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| 8-K - ServisFirst Bancshares, Inc. | v208573_8k.htm |
EXHIBIT
99.1
PRESS
RELEASE ISSUED JANUARY 20, 2011
SERVISFIRST
BANCSHARES, INC.
Announces
Record Earnings For 2010
Birmingham,
Ala. – (PR Newswire) – January 20, 2011 – ServisFirst Bancshares, Inc. today
reported record earnings for the quarter and year ended December 31,
2010.
2010
and Fourth Quarter Highlights:
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§
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2010
net income of $17.4 million, a 196% increase over
2009
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§
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Fourth
quarter net income increase of 128%
year/year
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§
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$3.15
earnings per share for 2010, a 194% increase
year/year
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§
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21
consecutive quarters of
profitability
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Tom
Broughton, President and CEO, said “We are proud to report record earnings in
2010, as well as continued solid deposit growth with a 23% increase
in deposits during 2010. We are very pleased with our growth in new and expanded
core relationships with businesses, professionals and consumers.” Bud Foshee,
CFO, stated, “Our strong financial performance reflects not only higher interest
income, but also disciplined expense management and margin improvement over
2009.”
ABOUT SERVISFIRST:
ServisFirst
Bancshares, Inc. is a bank holding company based in Birmingham, Alabama. Through
its subsidiary ServisFirst Bank, ServisFirst provides business and personal
financial services through locations in Birmingham, Huntsville, Montgomery and
Dothan, Alabama.
ServisFirst
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 www.servisfirstbancshares.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 and so-called “bailout” 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 collectibility of loans
and the value of collateral; the effect of natural disasters, such as
hurricanes, 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 “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 may be obtained over the Internet at
www.servisfirstbancshares.com or by calling (205)
949-0302.
Contact: ServisFirst
Bank
Bud
Foshee (205) 949-0307
BFoshee@servisfirstbank.com
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SERVISFIRST
BANCSHARES, INC.
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CONSOLIDATED
STATEMENTS OF INCOME
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(In
thousands, except shares and per share data)
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||||||||||||
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Three
Months Ended
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December
31,
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September
30,
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|||||||||||
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2010
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2009
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2010
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(Unaudited)
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(Unaudited)
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(Unaudited)
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||||||||||
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Total
interest income
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$ | 20,689 | $ | 17,189 | $ | 19,959 | ||||||
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Total
interest expense
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4,004 | 4,320 | 3,972 | |||||||||
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Net
interest income before provision
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16,685 | 12,869 | 15,987 | |||||||||
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Provision
for loan losses
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2,738 | 2,408 | 2,537 | |||||||||
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Net
interest income after provision for loan losses
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13,947 | 10,461 | 13,450 | |||||||||
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Total
noninterest income
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1,685 | 1,244 | 1,348 | |||||||||
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Salaries
and employee benefits
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4,493 | 3,227 | 3,547 | |||||||||
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Other
noninterest expense
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4,016 | 5,416 | 3,920 | |||||||||
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Total
noninterest expense
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8,509 | 8,643 | 7,467 | |||||||||
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Income
before taxes
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7,123 | 3,062 | 7,331 | |||||||||
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Income
taxes
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2,578 | 1,072 | 2,532 | |||||||||
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Net
income
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$ | 4,545 | $ | 1,990 | $ | 4,799 | ||||||
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Basic
earnings per share
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$ | 0.82 | $ | 0.37 | $ | 0.87 | ||||||
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Diluted
earnings per share
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$ | 0.73 | $ | 0.34 | $ | 0.77 | ||||||
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Average
basic shares
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5,525,297 | 5,513,482 | 5,515,384 | |||||||||
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Average
fully diluted shares
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6,427,228 | 5,828,820 | 6,417,947 | |||||||||
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Year
Ended December 31,
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2010
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2009
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(Unaudited)
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(Audited)
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Total
interest income
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$ | 78,146 | $ | 62,197 | ||||||||
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Total
interest expense
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15,260 | 18,337 | ||||||||||
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Net
interest income before provision
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62,886 | 43,860 | ||||||||||
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Provision
for loan losses
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10,350 | 10,685 | ||||||||||
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Net
interest income after provision for loan losses
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52,536 | 33,175 | ||||||||||
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Total
noninterest income
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5,169 | 4,413 | ||||||||||
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Salaries
and employee benefits
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14,669 | 13,581 | ||||||||||
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Other
noninterest expense
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16,300 | 15,349 | ||||||||||
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Total
noninterest expense
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30,969 | 28,930 | ||||||||||
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Income
before taxes
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26,736 | 8,658 | ||||||||||
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Income
taxes
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9,358 | 2,780 | ||||||||||
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Net
income
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$ | 17,378 | $ | 5,878 | ||||||||
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Basic
earnings per share
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$ | 3.15 | $ | 1.07 | ||||||||
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Diluted
earnings per share
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$ | 2.84 | $ | 1.02 | ||||||||
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Average
basic shares
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5,519,151 | 5,485,972 | ||||||||||
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Average
fully diluted shares
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6,294,604 | 5,787,643 | ||||||||||
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SERVISFIRST
BANCSHARES, INC.
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CONSOLIDATED
BALANCE SHEETS
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(In
thousands)
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December
31, 2010
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December
31, 2009
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September
30, 2010
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(Unaudited)
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(Audited)
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(Unaudited)
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ASSETS
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Cash
and due from banks
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$ | 231,732 | $ | 75,526 | $ | 149,841 | ||||||
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Investment
securities
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282,193 | 256,098 | 251,838 | |||||||||
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Restricted
equity securities
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3,510 | 3,241 | 3,510 | |||||||||
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Federal
funds sold and other investments
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346 | 680 | 2,213 | |||||||||
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Mortgage
loans held for sale
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7,875 | 6,202 | 8,708 | |||||||||
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Loans
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1,394,818 | 1,207,084 | 1,345,502 | |||||||||
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Reserve
for loan losses
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(18,077 | ) | (14,911 | ) | (16,903 | ) | ||||||
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Net
loans
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1,376,741 | 1,192,173 | 1,328,599 | |||||||||
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Foreclosed
real estate
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6,966 | 12,525 | 8,170 | |||||||||
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Other
assets
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25,803 | 27,052 | 23,645 | |||||||||
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Total
assets
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$ | 1,935,166 | $ | 1,573,497 | $ | 1,776,524 | ||||||
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LIABILITIES
AND STOCKHOLDERS' EQUITY
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Liabilities:
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Noninterest-bearing
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$ | 250,490 | $ | 211,307 | $ | 224,537 | ||||||
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Interest-bearing
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1,508,226 | 1,221,048 | 1,377,020 | |||||||||
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Total
deposits
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1,758,716 | 1,432,355 | 1,601,557 | |||||||||
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Borrowings
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55,357 | 40,150 | 55,317 | |||||||||
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Interest
payable
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898 | 1,026 | 914 | |||||||||
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Other
liabilities
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3,095 | 2,344 | 2,559 | |||||||||
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Total
liabilities
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1,818,066 | 1,475,875 | 1,660,347 | |||||||||
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Stockholders'
equity
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117,100 | 97,622 | 116,177 | |||||||||
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Total
liabilities and stockholders' equity
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$ | 1,935,166 | $ | 1,573,497 | $ | 1,776,524 | ||||||
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SERVISFIRST
BANCSHARES, INC.
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Key
Ratios
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Three
Months Ended
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December
31,
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September
30,
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2010
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2009
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2010
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(Unaudited)
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(Unaudited)
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(Unaudited)
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Return
on average assets
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0.97 | % | 0.50 | % | 1.10 | % | ||||||
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Return
on average equity
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15.24 | % | 8.06 | % | 16.86 | % | ||||||
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Net
interest margin (fully tax equivalent)
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3.73 | % | 3.33 | % | 3.83 | % | ||||||
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Efficiency
ratio
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46.32 | % | 61.24 | % | 43.08 | % | ||||||
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Year
Ended December 31,
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2010
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2009
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(Unaudited)
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(Audited)
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Return
on average assets
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1.04 | % | 0.43 | % | ||||||||
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Return
on average equity
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15.86 | % | 6.33 | % | ||||||||
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Net
interest margin (fully tax equivalent)
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3.94 | % | 3.31 | % | ||||||||
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Efficiency
ratio
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45.51 | % | 59.57 | % | ||||||||
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12/31/2010
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12/31/2009
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9/30/2010
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(Unaudited)
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(Audited)
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(Unaudited)
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Book
value per share
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$ | 21.19 | $ | 17.71 | $ | 21.05 | ||||||
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Tangible
book value per share
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$ | 21.19 | $ | 17.71 | $ | 21.05 | ||||||
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%
of reserve for loan losses to total loans
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1.30 | % | 1.24 | % | 1.26 | % | ||||||
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Nonperforming
assets to total loans
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plus
foreclosed real estate
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1.52 | % | 2.03 | % | 1.67 | % | ||||||