2014

ServisFirst Bancshares, Inc. Reports Record First Quarter 2010

BIRMINGHAM, Ala., April 19 /PRNewswire/ -- ServisFirst Bancshares, Inc. today reported earnings for the quarter ending March 31, 2010.

First Quarter 2010 Highlights:

  • First quarter record net income of $4,013,000, a 457% increase year/year and a 102% increase over fourth quarter 2009.
  • Deposit growth of 20% year/ year
  • 18 consecutive quarters of profitability
  • Completed the sale of $15 million mandatory convertible trust preferred securities, which was 100% oversubscribed

Thomas A. Broughton III, President and CEO, stated, "We are very pleased with our profitability in the first quarter, which we feel validates our business model as we approach the fifth anniversary of ServisFirst Bank." CFO Bud Foshee said, "These record results place us among the top performing banks in the Southeast, and we continue to see improvement in the economic climate in our four regions of Alabama. We will continue to focus on maintaining the strength of our balance sheet." Foshee added, "Due to our financial strength, we expect to continue to benefit from a 'flight to quality' by new clients."  

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 collectibility 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.

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except shares and per share data)





Three Months Ended




March 31,


March 31,


December 31,




2010


2009


2009




(Unaudited)


(Unaudited)


(Unaudited)

Total interest income


$    18,502


$    13,937


$    17,190

Total interest expense


3,596


4,891


4,320


Net interest income before provision


14,906


9,046


12,870

Provision for loan losses


2,712


2,460


2,408


Net interest income after provision for loan losses


12,194


6,586


10,462


Total noninterest income


1,132


919


1,244









Salaries and employee benefits


3,482


3,367


3,227

Other noninterest expense


3,776


3,065


5,416


Total noninterest expense


7,258


6,432


8,643


Income before taxes


6,068


1,073


3,063

Income taxes


2,055


352


1,072


Net income


$      4,013


$         721


$      1,991









Basic earnings per share


$        0.73


$        0.13


$        0.36

Diluted earnings per share


$        0.68


$        0.13


$        0.34

Average basic shares


5,513,482


5,401,914


5,513,482

Average fully diluted shares


5,901,778


5,689,409


5,828,820



SERVISFIRST BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)



March 31, 2010


December 31, 2009


March 31, 2009



(Unaudited)


(Audited)


(Unaudited)

ASSETS







Cash and due from banks


$      25,762


$      75,526


$      18,944

Investment securities


234,120


256,098


105,260

Restricted equity securities


3,510


3,241


3,241

Federal funds sold and other investments


110


680


88,751

Mortgage loans held for sale


4,521


6,202


5,785








Loans


1,235,504


1,207,084


1,023,893

Reserve for loan losses


(15,671)


(14,911)


(12,412)

Net loans


1,219,833


1,192,173


1,011,481

Foreclosed real estate


12,344


12,525


8,088

Other assets


27,364


27,052


14,012

Total assets


$ 1,527,564


$ 1,573,497


$ 1,255,562








LIABILITIES AND STOCKHOLDERS' EQUITY







Liabilities:







Noninterest-bearing


$    174,068


$    211,307


$    122,643

Interest-bearing


1,176,492


1,221,048


1,004,504

Total deposits


1,350,560


1,432,355


1,127,147

Borrowings


72,589


40,150


35,123

Interest payable


937


1,026


1,150

Other liabilities


1,444


2,344


916

Total liabilities


1,425,530


1,475,875


1,164,336








Stockholders' equity


102,034


97,622


91,226

Total liabilities and stockholders' equity


$ 1,527,564


$ 1,573,497


$ 1,255,562










SERVISFIRST BANCSHARES, INC.

Key Ratios










Three Months Ended



March 31,


March 31,


December 31,



2010


2009


2009



(Unaudited)


(Unaudited)


(Unaudited)

Return on average assets


1.06%


0.25%


0.50%

Return on average equity


16.24%


3.27%


8.06%

Net interest margin (fully tax equivalent)


4.14%


3.21%


3.33%

Efficiency ratio


45.26%


64.55%


61.24%










3/31/2010


3/31/2009


12/31/2009



(Unaudited)


(Unaudited)


(Audited)

Book value per share


$        18.51


$        16.55


$        17.71

Tangible book value per share


$        18.51


$        16.55


$        17.71

% of reserve for loan losses to total loans


1.27%


1.21%


1.24%

Nonperforming assets to total loans







 plus foreclosed real estate


2.02%


2.25%


2.03%



Contact: ServisFirst Bank

Bud Foshee (205) 949-0307

BFoshee@servisfirstbank.com



SOURCE ServisFirst Bancshares, Inc.



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http://www.servisfirstbancshares.com

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