ServisFirst Bancshares, Inc. Announces Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2013
January 28, 2014 at 12:11 pm EST
Share
ServisFirst Bancshares, Inc. announced consolidated earnings results for fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total interest income of $33,725,000, net interest income after provision for loan losses of $27,759,000, income before taxes of $17,832,000, net income available to common stockholders of $11,768,000 or $1.58 per diluted share compared to the total interest income of $29,055,000, net interest income after provision for loan losses of $22,982,000, income before taxes of $12,665,000, net income available to common stockholders of $8,457,000 or $1.23 per diluted share for the same quarter a year ago. Return on average assets was 1.35% compared to the 1.18% for the same quarter year ago. Return on average common equity was 16.26% compared to the 14.67% for the same quarter year ago.
For the year, the company reported total interest income of $126,081,000, net interest income after provision for loan losses of $99,454,000, income before taxes of $61,975,000, net income available to common stockholders of $41,217,000 or $5.69 per diluted share compared to the total interest income of $109,023,000, net interest income after provision for loan losses of $85,022,000, income before taxes of $51,565,000, net income available to common stockholders of $34,045,000 or $4.99 per diluted share for the previous year. Return on average assets was 1.31% compared to the 1.30% for the previous year. Return on average common equity was 15.55% compared to the 15.81% for the previous year. As on December 31, 2013, book value per common share was $35.00 compared to the $30.84 as at December 31, 2012.
ServisFirst Bancshares, Inc. is a bank holding company. Through its subsidiary ServisFirst Bank (the Bank), provides business and personal financial services from locations in Alabama, Florida, Georgia, North and South Carolina, Tennessee, and Virginia. The Bankâs principal business is to accept deposits from the public and to make loans and other investments. The Company also operates loan production offices in Florida. Through the bank, the Company originate commercial, consumer and other loans and accept deposits, provide electronic banking services, such as online and mobile banking, including remote deposit capture, deliver treasury and cash management services and provide correspondent banking services to other financial institutions. The Banks offers a range of loans to retail customers in the communities. Bank's consumer loans include home equity loans (open and closed-end), vehicle financing, loans secured by deposits, and secured and unsecured personal loans.