2014

ServisFirst Bancshares, Inc. Reports Record Earnings for Fourth Quarter 2009

BIRMINGHAM, Ala., Jan. 19 /PRNewswire/ -- ServisFirst Bancshares, Inc. today reported earnings for the quarter and year ended December 31, 2009.

2009 and Fourth Quarter Highlights:

  • Fourth quarter record net income of $2.5 million, a 27% increase year/year
  • Profitable all four full years of operation
  • Deposit growth of 38% year/year
  • Achieved profitability in all four regions in the fourth quarter

Tom Broughton, President and CEO, stated, "We are pleased to report record earnings for the fourth quarter of 2009, with continued strong growth in core deposits. We continue to be pleased with our asset quality, which is significantly better than our peer group." Bud Foshee, Chief Financial Officer said, "The Company was profitable in all four regions for the fourth quarter, the first quarter all four regions have achieved this benchmark."

ABOUT SERVISFIRST:

ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank, ServisFirst provides business and personal financial services through locations in Birmingham, Huntsville, Montgomery and Dothan, Alabama.

ServisFirst 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 collectability of loans and the value of collateral; the effect of natural disasters, such as hurricanes, 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 "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 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





December 31,


September 30,





2009


2008


2009





(Unaudited)


(Unaudited)


(Unaudited)

Total interest income


$     17,190


$     14,393


$           16,092

Total interest expense


4,320


5,075


4,648


Net interest income before provision


12,870


9,318


11,444

Provision for loan losses


2,408


1,373


3,209


Net interest income after provisions for loan losses


10,462


7,945


8,235


Total noninterest income


1,244


792


967










Salaries and employee benefits


3,227


2,642


3,398

Other noninterest expense


4,616


3,113


3,574


Total noninterest expense


7,843


5,755


6,972


Income before taxes


3,863


2,982


2,230

Income taxes


1,367


1,021


622


Net income


$       2,496


$       1,961


$             1,608










Basic earnings per share


$         0.45


$         0.38


$               0.29

Diluted earnings per share


$         0.43


$         0.36


$               0.28

Average basic shares


5,513,482


5,116,314


5,513,482

Average fully diluted shares


5,828,763


5,391,259


5,821,331

















Year Ended December 31,







2009


2008







(Unaudited)


(Audited)



Total interest income


$             62,197


$             55,450



Total interest expense


18,337


20,474




Net interest income before provision


43,860


34,976



Provision for loan losses


10,685


6,274




Net interest income after provisions for loan  losses


33,175


28,702




Total noninterest income


4,413


2,704












Salaries and employee benefits


13,581


10,552



Other noninterest expense


14,549


10,024




Total noninterest expense


28,130


20,576




Income before taxes


9,458


10,830



Income taxes


3,075


3,825




Net income


$               6,383


$               7,005












Basic earnings per share


$                 1.16


$                 1.37



Diluted earnings per share


$                 1.08


$                 1.31



Average basic shares


5,485,972


5,114,194



Average fully diluted shares


5,912,861


5,338,883






SERVISFIRST BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)












December 31, 2009


December 31, 2008





(Unaudited)


(Audited)

ASSETS





Cash and due from banks


$                  75,526 


$                  53,618 

Investment securities


256,098 


102,339 

Restricted equity securities


3,241 


2,659 

Federal funds sold and other investments


680 


19,300 

Mortgage loans held for sale


6,202 


3,320 








Loans


1,203,584 


968,233 

Reserve for loan losses


(14,736)


(10,602)

Net loans


1,188,848 


957,631 

Foreclosed real estate


12,525 


10,473 

Other assets


30,349 


12,932 

Total assets


$             1,573,469 


$             1,162,272 








LIABILITIES & STOCKHOLDERS' EQUITY





Liabilities:





Noninterest-bearing


$                211,348 


$                121,459 

Interest-bearing


1,221,048 


915,860 

Total deposits


1,432,396 


1,037,319 

Borrowings


40,150 


35,087 

Interest payable


1,026 


1,280 

Other liabilities


1,770 


1,803 

Total liabilities


1,475,342 


1,075,489 








Stockholders' equity


98,127 


86,783 

Total liabilities and stockholders' equity


$             1,573,469 


$             1,162,272 





SERVISFIRST BANCSHARES, INC.

Key Ratios














Three Months Ended





December 31,


September 30,





2009


2008


2009





(Unaudited)


(Unaudited)


(Unaudited)

Return on average assets


0.62%


0.70%


0.45%

Return on average equity


10.10%


8.50%


6.75%

Net interest margin (fully tax equivalent)


3.33%


3.50%


3.36%

Efficiency ratio


55.57%


56.92%


56.18%















Year Ended December 31,







2009


2008







(Unaudited)


(Audited)



Return on average assets


0.46%


0.71%



Return on average equity


6.87%


9.28%



Net interest margin (fully tax equivalent)


3.31%


3.70%



Efficiency ratio


58.27%


54.61%

















December 31, 2009


December 31, 2008


September 30, 2009





(Unaudited)


(Audited)


(Unaudited)

Book value per share


$        17.80


$        16.15


$        17.68

Tangible book value per share


$        17.80


$        16.15


$        17.68

% of reserve for loan losses to total loans


1.22%


1.09%


1.26%

Nonperforming assets to total loans plus foreclosed real estate


2.03%


2.06%


2.51%



SOURCE ServisFirst Bancshares, Inc.



RELATED LINKS
http://www.servisfirstbancshares.com

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.