ServisFirst Bancshares Q3 2024 10-Q Filing

TL;DR

**SFB Q3 2024 10-Q is IN. Check financials.**

AI Summary

ServisFirst Bancshares, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and position for the third quarter of 2024. Key financial data and disclosures relevant to investors are presented.

Why It Matters

This filing provides investors with a detailed look at ServisFirst Bancshares' financial health and operational performance during the third quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a financial institution, ServisFirst Bancshares is subject to inherent risks related to market fluctuations, credit, and regulatory changes.

Key Players & Entities

• ServisFirst Bancshares, Inc. (company) — Filer
• 2024-09-30 (date) — Reporting Period End Date
• 2024-11-06 (date) — Filing Date
• 2500 WOODCREST PLACE (address) — Business and Mailing Address
• BIRMINGHAM (city) — Business and Mailing City
• AL (state) — Business and Mailing State
• 35209 (zip_code) — Business and Mailing Zip Code

FAQ

Filing Documents

• sfbs20240930_10q.htm (10-Q) — 4332KB
• ex_741181.htm (EX-10.1) — 74KB
• ex_739375.htm (EX-31.01) — 10KB
• ex_739376.htm (EX-31.02) — 10KB
• ex_739377.htm (EX-32.01) — 4KB
• ex_739378.htm (EX-32.02) — 5KB
• logo.jpg (GRAPHIC) — 6KB
• 0001171843-24-006063.txt ( ) — 17100KB
• sfbs-20240930.xsd (EX-101.SCH) — 59KB
• sfbs-20240930_def.xml (EX-101.DEF) — 468KB
• sfbs-20240930_lab.xml (EX-101.LAB) — 413KB
• sfbs-20240930_pre.xml (EX-101.PRE) — 502KB
• sfbs-20240930_cal.xml (EX-101.CAL) — 57KB
• sfbs20240930_10q_htm.xml (XML) — 4881KB

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 27 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) September 30, 2024 December 31, 2023 (Unaudited) (1 ) ASSETS Cash and due from banks $ 142,372 $ 123,430 Interest-bearing balances due from depository institutions 1,614,317 1,907,083 Federal funds sold 3,542 100,575 Cash and cash equivalents 1,760,231 2,131,088 Available-for-sale debt securities, at fair value 1,139,007 900,183 Held-to-maturity debt securities (fair value of $ 673,023 and $ 907,191 , respectively) 728,580 982,664 Restricted equity securities 11,300 10,226 Mortgage loans held for sale 8,453 5,074 Loans 12,338,226 11,658,829 Less allowance for credit losses ( 160,755 ) ( 153,317 ) Loans, net 12,177,471 11,505,512 Premises and equipment, net 61,328 59,324 Accrued interest and dividends receivable 61,578 59,181 Deferred tax asset, net 57,290 62,918 Other real estate owned and repossessed assets 2,723 995 Bank owned life insurance contracts 297,656 292,759 Goodwill 13,615 13,615 Other assets 129,946 106,129 Total assets $ 16,449,178 $ 16,129,668 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits: Non-interest-bearing demand $ 2,576,329 $ 2,643,101 Interest-bearing 10,570,200 10,630,410 Total deposits 13,146,529 13,273,511 Federal funds purchased 1,542,623 1,256,724 Other borrowings 64,741 64,735 Accrued interest and dividends payable 26,581 27,545 Other liabilities 98,435 66,748 Total liabilities 14,878,909 14,689,263 Stockholders' equity: Preferred stock, par value $ 0.001 per share; 1,000,000 authorized and undesignated at September 30, 2024 and December 31, 2023 - - Common stock, par value $ 0.001 per share; 200,000,000 shares authorized: 54,551,543 shares issued and outstanding at September 30, 2024; and 54,461,580 s

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 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 nine month periods ended September 30, 2024 and 2023. Three Months Ended

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View this 10-Q filing on SEC EDGAR