ServisFirst Bancshares, Inc. Issues Corrected Earnings Report for Fourth Quarter 2009
BIRMINGHAM, Ala., Feb. 2 /PRNewswire/ -- ServisFirst Bancshares, Inc. today amended its previously announced earnings report for the quarter and year ended December 31, 2009. This corrected report reflects additional expense of $800,000 for the fourth quarter of 2009 primarily related to the initial installment of the 13-quarter prepayment of Federal Deposit Insurance Corporation (FDIC) premiums adopted by the FDIC in November 2009. This expense was not reflected in the Company's initial earnings announcement on January 19, 2010, which was corrected by the Company in connection with the preparation of its audited financial statements for the year ended December 31, 2009. As shown in the attached financial data, the effect of this expense, net of the income tax benefit, was to reduce the Company's net income by $504,856, or $.09 (basic) and $.09 (diluted) per share, for the quarter and year ended December 31, 2009.
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.
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
provision 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 5,416 3,113 3,574
------ ------ ------
Total noninterest expense 8,643 5,755 6,972
------ ------ ------
Income before taxes 3,063 2,982 2,230
Income taxes 1,072 1,021 622
------ ------ ------
Net income $1,991 $1,961 $1,608
====== ====== ======
Basic earnings per share $0.36 $0.38 $0.29
Diluted earnings per share $0.34 $0.36 $0.28
Average basic shares 5,513,482 5,116,314 5,513,482
Average fully diluted shares 5,828,820 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
provision 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 15,349 10,024
------ ------
Total noninterest expense 28,930 20,576
------ ------
Income before taxes 8,658 10,830
Income taxes 2,780 3,825
------ ------
Net income $5,878 $7,005
====== ======
Basic earnings per share $1.07 $1.37
Diluted earnings per share $0.99 $1.31
Average basic shares 5,485,972 5,114,194
Average fully diluted shares 5,912,925 5,338,883
SERVISFIRST BANCSHARES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31, December 31,
2009 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 29,844 12,932
---------- ----------
Total assets $1,572,964 $1,162,272
========== ==========
LIABILITIES AND 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 97,622 86,783
---------- ----------
Total liabilities and
stockholders' equity $1,572,964 $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 0.50% 0.70% 0.45%
Return on
average equity 8.06% 8.50% 6.75%
Net interest
margin (fully
tax equivalent) 3.33% 3.50% 3.36%
Efficiency ratio 61.24% 56.92% 56.18%
Year Ended December 31,
2009 2008
(Unaudited) (Audited)
----------- ---------
Return on
average assets 0.43% 0.71%
Return on
average equity 6.33% 9.28%
Net interest
margin (fully
tax equivalent) 3.31% 3.70%
Efficiency ratio 59.93% 54.61%
12/31/2009 12/31/2008 9/30/2009
(Unaudited) (Audited) (Unaudited)
----------- --------- -----------
Book value per
share $17.71 $16.15 $17.68
Tangible book
value per share $17.71 $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%
Contact: ServisFirst Bank |
|
Bud Foshee (205) 949-0307 |
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SOURCE ServisFirst Bancshares, Inc.
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