ServisFirst Bancshares, Inc. Announces Record Second Quarter 2012

BIRMINGHAM, Ala., July 17, 2012 /PRNewswire/ -- ServisFirst Bancshares, Inc. today announced record earnings for the quarter and six months ended June 30, 2012.

Second Quarter 2012 Highlights:

  • Second quarter record net income of $8.2 million, a 41% increase year/year
  • Basic earnings per common share of $2.74 for the six months ended June 30, 2012, a 46% increase year/year
  • Celebrated the 7th anniversary of ServisFirst Bank during the quarter.
  • Non-performing assets and ORE less than 1% of assets, reflects strong credit quality and financial strength.

Tom Broughton, President and CEO, said, "We are pleased to announce record earnings for the second quarter of 2012.  This marks the tenth consecutive quarter of record earnings for ServisFirst."  Bud Foshee, CFO, stated, "Our consistent focus on improving customer service and efficiency continues to enhance our return on average assets." 

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






June 30,


March 31,






2012


2011


2012


Total interest income



$    26,654


$    22,080


$    25,571


Total interest expense



3,749


4,032


3,833



Net interest income before provision



22,905


18,048


21,738


Provision for loan losses



3,083


1,494


2,383



Net interest income after provision for loan losses



19,822


16,554


19,355



Total noninterest income



2,428


1,782


2,269












Salaries and employee benefits



5,248


5,026


5,165


Other noninterest expense



4,647


4,343


3,866



Total noninterest expense



9,895


9,369


9,031



Income before taxes



12,355


8,967


12,593


Income taxes



4,024


3,122


4,337



Net income



8,331


5,845


8,256


Preferred stock dividends



100


-


100



Net income available to common stockholders



$      8,231


$      5,845


$      8,156












Basic earnings per common share



$        1.38


$        1.02


$        1.37


Diluted earnings per common share



$        1.21


$        0.89


$        1.20


Average basic common shares



5,981,218


5,708,871


5,946,006


Average fully diluted common shares



6,933,564


6,705,953


6,913,869
















Six Months Ended June 30,








2012


2011




Total interest income



$    52,225


$    43,041




Total interest expense



7,582


8,017





Net interest income before provision



44,643


35,024




Provision for loan losses



5,466


3,725





Net interest income after provision for loan losses



39,177


31,299





Total noninterest income



4,697


3,053














Salaries and employee benefits



10,413


9,240




Other noninterest expense



8,513


8,726





Total noninterest expense



18,926


17,966





Income before taxes



24,948


16,386




Income taxes



8,361


5,670





Net income



16,587


10,716




Preferred stock dividends



200


-





Net income available to common stockholders



$    16,387


$    10,716














Basic earnings per common share



$        2.74


$        1.88




Diluted earnings per common share



$        2.41


$        1.65




Average basic common shares



5,971,630


5,694,871




Average fully diluted common shares



6,923,717


6,657,359


































  



SERVISFIRST BANCSHARES, INC.


CONSOLIDATED BALANCE SHEETS


(In thousands)












June 30, 2012


June 30, 2011


December 31,
2011


ASSETS








Cash and due from banks


$           71,334


$         102,914


$        142,368


Investment securities


317,519


244,566


309,018


Restricted equity securities


4,018


3,899


3,501


Federal funds sold and other investments


84,468


94,541


100,565


Mortgage loans held for sale


15,000


4,092


17,859










Loans


2,022,589


1,560,974


1,830,742


Reserve for loan losses


(23,239)


(19,516)


(22,030)


Net loans


1,999,350


1,541,458


1,808,712


Foreclosed real estate


9,834


6,931


12,275


Bank owned life insurance contracts


41,165


-


40,390


Other assets


27,555


26,196


26,097


Total assets


$      2,570,243


$      2,024,597


$     2,460,785










LIABILITIES AND STOCKHOLDERS' EQUITY








Liabilities:








Noninterest-bearing


$         467,344


$         283,968


$        418,810


Interest-bearing


1,773,558


1,519,906


1,725,077


Total deposits


2,240,902


1,803,874


2,143,887


Federal funds purchased


80,205


-


79,265


Borrowings


30,514


35,435


35,468


Interest payable


935


983


945


Other liabilities


2,819


3,104


4,928


Total liabilities


2,355,375


1,843,396


2,264,493










Stockholders' equity


214,868


181,201


196,292


Total liabilities and stockholders' equity


$      2,570,243


$      2,024,597


$     2,460,785













SERVISFIRST BANCSHARES, INC.


Key Ratios












Three Months Ended




June 30,

March 31,




2012


2011


2012


Return on average assets


1.31%


1.22%


1.33%


Return on average common equity


15.74%


17.30%


16.31%


Net interest margin (fully taxable-equivalent)


3.85%


3.93%


3.76%


Efficiency ratio


39.06%


47.24%


37.62%




















Six Months Ended June 30,






2012


2011




Return on average assets


1.32%


1.14%




Return on average common equity


16.02%


16.56%




Net interest margin (fully taxable-equivalent)


3.81%


3.90%




Efficiency ratio


38.36%


47.18%






















June 30,

March 31,




2012


2011


2012


Book value per common share


$             29.13


$             24.05


$            27.73


Tangible book value per common share


$             29.13


$             24.05


$            27.73


% of reserve for loan losses to total loans


1.15%


1.25%


1.23%


Nonperforming assets to total loans








plus foreclosed real estate


1.08%


1.79%


1.40%


Nonperforming assets to total assets


0.85%


1.39%


1.07%










 

SOURCE ServisFirst Bancshares, Inc.



RELATED LINKS
http://www.servisfirstbancshares.com

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