By BIRMINGHAM, Ala., Jan. 28, 2014 /PRNewswire/ -- ServisFirst Bancshares, Inc. today announced earnings for the fourth quarter and the year ended December 31, 2013.
2013 AND FOURTH QUARTER HIGHLIGHTS:
-- Net income increased 21.2% year over year and 38.8% for the fourth
quarter of 2013 compared to the same quarter in 2012. Net income for
the fourth quarter of 2013 increased 10.3% over the third quarter of
2013.
-- Diluted earnings per share increased 14.0% year over year and 28.5% for
the fourth quarter of 2013 compared to the same quarter in 2012.
Diluted earnings per share for the fourth quarter of 2013 increased 8.2%
over the third quarter of 2013.
-- Deposits increased 20.2% year over year.
-- Loans increased 21.0% year over year.
"We are pleased with our growth in loans, deposits and earnings in 2013," said Tom Broughton, President and CEO. "Our business model continues to attract new bankers that enable us to achieve these results."
ABOUT SERVISFIRST:
ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank, ServisFirst Bancshares, Inc. provides business and personal financial services from locations in Birmingham, Huntsville, Mobile, Montgomery and Dothan, Alabama, Pensacola, Florida and Nashville, Tennessee.
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 http://servisfirstbancshares.investorroom.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; 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 collectability 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 http://servisfirstbancshares.investorroom.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
December 31, September 30,
2013 2012 2013
---- ---- ----
Total interest income $33,725 $29,055 $32,499
Total interest expense 3,610 3,624 3,534
----- ----- -----
Net interest income before provision for
loan losses 30,115 25,431 28,965
Provision for loan losses 2,356 2,449 3,034
----- ----- -----
Net interest income after provision for loan
losses 27,759 22,982 25,931
Total noninterest income 2,371 2,586 2,269
Salaries and employee benefits 6,541 6,477 7,048
Other noninterest expense 5,757 6,426 5,019
----- ----- -----
Total noninterest expense 12,298 12,903 12,067
Income before taxes 17,832 12,665 16,133
Income taxes 5,964 4,108 5,321
Net income 11,868 8,557 10,812
Preferred stock dividends 100 100 100
Net income available to common stockholders $11,768 $8,457 $10,712
Basic earnings per common share $1.64 $1.40 $1.53
Diluted earnings per common share $1.58 $1.23 $1.46
Average basic common shares 7,159,382 6,052,570 7,019,069
Average diluted common shares 7,453,117 6,971,752 7,321,911
Year Ended December 31,
2013 2012
---- ----
Total interest income $126,081 $109,023
Total interest expense 13,619 14,901
------ ------
Net interest income before provision for
loan losses 112,462 94,122
Provision for loan losses 13,008 9,100
------ -----
Net interest income after provision for loan
losses 99,454 85,022
Total noninterest income 10,010 9,643
Salaries and employee benefits 26,324 22,587
Other noninterest expense 21,165 20,513
------ ------
Total noninterest expense 47,489 43,100
Income before taxes 61,975 51,565
Income taxes 20,358 17,120
Net income 41,617 34,445
Preferred stock dividends 400 400
Net income available to common stockholders $41,217 $34,045
Basic earnings per common share $6.00 $5.68
Diluted earnings per common share $5.69 $4.99
Average basic common shares 6,869,071 5,996,437
Average diluted common shares 7,268,675 6,941,752
SERVISFIRST BANCSHARES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31, December 31, September 30,
2013 2012 2013
---- ---- ----
ASSETS
Cash and due from banks $249,781 $177,454 $257,490
Investment securities 298,494 259,844 289,515
Restricted equity securities 3,738 3,941 3,738
Federal funds sold and other investments 8,634 3,291 7,923
Mortgage loans held for sale 8,134 25,826 11,592
Loans 2,858,868 2,363,182 2,731,973
Reserve for loan losses (30,663) (26,258) (28,927)
------- ------- -------
Net loans 2,828,205 2,336,924 2,703,046
Other real estate owned 12,672 9,685 14,258
Bank owned life insurance contracts 69,008 57,014 68,460
Other assets 40,751 32,335 40,131
------ ------ ------
Total assets $3,519,417 $2,906,314 $3,396,153
========== ========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Noninterest-bearing $650,456 $545,174 $635,153
Interest-bearing 2,369,186 1,966,398 2,284,064
--------- --------- ---------
Total deposits 3,019,642 2,511,572 2,919,217
Federal funds purchased 174,380 117,065 170,090
Borrowings 19,940 34,967 19,932
Interest payable 769 942 4,553
Other liabilities 7,494 8,511 6,061
----- ----- -----
Total liabilities 3,222,225 2,673,057 3,119,853
Stockholders' equity 297,192 233,257 276,300
------- ------- -------
Total liabilities and stockholders' equity $3,519,417 $2,906,314 $3,396,153
========== ========== ==========
SERVISFIRST BANCSHARES, INC.
Key Ratios
Three Months Ended
December 31, September 30,
2013 2012 2013
---- ---- ----
Return on average assets 1.35% 1.18% 1.29%
Return on average common equity 16.26% 14.67% 15.75%
Net interest margin (fully taxable-equivalent) 3.67% 3.75% 3.71%
Efficiency ratio 37.86% 46.05% 38.63%
Year Ended December 31,
2013 2012
---- ----
Return on average assets 1.31% 1.30%
Return on average common equity 15.55% 15.81%
Net interest margin (fully taxable-equivalent) 3.80% 3.80%
Efficiency ratio 38.78% 41.54%
December 31, September 30,
2013 2012 2013
---- ---- ----
Book value per common share $35.00 $30.84 $33.40
Tangible book value per common share $35.00 $30.84 $33.40
% of reserve for loan losses to total loans 1.07% 1.11% 1.06%
0.79% 0.85% 0.86%
Nonperforming assets to total loans
plus foreclosed real estate
Nonperforming assets to total assets 0.64% 0.69% 0.70%
SOURCE ServisFirst Bancshares, Inc.
