Servisfirst bancshares, inc. (SFBS)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
OPERATING ACTIVITIES
Net income

149,243

136,940

93,092

81,479

63,540

52,377

41,617

34,445

23,438

17,378

5,878

Adjustments to reconcile net income to net cash provided by
Deferred tax (benefit) expense

-1,077

-14,255

14,048

-1,728

-4,876

-5,021

-1,805

-2,181

-1,240

-2,212

-1,601

Provision for loan losses

22,638

21,402

23,225

13,398

12,847

10,259

13,008

9,100

8,972

10,350

10,685

Depreciation

3,682

3,378

2,568

2,724

2,219

1,838

1,841

1,218

1,173

1,066

1,087

Accretion on acquired loans

90

163

464

980

1,954

0

0

-

-

-

-

Amortization of core deposit intangible

270

270

277

334

376

0

0

-

-

-

-

Net amortization of debt securities available for sale

-3,095

-2,843

-4,019

-4,197

-4,713

-3,247

-1,122

-1,079

-958

-823

318

Amortized gain on derivative

-

-

-

-

-

-

-

-

-

-

272

Market value adjustment of interest rate cap

-

-

-

-

-

-

-

-9

-106

-45

-

Decrease (increase) in accrued interest and dividends receivable

2,192

3,409

4,860

2,103

2,000

952

1,104

966

1,202

790

2,174

Stock-based compensation expense

1,100

851

1,170

1,198

1,265

3,681

1,205

1,049

975

713

785

Increase in accrued interest payable

1,553

5,410

570

2,032

340

1,171

-173

-3

47

-128

-254

Proceeds from sale of mortgage loans held for sale

135,359

106,806

136,259

130,131

137,020

107,678

192,576

239,292

169,172

174,760

198,622

Originations of mortgage loans held for sale

137,190

99,683

132,208

122,832

136,603

103,481

172,371

243,699

177,200

175,046

201,143

Net gain on sale of debt securities available for sale

27

15

0

-3

29

3

131

0

666

108

193

Gain on sale of equity securities

0

175

0

-

-

-

-

-

-

-

-

Gain on sale of mortgage loans held for sale

4,361

2,784

3,835

3,725

2,682

2,047

2,513

3,560

2,373

2,174

2,222

Net (gain) loss on sale of other real estate owned and repossessed assets

122

-21

33

18

-136

-413

-159

-105

76

-203

-441

Write down of other real estate owned and repossessed assets

287

664

23

603

643

811

433

2,189

326

1,051

1,802

Operating losses of tax credit partnerships

-8

-163

-79

-202

-152

207

0

0

-

-

-

Decrease in special prepaid FDIC insurance assessments

-

-

-

-

-

-

-2,498

-1,322

-1,492

-2,538

7,850

Increase in cash surrender value of life insurance contracts

3,746

3,130

3,131

2,794

2,621

2,280

1,994

1,624

390

0

-

Loss on prepayment of other borrowings

-

-

-

-

-

-

-

-

-738

0

-

Excess tax benefits from the exercise of stock options and vesting of stock awards

-

-

-

-

-

-

262

381

127

0

-

Net change in other assets, liabilities, and other operating activities

4,155

-13,167

12,335

3,600

-3,781

2,812

-92

-3,790

-200

-1,106

810

Net cash provided by operating activities

164,275

168,301

118,464

98,521

76,267

65,086

74,198

41,184

24,323

29,575

2,463

INVESTMENT ACTIVITIES
Purchase of debt securities available for sale

293,832

156,815

83,004

157,483

81,781

65,398

83,455

47,867

102,190

84,425

200,558

Proceeds from maturities, calls and paydowns of securities available for sale

-

-

-

-

-

-

-

0

63,270

32,297

32,567

Proceeds from maturities, calls and paydowns of debt securities available for sale

97,732

91,787

84,637

65,347

46,271

32,833

40,959

106,783

28,575

31,889

16,585

Proceeds from sale of debt securities available for sale

38,453

5,736

3,500

6,085

16,738

173

4,140

-

-

-

-

Purchase of debt securities held to maturity

250

0

66,002

38,139

202

0

10,668

11,701

15,441

4,589

645

Purchase of equity securities

0

0

10

708

534

0

0

787

-

-

-

Proceeds from sale of equity securities

0

304

0

4,628

0

320

203

347

-

-

-

Proceeds from maturities, calls and paydowns of debt securities held to maturity

0

250

6,227

3,001

2,131

2,919

4,361

943

5,466

0

-

Purchase of restricted equity securities

-

-

-

-

-

-

-

-

543

269

582

Purchase of interest rate cap

-

-

-

-

-

-

-

-

-

160

-

Purchase of BOLI contracts

75,000

0

10,000

20,000

0

15,000

10,000

15,000

40,000

0

-

Increase in loans

754,533

696,701

957,975

700,857

710,917

508,026

515,644

540,019

449,449

197,572

253,172

Purchase of premises and equipment

2,356

2,300

21,154

22,205

5,537

1,307

1,346

5,474

1,314

428

2,294

Expenditures to complete construction of other real estate owned

0

7

0

3

118

0

0

-

-

75

905

Proceeds from sale of restricted equity securities

-

-

-

-

-

-

-

-

552

0

-

Proceeds from sale of other real estate owned and repossessed assets

1,437

3,272

1,533

1,340

3,428

6,539

7,664

2,967

3,334

7,995

6,314

Investment in tax credit partnerships

-

-

-

2,655

6,576

2,145

7,907

0

0

-

-

Net cash paid in acquisition of Metro Bancshares, Inc.

-

-

-

-

12,383

0

0

-

-

-

-

Net cash used in investing activities

-988,349

-754,474

-1,042,248

-861,649

-749,480

-549,092

-571,693

-509,808

-507,740

-215,337

-402,690

FINANCING ACTIVITIES
Net increase in non-interest-bearing deposits

192,538

117,015

158,721

228,138

195,729

160,004

105,282

126,364

168,320

39,183

89,848

Net increase in interest-bearing deposits

422,187

707,019

512,642

968,285

454,245

218,514

402,788

241,321

216,851

287,178

305,188

Net increase in federal funds purchased

-182,024

13,072

54,147

-3,584

-85,870

-89,935

-57,315

-37,800

-79,265

0

-

Proceeds from other borrowings

-

-

-

-

-

-

-

19,917

0

0

5,000

Redemption of subordinated debentures

-

-

-

-

-

-

-

-15,464

0

0

-

Proceeds from issuance of 5% subordinated notes due July 15, 2025

-

-

-

-

34,750

0

0

-

-

15,050

-

Redemption of Series A Senior Non-Cumulative preferred stock

-

-

-

-

40,000

0

0

-

-

-

-

Proceeds from issuance of 4.5% Subordinated Notes due November 8, 2027, net of issuance cost

0

0

29,943

-

0

-

-

-

-

-

-

Repayment of 5.5% Subordinated Notes due November 9, 2022

0

0

20,000

-

0

-

-

-

-

-

-

Proceeds from sale of common stock, net

-

-

-

-

-

52,076

10,337

0

10,032

0

3,479

Repayment of Federal Home Loan Bank advances

0

200

400

400

300

0

0

-

-

-

-

Proceeds from sale of preferred stock, net

0

0

125

-

125

250

0

0

39,958

0

-

Proceeds from exercise of stock options

2,123

2,337

1,911

3,188

3,801

6,316

3,279

4,651

757

123

-

Taxes paid in net settlement of tax obligation upon exercise of stock options

1,977

2,360

1,320

-

0

-

-

-

-

-

-

Capitalized cost of shelf registration

-

-

-

-

73

0

0

-

-

-

-

Excess tax benefits from exercise of stock options and warrants

-

-

-

-

-

-

262

381

127

0

-

Repayment of other borrowings

-

-

-

-

-

-

-

5,000

20,738

0

-

Dividends paid on common stock

24,053

20,194

10,040

7,858

5,883

3,609

3,682

3,134

0

0

-

Dividends paid on preferred stock

63

63

62

47

280

431

416

400

200

0

-

Net cash provided by financing activities

772,779

790,482

617,373

1,194,890

727,984

523,055

575,165

406,436

494,372

341,534

403,515

Net increase in cash and cash equivalents

-51,295

204,309

-306,411

431,762

54,771

39,049

77,670

-62,188

10,955

155,772

3,288

Cash paid for:
Interest

101,605

58,538

34,763

23,773

17,275

12,948

13,792

14,904

16,033

15,388

18,591

Income taxes

42,232

30,547

42,586

30,268

27,113

27,278

20,878

17,714

15,837

6,958

4,317

Income tax refund

86

2

492

929

50

-

-

-

-

-

-

NONCASH TRANSACTIONS
Other real estate acquired in settlement of loans

4,611

3,080

4,685

4,112

2,092

2,417

11,335

2,695

9,029

5,372

10,198

Conversion of mandatorily convertible subordinated debentures

-

-

-

-

-

-

15,000

0

0

-

-

Transfers of loans from held for sale to held for investment

-

-

-

-

-

-

-

-

417

787

1,861

Internally financed sale of other real estate owned

0

662

1,449

2,592

1,799

675

0

24

136

1,757

566

Dividends declared

9,384

8,018

2,649

2,105

1,558

1,240

0

0

-

-

-

Fair value of assets and liabilities from acquisition:
Fair value of tangible assets acquired

-

-

-

-

204,985

0

0

-

-

-

-

Intangible assets acquired

-

-

-

-

15,707

0

0

-

-

-

-

Fair value of liabilities assumed

-

-

-

-

180,410

0

0

-

-

-

-

Net identifiable assets acquired over liabilities assumed

-

-

-

-

40,282

0

-

-

-

-

-

Total merger consideration

-

-

-

-

-

-

0

-

-

-

-