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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 Second Quarter 2011

Jul 18, 2011

ServisFirst Bancshares, Inc. Announces Record Second Quarter 2011

PR Newswire

BIRMINGHAM, Ala., July 18, 2011 /PRNewswire/ -- ServisFirst Bancshares, Inc. today reported record earnings for the quarter and six months ending June 30, 2011.

SECOND QUARTER 2011 HIGHLIGHTS:

  • Assets exceed $2 billion
  • Second quarter record net income of $5.8 million, a 45% increase year/year
  • Basic earnings per share of $1.88 for the first six months of 2011
  • Closed Pensacola common equity raise at $30 per share, for total proceeds of $10.2 million, and $40 million Small Business Lending Fund preferred stock sale in second quarter
  • Tier 2 Capital over $229 million
  • 23 consecutive quarters of profitability
 

Tom Broughton, CEO and President, said, "We continue to focus on delivering high quality service to our clients, and, with our clients' help, are gratified to have grown to over $2 billion in assets in the past six years." Bud Foshee, CFO, stated, "Our focus in solid banking fundamentals has resulted in our ranking as one of the top performing community banks in the U.S. according to SNL Financial."

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

 
       

June 30,

 

March 31,

 
       

2011

 

2010

 

2011

 
       

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

Total interest income

   

$                    22,080

 

$                    18,996

 

$                       20,961

 

Total interest expense

   

4,032

 

3,688

 

3,985

 
 

    Net interest income before provision

   

18,048

 

15,308

 

16,976

 

Provision for loan losses

   

1,494

 

2,537

 

2,231

 
 

    Net interest income after provision for loan losses

   

16,554

 

12,771

 

14,745

 
 

    Total noninterest income

   

1,782

 

1,004

 

1,271

 
                   

Salaries and employee benefits

   

5,026

 

3,147

 

4,214

 

Other noninterest expense

   

4,343

 

4,414

 

4,383

 
 

    Total noninterest expense

   

9,369

 

7,561

 

8,597

 
 

    Income before taxes

   

8,967

 

6,214

 

7,419

 

Income taxes

   

3,122

 

2,193

 

2,548

 
 

    Net income

   

$                      5,845

 

$                      4,021

 

$                         4,871

 
                   

Basic earnings per share

 

$                        1.02

 

$                        0.73

 

$                           0.88

 

Diluted earnings per share

 

$                        0.89

 

$                        0.65

 

$                           0.77

 

Average basic shares

 

5,708,871

 

5,513,482

 

5,527,482

 

Average fully diluted shares

 

6,705,953

 

6,399,929

 

6,514,103

 
                   
       

Six Months Ended June 30,

     
       

2011

 

2010

     
       

(Unaudited)

 

(Unaudited)

     

Total interest income

   

$                    43,041

 

$                    37,498

     

Total interest expense

   

8,017

 

7,284

     
 

    Net interest income before provision

   

35,024

 

30,214

     

Provision for loan losses

   

3,725

 

5,075

     
 

    Net interest income after provision for loan losses

   

31,299

 

25,139

     
 

    Total noninterest income

   

3,053

 

2,136

     
                   

Salaries and employee benefits

   

9,240

 

6,629

     

Other noninterest expense

   

8,726

 

8,364

     
 

    Total noninterest expense

   

17,966

 

14,993

     
 

    Income before taxes

   

16,386

 

12,282

     

Income taxes

   

5,670

 

4,248

     
 

    Net income

   

$                    10,716

 

$                      8,034

     
                   

Basic earnings per share

 

$                        1.88

 

$                        1.46

     

Diluted earnings per share

 

$                        1.65

 

$                        1.33

     

Average basic shares

 

5,694,871

 

5,513,482

     

Average fully diluted shares

 

6,657,359

 

6,159,841

     
                 

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED BALANCE SHEETS

 

(In thousands)

 
   
 

June 30, 2011

 

June 30, 2010

 

December 31,

2010

 
       

(Unaudited)

 

(Unaudited)

 

(Audited)

 

ASSETS

               

Cash and due from banks

 

$                102,914

 

$                  127,102

 

$                     231,632

 

Investment securities

 

244,566

 

236,467

 

282,193

 

Restricted equity securities

 

3,899

 

3,510

 

3,510

 

Federal funds sold and other investments

 

94,541

 

148

 

346

 

Mortgage loans held for sale

 

4,092

 

4,462

 

7,875

 
                   

Loans

   

1,560,974

 

1,288,410

 

1,394,818

 

Reserve for loan losses

 

(19,516)

 

(15,713)

 

(18,077)

 

Net loans

 

1,541,458

 

1,272,697

 

1,376,741

 

Foreclosed real estate

   

6,931

 

10,773

 

6,966

 

Other assets

 

26,196

 

26,725

 

25,903

 

Total assets

 

$             2,024,597

 

$               1,681,884

 

$                  1,935,166

 
                   

LIABILITIES AND STOCKHOLDERS' EQUITY

             

Liabilities:

             

Noninterest-bearing

 

$                283,968

 

$                  188,657

 

$                     250,490

 

Interest-bearing

 

1,519,906

 

1,326,247

 

1,508,226

 

Total deposits

 

1,803,874

 

1,514,904

 

1,758,716

 

Borrowings

 

35,435

 

55,278

 

55,357

 

Interest payable

 

983

 

887

 

898

 

Other liabilities

 

3,104

 

1,769

 

3,095

 

Total liabilities

 

1,843,396

 

1,572,838

 

1,818,066

 
                   

Stockholders' equity

 

181,201

 

109,046

 

117,100

 

Total liabilities and stockholders' equity

 

$             2,024,597

 

$               1,681,884

 

$                  1,935,166

 
                 

 

SERVISFIRST BANCSHARES, INC.

 

Key Ratios

 
                   
       

Three Months Ended

 
       

June 30,

March 31,

 
       

2011

 

2010

 

2011

 
       

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

Return on average assets

 

1.22%

 

1.02%

 

1.06%

 

Return on average equity

 

17.30%

 

15.34%

 

16.50%

 

Net interest margin (fully tax equivalent)

 

3.93%

 

4.07%

 

3.86%

 

Efficiency ratio

 

47.25%

 

46.35%

 

47.11%

 
                   
                   
       

Six Months Ended June 30,

     
       

2011

 

2010

     
       

(Unaudited)

 

(Unaudited)

     

Return on average assets

 

1.14%

 

1.04%

     

Return on average equity

 

16.56%

 

15.77%

     

Net interest margin (fully tax equivalent)

 

3.90%

 

4.11%

     

Efficiency ratio

 

47.18%

 

46.35%

     
                   
                   
       

June 30,

March 31,

 
       

2011

 

2010

 

2011

 
       

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

Book value per share

 

$                    24.05

 

$                      19.78

 

$                         22.15

 

Tangible book value per share

 

$                    24.05

 

$                      19.78

 

$                         22.15

 

% of reserve for loan losses to total loans

 

1.25%

 

1.22%

 

1.31%

 

Nonperforming assets to total loans

             
 

plus foreclosed real estate

 

1.79%

 

1.45%

 

1.98%

 
                 

 

SOURCE ServisFirst Bancshares, Inc.


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