ServisFirst Bancshares, Inc. Announces Results For First Quarter of 2024
First Quarter 2024 Highlights:
- Loans grew by 8% annualized for the first quarter of 2024.
- Net interest margin increased to 2.66% for the first quarter of 2024 from 2.57% for the fourth quarter of 2023.
- Credit quality continues to be strong with non-performing assets to total assets of 0.22%.
- Deposits grew 10% year-over-year.
-
Book value per share of
$27.08 , up 10% from the first quarter of 2023.
FINANCIAL SUMMARY (UNAUDITED) |
||||||||||||||||||
(in Thousands except share and per share amounts) |
||||||||||||||||||
|
|
Period Ending
|
|
Period Ending
|
|
% Change From
|
|
Period Ending
|
|
% Change From
|
||||||||
QUARTERLY OPERATING RESULTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net Income |
|
$ |
50,026 |
|
|
$ |
42,074 |
|
|
18.9 |
% |
|
$ |
57,971 |
|
|
(13.7 |
)% |
Net Income Available to Common Stockholders |
|
$ |
50,026 |
|
|
$ |
42,043 |
|
|
19.0 |
% |
|
$ |
57,971 |
|
|
(13.7 |
)% |
Diluted Earnings Per Share |
|
$ |
0.92 |
|
|
$ |
0.77 |
|
|
19.4 |
% |
|
$ |
1.06 |
|
|
(13.4 |
)% |
Return on Average Assets |
|
|
1.26 |
% |
|
|
1.04 |
% |
|
|
|
|
1.63 |
% |
|
|
||
Return on Average Common Stockholders' Equity |
|
|
13.82 |
% |
|
|
11.78 |
% |
|
|
|
|
17.83 |
% |
|
|
||
Average Diluted Shares Outstanding |
|
|
54,595,384 |
|
|
|
54,548,719 |
|
|
|
|
|
54,534,482 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted Net Income, net of tax* |
|
$ |
51,373 |
|
|
$ |
49,891 |
|
|
3.0 |
% |
|
$ |
57,971 |
|
|
(11.4 |
)% |
Adjusted Net Income Available to Common |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Stockholders, net of tax* |
|
$ |
51,373 |
|
|
$ |
49,860 |
|
|
3.0 |
% |
|
$ |
57,971 |
|
|
(11.4 |
)% |
Adjusted Diluted Earnings Per Share, net of tax* |
|
$ |
0.94 |
|
|
$ |
0.91 |
|
|
2.7 |
% |
|
$ |
1.06 |
|
|
(11.7 |
)% |
Adjusted Return on Average Assets, net of tax* |
|
|
1.29 |
% |
|
|
1.23 |
% |
|
|
|
|
1.63 |
% |
|
|
||
Adjusted Return on Average Common |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Stockholders' Equity, net of tax* |
|
|
14.19 |
% |
|
|
13.98 |
% |
|
|
|
|
17.83 |
% |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
BALANCE SHEET |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Assets |
|
$ |
15,721,630 |
|
|
$ |
16,129,668 |
|
|
(2.5 |
)% |
|
$ |
14,566,559 |
|
|
7.9 |
% |
Loans |
|
|
11,880,696 |
|
|
|
11,658,829 |
|
|
1.9 |
% |
|
|
11,629,802 |
|
|
2.2 |
% |
Non-interest-bearing Demand Deposits |
|
|
2,627,639 |
|
|
|
2,643,101 |
|
|
(0.6 |
)% |
|
|
2,898,736 |
|
|
(9.4 |
)% |
Total Deposits |
|
|
12,751,448 |
|
|
|
13,273,511 |
|
|
(3.9 |
)% |
|
|
11,615,317 |
|
|
9.8 |
% |
Stockholders' Equity |
|
|
1,476,036 |
|
|
|
1,440,405 |
|
|
2.5 |
% |
|
|
1,339,817 |
|
|
10.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
* This press release includes certain non-GAAP financial measures: adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average common stockholders’ equity, adjusted efficiency ratio, tangible common stockholders' equity, total tangible assets, tangible book value per share, and tangible common equity to total tangible assets. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.” |
DETAILED FINANCIALS
Annualized return on average assets was 1.26% and annualized return on average common stockholders’ equity was 13.82% for the first quarter of 2024, compared to 1.63% and 17.83%, respectively, for the first quarter of 2023.
Net interest income was
Average loans for the first quarter of 2024 were
Average total deposits for the first quarter of 2024 were
Non-performing assets to total assets were 0.22% for the first quarter of 2024, compared to 0.14% for the fourth quarter of 2023 and 0.12% for the first quarter of 2023. The increase in non-performing assets to total assets can be attributed to a single relationship that moved to non-accrual status during the first quarter of 2024. This loan has been closely monitored and is well-collateralized. Annualized net charge-offs to average loans were 0.06% for the first quarter of 2024, compared to 0.09% for the fourth quarter of 2023 and 0.05% first quarter of 2023. The allowance for credit losses as a percentage of total loans at
Non-interest income increased
Non-interest expense increased
Income tax expense decreased
About
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.
More information about
SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED) |
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(In thousands except share and per share data) |
||||||||||||||||||||
|
|
1st Quarter 2024 |
|
4th Quarter 2023 |
|
3rd Quarter 2023 |
|
2nd Quarter 2023 |
|
1st Quarter 2023 |
||||||||||
CONSOLIDATED STATEMENT OF INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest income |
|
$ |
226,710 |
|
|
$ |
229,062 |
|
|
$ |
213,206 |
|
|
$ |
189,656 |
|
|
$ |
181,322 |
|
Interest expense |
|
|
124,215 |
|
|
|
127,375 |
|
|
|
113,508 |
|
|
|
88,405 |
|
|
|
73,021 |
|
Net interest income |
|
|
102,495 |
|
|
|
101,687 |
|
|
|
99,698 |
|
|
|
101,251 |
|
|
|
108,301 |
|
Provision for credit losses |
|
|
4,368 |
|
|
|
3,582 |
|
|
|
4,282 |
|
|
|
6,654 |
|
|
|
4,197 |
|
Net interest income after provision for credit losses |
|
|
98,127 |
|
|
|
98,105 |
|
|
|
95,416 |
|
|
|
94,597 |
|
|
|
104,104 |
|
Non-interest income |
|
|
8,813 |
|
|
|
7,379 |
|
|
|
8,135 |
|
|
|
8,582 |
|
|
|
6,321 |
|
Non-interest expense |
|
|
46,303 |
|
|
|
58,258 |
|
|
|
41,663 |
|
|
|
38,466 |
|
|
|
39,664 |
|
Income before income tax |
|
|
60,637 |
|
|
|
47,226 |
|
|
|
61,888 |
|
|
|
64,713 |
|
|
|
70,761 |
|
Provision for income tax |
|
|
10,611 |
|
|
|
5,152 |
|
|
|
8,548 |
|
|
|
11,245 |
|
|
|
12,790 |
|
Net income |
|
|
50,026 |
|
|
|
42,074 |
|
|
|
53,340 |
|
|
|
53,468 |
|
|
|
57,971 |
|
Preferred stock dividends |
|
|
- |
|
|
|
31 |
|
|
|
- |
|
|
|
31 |
|
|
|
- |
|
Net income available to common stockholders |
|
$ |
50,026 |
|
|
$ |
42,043 |
|
|
$ |
53,340 |
|
|
$ |
53,437 |
|
|
$ |
57,971 |
|
Earnings per share - basic |
|
$ |
0.92 |
|
|
$ |
0.77 |
|
|
$ |
0.98 |
|
|
$ |
0.98 |
|
|
$ |
1.07 |
|
Earnings per share - diluted |
|
$ |
0.92 |
|
|
$ |
0.77 |
|
|
$ |
0.98 |
|
|
$ |
0.98 |
|
|
$ |
1.06 |
|
Average diluted shares outstanding |
|
|
54,595,384 |
|
|
|
54,548,719 |
|
|
|
54,530,635 |
|
|
|
54,527,317 |
|
|
|
54,534,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
CONSOLIDATED BALANCE SHEET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total assets |
|
$ |
15,721,630 |
|
|
$ |
16,129,668 |
|
|
$ |
16,044,332 |
|
|
$ |
15,072,808 |
|
|
$ |
14,566,559 |
|
Loans |
|
|
11,880,696 |
|
|
|
11,658,829 |
|
|
|
11,641,130 |
|
|
|
11,604,894 |
|
|
|
11,629,802 |
|
Debt securities |
|
|
1,941,625 |
|
|
|
1,882,847 |
|
|
|
1,878,701 |
|
|
|
2,048,227 |
|
|
|
1,646,937 |
|
Non-interest-bearing demand deposits |
|
|
2,627,639 |
|
|
|
2,643,101 |
|
|
|
2,621,072 |
|
|
|
2,855,102 |
|
|
|
2,898,736 |
|
Total deposits |
|
|
12,751,448 |
|
|
|
13,273,511 |
|
|
|
13,142,376 |
|
|
|
12,288,219 |
|
|
|
11,615,317 |
|
Borrowings |
|
|
64,737 |
|
|
|
64,735 |
|
|
|
64,751 |
|
|
|
64,737 |
|
|
|
65,417 |
|
Stockholders' equity |
|
|
1,476,036 |
|
|
|
1,440,405 |
|
|
|
1,401,384 |
|
|
|
1,363,471 |
|
|
|
1,339,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Shares outstanding |
|
|
54,507,778 |
|
|
|
54,461,580 |
|
|
|
54,425,447 |
|
|
|
54,425,033 |
|
|
|
54,398,025 |
|
Book value per share |
|
$ |
27.08 |
|
|
$ |
26.45 |
|
|
$ |
25.75 |
|
|
$ |
25.05 |
|
|
$ |
24.63 |
|
Tangible book value per share (1) |
|
$ |
26.83 |
|
|
$ |
26.20 |
|
|
$ |
25.50 |
|
|
$ |
24.80 |
|
|
$ |
24.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
SELECTED FINANCIAL RATIOS (Annualized) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net interest margin |
|
|
2.66 |
% |
|
|
2.57 |
% |
|
|
2.64 |
% |
|
|
2.93 |
% |
|
|
3.15 |
% |
Return on average assets |
|
|
1.26 |
% |
|
|
1.04 |
% |
|
|
1.37 |
% |
|
|
1.50 |
% |
|
|
1.63 |
% |
Return on average common stockholders' equity |
|
|
13.82 |
% |
|
|
11.78 |
% |
|
|
15.34 |
% |
|
|
15.85 |
% |
|
|
17.83 |
% |
Efficiency ratio |
|
|
43.30 |
% |
|
|
55.23 |
% |
|
|
38.64 |
% |
|
|
35.02 |
% |
|
|
34.60 |
% |
Non-interest expense to average earning assets |
|
|
1.20 |
% |
|
|
1.47 |
% |
|
|
1.10 |
% |
|
|
1.11 |
% |
|
|
1.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
CAPITAL RATIOS (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Common equity tier 1 capital to risk-weighted assets |
|
|
11.07 |
% |
|
|
10.91 |
% |
|
|
10.69 |
% |
|
|
10.37 |
% |
|
|
10.01 |
% |
Tier 1 capital to risk-weighted assets |
|
|
11.08 |
% |
|
|
10.92 |
% |
|
|
10.69 |
% |
|
|
10.38 |
% |
|
|
10.02 |
% |
Total capital to risk-weighted assets |
|
|
12.61 |
% |
|
|
12.45 |
% |
|
|
12.25 |
% |
|
|
11.94 |
% |
|
|
11.54 |
% |
Tier 1 capital to average assets |
|
|
9.44 |
% |
|
|
9.12 |
% |
|
|
9.35 |
% |
|
|
9.83 |
% |
|
|
9.49 |
% |
Tangible common equity to total tangible assets (1) |
|
|
9.31 |
% |
|
|
8.85 |
% |
|
|
8.66 |
% |
|
|
8.96 |
% |
|
|
9.11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(1) This press release contains certain non-GAAP financial measures. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.” |
||||||||||||||||||||
(2) Regulatory capital ratios for most recent period are preliminary. |
GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures
This press release contains certain non-GAAP financial measures, including adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average common stockholders’ equity, and adjusted efficiency ratio. During the fourth quarter of 2023, we recorded a one-time expense of
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.
|
|
Three Months
|
|
Three Months
|
|
Three Months
|
||||||
Net income - GAAP |
|
$ |
50,026 |
|
|
$ |
42,074 |
|
|
$ |
57,971 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|||
|
|
|
1,799 |
|
|
|
7,152 |
|
|
|
- |
|
Privilege tax expense |
|
|
- |
|
|
|
2,150 |
|
|
|
- |
|
EDP contract termination expense |
|
|
- |
|
|
|
1,134 |
|
|
|
- |
|
Tax on adjustments |
|
|
(452 |
) |
|
|
(2,619 |
) |
|
|
- |
|
Adjusted net income - non-GAAP |
|
$ |
51,373 |
|
|
$ |
49,891 |
|
|
$ |
57,971 |
|
|
|
|
|
|
|
|
|
|
|
|||
Net income available to common stockholders - GAAP |
|
$ |
50,026 |
|
|
$ |
42,043 |
|
|
$ |
57,971 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|||
|
|
|
1,799 |
|
|
|
7,152 |
|
|
|
- |
|
Privilege tax expense |
|
|
- |
|
|
|
2,150 |
|
|
|
- |
|
EDP contract termination expense |
|
|
- |
|
|
|
1,134 |
|
|
|
- |
|
Tax on adjustments |
|
|
(452 |
) |
|
|
(2,619 |
) |
|
|
- |
|
Adjusted net income available to common stockholders -non-GAAP |
|
$ |
51,373 |
|
|
$ |
49,860 |
|
|
$ |
49,860 |
|
|
|
|
|
|
|
|
|
|
|
|||
Diluted earnings per share - GAAP |
|
$ |
0.92 |
|
|
$ |
0.77 |
|
|
$ |
1.06 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|||
|
|
|
0.03 |
|
|
|
0.13 |
|
|
|
- |
|
Privilege tax expense |
|
|
- |
|
|
|
0.04 |
|
|
|
- |
|
EDP contract termination expense |
|
|
- |
|
|
|
0.02 |
|
|
|
- |
|
Tax on adjustments |
|
|
(0.01 |
) |
|
|
(0.05 |
) |
|
|
- |
|
Adjusted diluted earnings per share - non-GAAP |
|
$ |
0.94 |
|
|
$ |
0.91 |
|
|
$ |
1.06 |
|
|
|
|
|
|
|
|
|
|
|
|||
Return on average assets - GAAP |
|
|
1.26 |
% |
|
|
1.04 |
% |
|
|
1.63 |
% |
Net income - GAAP |
|
$ |
50,026 |
|
|
$ |
42,074 |
|
|
$ |
57,971 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|||
|
|
|
1,799 |
|
|
|
7,152 |
|
|
|
- |
|
Privilege tax expense |
|
|
- |
|
|
|
2,150 |
|
|
|
- |
|
EDP contract termination expense |
|
|
- |
|
|
|
1,134 |
|
|
|
- |
|
Tax on adjustments |
|
|
(452 |
) |
|
|
(2,619 |
) |
|
|
- |
|
Adjusted net income available to common stockholders -non-GAAP |
|
$ |
51,373 |
|
|
$ |
49,891 |
|
|
$ |
57,971 |
|
Average assets - GAAP |
|
$ |
15,957,579 |
|
|
$ |
16,122,146 |
|
|
$ |
14,398,549 |
|
Adjusted return on average assets - non-GAAP |
|
|
1.29 |
% |
|
|
1.23 |
% |
|
|
1.63 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Return on average common stockholders' equity - GAAP |
|
|
13.82 |
% |
|
|
11.78 |
% |
|
|
17.83 |
% |
Net income available to common stockholders - GAAP |
|
$ |
50,026 |
|
|
$ |
42,074 |
|
|
$ |
57,971 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|||
|
|
|
1,799 |
|
|
|
7,152 |
|
|
|
- |
|
Privilege tax expense |
|
|
- |
|
|
|
2,150 |
|
|
|
- |
|
EDP contract termination expense |
|
|
- |
|
|
|
1,134 |
|
|
|
- |
|
Tax on adjustments |
|
|
(452 |
) |
|
|
(2,619 |
) |
|
|
- |
|
Adjusted diluted earnings per share - non-GAAP |
|
$ |
51,373 |
|
|
$ |
49,891 |
|
|
$ |
57,971 |
|
Average common stockholders' equity - GAAP |
|
$ |
1,455,938 |
|
|
$ |
1,415,866 |
|
|
$ |
1,318,459 |
|
Adjusted return on average common stockholders' equity non-GAAP |
|
|
14.19 |
% |
|
|
13.98 |
% |
|
|
17.83 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Efficiency ratio |
|
|
43.30 |
% |
|
|
55.23 |
% |
|
|
55.23 |
% |
Non-interest expense - GAAP |
|
$ |
45,550 |
|
|
$ |
56,480 |
|
|
$ |
57,971 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|||
|
|
|
1,799 |
|
|
|
7,152 |
|
|
|
- |
|
Privilege tax expense |
|
|
- |
|
|
|
2,150 |
|
|
|
- |
|
EDP contract termination expense |
|
|
- |
|
|
|
1,134 |
|
|
|
- |
|
Adjusted non-interest expense |
|
$ |
43,751 |
|
|
$ |
46,044 |
|
|
$ |
39,664 |
|
Net interest income plus non-interest income - GAAP |
|
$ |
111,308 |
|
|
$ |
109,066 |
|
|
$ |
114,622 |
|
Adjusted efficiency ratio - non-GAAP |
|
|
39.31 |
% |
|
|
42.22 |
% |
|
|
34.60 |
% |
|
|||||||||||||||||||
|
At |
|
At |
|
At |
|
At |
|
At |
||||||||||
Book value per share - GAAP |
$ |
27.08 |
|
|
$ |
26.45 |
|
|
$ |
25.75 |
|
|
$ |
25.05 |
|
|
$ |
24.63 |
|
Total common stockholders' equity - GAAP |
|
1,476,036 |
|
|
|
1,440,405 |
|
|
|
1,401,384 |
|
|
|
1,363,471 |
|
|
|
1,339,817 |
|
Adjustment for |
|
(13,615 |
) |
|
|
(13,615 |
) |
|
|
(13,615 |
) |
|
|
(13,615 |
) |
|
|
(13,615 |
) |
Tangible common stockholders' equity - non-GAAP |
$ |
1,462,421 |
|
|
$ |
1,426,790 |
|
|
$ |
1,387,769 |
|
|
$ |
1,349,856 |
|
|
$ |
1,326,202 |
|
Tangible book value per share - non-GAAP |
$ |
26.83 |
|
|
$ |
26.22 |
|
|
$ |
25.50 |
|
|
$ |
24.80 |
|
|
$ |
24.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Stockholders' equity to total assets - GAAP |
|
9.39 |
% |
|
|
8.93 |
% |
|
|
8.73 |
% |
|
|
9.05 |
% |
|
|
9.20 |
% |
Total assets - GAAP |
$ |
15,721,630 |
|
|
$ |
16,129,668 |
|
|
$ |
16,044,332 |
|
|
$ |
15,072,808 |
|
|
$ |
14,566,559 |
|
Adjustment for |
|
(13,615 |
) |
|
|
(13,615 |
) |
|
|
(13,615 |
) |
|
|
(13,615 |
) |
|
|
(13,615 |
) |
Total tangible assets - non-GAAP |
$ |
15,708,015 |
|
|
$ |
16,116,053 |
|
|
$ |
16,030,717 |
|
|
$ |
15,059,193 |
|
|
$ |
14,552,944 |
|
Tangible common equity to total tangible assets - non-GAAP |
|
9.31 |
% |
|
|
8.85 |
% |
|
|
8.66 |
% |
|
|
8.96 |
% |
|
|
9.11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
|||||||||||
(Dollars in thousands) |
|||||||||||
|
|
|
|
|
|
%
|
|||||
ASSETS |
|
|
|
|
|
|
|
|
|||
Cash and due from banks |
|
$ |
78,708 |
|
|
$ |
139,175 |
|
|
(43 |
)% |
Interest-bearing balances due from depository institutions |
|
|
1,201,566 |
|
|
|
725,318 |
|
|
66 |
% |
Federal funds sold |
|
|
170,625 |
|
|
|
6,478 |
|
|
2,534 |
% |
Cash and cash equivalents |
|
|
1,450,899 |
|
|
|
870,971 |
|
|
67 |
% |
Available for sale debt securities, at fair value |
|
|
1,073,929 |
|
|
|
624,948 |
|
|
72 |
% |
Held to maturity debt securities (fair value of |
|
|
867,696 |
|
|
|
1,021,989 |
|
|
(15 |
)% |
Restricted equity securities |
|
|
11,300 |
|
|
|
7,307 |
|
|
55 |
% |
Mortgage loans held for sale |
|
|
7,592 |
|
|
|
1,651 |
|
|
360 |
% |
Loans |
|
|
11,880,696 |
|
|
|
11,629,802 |
|
|
2 |
% |
Less allowance for credit losses |
|
|
(155,892 |
) |
|
|
(148,965 |
) |
|
5 |
% |
Loans, net |
|
|
11,724,804 |
|
|
|
11,480,837 |
|
|
2 |
% |
Premises and equipment, net |
|
|
59,302 |
|
|
|
60,093 |
|
|
(1 |
)% |
|
|
|
13,615 |
|
|
|
13,615 |
|
|
- |
% |
Other assets |
|
|
512,493 |
|
|
|
485,148 |
|
|
6 |
% |
Total assets |
|
$ |
15,721,630 |
|
|
$ |
14,566,559 |
|
|
8 |
% |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|||
Liabilities: |
|
|
|
|
|
|
|
|
|||
Deposits: |
|
|
|
|
|
|
|
|
|||
Non-interest-bearing demand |
|
$ |
2,627,639 |
|
|
$ |
2,898,736 |
|
|
(9 |
)% |
Interest-bearing |
|
|
10,123,809 |
|
|
|
8,716,581 |
|
|
16 |
% |
Total deposits |
|
|
12,751,448 |
|
|
|
11,615,317 |
|
|
10 |
% |
Federal funds purchased |
|
|
1,345,328 |
|
|
|
1,480,160 |
|
|
(9 |
)% |
Other borrowings |
|
|
64,737 |
|
|
|
65,417 |
|
|
(1 |
)% |
Other liabilities |
|
|
84,081 |
|
|
|
65,848 |
|
|
28 |
% |
Total liabilities |
|
|
14,245,594 |
|
|
|
13,226,742 |
|
|
8 |
% |
Stockholders' equity: |
|
|
|
|
|
|
|
|
|||
Preferred stock, par value |
|
|
|
|
|
|
|
|
|||
|
|
|
- |
|
|
|
- |
|
|
- |
% |
Common stock, par value |
|
|
|
|
|
|
|
|
|||
issued and outstanding at |
|
|
|
|
|
|
|
|
|||
shares issued and outstanding at |
|
|
54 |
|
|
|
54 |
|
|
- |
% |
Additional paid-in capital |
|
|
233,560 |
|
|
|
229,631 |
|
|
2 |
% |
Retained earnings |
|
|
1,288,514 |
|
|
|
1,152,681 |
|
|
12 |
% |
Accumulated other comprehensive loss |
|
|
(46,592 |
) |
|
|
(43,049 |
) |
|
8 |
% |
Total stockholders' equity attributable to |
|
|
1,475,536 |
|
|
|
1,339,317 |
|
|
10 |
% |
Noncontrolling interest |
|
|
500 |
|
|
|
500 |
|
|
- |
% |
Total stockholders' equity |
|
|
1,476,036 |
|
|
|
1,339,817 |
|
|
10 |
% |
Total liabilities and stockholders' equity |
|
$ |
15,721,630 |
|
|
$ |
14,566,559 |
|
|
8 |
% |
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
||||||
(In thousands except per share data) |
||||||
|
|
Three Months Ended |
||||
|
|
2024 |
|
2023 |
||
Interest income: |
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
186,978 |
|
$ |
163,732 |
Taxable securities |
|
|
15,979 |
|
|
10,895 |
Nontaxable securities |
|
|
9 |
|
|
21 |
Federal funds sold |
|
|
541 |
|
|
614 |
Other interest and dividends |
|
|
23,203 |
|
|
6,060 |
Total interest income |
|
|
226,710 |
|
|
181,322 |
Interest expense: |
|
|
|
|
|
|
Deposits |
|
|
104,066 |
|
|
55,713 |
Borrowed funds |
|
|
20,149 |
|
|
17,308 |
Total interest expense |
|
|
124,215 |
|
|
73,021 |
Net interest income |
|
|
102,495 |
|
|
108,301 |
Provision for credit losses |
|
|
4,368 |
|
|
4,197 |
Net interest income after provision for credit losses |
|
|
98,127 |
|
|
104,104 |
Non-interest income: |
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
2,150 |
|
|
1,934 |
Mortgage banking |
|
|
678 |
|
|
442 |
Credit card income |
|
|
2,155 |
|
|
1,689 |
Bank-owned life insurance income |
|
|
3,231 |
|
|
1,621 |
Other operating income |
|
|
599 |
|
|
635 |
Total non-interest income |
|
|
8,813 |
|
|
6,321 |
Non-interest expense: |
|
|
|
|
|
|
Salaries and employee benefits |
|
|
22,986 |
|
|
19,066 |
Equipment and occupancy expense |
|
|
3,557 |
|
|
3,435 |
Third party processing and other services |
|
|
7,166 |
|
|
7,284 |
Professional services |
|
|
1,464 |
|
|
1,654 |
|
|
|
3,905 |
|
|
1,517 |
Other real estate owned expense |
|
|
30 |
|
|
6 |
Other operating expense |
|
|
7,195 |
|
|
6,702 |
Total non-interest expense |
|
|
46,303 |
|
|
39,664 |
Income before income tax |
|
|
60,637 |
|
|
70,761 |
Provision for income tax |
|
|
10,611 |
|
|
12,790 |
Net income |
|
|
50,026 |
|
|
57,971 |
Dividends on preferred stock |
|
|
- |
|
|
- |
Net income available to common stockholders |
|
$ |
50,026 |
|
$ |
57,971 |
Basic earnings per common share |
|
$ |
0.92 |
|
$ |
1.07 |
Diluted earnings per common share |
|
$ |
0.92 |
|
$ |
1.06 |
LOANS BY TYPE (UNAUDITED) |
|||||||||||||||
(In thousands) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st Quarter 2024 |
|
4th Quarter 2023 |
|
3rd Quarter 2023 |
|
2nd Quarter 2023 |
|
1st Quarter 2023 |
|||||
Commercial, financial and agricultural |
|
$ |
2,834,102 |
|
$ |
2,823,986 |
|
$ |
2,890,535 |
|
$ |
2,986,453 |
|
$ |
3,081,926 |
Real estate - construction |
|
|
1,546,716 |
|
|
1,519,619 |
|
|
1,509,937 |
|
|
1,397,732 |
|
|
1,469,670 |
Real estate - mortgage: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owner-occupied commercial |
|
|
2,377,042 |
|
|
2,257,163 |
|
|
2,237,684 |
|
|
2,294,002 |
|
|
2,243,436 |
1-4 family mortgage |
|
|
1,284,888 |
|
|
1,249,938 |
|
|
1,170,099 |
|
|
1,167,238 |
|
|
1,138,645 |
Other mortgage |
|
|
3,777,758 |
|
|
3,744,346 |
|
|
3,766,124 |
|
|
3,686,434 |
|
|
3,624,071 |
Subtotal: Real estate - mortgage |
|
|
7,439,688 |
|
|
7,251,447 |
|
|
7,173,907 |
|
|
7,147,674 |
|
|
7,006,152 |
Consumer |
|
|
60,190 |
|
|
63,777 |
|
|
66,751 |
|
|
73,035 |
|
|
72,054 |
Total loans |
|
$ |
11,880,696 |
|
$ |
11,658,829 |
|
$ |
11,641,130 |
|
$ |
11,604,894 |
|
$ |
11,629,802 |
SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED) |
|||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||
|
1st Quarter 2024 |
|
4th Quarter 2023 |
|
3rd Quarter 2023 |
|
2nd Quarter 2023 |
|
1st Quarter 2023 |
||||||||||
Allowance for credit losses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
$ |
153,317 |
|
|
$ |
152,247 |
|
|
$ |
152,272 |
|
|
$ |
148,965 |
|
|
$ |
146,297 |
|
Loans charged off: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial financial and agricultural |
|
1,842 |
|
|
|
2,831 |
|
|
|
4,783 |
|
|
|
4,358 |
|
|
|
1,257 |
|
Real estate - construction |
|
- |
|
|
|
89 |
|
|
|
19 |
|
|
|
- |
|
|
|
- |
|
Real estate - mortgage |
|
67 |
|
|
|
14 |
|
|
|
- |
|
|
|
131 |
|
|
|
26 |
|
Consumer |
|
98 |
|
|
|
231 |
|
|
|
341 |
|
|
|
111 |
|
|
|
390 |
|
Total charge offs |
|
2,007 |
|
|
|
3,165 |
|
|
|
5,143 |
|
|
|
4,600 |
|
|
|
1,673 |
|
Recoveries: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial financial and agricultural |
|
199 |
|
|
|
614 |
|
|
|
825 |
|
|
|
1,233 |
|
|
|
128 |
|
Real estate - construction |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3 |
|
Real estate - mortgage |
|
6 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
Consumer |
|
9 |
|
|
|
39 |
|
|
|
11 |
|
|
|
21 |
|
|
|
11 |
|
Total recoveries |
|
214 |
|
|
|
653 |
|
|
|
836 |
|
|
|
1,254 |
|
|
|
143 |
|
Net charge-offs |
|
1,793 |
|
|
|
2,512 |
|
|
|
4,307 |
|
|
|
3,346 |
|
|
|
1,530 |
|
Provision for credit losses |
|
4,368 |
|
|
|
3,582 |
|
|
|
4,282 |
|
|
|
6,654 |
|
|
|
4,197 |
|
Ending balance |
$ |
155,892 |
|
|
$ |
153,317 |
|
|
$ |
152,247 |
|
|
$ |
152,272 |
|
|
$ |
148,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Allowance for credit losses to total loans |
|
1.31 |
% |
|
|
1.32 |
% |
|
|
1.31 |
% |
|
|
1.31 |
% |
|
|
1.28 |
% |
Allowance for credit losses to total average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
loans |
|
1.33 |
% |
|
|
1.32 |
% |
|
|
1.31 |
% |
|
|
1.31 |
% |
|
|
1.28 |
% |
Net charge-offs to total average loans |
|
0.06 |
% |
|
|
0.09 |
% |
|
|
0.15 |
% |
|
|
0.11 |
% |
|
|
0.05 |
% |
Provision for credit losses to total average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
loans |
|
0.15 |
% |
|
|
0.12 |
% |
|
|
0.15 |
% |
|
|
0.23 |
% |
|
|
0.14 |
% |
Nonperforming assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Nonaccrual loans |
$ |
34,457 |
|
|
$ |
19,349 |
|
|
$ |
20,912 |
|
|
$ |
16,897 |
|
|
$ |
13,157 |
|
Loans 90+ days past due and accruing |
|
380 |
|
|
|
2,184 |
|
|
|
1,692 |
|
|
|
5,947 |
|
|
|
4,683 |
|
Other real estate owned and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
repossessed assets |
|
490 |
|
|
|
995 |
|
|
|
690 |
|
|
|
832 |
|
|
|
248 |
|
Total |
$ |
35,327 |
|
|
$ |
22,528 |
|
|
$ |
23,294 |
|
|
$ |
23,676 |
|
|
$ |
18,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Nonperforming loans to total loans |
|
0.29 |
% |
|
|
0.18 |
% |
|
|
0.19 |
% |
|
|
0.20 |
% |
|
|
0.15 |
% |
Nonperforming assets to total assets |
|
0.22 |
% |
|
|
0.14 |
% |
|
|
0.15 |
% |
|
|
0.16 |
% |
|
|
0.12 |
% |
Nonperforming assets to earning assets |
|
0.23 |
% |
|
|
0.14 |
% |
|
|
0.16 |
% |
|
|
0.16 |
% |
|
|
0.13 |
% |
Allowance for credit losses to nonaccrual loans |
|
452.42 |
% |
|
|
795.17 |
% |
|
|
731.74 |
% |
|
|
901.18 |
% |
|
|
1,132.24 |
% |
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
|||||||||||||||
(In thousands except per share data) |
|||||||||||||||
|
|
1st Quarter
|
|
4th Quarter
|
|
3rd Quarter
|
|
2nd Quarter
|
|
1st Quarter
|
|||||
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
186,978 |
|
$ |
184,897 |
|
$ |
178,754 |
|
$ |
171,718 |
|
$ |
163,732 |
Taxable securities |
|
|
15,979 |
|
|
15,512 |
|
|
15,522 |
|
|
11,570 |
|
|
10,895 |
Nontaxable securities |
|
|
9 |
|
|
12 |
|
|
15 |
|
|
17 |
|
|
21 |
Federal funds sold |
|
|
541 |
|
|
1,018 |
|
|
985 |
|
|
227 |
|
|
614 |
Other interest and dividends |
|
|
23,203 |
|
|
27,623 |
|
|
17,930 |
|
|
6,124 |
|
|
6,060 |
Total interest income |
|
|
226,710 |
|
|
229,062 |
|
|
213,206 |
|
|
189,656 |
|
|
181,322 |
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
104,066 |
|
|
108,155 |
|
|
95,901 |
|
|
71,971 |
|
|
55,713 |
Borrowed funds |
|
|
20,149 |
|
|
19,220 |
|
|
17,607 |
|
|
16,434 |
|
|
17,308 |
Total interest expense |
|
|
124,215 |
|
|
127,375 |
|
|
113,508 |
|
|
88,405 |
|
|
73,021 |
Net interest income |
|
|
102,495 |
|
|
101,687 |
|
|
99,698 |
|
|
101,251 |
|
|
108,301 |
Provision for credit losses |
|
|
4,368 |
|
|
3,582 |
|
|
4,282 |
|
|
6,654 |
|
|
4,197 |
Net interest income after provision for credit losses |
|
|
98,127 |
|
|
98,105 |
|
|
95,416 |
|
|
94,597 |
|
|
104,104 |
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
2,150 |
|
|
2,181 |
|
|
2,163 |
|
|
2,142 |
|
|
1,934 |
Mortgage banking |
|
|
678 |
|
|
792 |
|
|
825 |
|
|
696 |
|
|
442 |
Credit card income |
|
|
2,155 |
|
|
2,004 |
|
|
2,532 |
|
|
2,406 |
|
|
1,689 |
Bank-owned life insurance income |
|
|
3,231 |
|
|
1,639 |
|
|
1,818 |
|
|
2,496 |
|
|
1,621 |
Other operating income |
|
|
599 |
|
|
763 |
|
|
797 |
|
|
842 |
|
|
635 |
Total non-interest income |
|
|
8,813 |
|
|
7,379 |
|
|
8,135 |
|
|
8,582 |
|
|
6,321 |
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
22,986 |
|
|
23,024 |
|
|
20,080 |
|
|
18,795 |
|
|
19,066 |
Equipment and occupancy expense |
|
|
3,557 |
|
|
3,860 |
|
|
3,579 |
|
|
3,421 |
|
|
3,435 |
Third party processing and other services |
|
|
7,166 |
|
|
7,841 |
|
|
6,549 |
|
|
6,198 |
|
|
7,284 |
Professional services |
|
|
1,464 |
|
|
1,417 |
|
|
1,265 |
|
|
1,580 |
|
|
1,654 |
|
|
|
3,905 |
|
|
9,509 |
|
|
2,346 |
|
|
2,242 |
|
|
1,517 |
Other real estate owned expense |
|
|
30 |
|
|
17 |
|
|
18 |
|
|
6 |
|
|
6 |
Other operating expense |
|
|
7,195 |
|
|
12,590 |
|
|
7,826 |
|
|
6,224 |
|
|
6,702 |
Total non-interest expense |
|
|
46,303 |
|
|
58,258 |
|
|
41,663 |
|
|
38,466 |
|
|
39,664 |
Income before income tax |
|
|
60,637 |
|
|
47,226 |
|
|
61,888 |
|
|
64,713 |
|
|
70,761 |
Provision for income tax |
|
|
10,611 |
|
|
5,152 |
|
|
8,548 |
|
|
11,245 |
|
|
12,790 |
Net income |
|
|
50,026 |
|
|
42,074 |
|
|
53,340 |
|
|
53,468 |
|
|
57,971 |
Dividends on preferred stock |
|
|
- |
|
|
31 |
|
|
- |
|
|
31 |
|
|
- |
Net income available to common stockholders |
|
$ |
50,026 |
|
$ |
42,043 |
|
$ |
53,340 |
|
$ |
53,437 |
|
$ |
57,971 |
Basic earnings per common share |
|
$ |
0.92 |
|
$ |
0.77 |
|
$ |
0.98 |
|
$ |
0.98 |
|
$ |
1.07 |
Diluted earnings per common share |
|
$ |
0.92 |
|
$ |
0.77 |
|
$ |
0.98 |
|
$ |
0.98 |
|
$ |
1.06 |
AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) |
|||||||||||||||||||||||||||||||||||
ON A FULLY TAXABLE-EQUIVALENT BASIS |
|||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
1st Quarter 2024 |
|
4th Quarter 2023 |
|
3rd Quarter 2023 |
|
2nd Quarter 2023 |
|
1st Quarter 2023 |
|||||||||||||||||||||||||
|
|
Average
|
|
Yield /
|
|
Average
|
|
Yield /
|
|
Average
|
|
Yield /
|
|
Average
|
|
Yield /
|
|
Average
|
|
Yield /
|
|||||||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans, net of unearned income (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable |
|
$ |
11,723,391 |
|
|
6.41 |
% |
|
$ |
11,580,716 |
|
|
6.33 |
% |
|
$ |
11,545,003 |
|
|
6.13 |
% |
|
$ |
11,581,008 |
|
|
5.94 |
% |
|
$ |
11,632,439 |
|
|
5.70 |
% |
Tax-exempt (2) |
|
|
17,605 |
|
|
5.00 |
|
|
|
17,787 |
|
|
4.71 |
|
|
|
18,023 |
|
|
4.71 |
|
|
|
18,312 |
|
|
4.82 |
|
|
|
18,978 |
|
|
3.36 |
|
Total loans, net of unearned |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
income |
|
|
11,740,996 |
|
|
6.40 |
|
|
|
11,598,503 |
|
|
6.32 |
|
|
|
11,563,026 |
|
|
6.13 |
|
|
|
11,599,320 |
|
|
5.94 |
|
|
|
11,651,417 |
|
|
5.70 |
|
Mortgage loans held for sale |
|
|
4,770 |
|
|
5.57 |
|
|
|
5,105 |
|
|
6.22 |
|
|
|
5,476 |
|
|
6.67 |
|
|
|
5,014 |
|
|
5.12 |
|
|
|
1,522 |
|
|
6.40 |
|
Debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable |
|
|
2,013,295 |
|
|
3.16 |
|
|
|
2,007,636 |
|
|
3.08 |
|
|
|
2,029,995 |
|
|
3.07 |
|
|
|
1,757,397 |
|
|
2.64 |
|
|
|
1,724,523 |
|
|
2.54 |
|
Tax-exempt (2) |
|
|
1,296 |
|
|
3.40 |
|
|
|
1,739 |
|
|
2.30 |
|
|
|
2,408 |
|
|
2.49 |
|
|
|
2,960 |
|
|
2.43 |
|
|
|
3,781 |
|
|
2.43 |
|
Total securities (3) |
|
|
2,014,591 |
|
|
3.16 |
|
|
|
2,009,375 |
|
|
3.08 |
|
|
|
2,032,403 |
|
|
3.07 |
|
|
|
1,760,357 |
|
|
2.64 |
|
|
|
1,728,304 |
|
|
2.54 |
|
Federal funds sold |
|
|
37,298 |
|
|
5.83 |
|
|
|
72,178 |
|
|
5.60 |
|
|
|
74,424 |
|
|
5.25 |
|
|
|
15,908 |
|
|
5.72 |
|
|
|
50,526 |
|
|
4.93 |
|
Restricted equity securities |
|
|
10,417 |
|
|
7.57 |
|
|
|
10,216 |
|
|
8.74 |
|
|
|
8,471 |
|
|
5.90 |
|
|
|
8,834 |
|
|
6.08 |
|
|
|
9,919 |
|
|
7.69 |
|
Interest-bearing balances with banks |
|
|
1,687,977 |
|
|
5.48 |
|
|
|
1,981,411 |
|
|
5.49 |
|
|
|
1,293,243 |
|
|
5.45 |
|
|
|
460,893 |
|
|
5.21 |
|
|
|
510,021 |
|
|
4.67 |
|
Total interest-earning assets |
|
$ |
15,496,049 |
|
|
5.88 |
|
|
$ |
15,676,788 |
|
|
5.80 |
|
|
$ |
14,977,043 |
|
|
5.65 |
|
|
$ |
13,850,326 |
|
|
5.49 |
|
|
$ |
13,951,709 |
|
|
5.27 |
|
Non-interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks |
|
|
98,813 |
|
|
|
|
|
101,741 |
|
|
|
|
|
111,566 |
|
|
|
|
|
101,188 |
|
|
|
|
|
106,448 |
|
|
|
|||||
Net premises and equipment |
|
|
60,126 |
|
|
|
|
|
60,110 |
|
|
|
|
|
60,121 |
|
|
|
|
|
60,499 |
|
|
|
|
|
60,617 |
|
|
|
|||||
Allowance for credit losses, accrued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
interest and other assets |
|
|
302,591 |
|
|
|
|
|
283,435 |
|
|
|
|
|
283,357 |
|
|
|
|
|
279,860 |
|
|
|
|
|
279,775 |
|
|
|
|||||
Total assets |
|
$ |
15,957,579 |
|
|
|
|
$ |
16,122,074 |
|
|
|
|
$ |
15,432,087 |
|
|
|
|
$ |
14,291,873 |
|
|
|
|
$ |
14,398,549 |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Checking |
|
$ |
2,339,548 |
|
|
2.69 |
% |
|
$ |
2,245,431 |
|
|
2.91 |
% |
|
$ |
2,153,973 |
|
|
2.72 |
% |
|
$ |
1,628,936 |
|
|
1.69 |
% |
|
$ |
1,675,355 |
|
|
1.25 |
% |
Savings |
|
|
106,924 |
|
|
1.76 |
|
|
|
107,035 |
|
|
1.72 |
|
|
|
112,814 |
|
|
1.61 |
|
|
|
122,050 |
|
|
1.38 |
|
|
|
134,671 |
|
|
0.94 |
|
Money market |
|
|
6,761,495 |
|
|
4.48 |
|
|
|
7,106,190 |
|
|
4.44 |
|
|
|
6,538,426 |
|
|
4.24 |
|
|
|
5,971,639 |
|
|
3.78 |
|
|
|
5,756,642 |
|
|
3.17 |
|
Time deposits |
|
|
1,164,204 |
|
|
4.37 |
|
|
|
1,111,350 |
|
|
4.18 |
|
|
|
1,093,388 |
|
|
3.89 |
|
|
|
983,582 |
|
|
3.44 |
|
|
|
850,639 |
|
|
2.51 |
|
Total interest-bearing deposits |
|
|
10,372,171 |
|
|
4.04 |
|
|
|
10,570,006 |
|
|
4.06 |
|
|
|
9,898,601 |
|
|
3.84 |
|
|
|
8,706,207 |
|
|
3.32 |
|
|
|
8,417,307 |
|
|
2.68 |
|
Federal funds purchased |
|
|
1,422,828 |
|
|
5.50 |
|
|
|
1,338,110 |
|
|
5.49 |
|
|
|
1,237,721 |
|
|
5.43 |
|
|
|
1,191,582 |
|
|
5.14 |
|
|
|
1,389,217 |
|
|
4.67 |
|
Other borrowings |
|
|
64,736 |
|
|
4.26 |
|
|
|
64,734 |
|
|
4.23 |
|
|
|
64,734 |
|
|
4.23 |
|
|
|
100,998 |
|
|
4.62 |
|
|
|
114,726 |
|
|
4.61 |
|
Total interest-bearing liabilities |
|
$ |
11,859,735 |
|
|
4.21 |
% |
|
$ |
11,972,850 |
|
|
4.22 |
% |
|
$ |
11,201,056 |
|
|
4.02 |
% |
|
$ |
9,998,787 |
|
|
3.55 |
% |
|
$ |
9,921,250 |
|
|
2.98 |
% |
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-interest-bearing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
checking |
|
|
2,550,841 |
|
|
|
|
|
2,656,504 |
|
|
|
|
|
2,778,858 |
|
|
|
|
|
2,876,225 |
|
|
|
|
|
3,086,774 |
|
|
|
|||||
Other liabilities |
|
|
91,064 |
|
|
|
|
|
76,651 |
|
|
|
|
|
72,924 |
|
|
|
|
|
64,917 |
|
|
|
|
|
72,121 |
|
|
|
|||||
Stockholders' equity |
|
|
1,503,240 |
|
|
|
|
|
1,475,366 |
|
|
|
|
|
1,437,766 |
|
|
|
|
|
1,399,578 |
|
|
|
|
|
1,358,587 |
|
|
|
|||||
Accumulated other comprehensive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
loss |
|
|
(47,302 |
) |
|
|
|
|
(59,297 |
) |
|
|
|
|
(58,517 |
) |
|
|
|
|
(47,634 |
) |
|
|
|
|
(40,183 |
) |
|
|
|||||
Total liabilities and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
stockholders' equity |
|
$ |
15,957,579 |
|
|
|
|
$ |
16,122,074 |
|
|
|
|
$ |
15,432,087 |
|
|
|
|
$ |
14,291,873 |
|
|
|
|
$ |
14,398,549 |
|
|
|
|||||
Net interest spread |
|
|
|
|
1.67 |
% |
|
|
|
|
1.58 |
% |
|
|
|
|
1.63 |
% |
|
|
|
|
1.94 |
% |
|
|
|
|
2.29 |
% |
|||||
Net interest margin |
|
|
|
|
2.66 |
% |
|
|
|
|
2.57 |
% |
|
|
|
|
2.64 |
% |
|
|
|
|
2.93 |
% |
|
|
|
|
3.15 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) Average loans include nonaccrual loans in all periods. Loan fees of |
|||||||||||||||||||||||||||||||||||
(2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%. |
|||||||||||||||||||||||||||||||||||
(3) Unrealized losses on debt securities of |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240422205295/en/
dmange@servisfirstbank.com
Source: