ServisFirst Bancshares, Inc. Announces Record Third Quarter 2012

BIRMINGHAM, Ala., Oct. 16, 2012 /PRNewswire/ -- ServisFirst Bancshares, Inc. today announced record earnings for the quarter and nine months ended September 30, 2012.

THIRD QUARTER 2012 HIGHLIGHTS:

  • Third quarter record net income of $9.2 million, a 53% increase year/year
  • Nine month net income of $25.6 million, a 53% increase year/year
  • Fully diluted earnings per share of $1.35 for the quarter, a 50% increase year/year
  • Book value per share was $30.81 at quarter end, more than triple the initial stock price in May 2005
  • Total assets reached $2.76 billion at the end of the third quarter

Tom Broughton, President and CEO, said, "We are pleased that we are receiving national recognition for our strong balance sheet and asset quality that continue to attract customers to our Bank."  Bud Foshee, CFO, stated, "The third quarter of 2012 makes the eleventh consecutive quarter of record earnings."

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, Mobile, 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





September 30,


June 30,





2012


2011


2012

Total interest income

$                    27,743


$                23,312


$              26,654

Total interest expense

3,695


4,093


3,749


Net interest income before provision for loan losses

24,048


19,219


22,905

Provision for loan losses

1,185


2,740


3,083


Net interest income after provision for loan losses

22,863


16,479


19,822


Total noninterest income

2,360


1,808


2,428










Salaries and employee benefits

5,697


4,723


5,248

Other noninterest expense

5,574


4,109


4,647


Total noninterest expense

11,271


8,832


9,895


Income before taxes

13,952


9,455


12,355

Income taxes

4,650


3,320


4,024


Net income

9,302


6,135


8,331

Preferred stock dividends

100


100


100


Net income available to common stockholders

$                      9,202


$                  6,035


$                8,231










Basic earnings per common share

$                        1.53


$                    1.03


$                  1.38

Diluted earnings per common share


$                        1.35


$                    0.90


$                  1.21

Average basic common shares


6,005,242


5,886,178


5,981,218

Average fully diluted common shares


6,947,429


6,882,809


6,933,564














Nine Months Ended September 30,







2012


2011



Total interest income

$                    79,968


$                66,353



Total interest expense

11,277


12,110




Net interest income before provision for loan losses

68,691


54,243



Provision for loan losses

6,651


6,465




Net interest income after provision for loan losses

62,040


47,778




Total noninterest income

7,057


4,861












Salaries and employee benefits

16,110


13,963



Other noninterest expense

14,087


12,835




Total noninterest expense

30,197


26,798




Income before taxes

38,900


25,841



Income taxes

13,011


8,990




Net income

25,889


16,851



Preferred stock dividends

300


100




Net income available to common stockholders

$                    25,589


$                16,751












Basic earnings per common share

$                        4.28


$                    2.93



Diluted earnings per common share

$                        3.75


$                    2.58



Average basic common shares

5,977,590


5,709,334



Average fully diluted common shares

6,931,678


6,671,913



 

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)














September 30, 2012


September 30, 2011


December 31, 2011

ASSETS







Cash and due from banks


$              244,673


$              92,399


$             142,368

Investment securities


257,373


313,146


309,018

Restricted equity securities


3,941


3,708


3,501

Federal funds sold and other investments


10,672


91,315


100,565

Mortgage loans held for sale


28,558


9,114


17,859










Loans


2,161,130


1,695,476


1,830,742

Reserve for loan losses


(24,604)


(21,466)


(22,030)

Net loans


2,136,526


1,674,010


1,808,712

Foreclosed real estate


9,641


10,134


12,275

Bank owned life insurance contracts


41,551


40,000


40,390

Other assets


30,299


23,504


26,097

Total assets


$           2,763,234


$         2,257,330


$          2,460,785










LIABILITIES AND STOCKHOLDERS' EQUITY







Liabilities:







Noninterest-bearing


$              512,962


$            382,095


$             418,810

Interest-bearing


1,896,559


1,629,186


1,725,077

Total deposits


2,409,521


2,011,281


2,143,887

Federal funds purchased


91,317


16,400


79,265

Borrowings


30,463


35,463


35,468

Interest payable


918


1,043


945

Other liabilities


6,009


3,670


4,928

Total liabilities


2,538,228


2,067,857


2,264,493










Stockholders' equity


225,006


189,473


196,292

Total liabilities and stockholders' equity


$           2,763,234


$         2,257,330


$          2,460,785

 

SERVISFIRST BANCSHARES, INC.

Key Ratios














Three Months Ended





September 30,

June 30,





2012


2011


2012

Return on average assets


1.38%


1.11%


1.31%

Return on average common equity


16.64%


16.53%


15.74%

Net interest margin (fully taxable-equivalent)


3.82%


3.67%


3.85%

Efficiency ratio


42.68%


42.00%


39.06%























Nine Months Ended September 30,







2012


2011



Return on average assets


1.34%


1.13%



Return on average common equity


16.22%


16.89%



Net interest margin (fully taxable-equivalent)


3.81%


3.81%



Efficiency ratio


39.87%


45.34%

























September 30,

June 30,





2012


2011


2012

Book value per common share


$                    30.81


$                   25.38


$                     29.13

Tangible book value per common share


$                    30.81


$                   25.38


$                     29.13

% of reserve for loan losses to total loans


1.14%


1.27%


1.15%

Nonperforming assets to total loans








plus foreclosed real estate


1.05%


1.67%


1.08%

Nonperforming assets to total assets


0.83%


1.27%


0.85%

SOURCE ServisFirst Bancshares, Inc.



RELATED LINKS
http://www.servisfirstbancshares.com

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