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ServisFirst Bancshares, Inc. Announces Results For First Quarter 2014

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BIRMINGHAM, Ala., April 21, 2014 /PRNewswire/ -- ServisFirst Bancshares, Inc. today announced earnings and operating results for the first quarter of 2014.

FIRST Quarter 2014 Highlights:

  • First quarter net income of $11.8 million, a 27.4% increase year over year
  • Diluted earnings per share of $1.52,  a 16.0% increase year over year
  • Nonperforming assets to total assets of 0.53%, well below the levels experienced during 2013, and reflective of strong credit quality and financial strength

Tom Broughton, President and CEO, said "We are pleased to have a strong start for 2014."  Bud Foshee, CFO, stated "Our focus continues to be on attracting new clients to our bank and providing excellent customer service."

 


FINANCIAL SUMMARY











(in Thousands except share and per share amounts)






























Q1 2014

Q1 2013

% Change

QUARTERLY OPERATING RESULTS











Net Income

$

11,756

$

9,251

27

%

Net Income Available to Common Stockholders

$

11,656

$

9,151

27

%

Diluted Earnings Per Share

$

1.52

$

1.31

16

%

Return on Average Assets

1.35

%

1.30

%



Return on Average Common Equity

17.83

%

18.07

%



Diluted Shares Outstanding

7,661,890


7,076,505



















BALANCE SHEET











Total Assets

$

3,572,914

$

2,861,758

25

%

Loans

2,937,797


2,462,154

19

%

Noninterest Bearing Demand Deposits

662,834


507,647

31

%

Total Deposits

3,031,041


2,423,534

25

%

Stockholders' Equity

312,283


257,547

21

%

 

DETAILED FINANCIALS

ServisFirst Bancshares, Inc. reported net income of $11.8 million and net income available to common stockholders of $11.7 million for the quarter ended March 31, 2014, compared to net income of $9.3 million and net income available to common stockholders of $9.2 million for the same quarter in 2013.  Basic and diluted earnings per common share were $1.58 and $1.52, respectively, for the first quarter of 2014, compared to $1.44 and $1.31, respectively, for the first quarter of 2013.

Return on average assets was 1.35% and return on average equity was 15.49% for the first quarter of 2014, compared to 1.30% and 15.12%, respectively, for the first quarter of 2013.

Net interest income was $30.8 million for the first quarter of 2014, compared to $30.1 million for the fourth quarter of 2013 and $25.9 million for the first quarter of 2013.  The net interest margin in the first quarter of 2014 was 3.80%, a 13 basis point increase from the fourth quarter of 2013 and 4 basis point decrease from the first quarter of 2013.  The increase in net interest margin on a linked quarter basis is attributable to a $146.0 million increase in average loans outstanding, resulting in a positive mix change in our balance sheet.  Our overall cost of funds was down 2 basis points to 0.55% and average equity was higher by approximately $18.0 million.

Average loans for the first quarter of 2014 were $2.91 billion, an increase of $146.0 million, or 5%, over average loans of $2.76 billion for the fourth quarter of 2013, and an increase of $520.0 million, or 18%, over average loans of $2.39 billion for the first quarter of 2013.

Average total deposits for the first quarter of 2014 were flat at $2.97 billion when compared to the fourth quarter of 2013, and increased $544.0 million, or 22%, over average deposits of $2.43 billion for the first quarter of 2013.

In the first quarter of 2014, we experienced a decrease in nonperforming assets, led by a decrease in other real estate owned.  We sold 16 properties during the first quarter of 2014 for total proceeds of $2.9 million.  Net credit charge-offs, while higher in the first quarter of 2014 than in the fourth quarter of 2013, remain well below levels we experienced in the first three quarters of 2013.  We recorded a $2.3 million provision for loan losses in the first quarter of 2014 compared to $2.4 million in the fourth quarter of 2013 and $4.3 million in the first quarter of 2013.  Growth in loans and improving credit quality has resulted in our loan loss reserve as a percent of loans remaining relatively stable, increasing one basis point to 1.08% at March 31, 2014 as compared to 1.07% at December 31, 2013 and two basis points as compared to 1.06% at September 30, 2013.  In management's opinion, the reserve is adequate and was determined by consistent application of ServisFirst Bank's methodology for calculating its reserve for loan losses.

Noninterest income decreased $622,000 during the first quarter of 2014, or 22%, compared to the first quarter of 2013 primarily the result of a $696,000 decrease in mortgage banking revenue.  We also had no securities sales in the first quarter of 2014 compared to $123,000 in securities gains during the first quarter of 2013.  Deposit service charges increased by $106,000, or 14%, resulting from higher balances and an increase in the number of accounts and transactions.  Increases in the cash surrender value of our life insurance contracts resulted from added investments in contracts during the third quarter of 2013.

Noninterest expense for the first quarter of 2014 increased $2.9 million, or 27%, to $13.7 million from $10.8 million in the first quarter of 2013.  This increase consists primarily of a $1.3 million, or 23%, increase in salaries and employee benefits related to new hires to fill positions in our newer markets of Mobile, Alabama and Nashville, Tennessee, a $300,000 increase in equipment and occupancy expense in these markets attributable to such expansion and a non-routine expense of $703,000 resulting from a correction of our accounting for vested stock options previously granted to members of our advisory boards in our Dothan, Huntsville and Montgomery markets.  We historically accounted for these options under the provisions of FASB ASC 718-10, Compensation – Stock Compensation, and now have determined to recognize as an expense the fair value of these vested options in accordance with the provisions of the FASB ASC Topic 505-50, Equity-Based Payments to Non-Employees.  The change in accounting treatment is a non-cash item and does not impact the Company's operating activities or cash from operations.

About ServisFirst Bancshares, Inc.

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, Montgomery, Mobile and Dothan, Alabama, Pensacola, Florida and Nashville, Tennessee.

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 http://servisfirstbancshares.investorroom.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; 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 http://servisfirstbancshares.investorroom.com/ or by calling (205) 949-0302.

Contact: ServisFirst Bank
Bud Foshee (205) 949-0307
BFoshee@servisfirstbank.com


 


SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)




















(In thousands except per share data)






















1st Quarter 2014

4th Quarter 2013

3rd Quarter 2013

2nd Quarter 2013

1st Quarter 2013

CONSOLIDATED STATEMENT OF INCOME




















Interest income

$

34,279

$

33,725

$

32,499

$

30,692

$

29,165

Interest expense

3,432


3,610


3,534


3,211


3,264

Net interest income

30,847


30,115


28,965


27,481


25,901

Provision for loan losses

2,314


2,356


3,034


3,334


4,284

Net interest income after provision for loan losses

28,533


27,759


25,931


24,147


21,617

Noninterest income

2,175


2,371


2,269


2,573


2,797

Noninterest expense

13,723


12,298


12,067


12,372


10,752

Income before income taxes

16,985


17,832


16,133


14,348


13,662

Provision for income taxes

5,229


5,964


5,321


4,662


4,411

Net income

11,756


11,868


10,812


9,686


9,251

Preferred stock dividends

100


116


100


100


100

Net income available to common stockholders

$

11,656

$

11,752

$

10,712

$

9,586

$

9,151

Earnings per share - basic

$

1.58

$

1.64

$

1.53

$

1.38

$

1.44

Earnings per share - diluted

$

1.52

$

1.58

$

1.46

$

1.33

$

1.31

Average diluted shares outstanding

7,661,890


7,453,117


7,321,911


7,218,442


7,076,505























CONSOLIDATED BALANCE SHEET DATA




















Total assets

$

3,572,914

$

3,519,417

$

3,396,153

$

3,140,626

$

2,861,758

Loans

2,937,797


2,858,868


2,731,973


2,590,192


2,462,154

Debt securities

309,475


298,494


289,515


261,578


262,103

Demand deposits

662,834


650,456


635,153


562,196


507,647

Total deposits

3,031,041


3,019,642


2,919,217


2,674,977


2,423,534

Borrowings

19,949


19,940


19,932


19,924


19,916

Stockholders' equity

$

312,283

$

297,192

$

276,300

$

265,189

$

257,547























Shares outstanding

7,524,812


7,350,012


7,076,347


6,974,312


6,897,812

Book value per share

$

36.19

$

35.00

$

33.40

$

32.29

$

31.54

Tangible book value per share (1)

$

36.19

$

35.00

$

33.40

$

32.29

$

31.54























SELECTED FINANCIAL RATIOS




















Net interest margin

3.80

%

3.67

%

3.71

%

3.93

%

3.92

%

Return on average assets

1.35

%

1.35

%

1.29

%

1.29

%

1.30

%

Return on average common equity

17.83

%

18.86

%

18.47

%

17.28

%

18.07

%

Efficiency ratio

41.56

%

37.86

%

38.63

%

41.17

%

37.47

%

Noninterest expense to average earning assets

1.66

%

1.48

%

1.65

%

1.74

%

1.60

%

Tangible common equity to total tangible assets (1)

7.62

%

7.31

%

6.96

%

7.17

%

7.60

%






















(1) Non-GAAP financial measures.  "Tangible book value per share" and "tangible common equity to total tangible assets" are not measures of financial performance recognized by generally accepted accounting principles in the United States, or GAAP;   However, because the Company has no intangible assets, there is no reconciliation of these non-GAAP financial measures.

 

 


CONSOLIDATED BALANCE SHEETS (UNAUDITED)









(Dollars in thousands)













March 31, 2014

March 31, 2013

% Change

ASSETS









Cash and due from banks

$

77,542

$

33,970

128

%

Interest-bearing balances due from depository institutions

134,415

11,914

1,028

%

Federal funds sold

10,535

1,545

582

%

Cash and cash equivalents

222,492

47,431

369

%

Available for sale debt securities, at fair value

277,501

229,434

21

%

Held to maturity debt securities (fair value of $33,782 and $33,692 at










March 31, 2014 and 2013, respectively)

31,974

32,669

(2)

%

Restricted equity securities

3,738

3,738

-

%

Mortgage loans held for sale

6,704

15,804

(58)

%

Loans

2,937,797

2,462,154

19

%

Less allowance for loan losses

(31,728)

(27,679)

15

%

Loans, net

2,906,069

2,434,475

19

%

Premises and equipment, net

8,015

8,845

(9)

%

Accrued interest and dividends receivable

10,370

9,154

13

%

Deferred tax asset, net

11,935

8,384

42

%

Other real estate owned and repossessed assets

9,752

8,076

21

%

Bank owned life insurance contracts

69,544

57,485

21

%

Other assets

14,820

6,391

132

%

Total assets

$

3,572,914

$

2,861,884

25

%

LIABILITIES AND STOCKHOLDERS' EQUITY









Liabilities:









Deposits:










Noninterest-bearing

$

662,834

$

507,647

31

%

Interest-bearing

2,368,207

1,915,887

24

%


Total deposits

3,031,041

2,423,534

25

%

Federal funds purchased

195,762

153,930

27

%

Other borrowings

19,949

19,916

0

%

Accrued interest payable

2,121

1,154

84

%

Other liabilities

11,758

5,677

107

%

Total liabilities

3,260,631

2,604,211

25

%

Stockholders' equity:










Preferred stock, Series A Senior Non-Cumulative Perpetual, par value $0.001











(liquidation preference $1,000), net of discount; 40,000 shares authorized,











40,000 shares issued and outstanding at March 31, 2014 and 2013

39,958

39,958

-

%

Preferred stock, par value $0.001 per share; 1,000,000 authorized and










Common stock, par value $0.001 per share; 50,000,000 shares authorized;











7,524,812 shares issued and outstanding at March 31, 2014 and











6,897,812 shares issued and outstanding at March 31, 2013

8

7

14

%

Additional paid-in capital

127,218

109,022

17

%

Retained earnings

140,538

101,631

38

%

Accumulated other comprehensive income

4,309

6,929

(38)

%

Noncontrolling interest

252

126

100

%


Total stockholders' equity

312,283

257,673

21

%

Total liabilities and stockholders' equity

$

3,572,914

$

2,861,884

25

%

 

 


CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)



(In thousands except per share data)











Three Months Ended March 31,





2014

2013

Interest income:







Interest and fees on loans

$

32,250

$

27,318

Taxable securities

1,097

948

Nontaxable securities

871

832

Federal funds sold

42

16

Other interest and dividends

19

51

   Total interest income

34,279

29,165

Interest expense:







Deposits

3,014

2,713

Borrowed funds

418

551

   Total interest expense

3,432

3,264

   Net interest income

30,847

25,901

Provision for loan losses

2,314

4,284

   Net interest income after provision for loan losses

28,533

21,617

Noninterest income:







Service charges on deposit accounts

868

762

Mortgage banking

284

980

Securities gains

-

123

Increase in cash surrender value life insurance

536

470

Other operating income

487

462

   Total noninterest income

2,175

2,797

Noninterest expense:







Salaries and employee benefits

7,697

5,679

Equipment and occupancy expense

1,366

1,111

Professional services

516

461

FDIC and other regulatory assessments

517

432

Other real estate owned expense

487

390

Other operating expenses

3,139

2,679

   Total noninterest expenses

13,723

10,752

   Income before income taxes

16,985

13,662

Provision for income taxes

5,229

4,411

         Net income

11,756

9,251

Dividends on preferred stock

100

100

         Net income available to common stockholders

$

11,656

$

9,151

Basic earnings per common share

$

1.58

$

1.44

Diluted earnings per common share

$

1.52

$

1.31

 

 


SUMMARY OF LOAN LOSS EXPERIENCE

















(Dollars in thousands)






















1st Quarter 2014

4th Quarter 2013

3rd Quarter 2013

2nd Quarter 2013

1st Quarter 2013

Reserve for loan losses:




















Beginning balance

$

30,663

$

28,927

$

28,757

$

27,679

$

26,258

Loans charged off:





















Commercial financial and agricultural

1,222


95


849


101


887


Real estate - construction

23


557


394


1,888


1,990


Real estate - mortgage:

4


25


1,746


270


-


Consumer

58


38


42


129


1


     Total charge off

1,307


715


3,031


2,388


2,878

Recoveries:





















Commercial financial and agricultural

45


16


13


31


6


Real estate - construction

8


70


124


95


7


Real estate - mortgage:

4


9


24


3


-


Consumer

1


-


6


3


2


     Total recoveries

58


95


167


132


15


Net charge-off

1,249


620


2,864


2,256


2,863


Provision for loan losses

2,314


2,356


3,034


3,334


4,284


Ending balance

$

31,728

$

30,663

$

28,927

$

28,757

$

27,679



























Reserve for loan losses to total loans

1.08

%

1.07

%

1.06

%

1.11

%

1.12

%

Reserve for loan losses to total average





















     loans

1.09

%

1.11

%

1.09

%

1.14

%

1.16

%

Net charge-offs to total average loans

0.17

%

0.09

%

0.43

%

0.36

%

0.49

%

Provision for loan losses to total average





















     loans

0.32

%

0.34

%

0.46

%

0.53

%

0.73

%

Nonperforming assets:





















     Nonaccrual loans

$

9,084

$

9,621

$

9,396

$

14,765

$

24,231


     Loans 90+ days past due and accruing

110


115


-


259


33


     Other real estate owned and





















        repossessed assets

9,824


12,861


14,258


9,232


8,112


Total

$

19,018

$

22,597

$

23,654

$

24,256

$

32,376



























Nonperforming loans to total loans

0.31

%

0.35

%

0.34

%

0.58

%

0.99

%

Nonperforming assets to total assets

0.53

%

0.64

%

0.70

%

0.77

%

1.13

%

Nonperforming assets to earning assets

0.55

%

0.66

%

0.72

%

0.79

%

1.15

%

Reserve for loan losses to nonaccrual loans

349.27

%

318.71

%

307.87

%

194.76

%

114.23

%


























Restructured accruing loans

$

9,411

$

9,689

$

6,233

$

9,406

$

9,475



























Restructured accruing loans to total loans

0.32

%

0.35

%

0.23

%

0.36

%

0.38

%

 

 


CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)









(In thousands except per share data)













1st Quarter

2014

4th Quarter

2013

3rd Quarter

2013

2nd Quarter

2013

1st Quarter

2013

Interest income:
















Interest and fees on loans

$

32,250

$

31,618

$

30,475

$

28,874

$

27,318

Taxable securities

1,097

1,052

980

908

948

Nontaxable securities

871

870

858

847

832

Federal funds sold

(64)

51

44

17

16

Other interest and dividends

125

134

142

46

51

   Total interest income

34,279

33,725

32,499

30,692

29,165

Deposits

3,014

3,202

3,131

2,784

2,713

Borrowed funds

418

408

403

427

551

   Total interest expense

3,432

3,610

3,534

3,211

3,264

   Net interest income

30,847

30,115

28,965

27,481

25,901

Provision for loan losses

2,314

2,356

3,034

3,334

4,284

   Net interest income after provision for loan losses

28,533

27,759

25,931

24,147

21,617

Noninterest income:
















Service charges on deposit accounts

868

837

823

806

762

Mortgage banking

284

344

402

787

980

Securities gains

-

-

-

8

123

Increase in cash surrender value life insurance

536

548

491

485

470

Other operating income

487

642

553

487

462

   Total noninterest income

2,175

2,371

2,269

2,573

2,797

Salaries and employee benefits

7,697

6,541

7,048

7,056

5,679

Equipment and occupancy expense

1,366

1,350

1,272

1,469

1,111

Professional services

516

480

443

425

461

FDIC and other regulatory assessments

517

536

405

426

432

Other real estate owned expense

487

475

357

204

390

Other operating expenses

3,139

2,916

2,542

2,792

2,679

   Total noninterest expenses

13,723

12,298

12,067

12,372

10,752

   Income before income taxes

16,985

17,832

16,133

14,348

13,662

Provision for income taxes

5,229

5,964

5,321

4,662

4,411

         Net income

11,756

11,868

10,812

9,686

9,251

Dividends on preferred stock

100

116

100

100

100

         Net income available to common stockholders

$

11,656

$

11,752

$

10,712

$

9,586

$

9,151

Basic earnings per common share

$

1.58

$

1.64

$

1.53

$

1.39

$

1.44

Diluted earnings per common share

$

1.52

$

1.58

$

1.46

$

1.34

$

1.31

 

 

AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS - UNAUDITED

ON A FULLY TAXABLE-EQUIVALENT BASIS

(Dollars in thousands)












































1st Quarter 2014

4th Quarter 2013

3rd Quarter 2013

2nd Quarter 2013

1st Quarter 2013
































Average Balance

Yield / Rate

Average Balance

Yield / Rate

Average Balance

Yield / Rate

Average Balance

Yield / Rate

Average Balance

Yield / Rate

Assets:






























Interest-earning assets:































Loans, net of unearned income (1)
































Taxable

$

2,892,433

4.52

%

$

2,754,955

4.54

%

$

2,640,444

4.56

%

$

2,519,869

4.58

%

$

2,384,670

4.64

%


Tax-exempt (2)

14,550

3.34


5,669

4.34


2,483

5.91


2,453

5.72


2,464

5.76


Mortgage loans held for sale

4,496

2.80


5,956

3.66


12,531

2.66


14,157

2.10


19,322

1.95


Debt securities:
































Taxable

174,842

2.54


166,027

2.49


152,135

2.56


139,189

2.65


144,407

2.66



Tax-exempt (2)

122,686

4.13


120,161

4.11


118,001

4.13


115,428

4.22


109,587

4.43




Total securities (3)

297,528

3.20


286,188

3.17


270,136

3.24


254,617

3.36


253,994

3.42


Federal funds sold

54,895

0.31


68,710

0.25


62,192

0.28


21,303

0.26


23,522

0.28


Restricted equity securities

3,738

-


3,738

2.55


3,738

2.65


3,738

2.25


3,954

2.36


Interest-bearing balances with banks

82,279

0.09


173,521

0.29


161,169

0.29


30,083

0.24


34,704

0.33


Total interest-earning assets

3,349,919

4.21

%

3,298,737

4.11

%

3,152,693

4.14

%

2,846,220

4.38

%

2,722,630

4.41

%

Non-interest-earning assets:































Cash and due from banks

56,082




53,062




45,314




42,175




41,437




Net premises and equipment

8,724




8,944




9,052




9,359




9,241




Allowance for loan losses,
































accrued interest and
































other assets

85,532




98,586




76,477




75,239




74,223






Total assets

$

3,500,257



$

3,459,329



$

3,283,536



$

2,972,993



$

2,847,531







































Interest-bearing liabilities:































Interest-bearing deposits:































Checking

$

478,678

0.27

%

$

472,751

0.27

%

$

432,453

0.28

%

$

415,955

0.28

%

$

413,935

0.28

%

Savings

25,081

0.27


21,755

0.27


21,602

0.29


21,733

0.28


22,089

0.28


Money market

1,416,645

0.45


1,420,771

0.47


1,356,197

0.47


1,123,605

0.46


1,074,226

0.46


Time deposits

412,622

1.10


412,254

1.13


408,600

1.16


402,733

1.19


395,902

1.22


Federal funds purchased

195,967

0.28


176,967

0.28


168,121

0.28


185,533

0.29


137,183

0.25


Other borrowings

19,945

5.75


19,936

5.63


19,928

5.63


19,920

5.92


27,441

6.89


Total interest-bearing liabilities

2,548,938

0.55

%

2,524,434

0.57

%

2,406,901

0.58

%

2,169,479

0.59

%

2,070,776

0.64

%

Non-interest-bearing liabilities:































Non-interest-bearing
































checking

641,450




640,476




599,379




539,228




523,669




Other liabilities

4,734




7,226




7,250




1,799




7,708




Stockholders' equity

300,512




282,549




266,427




255,837




238,290




Unrealized gains on securities and
































derivatives

4,634




4,644




3,580




6,650




7,088






Total liabilities and


































stockholders' equity

$

3,500,257



$

3,459,329



$

3,283,536



$

2,972,993



$

2,847,531



Net interest spread



3.67

%



3.54

%



3.56

%



3.79

%



3.77

%

Net interest margin



3.80

%



3.67

%



3.78

%



3.88

%



3.84

%




































(1)

Average loans include loans on which the accrual of interest has been discontinued.

(2)

Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 35%.

(3)

Unrealized gains on available-for-sale debt securities are excluded from the yield calculation.

 

SOURCE ServisFirst Bancshares, Inc.

Released April 21, 2014