ServisFirst Bancshares, Inc. Announces Record Third Quarter 2013

BIRMINGHAM, Ala., Oct. 21, 2013 /PRNewswire/ -- ServisFirst Bancshares, Inc. today announces record earnings for the quarter and nine months ended September 30, 2013.

Third Quarter 2013 Highlights:

  • Third quarter record net income of $10.7 million, a 16.4% increase year over year
  • Diluted earnings per share of $4.10 for the nine months, a 9.6% increase year over year
  • Continued strong asset quality as reflected by non-performing assets to total assets of 0.70%
  • Book value was $33.40 at quarter end
  • Total assets were $3.4 billion at the end of the third quarter

Bud Foshee, CFO, stated, "We are pleased to report record quarterly earnings that make this the fifteenth consecutive quarter of record earnings." Tom Broughton, President and CEO, said, "We are pleased with our continued strong loan and deposit growth of 26.4% and 21.2%, respectively, year over year."

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





September 30,


June 30,





2013


2012


2013

Total interest income


$            32,499


$          27,743


$           30,692

Total interest expense


3,534


3,695


3,211


Net interest income before

provision for loan losses


28,965


24,048


27,481

Provision for loan losses


3,034


1,185


3,334


Net interest income after

provision for loan losses


25,931


22,863


24,147


Total noninterest income


2,269


2,360


2,573










Salaries and employee benefits


7,048


5,697


7,056

Other noninterest expense


5,019


5,574


5,316


Total noninterest expense


12,067


11,271


12,372


Income before taxes


16,133


13,952


14,348

Income taxes


5,321


4,650


4,662


Net income


10,812


9,302


9,686

Preferred stock dividends


100


100


100


Net income available to

common stockholders


$            10,712


$            9,202


$             9,586










Basic earnings per common share


$                1.53


$              1.53


$               1.38

Diluted earnings per common share


$                1.46


$              1.35


$               1.33

Average basic common shares


7,019,069


6,005,242


6,944,900

Average diluted common shares


7,277,105


6,947,429


7,218,442














Nine Months Ended September 30,







2013


2012



Total interest income


$            92,356


$          79,968



Total interest expense


10,009


11,277




Net interest income before

provision for loan losses


82,347


68,691



Provision for loan losses


10,652


6,651




Net interest income after

provision for loan losses


71,695


62,040




Total noninterest income


7,639


7,057












Salaries and employee benefits


19,783


16,110



Other noninterest expense


15,408


14,087




Total noninterest expense


35,191


30,197




Income before taxes


44,143


38,900



Income taxes


14,394


13,011




Net income


29,749


25,889



Preferred stock dividends


300


300




Net income available to

common stockholders


$            29,449


$          25,589












Basic earnings per common share


$                4.35


$              4.28



Diluted earnings per common share


$                4.10


$              3.75



Average basic common shares


6,768,678


5,977,590



Average diluted common shares


7,191,419


6,931,678



 

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)














September 30, 2013


September 30, 2012


December 31, 2012

ASSETS







Cash and due from banks


$          257,490


$            244,673


$              177,450

Investment securities


289,515


257,373


259,848

Restricted equity securities


3,738


3,941


3,941

Federal funds sold and other

investments


7,923


10,672


3,291

Mortgage loans held for sale


11,592


28,558


25,826

Loans



2,731,973


2,161,130


2,363,182

Reserve for loan losses


(28,927)


(24,604)


(26,258)

Net loans


2,703,046


2,136,526


2,336,924

Foreclosed real estate


14,070


9,641


9,685

Bank owned life insurance

contracts


68,460


41,551


57,014

Other assets


40,129


30,299


32,335

Total assets


$       3,395,963


$         2,763,234


$           2,906,314










LIABILITIES AND

STOCKHOLDERS' EQUITY







Liabilities:







Noninterest-bearing


$          635,153


$            512,962


$              545,174

Interest-bearing


2,284,064


1,896,559


1,966,398

Total deposits


2,919,217


2,409,521


2,511,572

Federal funds purchased


170,090


91,317


117,065

Borrowings


19,932


30,514


34,967

Interest payable


4,553


867


942

Other liabilities


6,061


6,009


8,511

Total liabilities


3,119,853


2,538,228


2,673,057










Stockholders' equity


276,110


225,006


233,257

Total liabilities and stockholders'

equity


$       3,395,963


$         2,763,234


$           2,906,314

 

SERVISFIRST BANCSHARES, INC.

Key Ratios














Three Months Ended





September 30,

June 30,





2013


2012


2013

Return on average assets


1.29%


1.38%


1.29%

Return on average common equity


15.75%


16.64%


14.65%

Net interest margin (fully taxable-equivalent)


3.71%


3.82%


3.93%

Efficiency ratio


38.63%


42.68%


41.17%























Nine Months Ended September 30,







2013


2012



Return on average assets


1.30%


1.34%



Return on average common equity


15.47%


16.22%



Net interest margin (fully taxable-equivalent)


3.84%


3.81%



Efficiency ratio


39.11%


39.87%

























September 30,

June 30,





2013


2012


2013

Book value per common share


$          33.40


$                 30.81


$              32.29

Tangible book value per common share


$         33.40


$                 30.81


$              32.29

% of reserve for loan losses to total loans


1.06%


1.14%


1.11%

Nonperforming assets to total loans








plus foreclosed real estate


0.86%


1.05%


0.93%

Nonperforming assets to total assets


0.70%


0.83%


0.77%

           

SOURCE ServisFirst Bancshares, Inc.



RELATED LINKS
http://www.servisfirstbancshares.com

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