SERVISFIRST BANCSHARES, INC.

Announces Record First Quarter 2013

 

Birmingham, Ala. – (PR Newswire) – April 24, 2013 – ServisFirst Bancshares, Inc. today reported record earnings for the quarter ended March 31, 2013.

 

First Quarter 2013 Highlights:

 

§Fully diluted earnings per share of $1.31 for the first quarter, a 9% increase year /year
§First quarter record net income of $9.2 million, a 12% increase year / year
§ServisFirst Bank named the 14th Best Performing Bank between $500 Million and $5 Billion for 2012 by SNL Financial
§Tier 1 leverage ratio of 8.8%. ServisFirst Bank’s Tier 1 leverage ratio remains well above the FDIC “Well Capitalized” standard

 

Tom Broughton, President and CEO, stated “We are pleased to report record quarterly net income as we approach our eighth anniversary in May and we appreciate the support of our very involved shareholders.” Bud Foshee, CFO, said “ServisFirst Bank’s net interest margin reached 4.05% in the first quarter of 2013, up from 3.93% in the first quarter of 2012 and up from 3.89% in the fourth quarter of 2012.”

 

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 and Pensacola, Florida.

 

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 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 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  
   March 31,   December 31, 
   2013   2012   2012 
Total interest income  $29,165   $25,571   $29,055 
Total interest expense   3,264    3,833    3,624 
Net interest income before provision   25,901    21,738    25,431 
Provision for loan losses   4,284    2,383    2,449 
Net interest income after provision for loan losses   21,617    19,355    22,982 
Total noninterest income   2,797    2,269    2,586 
                
Salaries and employee benefits   5,679    5,165    6,477 
Other noninterest expense   5,073    3,866    6,426 
Total noninterest expense   10,752    9,031    12,903 
Income before taxes   13,662    12,593    12,665 
Income taxes   4,411    4,337    4,108 
Net income   9,251    8,256    8,557 
Preferred stock dividends   100    100    100 
Net income available to common stockholders  $9,151   $8,156   $8,457 
                
Basic earnings per common share  $1.44   $1.37   $1.40 
Diluted earnings per common share  $1.31   $1.20   $1.23 
Average basic common shares   6,341,605    5,946,006    6,052,570 
Average fully diluted common shares   7,076,505    6,913,869    6,971,752 

 

 
 

 

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

 

   March 31, 2013   March 31, 2012   December 31, 2012 
ASSETS               
Cash and due from banks  $45,758   $138,111   $177,450 
Investment securities   262,103    311,908    259,848 
Restricted equity securities   3,738    4,288    3,941 
Federal funds sold and other investments   1,545    90,892    3,291 
Mortgage loans held for sale   15,804    12,611    25,826 
                
Loans   2,462,154    1,918,636    2,363,182 
Reserve for loan losses   (27,679)   (23,662)   (26,258)
Net loans   2,434,475    1,894,974    2,336,924 
Foreclosed real estate   8,076    11,637    9,685 
Bank owned life insurance contracts   57,485    40,780    57,014 
Other assets   32,774    26,283    32,335 
Total assets  $2,861,758   $2,531,484   $2,906,314 
                
LIABILITIES AND STOCKHOLDERS' EQUITY               
Liabilities:               
Noninterest-bearing  $507,647   $432,418   $545,174 
Interest-bearing   1,915,887    1,756,958    1,966,398 
Total deposits   2,423,534    2,189,376    2,511,572 
Federal funds purchased   153,930    93,385    117,065 
Borrowings   19,916    35,472    34,967 
Interest payable   1,154    1,016    942 
Other liabilities   5,677    6,851    8,511 
Total liabilities   2,604,211    2,326,100    2,673,057 
                
Stockholders' equity   257,547    205,384    233,257 
Total liabilities and stockholders' equity  $2,861,758   $2,531,484   $2,906,314 

 

 
 

 

SERVISFIRST BANCSHARES, INC.

Key Ratios

 

   Three Months Ended  
   March 31,   December 31, 
   2013   2012   2012 
Return on average assets   1.30%   1.33%   1.18%
Return on average common equity   15.12%   16.31%   14.67%
Net interest margin (fully taxable-equivalent)   3.92%   3.76%   3.75%
Efficiency ratio   37.47%   37.62%   46.05%
                
    March 31,    December 31, 
    2013    2012    2012 
Book value per common share  $31.54   $27.73   $30.84 
Tangible book value per common share  $31.54   $27.73   $30.84 
% of reserve for loan losses to total loans   1.12%   1.23%   1.11%
Nonperforming assets to total loans               
plus foreclosed real estate   1.31%   1.40%   0.85%
Nonperforming assets to total assets   1.13%   1.07%   0.69%