ServisFirst Bancshares, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

PARENT COMPANY FINANCIAL INFORMATION

PARENT COMPANY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

NOTE 24. PARENT COMPANY FINANCIAL INFORMATION

The following information presents the condensed balance sheet of the Company as of December 31, 2016 and 2015 and the condensed statements of income and cash flows for the years ended December 31, 2016, 2015 and 2014.

CONDENSED BALANCE SHEETS

(In Thousands)

	December 31, 2016		December 31, 2015
ASSETS
Cash and due from banks	$	6,060	$	48,182
Investment in subsidiary		574,261		456,407
Other assets		375		375
Total assets	$	580,696	$	504,964

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Other borrowings	$	54,663	$	54,639
Other liabilities		3,521		1,555
Total liabilities		58,184		56,194
Stockholders' equity:
Preferred stock, Series A Senior Non-Cumulative Perpetual, par value $0.001 (liquidation preference $1,000), net of discount; no shares authorized, issued and outstanding at December 31, 2016, and 40,000 shares authorized, no shares issued and outstanding at December 31, 2015		-		-
Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated		-		-
at December 31, 2016 and 1,000,000 authorized and 960,000 shares undesignated		-		-
at December 31, 2015		-		-
Common stock, par value $0.001 per share; 100,000,000 shares authorized;		-		-
52,636,896 shares issued and outstanding at December 31, 2016 and		-		-
51,945,396 shares issued and outstanding at December 31, 2015		53		26
Additional paid-in capital		215,932		211,546
Retained earnings		307,151		234,150
Accumulated other comprehensive (loss) income		(624)		3,048
Total stockholders' equity		522,512		448,770
Total liabilites and stockholders' equity	$	580,696	$	504,964

CONDENSED STATEMENTS OF INCOME

FOR THE YEARS ENDED DECEMBER 31, 2016, 2015 and 2014

(In Thousands)

	2016		2015		2014
Income:
Dividends received from subsidiary	$	2,500	$	20,000	$	12,000
Other income		2		1		-
Total income		2,502		20,001		12,000
Expense:
Other expenses		2,208		1,603		1,183
Total expenses		2,208		1,603		1,183
Equity in undistributed earnings of subsidiary		81,138		45,095		41,529
Net income		81,432		63,493		52,346
Dividends on preferred stock		-		233		400
Net income available to common stockholders	$	81,432	$	63,260	$	51,946

STATEMENTS OF CASH FLOW

FOR THE YEARS ENDED DECEMBER 31, 2016, 2015 AND 2014

(In Thousands)

	2016		2015		2014
Operating activities
Net income	$	81,432	$	63,493	$	52,346
Adjustments to reconcile net income to net cash used in operating activities:
Other		1,443		(271)		165
Equity in undistributed earnings of subsidiary		(81,139)		(45,095)		(41,529)
Net cash provided by operating activities		1,736		18,127		10,982
Investing activities
Investment in subsidiary		(36,000)		-		-
Net cash paid in acquisition		-		(20,926)		-
Other		-		736		-
Net cash used in investing activities		(36,000)		(20,190)		-
Financing activities
Proceeds from other borrowings		-		34,750		-
Redemption of preferred stock		-		(40,000)		-
Proceeds from issuance of common stock, net		-		-		52,076
Dividends paid on common stock		(7,858)		(5,883)		(3,609)
Dividends paid on preferred stock		-		(233)		(400)
Net cash provided by financing activities		(7,858)		(11,366)		48,067
(Decrease) increase in cash and cash equivalents		(42,122)		(13,429)		59,049
Cash and cash equivalents at beginning of year		48,182		61,611		2,562
Cash and cash equivalents at end of year	$	6,060	$	48,182	$	61,611

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

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