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

Annual report pursuant to Section 13 and 15(d)

OTHER BORROWINGS

OTHER BORROWINGS

12 Months Ended

Dec. 31, 2011

NOTE 9. OTHER BORROWINGS

The Company prepaid both of its advances from Federal Home Loan Bank (“FHLB”) during 2011, one in March and the other in June. Prepayment penalties of $738,000 were paid to the FHLB as part of these prepayments, and is included in other operating expenses.

At December 31, 2011 and 2010, the composition of other borrowings is as follows:

	2011					2010
	Amount		Weighted Average Rate			Amount		Weighted Average Rate
FHLB Advances:
Fixed rate, due 2012 and 2013	$	-		0.00	%	$	20,000		3.13	%
Subordinated notes payable		4,954		8.25			4,937		8.25
Total other borrowings	$	4,954		8.25	%	$	24,937		4.14	%

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details