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

·20-min read
ServisFirst Bancshares, Inc.
ServisFirst Bancshares, Inc.

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:

  • Diluted earnings per share were $1.06 for the first quarter, an increase of 12% over the first quarter of 2021. Excluding income on Paycheck Protection Program (“PPP”) loans, diluted earnings per share were $0.99 for the first quarter of 2022 compared to $0.79 for the first quarter of 2021, a 25% increase

  • Entered the Piedmont region of North Carolina and hired veteran banker Rick Manley as Regional CEO

  • Total loans grew $366.0 million during the first quarter of 2022. Total loans, excluding the impact of PPP loan forgiveness, grew $488.6 million, or 21% annualized, during the quarter

  • Deposits were $12.4 billion at March 31, 2022, a 17% increase year over year

  • Excess funds were $3.34 billion at March 31, 2022

  • Tangible book value per share increased 13.7% year over year

  • Return on equity exceeded 20% for the quarter

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:

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