Exhibit 99.1

SERVISFIRST BANCSHARES, INC.

Announces Record Second Quarter 2012

 

Birmingham, Ala. – (PR Newswire) – July 17, 2012 – ServisFirst Bancshares, Inc. today announced record earnings for the quarter and six months ended June 30, 2012.

 

Second Quarter 2012 Highlights:

 

§ Second quarter record net income of $8.2 million, a 41% increase year/year
§ Basic earnings per common share of $2.74 for the six months ended June 30, 2012, a 46% increase year/year
§ Celebrated the 7th anniversary of ServisFirst Bank during the quarter.
§ Non-performing assets and ORE less than 1% of assets, reflects strong credit quality and financial strength.

 

Tom Broughton, President and CEO, said “we are pleased to announce record earnings for the second quarter of 2012. This marks the tenth consecutive quarter of record earnings for ServisFirst.” Bud Foshee, CFO, stated “our consistent focus on improving customer service and efficiency continues to enhance our return on average assets.”

 

ABOUT SERVISFIRST:

ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank, ServisFirst Bancshares provides business and personal financial services from locations in Birmingham, Huntsville, Montgomery and Dothan, Alabama and Pensacola, Florida.

 

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 www.servisfirstbancshares.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 and so-called “bailout” 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 collectibility 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 www.servisfirstbancshares.com or by calling (205) 949-0302.

 

Contact: ServisFirst Bank

Bud Foshee (205) 949-0307

BFoshee@servisfirstbank.com

 
 

 

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except shares and per share data)

 

 

    Three Months Ended 
   June 30,   March 31,  
   2012   2011   2012 
Total interest income  $26,654   $22,080   $25,571 
Total interest expense   3,749    4,032    3,833 
Net interest income before provision   22,905    18,048    21,738 
Provision for loan losses   3,083    1,494    2,383 
Net interest income after provision for loan losses   19,822    16,554    19,355 
Total noninterest income   2,428    1,782    2,269 
                
Salaries and employee benefits   5,248    5,026    5,165 
Other noninterest expense   4,647    4,343    3,866 
Total noninterest expense   9,895    9,369    9,031 
Income before taxes   12,355    8,967    12,593 
Income taxes   4,024    3,122    4,337 
Net income   8,331    5,845    8,256 
Preferred stock dividends   100    -    100 
Net income available to common stockholders  $8,231   $5,845   $8,156 
                
Basic earnings per common share  $1.38   $1.02   $1.37 
Diluted earnings per common share  $1.21   $0.89   $1.20 
Average basic common shares   5,981,218    5,708,871    5,946,006 
Average fully diluted common shares   6,933,564    6,705,953    6,913,869 

 

 

   Six Months Ended June 30, 
   2012   2011  
Total interest income  $52,225   $43,041 
Total interest expense   7,582    8,017 
Net interest income before provision   44,643    35,024 
Provision for loan losses   5,466    3,725 
Net interest income after provision for loan losses   39,177    31,299 
Total noninterest income   4,697    3,053 
           
Salaries and employee benefits   10,413    9,240 
Other noninterest expense   8,513    8,726 
Total noninterest expense   18,926    17,966 
Income before taxes   24,948    16,386 
Income taxes   8,361    5,670 
Net income   16,587    10,716 
Preferred stock dividends   200    - 
Net income available to common stockholders  $16,387   $10,716 
           
Basic earnings per common share  $2.74   $1.88 
Diluted earnings per common share  $2.41   $1.65 
Average basic common shares   5,971,630    5,694,871 
Average fully diluted common shares   6,923,717    6,657,359 

 

 

 
 

  

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

 

   June 30, 2012   June 30, 2011   December 31, 2011 
ASSETS            
Cash and due from banks  $71,334   $102,914   $142,368 
Investment securities   317,519    244,566    309,018 
Restricted equity securities   4,018    3,899    3,501 
Federal funds sold and other investments   84,468    94,541    100,565 
Mortgage loans held for sale   15,000    4,092    17,859 
                
Loans   2,022,589    1,560,974    1,830,742 
Reserve for loan losses   (23,239)   (19,516)   (22,030)
Net loans   1,999,350    1,541,458    1,808,712 
Foreclosed real estate   9,834    6,931    12,275 
Bank owned life insurance contracts   41,165    -    40,390 
Other assets   27,555    26,196    26,097 
Total assets  $2,570,243   $2,024,597   $2,460,785 
                
LIABILITIES AND STOCKHOLDERS' EQUITY               
Liabilities:               
Noninterest-bearing  $467,344   $283,968   $418,810 
Interest-bearing   1,773,558    1,519,906    1,725,077 
Total deposits   2,240,902    1,803,874    2,143,887 
Federal funds purchased   80,205    -    79,265 
Borrowings   30,514    35,435    35,468 
Interest payable   935    983    945 
Other liabilities   2,819    3,104    4,928 
Total liabilities   2,355,375    1,843,396    2,264,493 
                
Stockholders' equity   214,868    181,201    196,292 
Total liabilities and stockholders' equity  $2,570,243   $2,024,597   $2,460,785 

 

 

 

 
 

 

SERVISFIRST BANCSHARES, INC.

Key Ratios

 

   Three Months Ended 
   June 30,   March 31, 
   2012   2011   2012 
Return on average assets   1.31%   1.22%   1.33%
Return on average common equity   15.74%   17.30%   16.31%
Net interest margin (fully taxable-equivalent)   3.85%   3.93%   3.76%
Efficiency ratio   39.06%   47.24%   37.62%

 

   Six Months Ended June 30, 
   2012   2011 
Return on average assets   1.32%   1.14%
Return on average common equity   16.02%   16.56%
Net interest margin (fully taxable-equivalent)   3.81%   3.90%
Efficiency ratio   38.36%   47.18%

 

   June 30,   March 31, 
   2012   2011   2012 
Book value per common share  $29.13   $24.05   $27.73 
Tangible book value per common share  $29.13   $24.05   $27.73 
% of reserve for loan losses to total loans   1.15%   1.25%   1.23%
Nonperforming assets to total loans               
     plus foreclosed real estate   1.08%   1.79%   1.40%
Nonperforming assets to total assets   0.85%   1.39%   1.07%