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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 First Quarter 2011

Apr 18, 2011

ServisFirst Bancshares, Inc. Announces Record First Quarter 2011

PR Newswire

BIRMINGHAM, Ala., April 18, 2011 /PRNewswire/ -- ServisFirst Bancshares, Inc. today reported record earnings for the quarter ending March 31, 2011.

FIRST QUARTER 2011 HIGHLIGHTS:

  • First quarter record net income of $4.9 million, a 21% increase year/year.
  • 22 consecutive quarters of profitability.
  • Pensacola Region opened April 1, 2011.
  • Correspondent Banking Division formed with a group of highly experienced correspondent bankers.
  • Basic earnings per share of $.88 for the first quarter.
 

Tom Broughton, CEO and President, said, "We are pleased to report record net income at the same time we are investing in new teams that we feel will build shareholder value." Bud Foshee, CFO, stated, "We are pleased to see an increase in loan demand, which reflects improved economic conditions."

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, Alabama; Huntsville, Alabama; Montgomery, Alabama; Dothan, Alabama; and Pensacola, Florida.

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 collectibility 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.

CONTACT: ServisFirst Bank
Bud Foshee (205) 949-0307
BFoshee@servisfirstbank.com

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED STATEMENTS OF INCOME

 

(In thousands, except shares and per share data)

 
   
                 
     

Three Months Ended

 
     

March 31,

 

December 31,

 
     

2011

 

2010

 

2010

 
     

(Unaudited)

 

(Unaudited)

 

(Audited)

 

Total interest income

 

$              20,961

 

$              18,502

 

$              20,689

 

Total interest expense

 

3,985

 

3,596

 

4,004

 
 

Net interest income before provision

 

16,976

 

14,906

 

16,685

 

Provision for loan losses

 

2,231

 

2,712

 

2,738

 
 

Net interest income after provision for loan losses

 

14,745

 

12,194

 

13,947

 
 

Total noninterest income

 

1,271

 

1,132

 

1,685

 
                 

Salaries and employee benefits

 

4,214

 

3,482

 

4,493

 

Other noninterest expense

 

4,383

 

3,776

 

4,016

 
 

Total noninterest expense

 

8,597

 

7,258

 

8,509

 
 

Income before taxes

 

7,419

 

6,068

 

7,123

 

Income taxes

 

2,548

 

2,055

 

2,578

 
 

Net income

 

$                4,871

 

$                4,013

 

$                4,545

 
                 

Basic earnings per share

 

$                  0.88

 

$                  0.73

 

$                  0.82

 

Diluted earnings per share

 

$                  0.77

 

$                  0.68

 

$                  0.73

 

Average basic shares

 

5,527,482

 

5,513,482

 

5,525,297

 

Average fully diluted shares

 

6,514,103

 

5,901,778

 

6,427,228

 
               

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED BALANCE SHEETS

 

(In thousands)

 
   
 

March 31,
2011

 

March 31,
2010

 

December 31,
2010

 
   

(Unaudited)

 

(Unaudited)

 

(Audited)

 

ASSETS

             

Cash and due from banks

 

$              37,158

 

$              25,662

 

$            231,632

 

Investment securities

 

251,562

 

234,120

 

282,193

 

Restricted equity securities

 

4,053

 

3,510

 

3,510

 

Federal funds sold and other investments

 

80,774

 

210

 

346

 

Mortgage loans held for sale

 

2,588

 

4,521

 

7,875

 
               

Loans

 

1,471,893

 

1,235,504

 

1,394,818

 

Reserve for loan losses

 

(19,226)

 

(15,671)

 

(18,077)

 

Net loans

 

1,452,667

 

1,219,833

 

1,376,741

 

Foreclosed real estate

 

7,223

 

12,344

 

6,966

 

Other assets

 

26,924

 

27,364

 

25,903

 

Total assets

 

$         1,862,949

 

$         1,527,564

 

$         1,935,166

 
               

LIABILITIES AND STOCKHOLDERS' EQUITY

             

Liabilities:

             

Noninterest-bearing

 

$            261,634

 

$            174,068

 

$            250,490

 

Interest-bearing

 

1,430,866

 

1,176,492

 

1,508,226

 

Total deposits

 

1,692,500

 

1,350,560

 

1,758,716

 

Borrowings

 

45,396

 

72,589

 

55,357

 

Interest payable

 

864

 

937

 

898

 

Other liabilities

 

1,781

 

1,444

 

3,095

 

Total liabilities

 

1,740,541

 

1,425,530

 

1,818,066

 
               

Stockholders' equity

 

122,408

 

102,034

 

117,100

 

Total liabilities and stockholders' equity

 

$         1,862,949

 

$         1,527,564

 

$         1,935,166

 
             

 

SERVISFIRST BANCSHARES, INC.

 

Key Ratios

 
                 
     

Three Months Ended

 
     

March 31,

December 31,

 
     

2011

 

2010

 

2010

 
     

(Unaudited)

 

(Unaudited)

 

(Audited)

 

Return on average assets

 

1.06%

 

1.06%

 

0.97%

 

Return on average equity

 

16.50%

 

16.24%

 

15.24%

 

Net interest margin (fully tax equivalent)

 

3.86%

 

4.14%

 

3.73%

 

Efficiency ratio

 

47.11%

 

45.26%

 

46.32%

 
                 
                 
     

3/31/2011

 

3/31/2010

 

12/31/2010

 
     

(Unaudited)

 

(Unaudited)

 

(Audited)

 

Book value per share

 

$                22.15

 

$                18.51

 

$                21.19

 

Tangible book value per share

 

$                22.15

 

$                18.51

 

$                21.19

 

% of reserve for loan losses to total loans

 

1.31%

 

1.27%

 

1.30%

 

Nonperforming assets to total loans

             
 

plus foreclosed real estate

 

1.98%

 

2.02%

 

1.52%

 
               

 

SOURCE ServisFirst Bancshares, Inc.


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