ServisFirst Bancshares, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

LOANS (Tables)

LOANS (Tables)

3 Months Ended

Mar. 31, 2014

The following table details the Company’s loans at March 31, 2014 and December 31, 2013:

	March 31,			December 31,
	2014			2013
	(Dollars In Thousands)
Commercial, financial and agricultural	$	1,306,058		$	1,278,649
Real estate - construction		157,127			151,868
Real estate - mortgage:
Owner-occupied commercial		711,067			710,372
1-4 family mortgage		285,368			278,621
Other mortgage		428,391			391,396
Subtotal: Real estate - mortgage		1,424,826			1,380,389
Consumer		49,786			47,962
Total Loans		2,937,797			2,858,868
Less: Allowance for loan losses		(31,728)			(30,663)
Net Loans	$	2,906,069		$	2,828,205

Commercial, financial and agricultural		44.46	%		44.73	%
Real estate - construction		5.35	%		5.31	%
Real estate - mortgage:
Owner-occupied commercial		24.20	%		24.85	%
1-4 family mortgage		9.71	%		9.74	%
Other mortgage		14.58	%		13.69	%
Subtotal: Real estate - mortgage		48.49	%		48.28	%
Consumer		1.70	%		1.68	%
Total Loans		100.00	%		100.00	%

Loans By Credit Quality Indicator

Loans by credit quality indicator as of March 31, 2014 and December 31, 2013 were as follows:

			Special
March 31, 2014	Pass		Mention		Substandard		Doubtful		Total
	(In Thousands)
Commercial, financial and agricultural	$	1,264,111	$	36,607	$	5,340	$	-	$	1,306,058
Real estate - construction		142,287		5,131		9,709		-		157,127
Real estate - mortgage:
Owner-occupied commercial		693,100		15,657		2,310		-		711,067
1-4 family mortgage		271,603		1,269		12,496		-		285,368
Other mortgage		414,818		8,077		5,496		-		428,391
Total real estate mortgage		1,379,521		25,003		20,302		-		1,424,826
Consumer		48,969		-		817		-		49,786
Total	$	2,834,888	$	66,741	$	36,168	$	-	$	2,937,797

			Special
December 31, 2013	Pass		Mention		Substandard		Doubtful		Total
	(In Thousands)
Commercial, financial and agricultural	$	1,238,109	$	34,883	$	5,657	$	-	$	1,278,649
Real estate - construction		139,239		3,392		9,237		-		151,868
Real estate - mortgage:
Owner-occupied commercial		696,687		11,545		2,140		-		710,372
1-4 family mortgage		265,019		1,253		12,349		-		278,621
Other mortgage		379,419		8,179		3,798		-		391,396
Total real estate mortgage		1,341,125		20,977		18,287		-		1,380,389
Consumer		47,243		3		716		-		47,962
Total	$	2,765,716	$	59,255	$	33,897	$	-	$	2,858,868

Loans By Performance Status

Loans by performance status as of March 31, 2014 and December 31, 2013 were as follows:

March 31, 2014	Performing		Nonperforming		Total
	(In Thousands)
Commercial, financial and agricultural	$	1,305,610	$	448	$	1,306,058
Real estate - construction		152,848		4,279		157,127
Real estate - mortgage:
Owner-occupied commercial		709,670		1,397		711,067
1-4 family mortgage		283,343		2,025		285,368
Other mortgage		428,148		243		428,391
Total real estate mortgage		1,421,161		3,665		1,424,826
Consumer		48,984		802		49,786
Total	$	2,928,603	$	9,194	$	2,937,797

December 31, 2013	Performing		Nonperforming		Total
	(In Thousands)
Commercial, financial and agricultural	$	1,276,935	$	1,714	$	1,278,649
Real estate - construction		148,118		3,750		151,868
Real estate - mortgage:
Owner-occupied commercial		708,937		1,435		710,372
1-4 family mortgage		276,725		1,896		278,621
Other mortgage		391,153		243		391,396
Total real estate mortgage		1,376,815		3,574		1,380,389
Consumer		47,264		698		47,962
Total	$	2,849,132	$	9,736	$	2,858,868

Loans By Past Due Status

Loans by past due status as of March 31, 2014 and December 31, 2013 were as follows:

March 31, 2014	Past Due Status (Accruing Loans)
							Total Past
	30-59 Days		60-89 Days		90+ Days		Due		Non-Accrual		Current		Total Loans
	(In Thousands)
Commercial, financial and agricultural	$	1,127	$	98	$	-	$	1,225	$	448	$	1,304,385	$	1,306,058
Real estate - construction		1,755		-		15		1,770		4,264		151,093		157,127
Real estate - mortgage:
Owner-occupied commercial		224		-		-		224		1,397		709,446		711,067
1-4 family mortgage		45		169		-		214		2,025		283,129		285,368
Other mortgage		522		-		-		522		243		427,626		428,391
Total real estate - mortgage		791		169		-		960		3,665		1,420,201		1,424,826
Consumer		16		53		95		164		707		48,915		49,786
Total	$	3,689	$	320	$	110	$	4,119	$	9,084	$	2,924,594	$	2,937,797

December 31, 2013	Past Due Status (Accruing Loans)
							Total Past
	30-59 Days		60-89 Days		90+ Days		Due		Non-Accrual		Current		Total Loans
	(In Thousands)
Commercial, financial and agricultural	$	73	$	-	$	-	$	73	$	1,714	$	1,276,862	$	1,278,649
Real estate - construction		-		-		-		-		3,750		148,118		151,868
Real estate - mortgage:
Owner-occupied commercial		-		-		-		-		1,435		708,937		710,372
1-4 family mortgage		177		-		19		196		1,877		276,548		278,621
Other mortgage		-		-		-		-		243		391,153		391,396
Total real estate - mortgage		177		-		19		196		3,555		1,376,638		1,380,389
Consumer		89		97		96		282		602		47,078		47,962
Total	$	339	$	97	$	115	$	551	$	9,621	$	2,848,696	$	2,858,868

Changes In Allowance For Loan Losses Segregated By Loan Type

The total allowance for loan losses is disaggregated into those amounts associated with loans individually evaluated and those associated with loans collectively evaluated.

	Commercial,
	financial and		Real estate -		Real estate -				Qualitative
	agricultural		construction		mortgage		Consumer		Factors		Total
	(In Thousands)
	Three Months Ended March 31, 2014
Allowance for loan losses:
Balance at December 31, 2013	$	11,170	$	5,809	$	7,495	$	855	$	5,334	$	30,663
Chargeoffs		(1,222)		(23)		(4)		(58)		-		(1,307)
Recoveries		45		8		4		1		-		58
Provision		987		264		642		153		268		2,314
Balance at March 31, 2014	$	10,980	$	6,058	$	8,137	$	951	$	5,602	$	31,728

	Three Months Ended March 31, 2013
Allowance for loan losses:
Balance at December 31, 2012	$	8,233	$	6,511	$	4,912	$	199	$	6,403	$	26,258
Chargeoffs		(887)		(1,990)		-		(1)		-		(2,878)
Recoveries		6		7		-		2		-		15
Provision		1,599		2,114		825		(36)		(218)		4,284
Balance at March 31, 2013	$	8,951	$	6,642	$	5,737	$	164	$	6,185	$	27,679

	As of March 31, 2014
Allowance for loan losses:
Individually Evaluated for Impairment	$	1,422	$	2,184	$	2,703	$	802	$	-	$	7,111
Collectively Evaluated for Impairment		9,558		3,874		5,434		149		5,602		24,617

Loans:
Ending Balance	$	1,306,058	$	157,127	$	1,424,826	$	49,786		-	$	2,937,797
Individually Tested for Impairment		3,450		9,709		20,246		802		-		34,207
Collectively Evaluated for Impairment		1,302,608		147,418		1,404,580		48,984		-		2,903,590

	As of December 31, 2013
Allowance for loan losses:
Individually Evaluated for Impairment	$	1,992	$	1,597	$	1,982	$	699	$	-	$	6,270
Collectively Evaluated for Impairment		9,178		4,212		5,513		156		5,334		24,393

Loans:
Ending Balance	$	1,278,649	$	151,868	$	1,380,389	$	47,962		-	$	2,858,868
Individually Evaluated for Impairment		3,827		9,238		18,202		699		-		31,966
Collectively Evaluated for Impairment		1,274,822		142,630		1,362,187		47,263		-		2,826,902

Details Of Company's Impaired Loans

The following table presents details of the Company’s impaired loans as of March 31, 2014 and December 31, 2013, respectively. Loans which have been fully charged off do not appear in the table.

	March 31, 2014
							For the three months ended March 31, 2014
									Interest
			Unpaid				Average		Income
	Recorded		Principal		Related		Recorded		Recognized
	Investment		Balance		Allowance		Investment		in Period
	(In Thousands)
With no allowance recorded:
Commercial, financial and agricultural	$	1,161	$	1,654	$	-	$	1,414	$	14
Real estate - construction		2,214		2,652		-		1,964		11
Real estate - mortgage:
Owner-occupied commercial		759		759		-		767		2
1-4 family mortgage		1,198		1,198		-		1,198		15
Other mortgage		2,306		2,306		-		2,309		35
Total real estate - mortgage		4,263		4,263		-		4,274		52
Consumer		-		-		-		-		-
Total with no allowance recorded		7,638		8,569		-		7,652		77

With an allowance recorded:
Commercial, financial and agricultural		2,289		2,429		1,422		2,312		31
Real estate - construction		7,495		7,976		2,184		7,337		45
Real estate - mortgage:
Owner-occupied commercial		1,496		1,496		449		1,520		14
1-4 family mortgage		11,297		11,297		1,546		11,297		84
Other mortgage		3,190		3,288		708		3,194		37
Total real estate - mortgage		15,983		16,081		2,703		16,011		135
Consumer		802		802		802		808		-
Total with allowance recorded		26,569		27,288		7,111		26,468		211

Total Impaired Loans:
Commercial, financial and agricultural		3,450		4,083		1,422		3,726		45
Real estate - construction		9,709		10,628		2,184		9,301		56
Real estate - mortgage:
Owner-occupied commercial		2,255		2,255		449		2,287		16
1-4 family mortgage		12,495		12,495		1,546		12,495		99
Other mortgage		5,496		5,594		708		5,503		72
Total real estate - mortgage		20,246		20,344		2,703		20,285		187
Consumer		802		802		802		808		-
Total impaired loans	$	34,207	$	35,857	$	7,111	$	34,120	$	288

	December 31, 2013
									Interest
			Unpaid				Average		Income
	Recorded		Principal		Related		Recorded		Recognized
	Investment		Balance		Allowance		Investment		In Period
			(In Thousands)

With no allowance recorded:
Commercial, financial and agricultural	$	1,210	$	1,210	$	-	$	1,196	$	63
Real estate - construction		1,967		2,405		-		1,363		32
Real estate - mortgage:
Owner-occupied commercial		577		577		-		603		32
1-4 family mortgage		1,198		1,198		-		1,200		55
Other mortgage		2,311		2,311		-		1,901		123
Total real estate - mortgage		4,086		4,086		-		3,704		210
Consumer		-		-		-		-		-
Total with no allowance recorded		7,263		7,701		-		6,263		305

With an allowance recorded:
Commercial, financial and agricultural		2,618		2,958		1,992		2,844		98
Real estate - construction		7,270		7,750		1,597		6,564		200
Real estate mortgage:
Owner-occupied commercial		1,509		1,509		620		1,573		38
1-4 family mortgage		11,120		11,120		1,210		10,743		342
Other mortgage		1,487		1,586		152		1,873		96
Total real estate - mortgage		14,116		14,215		1,982		14,189		476
Consumer		699		699		699		790		28
Total with allowance recorded		24,703		25,622		6,270		24,387		802

Total Impaired Loans:
Commercial, financial and agricultural		3,828		4,168		1,992		4,040		161
Real estate - construction		9,237		10,155		1,597		7,927		232
Real estate mortgage:
Owner-occupied commercial		2,086		2,086		620		2,176		70
1-4 family mortgage		12,318		12,318		1,210		11,943		397
Other mortgage		3,798		3,897		152		3,774		219
Total real estate - mortgage		18,202		18,301		1,982		17,893		686
Consumer		699		699		699		790		28
Total impaired loans	$	31,966	$	33,323	$	6,270	$	30,650	$	1,107

Analysis Of Troubled Debt Restructuring

The following table presents an analysis of TDRs as of March 31, 2014 and March 31, 2013.

	March 31, 2014						March 31, 2013
			Pre-		Post-				Pre-		Post-
			Modification		Modification				Modification		Modification
			Outstanding		Outstanding				Outstanding		Outstanding
	Number of		Recorded		Recorded		Number of		Recorded		Recorded
	Contracts		Investment		Investment		Contracts		Investment		Investment
		(In Thousands)
Troubled Debt Restructurings Commercial, financial and agricultural		3	$	1,049	$	1,049		2	$	1,121	$	1,121
Real estate - construction		7		2,078		2,078		15		3,213		3,213
Real estate - mortgage:
Owner-occupied commercial		-		-		-		6		5,907		5,907
1-4 family mortgage		4		10,073		10,073		5		1,709		1,709
Other mortgage		1		278		278		1		301		301
Total real estate mortgage		5		10,351		10,351		12		7,917		7,917
Consumer		-		-		-		-		-		-
		15	$	13,478	$	13,478		29	$	12,251	$	12,251

	Number of		Recorded		Number of		Recorded
	Contracts		Investment		Contracts		Investment
Troubled Debt Restructurings That Subsequently Defaulted Commercial, financial and agricultural		1	$	141		-	$	-
Real estate - construction		7		2,078		-		-
Real estate - mortgage:
Owner-occupied commercial		-		-		3		2,786
1-4 family mortgage		2		1,848		-		-
Other mortgage		-		-		-		-
Total real estate - mortgage		2		1,848		3		2,786
Consumer		-		-		-		-
		10	$	4,067		3	$	2,786