ServisFirst Bancshares, Inc. SFBS Cash Flow

Servisfirst bancshares, inc. (SFBS)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
OPERATING ACTIVITIES
Net income
34,778	41,037	37,563	35,633	35,010	36,237	34,560	33,540	32,603	21,150	25,259	24,164	22,519	21,738	20,909	18,876	19,956	19,750	16,266	14,469	13,055	15,032	14,002	11,585	11,758	11,868	10,812	9,686	9,251	8,556	9,302	8,331	8,256	6,587	6,135	5,845	4,871
Adjustments to reconcile net income to net cash provided by
Deferred tax (benefit) expense
-1,267	-3,928	424	1,359	1,068	-15,009	-607	-193	1,554	17,147	-3,103	373	-369	-2,078	-90	695	-255	-1,506	-3,457	-3,854	3,941	11	-2,471	-1,419	-1,142	-1,535	1,024	-493	-801	-579	-899	202	-905	236	976	-1,399	-1,053
Provision for loan losses
13,584	5,884	6,985	4,884	4,885	6,518	6,624	4,121	4,139	9,055	4,803	4,381	4,986	4,075	3,464	3,800	2,059	3,308	3,072	4,062	2,405	2,759	2,748	2,438	2,314	2,356	3,034	3,334	4,284	2,449	1,185	3,083	2,383	2,507	2,740	1,494	2,231
Depreciation
921	908	929	928	917	830	869	847	832	287	780	749	752	513	731	750	730	587	508	612	512	341	500	500	497	485	448	594	314	307	307	303	301	329	278	300	266
Accretion on acquired loans
0	-1	0	0	91	16	22	53	72	90	107	124	143	161	195	334	290	258	576	1,489	-369	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of core deposit intangible
68	67	68	67	68	68	67	68	67	68	68	69	72	77	81	85	91	95	101	106	74	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net amortization of debt securities available for sale
-966	-1,055	-736	-678	-626	-575	-1,049	-596	-623	-1,145	-875	-998	-1,001	-2,163	-746	-654	-634	-2,922	-577	-580	-634	-574	-1,558	-569	-546	-410	-208	-246	-258	-290	-260	-263	-266	-310	-231	-289	-128
Market value adjustment of interest rate cap
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-2	-7	-8	1	-38	-61
Decrease (increase) in accrued interest and dividends receivable
-948	839	-1,212	-363	2,928	-685	3,380	1,114	-400	327	3,564	719	250	1,153	1,161	71	-282	1,132	661	-86	293	332	1,196	-684	108	658	503	-53	-4	-30	1,132	81	-217	663	682	-511	368
Stock-based compensation expense
277	319	293	206	282	167	202	244	238	254	294	285	337	267	291	297	343	408	293	263	301	278	301	2,082	1,020	316	308	322	259	261	266	263	259	256	254	240	225
Increase in accrued interest payable
465	458	546	-546	1,095	1,819	1,340	-601	2,852	618	840	-701	-187	775	750	-767	1,274	-578	607	-265	576	-264	258	-175	1,352	-246	110	-249	212	75	-68	-81	71	-98	60	119	-34
Proceeds from sale of mortgage loans held for sale
36,308	45,171	44,645	29,962	15,581	25,487	25,977	30,622	24,720	30,319	34,422	39,017	32,501	32,263	36,814	33,136	27,918	24,862	50,441	37,242	24,475	33,699	9,516	40,669	23,794	40,809	41,461	54,458	55,848	62,539	55,022	59,032	62,699	53,843	48,092	31,041	36,196
Originations of mortgage loans held for sale
35,672	41,426	42,557	37,098	16,109	19,642	25,860	29,916	24,265	28,913	32,742	37,027	33,526	29,868	33,795	35,078	24,091	27,104	43,233	35,845	30,421	30,139	6,296	44,966	22,080	36,347	36,952	54,226	44,846	58,993	67,700	60,527	56,479	61,856	51,473	32,896	30,975
Net gain on sale of debt securities available for sale
-	-	-	-	-	0	11	0	4	0	0	0	0	-	-	-	-	0	0	0	29	0	3	0	0	0	0	8	123	0	0	0	0	0	0	523	143
Gain on sale of mortgage loans held for sale
1,071	1,366	1,333	1,087	575	688	789	789	518	894	978	1,064	899	1,044	1,112	901	668	620	873	735	454	507	582	674	284	314	417	802	980	814	880	894	972	-	-	-	351
Net (gain) loss on sale of other real estate owned and repossessed assets
24	116	8	0	-2	-	-	-	-	0	-20	17	36	45	12	-20	-19	-66	-29	-61	20	-51	-90	-97	-175	-24	-48	-66	-21	-17	-26	5	-67	-	-	0	32
Write down of other real estate owned and repossessed assets
587	-1	66	202	20	176	235	-1	254	18	1	4	0	46	160	24	373	236	219	63	125	388	134	131	158	31	0	116	286	765	1,004	370	50	145	25	71	85
Operating losses of tax credit partnerships
-3	-24	89	-38	-35	-35	-58	-41	-29	-37	-35	-29	22	-380	2	138	38	-266	38	38	38	207	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Decrease in special prepaid FDIC insurance assessments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-2,108	-390	-350	-346	-272	-354	-366	-333	-182	-611
Increase in cash surrender value of life insurance contracts
1,453	1,419	787	778	762	780	787	786	777	797	825	785	724	745	770	655	624	630	683	660	648	649	549	546	536	548	491	485	470	463	386	385	390	-	-	-	-
Excess tax benefits from the exercise of stock options and vesting of stock awards
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	995	-	526	212	143	14	243	0	5	381	0	0	0	-	-	-	-
Net change in other assets, liabilities, and other operating activities
-2,814	-15,611	7,126	15,190	-2,550	-15,775	370	-1,552	3,790	11,784	-8,828	12,581	-3,202	-1,033	-2,930	7,048	515	-4,212	-3,842	3,244	1,029	-654	14,306	-9,303	-1,537	-3,278	4,579	-4,116	2,723	-4,191	-1,708	4,387	-2,278	766	-1,012	-1,390	1,436
Net cash provided by operating activities
52,232	61,441	41,533	19,627	41,674	52,255	38,973	38,188	38,885	37,293	34,906	17,051	29,214	27,880	29,743	13,624	27,274	24,656	26,510	13,223	11,878	22,984	3,178	20,066	18,858	19,915	14,268	18,836	21,179	18,600	-1,639	5,761	18,462	-34	6,284	7,791	10,282
INVESTMENT ACTIVITIES
Purchase of debt securities available for sale
80,149	107,592	64,650	56,083	65,507	33,994	22,103	46,052	54,666	5,437	16,940	6,742	53,885	73,377	68,987	5,050	10,069	54,077	10,207	12,163	5,334	6,093	19,877	21,268	18,160	17,335	32,235	28,092	5,793	13,827	2,817	11,198	20,025	6,879	69,304	8,996	17,011
Proceeds from maturities, calls and paydowns of securities available for sale
-	-	-	-	-	-	-	-	-	-	-	-	23,357	-	37,170	13,136	21,119	-	-	-	-	-	-	-	-	-	-	-	1,164	-	-	-	0	0	0	14,320	48,950
Proceeds from maturities, calls and paydowns of debt securities available for sale
26,778	-2,955	36,076	36,142	28,469	27,984	23,319	20,108	20,376	-	-	-	-	-	-	-	-	15,440	10,220	10,923	9,688	9,097	10,527	5,856	7,353	2,225	8,120	22,241	8,373	14,762	63,477	11,350	17,194	8,896	6,175	5,746	7,758
Proceeds from sale of debt securities available for sale
-	-	-	-	-	0	636	0	5,100	3,500	0	0	0	-	-	-	-	0	0	190	16,548	0	173	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of debt securities held to maturity
0	0	0	0	250	-	-	-	-	36,220	8,996	11,000	9,786	37,512	188	0	439	0	0	202	0	-	-	-	-	0	0	3,311	7,357	5,696	0	4,942	1,063	4,253	2,484	-5	8,709
Investment in tax credit partnership and SBIC
111	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of equity securities
-	-	-	-	-	-	-	-	-	0	0	0	10	0	0	0	708	0	0	1	533	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from maturities, calls and paydowns of debt securities held to maturity
-	-	-	-	-	-	-	-	-	1,280	854	3,800	293	801	997	877	326	543	1,054	305	229	693	1,130	796	300	856	678	2,172	655	520	220	145	58	4,399	1,024	39	4
Purchase of restricted equity securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	787	0	0	0	543
Purchase of BOLI contracts
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Increase in loans
312,426	249,309	63,193	312,054	129,977	176,091	238,169	203,777	78,664	233,349	286,373	194,691	243,562	257,086	118,275	200,874	124,622	172,780	180,450	257,177	100,510	203,011	107,593	117,244	80,178	129,397	145,841	138,400	102,006	204,142	139,493	107,459	88,925	139,920	139,533	90,356	79,640
Purchase of premises and equipment
417	834	304	459	759	770	452	522	556	4,083	4,087	6,140	6,844	14,396	2,542	2,982	2,285	1,182	3,914	140	301	203	713	230	161	319	210	505	312	3,279	150	1,900	145	421	104	300	489
Expenditures to complete construction of other real estate owned
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	3	0	27	91	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of restricted equity securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	203	-	77	270	0	-	-	-	-
Proceeds from sale of other real estate owned and repossessed assets
454	710	679	0	48	1,700	320	378	874	4	-18	1,121	426	-308	73	562	1,013	-1,183	1,946	737	1,928	1,013	95	2,655	2,776	2,406	2,757	1,028	1,473	433	295	1,438	801	384	1,068	292	1,590
Investment in tax credit partnerships
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,530	0	2,850	5,057	0	-	-	-	-	-	-	-	-
Net cash paid in acquisition of Metro Bancshares, Inc.
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-500	0	12,883	0	-1,530	1,530	0	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in investing activities
-365,871	-376,527	-111,392	-332,454	-167,976	-180,929	-236,174	-229,835	-107,536	-255,402	-295,151	-201,684	-290,011	-383,492	-161,752	-200,737	-115,668	-215,873	-184,820	-257,619	-91,168	-199,118	-131,259	-129,115	-89,600	-137,424	-183,720	-146,949	-103,600	-226,229	-78,391	-112,296	-92,892	-137,587	-242,967	-79,096	-48,090
FINANCING ACTIVITIES
Net increase in non-interest-bearing deposits
175,747	71,207	101,713	4,256	15,362	52,894	23,000	73,855	-32,734	34,361	32,612	80,913	10,835	11,879	84,058	115,393	16,808	24,113	102,777	59,834	9,005	15,907	65,390	66,329	12,378	15,303	72,957	54,549	-37,527	32,212	45,618	34,926	13,608	36,715	98,127	22,334	11,144
Net increase in interest-bearing deposits
126,475	-264,932	217,651	316,872	152,596	357,463	396,669	34,440	-81,553	260,412	369,479	-47,635	-69,614	327,304	329,275	212,655	99,051	155,141	212,725	30,535	55,844	29,487	129,734	60,272	-979	85,122	171,283	196,894	-50,511	69,839	123,001	16,600	31,881	95,891	109,280	89,040	-77,360
Net increase in federal funds purchased
-72,874	-100,518	89,218	-86,071	-84,653	-42,631	16,565	63,740	-24,602	-46,917	45,346	58,015	-2,297	-11,554	76,040	77,455	-145,525	-123,945	44,680	7,805	-14,410	-86,085	2,840	14,692	-21,382	-4,290	5,385	-21,545	-36,865	-25,748	-11,112	13,180	-14,120	-	-	-	-
Repayment of Federal Home Loan Bank advances
-	-	-	-	-	0	0	100	100	100	100	100	100	100	100	100	100	100	0	100	100	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of preferred stock, net
-	-	-	-	-	-	-	-	-	0	0	0	125	-	0	0	0	0	0	0	125	0	0	0	250	-	-	0	0	-	-	-	-	-	-	-	-
Proceeds from exercise of stock options
2,261	448	573	305	797	1,012	465	8	852	1,276	-82	-209	926	403	446	587	1,752	479	629	1,367	1,326	344	714	2,384	2,874	647	1,843	530	259	3,630	1,021	-461	461	-	-	-	-
Taxes paid in net settlement of tax obligation upon exercise of stock options
403	235	289	0	1,453	720	370	23	1,247	1,320	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax benefits from exercise of stock options and warrants
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	995	-	526	212	143	14	243	0	5	381	0	0	0	-	-	-	-
Repayment of other borrowings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	10,738	10,000
Dividends paid on common stock
9,384	8,015	-6	8,025	8,019	8,500	5,848	3,196	2,650	4,754	2,645	536	2,105	3,664	2,099	855	1,240	2,794	1,550	1,539	0	1,240	1,237	3	1,129	3,670	0	0	12	3,134	0	0	0	-	-	-	-
Dividends paid on preferred stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	24	33	123	100	115	100	116	100	116	100	100	100	100	100	100	100	-	-	-	-
Net cash provided by financing activities
367,570	-101,041	230,436	399,448	243,936	444,748	397,351	41,213	-92,830	346,704	353,918	-25,613	-57,636	347,352	335,540	250,202	261,796	300,760	264,545	81,174	81,505	129,565	192,187	166,484	34,819	110,511	242,257	273,418	-51,021	133,029	179,573	33,864	59,970	195,876	223,906	150,806	-76,216
Net increase in cash and cash equivalents
53,931	-416,127	160,577	86,621	117,634	316,074	200,150	-150,434	-161,481	128,595	93,673	-210,246	-318,433	-8,260	203,531	63,089	173,402	109,543	106,235	-163,222	2,215	-46,569	64,106	57,435	-35,923	-6,998	72,805	145,305	-133,442	-74,600	99,543	-72,671	-14,460	58,255	-12,777	79,501	-114,024
Cash paid for:
Interest
18,662	21,952	27,579	28,248	23,826	19,487	15,855	14,475	8,721	10,034	8,405	8,672	7,652	6,316	6,023	6,926	4,508	5,868	4,063	4,263	3,081	3,967	3,280	3,621	2,080	3,856	3,424	3,460	3,052	3,549	3,763	3,830	3,762	27,998	-19,897	3,913	4,019
Income taxes
400	7,768	9,508	23,423	1,533	10,312	10,590	6,743	2,902	11,935	8,288	21,711	652	7,602	5,120	16,872	674	7,098	5,160	14,325	530	5,735	14,550	5,368	1,625	5,390	5,598	5,550	4,340	5,511	3,512	7,591	1,100	25,973	-18,272	4,536	3,600
Income tax refund
0	-	-	-	2	-	-	-	-	0	310	1	181	0	929	-867	867	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NONCASH TRANSACTIONS
Other real estate acquired in settlement of loans
287	3,434	425	371	381	1,874	455	576	175	4,099	0	33	553	2,079	-3	960	1,076	242	-91	739	1,202	1,352	1,065	0	0	1,172	7,794	2,198	171	1,259	1,132	0	304	2,766	4,151	212	1,900
Conversion of mandatorily convertible subordinated debentures
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	30,000	0	0	-15,000	-	-	-	-	-	-	-	-
Transfers of loans from held for sale to held for investment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	834	-834	0	417
Internally financed sale of other real estate owned
-	-	-	-	-	-	-	-	-	1,264	0	136	49	431	1,004	135	1,022	1,799	0	-452	452	-	-	-	-	-	-	-	-	0	0	0	24	-	-	-	-
Dividends declared
9,409	1,347	7	5	8,025	2,167	3	2	5,846	0	4	4	2,641	-1	7	4	2,095	4	4	11	1,539	0	3	108	1,129	-	-	-	-	-	-	-	-	-	-	-	-
Fair value of assets and liabilities from acquisition:
Fair value of tangible assets acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,058	106	0	201,821	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Intangible assets acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,330	-106	0	18,143	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other intangible assets acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Fair value of liabilities assumed
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	728	0	0	179,682	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Net identifiable assets acquired over liabilities assumed
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	40,282	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-