ServisFirst Bancshares Assets Grow to $5.4B

TL;DR

SFB assets hit $5.4B, up from $5.18B end of last year. Growth looks good.

AI Summary

ServisFirst Bancshares, Inc. reported total assets of $5.403 billion as of June 30, 2024, an increase from $5.182 billion as of December 31, 2023. The company's filing covers the period ending June 30, 2024, and provides details on its financial position and fair value disclosures.

Why It Matters

The increase in total assets suggests business growth and potentially improved financial health for ServisFirst Bancshares, which could impact investor confidence and stock performance.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediate red flags or significant negative developments.

Key Numbers

• $5.403B — Total Assets (As of June 30, 2024, indicating growth from the previous year-end.)
• $5.182B — Total Assets (As of December 31, 2023, serving as a comparison point for asset growth.)

Key Players & Entities

• ServisFirst Bancshares, Inc. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240805 (date) — Filing date
• $5.403 billion (dollar_amount) — Total assets as of June 30, 2024
• $5.182 billion (dollar_amount) — Total assets as of December 31, 2023

FAQ

Filing Documents

• sfbs20240630_10q.htm (10-Q) — 4391KB
• ex_705305.htm (EX-31.01) — 13KB
• ex_705306.htm (EX-31.02) — 13KB
• ex_705307.htm (EX-32.01) — 4KB
• ex_705308.htm (EX-32.02) — 5KB
• logo.jpg (GRAPHIC) — 5KB
• 0001171843-24-004438.txt ( ) — 17142KB
• sfbs-20240630.xsd (EX-101.SCH) — 58KB
• sfbs-20240630_def.xml (EX-101.DEF) — 469KB
• sfbs-20240630_lab.xml (EX-101.LAB) — 411KB
• sfbs-20240630_pre.xml (EX-101.PRE) — 504KB
• sfbs-20240630_cal.xml (EX-101.CAL) — 56KB
• sfbs20240630_10q_htm.xml (XML) — 4938KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3 Item 1. Consolidated Financial Statements 3 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 43

OTHER INFORMATION

PART II. OTHER INFORMATION 43 Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 44 Item 6. Exhibits 44 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

CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS SERVISFIRST BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts) June 30, 2024 December 31, 2023 (Unaudited) (1) ASSETS Cash and due from banks $ 135,711 $ 123,430 Interest-bearing balances due from depository institutions 1,129,922 1,907,083 Federal funds sold 11,132 100,575 Cash and cash equivalents 1,276,765 2,131,088 Available-for-sale debt securities, at fair value 1,174,386 900,183 Held-to-maturity debt securities (fair value of $ 684,234 and $ 907,191 , respectively) 767,255 982,664 Restricted equity securities 11,300 10,226 Mortgage loans held for sale 11,174 5,074 Loans 12,332,780 11,658,829 Less allowance for credit losses ( 158,092 ) ( 153,317 ) Loans, net 12,174,688 11,505,512 Premises and equipment, net 59,200 59,324 Accrued interest and dividends receivable 62,936 59,181 Deferred tax asset, net 62,321 62,918 Other real estate owned and repossessed assets 1,458 995 Bank owned life insurance contracts 296,042 292,759 Goodwill 13,615 13,615 Other assets 138,672 106,129 Total assets $ 16,049,812 $ 16,129,668 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits: Non-interest-bearing demand $ 2,475,415 $ 2,643,101 Interest-bearing 10,783,977 10,630,410 Total deposits 13,259,392 13,273,511 Federal funds purchased 1,097,154 1,256,724 Other borrowings 64,739 64,735 Accrued interest and dividends payable 25,293 27,545 Other liabilities 92,658 66,748 Total liabilities 14,539,236 14,689,263 Stockholders' equity: Preferred stock, par value $ 0.001 per share; 1,000,000 authorized and undesignated at June 30, 2024 and December 31, 2023 Common stock, par value $ 0.001 per share; 200,000,000 shares authorized: 54,521,479 shares issued and outstanding at June 30, 2024; and 54,461,580 shares issued and outsta

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (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 that ServisFirst Bancshares, Inc. (the "Company") and its consolidated subsidiaries, including ServisFirst Bank (the "Bank"), may achieve for future interim periods or the entire year. For further information, refer to the consolidated financial statements and footnotes included in the Company's Form 10-K for the year ended December 31, 2023. All reported amounts are in thousands except share and per share data. NOTE 2 - CASH AND CASH EQUIVALENTS Cash on hand, cash items in process of collection, amounts due from banks, and federal funds sold are included in cash and cash equivalents. NOTE 3 - EARNINGS PER COMMON SHARE Basic earnings per common share are computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock options. The difference in earnings per share under the two-class method was not significant for both the three and six month periods ended June 30, 2024 and 2023. Three Months Ended June 30,

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View this 10-Q filing on SEC EDGAR