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ServisFirst Bancshares, Inc.
850 Shades Creek Parkway Suite 200
Birmingham, AL 35209-4510

 

(205) 949-0302

Investor Relations Contact
Mr. Davis S. Mange
(205) 949-3420
dmange@servisfirstbank.com

Transfer Agent
By Regular Mail
Computershare
P.O. BOX 30170
College Station, TX 77842

 

By Overnight Delivery
Computershare
211 Quality Circle Suite 210
College Station, TX 77845

 

(800) 368-5948

 

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Press Releases

ServisFirst Bancshares, Inc. Announces Record Earnings for 2010

Jan 20, 2011

ServisFirst Bancshares, Inc. Announces Record Earnings for 2010

PR Newswire

BIRMINGHAM, Ala.,  Jan. 20, 2011 /PRNewswire/ -- ServisFirst Bancshares, Inc. today reported record earnings for the quarter and year ended December 31, 2010.

2010 AND FOURTH QUARTER HIGHLIGHTS:

  • 2010 net income of $17.4 million, a 196% increase over 2009
  • Fourth quarter net income increase of 128% year/year
  • $3.15 earnings per share for 2010, a 194% increase year/year
  • 21 consecutive quarters of profitability
 

Tom Broughton, President and CEO, said, "We are proud to report record earnings in 2010, as well as continued solid deposit growth with a 23% increase in deposits during 2010. We are very pleased with our growth in new and expanded core relationships with businesses, professionals and consumers." Bud Foshee, CFO, stated, "Our strong financial performance reflects not only higher interest income, but also disciplined expense management and margin improvement over 2009."

ABOUT SERVISFIRST:

ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank, ServisFirst provides business and personal financial services through locations in Birmingham, Huntsville, Montgomery and Dothan, Alabama.

ServisFirst 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," "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: 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; changes in accounting and tax principles, policies or guidelines; changes in legislation or regulatory requirements; changes in our loan portfolio and the deposit base, possible changes in laws and regulations and governmental monetary and fiscal policies, including, but not limited to, economic stimulus initiatives and so-called "bailout" initiatives; 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, 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 "Risk Factors" in our most recent Annual Report on Form 10-K 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 may be obtained over the Internet at www.servisfirstbancshares.com or by calling (205) 949-0302.

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED STATEMENTS OF INCOME

 

(In thousands, except shares and per share data)

 
   
                 
     

Three Months Ended

 
     

December 31,

 

September 30,

 
     

2010

 

2009

 

2010

 
     

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

Total interest income

 

$      20,689

 

$      17,189

 

$            19,959

 

Total interest expense

 

4,004

 

4,320

 

3,972

 
 

Net interest income before provision

 

16,685

 

12,869

 

15,987

 

Provision for loan losses

 

2,738

 

2,408

 

2,537

 
 

Net interest income after provision for loan losses

 

13,947

 

10,461

 

13,450

 
 

Total noninterest income

 

1,685

 

1,244

 

1,348

 
                 

Salaries and employee benefits

 

4,493

 

3,227

 

3,547

 

Other noninterest expense

 

4,016

 

5,416

 

3,920

 
 

Total noninterest expense

 

8,509

 

8,643

 

7,467

 
 

Income before taxes

 

7,123

 

3,062

 

7,331

 

Income taxes

 

2,578

 

1,072

 

2,532

 
 

Net income

 

$        4,545

 

$        1,990

 

$              4,799

 
                 

Basic earnings per share

 

$          0.82

 

$          0.37

 

$                0.87

 

Diluted earnings per share

 

$          0.73

 

$          0.34

 

$                0.77

 

Average basic shares

 

5,525,297

 

5,513,482

 

5,515,384

 

Average fully diluted shares

 

6,427,228

 

5,828,820

 

6,417,947

 
               

 
     

Year Ended December 31,

 
     

2010

 

2009

 
     

(Unaudited)

 

(Audited)

 

Total interest income

 

$      78,146

 

$      62,197

 

Total interest expense

 

15,260

 

18,337

 
 

Net interest income before provision

 

62,886

 

43,860

 

Provision for loan losses

 

10,350

 

10,685

 
 

Net interest income after provision for loan losses

 

52,536

 

33,175

 
 

Total noninterest income

 

5,169

 

4,413

 
             

Salaries and employee benefits

 

14,669

 

13,581

 

Other noninterest expense

 

16,300

 

15,349

 
 

Total noninterest expense

 

30,969

 

28,930

 
 

Income before taxes

 

26,736

 

8,658

 

Income taxes

 

9,358

 

2,780

 
 

Net income

 

$      17,378

 

$        5,878

 
             

Basic earnings per share

 

$          3.15

 

$          1.07

 

Diluted earnings per share

 

$          2.84

 

$          1.02

 

Average basic shares

 

5,519,151

 

5,485,972

 

Average fully diluted shares

 

6,294,604

 

5,787,643

 
           

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED BALANCE SHEETS

 

(In thousands)

 
   
 

December 31, 2010

 

December 31, 2009

 

September 30, 2010

 
     

(Unaudited)

 

(Audited)

 

(Unaudited)

 

ASSETS

             

Cash and due from banks

 

$        231,732

 

$                    75,526

 

$                   149,841

 

Investment securities

 

282,193

 

256,098

 

251,838

 

Restricted equity securities

 

3,510

 

3,241

 

3,510

 

Federal funds sold and other investments

 

346

 

680

 

2,213

 

Mortgage loans held for sale

 

7,875

 

6,202

 

8,708

 
                 

Loans

 

1,394,818

 

1,207,084

 

1,345,502

 

Reserve for loan losses

 

(18,077)

 

(14,911)

 

(16,903)

 

Net loans

 

1,376,741

 

1,192,173

 

1,328,599

 

Foreclosed real estate

 

6,966

 

12,525

 

8,170

 

Other assets

 

25,803

 

27,052

 

23,645

 

Total assets

 

$     1,935,166

 

$               1,573,497

 

$                1,776,524

 
                 

LIABILITIES AND STOCKHOLDERS' EQUITY

             

Liabilities:

             

Noninterest-bearing

 

$        250,490

 

$                  211,307

 

$                   224,537

 

Interest-bearing

 

1,508,226

 

1,221,048

 

1,377,020

 

Total deposits

 

1,758,716

 

1,432,355

 

1,601,557

 

Borrowings

 

55,357

 

40,150

 

55,317

 

Interest payable

 

898

 

1,026

 

914

 

Other liabilities

 

3,095

 

2,344

 

2,559

 

Total liabilities

 

1,818,066

 

1,475,875

 

1,660,347

 
                 

Stockholders' equity

 

117,100

 

97,622

 

116,177

 

Total liabilities and stockholders' equity

 

$     1,935,166

 

$               1,573,497

 

$                1,776,524

 
               

 

SERVISFIRST BANCSHARES, INC.

 

Key Ratios

 
                 
     

Three Months Ended

 
     

December 31,

 

September 30,

 
     

2010

 

2009

 

2010

 
     

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

Return on average assets

 

0.97%

 

0.50%

 

1.10%

 

Return on average equity

 

15.24%

 

8.06%

 

16.86%

 

Net interest margin (fully tax equivalent)

 

3.73%

 

3.33%

 

3.83%

 

Efficiency ratio

 

46.32%

 

61.24%

 

43.08%

 
                 
                 
     

Year Ended December 31,

     
     

2010

 

2009

     
     

(Unaudited)

 

(Audited)

     

Return on average assets

 

1.04%

 

0.43%

     

Return on average equity

 

15.86%

 

6.33%

     

Net interest margin (fully tax equivalent)

 

3.94%

 

3.31%

     

Efficiency ratio

 

45.51%

 

59.57%

     
                 
                 
     

12/31/2010

 

12/31/2009

 

9/30/2010

 
     

(Unaudited)

 

(Audited)

 

(Unaudited)

 

Book value per share

 

$            21.19

 

$                      17.71

 

$                       21.05

 

Tangible book value per share

 

$            21.19

 

$                      17.71

 

$                       21.05

 

% of reserve for loan losses to total loans

 

1.30%

 

1.24%

 

1.26%

 

Nonperforming assets to total loans

             
 

plus foreclosed real estate

 

1.52%

 

2.03%

 

1.67%

 
               

 

CONTACT: ServisFirst Bank

 

Bud Foshee (205) 949-0307

 

BFoshee@servisfirstbank.com

 
 

 

SOURCE ServisFirst Bancshares, Inc.


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