SFBS - ServisFirst Bancshares Inc. Announces Results For Fourth Quarter of 2020
BIRMINGHAM, Ala., Jan. 25, 2021 (GLOBE NEWSWIRE) -- ServisFirst Bancshares, Inc. (NASDAQ: SFBS), today announced earnings and operating results for the three months and year ended December 31, 2020.
Highlights:
- Diluted earnings per share were $3.13 for 2020, a 13% increase over 2019
- Diluted earnings per share for the quarter were $0.94, a 24% increase over the fourth quarter of 2019
- Deposits grew from $7.53 billion to $9.98 billion year-over-year, or 32%
- Book value per share increased to $18.41, a 17% increase year-over-year
- Cash dividend increased from $0.175 to $0.20 cents per quarter, a 14% increase
- Opened new Venice, Florida office in January 2021
Tom Broughton, Chairman, President and CEO, said, “We are thankful to have had the opportunity to assist so many of our clients during this pandemic and have worked to support them through a year of difficult circumstances. We are pleased that we were able to build new customer relationships during the pandemic; customers who came to ServisFirst Bank needing a responsive and dedicated banking partner. I am proud of our team’s performance and dedication to our mission.”
Bud Foshee, CFO, said, “We are pleased to report record earnings in 2020. Given the uneven economic conditions and the unanticipated challenges that the pandemic presented, we maintained a strong commitment to hard work and to provide excellent service to our customers.”
| FINANCIAL SUMMARY (UNAUDITED) |
| (in Thousands except share and per share amounts) |
| Period Ending December 31, 2020 |
| Period Ending September 30, 2020 |
| % Change From Period Ending September 30, 2020 to Period Ending December 31, 2020 |
| Period Ending December 31, 2019 |
| % Change From Period Ending December 31, 2019 to Period Ending December 31, 2020 |
| QUARTERLY OPERATING RESULTS |
| Net Income |
| $ |
| 50,981 |
| $ |
| 43,362 |
| 18 |
| % |
| $ |
| 41,037 |
| 24 |
| % |
| Net Income Available to Common Stockholders |
| $ |
| 50,949 |
| $ |
| 43,362 |
| 17 |
| % |
| $ |
| 41,005 |
| 24 |
| % |
| Diluted Earnings Per Share |
| $ |
| 0.94 |
| $ |
| 0.80 |
| 18 |
| % |
| $ |
| 0.76 |
| 24 |
| % |
| Return on Average Assets |
| 1.74 |
| % |
| 1.54 |
| % |
| 1.80 |
| % |
| Return on Average Common Stockholders' Equity |
| 20.78 |
| % |
| 18.43 |
| % |
| 19.75 |
| % |
| Average Diluted Shares Outstanding |
| 54,273,944 |
| 54,232,965 |
| 54,149,554 |
| YEAR-TO-DATE OPERATING RESULTS |
| Net Income |
| $ |
| 169,569 |
| $ |
| 149,243 |
| 14 |
| % |
| Net Income Available to Common Stockholders |
| $ |
| 169,506 |
| $ |
| 149,180 |
| 14 |
| % |
| Diluted Earnings Per Share |
| $ |
| 3.13 |
| $ |
| 2.76 |
| 13 |
| % |
| Return on Average Assets |
| 1.59 |
| % |
| 1.73 |
| % |
| Return on Average Common Stockholders' Equity |
| 18.55 |
| % |
| 19.15 |
| % |
| Average Diluted Shares Outstanding |
| 54,219,037 |
| 54,103,074 |
| BALANCE SHEET |
| Total Assets |
| $ |
| 11,932,654 |
| $ |
| 11,394,874 |
| 5 |
| % |
| $ |
| 8,947,653 |
| 33 |
| % |
| Loans |
| 8,465,688 |
| 8,508,554 |
| (1 |
| ) |
| % |
| 7,261,451 |
| 17 |
| % |
| Non-interest-bearing Demand Deposits |
| 2,788,772 |
| 2,762,814 |
| 1 |
| % |
| 1,749,879 |
| 59 |
| % |
| Total Deposits |
| 9,975,724 |
| 9,673,783 |
| 3 |
| % |
| 7,530,433 |
| 32 |
| % |
| Stockholders' Equity |
| 992,852 |
| 949,589 |
| 5 |
| % |
| 842,682 |
| 18 |
| % |
DETAILED FINANCIALS
ServisFirst Bancshares, Inc. reported net income and net income available to common stockholders of $51.0 million and $50.9 million, respectively, for the quarter ended December 31, 2020, compared to net income and net income available to common stockholders of $41.0 million for the same quarter in 2019. Basic and diluted earnings per common share were $0.94 for the fourth quarter of 2020, compared to $0.77 and $0.76, respectively, for the fourth quarter of 2019.
Annualized return on average assets was 1.74% and annualized return on average common stockholders’ equity was 20.78% for the fourth quarter of 2020, compared to 1.80% and 19.75%, respectively, for the fourth quarter of 2019.
Net interest income was $92.1 million for the fourth quarter of 2020, compared to $85.1 million for the third quarter of 2020 and $75.8 million for the fourth quarter of 2019. The net interest margin in the fourth quarter of 2020 was 3.27% compared to 3.14% in the third quarter of 2020 and 3.47% in the fourth quarter of 2019. Accretion of net fees on PPP loans of $7.5 million during the fourth quarter of 2020 contributed to 35 basis points of loan yield increase, compared to $4.0 million of PPP loan fee accretion during the third quarter, or 19 basis points.
Average loans for the fourth quarter of 2020 were $8.46 billion, an increase of $99.5 million, or 5% annualized, over average loans of $8.37 billion for the third quarter of 2020, and an increase of $1.36 billion, or 19%, over average loans of $7.10 billion for the fourth quarter of 2019. We originated over 4,900 PPP loans during 2020 for a total of $1.05 billion. Excluding PPP loans, average loans for the fourth quarter of 2020 were $7.46 billion, an increase of $146.6 million compared to the third quarter of 2020, and an increase of $356.4 million, or 5%, over average loans for the fourth quarter of 2019.
Average total deposits for the fourth quarter of 2020 were $9.84 billion, an increase of $371.5 million, or 16% annualized, over average total deposits of $9.47 billion for the third quarter of 2020, and an increase of $2.16 billion, or 28%, over average total deposits of $7.68 billion for the fourth quarter of 2019.
Nonperforming assets to total assets were 0.21% for the fourth quarter of 2020, a decrease of eight basis points compared to 0.29% for the third quarter of 2020 and a decrease of 29 basis points compared to 0.50% for the fourth quarter of 2019. Annualized net charge-offs to average loans were 0.41%, a 13 basis-point decrease compared to 0.54% for the third quarter of 2020 and an increase of five basis points compared to 0.36% for the fourth quarter of 2019. The CARES Act, passed into law on March 27, 2020 as a result of the COVID-19 outbreak, allowed companies to delay their adoption of Accounting Standards Update (ASU) 2016-13, Measurement of Credit Losses on Financial Instruments (CECL), including the current expected credit loss methodology for estimating allowances for credit losses. We elected to delay adoption of ASU 2016-13 until the date on which the national emergency concerning the COVID-19 outbreak terminates or December 31, 2020, with an effective retrospective implementation date of January 1, 2020. Based on prevailing economic conditions and forecasts as of the January 1, 2020 adoption date, we recorded a net $2 million decrease in our allowance for credit losses for CECL adoption effective at January 1, 2020. This decrease is the result of implementing a more quantitative methodology along with the loan portfolio consisting primarily of commercial loans with generally short contractual maturities. The allowance for credit losses for the quarter ending December 31, 2020 was calculated under the CECL methodology and as a percentage of total loans was 1.04%. Other quarter-end periods presented for the allowance for loan losses were not restated for CECL adoption and were calculated under the incurred loss methodology. The allowance for loan losses as a percentage of total loans was 1.09% at September 30, 2020 and 1.05% at December 31, 2019. Excluding PPP loans, for all periods discussed, the allowance for credit losses as a percentage of total loans under the CECL methodology was 1.16% at December 31, 2020, compared to 1.24% and 1.05% at September 30, 2020 and December 31, 2019, respectively, under the incurred loss model. We recorded a $6.3 million provision for credit losses in the fourth quarter of 2020 compared to $12.3 million in the third quarter of 2020 and $5.9 million in the fourth quarter of 2019.
Noninterest income for the fourth quarter of 2020 increased $1.3 million, or 19%, to $8.2 million from $6.9 million in the fourth quarter of 2019. Deposit service charges increased $165,000, or 9%, to $2.0 million for the fourth quarter of 2020. Mortgage banking revenue increased $1.7 million, or 123%, from the fourth quarter of 2019 to the fourth quarter of 2020. Mortgage loan origination volumes increased approximately 94% during the fourth quarter of 2020 when compared to the same quarter in 2019. Credit card revenue, net of awards, decreased $978,000, or 52%, to $913,000 during the fourth quarter of 2020, compared to the fourth quarter of 2019. Credit card awards accruals were increased by $1.7 million during the fourth quarter of 2020 when compared to the fourth quarter of 2019. A majority of these accruals will be paid out to customers in January 2021. The amount of spend on purchase cards increased $29.1 million while the amount of spend on business credit cards increased $3.0 million during the fourth quarter of 2020 when compared to the fourth quarter of 2019. Purchase card spend carries lower profit margins than credit cards due to their higher rebates. Income on life insurance policies increased $241,000, or 17%, to $1.7 million during the fourth quarter of 2020, compared to $1.4 million during the fourth quarter of 2019. We purchased $40.0 million in BOLI contracts in July of 2020 and another $20.5 million in November of 2020. The November 2020 BOLI contracts include endorsement split dollar agreements entered into with certain of our executives, as well as policies with respect to certain of our other employees. Other income for the fourth quarter of 2020 increased $188,000, or 41%, to $643,000 from $455,000 in the fourth quarter of 2019. On May 4, 2020 we bought an interest rate cap with a term of three years and a notional amount of $300 million. The cap is tied to one-month LIBOR with a strike rate of 0.50%. We wrote down the value of the cap by $61,000 during the fourth quarter of 2020 and by $781,000 year-to-date through other income and are amortizing the fee paid to our counterparty over the life of the cap.
Noninterest expense for the fourth quarter of 2020 increased $2.7 million, or 10%, to $28.2 million from $25.5 million in the fourth quarter of 2019, and increased $1.6 million, or 6%, on a linked quarter basis. Salary and benefit expense for the fourth quarter of 2020 increased $1.3 million, or 9%, to $15.0 million from $13.7 million in the fourth quarter of 2019, and was flat on a linked quarter basis. The number of FTE employees was 493 as of December 31, 2020 compared to 486 as of September 30, 2020 and 500 as of December 31, 2019. Equipment and occupancy expense increased $341,000, or 15%, to $2.7 million in the fourth quarter of 2020, from $2.4 million in the fourth quarter of 2019. Third party processing expenses increased $242,000, or 8%, to $3.4 million in the fourth quarter of 2020, from $3.2 million in the fourth quarter of 2019. Professional services expense increased $85,000, or 7%, to $1.2 million in the fourth quarter of 2020. FDIC and other regulatory assessments increased $195,000, or 17%, to $1.4 million in the fourth quarter of 2020 compared to $1.2 million in the fourth quarter of 2019. Expenses associated with other real estate owned increased $37,000 to $140,000 in the fourth quarter of 2020, from $103,000 in the fourth quarter of 2019. Other operating expenses for the fourth quarter of 2020 increased $509,000, or 13%, to $4.4 million from $3.9 million in the fourth quarter of 2019, and increased $773,000, or 21%, on a linked-quarter basis. The efficiency ratio was 28.11% during the fourth quarter of 2020 compared to 30.83% during the fourth quarter of 2019 and compared to 28.50% during the third quarter of 2020.
Income tax expense increased $4.6 million, or 44%, to $14.9 million in the fourth quarter of 2020, compared to $10.3 million in the fourth quarter of 2019. Our effective tax rate was 22.56% for the fourth quarter of 2020 compared to 20.05% for the fourth quarter of 2019. State of Alabama tax credit investments matured at the end of 2019, causing our state credit amounts to decrease from $1.0 million during the fourth quarter of 2019 to $132,000 during the fourth quarter of 2020. We recognized a reduction in provision for income taxes resulting from excess tax benefits from the exercise and vesting of stock options and restricted stock during the fourth quarters of 2020 and 2019 of $170,000 and $297,000, respectively.
GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures
This press release contains certain non-GAAP financial measures, including tangible common stockholders’ equity, total tangible assets, tangible book value per share and tangible common equity to total tangible assets, each of which excludes goodwill and core deposit intangibles associated with our acquisition of Metro Bancshares, Inc. in January 2015. 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.
| December 31, 2020 |
| September 30, 2020 |
| June 30, 2020 |
| March 31, 2020 |
| December 31, 2019 |
| Book value per share - GAAP |
| $ |
| 18.41 |
| $ |
| 17.61 |
| $ |
| 16.98 |
| $ |
| 16.38 |
| $ |
| 15.71 |
| Total common stockholders' equity - GAAP |
| 992,852 |
| 949,589 |
| 914,588 |
| 881,885 |
| 842,682 |
| Adjustments: |
| Adjusted for goodwill and core deposit intangible asset |
| 13,908 |
| 13,976 |
| 14,043 |
| 14,111 |
| 14,179 |
| Tangible common stockholders' equity - non-GAAP |
| $ |
| 978,944 |
| $ |
| 935,613 |
| $ |
| 900,545 |
| $ |
| 867,775 |
| $ |
| 828,503 |
| Tangible book value per share - non-GAAP |
| $ |
| 18.15 |
| $ |
| 17.35 |
| $ |
| 16.72 |
| $ |
| 16.12 |
| $ |
| 15.45 |
| Stockholders' equity to total assets - GAAP |
| 8.32 |
| % |
| 8.33 |
| % |
| 8.31 |
| % |
| 9.42 |
| % |
| 9.42 |
| % |
| Total assets - GAAP |
| $ |
| 11,927,955 |
| $ |
| 11,394,874 |
| $ |
| 11,012,195 |
| $ |
| 9,364,882 |
| $ |
| 8,947,653 |
| Adjustments: |
| Adjusted for goodwill and core deposit intangible asset |
| 13,908 |
| 13,976 |
| 14,043 |
| 14,111 |
| 14,179 |
| Total tangible assets - non-GAAP |
| $ |
| 11,914,047 |
| $ |
| 11,380,898 |
| $ |
| 10,998,152 |
| $ |
| 9,350,771 |
| $ |
| 8,933,474 |
| Tangible common equity to total tangible assets - non-GAAP |
| 8.22 |
| % |
| 8.22 |
| % |
| 8.19 |
| % |
| 9.28 |
| % |
| 9.27 |
| % |
About ServisFirst Bancshares, Inc.
ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank, ServisFirst Bancshares, Inc. provides business and personal financial services from locations in Birmingham, Huntsville, Montgomery, Mobile and Dothan, Alabama, Pensacola, Sarasota and Tampa Bay, Florida, Atlanta, Georgia, Charleston, South Carolina and Nashville, Tennessee.
ServisFirst Bancshares, Inc. files periodic reports with the U.S. Securities and Exchange Commission (SEC). Copies of its filings may be obtained through the SEC’s website at www.sec.gov or at www.servisfirstbancshares.com .
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 a number of 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: the global health and economic crisis precipitated by the COVID-19 outbreak; 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 in our loan portfolio and the deposit base; economic crisis and associated credit issues in industries most impacted by the COVID-19 outbreak, including but not limited to, the restaurant, hospitality and retail sectors; possible changes in laws and regulations and governmental monetary and fiscal policies, including, but not limited to, economic stimulus initiatives; the cost and other effects of legal and administrative cases and similar contingencies; possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and the value of collateral; the effect of natural disasters, such as hurricanes and tornados, in our geographic markets; and increased competition from both banks and non-bank financial institutions. The foregoing list of factors is not exhaustive. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-looking Statements” and “Risk Factors” in our most recent Annual Report on Form 10-K, in our Quarterly Reports on Form 10-Q for fiscal year 2020, and our other SEC filings. If one or more of the factors affecting our forward-looking information and statements proves incorrect, then our actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained herein. Accordingly, you should not place undue reliance on any forward-looking statements, which speak only as of the date made. ServisFirst Bancshares, Inc. assumes no obligation to update or revise any forward-looking statements that are made from time to time.
More information about ServisFirst Bancshares, Inc. may be obtained over the Internet at www.servisfirstbancshares.com or by calling (205) 949-0302.
Contact: ServisFirst Bank
Davis Mange (205) 949-3420
dmange@servisfirstbank.com
| SELECTED FINANCIAL HIGHLIGHTS (Unaudited) |
| (In thousands except share and per share data) |
| 4th Quarter 2020 |
| 3rd Quarter 2020 |
| 2nd Quarter 2020 |
| 1st Quarter 2020 |
| 4th Quarter 2019 |
| CONSOLIDATED STATEMENT OF INCOME |
| Interest income |
| $ |
| 101,065 |
| $ |
| 96,110 |
| $ |
| 95,080 |
| $ |
| 96,767 |
| $ |
| 98,187 |
| Interest expense |
| 8,984 |
| 11,028 |
| 11,846 |
| 19,127 |
| 22,410 |
| Net interest income |
| 92,081 |
| 85,082 |
| 83,234 |
| 77,640 |
| 75,777 |
| Provision for loan losses |
| 6,283 |
| 12,284 |
| 10,283 |
| 13,584 |
| 5,884 |
| Net interest income after provision for loan losses |
| 85,798 |
| 72,798 |
| 72,951 |
| 64,056 |
| 69,893 |
| Non-interest income |
| 8,237 |
| 8,172 |
| 7,033 |
| 6,674 |
| 6,936 |
| Non-interest expense |
| 28,202 |
| 26,573 |
| 28,816 |
| 27,920 |
| 25,503 |
| Income before income tax |
| 65,833 |
| 54,397 |
| 51,168 |
| 42,810 |
| 51,326 |
| Provision for income tax |
| 14,852 |
| 11,035 |
| 10,720 |
| 8,032 |
| 10,289 |
| Net income |
| 50,981 |
| 43,362 |
| 40,448 |
| 34,778 |
| 41,037 |
| Preferred stock dividends |
| 32 |
| - |
| 31 |
| - |
| 32 |
| Net income available to common stockholders |
| $ |
| 50,949 |
| $ |
| 43,362 |
| $ |
| 40,417 |
| $ |
| 34,778 |
| $ |
| 41,005 |
| Earnings per share - basic |
| $ |
| 0.94 |
| $ |
| 0.80 |
| $ |
| 0.75 |
| $ |
| 0.65 |
| $ |
| 0.77 |
| Earnings per share - diluted |
| $ |
| 0.94 |
| $ |
| 0.80 |
| $ |
| 0.75 |
| $ |
| 0.64 |
| $ |
| 0.76 |
| Average diluted shares outstanding |
| 54,273,944 |
| 54,232,965 |
| 54,194,506 |
| 54,167,414 |
| 54,149,554 |
| CONSOLIDATED BALANCE SHEET DATA |
| Total assets |
| $ |
| 11,932,654 |
| $ |
| 11,394,874 |
| $ |
| 11,012,195 |
| $ |
| 9,364,882 |
| $ |
| 8,947,653 |
| Loans |
| 8,465,688 |
| 8,508,544 |
| 8,315,375 |
| 7,568,836 |
| 7,261,451 |
| Debt securities |
| 886,938 |
| 913,299 |
| 856,378 |
| 827,032 |
| 759,649 |
| Non-interest-bearing demand deposits |
| 2,788,772 |
| 2,762,814 |
| 2,678,893 |
| 1,925,626 |
| 1,749,879 |
| Total deposits |
| 9,975,724 |
| 9,673,783 |
| 9,342,918 |
| 7,832,655 |
| 7,530,433 |
| Borrowings |
| 64,748 |
| 64,719 |
| 64,715 |
| 64,707 |
| 64,703 |
| Stockholders' equity |
| $ |
| 992,852 |
| $ |
| 949,589 |
| $ |
| 914,588 |
| $ |
| 881,885 |
| $ |
| 842,682 |
| Shares outstanding |
| 53,943,751 |
| 53,915,245 |
| 53,874,276 |
| 53,844,009 |
| 53,623,740 |
| Book value per share |
| $ |
| 18.41 |
| $ |
| 17.61 |
| $ |
| 16.98 |
| $ |
| 16.38 |
| $ |
| 15.71 |
| Tangible book value per share (1) |
| $ |
| 18.15 |
| $ |
| 17.35 |
| $ |
| 16.72 |
| $ |
| 16.12 |
| $ |
| 15.45 |
| SELECTED FINANCIAL RATIOS (Annualized) |
| Net interest margin |
| 3.27 |
| % |
| 3.14 |
| % |
| 3.32 |
| % |
| 3.58 |
| % |
| 3.47 |
| % |
| Return on average assets |
| 1.74 |
| % |
| 1.54 |
| % |
| 1.55 |
| % |
| 1.54 |
| % |
| 1.80 |
| % |
| Return on average common stockholders' equity |
| 20.78 |
| % |
| 18.43 |
| % |
| 18.40 |
| % |
| 16.23 |
| % |
| 19.75 |
| % |
| Efficiency ratio |
| 28.11 |
| % |
| 28.50 |
| % |
| 31.92 |
| % |
| 33.11 |
| % |
| 30.83 |
| % |
| Non-interest expense to average earning assets |
| 1.00 |
| % |
| 0.98 |
| % |
| 1.15 |
| % |
| 1.29 |
| % |
| 1.17 |
| % |
| CAPITAL RATIOS (2) |
| Common equity tier 1 capital to risk-weighted assets |
| 10.52 |
| % |
| 11.24 |
| % |
| 11.26 |
| % |
| 10.68 |
| % |
| 10.50 |
| % |
| Tier 1 capital to risk-weighted assets |
| 10.52 |
| % |
| 11.25 |
| % |
| 11.27 |
| % |
| 10.68 |
| % |
| 10.50 |
| % |
| Total capital to risk-weighted assets |
| 12.22 |
| % |
| 13.10 |
| % |
| 13.27 |
| % |
| 12.54 |
| % |
| 12.31 |
| % |
| Tier 1 capital to average assets |
| 8.23 |
| % |
| 8.22 |
| % |
| 8.46 |
| % |
| 9.56 |
| % |
| 9.13 |
| % |
| Tangible common equity to total tangible assets (1) |
| 8.22 |
| % |
| 8.22 |
| % |
| 8.19 |
| % |
| 9.28 |
| % |
| 9.27 |
| % |
| (1) See "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures" for a discussion of these Non-GAAP financial measures. |
| (2) Regulatory capital ratios for most recent period are preliminary. |
| CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
| (Dollars in thousands) |
| December 31, 2020 |
| December 31, 2019 |
| % Change |
| ASSETS |
| Cash and due from banks |
| $ |
| 93,655 |
| $ |
| 78,618 |
| 19 |
| % |
| Interest-bearing balances due from depository institutions |
| 2,115,985 |
| 451,509 |
| 369 |
| % |
| Federal funds sold |
| 1,771 |
| 100,473 |
| (98 |
| ) |
| % |
| Cash and cash equivalents |
| 2,211,411 |
| 630,600 |
| 251 |
| % |
| Available for sale debt securities, at fair value |
| 886,688 |
| 759,399 |
| 17 |
| % |
| Held to maturity debt securities (fair value of $250 at December 31, 2020 and 2019) |
| 250 |
| 250 |
| - |
| % |
| Mortgage loans held for sale |
| 14,425 |
| 6,312 |
| 129 |
| % |
| Loans |
| 8,465,688 |
| 7,261,451 |
| 17 |
| % |
| Less allowance for loan losses |
| (87,942 |
| ) |
| (76,584 |
| ) |
| 15 |
| % |
| Loans, net |
| 8,377,746 |
| 7,184,867 |
| 17 |
| % |
| Premises and equipment, net |
| 54,969 |
| 56,496 |
| (3 |
| ) |
| % |
| Goodwill and other identifiable intangible assets |
| 13,908 |
| 14,179 |
| (2 |
| ) |
| % |
| Other assets |
| 373,256 |
| 295,550 |
| 26 |
| % |
| Total assets |
| $ |
| 11,932,654 |
| $ |
| 8,947,653 |
| 33 |
| % |
| LIABILITIES AND STOCKHOLDERS' EQUITY |
| Liabilities: |
| Deposits: |
| Non-interest-bearing |
| $ |
| 2,788,772 |
| $ |
| 1,749,879 |
| 59 |
| % |
| Interest-bearing |
| 7,186,952 |
| 5,780,554 |
| 24 |
| % |
| Total deposits |
| 9,975,724 |
| 7,530,433 |
| 32 |
| % |
| Federal funds purchased |
| 851,545 |
| 470,749 |
| 81 |
| % |
| Other borrowings |
| 64,748 |
| 64,703 |
| - |
| % |
| Other liabilities |
| 47,785 |
| 39,086 |
| 22 |
| % |
| Total liabilities |
| 10,939,802 |
| 8,104,971 |
| 35 |
| % |
| Stockholders' equity: |
| Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at |
| December 31, 2020 and December 31, 2019 |
| - |
| - |
| Common stock, par value $0.001 per share; 100,000,000 shares authorized; 53,943,751 shares |
| issued and outstanding at December 31, 2020, and 53,623,740 shares issued and outstanding |
| at December 31, 2019 |
| 54 |
| 54 |
| - |
| % |
| Additional paid-in capital |
| 223,856 |
| 219,766 |
| 2 |
| % |
| Retained earnings |
| 748,224 |
| 616,611 |
| 21 |
| % |
| Accumulated other comprehensive income |
| 20,218 |
| 5,749 |
| 252 |
| % |
| Total stockholders' equity attributable to ServisFirst Bancshares, Inc. |
| 992,352 |
| 842,180 |
| 18 |
| % |
| Noncontrolling interest |
| 500 |
| 502 |
| - |
| % |
| Total stockholders' equity |
| 992,852 |
| 842,682 |
| 18 |
| % |
| Total liabilities and stockholders' equity |
| $ |
| 11,932,654 |
| $ |
| 8,947,653 |
| 33 |
| % |
| CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
| (In thousands except per share data) |
| Three Months Ended December 31, |
| Year Ended December 31, |
| 2020 |
| 2019 |
| 2020 |
| 2019 |
| Interest income: |
| Interest and fees on loans |
| $ |
| 94,332 |
| $ |
| 89,407 |
| $ |
| 362,664 |
| $ |
| 354,308 |
| Taxable securities |
| 6,018 |
| 4,702 |
| 22,122 |
| 17,008 |
| Nontaxable securities |
| 129 |
| 274 |
| 739 |
| 1,429 |
| Federal funds sold |
| 5 |
| 1,053 |
| 332 |
| 6,038 |
| Other interest and dividends |
| 581 |
| 2,751 |
| 3,165 |
| 12,020 |
| Total interest income |
| 101,065 |
| 98,187 |
| 389,022 |
| 390,803 |
| Interest expense: |
| Deposits |
| 7,853 |
| 19,786 |
| 45,230 |
| 90,958 |
| Borrowed funds |
| 1,131 |
| 2,624 |
| 5,755 |
| 12,200 |
| Total interest expense |
| 8,984 |
| 22,410 |
| 50,985 |
| 103,158 |
| Net interest income |
| 92,081 |
| 75,777 |
| 338,037 |
| 287,645 |
| Provision for loan losses |
| 6,283 |
| 5,884 |
| 42,434 |
| 22,638 |
| Net interest income after provision for loan losses |
| 85,798 |
| 69,893 |
| 295,603 |
| 265,007 |
| Non-interest income: |
| Service charges on deposit accounts |
| 1,971 |
| 1,806 |
| 7,528 |
| 7,029 |
| Mortgage banking |
| 3,050 |
| 1,366 |
| 8,747 |
| 4,361 |
| Credit card income |
| 913 |
| 1,891 |
| 5,916 |
| 7,076 |
| Securities (losses) gains |
| - |
| (1 |
| ) |
| - |
| 27 |
| Increase in cash surrender value life insurance |
| 1,660 |
| 1,419 |
| 6,310 |
| 3,745 |
| Other operating income |
| 643 |
| 455 |
| 1,615 |
| 1,744 |
| Total non-interest income |
| 8,237 |
| 6,936 |
| 30,116 |
| 23,982 |
| Non-interest expense: |
| Salaries and employee benefits |
| 14,970 |
| 13,680 |
| 61,414 |
| 57,783 |
| Equipment and occupancy expense |
| 2,680 |
| 2,339 |
| 10,070 |
| 9,272 |
| Third party processing and other services |
| 3,418 |
| 3,176 |
| 13,778 |
| 11,234 |
| Professional services |
| 1,248 |
| 1,163 |
| 4,242 |
| 4,235 |
| FDIC and other regulatory assessments |
| 1,366 |
| 1,171 |
| 4,354 |
| 2,975 |
| Other real estate owned expense |
| 140 |
| 103 |
| 2,163 |
| 415 |
| Other operating expense |
| 4,380 |
| 3,871 |
| 15,490 |
| 16,214 |
| Total non-interest expense |
| 28,202 |
| 25,503 |
| 111,511 |
| 102,128 |
| Income before income tax |
| 65,833 |
| 51,326 |
| 214,208 |
| 186,861 |
| Provision for income tax |
| 14,852 |
| 10,289 |
| 44,639 |
| 37,618 |
| Net income |
| 50,981 |
| 41,037 |
| 169,569 |
| 149,243 |
| Dividends on preferred stock |
| 32 |
| 32 |
| 63 |
| 63 |
| Net income available to common stockholders |
| $ |
| 50,949 |
| $ |
| 41,005 |
| $ |
| 169,506 |
| $ |
| 149,180 |
| Basic earnings per common share |
| $ |
| 0.94 |
| $ |
| 0.77 |
| $ |
| 3.15 |
| $ |
| 2.79 |
| Diluted earnings per common share |
| $ |
| 0.94 |
| $ |
| 0.76 |
| $ |
| 3.13 |
| $ |
| 2.76 |
| LOANS BY TYPE (UNAUDITED) |
| (In thousands) |
| 4th Quarter 2020 |
| 3rd Quarter 2020 |
| 2nd Quarter 2020 |
| 1st Quarter 2020 |
| 4th Quarter 2019 |
| Commercial, financial and agricultural |
| $ |
| 3,295,900 |
| $ |
| 3,466,189 |
| $ |
| 3,498,627 |
| $ |
| 2,771,307 |
| $ |
| 2,696,210 |
| Real estate - construction |
| 593,614 |
| 530,919 |
| 544,586 |
| 548,578 |
| 521,392 |
| Real estate - mortgage: |
| Owner-occupied commercial |
| 1,693,428 |
| 1,725,222 |
| 1,634,495 |
| 1,678,532 |
| 1,587,478 |
| 1-4 family mortgage |
| 711,692 |
| 671,841 |
| 665,883 |
| 675,870 |
| 644,188 |
| Other mortgage |
| 2,106,184 |
| 2,056,549 |
| 1,911,384 |
| 1,834,137 |
| 1,747,394 |
| Subtotal: Real estate - mortgage |
| 4,511,304 |
| 4,453,612 |
| 4,211,762 |
| 4,188,539 |
| 3,979,060 |
| Consumer |
| 64,870 |
| 57,834 |
| 60,400 |
| 60,412 |
| 64,789 |
| Total loans |
| $ |
| 8,465,688 |
| $ |
| 8,508,554 |
| $ |
| 8,315,375 |
| $ |
| 7,568,836 |
| $ |
| 7,261,451 |
| SUMMARY OF LOAN LOSS EXPERIENCE (UNAUDITED) |
| (Dollars in thousands) |
| 4th Quarter 2020 |
| 3rd Quarter 2020 |
| 2nd Quarter 2020 |
| 1st Quarter 2020 |
| 4th Quarter 2019 |
| Allowance for loan losses: |
| Beginning balance |
| $ |
| 92,440 |
| $ |
| 91,507 |
| $ |
| 85,414 |
| $ |
| 76,584 |
| $ |
| 77,192 |
| Impact of Adoption of ASC 326 |
| (2,000 |
| ) |
| - |
| - |
| - |
| - |
| Loans charged off: |
| Commercial financial and agricultural |
| 8,792 |
| 11,146 |
| 1,358 |
| 2,640 |
| 4,742 |
| Real estate - construction |
| 202 |
| - |
| 376 |
| 454 |
| - |
| Real estate - mortgage |
| - |
| 200 |
| 2,520 |
| 1,678 |
| 1,689 |
| Consumer |
| 38 |
| 44 |
| 62 |
| 58 |
| 139 |
| Total charge offs |
| 9,032 |
| 11,390 |
| 4,316 |
| 4,830 |
| 6,570 |
| Recoveries: |
| Commercial financial and agricultural |
| 94 |
| 12 |
| 84 |
| 62 |
| 51 |
| Real estate - construction |
| 30 |
| - |
| 1 |
| 1 |
| 1 |
| Real estate - mortgage |
| 114 |
| 12 |
| 13 |
| 1 |
| 2 |
| Consumer |
| 13 |
| 15 |
| 28 |
| 12 |
| 24 |
| Total recoveries |
| 251 |
| 39 |
| 126 |
| 76 |
| 78 |
| Net charge-offs |
| 8,781 |
| 11,351 |
| 4,190 |
| 4,754 |
| 6,492 |
| Provision for loan losses |
| 6,283 |
| 12,284 |
| 10,283 |
| 13,584 |
| 5,884 |
| Ending balance |
| $ |
| 87,942 |
| $ |
| 92,440 |
| $ |
| 91,507 |
| $ |
| 85,414 |
| $ |
| 76,584 |
| Allowance for credit losses to total loans |
| 1.04 |
| % |
| - |
| - |
| - |
| - |
| Allowance for credit losses to total average |
| loans |
| 1.04 |
| % |
| - |
| - |
| - |
| - |
| Allowance for loan losses to total loans |
| - |
| 1.09 |
| % |
| 1.10 |
| % |
| 1.13 |
| % |
| 1.05 |
| % |
| Allowance for loan losses to total average |
| loans |
| - |
| 1.11 |
| % |
| 1.10 |
| % |
| 1.16 |
| % |
| 1.08 |
| % |
| Net charge-offs to total average loans |
| 0.41 |
| % |
| 0.54 |
| % |
| 0.20 |
| % |
| 0.26 |
| % |
| 0.36 |
| % |
| Provision for credit losses to total average |
| loans |
| 0.30 |
| % |
| - |
| - |
| - |
| - |
| Provision for loan losses to total average |
| loans |
| - |
| 0.58 |
| % |
| 0.50 |
| % |
| 0.74 |
| % |
| 0.33 |
| % |
| Nonperforming assets: |
| Nonaccrual loans |
| $ |
| 13,973 |
| $ |
| 21,675 |
| $ |
| 16,881 |
| $ |
| 28,914 |
| $ |
| 30,091 |
| Loans 90+ days past due and accruing |
| 4,981 |
| 4,898 |
| 5,133 |
| 4,954 |
| 6,021 |
| Other real estate owned and |
| repossessed assets |
| 6,497 |
| 6,976 |
| 6,537 |
| 7,448 |
| 8,178 |
| Total |
| $ |
| 25,451 |
| $ |
| 33,549 |
| $ |
| 28,551 |
| $ |
| 41,316 |
| $ |
| 44,290 |
| Nonperforming loans to total loans |
| 0.22 |
| % |
| 0.31 |
| % |
| 0.26 |
| % |
| 0.45 |
| % |
| 0.50 |
| % |
| Nonperforming assets to total assets |
| 0.21 |
| % |
| 0.29 |
| % |
| 0.26 |
| % |
| 0.44 |
| % |
| 0.50 |
| % |
| Nonperforming assets to earning assets |
| 0.22 |
| % |
| 0.30 |
| % |
| 0.26 |
| % |
| 0.45 |
| % |
| 0.50 |
| % |
| Allowance for credit losses to nonaccrual loans |
| 629.37 |
| % |
| - |
| - |
| - |
| - |
| Allowance for loan losses to nonaccrual loans |
| - |
| 426.48 |
| % |
| 542.07 |
| % |
| 295.41 |
| % |
| 254.51 |
| % |
| Restructured accruing loans |
| $ |
| 818 |
| $ |
| 1,800 |
| $ |
| 975 |
| $ |
| 975 |
| $ |
| 625 |
| Restructured accruing loans to total loans |
| 0.01 |
| % |
| 0.02 |
| % |
| 0.01 |
| % |
| 0.01 |
| % |
| 0.01 |
| % |
| TROUBLED DEBT RESTRUCTURINGS (TDRs) (UNAUDITED) |
| (In thousands) |
| 4th Quarter 2020 |
| 3rd Quarter 2020 |
| 2nd Quarter 2020 |
| 1st Quarter 2020 |
| 4th Quarter 2019 |
| Beginning balance: |
| $ |
| 2,738 |
| $ |
| 1,568 |
| $ |
| 2,367 |
| $ |
| 3,330 |
| $ |
| 11,248 |
| Additions |
| - |
| 1,182 |
| - |
| 350 |
| 250 |
| Net (paydowns) / advances |
| (619 |
| ) |
| (12 |
| ) |
| (12 |
| ) |
| (232 |
| ) |
| (3,481 |
| ) |
| Charge-offs |
| (535 |
| ) |
| - |
| (412 |
| ) |
| (1,081 |
| ) |
| (1,333 |
| ) |
| Transfer to OREO |
| (151 |
| ) |
| - |
| (375 |
| ) |
| - |
| (3,354 |
| ) |
| Ending balance |
| $ |
| 1,433 |
| $ |
| 2,738 |
| $ |
| 1,568 |
| $ |
| 2,367 |
| $ |
| 3,330 |
| CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
| (In thousands except per share data) |
| 4th Quarter 2020 |
| 3rd Quarter 2020 |
| 2nd Quarter 2020 |
| 1st Quarter 2020 |
| 4th Quarter 2019 |
| Interest income: |
| Interest and fees on loans |
| $ |
| 94,332 |
| $ |
| 89,564 |
| $ |
| 89,383 |
| $ |
| 89,385 |
| $ |
| 89,407 |
| Taxable securities |
| 6,018 |
| 5,858 |
| 5,092 |
| 5,154 |
| 4,702 |
| Nontaxable securities |
| 129 |
| 166 |
| 211 |
| 233 |
| 274 |
| Federal funds sold |
| 5 |
| 16 |
| 34 |
| 277 |
| 1,053 |
| Other interest and dividends |
| 581 |
| 506 |
| 360 |
| 1,718 |
| 2,751 |
| Total interest income |
| 101,065 |
| 96,110 |
| 95,080 |
| 96,767 |
| 98,187 |
| Interest expense: |
| Deposits |
| 7,853 |
| 9,876 |
| 10,756 |
| 16,745 |
| 19,786 |
| Borrowed funds |
| 1,131 |
| 1,152 |
| 1,090 |
| 2,382 |
| 2,624 |
| Total interest expense |
| 8,984 |
| 11,028 |
| 11,846 |
| 19,127 |
| 22,410 |
| Net interest income |
| 92,081 |
| 85,082 |
| 83,234 |
| 77,640 |
| 75,777 |
| Provision for loan losses |
| 6,283 |
| 12,284 |
| 10,283 |
| 13,584 |
| 5,884 |
| Net interest income after provision for loan losses |
| 85,798 |
| 72,798 |
| 72,951 |
| 64,056 |
| 69,893 |
| Non-interest income: |
| Service charges on deposit accounts |
| 1,971 |
| 1,818 |
| 1,823 |
| 1,916 |
| 1,806 |
| Mortgage banking |
| 3,050 |
| 2,519 |
| 2,107 |
| 1,071 |
| 1,366 |
| Credit card income |
| 913 |
| 1,840 |
| 1,398 |
| 1,765 |
| 1,891 |
| Securities losses |
| - |
| - |
| - |
| - |
| (1 |
| ) |
| Increase in cash surrender value life insurance |
| 1,660 |
| 1,733 |
| 1,464 |
| 1,453 |
| 1,419 |
| Other operating income |
| 643 |
| 262 |
| 241 |
| 469 |
| 455 |
| Total non-interest income |
| 8,237 |
| 8,172 |
| 7,033 |
| 6,674 |
| 6,936 |
| Non-interest expense: |
| Salaries and employee benefits |
| 14,970 |
| 14,994 |
| 15,792 |
| 15,658 |
| 13,680 |
| Equipment and occupancy expense |
| 2,680 |
| 2,556 |
| 2,434 |
| 2,400 |
| 2,339 |
| Third party processing and other services |
| 3,418 |
| 3,281 |
| 3,622 |
| 3,457 |
| 3,176 |
| Professional services |
| 1,248 |
| 955 |
| 1,091 |
| 948 |
| 1,163 |
| FDIC and other regulatory assessments (credits) |
| 1,366 |
| 1,061 |
| 595 |
| 1,332 |
| 1,171 |
| Other real estate owned expense |
| 140 |
| 119 |
| 1,303 |
| 601 |
| 103 |
| Other operating expense |
| 4,380 |
| 3,607 |
| 3,979 |
| 3,524 |
| 3,871 |
| Total non-interest expense |
| 28,202 |
| 26,573 |
| 28,816 |
| 27,920 |
| 25,503 |
| Income before income tax |
| 65,833 |
| 54,397 |
| 51,168 |
| 42,810 |
| 51,326 |
| Provision for income tax |
| 14,852 |
| 11,035 |
| 10,720 |
| 8,032 |
| 10,289 |
| Net income |
| 50,981 |
| 43,362 |
| 40,448 |
| 34,778 |
| 41,037 |
| Dividends on preferred stock |
| 32 |
| - |
| 31 |
| - |
| 32 |
| Net income available to common stockholders |
| $ |
| 50,949 |
| $ |
| 43,362 |
| $ |
| 40,417 |
| $ |
| 34,778 |
| $ |
| 41,005 |
| Basic earnings per common share |
| $ |
| 0.94 |
| $ |
| 0.80 |
| $ |
| 0.75 |
| $ |
| 0.65 |
| $ |
| 0.77 |
| Diluted earnings per common share |
| $ |
| 0.94 |
| $ |
| 0.80 |
| $ |
| 0.75 |
| $ |
| 0.64 |
| $ |
| 0.76 |
| AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) |
| ON A FULLY TAXABLE-EQUIVALENT BASIS |
| (Dollars in thousands) |
| 4th Quarter 2020 |
| 3rd Quarter 2020 |
| 2nd Quarter 2020 |
| 1st Quarter 2020 |
| 4th Quarter 2019 |
| Average Balance |
| Yield / Rate |
| Average Balance |
| Yield / Rate |
| Average Balance |
| Yield / Rate |
| Average Balance |
| Yield / Rate |
| Average Balance |
| Yield / Rate |
| Assets: |
| Interest-earning assets: |
| Loans, net of unearned income (1) |
| Taxable |
| $ |
| 8,435,237 |
| 4.43 |
| % |
| $ |
| 8,335,087 |
| 4.26 |
| % |
| $ |
| 8,301,775 |
| 4.31 |
| % |
| $ |
| 7,328,594 |
| 4.89 |
| % |
| $ |
| 7,066,576 |
| 5.00 |
| % |
| Tax-exempt (2) |
| 29,393 |
| 4.11 |
| 30,068 |
| 4.14 |
| 31,929 |
| 4.12 |
| 32,555 |
| 4.04 |
| 35,563 |
| 4.00 |
| Total loans, net of |
| unearned income |
| 8,464,630 |
| 4.43 |
| 8,365,155 |
| 4.26 |
| 8,333,704 |
| 4.31 |
| 7,361,149 |
| 4.88 |
| 7,102,139 |
| 4.99 |
| Mortgage loans held for sale |
| 19,459 |
| 1.37 |
| 20,053 |
| 1.41 |
| 13,278 |
| 2.09 |
| 4,282 |
| 2.16 |
| 6,505 |
| 2.44 |
| Debt securities: |
| Taxable |
| 862,333 |
| 2.79 |
| 820,526 |
| 2.86 |
| 761,575 |
| 2.67 |
| 750,413 |
| 2.75 |
| 670,732 |
| 2.81 |
| Tax-exempt (2) |
| 25,542 |
| 2.43 |
| 31,880 |
| 2.51 |
| 38,201 |
| 2.62 |
| 44,029 |
| 2.33 |
| 50,825 |
| 2.17 |
| Total securities (3) |
| 887,875 |
| 2.78 |
| 852,406 |
| 2.84 |
| 799,776 |
| 2.67 |
| 794,442 |
| 2.72 |
| 721,557 |
| 2.76 |
| Federal funds sold |
| 16,306 |
| 0.12 |
| 41,884 |
| 0.15 |
| 83,274 |
| 0.16 |
| 105,423 |
| 1.06 |
| 238,927 |
| 1.75 |
| Interest-bearing balances with banks |
| 1,837,249 |
| 0.13 |
| 1,500,563 |
| 0.13 |
| 849,549 |
| 0.17 |
| 469,199 |
| 1.47 |
| 602,755 |
| 1.81 |
| Total interest-earning assets |
| $ |
| 11,225,519 |
| 3.58 |
| % |
| $ |
| 10,780,061 |
| 3.55 |
| % |
| $ |
| 10,079,581 |
| 3.80 |
| % |
| $ |
| 8,734,495 |
| 4.46 |
| % |
| $ |
| 8,671,883 |
| 4.49 |
| % |
| Non-interest-earning assets: |
| Cash and due from banks |
| 91,258 |
| 75,065 |
| 76,212 |
| 66,140 |
| 70,381 |
| Net premises and equipment |
| 56,315 |
| 56,799 |
| 57,446 |
| 58,066 |
| 57,986 |
| Allowance for loan losses, accrued |
| interest and other assets |
| 308,251 |
| 281,196 |
| 248,702 |
| 241,479 |
| 233,885 |
| Total assets |
| $ |
| 11,681,343 |
| $ |
| 11,193,121 |
| $ |
| 10,461,941 |
| $ |
| 9,100,180 |
| $ |
| 9,034,135 |
| Interest-bearing liabilities: |
| Interest-bearing deposits: |
| Checking |
| $ |
| 1,197,908 |
| 0.23 |
| % |
| $ |
| 1,077,595 |
| 0.31 |
| % |
| $ |
| 992,848 |
| 0.35 |
| % |
| $ |
| 956,803 |
| 0.57 |
| % |
| $ |
| 961,258 |
| 0.69 |
| % |
| Savings |
| 86,259 |
| 0.18 |
| 82,671 |
| 0.36 |
| 72,139 |
| 0.42 |
| 67,380 |
| 0.50 |
| 62,311 |
| 0.53 |
| Money market |
| 4,933,285 |
| 0.31 |
| 4,739,566 |
| 0.44 |
| 4,285,907 |
| 0.52 |
| 4,061,286 |
| 1.10 |
| 4,189,283 |
| 1.34 |
| Time deposits |
| 810,675 |
| 1.59 |
| 841,378 |
| 1.78 |
| 877,448 |
| 1.95 |
| 805,924 |
| 2.09 |
| 712,155 |
| 2.15 |
| Total interest-bearing deposits |
| 7,028,127 |
| 0.44 |
| 6,741,210 |
| 0.58 |
| 6,228,342 |
| 0.69 |
| 5,891,393 |
| 1.14 |
| 5,925,007 |
| 1.32 |
| Federal funds purchased |
| 752,765 |
| 0.22 |
| 682,971 |
| 0.22 |
| 572,990 |
| 0.22 |
| 492,638 |
| 1.31 |
| 420,066 |
| 1.74 |
| Other borrowings |
| 64,717 |
| 4.41 |
| 64,717 |
| 4.78 |
| 64,711 |
| 4.85 |
| 64,707 |
| 4.85 |
| 64,698 |
| 4.79 |
| Total interest-bearing liabilities |
| $ |
| 7,845,609 |
| 0.46 |
| % |
| $ |
| 7,488,898 |
| 0.59 |
| % |
| $ |
| 6,866,043 |
| 0.69 |
| % |
| $ |
| 6,448,738 |
| 1.19 |
| % |
| $ |
| 6,409,771 |
| 1.39 |
| % |
| Non-interest-bearing liabilities: |
| Non-interest-bearing |
| checking |
| 2,813,095 |
| 2,728,513 |
| 2,646,030 |
| 1,749,671 |
| 1,759,671 |
| Other liabilities |
| 47,290 |
| 39,537 |
| 69,061 |
| 39,801 |
| 41,112 |
| Stockholders' equity |
| 956,847 |
| 917,626 |
| 862,500 |
| 853,800 |
| 818,320 |
| Accumulated other comprehensive |
| income |
| 18,502 |
| 18,547 |
| 18,307 |
| 8,170 |
| 5,261 |
| Total liabilities and |
| stockholders' equity |
| $ |
| 11,681,343 |
| $ |
| 11,193,121 |
| $ |
| 10,461,941 |
| $ |
| 9,100,180 |
| $ |
| 9,034,135 |
| Net interest spread |
| 3.12 |
| % |
| 2.96 |
| % |
| 3.11 |
| % |
| 3.27 |
| % |
| 3.10 |
| % |
| Net interest margin |
| 3.27 |
| % |
| 3.14 |
| % |
| 3.32 |
| % |
| 3.58 |
| % |
| 3.47 |
| % |
| (1) |
| Average loans include loans on which the accrual of interest has been discontinued. |
| (2) |
| Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%. |
| (3) |
| Unrealized losses on available-for-sale debt securities are excluded from the yield calculation. |