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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 2013

Apr 16, 2013

ServisFirst Bancshares, Inc. Announces Record First Quarter 2013

PR Newswire

BIRMINGHAM, Ala., April 16, 2013 /PRNewswire/ -- ServisFirst Bancshares, Inc. today reported record earnings for the quarter ended March 31, 2013.

FIRST QUARTER 2013 HIGHLIGHTS:

  • Fully diluted earnings per share of $1.40 for the first quarter, a 17% increase year /year
  • First Quarter record net income of $9.2 million, a 12% increase year / year
  • ServisFirst Bank named the 14th Best Performing Bank between $500 Million and $5 Billion for 2012 by SNL Financial in the United States
  • Tier 1 leverage ratio of 8.8%. ServisFirst Bank's Tier 1 leverage ratio remains well above the FDIC "Well Capitalized" standard

Tom Broughton, President and CEO, stated, "We are pleased to report record quarterly net income as we approach our eighth anniversary in May and we appreciate the support of our very involved shareholders." Bud Foshee, CFO, said, "ServisFirst Bank's  net interest margin reached 4.05% in the first quarter of 2013, up from 3.93% in the first quarter of 2012 and up from 3.89% in the fourth quarter of 2012."

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 collectability of loans and the value of collateral; the effect of natural disasters, such as hurricanes and tornadoes, 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,

       

2013

 

2012

 

2012

Total interest income

 

$         29,165

 

$       25,571

 

$           29,055

Total interest expense

 

3,264

 

3,833

 

3,624

 

Net interest income before provision

 

25,901

 

21,738

 

25,431

Provision for loan losses

 

4,284

 

2,383

 

2,449

 

Net interest income after provision for loan losses

21,617

 

19,355

 

22,982

 

Total noninterest income

 

2,797

 

2,269

 

2,586

                 

Salaries and employee benefits

 

5,679

 

5,165

 

6,477

Other noninterest expense

 

5,073

 

3,866

 

6,426

 

Total noninterest expense

 

10,752

 

9,031

 

12,903

 

Income before taxes

 

13,662

 

12,593

 

12,665

Income taxes

 

4,411

 

4,337

 

4,108

 

Net income

 

9,251

 

8,256

 

8,557

Preferred stock dividends

 

100

 

100

 

100

 

Net income available to common stockholders

 

$           9,151

 

$         8,156

 

$             8,457

                 

Basic earnings per common share

 

$             1.44

 

$           1.37

 

$               1.40

Diluted earnings per common share

 

$             1.40

 

$           1.20

 

$               1.23

Average basic common shares

 

6,341,605

 

5,946,006

 

6,052,570

Average fully diluted common shares

 

6,556,943

 

6,913,869

 

6,971,752

 

 

 

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

                 
       

March 31, 2013

 

March 31, 2012

 

December 31, 2012

ASSETS

           

Cash and due from banks

 

$              45,758

 

$             138,111

 

$             177,450

Investment securities

 

262,103

 

311,908

 

259,848

Restricted equity securities

 

3,738

 

4,288

 

3,941

Federal funds sold and other investments

 

1,545

 

90,892

 

3,291

Mortgage loans held for sale

 

15,804

 

12,611

 

25,826

                 

Loans

   

2,462,154

 

1,918,636

 

2,363,182

Reserve for loan losses

 

(27,679)

 

(23,662)

 

(26,258)

Net loans

 

2,434,475

 

1,894,974

 

2,336,924

Foreclosed real estate

 

8,076

 

11,637

 

9,685

Bank owned life insurance contracts

 

57,485

 

40,780

 

57,014

Other assets

 

32,774

 

26,283

 

32,335

Total assets

 

$         2,861,758

 

$          2,531,484

 

$          2,906,314

                 

LIABILITIES AND STOCKHOLDERS' EQUITY

           

Liabilities:

           

Noninterest-bearing

 

$            507,647

 

$             432,418

 

$             545,174

Interest-bearing

 

1,915,887

 

1,756,958

 

1,966,398

Total deposits

 

2,423,534

 

2,189,376

 

2,511,572

Federal funds purchased

 

153,930

 

93,385

 

117,065

Borrowings

 

19,916

 

35,472

 

34,967

Interest payable

 

1,154

 

1,016

 

942

Other liabilities

 

5,677

 

6,851

 

8,511

Total liabilities

 

2,604,211

 

2,326,100

 

2,673,057

                 

Stockholders' equity

 

257,547

 

205,384

 

233,257

Total liabilities and stockholders' equity

 

$         2,861,758

 

$          2,531,484

 

$          2,906,314

 

SERVISFIRST BANCSHARES, INC.

Key Ratios

                 
       

Three Months Ended

       

March 31,

December 31,

       

2013

 

2012

 

2012

Return on average assets

 

1.30%

 

1.33%

 

1.18%

Return on average common equity

 

15.12%

 

16.31%

 

14.67%

Net interest margin (fully taxable-equivalent)

 

3.92%

 

3.76%

 

3.75%

Efficiency ratio

 

37.47%

 

37.62%

 

46.05%

                 
                 
       

March 31,

December 31,

       

2013

 

2012

 

2012

Book value per common share

 

$31.54

 

$27.73

 

$30.84

Tangible book value per common share

 

$31.54

 

$27.73

 

$30.84

% of reserve for loan losses to total loans

 

1.12%

 

1.23%

 

1.11%

Nonperforming assets to total loans plus foreclosed

   real estate

           
 

1.31%

 

1.40%

 

0.85%

Nonperforming assets to total assets

 

1.13%

 

1.07%

 

0.69%

                         

 

SOURCE ServisFirst Bancshares, Inc.


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