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

Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOW

CONSOLIDATED STATEMENTS OF CASH FLOW (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
OPERATING ACTIVITIES
Net income	$ 52,377us-gaap_NetIncomeLoss	$ 41,617us-gaap_NetIncomeLoss	$ 34,445us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash provided by
Deferred tax benefit	(5,021)us-gaap_DeferredIncomeTaxExpenseBenefit	(1,805)us-gaap_DeferredIncomeTaxExpenseBenefit	(2,181)us-gaap_DeferredIncomeTaxExpenseBenefit
Provision for loan losses	10,259	13,008	9,100
Depreciation and amortization	1,838us-gaap_DepreciationAndAmortization	1,841us-gaap_DepreciationAndAmortization	1,218us-gaap_DepreciationAndAmortization
Net amortization of investments	3,247	1,122	1,079
Market value adjustment of interest rate cap	0sfbs_MarkToMarketActivitiesNet	0sfbs_MarkToMarketActivitiesNet	9sfbs_MarkToMarketActivitiesNet
Increase in accrued interest and dividends receivable	(952)	(1,104)	(966)
Stock-based compensation expense	3,681us-gaap_ShareBasedCompensation	1,205us-gaap_ShareBasedCompensation	1,049us-gaap_ShareBasedCompensation
Increase (decrease) in accrued interest payable	1,171	(173)	(3)
Proceeds from sale of mortgage loans held for sale	107,678	192,576	239,292
Originations of mortgage loans held for sale	(103,481)	(172,371)	(243,699)
Gain on sale of securities available for sale	(3)us-gaap_GainLossOnSaleOfSecuritiesNet	(131)us-gaap_GainLossOnSaleOfSecuritiesNet	0us-gaap_GainLossOnSaleOfSecuritiesNet
Gain on sale of mortgage loans held for sale	(2,047)us-gaap_GainLossOnSaleOfMortgageLoans	(2,513)us-gaap_GainLossOnSaleOfMortgageLoans	(3,560)us-gaap_GainLossOnSaleOfMortgageLoans
Net loss on sale of other real estate owned and repossessed assets	413sfbs_NetGainLossOnSaleOfOtherRealEstate	159sfbs_NetGainLossOnSaleOfOtherRealEstate	105sfbs_NetGainLossOnSaleOfOtherRealEstate
Write down of other real estate owned	811us-gaap_ImpairmentOfRealEstate	433us-gaap_ImpairmentOfRealEstate	2,189us-gaap_ImpairmentOfRealEstate
Decrease in special prepaid FDIC insurance assessments	0	2,498	1,322
Increase in cash surrender value of life insurance contracts	(2,280)us-gaap_BankOwnedLifeInsuranceIncome	(1,994)us-gaap_BankOwnedLifeInsuranceIncome	(1,624)us-gaap_BankOwnedLifeInsuranceIncome
Losses of tax credit partnerships	207sfbs_LossOfTaxCreditPartnership	0sfbs_LossOfTaxCreditPartnership	0sfbs_LossOfTaxCreditPartnership
Excess tax benefits from the exercise of warrants	(971)	(262)	(381)
Net change in other assets, liabilities, and other operating activities	(2,812)	92	3,790
Net cash provided by operating activities	64,115	74,198	41,184
INVESTMENT ACTIVITIES
Purchase of debt securities available for sale	(65,398)	(83,455)	(47,867)
Proceeds from maturities, calls and paydowns of debt securities available for sale	32,833	40,959	106,783
Proceeds from sale of debt securities available for sale	173	4,140	0
Purchase of debt securities held to maturity	0	(10,668)	(11,701)
Proceeds from maturities, calls and paydowns of debt securities held to maturity	2,919	4,361	943
Increase in loans	(508,026)	(515,644)	(540,019)
Purchase of premises and equipment	(1,307)	(1,346)	(5,474)
Purchase of equity securities	0	0	(787)
Purchase of bank-owned life insurance contracts	(15,000)	(10,000)	(15,000)
Proceeds from sale of equity securities	320	203	347
Proceeds from sale of other real estate owned and repossessed assets	6,539	7,664	2,967
Investment in tax credit partnerships	(2,145)	(7,907)	0
Net cash used in investing activities	(549,092)	(571,693)	(509,808)
FINANCING ACTIVITIES
Net increase in non-interest-bearing deposits	160,004	105,282	126,364
Net increase in interest-bearing deposits	218,514	402,788	241,321
Net increase in federal funds purchased	89,935	57,315	37,800
Proceeds from other borrowings	0us-gaap_ProceedsFromOtherDebt	0us-gaap_ProceedsFromOtherDebt	19,917us-gaap_ProceedsFromOtherDebt
Redemption of subordinated debentures	0sfbs_Redemptionofsubordinateddebentures	0sfbs_Redemptionofsubordinateddebentures	(15,464)sfbs_Redemptionofsubordinateddebentures
Proceeds from sale of common stock, net	52,076	10,337	0
Proceeds from sale of preferred stock, net	250	0	0
Proceeds from exercise of stock options and warrants	6,316	3,279	4,651
Excess tax benefits from exercise of stock options and warrants	971	262	381
Repayment of other borrowings	0us-gaap_RepaymentsOfOtherDebt	0us-gaap_RepaymentsOfOtherDebt	(5,000)us-gaap_RepaymentsOfOtherDebt
Dividends paid on common stock	(3,609)us-gaap_PaymentsOfDividendsCommonStock	(3,682)us-gaap_PaymentsOfDividendsCommonStock	(3,134)us-gaap_PaymentsOfDividendsCommonStock
Dividends paid on preferred stock	(431)	(416)	(400)
Net cash provided by financing activities	524,026	575,165	406,436
Net increase (decrease) in cash and cash equivalents	39,049	77,670	(62,188)
Cash and cash equivalents at beginning of year	258,415	180,745	242,933
Cash and cash equivalents at end of year	297,464	258,415	180,745
Cash paid for:
Interest	12,948us-gaap_InterestPaid	13,792us-gaap_InterestPaid	14,904us-gaap_InterestPaid
Income taxes	27,278us-gaap_IncomeTaxesPaid	20,878us-gaap_IncomeTaxesPaid	17,714us-gaap_IncomeTaxesPaid
NONCASH TRANSACTIONS
Conversion of mandatorily convertible subordinated debentures	0	(15,000)	0
Other real estate acquired in settlement of loans	2,417	11,355	2,695
Internally financed sales of other real estate owned and repossessed assets	675us-gaap_TransferOfOtherRealEstate	0us-gaap_TransferOfOtherRealEstate	24us-gaap_TransferOfOtherRealEstate
Dividends declared	$ 1,240us-gaap_DividendsCommonStockPaidinkind	$ 0us-gaap_DividendsCommonStockPaidinkind	$ 0us-gaap_DividendsCommonStockPaidinkind