ServisFirst Bancshares, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)

9 Months Ended

Sep. 30, 2013

Financial Assets And Liabilities Carried At Fair Value On Recurring Basis

The following table presents the Company’s financial assets and financial liabilities carried at fair value on a recurring basis as of September 30, 2013 and December 31, 2012:

	Fair Value Measurements at September 30, 2013 Using
	Quoted Prices in
	Active Markets		Significant Other		Significant
	for Identical		Observable Inputs		Unobservable
	Assets (Level 1)		(Level 2)		Inputs (Level 3)		Total
	(In Thousands)
Assets Measured on a Recurring Basis:
Available-for-sale securities:
U.S. Treasury and government sponsored agencies	$	-	$	28,606	$	-	$	28,606
Mortgage-backed securities		-		85,410		-		85,410
State and municipal securities		-		126,545		-		126,545
Corporate debt		-		15,824		-		15,824
Interest rate swap agreements		-		194		-		194
Total assets at fair value	$	-	$	256,579	$	-	$	256,579

Liabilities Measured on a Recurring Basis:
Interest rate swap agreements	$	-	$	194	$	-	$	194

	Fair Value Measurements at December 31, 2012 Using
	Quoted Prices in
	Active Markets		Significant Other		Significant
	for Identical		Observable Inputs		Unobservable
	Assets (Level 1)		(Level 2)		Inputs (Level 3)		Total
	(In Thousands)
Assets Measured on a Recurring Basis:
Available-for-sale securities
U.S. Treasury and government sponsored agencies	$	-	$	28,386	$	-	$	28,386
Mortgage-backed securities		-		73,466		-		73,466
State and municipal securities		-		118,177		-		118,177
Corporate debt		-		13,848		-		13,848
Interest rate swap agreements		-		389		-		389
Total assets at fair value		-		234,266		-		234,266

Liabilities Measured on a Recurring Basis:
Interest rate swap agreements	$	-	$	389	$	-	$	389

Financial Assets And Liabilities Carried At Fair Value On Nonrecurring Basis

The following table presents the Company’s financial assets and financial liabilities carried at fair value on a nonrecurring basis as of September 30, 2013 and December 31, 2012:

	Fair Value Measurements at September 30, 2013 Using
	Quoted Prices in
	Active Markets		Significant Other		Significant
	for Identical		Observable		Unobservable
	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
	(In Thousands)
Assets Measured on a Nonrecurring Basis:
Impaired loans	$	-		-	$	30,793	$	30,793
Other real estate owned and repossessed assets		-		-		14,258		14,258
Total assets at fair value	$	-	$	-	$	45,051	$	45,051

	Fair Value Measurements at December 31, 2012 Using
	Quoted Prices in
	Active Markets		Significant Other		Significant
	for Identical		Observable		Unobservable
	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
	(In Thousands)
Assets Measured on a Nonrecurring Basis:
Impaired loans	$	-	$	-	$	33,883	$	33,883
Other real estate owned		-		-		9,873		9,873
Total assets at fair value	$	-	$	-	$	43,756	$	43,756

Carrying Amount And Estimated Fair Value Of Financial Instruments

The carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of September 30, 2013 and December 31, 2012 are presented in the following table.

	September 30, 2013				December 31, 2012
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value
	(In Thousands)
Financial Assets:
Level 2 inputs:
Investment securities available for sale	$	249,457	$	256,385	$	233,877	$	233,877
Investment securities held to maturity		33,130		32,671		25,967		27,350
Restricted equity securities		3,738		3,738		3,941		3,941
Mortgage loans held for sale		11,592		11,592		25,826		25,826
Bank owned life insurance contracts		68,460		68,460		57,014		57,014
Derivative		194		194		389		389

Level 3 inputs:
Loans, net		2,703,046		2,705,685		2,336,924		2,327,780

Financial Liabilities:
Level 2 inputs:
Deposits		2,919,217		2,921,406		2,511,572		2,516,320
Federal funds purchased		170,090		170,090		117,065		117,065
Other borrowings		19,932		19,932		19,917		19,917
Subordinated debentures		-		-		15,050		15,050
Derivative		194		194		389		389