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

Annual report pursuant to Section 13 and 15(d)

PARENT COMPANY FINANCIAL INFORMATION

PARENT COMPANY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2013

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

PARENT COMPANY FINANCIAL INFORMATION

NOTE 23.

PARENT COMPANY FINANCIAL INFORMATION

The following information presents the condensed balance sheets of the Parent Company as of December 31, 2013 and 2012 and the condensed statements of income and cash flows for the years ended December 31, 2013, 2012 and 2011.

CONDENSED BALANCE SHEETS DECEMBER 31, 2013 AND 2012
(In Thousands)
	2013		2012
ASSETS
Cash and due from banks	$	2,562	$	3,264
Investment in subsidiary		314,489		265,229
Other assets		194		18
Total assets	$	317,245	$	268,511

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Other borrowings	$	19,940	$	19,917
Subordinated debentures		-		15,050
Other liabilities		113		287
Total liabilities		20,053		35,254
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, 2013 and 2012		39,958		39,958
Common stock, par value $.001 per share; 50,000,000 shares authorized;
7,350,012 shares issued and outstanding at December 31, 2013 and
6,268,812 shares issued and outstanding at December 31, 2012		7		6
Additional paid-in capital		123,325		93,505
Retained earnings		130,011		92,492
Accumulated other comprehensive income		3,891		7,296
Total stockholders' equity		297,192		233,257
Total liabilities and stockholders' equity	$	317,245	$	268,511

CONDENSED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31,
(In Thousands)

	2013		2012		2011
Income:
Dividends received from subsidiary	$	4,750	$	-	$	800
Other income		1		41		43
Total income		4,751		41		843
Expense:
Other expenses		1,147		1,594		1,660
Total expenses		1,147		1,594		1,660
Equity in undistributed earnings of subsidiary		38,013		35,998		24,255
Net income		41,617		34,445		23,438
Dividends on preferred stock		400		400		200
Net income available to common stockholders		41,217		34,045		23,238

STATEMENT OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31,
(In Thousands)

	2013		2012		2011
Operating activities
Net income	$	41,617	$	34,445	$	23,438
Adjustments to reconcile net income to net cash used in operating activities:
Other		(224)		878		(50)
Equity in undistributed earnings of subsidiary		(38,013)		(35,998)		(24,255)
Net cash (used in) provided by operating activities		3,380		(675)		(867)
Investing activities
Investment in subsidiary		(10,499)		-		(46,200)
Net cash used in investing activities		(10,499)		-		(46,200)
Financing activities
Proceeds from other borrowings		-		19,917		-
Repayment of subordinated debentures		-		(15,464)		-
Proceeds from issuance of preferred stock		-		-		39,958
Proceeds from issuance of common stock		10,499		112		10,166
Dividends on preferred stock		(400)		(400)		(200)
Dividends on common stock		(3,682)		(3,134)		-
Net cash provided by financing activities		6,417		1,031		49,924
(Decrease) increase in cash and cash equivalents	$	(702)	$	356	$	2,857
Cash and cash equivalents at beginning of year		3,264		2,908		51
Cash and cash equivalents at end of year	$	2,562	$	3,264	$	2,908

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.

	2013 Quarter Ended
	(Dollars in thousands, except per share data)
	March 31		June 30		September 30		December 31
Interest income	$	29,165	$	30,692	$	32,499	$	33,725
Interest expense		3,264		3,211		3,534		3,610
Net interest income		25,901		27,481		28,965		30,115
Provision for loan losses		4,284		3,334		3,034		2,356
Net income available to common stockholders		9,151		9,586		10,712		11,752
Net income per common share, basic	$	1.44	$	1.39	$	1.53	$	1.64
Net income per common share, diluted	$	1.31	$	1.34	$	1.46	$	1.58

	2012 Quarter Ended
	(Dollars in thousands, except per share data)
	March 31		June 30		September 30		December 31
Interest income	$	25,571	$	26,654	$	27,743	$	29,055
Interest expense		3,833		3,749		3,695		3,624
Net interest income		21,738		22,905		24,048		25,431
Provision for loan losses		2,383		3,083		1,185		2,449
Net income available to common stockholders		8,155		8,231		9,202		8,457
Net income per common share, basic	$	1.37	$	1.38	$	1.53	$	1.40
Net income per common share, diluted	$	1.20	$	1.21	$	1.35	$	1.23

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

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