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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 Second Quarter 2012

Jul 17, 2012

ServisFirst Bancshares, Inc. Announces Record Second Quarter 2012

PR Newswire

 

 

BIRMINGHAM, Ala., July 17, 2012 /PRNewswire/ -- ServisFirst Bancshares, Inc. today announced record earnings for the quarter and six months ended June 30, 2012.

 

Second Quarter 2012 Highlights:

 

  • Second quarter record net income of $8.2 million, a 41% increase year/year
  • Basic earnings per common share of $2.74 for the six months ended June 30, 2012, a 46% increase year/year
  • Celebrated the 7th anniversary of ServisFirst Bank during the quarter.
  • Non-performing assets and ORE less than 1% of assets, reflects strong credit quality and financial strength.

Tom Broughton, President and CEO, said, "We are pleased to announce record earnings for the second quarter of 2012.  This marks the tenth consecutive quarter of record earnings for ServisFirst."  Bud Foshee, CFO, stated, "Our consistent focus on improving customer service and efficiency continues to enhance our return on average assets." 

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

 
       

June 30,

 

March 31,

 
       

2012

 

2011

 

2012

 

Total interest income

   

$    26,654

 

$    22,080

 

$    25,571

 

Total interest expense

   

3,749

 

4,032

 

3,833

 
 

Net interest income before provision

   

22,905

 

18,048

 

21,738

 

Provision for loan losses

   

3,083

 

1,494

 

2,383

 
 

Net interest income after provision for loan losses

   

19,822

 

16,554

 

19,355

 
 

Total noninterest income

   

2,428

 

1,782

 

2,269

 
                   

Salaries and employee benefits

   

5,248

 

5,026

 

5,165

 

Other noninterest expense

   

4,647

 

4,343

 

3,866

 
 

Total noninterest expense

   

9,895

 

9,369

 

9,031

 
 

Income before taxes

   

12,355

 

8,967

 

12,593

 

Income taxes

   

4,024

 

3,122

 

4,337

 
 

Net income

   

8,331

 

5,845

 

8,256

 

Preferred stock dividends

   

100

 

-

 

100

 
 

Net income available to common stockholders

   

$      8,231

 

$      5,845

 

$      8,156

 
                   

Basic earnings per common share

   

$        1.38

 

$        1.02

 

$        1.37

 

Diluted earnings per common share

   

$        1.21

 

$        0.89

 

$        1.20

 

Average basic common shares

   

5,981,218

 

5,708,871

 

5,946,006

 

Average fully diluted common shares

   

6,933,564

 

6,705,953

 

6,913,869

 
                   
       

Six Months Ended June 30,

     
       

2012

 

2011

     

Total interest income

   

$    52,225

 

$    43,041

     

Total interest expense

   

7,582

 

8,017

     
 

Net interest income before provision

   

44,643

 

35,024

     

Provision for loan losses

   

5,466

 

3,725

     
 

Net interest income after provision for loan losses

   

39,177

 

31,299

     
 

Total noninterest income

   

4,697

 

3,053

     
                   

Salaries and employee benefits

   

10,413

 

9,240

     

Other noninterest expense

   

8,513

 

8,726

     
 

Total noninterest expense

   

18,926

 

17,966

     
 

Income before taxes

   

24,948

 

16,386

     

Income taxes

   

8,361

 

5,670

     
 

Net income

   

16,587

 

10,716

     

Preferred stock dividends

   

200

 

-

     
 

Net income available to common stockholders

   

$    16,387

 

$    10,716

     
                   

Basic earnings per common share

   

$        2.74

 

$        1.88

     

Diluted earnings per common share

   

$        2.41

 

$        1.65

     

Average basic common shares

   

5,971,630

 

5,694,871

     

Average fully diluted common shares

   

6,923,717

 

6,657,359

     
                   
                   
                   

 

  

   

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED BALANCE SHEETS

 

(In thousands)

 
               
   

June 30, 2012

 

June 30, 2011

 

December 31,
2011

 

ASSETS

             

Cash and due from banks

 

$           71,334

 

$         102,914

 

$        142,368

 

Investment securities

 

317,519

 

244,566

 

309,018

 

Restricted equity securities

 

4,018

 

3,899

 

3,501

 

Federal funds sold and other investments

 

84,468

 

94,541

 

100,565

 

Mortgage loans held for sale

 

15,000

 

4,092

 

17,859

 
               

Loans

 

2,022,589

 

1,560,974

 

1,830,742

 

Reserve for loan losses

 

(23,239)

 

(19,516)

 

(22,030)

 

Net loans

 

1,999,350

 

1,541,458

 

1,808,712

 

Foreclosed real estate

 

9,834

 

6,931

 

12,275

 

Bank owned life insurance contracts

 

41,165

 

-

 

40,390

 

Other assets

 

27,555

 

26,196

 

26,097

 

Total assets

 

$      2,570,243

 

$      2,024,597

 

$     2,460,785

 
               

LIABILITIES AND STOCKHOLDERS' EQUITY

             

Liabilities:

             

Noninterest-bearing

 

$         467,344

 

$         283,968

 

$        418,810

 

Interest-bearing

 

1,773,558

 

1,519,906

 

1,725,077

 

Total deposits

 

2,240,902

 

1,803,874

 

2,143,887

 

Federal funds purchased

 

80,205

 

-

 

79,265

 

Borrowings

 

30,514

 

35,435

 

35,468

 

Interest payable

 

935

 

983

 

945

 

Other liabilities

 

2,819

 

3,104

 

4,928

 

Total liabilities

 

2,355,375

 

1,843,396

 

2,264,493

 
               

Stockholders' equity

 

214,868

 

181,201

 

196,292

 

Total liabilities and stockholders' equity

 

$      2,570,243

 

$      2,024,597

 

$     2,460,785

 
               
 
   

SERVISFIRST BANCSHARES, INC.

 

Key Ratios

 
               
   

Three Months Ended

 
   

June 30,

March 31,

 
   

2012

 

2011

 

2012

 

Return on average assets

 

1.31%

 

1.22%

 

1.33%

 

Return on average common equity

 

15.74%

 

17.30%

 

16.31%

 

Net interest margin (fully taxable-equivalent)

 

3.85%

 

3.93%

 

3.76%

 

Efficiency ratio

 

39.06%

 

47.24%

 

37.62%

 
               
               
   

Six Months Ended June 30,

     
   

2012

 

2011

     

Return on average assets

 

1.32%

 

1.14%

     

Return on average common equity

 

16.02%

 

16.56%

     

Net interest margin (fully taxable-equivalent)

 

3.81%

 

3.90%

     

Efficiency ratio

 

38.36%

 

47.18%

     
               
               
   

June 30,

March 31,

 
   

2012

 

2011

 

2012

 

Book value per common share

 

$             29.13

 

$             24.05

 

$            27.73

 

Tangible book value per common share

 

$             29.13

 

$             24.05

 

$            27.73

 

% of reserve for loan losses to total loans

 

1.15%

 

1.25%

 

1.23%

 

Nonperforming assets to total loans

             

plus foreclosed real estate

 

1.08%

 

1.79%

 

1.40%

 

Nonperforming assets to total assets

 

0.85%

 

1.39%

 

1.07%

 
               

 

SOURCE ServisFirst Bancshares, Inc.


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