ServisFirst Bancshares, Inc. Announces Results For Third Quarter of 2015
BIRMINGHAM, Ala., Oct. 19, 2015 /PRNewswire/ -- ServisFirst Bancshares, Inc. (NASDAQ: SFBS), today announced earnings and operating results for the quarter and nine months ended September 30, 2015.
Third Quarter 2015 Highlights:
- Net income increased 16% year over year
- Diluted earnings per share of $0.61 for the quarter, a 13% increase year over year
- Third quarter annualized loan and deposit growth of 19% and 34%, respectively, on a linked quarter basis
- Added five new producers in the third quarter for a total of 117 at the end of the quarter, a 29% increase from the end of 2014
Tom Broughton, President and CEO, said, "We are pleased to report strong growth in loans, deposits and net income for the third quarter of 2015 with continued strong credit quality." Bud Foshee, CFO, stated, "We are pleased with the consistent growth in net interest income and consistent loan yields despite the flat interest rate environment."
|
FINANCIAL SUMMARY (UNAUDITED) |
||||||||||||||||||||
|
(in Thousands except share and per share amounts) |
||||||||||||||||||||
|
Period Ending |
Period Ending |
% Change |
Period Ending |
% Change |
||||||||||||||||
|
QUARTERLY OPERATING RESULTS |
||||||||||||||||||||
|
Net Income |
$ |
16,266 |
$ |
14,469 |
12 |
% |
$ |
14,002 |
16 |
% |
||||||||||
|
Net Income Available to Common Stockholders |
$ |
16,233 |
$ |
14,346 |
13 |
% |
$ |
13,902 |
17 |
% |
||||||||||
|
Diluted Earnings Per Share |
$ |
0.61 |
$ |
0.54 |
13 |
% |
$ |
0.54 |
13 |
% |
||||||||||
|
Return on Average Assets |
1.38 |
% |
1.31 |
% |
1.45 |
% |
||||||||||||||
|
Return on Average Common Stockholders' Equity |
15.52 |
% |
14.06 |
% |
15.89 |
% |
||||||||||||||
|
Average Diluted Shares Outstanding |
26,506,334 |
26,426,036 |
25,726,313 |
|||||||||||||||||
|
Core Net Income* |
$ |
16,266 |
$ |
14,469 |
12 |
% |
$ |
14,002 |
16 |
% |
||||||||||
|
Core Net Income Available to Common Stockholders* |
$ |
16,233 |
$ |
14,346 |
13 |
% |
$ |
13,902 |
17 |
% |
||||||||||
|
Core Diluted Earnings Per Share* |
$ |
0.61 |
$ |
0.54 |
13 |
% |
$ |
0.54 |
13 |
% |
||||||||||
|
Core Return on Average Assets* |
1.38 |
% |
1.31 |
% |
1.45 |
% |
||||||||||||||
|
Core Return on Average Common Stockholders' Equity* |
15.52 |
% |
14.06 |
% |
15.89 |
% |
||||||||||||||
|
YEAR-TO-DATE OPERATING RESULTS |
||||||||||||||||||||
|
Net Income |
$ |
43,790 |
$ |
37,345 |
17 |
% |
||||||||||||||
|
Net Income Available to Common Stockholders |
$ |
43,534 |
$ |
37,029 |
18 |
% |
||||||||||||||
|
Diluted Earnings Per Share |
$ |
1.65 |
$ |
1.51 |
9 |
% |
||||||||||||||
|
Return on Average Assets |
1.32 |
% |
1.37 |
% |
||||||||||||||||
|
Return on Average Common Stockholders' Equity |
14.40 |
% |
16.17 |
% |
||||||||||||||||
|
Average Diluted Shares Outstanding |
26,391,100 |
24,598,250 |
||||||||||||||||||
|
Core Net Income* |
$ |
45,557 |
$ |
38,957 |
17 |
% |
||||||||||||||
|
Core Net Income Available to Common Stockholders* |
$ |
45,301 |
$ |
38,641 |
17 |
% |
||||||||||||||
|
Core Diluted Earnings Per Share* |
$ |
1.72 |
$ |
1.57 |
9 |
% |
||||||||||||||
|
Core Return on Average Assets* |
1.37 |
% |
1.43 |
% |
||||||||||||||||
|
Core Return on Average Common Stockholders' Equity* |
14.99 |
% |
16.88 |
% |
||||||||||||||||
|
BALANCE SHEET |
||||||||||||||||||||
|
Total Assets |
$ |
4,772,601 |
$ |
4,492,539 |
6 |
% |
$ |
3,952,799 |
21 |
% |
||||||||||
|
Loans |
4,044,242 |
3,863,734 |
5 |
% |
3,159,772 |
28 |
% |
|||||||||||||
|
Non-interest-bearing Demand Deposits |
1,029,354 |
926,577 |
11 |
% |
794,553 |
30 |
% |
|||||||||||||
|
Total Deposits |
4,044,634 |
3,729,132 |
8 |
% |
3,352,766 |
21 |
% |
|||||||||||||
|
Stockholders' Equity |
431,194 |
454,487 |
(5) |
% |
393,136 |
10 |
% |
|||||||||||||
|
* Core measures exclude non-routine expenses during the comparative periods presented in this press release as more fully described in "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures" below. |
||||||||||||||||||||
DETAILED FINANCIALS
ServisFirst Bancshares, Inc. reported net income of $16.3 million and net income available to common stockholders of $16.2 million for the quarter ended September 30, 2015, compared to net income of $14.0 million and net income available to common stockholders of $13.9 million for the same quarter in 2014. Basic and diluted earnings per common share were $0.63 and $0.61, respectively, for the third quarter of 2015, compared to $0.56 and $0.54, respectively, for the third quarter of 2014.
Return on average assets was 1.38% and return on average common stockholders' equity was 15.52% for the third quarter of 2015, compared to 1.45% and 15.89%, respectively, for the third quarter of 2014.
Net interest income was $41.9 million for the third quarter of 2015, compared to $40.2 million for the second quarter of 2015 and $33.3 million for the third quarter of 2014. The net interest margin in the third quarter of 2015 was 3.77%, an 11 basis point decrease from the second quarter of 2015 and 12 basis point increase from the third quarter of 2014. The increase in net interest income on a linked quarter basis is attributable to a $183.9 million increase in average loans outstanding and a $80.7 million increase in non-interest-bearing deposits, both resulting in a positive mix change in our balance sheet. The Company completed a private placement of $34.75 million of its 5% Subordinated Notes due July 15, 2025 during the third quarter of 2015, which partially offset the positive mix change attributable to the increase in average loans and non-interest-bearing deposits. The average yield on loans decreased 3 basis points to 4.48% on a linked quarter basis. Two basis points of this decrease are attributable to a $176,000 decrease in the accretion on acquired loans. Excluding accretion on acquired loans, the net interest margin decreased nine basis points from the second quarter to the third quarter of 2015. Average rates paid on interest-bearing liabilities increased from 0.53% in the second quarter to 0.57% in the third quarter of 2015. Half of this increase is attributable to the rate paid on the subordinated notes issued during the third quarter.
Average loans for the third quarter of 2015 were $3.93 billion, an increase of $183.9 million, or 5%, over average loans of $3.74 billion for the second quarter of 2015, and an increase of $832.1 million, or 27%, over average loans of $3.09 billion for the third quarter of 2014.
Average total deposits for the third quarter of 2015 were $4.17 billion, an increase of $233.8 million, or 6%, over average total deposits of $3.94 billion for the second quarter of 2015, and an increase of $769.3 million, or 23%, over average total deposits of $3.40 billion for the third quarter of 2014.
Non-performing assets to total assets were 0.34% for the third quarter of 2015, a decrease of four basis points compared to 0.38% for the second quarter of 2015 and a decrease of 27 basis points compared to 0.61% for the third quarter of 2014. Net credit charge-offs to average loans were 0.05%, a 10 basis point decrease compared to 0.15% for the second quarter of 2015 and a 12 basis point decrease compared to 0.17% for the third quarter of 2014. We recorded a $3.1 million provision for loan losses in the third quarter of 2015 compared to $4.1 million in the second quarter of 2015 and $2.7 million in the third quarter of 2014. The allowance for loan loss as a percentage of total loans was 1.05% at September 30, 2015, an increase of one basis point compared to 1.04% at June 30, 2015 and a decrease of four basis points compared to 1.09% at September 30, 2014. In management's opinion, the allowance is adequate and was determined by consistent application of ServisFirst Bank's methodology for calculating its allowance for loan loss.
Non-interest income increased $816,000 during the third quarter of 2015, or 27%, compared to the third quarter of 2014. Mortgage banking revenue increased $291,000, or 50%, resulting from a 22% increase in the number of loans originated and sold, and improved pricing on loans originated. Increases in the cash surrender value of our life insurance contracts resulted from added investments in contracts during the third quarter of 2014.
Non-interest expense for the third quarter of 2015 increased $3.0 million, or 20%, to $18.3 million from $15.3 million in the third quarter of 2014, and increased $119,000, or less than 1%, on a linked quarter basis. Salary and benefit expense for the third quarter of 2015 increased $2.7 million, or 34%, to $10.6 million from $7.9 million in the third quarter of 2014, and increased $169,000, or 2%, on a linked quarter basis. The year-over-year increase is primarily the result of the Metro Bank employees coming on board in February 2015 and employee hires in our newer markets and Birmingham.
GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures
We recorded expenses of $2.1 million for the first quarter of 2015 related to the acquisition of Metro Bancshares, Inc. and the merger of Metro Bank with and into the Bank, and recorded an expense of $500,000 resulting from the initial funding of reserves for unfunded loan commitments for the first quarter of 2015, consistent with guidance provided in the Federal Reserve Bank's Inter-agency Policy Statement SR 06-17. We recorded non-routine expenses of $2.5 million during the first half of 2014 resulting from a correction of our accounting for vested stock options and acceleration of vesting for unvested stock options previously granted to members of our advisory boards in our markets. This change in accounting treatment is a non-cash item and did not impact our operating activities or cash from operations. Core financial measures included in this press release are "core net income," "core net income available to common stockholders," "core diluted earnings per share," "core return on average assets" and "core return on average common stockholders' equity." Each of these five core financial measures excludes the impact of the non-routine expenses attributable to merger expenses, the initial funding of reserves for unfunded loan commitments, the correction of our accounting for vested stock options and the acceleration of vesting of unvested stock options, and are all considered non-GAAP financial measures. Other non-GAAP financial measures included in this press release are "tangible common stockholders' equity," "total tangible assets," "tangible book value per share," and "tangible common equity to total tangible assets." All non-GAAP financial measures are more fully explained below.
"Core net income" is defined as net income, adjusted by the net effect of the non-routine expense.
"Core net income available to common stockholders" is defined as net income available to common stockholders, adjusted by the net effect of the non-routine expense.
"Core diluted earnings per share" is defined as net income available to common stockholders, adjusted by the net effect of the non-routine expense, divided by weighted average diluted shares outstanding.
"Core return on average assets" is defined as net income, adjusted by the net effect of the non-routine expense, divided by average total assets.
"Core return of average common stockholders' equity" is defined as net income, adjusted by the net effect of the non-routine expense, divided by average common stockholders' equity.
"Tangible common stockholders' equity" is defined as common stockholders' equity, adjusted by the total of goodwill and other identifiable intangible assets.
"Total tangible assets" is defined as total assets, adjusted by the total of goodwill and other identifiable intangible assets.
"Tangible book value per share" is defined as tangible common stockholders' equity divided by the number of common shares outstanding.
"Tangible common equity to total tangible assets" is defined as tangible common equity divided by total tangible assets.
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 for the nine month comparative periods ended September 30, 2015 and 2014 included in this press release. Dollars are in thousands, except share and per share data.
|
For the Nine Months |
For the Nine Months |
|||||||
|
Provision for income taxes - GAAP |
$ |
20,889 |
$ |
14,965 |
||||
|
Adjustments: |
||||||||
|
Adjustment for non-routine expense |
829 |
865 |
||||||
|
Core provision for income taxes |
$ |
21,718 |
$ |
15,830 |
||||
|
Return on average assets - GAAP |
1.32 |
% |
1.37 |
% |
||||
|
Net income - GAAP |
$ |
43,790 |
$ |
37,345 |
||||
|
Adjustments: |
||||||||
|
Adjustment for non-routine expense |
1,767 |
1,612 |
||||||
|
Core net income |
$ |
45,557 |
$ |
38,957 |
||||
|
Average assets |
$ |
4,430,226 |
$ |
3,653,763 |
||||
|
Core return on average assets |
1.37 |
% |
1.43 |
% |
||||
|
Return on average common stockholders' equity |
14.40 |
% |
16.17 |
% |
||||
|
Net income available to common stockholders - GAAP |
$ |
43,534 |
$ |
37,029 |
||||
|
Adjustments: |
||||||||
|
Adjustment for non-routine expense |
1,767 |
1,612 |
||||||
|
Core net income available to common stockholders |
$ |
45,301 |
$ |
38,641 |
||||
|
Average common stockholders' equity |
$ |
404,177 |
$ |
306,144 |
||||
|
Core return on average common stockholders' equity |
14.99 |
% |
16.88 |
% |
||||
|
Earnings per share - diluted - GAAP |
$ |
1.65 |
$ |
1.51 |
||||
|
Weighted average shares outstanding, diluted |
26,391,100 |
24,598,250 |
||||||
|
Core diluted earnings per share |
$ |
1.72 |
$ |
1.57 |
||||
|
Book value per share |
$ |
16.65 |
$ |
14.25 |
||||
|
Total common stockholders' equity - GAAP |
431,194 |
353,178 |
||||||
|
Adjustments: |
||||||||
|
Adjusted for goodwill and other identifiable intangible assets |
17,756 |
- |
||||||
|
Tangible common stockholders' equity |
$ |
413,438 |
$ |
353,178 |
||||
|
Tangible book value per share |
$ |
15.96 |
$ |
14.25 |
||||
|
Common stockholders' equity to total assets |
9.03 |
% |
8.93 |
% |
||||
|
Total assets - GAAP |
$ |
4,772,601 |
$ |
3,952,799 |
||||
|
Adjustments: |
||||||||
|
Adjusted for goodwill and other identifiable intangible assets |
17,756 |
- |
||||||
|
Total tangible assets |
4,754,845 |
3,952,799 |
||||||
|
Tangible common equity to total tangible assets |
8.70 |
% |
8.93 |
% |
||||
About ServisFirst Bancshares, Inc.
ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank, ServisFirst Bancshares, Inc. provides business and personal financial services from locations in Birmingham, Huntsville, Montgomery, Mobile and Dothan, Alabama, Pensacola, Florida, Atlanta, Georgia, Charleston, South Carolina and Nashville, Tennessee.
ServisFirst Bancshares, Inc. files periodic reports with the U.S. Securities and Exchange Commission (SEC). Copies of its filings may be obtained through the SEC's website at www.sec.gov or at http://servisfirstbancshares.investorroom.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," "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: general economic conditions, especially in the credit markets and in the Southeast; the performance of the capital markets; changes in interest rates, yield curves and interest rate spread relationships; changes in accounting and tax principles, policies or guidelines; changes in legislation or regulatory requirements; changes in our loan portfolio and the deposit base; possible changes in laws and regulations and governmental monetary and fiscal policies, including, but not limited to, economic stimulus initiatives; the cost and other effects of legal and administrative cases and similar contingencies; possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and the value of collateral; the effect of natural disasters, such as hurricanes and tornados, in our geographic markets; and increased competition from both banks and non-bank financial institutions. The foregoing list of factors is not exhaustive. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to "Cautionary Note Regarding Forward-looking Statements" and "Risk Factors" in our most recent Annual Report on Form 10-K 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 http://servisfirstbancshares.investorroom.com/ or by calling (205) 949-0302.
CONTACT: ServisFirst Bank
Davis Mange (205) 949-3420
dmange@servisfirstbank.com
|
SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED) |
||||||||||||||||||||
|
(In thousands except share and per share data) |
||||||||||||||||||||
|
3rd Quarter 2015 |
2nd Quarter 2015 |
1st Quarter 2015 |
4th Quarter 2014 |
3rd Quarter 2014 |
||||||||||||||||
|
CONSOLIDATED STATEMENT OF INCOME |
||||||||||||||||||||
|
Interest income |
$ |
46,532 |
$ |
44,209 |
$ |
40,783 |
$ |
38,163 |
$ |
36,857 |
||||||||||
|
Interest expense |
4,670 |
3,998 |
3,746 |
3,703 |
3,538 |
|||||||||||||||
|
Net interest income |
41,862 |
40,211 |
37,037 |
34,460 |
33,319 |
|||||||||||||||
|
Provision for loan losses |
3,072 |
4,062 |
2,405 |
2,759 |
2,748 |
|||||||||||||||
|
Net interest income after provision for loan losses |
38,790 |
36,149 |
34,632 |
31,701 |
30,571 |
|||||||||||||||
|
Non-interest income |
3,822 |
3,505 |
3,077 |
3,110 |
3,006 |
|||||||||||||||
|
Non-interest expense |
18,332 |
18,213 |
18,751 |
13,143 |
15,315 |
|||||||||||||||
|
Income before income tax |
24,280 |
21,441 |
18,958 |
21,668 |
18,262 |
|||||||||||||||
|
Provision for income tax |
8,014 |
6,972 |
5,903 |
6,636 |
4,260 |
|||||||||||||||
|
Net income |
16,266 |
14,469 |
13,055 |
15,032 |
14,002 |
|||||||||||||||
|
Preferred stock dividends |
33 |
123 |
100 |
115 |
100 |
|||||||||||||||
|
Net income available to common stockholders |
$ |
16,233 |
$ |
14,346 |
$ |
12,955 |
$ |
14,917 |
$ |
13,902 |
||||||||||
|
Earnings per share - basic |
$ |
0.63 |
$ |
0.56 |
$ |
0.51 |
$ |
0.60 |
$ |
0.56 |
||||||||||
|
Earnings per share - diluted |
$ |
0.61 |
$ |
0.54 |
$ |
0.49 |
$ |
0.58 |
$ |
0.54 |
||||||||||
|
Average diluted shares outstanding |
26,506,334 |
26,426,036 |
26,237,980 |
25,697,531 |
25,726,313 |
|||||||||||||||
|
CONSOLIDATED BALANCE SHEET DATA |
||||||||||||||||||||
|
Total assets |
$ |
4,772,601 |
$ |
4,492,539 |
$ |
4,393,342 |
$ |
4,098,679 |
$ |
3,952,799 |
||||||||||
|
Loans |
4,044,242 |
3,863,734 |
3,607,852 |
3,359,858 |
3,159,772 |
|||||||||||||||
|
Debt securities |
334,635 |
335,008 |
336,505 |
327,665 |
332,351 |
|||||||||||||||
|
Non-interest-bearing demand deposits |
1,029,354 |
926,577 |
866,743 |
810,460 |
794,553 |
|||||||||||||||
|
Total deposits |
4,044,634 |
3,729,132 |
3,638,763 |
3,398,160 |
3,352,766 |
|||||||||||||||
|
Borrowings |
55,728 |
21,016 |
21,278 |
19,973 |
19,965 |
|||||||||||||||
|
Stockholders' equity |
$ |
431,194 |
$ |
454,487 |
$ |
441,458 |
$ |
407,213 |
$ |
393,136 |
||||||||||
|
Shares outstanding |
25,903,698 |
25,826,198 |
25,653,610 |
24,801,518 |
24,791,436 |
|||||||||||||||
|
Book value per share |
$ |
16.65 |
$ |
16.05 |
$ |
15.65 |
$ |
14.81 |
$ |
14.25 |
||||||||||
|
Tangible book value per share (1) |
$ |
15.96 |
$ |
15.35 |
$ |
14.95 |
$ |
14.81 |
$ |
14.25 |
||||||||||
|
SELECTED FINANCIAL RATIOS |
||||||||||||||||||||
|
Net interest margin |
3.77 |
% |
3.88 |
% |
3.80 |
% |
3.56 |
% |
3.65 |
% |
||||||||||
|
Return on average assets |
1.38 |
% |
1.31 |
% |
1.26 |
% |
1.47 |
% |
1.45 |
% |
||||||||||
|
Return on average common stockholders' equity |
15.52 |
% |
14.06 |
% |
13.55 |
% |
16.39 |
% |
15.89 |
% |
||||||||||
|
Efficiency ratio |
40.13 |
% |
41.66 |
% |
46.74 |
% |
34.98 |
% |
42.16 |
% |
||||||||||
|
Non-interest expense to average earning assets |
1.63 |
% |
1.73 |
% |
1.90 |
% |
1.34 |
% |
1.66 |
% |
||||||||||
|
CAPITAL RATIOS (2) |
||||||||||||||||||||
|
Common equity tier 1 capital to risk-weighted assets (3) |
9.59 |
% |
9.60 |
% |
9.93 |
% |
N/A |
N/A |
||||||||||||
|
Tier 1 capital to risk-weighted assets |
9.60 |
% |
10.58 |
% |
10.98 |
% |
11.75 |
% |
12.02 |
% |
||||||||||
|
Total capital to risk-weighted assets |
11.89 |
% |
12.05 |
% |
12.49 |
% |
13.38 |
% |
13.70 |
% |
||||||||||
|
Tier 1 capital to average assets |
8.83 |
% |
9.88 |
% |
10.07 |
% |
9.91 |
% |
10.18 |
% |
||||||||||
|
Tangible common equity to total tangible assets (1) |
8.70 |
% |
8.86 |
% |
8.76 |
% |
8.96 |
% |
8.93 |
% |
||||||||||
|
(1) See "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures" for a discussion of these Non-GAAP financial measures. |
||||||||||||||||||||
|
(2) Regulatory capital ratios for most recent period are preliminary. |
||||||||||||||||||||
|
(3) Basel III final capital rules, including the new Common Equity Tier 1 Capital to Risk-Weighted Assets ratio, became effective for the Company on January 1, 2015. |
||||||||||||||||||||
|
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
||||||||||
|
(Dollars in thousands) |
||||||||||
|
September 30, |
September 30, |
% Change |
||||||||
|
ASSETS |
||||||||||
|
Cash and due from banks |
$ |
50,481 |
$ |
59,483 |
(15) |
% |
||||
|
Interest-bearing balances due from depository institutions |
165,982 |
277,984 |
(40) |
% |
||||||
|
Federal funds sold |
26,229 |
6,566 |
299 |
% |
||||||
|
Cash and cash equivalents |
242,692 |
344,033 |
(29) |
% |
||||||
|
Available for sale debt securities, at fair value |
306,666 |
302,303 |
1 |
% |
||||||
|
Held to maturity debt securities (fair value of $28,511 and $30,248 at |
||||||||||
|
September 30, 2015 and 2014, respectively) |
27,969 |
30,048 |
(7) |
% |
||||||
|
Restricted equity securities |
4,954 |
3,418 |
45 |
% |
||||||
|
Mortgage loans held for sale |
5,387 |
9,037 |
(40) |
% |
||||||
|
Loans |
4,044,242 |
3,159,772 |
28 |
% |
||||||
|
Less allowance for loan losses |
(42,574) |
(34,442) |
24 |
% |
||||||
|
Loans, net |
4,001,668 |
3,125,330 |
28 |
% |
||||||
|
Premises and equipment, net |
18,989 |
7,958 |
139 |
% |
||||||
|
Goodwill and other identifiable intangible assets |
17,756 |
- |
||||||||
|
Other assets |
146,520 |
130,672 |
12 |
% |
||||||
|
Total assets |
$ |
4,772,601 |
$ |
3,952,799 |
21 |
% |
||||
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||||
|
Liabilities: |
||||||||||
|
Deposits: |
||||||||||
|
Non-interest-bearing |
$ |
1,029,354 |
$ |
794,553 |
30 |
% |
||||
|
Interest-bearing |
3,015,280 |
2,558,213 |
18 |
% |
||||||
|
Total deposits |
4,044,634 |
3,352,766 |
21 |
% |
||||||
|
Federal funds purchased |
228,415 |
178,230 |
28 |
% |
||||||
|
Other borrowings |
55,728 |
19,965 |
179 |
% |
||||||
|
Other liabilities |
12,630 |
8,702 |
45 |
% |
||||||
|
Total liabilities |
4,341,407 |
3,559,663 |
22 |
% |
||||||
|
Stockholders' equity: |
||||||||||
|
Preferred stock, Series A Senior Non-Cumulative Perpetual, par value $0.001 |
||||||||||
|
(liquidation preference $1,000), net of discount; 40,000 shares authorized, |
||||||||||
|
no shares issued and outstanding at September 30, 2015, and |
||||||||||
|
40,000 shares issued and outstanding at September 30, 2014 |
- |
39,958 |
(100) |
% |
||||||
|
Preferred stock, par value $0.001 per share; 1,000,000 authorized and |
||||||||||
|
960,000 currently undesignated |
- |
- |
- |
% |
||||||
|
Common stock, par value $0.0003 per share; 50,000,000 shares authorized; |
||||||||||
|
25,903,698 shares issued and outstanding at September 30, 2015 and |
||||||||||
|
24,791,436 shares issued and outstanding at September 30, 2014 |
26 |
25 |
4 |
% |
||||||
|
Additional paid-in capital |
210,331 |
184,797 |
14 |
% |
||||||
|
Retained earnings |
215,982 |
163,414 |
32 |
% |
||||||
|
Accumulated other comprehensive income |
4,478 |
4,690 |
(5) |
% |
||||||
|
Noncontrolling interest |
377 |
252 |
50 |
% |
||||||
|
Total stockholders' equity |
431,194 |
393,136 |
10 |
% |
||||||
|
Total liabilities and stockholders' equity |
$ |
4,772,601 |
$ |
3,952,799 |
21 |
% |
||||
|
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
||||||||||||||
|
(In thousands except per share data) |
||||||||||||||
|
Three Months Ended |
Nine Months Ended |
|||||||||||||
|
2015 |
2014 |
2015 |
2014 |
|||||||||||
|
Interest income: |
||||||||||||||
|
Interest and fees on loans |
$ |
44,401 |
$ |
34,662 |
$ |
125,152 |
$ |
100,164 |
||||||
|
Taxable securities |
1,041 |
1,131 |
3,273 |
3,354 |
||||||||||
|
Nontaxable securities |
890 |
877 |
2,624 |
2,618 |
||||||||||
|
Federal funds sold |
32 |
38 |
81 |
118 |
||||||||||
|
Other interest and dividends |
168 |
149 |
394 |
308 |
||||||||||
|
Total interest income |
46,532 |
36,857 |
131,524 |
106,562 |
||||||||||
|
Interest expense: |
||||||||||||||
|
Deposits |
3,818 |
3,123 |
10,600 |
9,164 |
||||||||||
|
Borrowed funds |
852 |
415 |
1,814 |
1,252 |
||||||||||
|
Total interest expense |
4,670 |
3,538 |
12,414 |
10,416 |
||||||||||
|
Net interest income |
41,862 |
33,319 |
119,110 |
96,146 |
||||||||||
|
Provision for loan losses |
3,072 |
2,748 |
9,539 |
7,500 |
||||||||||
|
Net interest income after provision for loan losses |
38,790 |
30,571 |
109,571 |
88,646 |
||||||||||
|
Non-interest income: |
||||||||||||||
|
Service charges on deposit accounts |
1,279 |
1,172 |
3,762 |
3,097 |
||||||||||
|
Mortgage banking |
873 |
582 |
2,062 |
1,540 |
||||||||||
|
Securities gains |
- |
3 |
29 |
3 |
||||||||||
|
Increase in cash surrender value life insurance |
683 |
549 |
1,991 |
1,631 |
||||||||||
|
Other operating income |
987 |
700 |
2,560 |
1,848 |
||||||||||
|
Total non-interest income |
3,822 |
3,006 |
10,404 |
8,119 |
||||||||||
|
Non-interest expense: |
||||||||||||||
|
Salaries and employee benefits |
10,595 |
7,890 |
30,029 |
24,685 |
||||||||||
|
Equipment and occupancy expense |
1,575 |
1,437 |
4,870 |
4,212 |
||||||||||
|
Professional services |
668 |
829 |
1,901 |
1,877 |
||||||||||
|
FDIC and other regulatory assessments |
681 |
533 |
1,927 |
1,578 |
||||||||||
|
Other real estate owned expense |
400 |
220 |
903 |
1,005 |
||||||||||
|
Merger expense |
- |
- |
2,100 |
- |
||||||||||
|
Other operating expense |
4,413 |
4,406 |
13,566 |
11,098 |
||||||||||
|
Total non-interest expense |
18,332 |
15,315 |
55,296 |
44,455 |
||||||||||
|
Income before income tax |
24,280 |
18,262 |
64,679 |
52,310 |
||||||||||
|
Provision for income tax |
8,014 |
4,260 |
20,889 |
14,965 |
||||||||||
|
Net income |
16,266 |
14,002 |
43,790 |
37,345 |
||||||||||
|
Dividends on preferred stock |
33 |
100 |
256 |
316 |
||||||||||
|
Net income available to common stockholders |
$ |
16,233 |
$ |
13,902 |
$ |
43,534 |
$ |
37,029 |
||||||
|
Basic earnings per common share |
$ |
0.63 |
$ |
0.56 |
$ |
1.70 |
$ |
1.57 |
||||||
|
Diluted earnings per common share |
$ |
0.61 |
$ |
0.54 |
$ |
1.65 |
$ |
1.51 |
||||||
|
LOANS BY TYPE (UNAUDITED) |
|||||||||||||||
|
(In thousands) |
|||||||||||||||
|
3rd Quarter |
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
|||||||||||
|
Commercial, financial and agricultural |
$ |
1,671,014 |
$ |
1,630,134 |
$ |
1,543,531 |
$ |
1,495,092 |
$ |
1,382,607 |
|||||
|
Real estate - construction |
232,895 |
219,607 |
219,005 |
208,769 |
194,506 |
||||||||||
|
Real estate - mortgage: |
|||||||||||||||
|
Owner-occupied commercial |
978,721 |
930,719 |
869,724 |
793,917 |
773,432 |
||||||||||
|
1-4 family mortgage |
417,012 |
392,245 |
375,770 |
333,455 |
314,778 |
||||||||||
|
Other mortgage |
677,822 |
627,099 |
545,668 |
471,363 |
443,245 |
||||||||||
|
Subtotal: Real estate - mortgage |
2,073,555 |
1,950,063 |
1,791,162 |
1,598,735 |
1,531,455 |
||||||||||
|
Consumer |
66,778 |
63,930 |
54,154 |
57,262 |
51,204 |
||||||||||
|
Total loans |
$ |
4,044,242 |
$ |
3,863,734 |
$ |
3,607,852 |
$ |
3,359,858 |
$ |
3,159,772 |
|||||
|
SUMMARY OF LOAN LOSS EXPERIENCE (UNAUDITED) |
|||||||||||||||||||||||
|
(Dollars in thousands) |
|||||||||||||||||||||||
|
3rd Quarter |
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
|||||||||||||||||||
|
Allowance for loan losses: |
|||||||||||||||||||||||
|
Beginning balance |
$ |
40,020 |
$ |
37,356 |
$ |
35,629 |
$ |
34,442 |
$ |
32,984 |
|||||||||||||
|
Loans charged off: |
|||||||||||||||||||||||
|
Commercial financial and agricultural |
388 |
1,151 |
77 |
416 |
531 |
||||||||||||||||||
|
Real estate - construction |
31 |
93 |
382 |
309 |
610 |
||||||||||||||||||
|
Real estate - mortgage |
- |
208 |
433 |
922 |
149 |
||||||||||||||||||
|
Consumer |
126 |
19 |
5 |
21 |
131 |
||||||||||||||||||
|
Total charge offs |
545 |
1,471 |
897 |
1,668 |
1,421 |
||||||||||||||||||
|
Recoveries: |
|||||||||||||||||||||||
|
Commercial financial and agricultural |
13 |
6 |
19 |
2 |
- |
||||||||||||||||||
|
Real estate - construction |
13 |
65 |
99 |
37 |
97 |
||||||||||||||||||
|
Real estate - mortgage |
1 |
2 |
101 |
46 |
14 |
||||||||||||||||||
|
Consumer |
- |
- |
- |
11 |
20 |
||||||||||||||||||
|
Total recoveries |
27 |
73 |
219 |
96 |
131 |
||||||||||||||||||
|
Net charge-offs |
518 |
1,398 |
678 |
1,572 |
1,290 |
||||||||||||||||||
|
Provision for loan losses |
3,072 |
4,062 |
2,405 |
2,759 |
2,748 |
||||||||||||||||||
|
Ending balance |
$ |
42,574 |
$ |
40,020 |
$ |
37,356 |
$ |
35,629 |
$ |
34,442 |
|||||||||||||
|
Allowance for loan losses to total loans |
1.05 |
% |
1.04 |
% |
1.04 |
% |
1.06 |
% |
1.09 |
% |
|||||||||||||
|
Allowance for loan losses to total average |
|||||||||||||||||||||||
|
loans |
1.08 |
% |
1.07 |
% |
1.07 |
% |
1.10 |
% |
1.11 |
% |
|||||||||||||
|
Net charge-offs to total average loans |
0.05 |
% |
0.15 |
% |
0.08 |
% |
0.19 |
% |
0.17 |
% |
|||||||||||||
|
Provision for loan losses to total average |
|||||||||||||||||||||||
|
loans |
0.31 |
% |
0.44 |
% |
0.28 |
% |
0.34 |
% |
0.35 |
% |
|||||||||||||
|
Nonperforming assets: |
|||||||||||||||||||||||
|
Nonaccrual loans |
$ |
9,850 |
$ |
8,194 |
$ |
8,361 |
$ |
9,125 |
$ |
16,078 |
|||||||||||||
|
Loans 90+ days past due and accruing |
524 |
470 |
553 |
925 |
1,190 |
||||||||||||||||||
|
Other real estate owned and |
|||||||||||||||||||||||
|
repossessed assets |
6,068 |
8,235 |
8,638 |
6,840 |
6,940 |
||||||||||||||||||
|
Total |
$ |
16,442 |
$ |
16,899 |
$ |
17,552 |
$ |
16,890 |
$ |
24,208 |
|||||||||||||
|
Nonperforming loans to total loans |
0.26 |
% |
0.22 |
% |
0.25 |
% |
0.30 |
% |
0.55 |
% |
|||||||||||||
|
Nonperforming assets to total assets |
0.34 |
% |
0.38 |
% |
0.40 |
% |
0.41 |
% |
0.61 |
% |
|||||||||||||
|
Nonperforming assets to earning assets |
0.35 |
% |
0.38 |
% |
0.41 |
% |
0.42 |
% |
0.62 |
% |
|||||||||||||
|
Reserve for loan losses to nonaccrual loans |
432.22 |
% |
488.41 |
% |
446.79 |
% |
390.45 |
% |
214.22 |
% |
|||||||||||||
|
Restructured accruing loans |
$ |
8,266 |
$ |
8,279 |
$ |
8,280 |
$ |
8,295 |
$ |
2,067 |
|||||||||||||
|
Restructured accruing loans to total loans |
0.20 |
% |
0.21 |
% |
0.23 |
% |
0.25 |
% |
0.07 |
% |
|||||||||||||
|
TROUBLED DEBT RESTRUCTURINGS (TDRs) (UNAUDITED) |
|||||||||||||||||||||||
|
(In thousands) |
|||||||||||||||||||||||
|
3rd Quarter |
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
|||||||||||||||||||
|
Beginning balance: |
$ |
8,279 |
$ |
8,280 |
$ |
8,992 |
$ |
7,932 |
$ |
9,217 |
|||||||||||||
|
Additions |
- |
- |
- |
6,250 |
- |
||||||||||||||||||
|
Net (paydowns) / advances |
(13) |
(1) |
(381) |
(4,492) |
(802) |
||||||||||||||||||
|
Charge-offs |
- |
- |
(331) |
(698) |
(483) |
||||||||||||||||||
|
$ |
8,266 |
$ |
8,279 |
$ |
8,280 |
$ |
8,992 |
$ |
7,932 |
||||||||||||||
|
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
|||||||||||||||||
|
(In thousands except per share data) |
|||||||||||||||||
|
3rd Quarter |
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
|||||||||||||
|
Interest income: |
|||||||||||||||||
|
Interest and fees on loans |
$ |
44,401 |
$ |
42,105 |
$ |
38,646 |
$ |
35,902 |
$ |
34,662 |
|||||||
|
Taxable securities |
1,041 |
1,104 |
1,128 |
1,143 |
1,131 |
||||||||||||
|
Nontaxable securities |
890 |
874 |
860 |
871 |
877 |
||||||||||||
|
Federal funds sold |
32 |
24 |
77 |
41 |
38 |
||||||||||||
|
Other interest and dividends |
168 |
102 |
72 |
206 |
149 |
||||||||||||
|
Total interest income |
46,532 |
44,209 |
40,783 |
38,163 |
36,857 |
||||||||||||
|
Interest expense: |
|||||||||||||||||
|
Deposits |
3,818 |
3,512 |
3,270 |
3,256 |
3,123 |
||||||||||||
|
Borrowed funds |
852 |
486 |
476 |
447 |
415 |
||||||||||||
|
Total interest expense |
4,670 |
3,998 |
3,746 |
3,703 |
3,538 |
||||||||||||
|
Net interest income |
41,862 |
40,211 |
37,037 |
34,460 |
33,319 |
||||||||||||
|
Provision for loan losses |
3,072 |
4,062 |
2,405 |
2,759 |
2,748 |
||||||||||||
|
Net interest income after provision for loan losses |
38,790 |
36,149 |
34,632 |
31,701 |
30,571 |
||||||||||||
|
Non-interest income: |
|||||||||||||||||
|
Service charges on deposit accounts |
1,279 |
1,276 |
1,207 |
1,168 |
1,172 |
||||||||||||
|
Mortgage banking |
873 |
735 |
454 |
507 |
582 |
||||||||||||
|
Securities gains |
- |
- |
29 |
- |
3 |
||||||||||||
|
Increase in cash surrender value life insurance |
683 |
660 |
648 |
649 |
549 |
||||||||||||
|
Other operating income |
987 |
834 |
739 |
786 |
700 |
||||||||||||
|
Total non-interest income |
3,822 |
3,505 |
3,077 |
3,110 |
3,006 |
||||||||||||
|
Non-interest expense: |
|||||||||||||||||
|
Salaries and employee benefits |
10,595 |
10,426 |
9,008 |
6,332 |
7,890 |
||||||||||||
|
Equipment and occupancy expense |
1,575 |
1,634 |
1,661 |
1,335 |
1,437 |
||||||||||||
|
Professional services |
668 |
665 |
568 |
558 |
829 |
||||||||||||
|
FDIC and other regulatory assessments |
681 |
626 |
620 |
516 |
533 |
||||||||||||
|
Other real estate owned expense |
400 |
289 |
214 |
528 |
220 |
||||||||||||
|
Merger expense |
- |
- |
2,096 |
- |
- |
||||||||||||
|
Other operating expense |
4,413 |
4,573 |
4,584 |
3,874 |
4,406 |
||||||||||||
|
Total non-interest expense |
18,332 |
18,213 |
18,751 |
13,142 |
15,315 |
||||||||||||
|
Income before income tax |
24,280 |
21,441 |
18,958 |
21,668 |
18,262 |
||||||||||||
|
Provision for income tax |
8,014 |
6,972 |
5,903 |
6,636 |
4,260 |
||||||||||||
|
Net income |
16,266 |
14,469 |
13,055 |
15,032 |
14,002 |
||||||||||||
|
Dividends on preferred stock |
33 |
123 |
100 |
115 |
100 |
||||||||||||
|
Net income available to common stockholders |
$ |
16,233 |
$ |
14,346 |
$ |
12,955 |
$ |
14,917 |
$ |
13,902 |
|||||||
|
Basic earnings per common share |
$ |
0.63 |
$ |
0.56 |
$ |
0.51 |
$ |
0.60 |
$ |
0.56 |
|||||||
|
Diluted earnings per common share |
$ |
0.61 |
$ |
0.54 |
$ |
0.49 |
$ |
0.58 |
$ |
0.54 |
|||||||
|
AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) |
||||||||||||||||||||||||||||||||||
|
ON A FULLY TAXABLE-EQUIVALENT BASIS |
||||||||||||||||||||||||||||||||||
|
(Dollars in thousands) |
||||||||||||||||||||||||||||||||||
|
3rd Quarter 2015 |
2nd Quarter 2015 |
1st Quarter 2015 |
4th Quarter 2014 |
3rd Quarter 2014 |
||||||||||||||||||||||||||||||
|
Average |
Yield / |
Average |
Yield / |
Average |
Yield / |
Average |
Yield / |
Average |
Yield / |
|||||||||||||||||||||||||
|
Assets: |
||||||||||||||||||||||||||||||||||
|
Interest-earning assets: |
||||||||||||||||||||||||||||||||||
|
Loans, net of unearned income (1) |
||||||||||||||||||||||||||||||||||
|
Taxable |
$ |
3,915,778 |
4.48 |
% |
$ |
3,731,699 |
4.51 |
% |
$ |
3,492,363 |
4.47 |
% |
$ |
3,215,400 |
4.41 |
% |
$ |
3,081,435 |
4.44 |
% |
||||||||||||||
|
Tax-exempt (2) |
9,802 |
4.94 |
10,005 |
5.01 |
10,180 |
5.10 |
10,367 |
4.94 |
12,043 |
4.25 |
||||||||||||||||||||||||
|
Mortgage loans held for sale |
7,714 |
4.32 |
12,718 |
2.21 |
6,884 |
2.12 |
3,410 |
6.05 |
6,861 |
3.64 |
||||||||||||||||||||||||
|
Debt securities: |
||||||||||||||||||||||||||||||||||
|
Taxable |
189,941 |
2.19 |
193,848 |
2.28 |
198,104 |
2.28 |
195,533 |
2.32 |
195,220 |
2.31 |
||||||||||||||||||||||||
|
Tax-exempt (2) |
139,543 |
3.95 |
136,104 |
3.93 |
129,525 |
4.02 |
127,909 |
4.19 |
126,512 |
4.08 |
||||||||||||||||||||||||
|
Total securities (3) |
329,484 |
2.94 |
329,952 |
2.96 |
327,629 |
2.97 |
323,442 |
3.06 |
321,732 |
3.01 |
||||||||||||||||||||||||
|
Federal funds sold |
24,860 |
0.51 |
26,638 |
0.36 |
39,438 |
0.27 |
68,640 |
0.24 |
57,625 |
0.27 |
||||||||||||||||||||||||
|
Restricted equity securities |
4,954 |
4.16 |
4,953 |
3.16 |
4,354 |
3.63 |
3,418 |
3.95 |
3,418 |
3.83 |
||||||||||||||||||||||||
|
Interest-bearing balances with banks |
168,548 |
0.27 |
97,482 |
0.26 |
119,195 |
0.28 |
273,496 |
0.26 |
185,716 |
0.25 |
||||||||||||||||||||||||
|
Total interest-earning assets |
4,461,140 |
4.18 |
% |
4,213,447 |
4.26 |
% |
4,000,043 |
4.18 |
% |
3,898,173 |
3.94 |
% |
3,668,830 |
4.03 |
% |
|||||||||||||||||||
|
Non-interest-earning assets: |
||||||||||||||||||||||||||||||||||
|
Cash and due from banks |
63,259 |
58,347 |
61,911 |
58,973 |
58,340 |
|||||||||||||||||||||||||||||
|
Net premises and equipment |
18,961 |
16,323 |
13,847 |
8,315 |
8,310 |
|||||||||||||||||||||||||||||
|
Allowance for loan losses, |
||||||||||||||||||||||||||||||||||
|
accrued interest and |
||||||||||||||||||||||||||||||||||
|
other assets |
127,778 |
129,233 |
117,612 |
101,831 |
86,901 |
|||||||||||||||||||||||||||||
|
Total assets |
$ |
4,671,136 |
$ |
4,417,350 |
$ |
4,193,413 |
$ |
4,067,292 |
$ |
3,822,381 |
||||||||||||||||||||||||
|
Interest-bearing liabilities: |
||||||||||||||||||||||||||||||||||
|
Interest-bearing deposits: |
||||||||||||||||||||||||||||||||||
|
Checking |
$ |
593,550 |
0.28 |
% |
$ |
579,650 |
0.27 |
% |
$ |
553,569 |
0.26 |
% |
$ |
511,451 |
0.26 |
% |
$ |
484,291 |
0.26 |
% |
||||||||||||||
|
Savings |
37,281 |
0.30 |
37,697 |
0.28 |
36,128 |
0.28 |
28,806 |
0.29 |
26,584 |
0.28 |
||||||||||||||||||||||||
|
Money market |
1,817,997 |
0.47 |
1,653,708 |
0.45 |
1,618,715 |
0.44 |
1,645,533 |
0.45 |
1,555,091 |
0.44 |
||||||||||||||||||||||||
|
Time deposits |
485,137 |
0.99 |
480,140 |
1.05 |
446,084 |
1.05 |
395,598 |
1.03 |
394,158 |
1.05 |
||||||||||||||||||||||||
|
Federal funds purchased |
246,168 |
0.31 |
275,888 |
0.29 |
270,549 |
0.28 |
231,135 |
0.28 |
187,629 |
0.28 |
||||||||||||||||||||||||
|
Other borrowings |
50,509 |
5.18 |
21,238 |
5.40 |
20,455 |
5.65 |
19,969 |
5.62 |
19,961 |
5.62 |
||||||||||||||||||||||||
|
Total interest-bearing liabilities |
3,230,642 |
0.57 |
% |
3,048,321 |
0.53 |
% |
2,925,500 |
0.52 |
% |
2,832,492 |
0.52 |
% |
2,667,714 |
0.53 |
% |
|||||||||||||||||||
|
Non-interest-bearing liabilities: |
||||||||||||||||||||||||||||||||||
|
Non-interest-bearing |
||||||||||||||||||||||||||||||||||
|
demand |
988,756 |
908,020 |
813,340 |
823,738 |
751,831 |
|||||||||||||||||||||||||||||
|
Other liabilities |
23,738 |
11,793 |
6,745 |
9,969 |
15,838 |
|||||||||||||||||||||||||||||
|
Stockholders' equity |
424,113 |
444,302 |
422,847 |
395,981 |
382,025 |
|||||||||||||||||||||||||||||
|
Unrealized gains on securities and |
||||||||||||||||||||||||||||||||||
|
derivatives |
3,911 |
4,914 |
4,981 |
5,112 |
4,973 |
|||||||||||||||||||||||||||||
|
Total liabilities and |
||||||||||||||||||||||||||||||||||
|
stockholders' equity |
$ |
4,671,136 |
$ |
4,417,350 |
$ |
4,193,413 |
$ |
4,067,292 |
$ |
3,822,381 |
||||||||||||||||||||||||
|
Net interest spread |
3.61 |
% |
3.73 |
% |
3.66 |
% |
3.42 |
% |
3.50 |
% |
||||||||||||||||||||||||
|
Net interest margin |
3.77 |
% |
3.88 |
% |
3.80 |
% |
3.56 |
% |
3.65 |
% |
||||||||||||||||||||||||
|
(1) |
Average loans include loans on which the accrual of interest has been discontinued. |
|||||||||||||||||||||||||||||||||
|
(2) |
Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 35%. |
|||||||||||||||||||||||||||||||||
|
(3) |
Unrealized gains on available-for-sale debt securities are excluded from the yield calculation. |
|||||||||||||||||||||||||||||||||
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/servisfirst-bancshares-inc-announces-results-for-third-quarter-of-2015-300162242.html
SOURCE ServisFirst Bancshares, Inc.
Released October 19, 2015