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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 2012

Apr 16, 2012

ServisFirst Bancshares, Inc. Announces Record First Quarter 2012

PR Newswire

BIRMINGHAM, Ala., April 16, 2012 /PRNewswire/ -- ServisFirst Bancshares, Inc. today announced record earnings for the quarter ended March 31, 2012.

First Quarter 2012 Highlights:

  • First quarter record net income of $8.2 million, a 67% increase year/year
  • Basic earnings per common share of $1.37 for the first quarter, a 56% increase year/year
  • Pensacola region reached profitability in the first quarter
  • Loan growth of $448 million, a 30% increase year/year

Tom Broughton, President and CEO, said "We are pleased to announce record quarterly income as we approach our seventh anniversary in May." Bud Foshee, CFO, stated, "Our tangible book value per share reached $27.73 at the end of the first quarter, a 16% compounded increase in book value per share from our original issue price of $10 per share in May 2005."

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 from locations in Birmingham, Huntsville, Montgomery and Dothan, Alabama and Pensacola, Florida.

ServisFirst Bancshares, Inc. 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 "Cautionary Note Regarding Forward-looking Statements" and "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, Inc. 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,

       

2012

 

2011

 

2011

Total interest income

 

$               25,571

 

$               20,961

 

$                  25,058

Total interest expense

 

3,833

 

3,985

 

3,970

 

Net interest income before provision

 

21,738

 

16,976

 

21,088

Provision for loan losses

 

2,383

 

2,231

 

2,507

 

Net interest income after provision for loan losses

 

19,355

 

14,745

 

18,581

 

Total noninterest income

 

2,269

 

1,271

 

2,065

                 

Salaries and employee benefits

 

5,165

 

4,214

 

5,555

Other noninterest expense

 

3,866

 

4,383

 

5,105

 

Total noninterest expense

 

9,031

 

8,597

 

10,660

 

Income before taxes

 

12,593

 

7,419

 

9,986

Income taxes

 

4,337

 

2,548

 

3,399

 

Net income

 

8,256

 

4,871

 

6,587

Preferred stock dividends

 

100

 

-

 

100

 

Net income available to common stockholders

 

$                 8,156

 

$                 4,871

 

$                    6,487

                 

Basic earnings per common share

 

$                   1.37

 

$                   0.88

 

$                      1.10

Diluted earnings per common share

 

$                   1.20

 

$                   0.77

 

$                      0.96

Average basic common shares

 

5,946,006

 

5,527,482

 

5,908,455

Average fully diluted common shares

 

6,913,869

 

6,514,103

 

6,888,206

                 

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

                 
       

March 31, 2012

 

March 31, 2011

 

December 31, 2011

ASSETS

           

Cash and due from banks

 

$            138,111

 

$               37,180

 

$                142,368

Investment securities

 

311,908

 

251,541

 

309,018

Restricted equity securities

 

4,288

 

4,053

 

3,501

Federal funds sold and other investments

 

90,892

 

80,774

 

100,565

Mortgage loans held for sale

 

12,611

 

2,588

 

17,859

                 

Loans

   

1,918,636

 

1,470,472

 

1,830,742

Reserve for loan losses

 

(23,662)

 

(19,226)

 

(22,030)

Net loans

 

1,894,974

 

1,451,246

 

1,808,712

Foreclosed real estate

 

11,637

 

7,223

 

12,275

Bank owned life insurance contracts

 

40,780

 

-

 

40,390

Other assets

 

26,283

 

28,344

 

26,097

Total assets

 

$         2,531,484

 

$          1,862,949

 

$             2,460,785

                 

LIABILITIES AND STOCKHOLDERS' EQUITY

           

Liabilities:

           

Noninterest-bearing

 

$            432,418

 

$             261,634

 

$                418,810

Interest-bearing

 

1,756,958

 

1,430,866

 

1,725,077

Total deposits

 

2,189,376

 

1,692,500

 

2,143,887

Federal funds purchased

 

93,385

 

-

 

79,265

Borrowings

 

35,472

 

45,396

 

35,468

Interest payable

 

1,016

 

864

 

945

Other liabilities

 

6,851

 

1,781

 

4,928

Total liabilities

 

2,326,100

 

1,740,541

 

2,264,493

                 

Stockholders' equity

 

205,384

 

122,408

 

196,292

Total liabilities and stockholders' equity

 

$         2,531,484

 

$          1,862,949

 

$             2,460,785

                 
                 
                 

SERVISFIRST BANCSHARES, INC.

Key Ratios

                 
       

Three Months Ended

       

March 31,

December 31,

       

2012

 

2011

 

2011

Return on average assets

 

1.33%

 

1.06%

 

1.08%

Return on average common equity

 

16.31%

 

16.50%

 

13.40%

Net interest margin (fully taxable-equivalent)

 

3.76%

 

3.86%

 

3.72%

Efficiency ratio

 

37.62%

 

47.11%

 

46.04%

                 
                 
       

March 31,

December 31,

       

2012

 

2011

 

2011

Book value per common share

 

$                27.73

 

$                 22.15

 

$                    26.34

Tangible book value per common share

 

$                27.73

 

$                 22.15

 

$                    26.34

% of reserve for loan losses to total loans

 

1.23%

 

1.31%

 

1.20%

Nonperforming assets to total loans

           
 

plus foreclosed real estate

 

1.40%

 

1.98%

 

1.41%

                 

SOURCE ServisFirst Bancshares, Inc.


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