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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 Results For First Quarter 2014

Apr 21, 2014

BIRMINGHAM, Ala., April 21, 2014 /PRNewswire/ -- ServisFirst Bancshares, Inc. today announced earnings and operating results for the first quarter of 2014.

FIRST Quarter 2014 Highlights:

  • First quarter net income of $11.8 million, a 27.4% increase year over year
  • Diluted earnings per share of $1.52,  a 16.0% increase year over year
  • Nonperforming assets to total assets of 0.53%, well below the levels experienced during 2013, and reflective of strong credit quality and financial strength

Tom Broughton, President and CEO, said "We are pleased to have a strong start for 2014."  Bud Foshee, CFO, stated "Our focus continues to be on attracting new clients to our bank and providing excellent customer service."

 

 

FINANCIAL SUMMARY

                       

(in Thousands except share and per share amounts)

                       
                             
       

Q1 2014

 

Q1 2013

 

% Change

 

QUARTERLY OPERATING RESULTS

                       

Net Income

 

$

11,756

   

$

9,251

   

27

%

 

Net Income Available to Common Stockholders

 

$

11,656

   

$

9,151

   

27

%

 

Diluted Earnings Per Share

 

$

1.52

   

$

1.31

   

16

%

 

Return on Average Assets

   

1.35

%

   

1.30

%

       

Return on Average Common Equity

   

17.83

%

   

18.07

%

       

Diluted Shares Outstanding

   

7,661,890

     

7,076,505

         
                             

BALANCE SHEET

                       

Total Assets

 

$

3,572,914

   

$

2,861,758

   

25

%

 

Loans

   

2,937,797

     

2,462,154

   

19

%

 

Noninterest Bearing Demand Deposits

   

662,834

     

507,647

   

31

%

 

Total Deposits

   

3,031,041

     

2,423,534

   

25

%

 

Stockholders' Equity

   

312,283

     

257,547

   

21

%

 

 

DETAILED FINANCIALS

ServisFirst Bancshares, Inc. reported net income of $11.8 million and net income available to common stockholders of $11.7 million for the quarter ended March 31, 2014, compared to net income of $9.3 million and net income available to common stockholders of $9.2 million for the same quarter in 2013.  Basic and diluted earnings per common share were $1.58 and $1.52, respectively, for the first quarter of 2014, compared to $1.44 and $1.31, respectively, for the first quarter of 2013.

Return on average assets was 1.35% and return on average equity was 15.49% for the first quarter of 2014, compared to 1.30% and 15.12%, respectively, for the first quarter of 2013.

Net interest income was $30.8 million for the first quarter of 2014, compared to $30.1 million for the fourth quarter of 2013 and $25.9 million for the first quarter of 2013.  The net interest margin in the first quarter of 2014 was 3.80%, a 13 basis point increase from the fourth quarter of 2013 and 4 basis point decrease from the first quarter of 2013.  The increase in net interest margin on a linked quarter basis is attributable to a $146.0 million increase in average loans outstanding, resulting in a positive mix change in our balance sheet.  Our overall cost of funds was down 2 basis points to 0.55% and average equity was higher by approximately $18.0 million.

Average loans for the first quarter of 2014 were $2.91 billion, an increase of $146.0 million, or 5%, over average loans of $2.76 billion for the fourth quarter of 2013, and an increase of $520.0 million, or 18%, over average loans of $2.39 billion for the first quarter of 2013.

Average total deposits for the first quarter of 2014 were flat at $2.97 billion when compared to the fourth quarter of 2013, and increased $544.0 million, or 22%, over average deposits of $2.43 billion for the first quarter of 2013.

In the first quarter of 2014, we experienced a decrease in nonperforming assets, led by a decrease in other real estate owned.  We sold 16 properties during the first quarter of 2014 for total proceeds of $2.9 million.  Net credit charge-offs, while higher in the first quarter of 2014 than in the fourth quarter of 2013, remain well below levels we experienced in the first three quarters of 2013.  We recorded a $2.3 million provision for loan losses in the first quarter of 2014 compared to $2.4 million in the fourth quarter of 2013 and $4.3 million in the first quarter of 2013.  Growth in loans and improving credit quality has resulted in our loan loss reserve as a percent of loans remaining relatively stable, increasing one basis point to 1.08% at March 31, 2014 as compared to 1.07% at December 31, 2013 and two basis points as compared to 1.06% at September 30, 2013.  In management's opinion, the reserve is adequate and was determined by consistent application of ServisFirst Bank's methodology for calculating its reserve for loan losses.

Noninterest income decreased $622,000 during the first quarter of 2014, or 22%, compared to the first quarter of 2013 primarily the result of a $696,000 decrease in mortgage banking revenue.  We also had no securities sales in the first quarter of 2014 compared to $123,000 in securities gains during the first quarter of 2013.  Deposit service charges increased by $106,000, or 14%, resulting from higher balances and an increase in the number of accounts and transactions.  Increases in the cash surrender value of our life insurance contracts resulted from added investments in contracts during the third quarter of 2013.

Noninterest expense for the first quarter of 2014 increased $2.9 million, or 27%, to $13.7 million from $10.8 million in the first quarter of 2013.  This increase consists primarily of a $1.3 million, or 23%, increase in salaries and employee benefits related to new hires to fill positions in our newer markets of Mobile, Alabama and Nashville, Tennessee, a $300,000 increase in equipment and occupancy expense in these markets attributable to such expansion and a non-routine expense of $703,000 resulting from a correction of our accounting for vested stock options previously granted to members of our advisory boards in our Dothan, Huntsville and Montgomery markets.  We historically accounted for these options under the provisions of FASB ASC 718-10, Compensation – Stock Compensation, and now have determined to recognize as an expense the fair value of these vested options in accordance with the provisions of the FASB ASC Topic 505-50, Equity-Based Payments to Non-Employees.  The change in accounting treatment is a non-cash item and does not impact the Company's operating activities or cash from operations.

About ServisFirst Bancshares, Inc.

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, Montgomery, Mobile 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

 

 

 

SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)

                                         

(In thousands except per share data)

                                         
   

1st Quarter 2014

 

4th Quarter 2013

 

3rd Quarter 2013

 

2nd Quarter 2013

 

1st Quarter 2013

 

CONSOLIDATED STATEMENT OF INCOME

                                         

Interest income

 

$

34,279

   

$

33,725

   

$

32,499

   

$

30,692

   

$

29,165

   

Interest expense

   

3,432

     

3,610

     

3,534

     

3,211

     

3,264

   

Net interest income

   

30,847

     

30,115

     

28,965

     

27,481

     

25,901

   

Provision for loan losses

   

2,314

     

2,356

     

3,034

     

3,334

     

4,284

   

Net interest income after provision for loan losses

   

28,533

     

27,759

     

25,931

     

24,147

     

21,617

   

Noninterest income

   

2,175

     

2,371

     

2,269

     

2,573

     

2,797

   

Noninterest expense

   

13,723

     

12,298

     

12,067

     

12,372

     

10,752

   

Income before income taxes

   

16,985

     

17,832

     

16,133

     

14,348

     

13,662

   

Provision for income taxes

   

5,229

     

5,964

     

5,321

     

4,662

     

4,411

   

Net income

   

11,756

     

11,868

     

10,812

     

9,686

     

9,251

   

Preferred stock dividends

   

100

     

116

     

100

     

100

     

100

   

Net income available to common stockholders

 

$

11,656

   

$

11,752

   

$

10,712

   

$

9,586

   

$

9,151

   

Earnings per share - basic

 

$

1.58

   

$

1.64

   

$

1.53

   

$

1.38

   

$

1.44

   

Earnings per share - diluted

 

$

1.52

   

$

1.58

   

$

1.46

   

$

1.33

   

$

1.31

   

Average diluted shares outstanding

   

7,661,890

     

7,453,117

     

7,321,911

     

7,218,442

     

7,076,505

   
                                           

CONSOLIDATED BALANCE SHEET DATA

                                         

Total assets

 

$

3,572,914

   

$

3,519,417

   

$

3,396,153

   

$

3,140,626

   

$

2,861,758

   

Loans

   

2,937,797

     

2,858,868

     

2,731,973

     

2,590,192

     

2,462,154

   

Debt securities

   

309,475

     

298,494

     

289,515

     

261,578

     

262,103

   

Demand deposits

   

662,834

     

650,456

     

635,153

     

562,196

     

507,647

   

Total deposits

   

3,031,041

     

3,019,642

     

2,919,217

     

2,674,977

     

2,423,534

   

Borrowings

   

19,949

     

19,940

     

19,932

     

19,924

     

19,916

   

Stockholders' equity

 

$

312,283

   

$

297,192

   

$

276,300

   

$

265,189

   

$

257,547

   
                                           

Shares outstanding

   

7,524,812

     

7,350,012

     

7,076,347

     

6,974,312

     

6,897,812

   

Book value per share

 

$

36.19

   

$

35.00

   

$

33.40

   

$

32.29

   

$

31.54

   

Tangible book value per share (1)

 

$

36.19

   

$

35.00

   

$

33.40

   

$

32.29

   

$

31.54

   
                                           

SELECTED FINANCIAL RATIOS

                                         

Net interest margin

   

3.80

%

   

3.67

%

   

3.71

%

   

3.93

%

   

3.92

%

 

Return on average assets

   

1.35

%

   

1.35

%

   

1.29

%

   

1.29

%

   

1.30

%

 

Return on average common equity

   

17.83

%

   

18.86

%

   

18.47

%

   

17.28

%

   

18.07

%

 

Efficiency ratio

   

41.56

%

   

37.86

%

   

38.63

%

   

41.17

%

   

37.47

%

 

Noninterest expense to average earning assets

   

1.66

%

   

1.48

%

   

1.65

%

   

1.74

%

   

1.60

%

 

Tangible common equity to total tangible assets (1)

   

7.62

%

   

7.31

%

   

6.96

%

   

7.17

%

   

7.60

%

 
                                           

(1) Non-GAAP financial measures.  "Tangible book value per share" and "tangible common equity to total tangible assets" are not measures of financial performance recognized by generally accepted accounting principles in the United States, or GAAP;   However, because the Company has no intangible assets, there is no reconciliation of these non-GAAP financial measures.

 

 

 

 

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

                   

(Dollars in thousands)

                   
       

March 31, 2014

 

March 31, 2013

 

% Change

 

ASSETS

                   

Cash and due from banks

 

$

77,542

 

$

33,970

 

128

%

 

Interest-bearing balances due from depository institutions

   

134,415

   

11,914

 

1,028

%

 

Federal funds sold

   

10,535

   

1,545

 

582

%

 
 

Cash and cash equivalents

   

222,492

   

47,431

 

369

%

 

Available for sale debt securities, at fair value

   

277,501

   

229,434

 

21

%

 

Held to maturity debt securities (fair value of $33,782 and $33,692 at

                   
 

March 31, 2014 and 2013, respectively)

   

31,974

   

32,669

 

(2)

%

 

Restricted equity securities

   

3,738

   

3,738

 

-

%

 

Mortgage loans held for sale

   

6,704

   

15,804

 

(58)

%

 

Loans

   

2,937,797

   

2,462,154

 

19

%

 

Less allowance for loan losses

   

(31,728)

   

(27,679)

 

15

%

 
 

Loans, net

   

2,906,069

   

2,434,475

 

19

%

 

Premises and equipment, net

   

8,015

   

8,845

 

(9)

%

 

Accrued interest and dividends receivable

   

10,370

   

9,154

 

13

%

 

Deferred tax asset, net

   

11,935

   

8,384

 

42

%

 

Other real estate owned and repossessed assets

   

9,752

   

8,076

 

21

%

 

Bank owned life insurance contracts

   

69,544

   

57,485

 

21

%

 

Other assets

   

14,820

   

6,391

 

132

%

 
 

Total assets

 

$

3,572,914

 

$

2,861,884

 

25

%

 

LIABILITIES AND STOCKHOLDERS' EQUITY

                   

Liabilities:

                   

Deposits:

                   
 

Noninterest-bearing

 

$

662,834

 

$

507,647

 

31

%

 
 

Interest-bearing

   

2,368,207

   

1,915,887

 

24

%

 
   

Total deposits

   

3,031,041

   

2,423,534

 

25

%

 

Federal funds purchased

   

195,762

   

153,930

 

27

%

 

Other borrowings

   

19,949

   

19,916

 

0

%

 

Accrued interest payable

   

2,121

   

1,154

 

84

%

 

Other liabilities

   

11,758

   

5,677

 

107

%

 
 

Total liabilities

   

3,260,631

   

2,604,211

 

25

%

 

Stockholders' equity:

                   
 

Preferred stock, Series A Senior Non-Cumulative Perpetual, par value $0.001

                   
   

(liquidation preference $1,000), net of discount; 40,000 shares authorized,

                   
   

40,000 shares issued and outstanding at March 31, 2014 and 2013

   

39,958

   

39,958

 

-

%

 
 

Preferred stock, par value $0.001 per share; 1,000,000 authorized and

                   
 

Common stock, par value $0.001 per share; 50,000,000 shares authorized;

                   
   

7,524,812 shares issued and outstanding at March 31, 2014 and

                   
   

6,897,812 shares issued and outstanding at March 31, 2013

   

8

   

7

 

14

%

 
 

Additional paid-in capital

   

127,218

   

109,022

 

17

%

 
 

Retained earnings

   

140,538

   

101,631

 

38

%

 
 

Accumulated other comprehensive income

   

4,309

   

6,929

 

(38)

%

 
 

Noncontrolling interest

   

252

   

126

 

100

%

 
   

Total stockholders' equity

   

312,283

   

257,673

 

21

%

 
 

Total liabilities and stockholders' equity

 

$

3,572,914

 

$

2,861,884

 

25

%

 

 

 

 

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

       

(In thousands except per share data)

             
         

Three Months Ended March 31,

 
         

2014

 

2013

 

Interest income:

             
 

Interest and fees on loans

 

$

32,250

 

$

27,318

 
 

Taxable securities

   

1,097

   

948

 
 

Nontaxable securities

   

871

   

832

 
 

Federal funds sold

   

42

   

16

 
 

Other interest and dividends

   

19

   

51

 
 

   Total interest income

   

34,279

   

29,165

 

Interest expense:

             
 

Deposits

   

3,014

   

2,713

 
 

Borrowed funds

   

418

   

551

 
 

   Total interest expense

   

3,432

   

3,264

 
 

   Net interest income

   

30,847

   

25,901

 

Provision for loan losses

   

2,314

   

4,284

 
 

   Net interest income after provision for loan losses

   

28,533

   

21,617

 

Noninterest income:

             
 

Service charges on deposit accounts

   

868

   

762

 
 

Mortgage banking

   

284

   

980

 
 

Securities gains

   

-

   

123

 
 

Increase in cash surrender value life insurance

   

536

   

470

 
 

Other operating income

   

487

   

462

 
 

   Total noninterest income

   

2,175

   

2,797

 

Noninterest expense:

             
 

Salaries and employee benefits

   

7,697

   

5,679

 
 

Equipment and occupancy expense

   

1,366

   

1,111

 
 

Professional services

   

516

   

461

 
 

FDIC and other regulatory assessments

   

517

   

432

 
 

Other real estate owned expense

   

487

   

390

 
 

Other operating expenses

   

3,139

   

2,679

 
 

   Total noninterest expenses

   

13,723

   

10,752

 
 

   Income before income taxes

   

16,985

   

13,662

 

Provision for income taxes

   

5,229

   

4,411

 
 

         Net income

   

11,756

   

9,251

 
 

Dividends on preferred stock

   

100

   

100

 
 

         Net income available to common stockholders

 

$

11,656

 

$

9,151

 

Basic earnings per common share

 

$

1.58

 

$

1.44

 

Diluted earnings per common share

 

$

1.52

 

$

1.31

 

 

 

 

SUMMARY OF LOAN LOSS EXPERIENCE

                                   

(Dollars in thousands)

                                   
         

1st Quarter 2014

 

4th Quarter 2013

 

3rd Quarter 2013

 

2nd Quarter 2013

 

1st Quarter 2013

 

Reserve for loan losses:

                                         

Beginning balance

 

$

30,663

   

$

28,927

   

$

28,757

   

$

27,679

   

$

26,258

   

Loans charged off:

                                         
 

Commercial financial and agricultural

   

1,222

     

95

     

849

     

101

     

887

   
 

Real estate - construction

   

23

     

557

     

394

     

1,888

     

1,990

   
 

Real estate - mortgage:

   

4

     

25

     

1,746

     

270

     

-

   
 

Consumer

   

58

     

38

     

42

     

129

     

1

   
 

     Total charge off

   

1,307

     

715

     

3,031

     

2,388

     

2,878

   

Recoveries:

                                         
 

Commercial financial and agricultural

   

45

     

16

     

13

     

31

     

6

   
 

Real estate - construction

   

8

     

70

     

124

     

95

     

7

   
 

Real estate - mortgage:

   

4

     

9

     

24

     

3

     

-

   
 

Consumer

   

1

     

-

     

6

     

3

     

2

   
 

     Total recoveries

   

58

     

95

     

167

     

132

     

15

   
 

Net charge-off

   

1,249

     

620

     

2,864

     

2,256

     

2,863

   
 

Provision for loan losses

   

2,314

     

2,356

     

3,034

     

3,334

     

4,284

   
 

Ending balance

 

$

31,728

   

$

30,663

   

$

28,927

   

$

28,757

   

$

27,679

   
                                                 
 

Reserve for loan losses to total loans

   

1.08

%

   

1.07

%

   

1.06

%

   

1.11

%

   

1.12

%

 
 

Reserve for loan losses to total average

                                         
 

     loans

   

1.09

%

   

1.11

%

   

1.09

%

   

1.14

%

   

1.16

%

 
 

Net charge-offs to total average loans

   

0.17

%

   

0.09

%

   

0.43

%

   

0.36

%

   

0.49

%

 
 

Provision for loan losses to total average

                                         
 

     loans

   

0.32

%

   

0.34

%

   

0.46

%

   

0.53

%

   

0.73

%

 
 

Nonperforming assets:

                                         
 

     Nonaccrual loans

 

$

9,084

   

$

9,621

   

$

9,396

   

$

14,765

   

$

24,231

   
 

     Loans 90+ days past due and accruing

   

110

     

115

     

-

     

259

     

33

   
 

     Other real estate owned and

                                         
 

        repossessed assets

   

9,824

     

12,861

     

14,258

     

9,232

     

8,112

   
 

Total

 

$

19,018

   

$

22,597

   

$

23,654

   

$

24,256

   

$

32,376

   
                                                 
 

Nonperforming loans to total loans

   

0.31

%

   

0.35

%

   

0.34

%

   

0.58

%

   

0.99

%

 
 

Nonperforming assets to total assets

   

0.53

%

   

0.64

%

   

0.70

%

   

0.77

%

   

1.13

%

 
 

Nonperforming assets to earning assets

   

0.55

%

   

0.66

%

   

0.72

%

   

0.79

%

   

1.15

%

 
 

Reserve for loan losses to nonaccrual loans

   

349.27

%

   

318.71

%

   

307.87

%

   

194.76

%

   

114.23

%

 
                                                 
 

Restructured accruing loans

 

$

9,411

   

$

9,689

   

$

6,233

   

$

9,406

   

$

9,475

   
                                                 
 

Restructured accruing loans to total loans

   

0.32

%

   

0.35

%

   

0.23

%

   

0.36

%

   

0.38

%

 

 

 

 

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

                   

(In thousands except per share data)

                   
       

1st Quarter

2014

 

4th Quarter

2013

 

3rd Quarter

2013

 

2nd Quarter

2013

 

1st Quarter

2013

 

Interest income:

                               
 

Interest and fees on loans

 

$

32,250

 

$

31,618

 

$

30,475

 

$

28,874

 

$

27,318

 
 

Taxable securities

   

1,097

   

1,052

   

980

   

908

   

948

 
 

Nontaxable securities

   

871

   

870

   

858

   

847

   

832

 
 

Federal funds sold

   

(64)

   

51

   

44

   

17

   

16

 
 

Other interest and dividends

   

125

   

134

   

142

   

46

   

51

 
 

   Total interest income

   

34,279

   

33,725

   

32,499

   

30,692

   

29,165

 
 

Deposits

   

3,014

   

3,202

   

3,131

   

2,784

   

2,713

 
 

Borrowed funds

   

418

   

408

   

403

   

427

   

551

 
 

   Total interest expense

   

3,432

   

3,610

   

3,534

   

3,211

   

3,264

 
 

   Net interest income

   

30,847

   

30,115

   

28,965

   

27,481

   

25,901

 

Provision for loan losses

   

2,314

   

2,356

   

3,034

   

3,334

   

4,284

 
 

   Net interest income after provision for loan losses

   

28,533

   

27,759

   

25,931

   

24,147

   

21,617

 

Noninterest income:

                               
 

Service charges on deposit accounts

   

868

   

837

   

823

   

806

   

762

 
 

Mortgage banking

   

284

   

344

   

402

   

787

   

980

 
 

Securities gains

   

-

   

-

   

-

   

8

   

123

 
 

Increase in cash surrender value life insurance

   

536

   

548

   

491

   

485

   

470

 
 

Other operating income

   

487

   

642

   

553

   

487

   

462

 
 

   Total noninterest income

   

2,175

   

2,371

   

2,269

   

2,573

   

2,797

 
 

Salaries and employee benefits

   

7,697

   

6,541

   

7,048

   

7,056

   

5,679

 
 

Equipment and occupancy expense

   

1,366

   

1,350

   

1,272

   

1,469

   

1,111

 
 

Professional services

   

516

   

480

   

443

   

425

   

461

 
 

FDIC and other regulatory assessments

   

517

   

536

   

405

   

426

   

432

 
 

Other real estate owned expense

   

487

   

475

   

357

   

204

   

390

 
 

Other operating expenses

   

3,139

   

2,916

   

2,542

   

2,792

   

2,679

 
 

   Total noninterest expenses

   

13,723

   

12,298

   

12,067

   

12,372

   

10,752

 
 

   Income before income taxes

   

16,985

   

17,832

   

16,133

   

14,348

   

13,662

 

Provision for income taxes

   

5,229

   

5,964

   

5,321

   

4,662

   

4,411

 
 

         Net income

   

11,756

   

11,868

   

10,812

   

9,686

   

9,251

 
 

Dividends on preferred stock

   

100

   

116

   

100

   

100

   

100

 
 

         Net income available to common stockholders

 

$

11,656

 

$

11,752

 

$

10,712

 

$

9,586

 

$

9,151

 

Basic earnings per common share

 

$

1.58

 

$

1.64

 

$

1.53

 

$

1.39

 

$

1.44

 

Diluted earnings per common share

 

$

1.52

 

$

1.58

 

$

1.46

 

$

1.34

 

$

1.31

 

 

 

AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS - UNAUDITED

 

ON A FULLY TAXABLE-EQUIVALENT BASIS

 

(Dollars in thousands)

 
   
                                                                       
           

1st Quarter 2014

 

4th Quarter 2013

   

3rd Quarter 2013

 

2nd Quarter 2013

 

1st Quarter 2013

 
                                                   
           

Average Balance

 

Yield / Rate

 

Average Balance

 

Yield / Rate

 

Average Balance

 

Yield / Rate

 

Average Balance

 

Yield / Rate

 

Average Balance

 

Yield / Rate

 

Assets:

                                                             

Interest-earning assets:

                                                             
 

Loans, net of unearned income (1)

                                                             
   

Taxable

 

$

2,892,433

 

4.52

%

 

$

2,754,955

 

4.54

%

 

$

2,640,444

 

4.56

%

 

$

2,519,869

 

4.58

%

 

$

2,384,670

 

4.64

%

 
   

Tax-exempt (2)

   

14,550

 

3.34

     

5,669

 

4.34

     

2,483

 

5.91

     

2,453

 

5.72

     

2,464

 

5.76

   
 

Mortgage loans held for sale

   

4,496

 

2.80

     

5,956

 

3.66

     

12,531

 

2.66

     

14,157

 

2.10

     

19,322

 

1.95

   
 

Debt securities:

                                                             
   

Taxable

   

174,842

 

2.54

     

166,027

 

2.49

     

152,135

 

2.56

     

139,189

 

2.65

     

144,407

 

2.66

   
   

Tax-exempt (2)

   

122,686

 

4.13

     

120,161

 

4.11

     

118,001

 

4.13

     

115,428

 

4.22

     

109,587

 

4.43

   
     

Total securities (3)

   

297,528

 

3.20

     

286,188

 

3.17

     

270,136

 

3.24

     

254,617

 

3.36

     

253,994

 

3.42

   
 

Federal funds sold

   

54,895

 

0.31

     

68,710

 

0.25

     

62,192

 

0.28

     

21,303

 

0.26

     

23,522

 

0.28

   
 

Restricted equity securities

   

3,738

 

-

     

3,738

 

2.55

     

3,738

 

2.65

     

3,738

 

2.25

     

3,954

 

2.36

   
 

Interest-bearing balances with banks

   

82,279

 

0.09

     

173,521

 

0.29

     

161,169

 

0.29

     

30,083

 

0.24

     

34,704

 

0.33

   
 

Total interest-earning assets

   

3,349,919

 

4.21

%

   

3,298,737

 

4.11

%

   

3,152,693

 

4.14

%

   

2,846,220

 

4.38

%

   

2,722,630

 

4.41

%

 

Non-interest-earning assets:

                                                             
 

Cash and due from banks

   

56,082

         

53,062

         

45,314

         

42,175

         

41,437

       
 

Net premises and equipment

   

8,724

         

8,944

         

9,052

         

9,359

         

9,241

       
 

Allowance for loan losses,

                                                             
   

accrued interest and

                                                             
   

other assets

   

85,532

         

98,586

         

76,477

         

75,239

         

74,223

       
     

Total assets

 

$

3,500,257

       

$

3,459,329

       

$

3,283,536

       

$

2,972,993

       

$

2,847,531

       
                                                                       

Interest-bearing liabilities:

                                                             
 

Interest-bearing deposits:

                                                             
 

Checking

 

$

478,678

 

0.27

%

 

$

472,751

 

0.27

%

 

$

432,453

 

0.28

%

 

$

415,955

 

0.28

%

 

$

413,935

 

0.28

%

 
 

Savings

   

25,081

 

0.27

     

21,755

 

0.27

     

21,602

 

0.29

     

21,733

 

0.28

     

22,089

 

0.28

   
 

Money market

   

1,416,645

 

0.45

     

1,420,771

 

0.47

     

1,356,197

 

0.47

     

1,123,605

 

0.46

     

1,074,226

 

0.46

   
 

Time deposits

   

412,622

 

1.10

     

412,254

 

1.13

     

408,600

 

1.16

     

402,733

 

1.19

     

395,902

 

1.22

   
 

Federal funds purchased

   

195,967

 

0.28

     

176,967

 

0.28

     

168,121

 

0.28

     

185,533

 

0.29

     

137,183

 

0.25

   
 

Other borrowings

   

19,945

 

5.75

     

19,936

 

5.63

     

19,928

 

5.63

     

19,920

 

5.92

     

27,441

 

6.89

   
 

Total interest-bearing liabilities

   

2,548,938

 

0.55

%

   

2,524,434

 

0.57

%

   

2,406,901

 

0.58

%

   

2,169,479

 

0.59

%

   

2,070,776

 

0.64

%

 

Non-interest-bearing liabilities:

                                                             
 

Non-interest-bearing

                                                             
   

checking

   

641,450

         

640,476

         

599,379

         

539,228

         

523,669

       
 

Other liabilities

   

4,734

         

7,226

         

7,250

         

1,799

         

7,708

       
 

Stockholders' equity

   

300,512

         

282,549

         

266,427

         

255,837

         

238,290

       
 

Unrealized gains on securities and

                                                             
   

derivatives

   

4,634

         

4,644

         

3,580

         

6,650

         

7,088

       
     

Total liabilities and

                                                             
       

stockholders' equity

 

$

3,500,257

       

$

3,459,329

       

$

3,283,536

       

$

2,972,993

       

$

2,847,531

       

Net interest spread

       

3.67

%

       

3.54

%

       

3.56

%

       

3.79

%

       

3.77

%

 

Net interest margin

       

3.80

%

       

3.67

%

       

3.78

%

       

3.88

%

       

3.84

%

 
                                                                       

(1)

Average loans include loans on which the accrual of interest has been discontinued.

 

(2)

Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 35%.

 

(3)

Unrealized gains on available-for-sale debt securities are excluded from the yield calculation.

 

 

SOURCE ServisFirst Bancshares, Inc.


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