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ServisFirst Bancshares, Inc. Announces Results For Fourth Quarter of 2022

ServisFirst Bancshares, Inc. (NYSE: SFBS), today announced earnings and operating results for the quarter and year ended December 31, 2022.

Fourth Quarter 2022 Highlights:

  • Diluted earnings per share were $1.24 for the fourth quarter of 2022, a 25% increase over the fourth quarter of 2021.
  • Diluted earnings per share were $4.61 for 2022, a 21% increase from 2021.
  • Deposits increased $494.9 million, or by 18%, annualized to $11.6 billion on a linked-quarter basis.
  • Total loans grew from $9.5 billion to $11.7 billion, or by 23%, during 2022, and grew $409.4 million, or 14% annualized, on a linked-quarter basis.
  • Efficiency ratio improved to 29.45% during the fourth quarter of 2022, down from 31.54% in the prior quarter and 35.47% in the year-ago quarter.
  • Cash dividend increased from $0.23 to $0.28 per quarter, a 22% increase.
  • Book value per share increased to $23.89, a 12% increase year-over-year.

Tom Broughton, Chairman, President and CEO, said, “2022 was a year of growth in both our footprint and profitability while maintaining credit quality. Our company has expanded to Panama City and Tallahassee, Florida, and the Piedmont region of North Carolina, with offices in Charlotte and Asheville. Diluted EPS increased 21% year-over-year, due in part to our best-in-class bankers, who continue to deliver superior growth.”

Bud Foshee, CFO, said, “We continue to see strong credit quality metrics, evidenced by our below-industry-average charge-offs and non-performing assets over the past three years. Our commitment to operational efficiency will continue in 2023.”

FINANCIAL SUMMARY (UNAUDITED)

(In thousands except share and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period Ending

December 31,

2022

 

Period Ending

September 30,

2022

 

% Change

From Period

Ending

September 30,

2022 to Period

Ending

December 31,

2022

 

Period Ending

December 31,

2021

 

% Change

From Period

Ending

December 31,

2021 to Period

Ending

December 31,

2022

QUARTERLY OPERATING RESULTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

67,724

 

 

$

64,031

 

 

6

%

 

$

53,753

 

 

26

%

Net Income Available to Common Stockholders

 

$

67,693

 

 

$

64,031

 

 

6

%

 

$

53,722

 

 

26

%

Diluted Earnings Per Share

 

$

1.24

 

 

$

1.17

 

 

6

%

 

$

0.99

 

 

25

%

Return on Average Assets

 

 

1.89

%

 

 

1.77

%

 

 

 

 

 

1.40

%

 

 

 

Return on Average Common Stockholders' Equity

 

 

21.27

%

 

 

20.49

%

 

 

 

 

 

18.75

%

 

 

 

Average Diluted Shares Outstanding

 

 

54,537,685

 

 

 

54,546,682

 

 

 

 

 

 

54,493,959

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YEAR-TO-DATE OPERATING RESULTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

251,504

 

 

 

 

 

 

 

 

 

$

207,734

 

 

21

%

Net Income Available to Common Stockholders

 

$

251,442

 

 

 

 

 

 

 

 

 

$

207,672

 

 

21

%

Diluted Earnings Per Share

 

$

4.61

 

 

 

 

 

 

 

 

 

$

3.82

 

 

21

%

Return on Average Assets

 

 

1.71

%

 

 

 

 

 

 

 

 

 

1.53

%

 

 

 

Return on Average Common Stockholders' Equity

 

 

23.32

%

 

 

 

 

 

 

 

 

 

19.26

%

 

 

 

Average Diluted Shares Outstanding

 

 

54,534,774

 

 

 

 

 

 

 

 

 

 

54,434,573

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE SHEET

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

14,595,753

 

 

$

13,890,030

 

 

5

%

 

$

15,448,806

 

 

(6)

%

Loans

 

 

11,687,968

 

 

 

11,278,614

 

 

4

%

 

 

9,532,934

 

 

23

%

Non-interest-bearing Demand Deposits

 

 

3,321,347

 

 

 

3,661,936

 

 

(9)

%

 

 

4,799,767

 

 

(31)

%

Total Deposits

 

 

11,546,805

 

 

 

11,051,915

 

 

4

%

 

 

12,452,836

 

 

(7)

%

Stockholders' Equity

 

 

1,297,896

 

 

 

1,242,589

 

 

4

%

 

 

1,152,015

 

 

13

%

DETAILED FINANCIALS

ServisFirst Bancshares, Inc. reported net income and net income available to common stockholders of $67.7 million for the quarter ended December 31, 2022, compared to net income and net income available to common stockholders of $53.8 million and $53.7 million, respectively, for the same quarter in 2021. Basic and diluted earnings per common share were $1.25 and $1.24, respectively, for the fourth quarter of 2022, compared to $0.99 for both in the fourth quarter of 2021.

Annualized return on average assets was 1.89% and annualized return on average common stockholders’ equity was 21.27% for the fourth quarter of 2022, compared to 1.40% and 18.75%, respectively, for the fourth quarter of 2021.

Net interest income was $122.4 million for the fourth quarter of 2022, compared to $126.4 million for the third quarter of 2022 and $101.2 million for the fourth quarter of 2021. The net interest margin in the fourth quarter of 2022 was 3.52% compared to 3.64% in the third quarter of 2022 and 2.71% in the fourth quarter of 2021. Loan yields were 5.32% during the fourth quarter of 2022 compared to 4.77% during the third quarter of 2022, and 4.40% during the fourth quarter of 2021. Accretion of net fees of $103,000 on PPP loans during the fourth quarter of 2022 had a negligible impact on the loan yield, compared to $400,000 of PPP loan fee accretion during the third quarter of 2022, or one basis points of the loan yield and $5.1 million during the fourth quarter of 2021, or 22 basis points of the loan yield. Investment yields were 2.48% during the fourth quarter of 2022, compared to 2.47% during the third quarter of 2022, and 2.38% during the fourth quarter of 2021. Average interest-bearing deposit rates increased to 1.70% during the fourth quarter of 2022, compared to 0.76% during the third quarter of 2022 and 0.33% during the fourth quarter of 2021. Average borrowing rates increased to 3.75% during the fourth quarter of 2022, compared to 2.27% during the third quarter of 2022 and 0.21% during the fourth quarter of 2021.

Average loans for the fourth quarter of 2022 were $11.49 billion, an increase of $565.1 million, or 20.5% annualized, over average loans of $10.92 billion for the third quarter of 2022, and an increase of $2.43 billion, or 26.8%, over average loans of $9.06 billion for the fourth quarter of 2021.

Average total deposits for the fourth quarter of 2022 were $11.39 billion, a decrease of $146.0 million, or 5.0%, annualized, over average total deposits of $11.53 billion for the third quarter of 2022, and a decrease of $1.00 billion, or 8.1%, over average total deposits of $12.39 billion for the fourth quarter of 2021.

Non-performing assets to total assets were 0.12% for the fourth quarter of 2022, a decrease of one basis point compared to 0.13% for the third quarter of 2022 and an increase of three basis points compared to 0.09% for the fourth quarter of 2021. Annualized net charge-offs to average loans were 0.06% for the fourth quarter of 2022, compared to 0.11% and 0.03% for the third quarter of 2022 and fourth quarter of 2021, respectively. The allowance for credit losses as a percentage of total loans at December 31, 2022, September 30, 2022 and December 31, 2021 was 1.25%, 1.25%, and 1.22%, respectively. We recorded a $7.1 million provision for credit losses in the fourth quarter of 2022 compared to $15.6 million in the third quarter of 2022 and $8.5 million in the fourth quarter of 2021.

Non-interest income decreased $399,000, or 5.4%, to $7.0 million for the fourth quarter of 2022 from $7.4 million in the fourth quarter of 2021, and decreased $2.0 million, or 22.1%, on a linked quarter basis. Service charges on deposit accounts increased $569,000, or 43.9%, to $1.9 million from the fourth quarter of 2021 to the fourth quarter of 2022, and decreased $26,000, or 1.4%, on a linked quarter basis. Mortgage banking revenue increased $43,000, or 9.1%, to $514,000 from the fourth quarter of 2021 to the fourth quarter of 2022, and decreased $270,000, or 34.4%, on a linked quarter basis. Net credit card revenue increased $61,000, or 2.8%, to $2.3 million during the fourth quarter of 2022, compared to $2.2 million during the fourth quarter of 2021, and decreased $351,000, or 13.4%, on a linked quarter basis. The number of credit card accounts increased approximately 12.6% and the aggregate amount of spend on all credit card accounts increased 17.8% during the fourth quarter of 2022 compared to the fourth quarter of 2021. Cash surrender value life insurance decreased $30,000, or 1.8%, to $1.6 million during the fourth quarter of 2022, compared to $1.6 million during the fourth quarter of 2021, and decreased $37,000, or 2.3%, on a linked quarter basis. Other operating income for the fourth quarter of 2022 decreased $1.0 million, or 59.0%, to $725,000 from $1.8 million in the fourth quarter of 2021, and decreased $1.3 million, or 64.0%, on a linked quarter basis. We recognized $162,000 of income related to our interest rate cap during the fourth quarter 2022 compared to $839,000 during the fourth quarter of 2021. Merchant service revenue increased by $114,000, or 30.4%, to $490,000, during the fourth quarter of 2022, from $376,000 during the fourth quarter of 2021.

Non-interest expense for the fourth quarter of 2022 decreased $397,000, or 1.0%, to $38.1 million from $38.5 million in the fourth quarter of 2021, and decreased $4.6 million, or 10.8%, on a linked quarter basis. Salary and benefit expense for the fourth quarter of 2022 increased $1.9 million, or 11.1%, to $19.2 million from $17.3 million in the fourth quarter of 2021, and decreased $457,000, or 2.3%, on a linked quarter basis. The number of FTE employees increased by 69 to 571 at December 31, 2022 compared to 502 at December 31, 2021, and increased by 13 from the end of the third quarter of 2022. Equipment and occupancy expense increased $353,000, or 12.1%, to $3.3 million in the fourth quarter of 2022, from $2.9 million in the fourth quarter of 2021, and increased $123,000, or 3.9% on a linked-quarter basis. Third party processing and other services expense increased $3.3 million, or 68.2%, to $8.2 million in the fourth quarter of 2022, from $4.9 million in the fourth quarter of 2021, and increased $957,000, or 13.3%, on a linked-quarter basis. This increase in third party processing also includes Federal Reserve Bank charges related to correspondent bank settlement activities, which increased by $3.1 million year-over-year to $4.3 million during the fourth quarter of 2022. Professional services expense increased $9,000, or 1.0%, to $922,000 in the fourth quarter of 2022, from $913,000 in the fourth quarter of 2021. FDIC and other regulatory assessments increased $269,000 to $1.3 million in the fourth quarter of 2022, from $1.0 million in the fourth quarter of 2021, and increased $336,000, or 34.5%, on a linked quarter basis. Other operating expenses for the fourth quarter of 2022 decreased $6.5 million, or 56.6%, to $5.0 million from $11.4 million in the fourth quarter of 2021, and decreased $5.7 million on a linked-quarter basis. During the third quarter of 2022 we reached a preliminary settlement on a lawsuit and wrote down the value of a private investment resulting in combined charges of $3.1 million, or $2.4 million net of income tax. Our reserve for credit losses on unfunded loan commitments decreased by $1.4 million in the fourth quarter of 2022. The efficiency ratio was 29.45% during the fourth quarter of 2022 compared to 35.47% during the fourth quarter of 2021 and compared to 31.54% during the third quarter of 2022.

Income tax expense increased $8.6 million, or 109.7%, to $16.4 million in the fourth quarter of 2022, compared to $7.8 million in the fourth quarter of 2021. Our effective tax rate was 19.49% for the fourth quarter of 2022 compared to 12.70% for the fourth quarter of 2021. We recognized an aggregate of $3.4 million in credits during the fourth quarter of 2022 related to investments in tax credit partnerships, compared to an aggregate of $7.4 million in credits during the fourth quarter of 2021 related to investments in new market tax credits. 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 2022 and 2021 of $10,000 and $363,000, respectively.

GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures

Financial measures included in this press release that are presented adjusted for these expenses are net income, net income available to common stockholders, diluted earnings per share, return on average assets, return on average common stockholders’ equity and efficiency ratio. Each of these six financial measures excludes the impact of this item, net of tax, and are all considered non-GAAP financial measures. This press release also 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.

 

 

 

At December 31,

2022

 

At September 30,

2022

 

At June 30,

2022

 

At March 31,

2022

 

At December 31,

2021

Book value per share - GAAP

 

$

23.89

 

 

$

22.87

 

 

$

22.32

 

 

$

21.61

 

 

$

21.24

 

Total common stockholders' equity - GAAP

 

 

1,297,896

 

 

 

1,242,589

 

 

 

1,211,918

 

 

 

1,172,975

 

 

 

1,152,015

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted for goodwill and core deposit intangible asset

 

 

(13,615

)

 

 

(13,615

)

 

 

(13,615

)

 

 

(13,615

)

 

 

(13,638

)

Tangible common stockholders' equity - non-GAAP

 

$

1,284,281

 

 

$

1,228,974

 

 

$

1,198,334

 

 

$

1,159,360

 

 

$

1,138,377

 

Tangible book value per share - non-GAAP

 

$

23.64

 

 

$

22.62

 

 

$

22.07

 

 

$

21.36

 

 

$

20.99

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity to total assets - GAAP

 

 

8.89

%

 

 

8.95

%

 

 

8.36

%

 

 

7.65

%

 

 

7.46

%

Total assets - GAAP

 

$

14,595,753

 

 

$

13,890,030

 

 

$

14,494,317

 

 

$

15,339,419

 

 

$

15,448,806

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted for goodwill and core deposit intangible asset

 

 

(13,615

)

 

 

(13,615

)

 

 

(13,615

)

 

 

(13,615

)

 

 

(13,638

)

Total tangible assets - non-GAAP

 

$

14,582,138

 

 

$

13,876,415

 

 

$

14,480,733

 

 

$

15,325,804

 

 

$

15,435,168

 

Tangible common equity to total tangible assets - non-GAAP

 

 

8.81

%

 

 

8.86

%

 

 

8.28

%

 

 

7.56

%

 

 

7.38

%

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, Mobile, Montgomery and Dothan, Alabama, Northwest Florida, West Central Florida, Nashville, Tennessee, Atlanta, Georgia, and Charleston, South Carolina, and Charlotte and Asheville, North Carolina.

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, interest rate spread relationships and inflation; 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; economic crisis and associated credit issues in industries most impacted by the COVID-19 outbreak; possible changes in laws and regulations and governmental monetary and fiscal policies, including, but not limited to, economic stimulus initiatives and the ability of the U.S. Congress to increase the U.S. statutory debt limit as needed; the cost and other effects of legal and administrative cases and similar contingencies; possible changes in the credit worthiness 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; the effect of data breaches, cyberattacks or other data security issues; 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 2022, 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.

SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)

(In thousands except share and per share data)

 

 

4th Quarter 2022

 

3rd Quarter 2022

 

2nd Quarter 2022

 

1st Quarter 2022

 

4th Quarter 2021

CONSOLIDATED STATEMENT OF INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

170,273

 

 

$

149,299

 

 

$

126,555

 

 

$

113,188

 

 

$

108,954

 

Interest expense

 

 

47,889

 

 

 

22,881

 

 

 

10,187

 

 

 

7,466

 

 

 

7,804

 

Net interest income

 

 

122,384

 

 

 

126,418

 

 

 

116,368

 

 

 

105,722

 

 

 

101,150

 

Provision for credit losses

 

 

7,135

 

 

 

15,603

 

 

 

9,507

 

 

 

5,362

 

 

 

8,451

 

Net interest income after provision for credit losses

 

 

115,249

 

 

 

110,815

 

 

 

106,861

 

 

 

100,360

 

 

 

92,699

 

Non-interest income

 

 

6,966

 

 

 

8,939

 

 

 

9,506

 

 

 

7,948

 

 

 

7,365

 

Non-interest expense

 

 

38,092

 

 

 

42,685

 

 

 

39,821

 

 

 

37,218

 

 

 

38,489

 

Income before income tax

 

 

84,123

 

 

 

77,069

 

 

 

76,546

 

 

 

71,090

 

 

 

61,575

 

Provision for income tax

 

 

16,399

 

 

 

13,038

 

 

 

14,410

 

 

 

13,477

 

 

 

7,822

 

Net income

 

 

67,724

 

 

 

64,031

 

 

 

62,136

 

 

 

57,613

 

 

 

53,753

 

Preferred stock dividends

 

 

31

 

 

 

-

 

 

 

31

 

 

 

-

 

 

 

31

 

Net income available to common stockholders

 

$

67,693

 

 

$

64,031

 

 

$

62,105

 

 

$

57,613

 

 

$

53,722

 

Earnings per share - basic

 

$

1.25

 

 

$

1.18

 

 

$

1.14

 

 

$

1.06

 

 

$

0.99

 

Earnings per share - diluted

 

$

1.24

 

 

$

1.17

 

 

$

1.14

 

 

$

1.06

 

 

$

0.99

 

Average diluted shares outstanding

 

 

54,537,685

 

 

 

54,528,554

 

 

 

54,532,385

 

 

 

54,522,042

 

 

 

54,493,959

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED BALANCE SHEET DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

14,595,753

 

 

$

13,890,030

 

 

$

14,494,317

 

 

$

15,339,419

 

 

$

15,448,806

 

Loans

 

 

11,687,968

 

 

 

11,278,614

 

 

 

10,617,320

 

 

 

9,898,957

 

 

 

9,532,934

 

Debt securities

 

 

1,678,936

 

 

 

1,714,603

 

 

 

1,790,218

 

 

 

1,617,977

 

 

 

1,305,527

 

Non-interest-bearing demand deposits

 

 

3,321,347

 

 

 

3,661,936

 

 

 

4,686,511

 

 

 

4,889,495

 

 

 

4,799,767

 

Total deposits

 

 

11,546,805

 

 

 

11,051,915

 

 

 

11,772,337

 

 

 

12,408,755

 

 

 

12,452,836

 

Borrowings

 

 

64,726

 

 

 

64,721

 

 

 

64,716

 

 

 

64,711

 

 

 

64,706

 

Stockholders' equity

 

 

1,297,896

 

 

 

1,242,589

 

 

 

1,211,918

 

 

 

1,172,975

 

 

 

1,152,015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares outstanding

 

 

54,326,527

 

 

 

54,324,007

 

 

 

54,306,875

 

 

 

54,282,132

 

 

 

54,227,060

 

Book value per share

 

$

23.89

 

 

$

22.87

 

 

$

22.32

 

 

$

21.61

 

 

$

21.24

 

Tangible book value per share (1)

 

$

23.64

 

 

$

22.62

 

 

$

22.07

 

 

$

21.36

 

 

$

20.99

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SELECTED FINANCIAL RATIOS (Annualized)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin

 

 

3.52

%

 

 

3.64

%

 

 

3.26

%

 

 

2.89

%

 

 

2.71

%

Return on average assets

 

 

1.89

%

 

 

1.77

%

 

 

1.67

%

 

 

1.53

%

 

 

1.40

%

Return on average common stockholders' equity

 

 

21.27

%

 

 

20.49

%

 

 

20.93

%

 

 

20.09

%

 

 

18.75

%

Efficiency ratio

 

 

29.45

%

 

 

31.54

%

 

 

31.64

%

 

 

32.74

%

 

 

35.47

%

Non-interest expense to average earning assets

 

 

1.10

%

 

 

1.23

%

 

 

1.11

%

 

 

1.02

%

 

 

1.03

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL RATIOS (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common equity tier 1 capital to risk-weighted assets

 

 

9.54

%

 

 

9.37

%

 

 

9.59

%

 

 

9.86

%

 

 

9.95

%

Tier 1 capital to risk-weighted assets

 

 

9.54

%

 

 

9.37

%

 

 

9.59

%

 

 

9.87

%

 

 

9.96

%

Total capital to risk-weighted assets

 

 

11.06

%

 

 

10.91

%

 

 

11.12

%

 

 

11.43

%

 

 

11.58

%

Tier 1 capital to average assets

 

 

9.29

%

 

 

8.84

%

 

 

8.19

%

 

 

7.67

%

 

 

7.39

%

Tangible common equity to total tangible assets (1)

 

 

8.81

%

 

 

8.86

%

 

 

8.28

%

 

 

7.56

%

 

 

7.38

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) This press release also 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.

(2) Regulatory capital ratios for most recent period are preliminary.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Dollars in thousands)

 

 

 

 

December 31,

2022

 

December 31,

2021

 

% Change

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

106,317

 

 

$

56,934

 

 

87

%

Interest-bearing balances due from depository institutions

 

 

708,221

 

 

 

4,106,790

 

 

(83

)%

Federal funds sold

 

 

1,515

 

 

 

58,372

 

 

(97

)%

 

Cash and cash equivalents

 

 

816,053

 

 

 

4,222,096

 

 

(81

)%

Available for sale debt securities, at fair value

 

 

644,815

 

 

 

842,570

 

 

(23

)%

Held to maturity debt securities (fair value of $935,953 at 2022 and $466,286 at 2021)

 

 

1,034,121

 

 

 

462,957

 

 

123

%

Restricted equity securities

 

 

7,734

 

 

 

7,311

 

 

6

%

Mortgage loans held for sale

 

 

1,607

 

 

 

1,114

 

 

44

%

Loans

 

 

11,687,968

 

 

 

9,532,934

 

 

23

%

Less allowance for credit losses

 

 

(146,297

)

 

 

(116,660

)

 

25

%

 

Loans, net

 

 

11,541,671

 

 

 

9,416,274

 

 

23

%

Premises and equipment, net

 

 

59,850

 

 

 

60,300

 

 

(1

)%

Goodwill and other identifiable intangible assets

 

 

13,615

 

 

 

13,638

 

 

-

%

Other assets

 

 

476,287

 

 

 

422,546

 

 

13

%

 

Total assets

 

$

14,595,753

 

 

$

15,448,806

 

 

(6

)%

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

Non-interest-bearing

 

$

3,321,347

 

 

$

4,799,767

 

 

(31

)%

 

Interest-bearing

 

 

8,225,458

 

 

 

7,653,069

 

 

7

%

 

 

Total deposits

 

 

11,546,805

 

 

 

12,452,836

 

 

(7

)%

Federal funds purchased

 

 

1,618,798

 

 

 

1,711,777

 

 

(5

)%

Other borrowings

 

 

64,726

 

 

 

64,706

 

 

-

%

Other liabilities

 

 

67,528

 

 

 

67,472

 

 

-

%

 

Total liabilities

 

 

13,297,857

 

 

 

14,296,791

 

 

(7

)%

Stockholders' equity:

 

 

 

 

 

 

 

 

 

Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at December 31, 2022 and December 31, 2021

 

 

-

 

 

 

-

 

 

 

 

Common stock, par value $0.001 per share; 200,000,000 shares authorized; 54,329,527 shares issued and outstanding at December 31, 2022, and 100,000,000 shares authorized; 54,227,060 shares issued and outstanding at December 31, 2021

 

 

54

 

 

 

54

 

 

-

%

 

Additional paid-in capital

 

 

229,693

 

 

 

226,397

 

 

1

%

 

Retained earnings

 

 

1,109,902

 

 

 

911,008

 

 

22

%

 

Accumulated other comprehensive (loss) income

 

 

(42,253

)

 

 

14,056

 

 

(401

)%

 

 

Total stockholders' equity attributable to ServisFirst Bancshares, Inc.

 

 

1,297,396

 

 

 

1,151,515

 

 

13

%

 

Noncontrolling interest

 

 

500

 

 

 

500

 

 

-

%

 

 

Total stockholders' equity

 

 

1,297,896

 

 

 

1,152,015

 

 

13

%

 

Total liabilities and stockholders' equity

 

$

14,595,753

 

 

$

15,448,806

 

 

(6

)%

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(In thousands except per share data)

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

2022

 

2021

 

2022

 

2021

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

153,924

 

$

100,348

 

$

499,691

 

 

$

385,721

Taxable securities

 

 

10,895

 

 

6,747

 

 

40,722

 

 

 

25,413

Nontaxable securities

 

 

27

 

 

47

 

 

137

 

 

 

302

Federal funds sold

 

 

818

 

 

18

 

 

1,556

 

 

 

29

Other interest and dividends

 

 

4,609

 

 

1,794

 

 

17,209

 

 

 

4,840

Total interest income

 

 

170,273

 

 

108,954

 

 

559,315

 

 

 

416,305

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

33,471

 

 

6,271

 

 

59,396

 

 

 

26,569

Borrowed funds

 

 

14,418

 

 

1,533

 

 

29,027

 

 

 

5,233

Total interest expense

 

 

47,889

 

 

7,804

 

 

88,423

 

 

 

31,802

Net interest income

 

 

122,384

 

 

101,150

 

 

470,892

 

 

 

384,503

Provision for credit losses

 

 

7,135

 

 

8,451

 

 

37,607

 

 

 

31,517

Net interest income after provision for credit losses

 

 

115,249

 

 

92,699

 

 

433,285

 

 

 

352,986

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

1,866

 

 

1,297

 

 

8,033

 

 

 

6,839

Mortgage banking

 

 

514

 

 

471

 

 

2,438

 

 

 

7,340

Credit card income

 

 

2,261

 

 

2,200

 

 

9,917

 

 

 

7,347

Securities (losses) gains

 

 

-

 

 

-

 

 

(6,168

)

 

 

620

Increase in cash surrender value life insurance

 

 

1,600

 

 

1,630

 

 

6,478

 

 

 

6,642

Other operating income

 

 

725

 

 

1,767

 

 

12,661

 

 

 

4,664

Total non-interest income

 

 

6,966

 

 

7,365

 

 

33,359

 

 

 

33,452

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

19,230

 

 

17,303

 

 

77,952

 

 

 

67,728

Equipment and occupancy expense

 

 

3,263

 

 

2,910

 

 

12,319

 

 

 

11,404

Third party processing and other services

 

 

8,170

 

 

4,856

 

 

27,333

 

 

 

16,362

Professional services

 

 

922

 

 

913

 

 

4,277

 

 

 

3,891

FDIC and other regulatory assessments

 

 

1,311

 

 

1,042

 

 

4,565

 

 

 

5,679

Other real estate owned expense

 

 

239

 

 

48

 

 

295

 

 

 

868

Other operating expense

 

 

4,957

 

 

11,417

 

 

31,075

 

 

 

27,157

Total non-interest expense

 

 

38,092

 

 

38,489

 

 

157,816

 

 

 

133,089

Income before income tax

 

 

84,123

 

 

61,575

 

 

308,828

 

 

 

253,349

Provision for income tax

 

 

16,399

 

 

7,822

 

 

57,324

 

 

 

45,615

Net income

 

 

67,724

 

 

53,753

 

 

251,504

 

 

 

207,734

Dividends on preferred stock

 

 

31

 

 

31

 

 

62

 

 

 

62

Net income available to common stockholders

 

$

67,693

 

$

53,722

 

$

251,442

 

 

$

207,672

Basic earnings per common share

 

$

1.25

 

$

0.99

 

$

4.63

 

 

$

3.83

Diluted earnings per common share

 

$

1.24

 

$

0.99

 

$

4.61

 

 

$

3.82

LOANS BY TYPE (UNAUDITED)

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4th Quarter 2022

 

3rd Quarter 2022

 

2nd Quarter 2022

 

1st Quarter 2022

 

4th Quarter 2021

Commercial, financial and agricultural

 

$

3,145,317

 

$

3,104,155

 

$

2,966,040

 

$

2,955,927

 

$

2,984,053

Real estate - construction

 

 

1,532,388

 

 

1,433,698

 

 

1,383,155

 

 

1,164,690

 

 

1,103,076

Real estate - mortgage:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner-occupied commercial

 

 

2,199,280

 

 

2,145,621

 

 

2,026,807

 

 

1,919,811

 

 

1,874,103

 

1-4 family mortgage

 

 

1,146,831

 

 

1,089,826

 

 

1,015,698

 

 

926,697

 

 

826,765

 

Other mortgage

 

 

3,597,750

 

 

3,438,762

 

 

3,160,510

 

 

2,869,158

 

 

2,678,084

Subtotal: Real estate - mortgage

 

 

6,943,861

 

 

6,674,209

 

 

6,203,015

 

 

5,715,666

 

 

5,378,952

Consumer

 

 

66,402

 

 

66,552

 

 

65,110

 

 

62,674

 

 

66,853

Total loans

 

$

11,687,968

 

$

11,278,614

 

$

10,617,320

 

$

9,898,957

 

$

9,532,934

SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED)

(Dollars in thousands)

 

 

 

 

 

4th Quarter 2022

 

3rd Quarter 2022

 

2nd Quarter 2022

 

1st Quarter 2022

 

4th Quarter 2021

Allowance for credit losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

140,967

 

 

$

128,387

 

 

$

119,463

 

 

$

116,660

 

 

$

108,950

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans charged off:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial financial and agricultural

 

 

2,116

 

 

 

2,902

 

 

 

1,667

 

 

 

2,574

 

 

 

1,285

 

 

Real estate - construction

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

14

 

 

Real estate - mortgage

 

 

-

 

 

 

170

 

 

 

23

 

 

 

27

 

 

 

-

 

 

Consumer

 

 

200

 

 

 

261

 

 

 

123

 

 

 

75

 

 

 

141

 

 

 

Total charge offs

 

 

2,316

 

 

 

3,333

 

 

 

1,813

 

 

 

2,676

 

 

 

1,440

 

Recoveries:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial financial and agricultural

 

 

393

 

 

 

297

 

 

 

1,217

 

 

 

105

 

 

 

671

 

 

Real estate - construction

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

Real estate - mortgage

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

18

 

 

Consumer

 

 

118

 

 

 

12

 

 

 

13

 

 

 

12

 

 

 

10

 

 

 

Total recoveries

 

 

511

 

 

 

309

 

 

 

1,230

 

 

 

117

 

 

 

699

 

 

Net charge-offs

 

 

1,805

 

 

 

3,024

 

 

 

583

 

 

 

2,559

 

 

 

741

 

 

Provision for credit losses

 

 

7,135

 

 

 

15,604

 

 

 

9,507

 

 

 

5,362

 

 

 

8,451

 

 

Ending balance

 

$

146,297

 

 

$

140,967

 

 

$

128,387

 

 

$

119,463

 

 

$

116,660

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses to total loans

 

 

1.25

%

 

 

1.25

%

 

 

1.21

%

 

 

1.21

%

 

 

1.22

%

 

Allowance for credit losses to total average loans

 

 

1.27

%

 

 

1.29

%

 

 

1.26

%

 

 

1.24

%

 

 

1.29

%

 

Net charge-offs to total average loans

 

 

0.06

%

 

 

0.11

%

 

 

0.02

%

 

 

0.11

%

 

 

0.03

%

 

Provision for credit losses to total average loans

 

 

0.25

%

 

 

0.57

%

 

 

0.37

%

 

 

0.23

%

 

 

0.37

%

 

Nonperforming assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccrual loans

 

$

12,450

 

 

$

11,655

 

 

$

10,540

 

 

$

14,738

 

 

$

6,762

 

 

 

Loans 90+ days past due and accruing

 

 

5,391

 

 

 

4,803

 

 

 

4,991

 

 

 

4,686

 

 

 

5,335

 

 

 

Other real estate owned and repossessed assets

 

 

248

 

 

 

1,245

 

 

 

1,207

 

 

 

1,989

 

 

 

1,208

 

 

Total

 

$

18,089

 

 

$

17,703

 

 

$

16,738

 

 

$

21,413

 

 

$

13,305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming loans to total loans

 

 

0.15

%

 

 

0.15

%

 

 

0.15

%

 

 

0.20

%

 

 

0.13

%

 

Nonperforming assets to total assets

 

 

0.12

%

 

 

0.13

%

 

 

0.12

%

 

 

0.14

%

 

 

0.09

%

 

Nonperforming assets to earning assets

 

 

0.13

%

 

 

0.13

%

 

 

0.12

%

 

 

0.14

%

 

 

0.09

%

 

Allowance for credit losses to nonaccrual loans

1,175.08

%

 

 

1,209.50

%

 

 

1,218.05

%

 

 

826.19

%

 

 

1,725.23

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructured accruing loans

 

$

2,480

 

 

$

236

 

 

$

421

 

 

$

426

 

 

$

431

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructured accruing loans to total loans

 

 

-

%

 

 

-

%

 

 

-

%

 

 

-

%

 

 

-

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TROUBLED DEBT RESTRUCTURINGS (TDRs) (UNAUDITED)

 

(In thousands)

 

 

 

4th Quarter 2022

 

3rd Quarter 2022

 

2nd Quarter 2022

 

1st Quarter 2022

 

4th Quarter 2021

 

Beginning balance:

 

$

2,041

 

 

$

2,403

 

 

$

2,482

 

 

$

2,576

 

 

$

2,893

 

 

 

Additions

 

 

444

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

Net (paydowns) / advances

 

 

(5)

 

 

 

(362)

 

 

 

(79)

 

 

 

(94)

 

 

 

(303)

 

 

 

Charge-offs

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(14)

 

 

 

Transfer to OREO

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

Ending balance

 

$

2,480

 

 

$

2,041

 

 

$

2,403

 

 

$

2,482

 

 

$

2,576

 

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 

 

 

 

 

 

 

 

 

 

(In thousands except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4th Quarter 2022

 

3rd Quarter 2022

 

2nd Quarter 2022

 

1st Quarter 2022

 

4th Quarter 2021

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

153,924

 

$

131,375

 

$

111,287

 

$

103,105

 

$

100,348

 

 

Taxable securities

 

 

10,895

 

 

11,089

 

 

10,515

 

 

8,223

 

 

6,747

 

 

Nontaxable securities

 

 

27

 

 

30

 

 

37

 

 

43

 

 

47

 

 

Federal funds sold

 

 

818

 

 

632

 

 

93

 

 

13

 

 

18

 

 

Other interest and dividends

 

 

4,609

 

 

6,173

 

 

4,623

 

 

1,804

 

 

1,794

 

 

Total interest income

 

 

170,273

 

 

149,299

 

 

126,555

 

 

113,188

 

 

108,954

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

33,471

 

 

13,655

 

 

6,427

 

 

5,843

 

 

6,271

 

 

Borrowed funds

 

 

14,418

 

 

9,226

 

 

3,760

 

 

1,623

 

 

1,533

 

 

Total interest expense

 

 

47,889

 

 

22,881

 

 

10,187

 

 

7,466

 

 

7,804

 

 

Net interest income

 

 

122,384

 

 

126,418

 

 

116,368

 

 

105,722

 

 

101,150

 

Provision for credit losses

 

 

7,135

 

 

15,603

 

 

9,507

 

 

5,362

 

 

8,451

 

 

Net interest income after provision for credit losses

 

 

115,249

 

 

110,815

 

 

106,861

 

 

100,360

 

 

92,699

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

1,866

 

 

1,892

 

 

2,133

 

 

2,142

 

 

1,297

 

 

Mortgage banking

 

 

514

 

 

784

 

 

614

 

 

526

 

 

471

 

 

Credit card income

 

 

2,261

 

 

2,612

 

 

2,672

 

 

2,372

 

 

2,200

 

 

Securities losses

 

 

-

 

 

-

 

 

(2,833)

 

 

(3,335)

 

 

-

 

 

Increase in cash surrender value life insurance

 

 

1,600

 

 

1,637

 

 

1,633

 

 

1,608

 

 

1,630

 

 

Other operating income

 

 

725

 

 

2,014

 

 

5,287

 

 

4,635

 

 

1,767

 

 

Total non-interest income

 

 

6,966

 

 

8,939

 

 

9,506

 

 

7,948

 

 

7,365

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

19,230

 

 

19,687

 

 

20,734

 

 

18,301

 

 

17,303

 

 

Equipment and occupancy expense

 

 

3,263

 

 

3,140

 

 

2,983

 

 

2,933

 

 

2,910

 

 

Third party processing and other services

 

 

8,170

 

 

7,213

 

 

6,345

 

 

5,605

 

 

4,856

 

 

Professional services

 

 

922

 

 

1,036

 

 

1,327

 

 

992

 

 

913

 

 

FDIC and other regulatory assessments

 

 

1,311

 

 

975

 

 

1,147

 

 

1,132

 

 

1,042

 

 

Other real estate owned expense

 

 

239

 

 

21

 

 

32

 

 

3

 

 

48

 

 

Other operating expense

 

 

4,957

 

 

10,613

 

 

7,253

 

 

8,252

 

 

11,417

 

 

Total non-interest expense

 

 

38,092

 

 

42,685

 

 

39,821

 

 

37,218

 

 

38,489

 

 

Income before income tax

 

 

84,123

 

 

77,069

 

 

76,546

 

 

71,090

 

 

61,575

 

Provision for income tax

 

 

16,399

 

 

13,038

 

 

14,410

 

 

13,477

 

 

7,822

 

 

Net income

 

 

67,724

 

 

64,031

 

 

62,136

 

 

57,613

 

 

53,753

 

 

Dividends on preferred stock

 

 

31

 

 

-

 

 

31

 

 

-

 

 

31

 

 

Net income available to common stockholders

 

$

67,693

 

$

64,031

 

$

62,105

 

$

57,613

 

$

53,722

 

Basic earnings per common share

 

$

1.25

 

$

1.18

 

$

1.14

 

$

1.06

 

$

0.99

 

Diluted earnings per common share

 

$

1.24

 

$

1.17

 

$

1.14

 

$

1.06

 

$

0.99

 

AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED)

ON A FULLY TAXABLE-EQUIVALENT BASIS

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4th Quarter 2022

 

3rd Quarter 2022

 

2nd Quarter 2022

 

1st Quarter 2022

 

4th Quarter 2021

 

 

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

$

11,465,538

 

 

5.32

%

 

$

10,900,105

 

 

4.77

%

 

$

10,165,470

 

 

4.38

%

 

$

9,621,484

 

4.29

%

 

$

9,032,914

 

4.40

%

 

Tax-exempt (2)

 

19,526

 

 

6.75

 

 

 

19,852

 

 

4.14

 

 

 

23,616

 

 

4.09

 

 

 

25,195

 

4.08

 

 

 

26,148

 

4.07

 

 

Total loans, net of unearned income

 

11,485,064

 

 

5.32

 

 

 

10,919,957

 

 

4.77

 

 

 

10,189,086

 

 

4.38

 

 

 

9,646,679

 

4.29

 

 

 

9,059,062

 

4.40

 

 

Mortgage loans held for sale

 

1,515

 

 

3.67

 

 

 

2,906

 

 

2.73

 

 

 

471

 

 

3.41

 

 

 

927

 

1.73

 

 

 

998

 

1.99

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

1,755,764

 

 

2.49

 

 

 

1,797,560

 

 

2.47

 

 

 

1,775,425

 

 

2.37

 

 

 

1,518,572

 

2.17

 

 

 

1,134,378

 

2.38

 

 

Tax-exempt (2)

 

4,863

 

 

2.47

 

 

 

5,863

 

 

2.39

 

 

 

7,148

 

 

2.35

 

 

 

8,812

 

2.36

 

 

 

9,823

 

2.36

 

 

Total securities (3)

 

1,760,627

 

 

2.49

 

 

 

1,803,423

 

 

2.47

 

 

 

1,782,573

 

 

2.37

 

 

 

1,527,384

 

2.17

 

 

 

1,144,201

 

2.38

 

 

Federal funds sold

 

82,656

 

 

3.93

 

 

 

102,028

 

 

2.46

 

 

 

30,721

 

 

1.21

 

 

 

16,639

 

0.31

 

 

 

39,445

 

0.18

 

 

Restricted equity securities

 

7,724

 

 

7.35

 

 

 

7,724

 

 

3.65

 

 

 

7,724

 

 

3.74

 

 

 

7,371

 

3.70

 

 

 

873

 

3.18

 

 

Interest-bearing balances with banks

 

458,115

 

 

3.83

 

 

 

945,142

 

 

2.56

 

 

 

2,332,412

 

 

0.80

 

 

 

3,637,882

 

0.20

 

 

 

4,561,662

 

0.16

 

 

Total interest-earning assets

$

13,795,701

 

 

4.90

 

 

$

13,781,180

 

 

4.30

 

 

$

14,342,987

 

 

3.54

 

 

$

14,836,882

 

3.06

 

 

$

14,806,241

 

2.92

 

Non-interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

113,823

 

 

 

 

 

 

256,607

 

 

 

 

 

 

204,994

 

 

 

 

 

 

74,534

 

 

 

 

 

79,293

 

 

 

 

Net premises and equipment

 

60,323

 

 

 

 

 

 

60,155

 

 

 

 

 

 

60,673

 

 

 

 

 

 

61,209

 

 

 

 

 

61,837

 

 

 

 

Allowance for credit losses, accrued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

interest and other assets

 

273,964

 

 

 

 

 

 

294,006

 

 

 

 

 

 

297,893

 

 

 

 

 

 

313,560

 

 

 

 

 

303,300

 

 

 

 

Total assets

$

14,243,811

 

 

 

 

 

$

14,391,948

 

 

 

 

 

$

14,906,547

 

 

 

 

 

$

15,286,185

 

 

 

 

$

15,250,671

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Checking

$

1,763,622

 

 

0.73

%

 

$

1,722,926

 

 

0.28

%

 

$

1,699,602

 

 

0.21

%

 

$

1,594,645

 

0.20

%

 

$

1,499,918

 

0.19

%

 

Savings

 

141,163

 

 

0.64

 

 

 

144,368

 

 

0.21

 

 

 

134,469

 

 

0.18

 

 

 

135,545

 

0.17

 

 

 

123,179

 

0.18

 

 

Money market

 

5,047,133

 

 

2.07

 

 

 

4,444,583

 

 

0.89

 

 

 

4,617,021

 

 

0.33

 

 

 

4,985,224

 

0.26

 

 

 

5,100,192

 

0.26

 

 

Time deposits

 

860,336

 

 

1.69

 

 

 

809,057

 

 

1.16

 

 

 

766,225

 

 

0.86

 

 

 

792,930

 

0.91

 

 

 

807,342

 

1.05

 

 

Total interest-bearing deposits

 

7,812,254

 

 

1.70

 

 

 

7,120,934

 

 

0.76

 

 

 

7,217,317

 

 

0.36

 

 

 

7,508,344

 

0.31

 

 

 

7,530,631

 

0.33

 

 

Federal funds purchased

 

1,453,445

 

 

3.75

 

 

 

1,493,444

 

 

2.27

 

 

 

1,550,805

 

 

0.79

 

 

 

1,620,012

 

0.23

 

 

 

1,608,349

 

0.21

 

 

Other borrowings

 

64,726

 

 

4.23

 

 

 

65,406

 

 

4.19

 

 

 

64,713

 

 

4.28

 

 

 

64,708

 

4.28

 

 

 

64,704

 

4.23

 

 

Total interest-bearing liabilities

$

9,330,425

 

 

2.04

%

 

$

8,679,784

 

 

1.05

%

 

$

8,832,835

 

 

0.46

%

 

$

9,193,064

 

0.33

%

 

$

9,203,684

 

0.34

%

Non-interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing demand deposits

 

3,572,956

 

 

 

 

 

 

4,410,318

 

 

 

 

 

 

4,824,521

 

 

 

 

 

 

4,870,701

 

 

 

 

 

4,856,243

 

 

 

 

Other liabilities

 

77,544

 

 

 

 

 

 

62,093

 

 

 

 

 

 

58,784

 

 

 

 

 

 

59,619

 

 

 

 

 

54,134

 

 

 

 

Stockholders' equity

 

1,307,553

 

 

 

 

 

 

1,263,870

 

 

 

 

 

 

1,205,551

 

 

 

 

 

 

1,156,186

 

 

 

 

 

1,121,578

 

 

 

 

Accumulated other comprehensive (loss) income

 

(44,667

)

 

 

 

 

 

(24,117

)

 

 

 

 

 

(15,144

)

 

 

 

 

 

6,615

 

 

 

 

 

15,032

 

 

 

 

Total liabilities and stockholders' equity

$

14,243,811

 

 

 

 

 

$

14,391,948

 

 

 

 

 

$

14,906,547

 

 

 

 

 

$

15,286,185

 

 

 

 

$

15,250,671

 

 

 

Net interest spread

 

 

 

2.86

%

 

 

 

 

3.25

%

 

 

 

 

3.08

%

 

 

 

 

2.77

%

 

 

 

 

2.58

%

Net interest margin

 

 

 

3.52

%

 

 

 

 

3.64

%

 

 

 

 

3.26

%

 

 

 

 

2.89

%

 

 

 

 

2.71

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Average loans include nonaccrual loans in all periods. Loan fees of $3,630, $3,849, $5,303, $6,823, and $7,686 are included in interest income in the fourth quarter of 2022, third quarter of 2022, second quarter of 2022, first quarter of 2022, and the fourth quarter of 2021, respectively.

(2)

Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%.

(3)

Unrealized (losses) gains on debt securities of $(62,568), $(34,688), $(25,703), $8,245, and $18,974 for the fourth quarter of 2022, third quarter of 2022, second quarter of 2022, first quarter of 2022, and the fourth quarter of 2021, respectively, are excluded from the yield calculation.

 

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