approximately $13.27 billion, and total stockholders' equity of approximately $1.44 billion. We operate our bank using a simple business model based on organic loan and deposit growth, generated through high quality customer service, delivered by a team of experienced bankers focused on developing and maintaining long-term banking relationships with our target customers. We utilize a uniform, centralized back office risk and credit platform to support a decentralized decision-making process executed locally by our regional chief executive officers. This decentralized decision-making process allows individual lending officers varying levels of lending authority, based on the experience of the individual officer. When the total amount of loans to a borrower exceeds an officer's lending authority, further approval must be obtained by the applicable regional chief executive officer and/or our senior management team. Rather than relying on a more traditional retail bank strategy of operating a broad base of multiple brick and mortar branch locations in each market, our strategy focuses on operating a limited and efficient branch ne

View Full Filing

View this 10-K filing on SEC EDGAR