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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 2013

Oct 21, 2013

BIRMINGHAM, Ala., Oct. 21, 2013 /PRNewswire/ -- ServisFirst Bancshares, Inc. today announces record earnings for the quarter and nine months ended September 30, 2013.

Third Quarter 2013 Highlights:

  • Third quarter record net income of $10.7 million, a 16.4% increase year over year
  • Diluted earnings per share of $4.10 for the nine months, a 9.6% increase year over year
  • Continued strong asset quality as reflected by non-performing assets to total assets of 0.70%
  • Book value was $33.40 at quarter end
  • Total assets were $3.4 billion at the end of the third quarter

Bud Foshee, CFO, stated, "We are pleased to report record quarterly earnings that make this the fifteenth consecutive quarter of record earnings." Tom Broughton, President and CEO, said, "We are pleased with our continued strong loan and deposit growth of 26.4% and 21.2%, respectively, year over year."

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

       

September 30,

 

June 30,

       

2013

 

2012

 

2013

Total interest income

 

$            32,499

 

$          27,743

 

$           30,692

Total interest expense

 

3,534

 

3,695

 

3,211

 

Net interest income before

provision for loan losses

 

28,965

 

24,048

 

27,481

Provision for loan losses

 

3,034

 

1,185

 

3,334

 

Net interest income after

provision for loan losses

 

25,931

 

22,863

 

24,147

 

Total noninterest income

 

2,269

 

2,360

 

2,573

                 

Salaries and employee benefits

 

7,048

 

5,697

 

7,056

Other noninterest expense

 

5,019

 

5,574

 

5,316

 

Total noninterest expense

 

12,067

 

11,271

 

12,372

 

Income before taxes

 

16,133

 

13,952

 

14,348

Income taxes

 

5,321

 

4,650

 

4,662

 

Net income

 

10,812

 

9,302

 

9,686

Preferred stock dividends

 

100

 

100

 

100

 

Net income available to

common stockholders

 

$            10,712

 

$            9,202

 

$             9,586

                 

Basic earnings per common share

 

$                1.53

 

$              1.53

 

$               1.38

Diluted earnings per common share

 

$                1.46

 

$              1.35

 

$               1.33

Average basic common shares

 

7,019,069

 

6,005,242

 

6,944,900

Average diluted common shares

 

7,277,105

 

6,947,429

 

7,218,442

                 
       

Nine Months Ended September 30,

   
       

2013

 

2012

   

Total interest income

 

$            92,356

 

$          79,968

   

Total interest expense

 

10,009

 

11,277

   
 

Net interest income before

provision for loan losses

 

82,347

 

68,691

   

Provision for loan losses

 

10,652

 

6,651

   
 

Net interest income after

provision for loan losses

 

71,695

 

62,040

   
 

Total noninterest income

 

7,639

 

7,057

   
                 

Salaries and employee benefits

 

19,783

 

16,110

   

Other noninterest expense

 

15,408

 

14,087

   
 

Total noninterest expense

 

35,191

 

30,197

   
 

Income before taxes

 

44,143

 

38,900

   

Income taxes

 

14,394

 

13,011

   
 

Net income

 

29,749

 

25,889

   

Preferred stock dividends

 

300

 

300

   
 

Net income available to

common stockholders

 

$            29,449

 

$          25,589

   
                 

Basic earnings per common share

 

$                4.35

 

$              4.28

   

Diluted earnings per common share

 

$                4.10

 

$              3.75

   

Average basic common shares

 

6,768,678

 

5,977,590

   

Average diluted common shares

 

7,191,419

 

6,931,678

   

 

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

                 
       

September 30, 2013

 

September 30, 2012

 

December 31, 2012

ASSETS

           

Cash and due from banks

 

$          257,490

 

$            244,673

 

$              177,450

Investment securities

 

289,515

 

257,373

 

259,848

Restricted equity securities

 

3,738

 

3,941

 

3,941

Federal funds sold and other

investments

 

7,923

 

10,672

 

3,291

Mortgage loans held for sale

 

11,592

 

28,558

 

25,826

Loans

   

2,731,973

 

2,161,130

 

2,363,182

Reserve for loan losses

 

(28,927)

 

(24,604)

 

(26,258)

Net loans

 

2,703,046

 

2,136,526

 

2,336,924

Foreclosed real estate

 

14,070

 

9,641

 

9,685

Bank owned life insurance

contracts

 

68,460

 

41,551

 

57,014

Other assets

 

40,129

 

30,299

 

32,335

Total assets

 

$       3,395,963

 

$         2,763,234

 

$           2,906,314

                 

LIABILITIES AND

STOCKHOLDERS' EQUITY

           

Liabilities:

           

Noninterest-bearing

 

$          635,153

 

$            512,962

 

$              545,174

Interest-bearing

 

2,284,064

 

1,896,559

 

1,966,398

Total deposits

 

2,919,217

 

2,409,521

 

2,511,572

Federal funds purchased

 

170,090

 

91,317

 

117,065

Borrowings

 

19,932

 

30,514

 

34,967

Interest payable

 

4,553

 

867

 

942

Other liabilities

 

6,061

 

6,009

 

8,511

Total liabilities

 

3,119,853

 

2,538,228

 

2,673,057

                 

Stockholders' equity

 

276,110

 

225,006

 

233,257

Total liabilities and stockholders'

equity

 

$       3,395,963

 

$         2,763,234

 

$           2,906,314

 

SERVISFIRST BANCSHARES, INC.

Key Ratios

                 
       

Three Months Ended

       

September 30,

June 30,

       

2013

 

2012

 

2013

Return on average assets

 

1.29%

 

1.38%

 

1.29%

Return on average common equity

 

15.75%

 

16.64%

 

14.65%

Net interest margin (fully taxable-equivalent)

 

3.71%

 

3.82%

 

3.93%

Efficiency ratio

 

38.63%

 

42.68%

 

41.17%

                 
                 
       

Nine Months Ended September 30,

   
       

2013

 

2012

   

Return on average assets

 

1.30%

 

1.34%

   

Return on average common equity

 

15.47%

 

16.22%

   

Net interest margin (fully taxable-equivalent)

 

3.84%

 

3.81%

   

Efficiency ratio

 

39.11%

 

39.87%

   
                 
                 
       

September 30,

June 30,

       

2013

 

2012

 

2013

Book value per common share

 

$          33.40

 

$                 30.81

 

$              32.29

Tangible book value per common share

 

$         33.40

 

$                 30.81

 

$              32.29

% of reserve for loan losses to total loans

 

1.06%

 

1.14%

 

1.11%

Nonperforming assets to total loans

           
 

plus foreclosed real estate

 

0.86%

 

1.05%

 

0.93%

Nonperforming assets to total assets

 

0.70%

 

0.83%

 

0.77%

           

SOURCE ServisFirst Bancshares, Inc.


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