ServisFirst Bancshares, Inc. Announces Record First Quarter 2012

BIRMINGHAM, Ala., April 16, 2012 /PRNewswire/ -- ServisFirst Bancshares, Inc. today announced record earnings for the quarter ended March 31, 2012.

First Quarter 2012 Highlights:

  • First quarter record net income of $8.2 million, a 67% increase year/year
  • Basic earnings per common share of $1.37 for the first quarter, a 56% increase year/year
  • Pensacola region reached profitability in the first quarter
  • Loan growth of $448 million, a 30% increase year/year

Tom Broughton, President and CEO, said "We are pleased to announce record quarterly income as we approach our seventh anniversary in May." Bud Foshee, CFO, stated, "Our tangible book value per share reached $27.73 at the end of the first quarter, a 16% compounded increase in book value per share from our original issue price of $10 per share in May 2005."

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 from locations in Birmingham, Huntsville, Montgomery and Dothan, Alabama and Pensacola, Florida.

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 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 "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 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,





2012


2011


2011

Total interest income


$               25,571


$               20,961


$                  25,058

Total interest expense


3,833


3,985


3,970


Net interest income before provision


21,738


16,976


21,088

Provision for loan losses


2,383


2,231


2,507


Net interest income after provision for loan losses


19,355


14,745


18,581


Total noninterest income


2,269


1,271


2,065










Salaries and employee benefits


5,165


4,214


5,555

Other noninterest expense


3,866


4,383


5,105


Total noninterest expense


9,031


8,597


10,660


Income before taxes


12,593


7,419


9,986

Income taxes


4,337


2,548


3,399


Net income


8,256


4,871


6,587

Preferred stock dividends


100


-


100


Net income available to common stockholders


$                 8,156


$                 4,871


$                    6,487










Basic earnings per common share


$                   1.37


$                   0.88


$                      1.10

Diluted earnings per common share


$                   1.20


$                   0.77


$                      0.96

Average basic common shares


5,946,006


5,527,482


5,908,455

Average fully diluted common shares


6,913,869


6,514,103


6,888,206










SERVISFIRST BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)














March 31, 2012


March 31, 2011


December 31, 2011

ASSETS







Cash and due from banks


$            138,111


$               37,180


$                142,368

Investment securities


311,908


251,541


309,018

Restricted equity securities


4,288


4,053


3,501

Federal funds sold and other investments


90,892


80,774


100,565

Mortgage loans held for sale


12,611


2,588


17,859










Loans



1,918,636


1,470,472


1,830,742

Reserve for loan losses


(23,662)


(19,226)


(22,030)

Net loans


1,894,974


1,451,246


1,808,712

Foreclosed real estate


11,637


7,223


12,275

Bank owned life insurance contracts


40,780


-


40,390

Other assets


26,283


28,344


26,097

Total assets


$         2,531,484


$          1,862,949


$             2,460,785










LIABILITIES AND STOCKHOLDERS' EQUITY







Liabilities:







Noninterest-bearing


$            432,418


$             261,634


$                418,810

Interest-bearing


1,756,958


1,430,866


1,725,077

Total deposits


2,189,376


1,692,500


2,143,887

Federal funds purchased


93,385


-


79,265

Borrowings


35,472


45,396


35,468

Interest payable


1,016


864


945

Other liabilities


6,851


1,781


4,928

Total liabilities


2,326,100


1,740,541


2,264,493










Stockholders' equity


205,384


122,408


196,292

Total liabilities and stockholders' equity


$         2,531,484


$          1,862,949


$             2,460,785




























SERVISFIRST BANCSHARES, INC.

Key Ratios














Three Months Ended





March 31,

December 31,





2012


2011


2011

Return on average assets


1.33%


1.06%


1.08%

Return on average common equity


16.31%


16.50%


13.40%

Net interest margin (fully taxable-equivalent)


3.76%


3.86%


3.72%

Efficiency ratio


37.62%


47.11%


46.04%























March 31,

December 31,





2012


2011


2011

Book value per common share


$                27.73


$                 22.15


$                    26.34

Tangible book value per common share


$                27.73


$                 22.15


$                    26.34

% of reserve for loan losses to total loans


1.23%


1.31%


1.20%

Nonperforming assets to total loans








plus foreclosed real estate


1.40%


1.98%


1.41%










SOURCE ServisFirst Bancshares, Inc.



RELATED LINKS
http://www.servisfirstbancshares.com

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