EXHIBIT 99.1

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ServisFirst Bancshares, Inc. Announces Results for First Quarter of 2022

BIRMINGHAM, Ala., April 18, 2022 (GLOBE NEWSWIRE) -- ServisFirst Bancshares, Inc. (NYSE:SFBS), today announced earnings and operating results for the quarter ended March 31, 2022.

First Quarter 2022 Highlights:

Tom Broughton, Chairman, President and CEO, said, “We continue to see strong economic activity in our southeastern footprint and saw the first improvement in commercial and industrial line utilization in the quarter since the beginning of the pandemic.”

Bud Foshee, CFO, said, “Liquidity continues to exceed $3.3 billion despite strong loan growth and continued securities purchases.”

FINANCIAL SUMMARY (UNAUDITED)          
(in Thousands except share and per share amounts)          
                   
  Period Ending
March 31, 2022
 Period Ending
December 31, 2021
 % Change From Period Ending December 31, 2021 to Period Ending March 31, 2022 Period Ending
March 31, 2021
 % Change From Period Ending March 31, 2021 to Period Ending March 31, 2022
QUARTERLY OPERATING RESULTS                  
Net Income $57,613  $53,753  7 % $51,455  12%
Net Income Available to Common Stockholders $57,613  $53,722  7 % $51,455  12%
Diluted Earnings Per Share $1.06  $0.99  7 % $0.95  12%
Return on Average Assets  1.53%  1.40%     1.72%   
Return on Average Common Stockholders' Equity  20.09%  18.75%     19.83%   
Average Diluted Shares Outstanding  54,522,042   54,493,959      54,381,991    
                   
BALANCE SHEET                  
Total Assets $15,339,419  $15,448,806  (1)% $12,647,374  21%
Loans  9,898,957   9,532,934  4 %  8,504,980  16%
Non-interest-bearing Demand Deposits  4,889,495   4,799,767  2 %  3,044,611  61%
Total Deposits  12,408,755   12,452,836  - %  10,577,610  17%
Stockholders' Equity  1,172,975   1,152,015  2 %  1,030,485  14%
                   

DETAILED FINANCIALS

ServisFirst Bancshares, Inc. reported net income and net income available to common stockholders of $57.6 million for the quarter ended March 31, 2022, compared to net income and net income available to common stockholders of $51.5 million for the same quarter in 2021. Basic and diluted earnings per common share were $1.06 for the first quarter of 2022, compared to $0.95 for the first quarter of 2021. Excluding the impact of PPP, net income and net income available to common stockholders was $54.0 million for the quarter ended March 31, 2022, compared to net income and net income available to common stockholders of $42.9 million for the same quarter in 2021. Excluding the impact of PPP, basic and diluted earnings per common share were $0.99 for the first quarter of 2022, compared to $0.79 for the first quarter of 2021 (see GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures section).

Annualized return on average assets was 1.53% and annualized return on average common stockholders’ equity was 20.09% for the first quarter of 2022, compared to 1.72% and 19.83%, respectively, for the first quarter of 2021.

Net interest income was $105.7 million for the first quarter of 2022, compared to $101.2 million for the fourth quarter of 2021 and $92.4 million for the first quarter of 2021. The net interest margin improved to 2.89% in the first quarter of 2022 compared to 2.71% in the fourth quarter of 2021. The net interest margin was 3.20% in the first quarter of 2021. Accretion of net fees on PPP loans of $4.5 million during the first quarter of 2022 contributed 19 basis points of the loan yield, compared to $5.1 million during the fourth quarter of 2021, or 22 basis points and $9.1 million during the first quarter of 2021, or 43 basis points.

Average loans for the first quarter of 2022 were $9.65 billion, an increase of $587.6 million, or 25.7% annualized, with average loans of $9.06 billion for the fourth quarter of 2021, and an increase of $1.13 billion, or 13.3%, with average loans of $8.51 billion for the first quarter of 2021. Excluding PPP loans, average loans grew $730.7 million, or by 33.9% annualized, during the first quarter of 2022 and grew $1.92 billion, or by 25.5%, year-over-year.

Average total deposits for the first quarter of 2022 were $12.38 billion, a decrease of $7.8 million compared to average deposits for the fourth quarter of 2021, and an increase of $2.20 billion, or 21.6%, with average total deposits of $10.18 billion for the first quarter of 2021.

Non-performing assets to total assets were 0.14% for the first quarter of 2022, an increase of five basis points compared to 0.09% for the fourth quarter of 2021 and a decrease of two basis points compared to 0.16% for the first quarter of 2021. Annualized net charge-offs to average loans were 0.11%, an eight basis point increase compared to 0.03% for the fourth quarter of 2021 and an increase of nine basis points compared to 0.02% for the first quarter of 2021. The allowance for credit losses as a percentage of total loans was 1.21% at March 31, 2022, a decrease of one basis point compared to 1.22% at December 31, 2021, and an increase of nine basis points compared to 1.12% at March 31, 2021. Excluding PPP loans, the allowance for credit losses as a percentage of total loans at March 31, 2022, December 31, 2021, and March 31, 2021, was 1.22%, 1.25% and 1.26%, respectively. We recorded a $5.4 million provision for credit losses in the first quarter of 2022 compared to $8.5 million in the fourth quarter of 2021 and $7.5 million in the first quarter of 2021.

Non-interest income for the first quarter of 2022 decreased $515,000, or 6.1%, to $7.9 million from $8.5 million in the first quarter of 2021, and increased $583,000, or 7.93%, on a linked quarter basis. Service charges on deposit accounts increased $234,000, or 12.3%, to $2.1 million from the first quarter of 2021 to the first quarter of 2022. Mortgage banking revenue decreased $2.2 million to $526,000 from the first quarter of 2021 to the first quarter of 2022, and increased $55,000 or 11.7%, on a linked quarter basis. We started retaining our mortgage loans in the second quarter of 2021 to increase earning assets and use excess liquidity. As of March 31, 2022, we had retained a total of 313 1-4 family mortgages with an aggregate balance of $117.9 million. Net credit card revenue increased $1.2 million, or 99.0%, to $2.4 million during the first quarter of 2022, compared to $1.2 million during the first quarter of 2021, and increased $172,000, or 7.8%, on a linked quarter basis. The number of credit card accounts increased approximately 29% and the aggregate amount of spend on all credit card accounts increased 32% during the first quarter of 2022 compared to the first quarter of 2021. We recognized a $3.3 million loss on the sale of available for sale debt securities during the first quarter of 2022. We sold eight debt securities that were yielding less than 1.00%. Other income for the first quarter of 2022 increased $3.6 million when compared to the first quarter of 2021. The interest rate cap we bought in May of 2020 increased in value during the first quarter of 2022, contributing $3.4 million to the increase in other income. Merchant service revenue increased from $191,000 during the first quarter of 2021 to $336,000 during the first quarter of 2022.

Non-interest expense for the first quarter of 2022 increased $8.3 million, or 28.7%, to $37.2 million from $28.9 million in the first quarter of 2021, and decreased $1.3 million, or 3.3%, on a linked quarter basis. The efficiency ratio was 32.74% during the first quarter of 2022 compared to 28.68% during the first quarter of 2021 and compared to 35.47% during the fourth quarter of 2021. Salary and benefit expense for the first quarter of 2022 increased $2.8 million, or 17.7%, to $18.3 million from $15.6 million in the first quarter of 2021, and increased $998,000, or 5.8%, on a linked quarter basis. The number of FTE employees increased by 20 to 511 at March 31, 2022 compared to 491 at March 31, 2021 and increased by 9 from the end of the fourth quarter of 2021. Equipment and occupancy expense increased $279,000, or 10.5%, to $2.9 million in the first quarter of 2022, from $2.7 million in the first quarter of 2021 and increased $23,000 on a linked-quarter basis. Third party processing and other services expense increased $2.2 million, or 64.1%, to $5.6 million in the first quarter of 2022, from $3.4 million in the first quarter of 2021 and increased $749,000, on a linked-quarter basis. Professional services expense increased $69,000, or 7.5%, to $992,000 in the first quarter of 2022, from $923,000 in the first quarter of 2021 and increased $79,000 on a linked-quarter basis. FDIC and other regulatory assessments decreased $450,000 to $1.1 million in the first quarter of 2022, from $1.6 million in the first quarter of 2021, and increased $90,000, or 8.6%, on a linked quarter basis. Our assessment rate decreased when we started reporting as a large financial institution in the third quarter of 2021. Other operating expenses for the first quarter of 2022 increased $3.6 million, or 77.9%, to $8.3 million from $4.6 million in the first quarter of 2021, and decreased $3.2 million, on a linked-quarter basis. We recognized $874,000 of expenses during the first quarter of 2022 and $3.0 million of expenses during the fourth quarter of 2021 associated with the conversion to a new core operating system scheduled to take place in the fourth quarter of 2022. We wrote down investments in new market tax credit entities by $2.5 million during the first quarter of 2022 and by $6.0 million during the fourth quarter of 2021. We increased our reserve for unfunded loan commitments by $300,000 during the first quarter of 2022 compared to $600,000 during the first quarter of 2021 and decreased the reserve by $1.7 million during the fourth quarter of 2021.

Income tax expense increased $469,000, or 3.6%, to $13.5 million in the first quarter of 2022, compared to $13.0 million in the first quarter of 2021. Our effective tax rate was 18.96% for the first quarter of 2022 compared to 20.18% for the first quarter of 2021. We recognized an aggregate of $3.1 million in credits during the first quarter of 2022 related to investments in new market tax credits. We recognized a reduction in provision for income taxes resulting from excess tax benefits from the exercise and vesting of stock options and restricted stock during the first quarters of 2022 and 2021 of $571,000 and $1.6 million, respectively.

GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures

We originated over 7,400 Paycheck Protection Program (“PPP”) loans with an aggregate balance of approximately $1.5 billion during the COVID-19 pandemic. As of March 31, 2022, we had outstanding PPP loans of $107.6 million, compared to $967.7 million as of March 31, 2021. Financial measures in this press release that are presented adjusted for our PPP activities are net income available to common stockholders, basic and diluted earnings per share and total loans. These financial measures exclude the impact of PPP loans, net of tax, and are considered non-GAAP financial measures. This press release also contains certain non-GAAP financial measures, including tangible common stockholders’ equity, total tangible assets, tangible book value per share and tangible common equity to total tangible assets, each of which excludes goodwill and core deposit intangibles associated with our acquisition of Metro Bancshares, Inc. in January 2015. We believe these non-GAAP financial measures provide useful information to management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP; however, we acknowledge that these non-GAAP financial measures have a number of limitations. As such, you should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies, including those in our industry, use. The following reconciliation table provides a more detailed analysis of the non-GAAP financial measures as of and for the comparative periods presented in this press release. Dollars are in thousands, except share and per share data.

    Three Months
Ended March 31, 2022
 Three Months
Ended March 31, 2021
            
Net income available to common stockholders - GAAP $57,613   $51,455              
 Adjustments:                    
 PPP loan income  (4,869)   (11,411)             
  Tax on adjustment  1,222    2,864              
Adjusted net income available to common stockholders -                    
 non-GAAP $53,966   $42,908              
                       
Diluted earnings per share - GAAP $1.06    0.95              
 Adjustments:                    
 PPP loan income  (0.09)   (0.21)             
  Tax on adjustment  0.02    0.05              
Adjusted diluted earnings per share - non-GAAP $0.99   $0.79              
                      
    At March 31,
2022
 At December 31,
2021
 At September 30,
2021
 At June 30,
2021
 At March 31,
2021
Book value per share - GAAP $21.61   $21.24   $20.56   $19.80   $19.03  
Total common stockholders' equity - GAAP  1,172,975    1,152,015    1,114,293    1,073,284    1,030,485  
 Adjustments:                    
 Adjusted for goodwill and core deposit intangible asset  (13,615)   (13,638)   (13,705)   (13,773)   (13,841) 
Tangible common stockholders' equity - non-GAAP $1,159,360   $1,138,377   $1,100,588   $1,059,511   $1,016,644  
Tangible book value per share - non-GAAP $21.36   $20.99   $20.30   $19.55   $18.78  
                       
Stockholders' equity to total assets - GAAP  7.65 %  7.46 %  7.63 %  8.13 %  8.15 %
Total assets - GAAP $15,339,419   $15,448,806   $14,602,228   $13,207,319   $12,647,374  
 Adjustments:                    
 Adjusted for goodwill and core deposit intangible asset  (13,615)   (13,638)   (13,705)   (13,773)   (13,841) 
Total tangible assets - non-GAAP $15,325,804   $15,435,168   $14,588,523   $13,193,546   $12,633,533  
Tangible common equity to total tangible assets - non-GAAP  7.56 %  7.38 %  7.54 %  8.03 %  8.05 %
                       
Total loans - GAAP $9,898,957   $9,532,934   $8,812,811   $8,649,694   $8,504,980  
 Adjustments:                    
 Adjusted to exclude PPP loans  (107,565)   (230,184)   (387,725)   (595,017)   (967,641) 
Loans, excluding PPP loans - non-GAAP $9,791,392   $9,302,750   $8,425,086   $8,054,677   $7,537,339  

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, Sarasota and Tampa Bay, Florida, Atlanta and Columbus, 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 www.servisfirstbancshares.com.

Statements in this press release that are not historical facts, including, but not limited to, statements concerning future operations, results or performance, are hereby identified as "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. The words "believe," "expect," "anticipate," "project," “plan,” “intend,” “will,” “could,” “would,” “might” and similar expressions often signify forward-looking statements. Such statements involve inherent risks and uncertainties. ServisFirst Bancshares, Inc. cautions that such forward-looking statements, wherever they occur in this press release or in other statements attributable to ServisFirst Bancshares, Inc., are necessarily estimates reflecting the judgment of ServisFirst Bancshares, Inc.’s senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Such forward-looking statements should, therefore, be considered in light of various factors that could affect the accuracy of such forward-looking statements, including, but not limited to: the global health and economic crisis precipitated by the COVID-19 outbreak; general economic conditions, especially in the credit markets and in the Southeast; the performance of the capital markets; changes in interest rates, yield curves and interest rate spread relationships, including in light of the continuing high rate of domestic inflation; changes in accounting and tax principles, policies or guidelines; changes in legislation or regulatory requirements; changes in our loan portfolio and the deposit base; economic crisis and associated credit issues in industries most impacted by the COVID-19 outbreak; possible changes in laws and regulations and governmental monetary and fiscal policies, including, but not limited to, economic measures intended to curb rising inflation; 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, in our Quarterly Reports on Form 10-Q for fiscal year 2021, and our other SEC filings. If one or more of the factors affecting our forward-looking information and statements proves incorrect, then our actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained herein. Accordingly, you should not place undue reliance on any forward-looking statements, which speak only as of the date made. ServisFirst Bancshares, Inc. assumes no obligation to update or revise any forward-looking statements that are made from time to time.

More information about ServisFirst Bancshares, Inc. may be obtained over the Internet at www.servisfirstbancshares.com or by calling (205) 949-0302.

Contact: ServisFirst Bank
Davis Mange (205) 949-3420
dmange@servisfirstbank.com


SELECTED FINANCIAL HIGHLIGHTS (Unaudited)                
(In thousands except share and per share data)                
  1st Quarter 2022 4th Quarter 2021 3rd Quarter 2021 2nd Quarter 2021 1st Quarter 2021
CONSOLIDATED STATEMENT OF INCOME                    
Interest income $113,188  $108,954  $104,236  $102,719  $100,396 
Interest expense  7,466   7,804   7,916   8,051   8,031 
Net interest income  105,722   101,150   96,320   94,668   92,365 
Provision for credit losses  5,362   8,451   5,963   9,652   7,451 
Net interest income after provision for credit losses  100,360   92,699   90,357   85,016   84,914 
Non-interest income  7,948   7,365   8,026   9,598   8,463 
Non-interest expense  37,218   38,489   34,377   31,309   28,914 
Income before income tax  71,090   61,575   64,006   63,305   64,463 
Provision for income tax  13,477   7,822   11,507   13,278   13,008 
Net income  57,613   53,753   52,499   50,027   51,455 
Preferred stock dividends  -   31   -   31   - 
Net income available to common stockholders $57,613  $53,722  $52,499  $49,996  $51,455 
Earnings per share - basic $1.06  $0.99  $0.97  $0.92  $0.95 
Earnings per share - diluted $1.06  $0.99  $0.96  $0.92  $0.95 
Average diluted shares outstanding  54,522,042   54,493,959   54,477,740   54,460,230   54,381,991 
                     
CONSOLIDATED BALANCE SHEET DATA                    
Total assets $15,339,419  $15,448,806  $14,602,228  $13,207,319  $12,647,374 
Loans  9,898,957   9,532,934   8,812,811   8,649,694   8,504,980 
Debt securities  1,617,977   1,305,527   984,600   1,013,783   962,129 
Non-interest-bearing demand deposits  4,889,495   4,799,767   4,366,654   3,296,429   3,044,611 
Total deposits  12,408,755   12,452,836   12,078,670   10,958,236   10,577,610 
Borrowings  64,711   64,706   64,701   64,696   64,691 
Stockholders' equity $1,172,975  $1,152,015  $1,114,293  $1,073,284  $1,030,485 
                     
Shares outstanding  54,282,132   54,227,060   54,207,147   54,201,204   54,137,650 
Book value per share $21.61  $21.24  $20.56  $19.80  $19.03 
Tangible book value per share (1) $21.36  $20.99  $20.30  $19.55  $18.78 
                     
SELECTED FINANCIAL RATIOS (Annualized)                    
Net interest margin  2.89%  2.71%  2.85%  3.06%  3.20%
Return on average assets  1.53%  1.40%  1.50%  1.56%  1.72%
Return on average common stockholders' equity  20.09%  18.75%  18.93%  18.98%  19.83%
Efficiency ratio  32.74%  35.47%  32.95%  30.03%  28.68%
Non-interest expense to average earning assets  1.02%  1.03%  1.01%  1.01%  1.00%
                     
CAPITAL RATIOS (2)                    
Common equity tier 1 capital to risk-weighted assets  9.86%  9.95%  10.46%  10.60%  10.73%
Tier 1 capital to risk-weighted assets  9.87%  9.96%  10.47%  10.60%  10.73%
Total capital to risk-weighted assets  11.43%  11.58%  12.18%  12.36%  12.48%
Tier 1 capital to average assets  7.67%  7.39%  7.80%  8.10%  8.25%
Tangible common equity to total tangible assets (1)  7.56%  7.38%  7.54%  8.03%  8.05%
                     
(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.


CONSOLIDATED BALANCE SHEETS (UNAUDITED)         
(Dollars in thousands)         
    March 31,
2022
 March 31,
2021
 % Change
ASSETS         
Cash and due from banks $103,439  $70,107  48 %
Interest-bearing balances due from depository institutions  3,315,312   2,738,046  21 %
Federal funds sold  24,638   1,577  1,462 %
 Cash and cash equivalents  3,443,389   2,809,730  23 %
Available for sale debt securities, at fair value  784,673   961,879  (18)%
Held to maturity debt securities (fair value of $799,347 at March 31, 2022 and $250 at March 31, 2021)  833,304   250  N/M  
Restricted equity securities  7,734   -  N/M  
Mortgage loans held for sale  403   15,834  (97)%
Loans  9,898,957   8,504,980  16 %
Less allowance for credit losses  (119,463)  (94,906) 26 %
 Loans, net  9,779,494   8,410,074  16 %
Premises and equipment, net  59,908   56,472  6 %
Goodwill and other identifiable intangible assets  13,615   13,841  (2)%
Other assets  416,898   379,294  10 %
 Total assets $15,339,419  $12,647,374  21 %
LIABILITIES AND STOCKHOLDERS' EQUITY         
Liabilities:         
Deposits:         
 Non-interest-bearing $4,889,495  $3,044,611  61 %
 Interest-bearing  7,519,260   7,532,999  - %
  Total deposits  12,408,755   10,577,610  17 %
Federal funds purchased  1,639,238   911,558  80 %
Other borrowings  64,711   64,691  - %
Other liabilities  53,740   63,030  (15)%
 Total liabilities  14,166,444   11,616,889  22 %
Stockholders' equity:         
 Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at         
  March 31, 2022 and March 31, 2021  -   -  - %
 Common stock, par value $0.001 per share; 100,000,000 shares authorized; 54,282,132 shares         
  issued and outstanding at March 31, 2022, and 54,137,650 shares issued and outstanding         
  at March 31, 2021  54   54  - %
 Additional paid-in capital  227,127   224,302  1 %
 Retained earnings  956,169   788,875  21 %
 Accumulated other comprehensive (loss) income  (10,875)  16,754  N/M  
  Total stockholders' equity attributable to ServisFirst Bancshares, Inc.  1,172,475   1,029,985  14 %
 Noncontrolling interest  500   500  - %
  Total stockholders' equity  1,172,975   1,030,485  14 %
 Total liabilities and stockholders' equity $15,339,419  $12,647,374  21 %


CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)   
(In thousands except per share data)      
  Three Months Ended March 31,
  2022 2021
Interest income:      
 Interest and fees on loans $103,105  $93,803
 Taxable securities  8,223   5,807
 Nontaxable securities  43   107
 Federal funds sold  13   3
 Other interest and dividends  1,804   676
 Total interest income  113,188   100,396
Interest expense:      
 Deposits  5,843   6,881
 Borrowed funds  1,623   1,150
 Total interest expense  7,466   8,031
 Net interest income  105,722   92,365
Provision for credit losses  5,362   7,451
 Net interest income after provision for credit losses  100,360   84,914
Non-interest income:      
 Service charges on deposit accounts  2,142   1,908
 Mortgage banking  526   2,747
 Credit card income  2,372   1,192
 (Loss) on sale of debt securities  (3,335)  -
 Increase in cash surrender value life insurance  1,608   1,658
 Other operating income  4,635   958
 Total non-interest income  7,948   8,463
Non-interest expense:      
 Salaries and employee benefits  18,301   15,543
 Equipment and occupancy expense  2,933   2,654
 Third party processing and other services  5,605   3,416
 Professional services  992   923
 FDIC and other regulatory assessments  1,132   1,582
 Other real estate owned expense  3   157
 Other operating expense  8,252   4,639
 Total non-interest expense  37,218   28,914
 Income before income tax  71,090   64,463
Provision for income tax  13,477   13,008
 Net income  57,613   51,455
 Dividends on preferred stock  -   -
 Net income available to common stockholders $57,613  $51,455
Basic earnings per common share $1.06  $0.95
Diluted earnings per common share $1.06  $0.95


LOANS BY TYPE (UNAUDITED)            
(In thousands)            
                 
   1st Quarter 2022 4th Quarter 2021 3rd Quarter 2021 2nd Quarter 2021 1st Quarter 2021
Commercial, financial and agricultural $2,955,927 $2,984,053 $2,927,845 $3,105,243 $3,323,093
Real estate - construction  1,164,690  1,103,076  887,938  782,305  666,592
Real estate - mortgage:               
 Owner-occupied commercial  1,919,811  1,874,103  1,809,840  1,726,888  1,698,695
 1-4 family mortgage  926,697  826,765  765,102  707,546  685,840
 Other mortgage  2,869,158  2,678,084  2,357,812  2,262,231  2,068,560
Subtotal: Real estate - mortgage  5,715,666  5,378,952  4,932,754  4,696,665  4,453,095
Consumer  62,674  66,853  64,274  65,481  62,200
Total loans $9,898,957 $9,532,934 $8,812,811 $8,649,694 $8,504,980


SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED)                
(Dollars in thousands)                 
  1st Quarter 2022 4th Quarter 2021 3rd Quarter 2021 2nd Quarter 2021 1st Quarter 2021
Allowance for credit losses:                    
Beginning balance $116,660  $108,950  $104,670  $94,906   $87,942 
Loans charged off:                    
 Commercial financial and agricultural  2,574   1,285   1,541   150    477 
 Real estate - construction  -   14   -   -    - 
 Real estate - mortgage  27   -   208   59    12 
 Consumer  75   141   86   54    87 
  Total charge offs  2,676   1,440   1,835   263    576 
Recoveries:                    
 Commercial financial and agricultural  105   671   140   298    26 
 Real estate - construction  -   -   -   2    50 
 Real estate - mortgage  -   18   4   62    2 
 Consumer  12   10   8   13    11 
  Total recoveries  117   699   152   375    89 
 Net charge-offs (recoveries)  2,559   741   1,683   (112)   487 
 Provision for credit losses  5,362   8,451   5,963   9,652    7,451 
Ending balance $119,463  $116,660  $108,950  $104,670   $94,906 
                        
Allowance for credit losses to total loans  1.21%  1.22%  1.24%  1.21 %  1.12%
Allowance for credit losses to total average                    
 loans  1.24%  1.29%  1.26%  1.21 %  1.11%
Net charge-offs (recoveries) to total average loans  0.11%  0.03%  0.08%  (0.01)%  0.02%
Provision for credit losses to total average                    
 loans  0.23%  0.37%  0.27%  0.45 %  0.35%
Nonperforming assets:                    
 Nonaccrual loans $14,738  $6,762  $9,145  $12,301   $13,088 
 Loans 90+ days past due and accruing  4,686   5,335   5,326   4,888    4,804 
 Other real estate owned and                    
 repossessed assets  1,989   1,208   2,068   2,039    2,067 
Total $21,413  $13,305  $16,539  $19,228   $19,959 
                       
Nonperforming loans to total loans  0.20%  0.13%  0.16%  0.20 %  0.21%
Nonperforming assets to total assets  0.14%  0.09%  0.11%  0.15 %  0.16%
Nonperforming assets to earning assets  0.14%  0.09%  0.11%  0.15 %  0.16%
Allowance for credit losses to nonaccrual loans  810.58%  1,725.23%  1,191.36%  850.91 %  725.14%
                       
Restructured accruing loans $426  $431  $437  $441   $794 
                        
Restructured accruing loans to total loans  -%  -%  -%  0.01 %  0.01%
                        
TROUBLED DEBT RESTRUCTURINGS (TDRs) (UNAUDITED)             
(In thousands)                
     1st Quarter 2022 4th Quarter 2021 3rd Quarter 2021 2nd Quarter 2021 1st Quarter 2021
Beginning balance: $2,576  $2,893  $2,918  $3,542  $1,433 
 Additions  -   -   -   -   2,146 
 Net (paydowns) / advances  (94)  (303)  (25)  (624)  (37)
 Charge-offs  -   (14)  -   -   - 
Ending balance $2,482  $2,576  $2,893  $2,918  $3,542 


CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)          
(In thousands except per share data)          
    1st Quarter
2022
 4th Quarter
2021
 3rd Quarter
2021
 2nd Quarter
2021
 1st Quarter
2021
 
Interest income:                
 Interest and fees on loans $103,105  $100,348 $96,119 $95,451 $93,803 
 Taxable securities  8,223   6,747  6,544  6,315  5,807 
 Nontaxable securities  43   47  62  86  107 
 Federal funds sold  13   18  4  4  3 
 Other interest and dividends  1,804   1,794  1,507  863  676 
 Total interest income  113,188   108,954  104,236  102,719  100,396 
Interest expense:                
 Deposits  5,843   6,271  6,581  6,836  6,881 
 Borrowed funds  1,623   1,533  1,335  1,215  1,150 
 Total interest expense  7,466   7,804  7,916  8,051  8,031 
 Net interest income  105,722   101,150  96,320  94,668  92,365 
Provision for credit losses  5,362   8,451  5,963  9,652  7,451 
     100,360   92,699  90,357  85,016  84,914 
Non-interest income:                
 Service charges on deposit accounts  2,142   1,297  1,727  1,907  1,908 
 Mortgage banking  526   471  1,423  2,699  2,747 
 Credit card income  2,372   2,200  2,043  1,912  1,192 
 (Loss) gains on sale of debt securities  (3,335)  -  -  620  - 
 Increase in cash surrender value life insurance  1,608   1,630  1,671  1,683  1,658 
 Other operating income  4,635   1,767  1,162  777  958 
 Total non-interest income  7,948   7,365  8,026  9,598  8,463 
Non-interest expense:                
 Salaries and employee benefits  18,301   17,303  17,995  16,887  15,543 
 Equipment and occupancy expense  2,933   2,910  2,996  2,844  2,654 
 Third party processing and other services  5,605   4,856  4,144  3,946  3,416 
 Professional services  992   913  948  1,107  923 
 FDIC and other regulatory assessments  1,132   1,042  1,630  1,425  1,582 
 Other real estate owned expense  3   48  123  540  157 
 Other operating expense  8,252   11,417  6,541  4,560  4,639 
 Total non-interest expense  37,218   38,489  34,377  31,309  28,914 
 Income before income tax  71,090   61,575  64,006  63,305  64,463 
Provision for income tax  13,477   7,822  11,507  13,278  13,008 
 Net income  57,613   53,753  52,499  50,027  51,455 
 Dividends on preferred stock  -   31  -  31  - 
 Net income available to common stockholders $57,613  $53,722 $52,499 $49,996 $51,455 
Basic earnings per common share $1.06  $0.99 $0.97 $0.92 $0.95 
Diluted earnings per common share $1.06  $0.99 $0.96 $0.92 $0.95 


AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED)
ON A FULLY TAXABLE-EQUIVALENT BASIS
(Dollars in thousands)
                                   
      1st Quarter 2022 4th Quarter 2021 3rd Quarter 2021 2nd Quarter 2021 1st Quarter 2021
      Average Balance Yield /
Rate
 Average Balance Yield /
Rate
 Average Balance Yield /
Rate
 Average Balance Yield /
Rate
 Average Balance Yield /
Rate
Assets:                              
Interest-earning assets:                              
 Loans, net of unearned income (1)                              
  Taxable $9,621,484 4.34% $9,032,914 4.40% $8,653,632 4.40% $8,618,139 4.43% $8,484,914 4.47%
  Tax-exempt (2)  25,195 4.09   26,148 4.07   26,542 4.05   26,854 4.05   27,592 4.17 
   Total loans, net of                              
    unearned income  9,646,679 4.34   9,059,062 4.40   8,680,174 4.39   8,644,993 4.43   8,512,506 4.47 
 Mortgage loans held for sale  927 1.75   998 1.99   7,050 1.69   11,470 1.92   13,601 1.94 
 Debt securities:                              
  Taxable  1,518,572 2.17   1,134,378 2.38   969,715 2.70   936,863 2.70   878,118 2.65 
  Tax-exempt (2)  8,812 2.32   9,823 2.36   12,382 2.39   16,872 2.47   21,084 2.43 
   Total securities (3)  1,527,384 2.17   1,144,201 2.38   982,097 2.70   953,735 2.69   899,202 2.64 
 Federal funds sold  16,639 0.32   39,445 0.18   8,551 0.19   8,224 0.20   11,935 0.10 
 Restricted equity securities  7,371 3.74   873 3.18   - -   - -   - - 
 Interest-bearing balances with banks  3,637,882 0.20   4,561,662 0.16   3,761,652 0.16   2,790,524 0.12   2,262,233 0.12 
 Total interest-earning assets $14,836,882 3.10% $14,806,241 2.92% $13,439,524 3.08% $12,408,946 3.32% $11,699,477 3.48%
Non-interest-earning assets:                              
 Cash and due from banks  74,534     79,293     90,034     85,478     71,166   
 Net premises and equipment  61,209     61,837     62,845     61,240     57,198   
 Allowance for credit losses, accrued                              
  interest and other assets  313,560     303,300     315,178     320,729     320,407   
   Total assets $15,286,185    $15,250,671    $13,907,581    $12,876,393    $12,148,248   
                                   
Interest-bearing liabilities:                              
 Interest-bearing deposits:                              
 Interest-bearing demand deposits $1,594,645 0.20% $1,499,918 0.19% $1,431,420 0.19% $1,350,098 0.19% $1,294,614 0.19%
 Savings  135,545 0.18   123,179 0.18   122,579 0.17   104,283 0.18   93,375 0.18 
 Money market  4,985,224 0.26   5,100,192 0.26   5,328,291 0.26   5,321,338 0.26   5,057,828 0.27 
 Time deposits  792,930 0.92   807,342 1.05   806,108 1.15   801,928 1.33   808,561 1.44 
  Total interest-bearing deposits  7,508,344 0.32   7,530,631 0.33   7,688,398 0.34   7,577,647 0.36   7,254,378 0.38 
 Federal funds purchased  1,620,012 0.23   1,608,349 0.21   1,205,327 0.21   970,708 0.22   849,772 0.22 
 Other borrowings  64,708 4.32   64,704 4.23   64,694 4.23   64,694 4.28   64,689 4.33 
 Total interest-bearing liabilities $9,193,064 0.33% $9,203,684 0.34% $8,958,419 0.35% $8,613,049 0.37% $8,168,839 0.40%
Non-interest-bearing liabilities:                              
 Non-interest-bearing                              
  demand deposits  4,870,701     4,856,243     3,800,972     3,154,605     2,923,041   
 Other liabilities  59,619     54,134     48,060     52,027     39,442   
 Stockholders' equity  1,156,186     1,121,578     1,078,987     1,038,012     996,741   
 Accumulated other comprehensive                              
  income  6,615     15,032     21,143     18,700     20,185   
   Total liabilities and                              
    stockholders' equity $15,286,185    $15,250,671    $13,907,581    $12,876,393    $12,148,248   
Net interest spread    2.77%    2.58%    2.73%    2.95%    3.08%
Net interest margin    2.89%    2.71%    2.85%    3.06%    3.20%
                                   
(1)Average loans include nonaccrual loans in all periods. Loan fees of $6,823, $7,686, $7,203, $9,915 and $10,400 are included in interest income in the first quarter of 2022, the fourth quarter of 2021, the third quarter of 2021, the second quarter of 2021 and the first quarter of 2021, respectively.
(2)Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%.
(3)Unrealized gains on debt securities of $8,245, $18,974, $26,709, $24,547 and $22,027 for the first quarter of 2022, fourth quarter of 2021, third quarter of 2021, second quarter of 2021 and first quarter of 2021, respectively, are excluded from the yield calculation.