ServisFirst Bancshares, Inc. Announces Record Earnings for 2011

BIRMINGHAM, Ala., Jan. 24, 2012 /PRNewswire/ -- ServisFirst Bancshares, Inc. today reported earnings for the quarter and year ended December 31, 2011.

2011 and Fourth Quarter Highlights:

  • 2011 net income of $23.2 million, a 34% increase over 2010
  • Basic earnings per common share of $­­­4.03 for 2011
  • Fourth quarter net income increase of 43% year/year
  • Loan growth of $435.9 million, 31% year/year
  • Six consecutive years of profitability

Tom Broughton, President and CEO, said, "We are pleased to report record earnings which were driven by significant loan growth in all of our five regions." Bud Foshee, CFO, stated, "Our strong financial condition continues to be a competitive advantage for our bank."

ABOUT SERVISFIRST:

ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank, ServisFirst Bancshares provides business and personal financial services through locations in Birmingham, Huntsville, Montgomery and Dothan, Alabama and Pensacola, Florida.

ServisFirst Bancshares 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 and so-called "bailout" 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 collectibility 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 "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 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

 

 

 

 

December 31,

 

September 30,

 

 

 

 

2011

 

2010

 

2011

 

 

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

Total interest income

 

$               25,058

 

$               20,689

 

$                  23,312

Total interest expense

 

3,970

 

4,004

 

4,093

 

Net interest income before provision

 

21,088

 

16,685

 

19,219

Provision for loan losses

 

2,507

 

2,738

 

2,740

 

Net interest income after provision for loan losses

 

18,581

 

13,947

 

16,479

 

Total noninterest income

 

2,065

 

1,685

 

1,808

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

5,555

 

4,493

 

4,723

Other noninterest expense

 

5,105

 

4,016

 

4,109

 

Total noninterest expense

 

10,660

 

8,509

 

8,832

 

Income before taxes

 

9,986

 

7,123

 

9,455

Income taxes

 

3,399

 

2,578

 

3,320

 

Net income

 

6,587

 

4,545

 

6,135

Preferred stock dividends

 

100

 

-

 

100

 

Net income available to common stockholders

 

$                 6,487

 

$                 4,545

 

$                    6,035

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$                   1.10

 

$                   0.82

 

$                      1.03

Diluted earnings per common share

 

$                   0.96

 

$                   0.73

 

$                      0.90

Average basic common shares

 

5,908,455

 

5,525,297

 

5,886,178

Average fully diluted common shares

 

6,888,206

 

6,427,228

 

6,882,809

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

 

 

 

2011

 

2010

 

 

 

 

 

 

(Unaudited)

 

(Audited)

 

 

Total interest income

 

$               91,411

 

$               78,146

 

 

Total interest expense

 

16,080

 

15,260

 

 

 

Net interest income before provision

 

75,331

 

62,886

 

 

Provision for loan losses

 

8,972

 

10,350

 

 

 

Net interest income after provision for loan losses

 

66,359

 

52,536

 

 

 

Total noninterest income

 

6,926

 

5,169

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

19,518

 

14,669

 

 

Other noninterest expense

 

17,940

 

16,300

 

 

 

Total noninterest expense

 

37,458

 

30,969

 

 

 

Income before taxes

 

35,827

 

26,736

 

 

Income taxes

 

12,389

 

9,358

 

 

 

Net income

 

23,438

 

17,378

 

 

Preferred stock dividends

 

200

 

-

 

 

 

Net income available to common stockholders

 

$               23,238

 

$               17,378

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$                   4.03

 

$                   3.15

 

 

Diluted earnings per common share

 

$                   3.53

 

$                   2.84

 

 

Average basic common shares

 

5,759,524

 

5,519,151

 

 

Average fully diluted common shares

 

6,749,163

 

6,294,604

 

 

 

 

 

 

 

 

 

 

 

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

2011

 

December 31,

2010

 

September 30,

2011

 

 

 

 

(Unaudited)

 

(Audited)

 

(Unaudited)

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

$            142,368

 

$             231,732

 

$                  92,399

Investment securities

 

308,868

 

282,193

 

313,146

Restricted equity securities

 

3,501

 

3,510

 

3,708

Federal funds sold and other investments

 

100,565

 

346

 

91,315

Mortgage loans held for sale

 

17,859

 

7,875

 

9,114

 

 

 

 

 

 

 

 

 

Loans

 

 

1,830,742

 

1,394,818

 

1,695,476

Reserve for loan losses

 

(22,030)

 

(18,077)

 

(21,466)

Net loans

 

1,808,712

 

1,376,741

 

1,674,010

Foreclosed real estate

 

12,275

 

6,966

 

10,134

Bank owned life insurance contracts

 

40,390

 

-

 

40,000

Other assets

 

26,154

 

25,803

 

23,504

Total assets

 

$         2,460,692

 

$          1,935,166

 

$             2,257,330

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Noninterest-bearing

 

$            418,810

 

$             250,490

 

$                382,095

Interest-bearing

 

1,725,077

 

1,508,226

 

1,629,186

Total deposits

 

2,143,887

 

1,758,716

 

2,011,281

Federal funds purchased

 

79,265

 

-

 

16,400

Borrowings

 

35,468

 

55,357

 

35,463

Interest payable

 

945

 

898

 

1,043

Other liabilities

 

4,928

 

3,095

 

3,670

Total liabilities

 

2,264,493

 

1,818,066

 

2,067,857

 

 

 

 

 

 

 

 

 

Stockholders' equity

 

196,199

 

117,100

 

189,473

Total liabilities and stockholders' equity

 

$         2,460,692

 

$          1,935,166

 

$             2,257,330

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SERVISFIRST BANCSHARES, INC.

 

Key Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

December 31,         

September 30,

 

 

 

 

 

2011

 

2010

 

2011

 

 

 

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

Return on average assets

 

1.08%

 

0.97%

 

1.11%

 

Return on average common equity

 

13.40%

 

15.24%

 

12.96%

 

Net interest margin (fully taxable-equivalent)

 

3.72%

 

3.73%

 

3.67%

 

Efficiency ratio

 

46.04%

 

46.32%

 

42.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

 

 

 

 

2011

 

2010

 

 

 

 

 

 

 

(Unaudited)

 

(Audited)

 

 

 

Return on average assets

 

1.11%

 

1.04%

 

 

 

Return on average common equity

 

14.73%

 

15.86%

 

 

 

Net interest margin (fully taxable-equivalent)

 

3.79%

 

3.94%

 

 

 

Efficiency ratio

 

45.54%

 

45.51%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,         

September 30,

 

 

 

 

 

2011

 

2010

 

2011

 

 

 

 

 

(Unaudited)

 

(Audited)

 

(Unaudited)

 

Book value per common share

 

$                26.34

 

$                 21.19

 

$                    25.38

 

Tangible book value per common share

 

$                26.34

 

$                 21.19

 

$                    25.38

 

% of reserve for loan losses to total loans

 

1.20%

 

1.30%

 

1.27%

 

Nonperforming assets to total loans

 

 

 

 

 

 

 

 

plus foreclosed real estate

 

1.41%

 

1.52%

 

1.67%

 

 

 

 

 

 

 

 

 

 

 

 

SOURCE ServisFirst Bancshares, Inc.



RELATED LINKS
http://www.servisfirstbancshares.com

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