EXHIBIT
99.1
PRESS
RELEASE ISSUED APRIL 19, 2010
SERVISFIRST
BANCSHARES, INC.
REPORTS
RECORD FIRST QUARTER 2010
Birmingham,
Ala. – (PR Newswire) – April 19, 2010 – ServisFirst Bancshares, Inc. today
reported earnings for the quarter ending March 31, 2010.
First
Quarter 2010 Highlights:
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§
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First
quarter record net income of $4,013,000, a 457% increase year/year and a
102% increase over fourth quarter
2009.
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§
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Deposit
growth of 20% year/ year
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§
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18
consecutive quarters of
profitability
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§
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Completed
the sale of $15 million mandatory convertible trust preferred securities,
which was 100% oversubscribed
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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.
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)
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Three
Months Ended
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March
31,
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March
31,
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December
31,
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2010
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2009
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2009
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(Unaudited)
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(Unaudited)
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(Unaudited)
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|||||||||||
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Total
interest income
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$ | 18,502 | $ | 13,937 | $ | 17,190 | |||||||
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Total
interest expense
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3,596 | 4,891 | 4,320 | ||||||||||
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Net
interest income before provision
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14,906 | 9,046 | 12,870 | ||||||||||
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Provision
for loan losses
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2,712 | 2,460 | 2,408 | ||||||||||
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Net
interest income after provision for loan losses
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12,194 | 6,586 | 10,462 | ||||||||||
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Total noninterest
income
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1,132 | 919 | 1,244 | ||||||||||
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Salaries
and employee benefits
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3,482 | 3,367 | 3,227 | ||||||||||
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Other
noninterest expense
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3,776 | 3,065 | 5,416 | ||||||||||
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Total noninterest
expense
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7,258 | 6,432 | 8,643 | ||||||||||
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Income before
taxes
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6,068 | 1,073 | 3,063 | ||||||||||
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Income
taxes
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2,055 | 352 | 1,072 | ||||||||||
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Net income
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$ | 4,013 | $ | 721 | $ | 1,991 | |||||||
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Basic
earnings per share
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$ | 0.73 | $ | 0.13 | $ | 0.36 | |||||||
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Diluted
earnings per share
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$ | 0.68 | $ | 0.13 | $ | 0.34 | |||||||
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Average
basic shares
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5,513,482 | 5,401,914 | 5,513,482 | ||||||||||
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Average
fully diluted shares
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5,901,778 | 5,689,409 | 5,828,820 | ||||||||||
SERVISFIRST
BANCSHARES, INC.
CONSOLIDATED
BALANCE SHEETS
(In
thousands)
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March
31,
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December
31,
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March 31,
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||||||||||
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2010
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2009
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2009
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(Unaudited)
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(Audited)
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(Unaudited)
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ASSETS
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Cash
and due from banks
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$ | 25,762 | $ | 75,526 | $ | 18,944 | ||||||
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Investment
securities
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234,120 | 256,098 | 105,260 | |||||||||
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Restricted
equity securities
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3,510 | 3,241 | 3,241 | |||||||||
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Federal
funds sold and other investments
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110 | 680 | 88,751 | |||||||||
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Mortgage
loans held for sale
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4,521 | 6,202 | 5,785 | |||||||||
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Loans
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1,235,504 | 1,207,084 | 1,023,893 | |||||||||
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Reserve
for loan losses
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(15,671 | ) | (14,911 | ) | (12,412 | ) | ||||||
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Net
loans
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1,219,833 | 1,192,173 | 1,011,481 | |||||||||
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Foreclosed
real estate
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12,344 | 12,525 | 8,088 | |||||||||
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Other
assets
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27,364 | 27,052 | 14,012 | |||||||||
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Total
assets
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$ | 1,527,564 | $ | 1,573,497 | $ | 1,255,562 | ||||||
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LIABILITIES
AND STOCKHOLDERS' EQUITY
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Liabilities:
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Noninterest-bearing
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$ | 174,068 | $ | 211,307 | $ | 122,643 | ||||||
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Interest-bearing
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1,176,492 | 1,221,048 | 1,004,504 | |||||||||
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Total
deposits
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1,350,560 | 1,432,355 | 1,127,147 | |||||||||
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Borrowings
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72,589 | 40,150 | 35,123 | |||||||||
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Interest
payable
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937 | 1,026 | 1,150 | |||||||||
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Other
liabilities
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1,444 | 2,344 | 916 | |||||||||
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Total
liabilities
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1,425,530 | 1,475,875 | 1,164,336 | |||||||||
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Stockholders'
equity
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102,034 | 97,622 | 91,226 | |||||||||
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Total
liabilities and stockholders' equity
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$ | 1,527,564 | $ | 1,573,497 | $ | 1,255,562 | ||||||
SERVISFIRST
BANCSHARES, INC.
Key
Ratios
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Three
Months Ended
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March
31,
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March
31,
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December
31,
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2010
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2009
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2009
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(Unaudited)
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(Unaudited)
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(Unaudited)
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Return
on average assets
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1.06 | % | 0.25 | % | 0.50 | % | ||||||
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Return
on average equity
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16.24 | % | 3.27 | % | 8.06 | % | ||||||
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Net
interest margin (fully tax equivalent)
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4.14 | % | 3.21 | % | 3.33 | % | ||||||
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Efficiency
ratio
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45.26 | % | 64.55 | % | 61.24 | % | ||||||
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3/31/2010
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3/31/2009
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12/31/2009
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(Unaudited)
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(Unaudited)
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(Audited)
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Book
value per share
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$ | 18.51 | $ | 16.55 | $ | 17.71 | ||||||
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Tangible
book value per share
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$ | 18.51 | $ | 16.55 | $ | 17.71 | ||||||
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%
of reserve for loan losses to total loans
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1.27 | % | 1.21 | % | 1.24 | % | ||||||
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Nonperforming
assets to total loans plus foreclosed real estate
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2.02 | % | 2.25 | % | 2.03 | % | ||||||