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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 Earnings for 2012

Jan 28, 2013

ServisFirst Bancshares, Inc. Announces Record Earnings for 2012

PR Newswire

BIRMINGHAM, Ala., Jan. 28, 2013 /PRNewswire/ -- ServisFirst Bancshares, Inc. today reported earnings for the quarter and the year ended December 31, 2012.

2012 and Fourth Quarter Highlights:

  • 2012 net income of $34 million, a 48% increase over 2011
  • Fourth Quarter net income of $8.5 million, a 31% increase year / year
  • Fully diluted earnings per share of $4.99 for 2012
  • Paid a special dividend of $0.50 per share on 12/31/2012
  • Loan growth of $532 million for 2012, a 29% increase year / year

Bud Foshee, CFO, stated, "We are pleased to report both record earnings and seven consecutive years of profitability." Tom Broughton, President and CEO, said "We are pleased to reflect continued high asset quality with our nonperforming assets to total loans plus foreclosed real estate ending the year under 1%. Our book value reached $30.84 per share, which is more than triple our initial book value in 2005."

ABOUT SERVISFIRST:

ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank, ServisFirst Bancshares, Inc. 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

       

December 31,

 

September 30,

       

2012

 

2011

 

2012

Total interest income

 

$        29,055

 

$         25,058

 

$            27,743

Total interest expense

 

3,624

 

3,970

 

3,695

 

Net interest income before provision for loan losses

 

25,431

 

21,088

 

24,048

Provision for loan losses

 

2,449

 

2,507

 

1,185

 

Net interest income after provision for loan losses

 

22,982

 

18,581

 

22,863

 

Total noninterest income

 

2,586

 

2,065

 

2,360

                 

Salaries and employee benefits

 

6,477

 

5,555

 

5,697

Other noninterest expense

 

6,426

 

5,105

 

5,574

 

Total noninterest expense

 

12,903

 

10,660

 

11,271

 

Income before taxes

 

12,665

 

9,986

 

13,952

Income taxes

 

4,108

 

3,399

 

4,650

 

Net income

 

8,557

 

6,587

 

9,302

Preferred stock dividends

 

100

 

100

 

100

 

Net income available to common stockholders

 

$          8,457

 

$           6,487

 

$              9,202

                 

Basic earnings per common share

 

$            1.40

 

$             1.10

 

$                1.53

Diluted earnings per common share

 

$            1.23

 

$             0.96

 

$                1.35

Average basic common shares

 

6,052,570

 

5,908,455

 

6,005,242

Average fully diluted common shares

 

6,971,752

 

6,888,206

 

6,947,429

                 
                 
       

Year Ended December 31,

   
       

2012

 

2011

   

Total interest income

 

$      109,023

 

$         91,411

   

Total interest expense

 

14,901

 

16,080

   
 

Net interest income before provision for loan losses

 

94,122

 

75,331

   

Provision for loan losses

 

9,100

 

8,972

   
 

Net interest income after provision for loan losses

 

85,022

 

66,359

   
 

Total noninterest income

 

9,643

 

6,926

   
                 

Salaries and employee benefits

 

22,587

 

19,518

   

Other noninterest expense

 

20,513

 

17,940

   
 

Total noninterest expense

 

43,100

 

37,458

   
 

Income before taxes

 

51,565

 

35,827

   

Income taxes

 

17,120

 

12,389

   
 

Net income

 

34,445

 

23,438

   

Preferred stock dividends

 

400

 

200

   
 

Net income available to common stockholders

 

$        34,045

 

$         23,238

   
                 

Basic earnings per common share

 

$            5.68

 

$             4.03

   

Diluted earnings per common share

 

$            4.99

 

$             3.53

   

Average basic common shares

 

5,996,437

 

5,759,524

   

Average fully diluted common shares

 

6,941,752

 

6,749,163

   

   

 

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

                 
       

December 31, 2012

 

December 31, 2011

 

September 30, 2012

ASSETS

           

Cash and due from banks

 

$            177,450

 

$             142,368

 

$                244,673

Investment securities

 

259,848

 

309,018

 

257,373

Restricted equity securities

 

3,941

 

3,501

 

3,941

Federal funds sold and other investments

 

3,291

 

100,565

 

10,672

Mortgage loans held for sale

 

25,826

 

17,859

 

28,558

                 

Loans

   

2,363,182

 

1,830,742

 

2,161,130

Reserve for loan losses

 

(26,258)

 

(22,030)

 

(24,604)

Net loans

 

2,336,924

 

1,808,712

 

2,136,526

Foreclosed real estate

 

9,685

 

12,275

 

9,641

Bank owned life insurance contracts

 

57,014

 

40,390

 

41,551

Other assets

 

32,335

 

26,097

 

30,299

Total assets

 

$         2,906,314

 

$          2,460,785

 

$             2,763,234

                 

LIABILITIES AND STOCKHOLDERS' EQUITY

       

Liabilities:

           

Noninterest-bearing

 

$            545,174

 

$             418,810

 

$                512,962

Interest-bearing

 

1,966,398

 

1,725,077

 

1,896,559

Total deposits

 

2,511,572

 

2,143,887

 

2,409,521

Federal funds purchased

 

117,065

 

79,265

 

91,317

Borrowings

 

34,967

 

35,468

 

30,463

Interest payable

 

942

 

945

 

918

Other liabilities

 

8,511

 

4,928

 

6,009

Total liabilities

 

2,673,057

 

2,264,493

 

2,538,228

                 

Stockholders' equity

 

233,257

 

196,292

 

225,006

Total liabilities and stockholders' equity

 

$         2,906,314

 

$          2,460,785

 

$             2,763,234

 

SERVISFIRST BANCSHARES, INC.

Key Ratios

                 
       

Three Months Ended

       

December 31,

September 30,

       

2012

 

2011

 

2012

Return on average assets

 

1.18%

 

1.08%

 

1.38%

Return on average common equity

 

14.67%

 

13.40%

 

16.64%

Net interest margin (fully taxable-equivalent)

 

3.75%

 

3.72%

 

3.82%

Efficiency ratio

 

46.05%

 

46.04%

 

42.68%

                 
                 
       

Year Ended December 31,

   
       

2012

 

2011

   

Return on average assets

 

1.30%

 

1.11%

   

Return on average common equity

 

15.81%

 

14.73%

   

Net interest margin (fully taxable-equivalent)

 

3.80%

 

3.79%

   

Efficiency ratio

 

41.54%

 

45.54%

   
                 
                 
       

December 31,

September 30,

       

2012

 

2011

 

2012

Book value per common share

 

$                30.84

 

$                 26.34

 

$                    30.81

Tangible book value per common share

 

$                30.84

 

$                 26.34

 

$                    30.81

% of reserve for loan losses to total loans

 

1.11%

 

1.20%

 

1.14%

Nonperforming assets to total loans

           
 

plus foreclosed real estate

 

0.85%

 

1.41%

 

1.05%

Nonperforming assets to total assets

 

0.69%

 

1.06%

 

0.83%

 

SOURCE ServisFirst Bancshares, Inc.


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