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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 Third Quarter 2012

Oct 16, 2012

ServisFirst Bancshares, Inc. Announces Record Third Quarter 2012

PR Newswire

BIRMINGHAM, Ala., Oct. 16, 2012 /PRNewswire/ -- ServisFirst Bancshares, Inc. today announced record earnings for the quarter and nine months ended September 30, 2012.

THIRD QUARTER 2012 HIGHLIGHTS:

 

  • Third quarter record net income of $9.2 million, a 53% increase year/year
  • Nine month net income of $25.6 million, a 53% increase year/year
  • Fully diluted earnings per share of $1.35 for the quarter, a 50% increase year/year
  • Book value per share was $30.81 at quarter end, more than triple the initial stock price in May 2005
  • Total assets reached $2.76 billion at the end of the third quarter

 

Tom Broughton, President and CEO, said, "We are pleased that we are receiving national recognition for our strong balance sheet and asset quality that continue to attract customers to our Bank."  Bud Foshee, CFO, stated, "The third quarter of 2012 makes the eleventh consecutive quarter of record earnings."

 

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, Mobile, 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

       

September 30,

 

June 30,

       

2012

 

2011

 

2012

Total interest income

$                    27,743

 

$                23,312

 

$              26,654

Total interest expense

3,695

 

4,093

 

3,749

 

Net interest income before provision for loan losses

24,048

 

19,219

 

22,905

Provision for loan losses

1,185

 

2,740

 

3,083

 

Net interest income after provision for loan losses

22,863

 

16,479

 

19,822

 

Total noninterest income

2,360

 

1,808

 

2,428

                 

Salaries and employee benefits

5,697

 

4,723

 

5,248

Other noninterest expense

5,574

 

4,109

 

4,647

 

Total noninterest expense

11,271

 

8,832

 

9,895

 

Income before taxes

13,952

 

9,455

 

12,355

Income taxes

4,650

 

3,320

 

4,024

 

Net income

9,302

 

6,135

 

8,331

Preferred stock dividends

100

 

100

 

100

 

Net income available to common stockholders

$                      9,202

 

$                  6,035

 

$                8,231

                 

Basic earnings per common share

$                        1.53

 

$                    1.03

 

$                  1.38

Diluted earnings per common share

 

$                        1.35

 

$                    0.90

 

$                  1.21

Average basic common shares

 

6,005,242

 

5,886,178

 

5,981,218

Average fully diluted common shares

 

6,947,429

 

6,882,809

 

6,933,564

                 
       

Nine Months Ended September 30,

   
       

2012

 

2011

   

Total interest income

$                    79,968

 

$                66,353

   

Total interest expense

11,277

 

12,110

   
 

Net interest income before provision for loan losses

68,691

 

54,243

   

Provision for loan losses

6,651

 

6,465

   
 

Net interest income after provision for loan losses

62,040

 

47,778

   
 

Total noninterest income

7,057

 

4,861

   
                 

Salaries and employee benefits

16,110

 

13,963

   

Other noninterest expense

14,087

 

12,835

   
 

Total noninterest expense

30,197

 

26,798

   
 

Income before taxes

38,900

 

25,841

   

Income taxes

13,011

 

8,990

   
 

Net income

25,889

 

16,851

   

Preferred stock dividends

300

 

100

   
 

Net income available to common stockholders

$                    25,589

 

$                16,751

   
                 

Basic earnings per common share

$                        4.28

 

$                    2.93

   

Diluted earnings per common share

$                        3.75

 

$                    2.58

   

Average basic common shares

5,977,590

 

5,709,334

   

Average fully diluted common shares

6,931,678

 

6,671,913

   

 

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

                 
       

September 30, 2012

 

September 30, 2011

 

December 31, 2011

ASSETS

           

Cash and due from banks

 

$              244,673

 

$              92,399

 

$             142,368

Investment securities

 

257,373

 

313,146

 

309,018

Restricted equity securities

 

3,941

 

3,708

 

3,501

Federal funds sold and other investments

 

10,672

 

91,315

 

100,565

Mortgage loans held for sale

 

28,558

 

9,114

 

17,859

                 

Loans

 

2,161,130

 

1,695,476

 

1,830,742

Reserve for loan losses

 

(24,604)

 

(21,466)

 

(22,030)

Net loans

 

2,136,526

 

1,674,010

 

1,808,712

Foreclosed real estate

 

9,641

 

10,134

 

12,275

Bank owned life insurance contracts

 

41,551

 

40,000

 

40,390

Other assets

 

30,299

 

23,504

 

26,097

Total assets

 

$           2,763,234

 

$         2,257,330

 

$          2,460,785

                 

LIABILITIES AND STOCKHOLDERS' EQUITY

           

Liabilities:

           

Noninterest-bearing

 

$              512,962

 

$            382,095

 

$             418,810

Interest-bearing

 

1,896,559

 

1,629,186

 

1,725,077

Total deposits

 

2,409,521

 

2,011,281

 

2,143,887

Federal funds purchased

 

91,317

 

16,400

 

79,265

Borrowings

 

30,463

 

35,463

 

35,468

Interest payable

 

918

 

1,043

 

945

Other liabilities

 

6,009

 

3,670

 

4,928

Total liabilities

 

2,538,228

 

2,067,857

 

2,264,493

                 

Stockholders' equity

 

225,006

 

189,473

 

196,292

Total liabilities and stockholders' equity

 

$           2,763,234

 

$         2,257,330

 

$          2,460,785

 

SERVISFIRST BANCSHARES, INC.

Key Ratios

                 
       

Three Months Ended

       

September 30,

June 30,

       

2012

 

2011

 

2012

Return on average assets

 

1.38%

 

1.11%

 

1.31%

Return on average common equity

 

16.64%

 

16.53%

 

15.74%

Net interest margin (fully taxable-equivalent)

 

3.82%

 

3.67%

 

3.85%

Efficiency ratio

 

42.68%

 

42.00%

 

39.06%

                 
                 
       

Nine Months Ended September 30,

   
       

2012

 

2011

   

Return on average assets

 

1.34%

 

1.13%

   

Return on average common equity

 

16.22%

 

16.89%

   

Net interest margin (fully taxable-equivalent)

 

3.81%

 

3.81%

   

Efficiency ratio

 

39.87%

 

45.34%

   
                 
                 
       

September 30,

June 30,

       

2012

 

2011

 

2012

Book value per common share

 

$                    30.81

 

$                   25.38

 

$                     29.13

Tangible book value per common share

 

$                    30.81

 

$                   25.38

 

$                     29.13

% of reserve for loan losses to total loans

 

1.14%

 

1.27%

 

1.15%

Nonperforming assets to total loans

           
 

plus foreclosed real estate

 

1.05%

 

1.67%

 

1.08%

Nonperforming assets to total assets

 

0.83%

 

1.27%

 

0.85%

 

SOURCE ServisFirst Bancshares, Inc.


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