ServisFirst Bancshares, Inc. Announces Record Second Quarter 2013

BIRMINGHAM, Ala., July 16, 2013 /PRNewswire/ -- ServisFirst Bancshares, Inc. today announced record earnings for the quarter and six months ended June 30, 2013.

SECOND QUARTER 2013 HIGHLIGHTS:

  • Second quarter record net income of $9.6 million, a 17.1% increase year / year
  • Diluted earnings per share of $2.64 for the six months ended June 30, 2013, a 9.5% increase year /year
  • Strong balance sheet quality with non-performing assets less than 1% of total assets
  • Full Mobile team of officers and directors joined ServisFirst in the second quarter and Nashville office opened

Tom Broughton, President and CEO, said, "We are pleased to exceed $3 billion in total assets during the quarter as we celebrated our eighth anniversary," Bud Foshee, CFO, stated, "We continue to focus on improving service levels to our customers which continue to attract new clients to the Bank."

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 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; 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 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,





2013


2012


2013

Total interest income


$        30,692


$       26,654


$       29,165

Total interest expense


3,211


3,749


3,264


Net interest income before provision


27,481


22,905


25,901

Provision for loan losses


3,334


3,083


4,284


Net interest income after provision for loan losses


24,147


19,822


21,617


Total noninterest income


2,573


2,428


2,797










Salaries and employee benefits


7,056


5,248


5,679

Other noninterest expense


5,316


4,647


5,073


Total noninterest expense


12,372


9,895


10,752


Income before taxes


14,348


12,355


13,662

Income taxes


4,662


4,024


4,411


Net income


9,686


8,331


9,251

Preferred stock dividends


100


100


100


Net income available to common stockholders


$          9,586


$         8,231


$         9,151










Basic earnings per common share


$            1.38


$           1.38


$           1.44

Diluted earnings per common share


$            1.33


$           1.21


$           1.31

Average basic common shares


6,944,900


5,981,218


6,341,605

Average diluted common shares


7,218,442


6,933,564


7,076,505














Six Months Ended June 30,







2013


2012



Total interest income


$        59,857


$       52,225



Total interest expense


6,475


7,582




Net interest income before provision


53,382


44,643



Provision for loan losses


7,618


5,466




Net interest income after provision for loan losses


45,764


39,177




Total noninterest income


5,370


4,697












Salaries and employee benefits


12,735


10,413



Other noninterest expense


10,389


8,513




Total noninterest expense


23,124


18,926




Income before taxes


28,010


24,948



Income taxes


9,073


8,361




Net income


18,937


16,587



Preferred stock dividends


200


200




Net income available to common stockholders


$        18,737


$       16,387












Basic earnings per common share


$            2.83


$           2.74



Diluted earnings per common share


$            2.64


$           2.41



Average basic common shares


6,618,129


5,971,630



Average diluted common shares


7,147,865


6,923,717












 


SERVISFIRST BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)














June 30, 2013


June 30, 2012


December 31,

2012

ASSETS







Cash and due from banks


$         190,018


$         71,334


$      177,450

Investment securities


261,578


317,519


259,848

Restricted equity securities


3,738


4,018


3,941

Federal funds sold and other investments


2,590


84,468


3,291

Mortgage loans held for sale


16,374


15,000


25,826










Loans


2,590,192


2,022,589


2,363,182

Reserve for loan losses


(28,757)


(23,239)


(26,258)

Net loans


2,561,435


1,999,350


2,336,924

Foreclosed real estate


9,071


9,834


9,685

Bank owned life insurance contracts


57,969


41,165


57,014

Other assets


37,815


27,555


32,335

Total assets


$      3,140,588


$    2,570,243


$   2,906,314










LIABILITIES AND STOCKHOLDERS' EQUITY




Liabilities:







Noninterest-bearing


$         562,295


$       467,344


$      545,174

Interest-bearing


2,112,781


1,773,558


1,966,398

Total deposits


2,675,076


2,240,902


2,511,572

Federal funds purchased


175,475


80,205


117,065

Borrowings


19,924


30,514


34,967

Interest payable


905


935


942

Other liabilities


4,057


2,819


8,511

Total liabilities


2,875,437


2,355,375


2,673,057










Stockholders' equity


265,151


214,868


233,257

Total liabilities and stockholders' equity


$      3,140,588


$    2,570,243


$   2,906,314










 


SERVISFIRST BANCSHARES, INC.

Key Ratios














Three Months Ended





June 30,


March 31,





2013


2012


2013

Return on average assets


1.29%


1.31%


1.30%

Return on average common equity


14.65%


15.74%


15.12%

Net interest margin (fully taxable-equivalent)


3.93%


3.85%


3.92%

Efficiency ratio


41.17%


39.06%


37.47%























Six Months Ended June 30,







2013


2012



Return on average assets


1.30%


1.32%



Return on average common equity


15.09%


16.02%



Net interest margin (fully taxable-equivalent)


3.92%


3.81%



Efficiency ratio


39.36%


38.36%

























June 30,


March 31,





2013


2012


2013

Book value per common share


$      32.29


$      29.13


$      31.54

Tangible book value per common share


$      32.29


$      29.13


$      31.54

% of reserve for loan losses to total loans


1.11%


1.15%


1.12%

Nonperforming assets to total loans







plus foreclosed real estate


0.93%


1.08%


1.31%

Nonperforming assets to total assets


0.77%


0.85%


1.13%










 

SOURCE ServisFirst Bancshares, Inc.



RELATED LINKS
http://www.servisfirstbancshares.com

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