ServisFirst Bancshares, Inc. Announces Earnings For Fourth Quarter And Year Ended December 31, 2013

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.



RELATED LINKS
http://servisfirstbancshares.investorroom.com

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.