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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 Earnings For Fourth Quarter And Year Ended December 31, 2013

Jan 28, 2014

BIRMINGHAM, Ala., Jan. 28, 2014 /PRNewswire/ -- ServisFirst Bancshares, Inc. today announced earnings for the fourth quarter and the year ended December 31, 2013.

2013 AND FOURTH QUARTER HIGHLIGHTS:

  • Net income increased 21.2% year over year and 38.8% for the fourth quarter of 2013 compared to the same quarter in 2012.  Net income for the fourth quarter of 2013 increased 10.3% over the third quarter of 2013.
  • Diluted earnings per share increased 14.0% year over year and 28.5% for the fourth quarter of 2013 compared to the same quarter in 2012.  Diluted earnings per share for the fourth quarter of 2013 increased 8.2% over the third quarter of 2013.
  • Deposits increased 20.2% year over year.
  • Loans increased 21.0% year over year.

"We are pleased with our growth in loans, deposits and earnings in 2013," said Tom Broughton, President and CEO.  "Our business model continues to attract new bankers that enable us to achieve these results."

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 http://servisfirstbancshares.investorroom.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 http://servisfirstbancshares.investorroom.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,

       

2013

 

2012

 

2013

Total interest income

 

$             33,725

 

$             29,055

 

$             32,499

Total interest expense

 

3,610

 

3,624

 

3,534

 

Net interest income before provision for loan losses

 

30,115

 

25,431

 

28,965

Provision for loan losses

 

2,356

 

2,449

 

3,034

 

Net interest income after provision for loan losses

 

27,759

 

22,982

 

25,931

 

Total noninterest income

 

2,371

 

2,586

 

2,269

                 

Salaries and employee benefits

 

6,541

 

6,477

 

7,048

Other noninterest expense

 

5,757

 

6,426

 

5,019

 

Total noninterest expense

 

12,298

 

12,903

 

12,067

 

Income before taxes

 

17,832

 

12,665

 

16,133

Income taxes

 

5,964

 

4,108

 

5,321

 

Net income

 

11,868

 

8,557

 

10,812

Preferred stock dividends

 

100

 

100

 

100

 

Net income available to common stockholders

 

$             11,768

 

$               8,457

 

$             10,712

                 

Basic earnings per common share

 

$                 1.64

 

$                 1.40

 

$                 1.53

Diluted earnings per common share

 

$                 1.58

 

$                 1.23

 

$                 1.46

Average basic common shares

 

7,159,382

 

6,052,570

 

7,019,069

Average diluted common shares

 

7,453,117

 

6,971,752

 

7,321,911

                 
       

Year Ended December 31,

   
       

2013

 

2012

   

Total interest income

 

$           126,081

 

$           109,023

   

Total interest expense

 

13,619

 

14,901

   
 

Net interest income before provision for loan losses

 

112,462

 

94,122

   

Provision for loan losses

 

13,008

 

9,100

   
 

Net interest income after provision for loan losses

 

99,454

 

85,022

   
 

Total noninterest income

 

10,010

 

9,643

   
                 

Salaries and employee benefits

 

26,324

 

22,587

   

Other noninterest expense

 

21,165

 

20,513

   
 

Total noninterest expense

 

47,489

 

43,100

   
 

Income before taxes

 

61,975

 

51,565

   

Income taxes

 

20,358

 

17,120

   
 

Net income

 

41,617

 

34,445

   

Preferred stock dividends

 

400

 

400

   
 

Net income available to common stockholders

 

$             41,217

 

$             34,045

   
                 

Basic earnings per common share

 

$                 6.00

 

$                 5.68

   

Diluted earnings per common share

 

$                 5.69

 

$                 4.99

   

Average basic common shares

 

6,869,071

 

5,996,437

   

Average diluted common shares

 

7,268,675

 

6,941,752

   

 

 

SERVISFIRST BANCSHARES, INC.

 

CONSOLIDATED BALANCE SHEETS

 

(In thousands)

 
                   
       

December 31,
2013

 

December 31,
2012

 

September 30,
2013

 

ASSETS

             

Cash and due from banks

 

$           249,781

 

$           177,454

 

$           257,490

 

Investment securities

 

298,494

 

259,844

 

289,515

 

Restricted equity securities

 

3,738

 

3,941

 

3,738

 

Federal funds sold and other investments

 

8,634

 

3,291

 

7,923

 

Mortgage loans held for sale

 

8,134

 

25,826

 

11,592

 
                   

Loans

 

2,858,868

 

2,363,182

 

2,731,973

 

Reserve for loan losses

 

(30,663)

 

(26,258)

 

(28,927)

 

Net loans

 

2,828,205

 

2,336,924

 

2,703,046

 

Other real estate owned

 

12,672

 

9,685

 

14,258

 

Bank owned life insurance contracts

 

69,008

 

57,014

 

68,460

 

Other assets

 

40,751

 

32,335

 

40,131

 

Total assets

 

$        3,519,417

 

$        2,906,314

 

$        3,396,153

 
                   

LIABILITIES AND STOCKHOLDERS' EQUITY

             

Liabilities:

             

Noninterest-bearing

 

$           650,456

 

$           545,174

 

$           635,153

 

Interest-bearing

 

2,369,186

 

1,966,398

 

2,284,064

 

Total deposits

 

3,019,642

 

2,511,572

 

2,919,217

 

Federal funds purchased

 

174,380

 

117,065

 

170,090

 

Borrowings

 

19,940

 

34,967

 

19,932

 

Interest payable

 

769

 

942

 

4,553

 

Other liabilities

 

7,494

 

8,511

 

6,061

 

Total liabilities

 

3,222,225

 

2,673,057

 

3,119,853

 
                   

Stockholders' equity

 

297,192

 

233,257

 

276,300

 

Total liabilities and stockholders' equity

 

$        3,519,417

 

$        2,906,314

 

$        3,396,153

 
                   

 

SERVISFIRST BANCSHARES, INC.

 

Key Ratios

 
               
   

Three Months Ended

 
   

December 31,

September 30,

 
   

2013

 

2012

 

2013

 

Return on average assets

 

1.35%

 

1.18%

 

1.29%

 

Return on average common equity

 

16.26%

 

14.67%

 

15.75%

 

Net interest margin (fully taxable-equivalent)

 

3.67%

 

3.75%

 

3.71%

 

Efficiency ratio

 

37.86%

 

46.05%

 

38.63%

 
               
               
   

Year Ended December 31,

     
   

2013

 

2012

     

Return on average assets

 

1.31%

 

1.30%

     

Return on average common equity

 

15.55%

 

15.81%

     

Net interest margin (fully taxable-equivalent)

 

3.80%

 

3.80%

     

Efficiency ratio

 

38.78%

 

41.54%

     
               
               
   

December 31,

September 30,

 
   

2013

 

2012

 

2013

 

Book value per common share

 

$               35.00

 

$               30.84

 

$               33.40

 

Tangible book value per common share

 

$               35.00

 

$               30.84

 

$               33.40

 

% of reserve for loan losses to total loans

 

1.07%

 

1.11%

 

1.06%

 

 

Nonperforming assets to total loans
    plus foreclosed real estate

 

0.79%

 

0.85%

 

0.86%

 

Nonperforming assets to total assets

 

0.64%

 

0.69%

 

0.70%

 

 

SOURCE ServisFirst Bancshares, Inc.


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