Annual report pursuant to Section 13 and 15(d)

PARENT COMPANY FINANCIAL INFORMATION

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PARENT COMPANY FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2011
PARENT COMPANY FINANCIAL INFORMATION

NOTE 24.            PARENT COMPANY FINANCIAL INFORMATION

 

The following information presents the condensed balance sheet of ServisFirst Bancshares, Inc. as of December 31, 2011 and 2010 and the condensed statements of income and cash flows for the years ended December 31, 2011, 2010 and 2009.

 

 

BALANCE SHEETS DECEMBER 31, 2011 AND 2010

(In Thousands)

 

    2011     2010  
ASSETS            
Cash & due from banks   $ 2,908     $ 51  
Investment in subsidiary     223,753       146,954  
                 
Other assets     293       660  
Total assets   $ 226,954     $ 147,665  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY                
Liabilities:                
Borrowings   $ 30,514     $ 30,420  
Other liabilities     148       145  
Total liabilities     30,662       30,565  
Stockholders' equity:                
Preferred stock, Series A Senior Non-Cumulative Perpetual, par value $.001 (liquidation preference $1,000), net of discount; 40,000 shares authorized, 40,000 shares issued and outstanding at December 31, 2011 and no shares authorized, issued and outstanding at December 31, 2010     39,958       -  
Common stock, par value $.001 per share; 15,000,000 shares authorized; 5,932,182 shares issued and outstanding at December 31, 2011 and 5,527,482 shares issued and outstanding at December 31, 2010     6       6  
Paid in capital     87,805       75,914  
Retained earnings     61,581       38,343  
Accumulated other comprehensive income     6,942       2,837  
Total stockholders' equity     196,292       117,100  
Total liabilites and stockholders' equity   $ 226,954     $ 147,665  

  

STATEMENTS OF INCOME

(In Thousands)

 

    2011     2010     2009  
Income:                        
Dividends received from subsidiary   $ 800     $ 1,230     $ 325  
Other income     43       42       40  
Total income     843       1,272       365  
Expense:                        
Interest on borrowings     2,345       2,236       1,401  
Other operating expenses     291       295       304  
Total expenses     2,636       2,531       1,705  
Loss before income tax benefit & equity in undistributed earnings of subsidiary     (1,793 )     (1,259 )     (1,340 )
Income tax benefit     (976 )     (924 )     (614 )
Loss before equity in undistributed earnings earnings of subsidiary     (817 )     (335 )     (726 )
Equity in undistributed earnings of subsidiary     24,255       17,713       6,604  
Net income     23,438       17,378       5,878  
Dividends on preferred stock     200       -       -  
Net income available to common stockholders   $ 23,238     $ 17,378     $ 5,878  

 

STATEMENT OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2011, 2010 AND 2009

(In Thousands)

 

    2011     2010     2009  
OPERATING ACTIVITIES                        
Net income   $ 23,438     $ 17,378     $ 5,878  
Adjustments to reconcile net income to net cash used in operating activities:                        
Other     (50 )     241       260  
Equity in undistributed earnings of subsidiary     (24,255 )     (17,713 )     (6,604 )
Net used in operating activities     (867 )     (94 )     (466 )
INVESTMENT ACTIVITIES                        
Investment in subsidiary     (46,200 )     (15,000 )     (3,479 )
Net cash used in investment activities     (46,200 )     (15,000 )     (3,479 )
FINANCING ACTIVITIES                        
Proceeds from other borrowings     -       -       -  
Repayment of borrowings     -       -       -  
Proceeds from issuance of trust preferred securities     -       15,050       -  
Proceeds from issuance of preferred stock     39,958       -       -  
Proceeds from issuance of common stock     10,166       -       3,479  
Dividends on preferred stock     (200 )     -       -  
Net cash provided by financing activities     49,924       15,050       3,479  
Increase (decrease) in cash & cash equivalents     2,857       (44 )   $ (466 )
Cash & cash equivalents at beginning of year     51       95       561  
Cash & cash equivalents at end of year   $ 2,908     $ 51     $ 95  

 

QUARTERLY FINANCIAL DATA (UNAUDITED)

 

The following table sets forth certain unaudited quarterly financial data derived from our consolidated financial statements. Such data is only a summary and should be read in conjunction with our historical consolidated financial statements and related notes continued in this annual report on Form 10-K.

 

    2011 Quarter Ended  
    (Dollars in thousands, except per share data)  
    March 31     June 30     September 30     December 31  
Interest income   $ 20,961     $ 22,080     $ 23,312     $ 25,058  
Interest expense     3,985       4,032       4,093       3,970  
Net interest income     16,976       18,048       19,219       21,088  
Provision for loan losses     2,231       1,494       2,740       2,507  
Net income available to common stockholders     4,871       5,845       6,035       6,487  
Net income per common share, basic   $ 0.88     $ 1.02     $ 1.03     $ 1.10  
Net income per common share, diluted   $ 0.77     $ 0.89     $ 0.90     $ 0.97  

 

    2010 Quarter Ended  
    (Dollars in thousands, except per share data)  
    March 31     June 30     September 30     December 31  
Interest income   $ 18,502     $ 18,996     $ 19,959     $ 20,689  
Interest expense     3,596       3,688       3,972       4,004  
Net interest income     14,906       15,308       15,987       16,685  
Provision for loan losses     2,538       2,537       2,537       2,738  
Net income available to common stockholders     4,013       4,021       4,799       4,545  
Net income per common share, basic   $ 0.73     $ 0.73     $ 0.87     $ 0.82  
Net income per common share, diluted   $ 0.69     $ 0.65     $ 0.77     $ 0.73