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)

3 Months Ended

Mar. 31, 2014

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 March 31, 2014 and December 31, 2013:

	Fair Value Measurements at March 31, 2014 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 debt securities:
U.S. Treasury and government sponsored agencies	$	-	$	43,427	$	-	$	43,427
Mortgage-backed securities		-		86,476		-		86,476
State and municipal securities		-		131,653		-		131,653
Corporate debt		-		15,945		-		15,945
Total assets at fair value	$	-	$	277,501	$	-	$	277,501

	Fair Value Measurements at December 31, 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 debt securities:
U.S. Treasury and government sponsored agencies	$	-	$	32,274	$	-	$	32,274
Mortgage-backed securities		-		88,240		-		88,240
State and municipal securities		-		129,831		-		129,831
Corporate debt		-		15,875		-		15,875
Total assets at fair value	$	-	$	266,220	$	-	$	266,220

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 March 31, 2014 and December 31, 2013:

	Fair Value Measurements at March 31, 2014 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	$	-	$	-	$	27,096	$	27,096
Other real estate owned and repossessed assets		-		-		9,752		9,752
Total assets at fair value	$	-	$	-	$	36,848	$	36,848

	Fair Value Measurements at December 31, 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	$	-	$	-	$	25,696	$	25,696
Other real estate owned		-		-		12,861		12,861
Total assets at fair value	$	-	$	-	$	38,557	$	38,557

Carrying Amount And Estimated Fair Value Of Financial Instruments

This table includes those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis.

	March 31, 2014				December 31, 2013
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value

	(In Thousands)
Financial Assets:
Level 2 inputs:
Available for sale debt securities	$	277,501	$	277,501	$	266,220	$	266,220
Held to maturity debt securities		31,974		31,559		32,274		31,315
Restricted equity securities		3,738		3,738		3,738		3,738
Federal funds sold		10,535		10,535		8,634		8,634
Mortgage loans held for sale		6,704		6,704		8,134		8,134
Bank owned life insurance contracts		69,544		69,544		69,008		69,008

Level 3 Inputs:
Loans, net	$	2,906,069	$	2,909,139	$	2,828,205	$	2,825,924

Financial Liabilities:
Level 2 inputs:
Deposits	$	3,031,041	$	3,033,281	$	3,019,642	$	3,021,847
Federal funds purchased		195,765		195,765		174,380		174,380
Other borrowings		19,949		19,949		19,940		19,940