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

PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2014

CONDENSED BALANCE SHEETS

(In Thousands)

	December 31, 2014		December 31, 2013
ASSETS
Cash and due from banks	$	61,611	$	2,562
Investment in subsidiary		366,609		314,489
Other assets		51		194
Total assets	$	428,271	$	317,245

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Other borrowings	$	19,973	$	19,940
Other liabilities		1,337		113
Total liabilities		21,310		20,053
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, 2014 and 2013		39,958		39,958
Common stock, par value $.001 per share; 50,000,000 shares authorized; 24,801,518 shares issued and outstanding at December 31, 2014 and 22,050,036 shares issued and outstanding at December 31, 2013		25		7
Additional paid-in capital		185,397		123,325
Retained earnings		177,091		130,011
Accumulated other comprehensive income		4,490		3,891
Total stockholders' equity		406,961		297,192
Total liabilites and stockholders' equity	$	428,271	$	317,245

CONDENSED STATEMENTS OF INCOME

FOR THE YEARS ENDED DECEMBER 31,

(In Thousands)

	2014		2013		2012
Income:
Dividends received from subsidiary	$	12,000	$	4,750	$	-
Other income		-		1		41
Total income		12,000		4,751		41
Expense:
Other expenses		1,183		1,147		1,594
Total expenses		1,183		1,147		1,594
Equity in undistributed earnings of subsidiary		41,529		37,997		35,998
Net income		52,346		41,601		34,445
Dividends on preferred stock		400		400		400
Net income available to common stockholders		51,946		41,201		34,045

STATEMENTS OF CASH FLOW

FOR THE YEARS ENDED DECEMBER 31,

(In Thousands)

	2014		2013		2012
Operating activities
Net income	$	52,346	$	41,601	$	34,445
Adjustments to reconcile net income to net cash used in operating activities:
Other		165		(224)		878
Equity in undistributed earnings of subsidiary		(41,529)		(37,997)		(35,998)
Net cash (used in) provided by operating activities		10,982		3,380		(675)
Investing activities
Investment in subsidiary		-		(10,499)		-
Net cash used in investing activities		-		(10,499)		-
Financing activities
Proceeds from other borrowings		-		-		19,917
Repayment of subordinated debentures		-		-		(15,464)
Proceeds from issuance of common stock, net		52,076		10,499		112
Dividends paid on common stock		(3,609)		(3,682)		(3,134)
Dividends paid on preferred stock		(400)		(400)		(400)
Net cash provided by financing activities		48,067		6,417		1,031
Increase (decrease) in cash and cash equivalents		59,049		(702)		356
Cash and cash equivalents at beginning of year		2,562		3,264		2,908
Cash and cash equivalents at end of year	$	61,611	$	2,562	$	3,264