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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
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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 Third Quarter 2011

Oct 17, 2011

ServisFirst Bancshares, Inc. Announces Record Third Quarter 2011

PR Newswire

BIRMINGHAM, Ala., Oct. 17, 2011 /PRNewswire/ -- ServisFirst Bancshares, Inc. today announced record earnings for the quarter and nine months ending September 30, 2011.

THIRD QUARTER 2011 HIGHLIGHTS:

  • Nine-month record net income of $16.8 million, a 31% increase year/year, and third-quarter income of $6.0 million, a 25% increase year/year
  • Basic earnings per common share of $1.03 for the quarter and $2.93 for the nine months
  • Ranked 25th best in efficiency ratio ranking in the United States by American Banker
  • Correspondent Division reached profitability during the third quarter
 

"We are pleased to announce record net income for the quarter and the nine months," said Bud Foshee, CFO. Tom Broughton, CEO and President, stated, "Our strong balance sheet and customer service continues to attract new clients to the bank. Loan demand has rebounded over the past two quarters, and total loans grew at a 34% annualized rate during the third quarter."

ABOUT SERVISFIRST:

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

ServisFirst Bancshares 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 and tornados, 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

 
       

September 30,

 

June 30,

 
       

2011

 

2010

 

2011

 
       

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

Total interest income

 

$                  23,312

 

$                    19,959

 

$              22,080

 

Total interest expense

 

4,093

 

3,972

 

4,032

 
 

Net interest income before provision

 

19,219

 

15,987

 

18,048

 

Provision for loan losses

 

2,740

 

2,537

 

1,494

 
 

Net interest income after provision for loan losses

 

16,479

 

13,450

 

16,554

 
 

Total noninterest income

 

1,808

 

1,348

 

1,782

 
       

-

 

-

 

-

 

Salaries and employee benefits

 

4,723

 

3,547

 

5,026

 

Other noninterest expense

 

4,109

 

3,920

 

4,343

 
 

Total noninterest expense

 

8,832

 

7,467

 

9,369

 
 

Income before taxes

 

9,455

 

7,331

 

8,967

 

Income taxes

 

3,320

 

2,532

 

3,122

 
 

Net income

 

6,135

 

4,799

 

5,845

 

Preferred stock dividends

 

100

 

-

 

-

 
 

Net income available to common stockholders

 

$                    6,035

 

$                      4,799

 

$                5,845

 
                   

Basic earnings per common share

 

$                      1.03

 

$                        0.87

 

$                  1.02

 

Diluted earnings per common share

 

$                      0.90

 

$                        0.77

 

$                  0.89

 

Average basic common shares

 

5,886,178

 

5,515,384

 

5,708,871

 

Average fully diluted common shares

 

6,882,809

 

6,417,947

 

6,705,953

 
                   
       

Nine Months Ended September 30,

     
       

2011

 

2010

     
       

(Unaudited)

 

(Unaudited)

     

Total interest income

 

$                  66,353

 

$                    57,457

     

Total interest expense

 

12,110

 

11,256

     
 

Net interest income before provision

 

54,243

 

46,201

     

Provision for loan losses

 

6,465

 

7,612

     
 

Net interest income after provision for loan losses

 

47,778

 

38,589

     
 

Total noninterest income

 

4,861

 

3,484

     
       

-

 

-

     

Salaries and employee benefits

 

13,963

 

10,176

     

Other noninterest expense

 

12,835

 

12,284

     
 

Total noninterest expense

 

26,798

 

22,460

     
 

Income before taxes

 

25,841

 

19,613

     

Income taxes

 

8,990

 

6,780

     
 

Net income

 

16,851

 

12,833

     

Preferred stock dividends

 

100

 

-

     
 

Net income available to common stockholders

 

$                  16,751

 

$                    12,833

     
                   

Basic earnings per common share

 

$                      2.93

 

$                        2.33

     

Diluted earnings per common share

 

$                      2.58

 

$                        2.11

     

Average basic common shares

 

5,709,334

 

5,514,123

     

Average fully diluted common shares

 

6,671,913

 

6,249,500

     
                 

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED BALANCE SHEETS

 

(In thousands)

 
   
 

September 30, 2011

 

September 30, 2010

 

December 31, 2010

 
       

(Unaudited)

 

(Unaudited)

 

(Audited)

 

ASSETS

               

Cash and due from banks

 

$                  92,399

 

$                  149,841

 

$                     231,632

 

Investment securities

 

313,146

 

251,838

 

282,193

 

Restricted equity securities

 

3,708

 

3,510

 

3,510

 

Federal funds sold and other investments

 

91,315

 

2,213

 

346

 

Mortgage loans held for sale

 

9,114

 

8,708

 

7,875

 

Loans

   

1,695,476

 

1,345,502

 

1,394,818

 

Reserve for loan losses

 

(21,466)

 

(16,903)

 

(18,077)

 

Net loans

 

1,674,010

 

1,328,599

 

1,376,741

 

Foreclosed real estate

   

10,134

 

8,170

 

6,966

 

Other assets

 

63,504

 

23,645

 

25,903

 

Total assets

 

2,257,330

 

1,776,524

 

1,935,166

 
                   

LIABILITIES AND STOCKHOLDERS' EQUITY

             

Liabilities:

             

Noninterest-bearing

 

382,095

 

224,537

 

250,490

 

Interest-bearing

 

1,629,186

 

1,377,020

 

1,508,226

 

Total deposits

 

2,011,281

 

1,601,557

 

1,758,716

 

Borrowings

 

51,863

 

55,317

 

55,357

 

Interest payable

 

1,043

 

914

 

898

 

Other liabilities

 

3,670

 

2,559

 

3,095

 

Total liabilities

 

2,067,857

 

1,660,347

 

1,818,066

 

Stockholders' equity

 

189,473

 

116,177

 

117,100

 

Total liabilities and stockholders' equity

 

$             2,257,330

 

$               1,776,524

 

$                  1,935,166

 
                   
                   
                   

SERVISFIRST BANCSHARES, INC.

 

Key Ratios

 
                   
       

Three Months Ended

 
       

September 30,

June 30,

 
       

2011

 

2010

 

2011

 
       

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

Return on average assets

 

1.11%

 

1.10%

 

1.22%

 

Return on average equity

 

16.53%

 

16.86%

 

17.30%

 

Net interest margin (fully tax equivalent)

 

3.67%

 

3.83%

 

3.93%

 

Efficiency ratio

 

42.00%

 

43.08%

 

47.24%

 
                   
                   
       

Nine Months Ended September 30,

     
       

2011

 

2010

     
       

(Unaudited)

 

(Unaudited)

     

Return on average assets

 

1.13%

 

1.06%

     

Return on average equity

 

16.89%

 

16.12%

     

Net interest margin (fully tax equivalent)

 

3.81%

 

4.01%

     

Efficiency ratio

 

45.34%

 

45.21%

     
                   
                   
       

September 30,

June 30,

 
       

2011

 

2010

 

2011

 
       

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

Book value per common share

 

$                    25.38

 

$                      21.05

 

$                         24.05

 

Tangible book value per common share

 

$                    25.38

 

$                      21.05

 

$                         24.05

 

% of reserve for loan losses to total loans

 

1.27%

 

1.26%

 

1.25%

 
               

Nonperforming assets to total loans
plus foreclosed real estate

 

1.67%

 

1.67%

 

1.79%

 
                 

 

SOURCE ServisFirst Bancshares, Inc.


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