2014

ServisFirst Bancshares, Inc. Announces Record First Quarter 2011

BIRMINGHAM, Ala., April 18, 2011 /PRNewswire/ -- ServisFirst Bancshares, Inc. today reported record earnings for the quarter ending March 31, 2011.

FIRST QUARTER 2011 HIGHLIGHTS:

  • First quarter record net income of $4.9 million, a 21% increase year/year.
  • 22 consecutive quarters of profitability.
  • Pensacola Region opened April 1, 2011.
  • Correspondent Banking Division formed with a group of highly experienced correspondent bankers.
  • Basic earnings per share of $.88 for the first quarter.

Tom Broughton, CEO and President, said, "We are pleased to report record net income at the same time we are investing in new teams that we feel will build shareholder value." Bud Foshee, CFO, stated, "We are pleased to see an increase in loan demand, which reflects improved economic conditions."

ABOUT SERVISFIRST:

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

ServisFirst 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, 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




March 31,


December 31,




2011


2010


2010




(Unaudited)


(Unaudited)


(Audited)

Total interest income


$              20,961


$              18,502


$              20,689

Total interest expense


3,985


3,596


4,004


Net interest income before provision


16,976


14,906


16,685

Provision for loan losses


2,231


2,712


2,738


Net interest income after provision for loan losses


14,745


12,194


13,947


Total noninterest income


1,271


1,132


1,685









Salaries and employee benefits


4,214


3,482


4,493

Other noninterest expense


4,383


3,776


4,016


Total noninterest expense


8,597


7,258


8,509


Income before taxes


7,419


6,068


7,123

Income taxes


2,548


2,055


2,578


Net income


$                4,871


$                4,013


$                4,545









Basic earnings per share


$                  0.88


$                  0.73


$                  0.82

Diluted earnings per share


$                  0.77


$                  0.68


$                  0.73

Average basic shares


5,527,482


5,513,482


5,525,297

Average fully diluted shares


6,514,103


5,901,778


6,427,228



SERVISFIRST BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)



March 31,
2011


March 31,
2010


December 31,
2010



(Unaudited)


(Unaudited)


(Audited)

ASSETS







Cash and due from banks


$              37,158


$              25,662


$            231,632

Investment securities


251,562


234,120


282,193

Restricted equity securities


4,053


3,510


3,510

Federal funds sold and other investments


80,774


210


346

Mortgage loans held for sale


2,588


4,521


7,875








Loans


1,471,893


1,235,504


1,394,818

Reserve for loan losses


(19,226)


(15,671)


(18,077)

Net loans


1,452,667


1,219,833


1,376,741

Foreclosed real estate


7,223


12,344


6,966

Other assets


26,924


27,364


25,903

Total assets


$         1,862,949


$         1,527,564


$         1,935,166








LIABILITIES AND STOCKHOLDERS' EQUITY







Liabilities:







Noninterest-bearing


$            261,634


$            174,068


$            250,490

Interest-bearing


1,430,866


1,176,492


1,508,226

Total deposits


1,692,500


1,350,560


1,758,716

Borrowings


45,396


72,589


55,357

Interest payable


864


937


898

Other liabilities


1,781


1,444


3,095

Total liabilities


1,740,541


1,425,530


1,818,066








Stockholders' equity


122,408


102,034


117,100

Total liabilities and stockholders' equity


$         1,862,949


$         1,527,564


$         1,935,166



SERVISFIRST BANCSHARES, INC.

Key Ratios












Three Months Ended




March 31,

December 31,




2011


2010


2010




(Unaudited)


(Unaudited)


(Audited)

Return on average assets


1.06%


1.06%


0.97%

Return on average equity


16.50%


16.24%


15.24%

Net interest margin (fully tax equivalent)


3.86%


4.14%


3.73%

Efficiency ratio


47.11%


45.26%


46.32%




















3/31/2011


3/31/2010


12/31/2010




(Unaudited)


(Unaudited)


(Audited)

Book value per share


$                22.15


$                18.51


$                21.19

Tangible book value per share


$                22.15


$                18.51


$                21.19

% of reserve for loan losses to total loans


1.31%


1.27%


1.30%

Nonperforming assets to total loans








plus foreclosed real estate


1.98%


2.02%


1.52%



SOURCE ServisFirst Bancshares, Inc.



RELATED LINKS
http://www.servisfirstbancshares.com

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