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Section 1: 11-K (FORM 11-K)

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 11-K

 

 

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

(Mark one)

 

[X]ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2018

 

OR

 

[_]TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES ACT OF 1934

 

For the transition period from _________ to _________.

 

Commission file number: 001-36452

  

A.       Full title of the plan and the address of the plan, if different from that of the issuer named below:

ServisFirst Bank 401(k) Profit Sharing Plan and Trust

 

B.       Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

 

ServisFirst Bancshares, Inc.

 

2500 Woodcrest Place, Birmingham, Alabama  35209
(Address of principal executive offices)  (Zip code)

 

 

 

SERVISFIRST BANK 401(k) Profit Sharing Plan and Trust

Financial Statements and Supplemental Schedule

As of and for the years ended December 31, 2018 and 2017

(With Report of Independent Registered Public Accounting Firm)

 

Table of Contents

 

Page

 

Report of Independent Registered Public Accounting Firm  3
    
Statements of Net Assets Available for Plan Benefits –   
December 31, 2018 and 2017  4
    
Statements of Changes in Net Assets Available for Plan Benefits –   
Years ended December 31, 2018 and 2017  5
    
Notes to Financial Statements  6
    
Supplemental Schedule:  11
    
Schedule H, Line 4a – Schedule of Delinquent Participant Contributions – December 31, 2018  11
    
Supplemental Schedule:  12
    
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) - December 31, 2018  12

 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Participants and the Fiduciary Investment and Administrative Committee of ServisFirst Bank and the Audit Committee of ServisFirst Bancshares, Inc.:

 

Opinion on the Financial Statements

 

We have audited the accompanying statements of net assets available for plan benefits of the ServisFirst Bank 401(k) Profit Sharing Plan & Trust (the "Plan") as of December 31, 2018 and 2017, the related statements of changes in net assets available for plan benefits for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2018 and 2017 and the changes in net assets available for plan benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.

 

Basis for Opinion

 

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

Supplementary Information

 

The supplemental information in the accompanying schedule of assets (held at end of year) and schedule of delinquent participant contributions as of December 31, 2018, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the basic financial statements but includes supplemental information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

 

/s/ Dixon Hughes Goodman LLP

 

We have served as the Plan's auditor since 2017.

 

Atlanta, Georgia

June 21, 2019

 

 

SERVISFIRST BANK 401(k) PROFIT SHARING PLAN AND TRUST

Statements of Net Assets Available for Plan Benefits

December 31, 2018 and 2017

 

 

   2018  2017
Investments, at fair value  $26,268,046   $27,334,129 
           
Investments, at contract value   1,398,620    1,049,148 
           
Receivables:          
Company contributions   200    8,280 
Participant contributions   700    - 
           
Net assets available for plan benefits  $27,667,566   $28,391,557 

 

See accompanying notes to financial statements.

 

 

 

 

 

 

 

SERVISFIRST BANK 401(k) PROFIT SHARING PLAN AND TRUST

Statements of Changes in Net Assets Available for Plan Benefits

Years Ended December 31, 2018 and 2017

 

 

   2018  2017
Additions      
Investment (loss) income:          
Net (depreciation) appreciation in investments  $(2,782,074)  $2,884,471 
Interest and dividends   740,450    573,100 
Total investment (loss) income   (2,041,624)   3,457,571 
           
Contributions:          
Company   1,488,498    1,429,157 
Participants   2,754,637    2,487,848 
Rollovers   105,990    1,056,611 
Total contributions   4,349,125    4,973,616 
           
Total additions   2,307,501    8,431,187 
           
Deductions          
Benefits paid to participants and beneficiaries   2,894,107    998,175 
Plan expenses   137,385    136,738 
Total deductions   3,031,492    1,134,913 
           
Net (decrease) increase in net assets available for plan benefits   (723,991)   7,296,274 
           
Net assets available for plan benefits:          
Beginning of year   28,391,557    21,095,283 
End of year  $27,667,566   $28,391,557 

 

See accompanying notes to financial statements.

 

 

SERVISFIRST BANK 401(k) PROFIT SHARING PLAN AND TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2018 and 2017

 

(1)Description of Plan

 

The following description of the ServisFirst Bank 401(k) Profit Sharing Plan and Trust (the “Plan”) provides only general information. Participants should refer to the Plan document for a complete description of the Plan’s provisions.

 

General

 

The Plan is a defined contribution plan covering all employees of ServisFirst Bank (the “Company”) who have attained age 21 except union employees whose employment is governed under a collective bargaining agreement and certain nonresident aliens who have no earned income from sources within the United States. The plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).

 

Contributions

 

Participants contribute a percentage of pretax and Roth after-tax annual compensation (as defined by the Plan), not to exceed federal limits. Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans. The Company contributes a safe harbor matching contribution equal to 100 percent of participant salary deferrals that do not exceed 4% of compensation. The Company may also contribute discretionary matching or profit sharing contributions as determined by the Company’s Board of Directors. No such discretionary contribution was made in 2018 or 2017.

 

Investment Options

 

Participants direct the investment of their accounts into various investment options offered by the Plan. The Plan currently offers investments in various mutual funds, a pooled separate account, a stable value investment contract and the common stock of ServisFirst Bancshares, Inc., the Company’s parent company.

 

Participant Accounts

 

Each participant’s account is credited with the participant’s contribution, the Company’s contribution, and Plan earnings or losses from that account’s investment activities. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

 

Administration

 

The Plan is administered by the Senior Vice President of Human Resources of the Company (the “plan administrator”). The plan administrator is responsible for general administration of the Plan and interpretation and execution of the Plan’s provisions.  Two executive officers of the sponsoring company serve as Plan trustees. During 2018 and 2017, Lincoln Financial Group Trust Company, LLC served as custodian of the Plan’s assets. Qualified Plans, LLC served as a third-party administrator and Envestnet Retirement Services served as investment advisor.

 

Payment of Benefits

 

On termination of service due to separation, death, disability, or retirement, a participant may elect to receive a lump-sum amount equal to the value of the participant’s vested interest in his or her account. A participant may also elect installment payments over a fixed reasonable period of time for required minimum distributions only. A participant may obtain an in-service or hardship withdrawal from his or her tax-deferred contributions subject to certain conditions and penalties (as defined by the Plan).

 

Vesting

 

Participants are immediately vested in their voluntary and safe harbor matching contributions plus actual earnings thereon. Vesting in the Company discretionary contribution portion of their accounts plus earnings thereon is based on years of continuous service. A participant is 100 percent vested in discretionary contributions after five years of credited service.

 

 

Forfeited Accounts

 

Forfeitures of terminated, nonvested participant accounts may first be used to pay Plan expenses and then may be used to reduce current or future Company discretionary contributions or reallocated to participant accounts as an additional Company contribution. At December 31, 2018, forfeited non-vested accounts totaled $14,707.  All forfeitures were used during 2018.

 

Notes Receivable from Participants

 

In 2013, the Plan was amended to no longer permit loans to participants.

 

Plan Termination

 

Although the Company has not expressed any intent to do so, it has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants would become 100 percent vested in their Company contributions.

 

Administrative Expenses

 

Certain administrative expenses, including accounting fees, have been paid by the Company. Contract administrative fees are paid by the Plan.

 

(2)      Summary of Significant Accounting Policies

 

Basis of Presentation

 

The financial statements of the Plan are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

 

Investment Valuation and Income Recognition

 

Investments are reported at fair value, except for fully benefit-responsive investment contracts which are reported at contract value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Contract value is the relevant measure for fully benefit-responsive investment contracts because this is the amount received by participants if they were to initiate permitted transactions made under each contract, plus earnings, less participant withdrawals, and administrative expenses. Management of the Company determines the Plan’s valuation policies utilizing information provided by the investment advisers and trustees. See Note 3 and Note 4 for discussion of fair value and contract value measurements.

 

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation and depreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

 

The Plan provides for investments in various investment securities that in general are exposed to various risks, such as interest rate, credit, and overall market liquidity. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statements of net assets available for benefits.

 

Payment of Benefits

 

Benefits are recorded upon distribution.

 

Use of Estimates

 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

 

Subsequent Events

 

The Plan has evaluated subsequent events through June 21, 2019, the date the Financial Statements were available to be issued.

 

 

(3)        Fair Value Measurements

 

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs (level 3).

 

Measurement of fair value under U.S. GAAP establishes a hierarchy that prioritizes observable and unobservable inputs used to measure fair value, as of the measurement date, into three broad levels, which are described below:

 

Level 1Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

 

Level 2Inputs to the valuation methodology include:

Quoted prices for similar assets or liabilities in active markets;

Quoted prices for identical or similar assets or liabilities in inactive markets;

Inputs other than quoted prices that are observable for the asset or liability;

Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.

 

Level 3Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

 

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

 

The following tables present the Plan’s investments at fair value as of December 31, 2018 and 2017:

 

   Investments at Fair Value as of December 31, 2018
   Level 1  Level 2  Level 3  Total
Mutual funds  $24,550,207   $-   $-   $24,550,207 
Common stock of ServisFirst Bancshares, Inc.   1,635,310    -    -    1,635,310 
Total assets in the fair value hierarchy  $26,185,517   $-   $-   $26,185,517 
Investments measured at NAV:                    
Pooled separate account (1)                  82,529 
Investments at fair value                 $26,268,046 

 

             
   Investments at Fair Value as of December 31, 2017
   Level 1  Level 2  Level 3  Total
Mutual funds  $25,561,184   $-   $-   $25,561,184 
Common stock of ServisFirst Bancshares, Inc.   1,704,639    -    -    1,704,639 
Total assets in the fair value hierarchy  $27,265,823   $-   $-   $27,265,823 
Investments measured at NAV:                    
Pooled separate account (1)                  68,306 
Investments at fair value                 $27,334,129 

 

(1) In accordance with Topic 820, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy.  The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of assets available for plan benefits.

 

The following table summarizes investments for which fair value is measured using the NAV per share practical expedient as of December 31, 2018 and 2017.

 

   Fair Value at December 31, 2018  Fair Value at December 31, 2017  Unfunded commitments  Other Redemption Frequency  Redemption Notice Period
Pooled separate account   82,529    68,306   None  None  None

 

 

The Plan recognizes transfers between the levels as of the actual date of the event or change in circumstances that caused the transfer. There were no gross transfers between the levels for the year ended December 31, 2018.

 

The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2018 and 2017.

 

Mutual funds

 

Mutual funds are valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (NAV) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

 

Common stocks

 

Common stocks in the Plan are publicly traded investments, and are valued daily at the closing price reported on the active market on which the individual securities are traded.

 

Pooled separate account

 

The Plan invests in a pooled separate account for which quoted prices are not available in active markets for identical instruments. The Plan utilizes the NAV of units, as determined by the custodian, as the estimated fair value. Because quoted prices in active markets for identical assets are not available, these prices are determined using observable market information such as quotes from less active markets and/or quoted prices of securities with similar characteristics.

 

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values.

 

(4)       Fully Benefit-Responsive Investment Contract

 

The Lincoln Stable Value Fixed Account (Fixed Account) is a fully benefit-responsive investment contract issued by the Lincoln National Life Insurance Company, the custodian, with the backing of their general account. As it is not a portfolio of contracts whose yields are based on changes in fair value of underlying assets, this type of investment is considered fairly valued at contract value. The methodology for calculating the interest crediting rate is defined in the contract. Under the terms of the existing contract, the composite crediting rate is currently reset on a quarterly basis and will never be less than the guaranteed minimum interest rate, as defined in the contract. The Plan’s ability to receive amounts due in accordance with fully benefit-responsive investment contracts is dependent on the third-party issuer’s ability to meet its financial obligations. The issuer’s ability to meet its contractual obligations may be affected by future economic and regulatory developments. By definition, the Fixed Account is an investment contract. As a result, the Plan may transact according to the terms defined in the contract at any time. Certain events might limit the availability of the Plan to transact at contract value with the contract issuer. Examples of such events include the Plan’s failure to qualify under Section 401(a) of the Internal Revenue Code or the failure of the trust to be tax-exempt under Section 501(a) of the Internal Revenue Code (IRC); premature termination of the contract; Plan termination or merger; changes to the Plan’s prohibition on competing investment options; or bankruptcy of the Plan sponsor or other Plan sponsor events (for example divestitures or spinoffs of a subsidiary) that significantly affect the Plan’s normal operations. No events are probable of occurring that might limit the ability of the Plan to transact at contract value with the participants. In addition, certain events allow the issuer to terminate the contracts with the Plan and settle at an amount different from contract value. Examples of such events include an uncured violation of the Plan’s investment guidelines; a breach of material obligation under the contract; a material misrepresentation; or a material amendment to the agreements without the consent of the issuer.

 

(5)       Tax Status

 

The Company adopted a prototype non-standardized profit sharing plan with a cash or deferral arrangement, which received a favorable opinion letter from the Internal Revenue Service on March 31, 2014, which stated that the Plan is designed in accordance with applicable sections of the Internal Revenue Code (“IRC”). Although the Plan has been amended since receiving the opinion letter, the Plan administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC and has no income subject to unrelated business income tax. The Plan’s income tax returns for the past three years are subject to examination by tax authorities and may change upon examination.

 

 

Accounting principles generally accepted in the United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service.  The Plan Administrator has confirmed that there are no uncertain positions taken that would require recognition of a liability (or asset) or disclosure in the financial statements.

 

(6)        Risks and Uncertainties

 

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Because of the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities could occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for plan benefits.

 

(7)        Party-In-Interest Transactions

 

Lincoln Financial, the custodian as defined by the Plan, manages investments in its sponsored funds and, therefore, these transactions qualify as exempt party-in-interest transactions. The Plan also invests in shares of the Company’s parent company. The Company is the Plan sponsor; therefore, these transactions qualify as exempt party-in-interest transactions.

 

 

 

 

 

 

 

 

10 

 

SERVISFIRST BANK 401(k) PROFIT SHARING PLAN AND TRUST

Schedule H, Line 4a – Schedule of Delinquent Participant Contributions

December 31, 2018

 

 

 

      Totals That Constitute Nonexempt Prohibited Transactions  Totals That Constitute Nonexempt Prohibited Transactions   
Pay Period Ending  Participant Contributions Transferred Late to the Plan  Contributions Not Corrected  Contributions Corrected Outside Voluntary Fiduciary Correction Program ("VFCP")  Contributions Pending Correction in VFCP  Total Fully Corrected Under VFCP and Prohibited Transaction Exemption 2002-51
February 28, 2018  $97,867   $-   $97,867   $-   $- 

 

 

 

 

 

 

 

 

 

 

11 

 

SERVISFIRST BANK 401(k) PROFIT SHARING PLAN AND TRUST

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

December 31, 2018

 

(a)   (b) Identity of Issue, Borrower, Lessor or Similar Party   (c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value   (d) Cost     (e) Current Value  
*   ServisFirst Bancshares, Inc.   Employer common stock   **   $ 1,635,310  
    Pioneer Multi-Asset Ultrashort Income Fund   Mutual fund   **     121,900  
    Vanguard Intermediate Term Bond Index Fund   Mutual fund   **     966,403  
    PIMCO Income Fund   Mutual fund   **     447,807  
    Blackrock Inflation Protected Bond Fund   Mutual fund   **     145,506  
*   Lincoln Secured Retirement Income Account   Pooled separate account   **     82,529  
    Blackrock Global Allocation Fund   Mutual fund   **     951,316  
    Vanguard Target Retirement Income Fund   Mutual fund   **     413,915  
    Vanguard  Target Retirement 2015 Fund   Mutual fund   **     1,045,903  
    Vanguard  Target Retirement 2020 Fund   Mutual fund   **     1,116,363  
    Vanguard  Target Retirement 2025 Fund   Mutual fund   **     765,542  
    Vanguard Target Retirement 2030 Fund   Mutual fund   **     3,082,561  
    Vanguard Target Retirement 2035 Fund   Mutual fund   **     1,782,502  
    Vanguard Target Retirement 2040 Fund   Mutual fund   **     1,650,779  
    Vanguard Target Retirement 2045 Fund   Mutual fund   **     1,184,210  
    Vanguard Target Retirement 2050 Fund   Mutual fund   **     681,938  
    Vanguard Target Retirement 2055 Fund   Mutual fund   **     93,753  
    Vanguard Target Retirement 2060 Fund   Mutual fund   **     196,928  
    Vanguard Target Retirement 2065 Fund   Mutual fund   **     4,093  
    Vanguard Value Index Fund   Mutual fund   **     1,884,579  
    Vanguard 500 Index Fund   Mutual fund   **     2,961,527  
    Vanguard Growth Index Fund   Mutual fund   **     1,025,347  
    Vanguard Mid Cap Index Fund   Mutual fund   **     1,122,765  
    Vanguard Small Cap Value Index Fund   Mutual fund   **     428,251  
    Vanguard Small Cap Growth Index Fund   Mutual fund   **     806,339  
    Vanguard REIT Index Fund   Mutual fund   **     402,416  
    Vanguard Developed Markets Index Fund   Mutual fund   **     404,044  
    American Funds Europacific Growth Fund   Mutual fund   **     612,438  
    JP Morgan Emerging Markets Equity Fund   Mutual fund   **     251,082  
                $ 26,268,046  
                     
*   Lincoln Stable Value Account   Investment contract   **     1,398,620  
                $ 27,666,666  

 

*     Parties-in-interest to the Plan.

**   Cost information omitted for participant directed investments.

 

12 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

   SERVISFIRST BANCSHARES, INC.
    
Date: June 21, 2019  By    /s/ William M. Foshee
   William M. Foshee
   Chief Financial Officer

 

 

 

 

 

 

 

 

 

 


13 

 

EXHIBIT INDEX

 

23.1       Consent of Dixon Hughes Goodman LLP, Independent Registered Public Accounting Firm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14

 

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Section 2: EX-23.1 (EXHIBIT 23.1)

Exhibit 23.1

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

We consent to the incorporation by reference in Registration Statements (Nos. 333-170507, 333-196825 and 333-213869) on Form S-8 and (No. 333-225302) on Form S-3 of ServisFirst Bancshares, Inc. of our report dated June 21, 2019, with respect to the financial statements and schedule of ServisFirst Bancshares, Inc. 401(k) Profit Sharing Plan and Trust included in this Annual Report on Form 11-K for the year ended December 31, 2018.

 

 

/s/ Dixon Hughes Goodman LLP

 

Atlanta, Georgia

 

June 21, 2019

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