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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 2013

Jul 16, 2013

ServisFirst Bancshares, Inc. Announces Record Second Quarter 2013

PR Newswire

BIRMINGHAM, Ala., July 16, 2013 /PRNewswire/ -- ServisFirst Bancshares, Inc. today announced record earnings for the quarter and six months ended June 30, 2013.

SECOND QUARTER 2013 HIGHLIGHTS:

  • Second quarter record net income of $9.6 million, a 17.1% increase year / year
  • Diluted earnings per share of $2.64 for the six months ended June 30, 2013, a 9.5% increase year /year
  • Strong balance sheet quality with non-performing assets less than 1% of total assets
  • Full Mobile team of officers and directors joined ServisFirst in the second quarter and Nashville office opened

Tom Broughton, President and CEO, said, "We are pleased to exceed $3 billion in total assets during the quarter as we celebrated our eighth anniversary," Bud Foshee, CFO, stated, "We continue to focus on improving service levels to our customers which continue to attract new clients to the Bank."

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, Pensacola, Florida and Nashville, Tennessee.

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; 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 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,

       

2013

 

2012

 

2013

Total interest income

 

$        30,692

 

$       26,654

 

$       29,165

Total interest expense

 

3,211

 

3,749

 

3,264

 

Net interest income before provision

 

27,481

 

22,905

 

25,901

Provision for loan losses

 

3,334

 

3,083

 

4,284

 

Net interest income after provision for loan losses

 

24,147

 

19,822

 

21,617

 

Total noninterest income

 

2,573

 

2,428

 

2,797

                 

Salaries and employee benefits

 

7,056

 

5,248

 

5,679

Other noninterest expense

 

5,316

 

4,647

 

5,073

 

Total noninterest expense

 

12,372

 

9,895

 

10,752

 

Income before taxes

 

14,348

 

12,355

 

13,662

Income taxes

 

4,662

 

4,024

 

4,411

 

Net income

 

9,686

 

8,331

 

9,251

Preferred stock dividends

 

100

 

100

 

100

 

Net income available to common stockholders

 

$          9,586

 

$         8,231

 

$         9,151

                 

Basic earnings per common share

 

$            1.38

 

$           1.38

 

$           1.44

Diluted earnings per common share

 

$            1.33

 

$           1.21

 

$           1.31

Average basic common shares

 

6,944,900

 

5,981,218

 

6,341,605

Average diluted common shares

 

7,218,442

 

6,933,564

 

7,076,505

                 
       

Six Months Ended June 30,

   
       

2013

 

2012

   

Total interest income

 

$        59,857

 

$       52,225

   

Total interest expense

 

6,475

 

7,582

   
 

Net interest income before provision

 

53,382

 

44,643

   

Provision for loan losses

 

7,618

 

5,466

   
 

Net interest income after provision for loan losses

 

45,764

 

39,177

   
 

Total noninterest income

 

5,370

 

4,697

   
                 

Salaries and employee benefits

 

12,735

 

10,413

   

Other noninterest expense

 

10,389

 

8,513

   
 

Total noninterest expense

 

23,124

 

18,926

   
 

Income before taxes

 

28,010

 

24,948

   

Income taxes

 

9,073

 

8,361

   
 

Net income

 

18,937

 

16,587

   

Preferred stock dividends

 

200

 

200

   
 

Net income available to common stockholders

 

$        18,737

 

$       16,387

   
                 

Basic earnings per common share

 

$            2.83

 

$           2.74

   

Diluted earnings per common share

 

$            2.64

 

$           2.41

   

Average basic common shares

 

6,618,129

 

5,971,630

   

Average diluted common shares

 

7,147,865

 

6,923,717

   
                 

 

 

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

                 
       

June 30, 2013

 

June 30, 2012

 

December 31,

2012

ASSETS

           

Cash and due from banks

 

$         190,018

 

$         71,334

 

$      177,450

Investment securities

 

261,578

 

317,519

 

259,848

Restricted equity securities

 

3,738

 

4,018

 

3,941

Federal funds sold and other investments

 

2,590

 

84,468

 

3,291

Mortgage loans held for sale

 

16,374

 

15,000

 

25,826

                 

Loans

 

2,590,192

 

2,022,589

 

2,363,182

Reserve for loan losses

 

(28,757)

 

(23,239)

 

(26,258)

Net loans

 

2,561,435

 

1,999,350

 

2,336,924

Foreclosed real estate

 

9,071

 

9,834

 

9,685

Bank owned life insurance contracts

 

57,969

 

41,165

 

57,014

Other assets

 

37,815

 

27,555

 

32,335

Total assets

 

$      3,140,588

 

$    2,570,243

 

$   2,906,314

                 

LIABILITIES AND STOCKHOLDERS' EQUITY

     

Liabilities:

           

Noninterest-bearing

 

$         562,295

 

$       467,344

 

$      545,174

Interest-bearing

 

2,112,781

 

1,773,558

 

1,966,398

Total deposits

 

2,675,076

 

2,240,902

 

2,511,572

Federal funds purchased

 

175,475

 

80,205

 

117,065

Borrowings

 

19,924

 

30,514

 

34,967

Interest payable

 

905

 

935

 

942

Other liabilities

 

4,057

 

2,819

 

8,511

Total liabilities

 

2,875,437

 

2,355,375

 

2,673,057

                 

Stockholders' equity

 

265,151

 

214,868

 

233,257

Total liabilities and stockholders' equity

 

$      3,140,588

 

$    2,570,243

 

$   2,906,314

                 

 

 

SERVISFIRST BANCSHARES, INC.

Key Ratios

                 
       

Three Months Ended

       

June 30,

 

March 31,

       

2013

 

2012

 

2013

Return on average assets

 

1.29%

 

1.31%

 

1.30%

Return on average common equity

 

14.65%

 

15.74%

 

15.12%

Net interest margin (fully taxable-equivalent)

 

3.93%

 

3.85%

 

3.92%

Efficiency ratio

 

41.17%

 

39.06%

 

37.47%

                 
                 
       

Six Months Ended June 30,

   
       

2013

 

2012

   

Return on average assets

 

1.30%

 

1.32%

   

Return on average common equity

 

15.09%

 

16.02%

   

Net interest margin (fully taxable-equivalent)

 

3.92%

 

3.81%

   

Efficiency ratio

 

39.36%

 

38.36%

   
                 
                 
       

June 30,

 

March 31,

       

2013

 

2012

 

2013

Book value per common share

 

$      32.29

 

$      29.13

 

$      31.54

Tangible book value per common share

 

$      32.29

 

$      29.13

 

$      31.54

% of reserve for loan losses to total loans

 

1.11%

 

1.15%

 

1.12%

Nonperforming assets to total loans

           

 

plus foreclosed real estate

 

0.93%

 

1.08%

 

1.31%

Nonperforming assets to total assets

 

0.77%

 

0.85%

 

1.13%

                 

 

SOURCE ServisFirst Bancshares, Inc.


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