<SEC-DOCUMENT>0001171843-24-007083.txt : 20250211
<SEC-HEADER>0001171843-24-007083.hdr.sgml : 20250211
<ACCEPTANCE-DATETIME>20241227095933
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001171843-24-007083
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20241227

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ServisFirst Bancshares, Inc.
		CENTRAL INDEX KEY:			0001430723
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				260734029
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2500 WOODCREST PLACE
		CITY:			BIRMINGHAM
		STATE:			AL
		ZIP:			35209
		BUSINESS PHONE:		2059490302

	MAIL ADDRESS:	
		STREET 1:		2500 WOODCREST PLACE
		CITY:			BIRMINGHAM
		STATE:			AL
		ZIP:			35209
</SEC-HEADER>
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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SERVISFIRST BANCSHARES, INC.</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">December 27, 2024</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><U>Via EDGAR</U></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Office of Finance</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Washington, D.C. 20549-3561</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Attention: William Schroeder and Amit Pande</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
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  <TD STYLE="width: 4%"><B>&nbsp;</B></TD>
  <TD STYLE="width: 4%"><B>Re:</B></TD>
  <TD STYLE="width: 92%"><B>ServisFirst Bancshares, Inc.</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>&nbsp;</B></TD>
  <TD><B>&nbsp;</B></TD>
  <TD><B>Form 10-K for the Fiscal Year Ended December 31, 2023</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>&nbsp;</B></TD>
  <TD><B>&nbsp;</B></TD>
  <TD><B>Form 10-Q for the Quarterly Period Ended September 30, 2024</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>&nbsp;</B></TD>
  <TD><B>&nbsp;</B></TD>
  <TD><B>File No. 001-36452</B></TD></TR>
</TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 1in"><B></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 1in"><B></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Mr. Schroeder and Mr. Pande:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Set forth below is the response of ServisFirst Bancshares,
Inc. (the &ldquo;<U>Company</U>,&rdquo; &ldquo;<U>we</U>,&rdquo; &ldquo;<U>us</U>&rdquo; or &ldquo;<U>our</U>&rdquo;), to the comments
received from the staff of the Division of Corporation Finance, Office of Finance (the &ldquo;<U>Staff</U>&rdquo;) of the United States
Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) by letter dated December 16, 2024, relating to the Company&rsquo;s
Form 10-K for the Fiscal Year Ended December 31, 2023 (the &ldquo;<U>Form 10-K</U>&rdquo;) filed by the Company with the Commission on
March 1, 2024, and the Company&rsquo;s Form 10-Q for the Quarterly Period Ended September 30, 2024 (the &ldquo;<U>Form 10-Q</U>&rdquo;)
filed by the Company with the Commission on November 6, 2024.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">For your convenience, the Company&rsquo;s response
is prefaced by the exact text of the Staff&rsquo;s corresponding comment in bold, italicized text.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><U>Form 10-K for the Fiscal Year Ended December 31, 2023</U></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><U>Real Estate Loans, page 9</U></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><I>Please revise future filings to discuss the related risks with in your commercial real estate portfolio,
and how you monitor credit quality, separately for each loan classification you present in the notes to the financial statements. We note,
for instance, that risk characteristics of &ldquo;owner occupied commercial real estate mortgage&rdquo; may differ from &ldquo;other real
estate mortgage&rdquo; which consists of non-owner occupied commercial real estate.</I></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><U>RESPONSE</U>:&nbsp;&nbsp;&nbsp;The Company acknowledges the Staff&rsquo;s
comment. The Company will add further discussion in its future Annual Reports on Form 10-K regarding the risks within its commercial real
estate (&ldquo;<U>CRE</U>&rdquo;) portfolio, and how it monitors credit quality for each loan classification presented.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">United States Securities and Exchange Commission</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">December 27, 2024</P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> of 3</P></DIV>
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<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify"><B><I></I></B></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>2.</I></TD><TD STYLE="text-align: justify"><I>We note your disclosure on page 9 that repayment of your commercial real estate loans may be adversely
affected by conditions in the real estate market or the general economy. Please revise future filings to describe the specific details
of any risk management policies, procedures or other actions undertaken by management in response to the current environment.</I></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><U>RESPONSE</U>:&nbsp;&nbsp;&nbsp;The Company acknowledges the Staff&rsquo;s
comment. The Company will add further discussion in its future Annual Reports on Form 10-K regarding specific details of any risk management
policies, procedures and other actions undertaken by management in response to the current environment.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><U>Loan Portfolio, page 49</U></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>3.</I></TD><TD STYLE="text-align: justify"><I>We note from your tabular disclosure on page 50 that your commercial real estate (&ldquo;CRE&rdquo;)
portfolio comprised approximately 50% of total gross loans as of December 31, 2023. We also note that the &ldquo;Other mortgage&rdquo;
portfolio consisting of non-owner occupied CRE loans comprised both the largest portion of your CRE, as well as the largest portion of
your total loan portfolio, as of December 31, 2023. Please revise future filings to further disaggregate the composition of your CRE loan
portfolio to more clearly disclose and quantify material geographic and industry concentrations (e.g., office, retail, multifamily, etc.),
as well as current weighted average and/or range of loan-to-value ratios and occupancy rates, if available, to the extent material to
an investor&rsquo;s understanding of the credit risk inherent in your CRE portfolio.</I></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><U>RESPONSE</U>:&nbsp;&nbsp;&nbsp;The Company acknowledges the Staff&rsquo;s
comment. The Company will add to its future Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q disaggregating data regarding
its CRE loan portfolio, including quantifying material geographic and industry concentrations, and other factors, if material to an investor&rsquo;s
understanding of the credit risk associated with its CRE portfolio.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>4.</I></TD><TD STYLE="text-align: justify"><I>Please revise future filings to provide a breakdown of the allowance for credit losses by each loan
category for which disclosure is required by U.S. GAAP at the end of each reported period or tell us how the current presentation in the
table on page 52 complies with the requirements. Refer to Item 1405(c) of Regulation S-K.</I></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><U>RESPONSE</U>:&nbsp;&nbsp;&nbsp;The Company acknowledges the Staff&rsquo;s
comment. The Company will include in its future Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q a breakdown of the allowance
for credit losses for each loan category (including each subcategory within &ldquo;Real estate-mortgage&rdquo;).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><U>Deposits, page 55</U></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>5.</I></TD><TD STYLE="text-align: justify"><I>Please revise future filings to disclose uninsured time deposits by time remaining until maturity of
(i) 3 months or less; (ii) Over 3 through 6 months; (iii) Over 6 through 12 months; and (iv) Over 12 months. Refer to Item 1406(f)(2)
of Regulation S-K.</I></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><U>RESPONSE</U>:&nbsp;&nbsp;&nbsp;The Company acknowledges the Staff&rsquo;s
comment. The Company will include in its future Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q uninsured time deposits
by time remaining until maturity of (i) 3 months or less; (ii) over 3 through 6 months; (iii) over 6 through 12 months; and (iv) over
12 months.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">United States Securities and Exchange Commission</P><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">December 27, 2024</P><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> of 3</P></DIV>
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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B><U>Note 3 - Loans, page 81</U></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>6.</I></TD><TD STYLE="text-align: justify"><I>In order to more accurately reflect the nature of the portfolio please consider revising future filings
to label the &ldquo;other real estate mortgage&rdquo; loan portfolio as &ldquo;non-owner occupied commercial real estate&rdquo; or something
similar.</I></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><U>RESPONSE</U>:&nbsp;&nbsp;&nbsp;The Company acknowledges the Staff&rsquo;s
comment. The Company will revise its future Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q to label the &ldquo;other real
estate mortgage&rdquo; loan portfolio as Non-owner occupied commercial real estate.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B><U>Form 10-Q for the Quarterly Period Ended September 30, 2024</U></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><U>Notes to Consolidated Financial Statements, page 9</U></B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>7.</I></TD><TD STYLE="text-align: justify"><I>Please revise future periodic filings to disclose the aggregate amount of time deposit accounts (including
certificates of deposits) in denominations that meet or exceed the FDIC insurance limit and time deposits having a remaining term of more
than one year and the aggregate amount of maturities for each of the five years following the balance sheet date similar to the disclosure
provided in Note 8 of your Form 10-K, or advise us. Refer to ASC 942-405-50-1(a) and ASC 470-10-50-1.</I></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><U>RESPONSE</U>:&nbsp;&nbsp;&nbsp;The Company acknowledges the Staff&rsquo;s
comment. The Company will revise future Quarterly Reports on Form 10-Q to disclose the aggregate amount of time deposit accounts (including
certificates of deposits) in denominations that meet or exceed the FDIC insurance limit and time deposits having a remaining term of more
than one year and the aggregate amount of maturities for each of the five years following the balance sheet date similar to the disclosure
provided in Note 8 of our Form 10-K.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">*&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Should you have any further questions or comments regarding
the foregoing, please contact Clint Smith of Jones Walker LLP at (504) 586-8429 or csmith@joneswalker.com.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 50%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>ServisFirst Bancshares, Inc.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>By: <U>/s/ Edison Woodie</u></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Name: Edison Woodie</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Title: Interim Chief Financial Officer</TD></TR>
</TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 3%">cc:</TD>
  <TD STYLE="width: 97%">Thomas A. Broughton III (ServisFirst Bancshares, Inc.)</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Clint Smith (Jones Walker LLP)</TD></TR>
</TABLE>

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