8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): July 18, 2011

SERVISFIRST BANCSHARES, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

0-53149	26-0734029
(Commission File Number)	(IRS Employer Identification No.)

850 Shades Creek Parkway, Birmingham, Alabama	35209
(Address of Principal Executive Offices)	(Zip Code)

(205) 949-0302

(Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2 – Financial Information

Item 2.02.                      Results of Operations and Financial Condition.

On July 18, 2011, ServisFirst Bancshares, Inc. (the "Company") issued a press release announcing its operating results for the quarter and six months ended June 30, 2011.  A copy of the press release is attached as Exhibit 99.1.

The information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be considered "filed" for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act.

Section 9 – Financial Statements and Exhibits

Item 9.01.                       Financial Statements and Exhibits.

(d)	Exhibits	Description
	99.1	Press Release Issued July 18, 2011

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

	SERVISFIRST BANCSHARES, INC.
Date: July 18, 2011	By:	/s/Thomas A. Broughton III
		Thomas A. Broughton III
		Chief Executive Officer

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EX-99.1

EXHIBIT 99.1

PRESS RELEASE ISSUED JULY 18, 2011

SERVISFIRST BANCSHARES, INC.

Announces Record Second Quarter 2011

Birmingham, Ala. – (PR Newswire) – July 18, 2011 – ServisFirst Bancshares, Inc. today reported record earnings for the quarter and six months ending June 30, 2011.

Second Quarter 2011 Highlights:

§ Assets exceed $2 billion

§ Second quarter record net income of $5.8 million, a 45% increase year/year

§ Basic earnings per share of $1.88 for the first six months of 2011

§ Closed Pensacola common equity raise at $30 per share, for total proceeds of $10.2 million, and $40 million Small Business Lending Fund preferred stock sale in second quarter

§ Tier 2 Capital over $229 million

§ 23 consecutive quarters of profitability

Tom Broughton, CEO and President, said, “We continue to focus on delivering high quality service to our clients, and, with our clients’ help, are gratified to have grown to over $2 billion in assets in the past six years.” Bud Foshee, CFO, stated, “Our focus in solid banking fundamentals has resulted in our ranking as one of the top performing community banks in the U.S. according to SNL Financial.”

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, Alabama; Huntsville, Alabama; Montgomery, Alabama; Dothan, Alabama; and Pensacola, Florida.

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.comor by calling (205) 949-0302.

Contact:ServisFirst Bank

Bud Foshee (205) 949-0307

BFoshee@servisfirstbank.com

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SERVISFIRST BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except shares and per share data)

	Three Months Ended
	June 30,				March 31,
	2011		2010		2011
	(Unaudited)		(Unaudited)		(Unaudited)
Total interest income	$	22,080	$	18,996	$	20,961
Total interest expense		4,032		3,688		3,985
Net interest income before provision		18,048		15,308		16,976
Provision for loan losses		1,494		2,537		2,231
Net interest income after provision for loan losses		16,554		12,771		14,745
Total noninterest income		1,782		1,004		1,271
Salaries and employee benefits		5,026		3,147		4,214
Other noninterest expense		4,343		4,414		4,383
Total noninterest expense		9,369		7,561		8,597
Income before taxes		8,967		6,214		7,419
Income taxes		3,122		2,193		2,548
Net income	$	5,845	$	4,021	$	4,871
Basic earnings per share	$	1.02	$	0.73	$	0.88
Diluted earnings per share	$	0.89	$	0.65	$	0.77
Average basic shares		5,708,871		5,513,482		5,527,482
Average fully diluted shares		6,705,953		6,399,929		6,514,103
	Six Months Ended June 30,
	2011		2010
	(Unaudited)		(Unaudited)
Total interest income	$	43,041	$	37,498
Total interest expense		8,017		7,284
Net interest income before provision		35,024		30,214
Provision for loan losses		3,725		5,075
Net interest income after provision for loan losses		31,299		25,139
Total noninterest income		3,053		2,136
Salaries and employee benefits		9,240		6,629
Other noninterest expense		8,726		8,364
Total noninterest expense		17,966		14,993
Income before taxes		16,386		12,282
Income taxes		5,670		4,248
Net income	$	10,716	$	8,034
Basic earnings per share	$	1.88	$	1.46
Diluted earnings per share	$	1.65	$	1.33
Average basic shares		5,694,871		5,513,482
Average fully diluted shares		6,657,359		6,159,841

 

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SERVISFIRST BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

	June 30, 2011			June 30, 2010			December 31, 2010
	(Unaudited)			(Unaudited)			(Audited)
ASSETS
Cash and due from banks	$	102,914		$	127,102		$	231,632
Investment securities		244,566			236,467			282,193
Restricted equity securities		3,899			3,510			3,510
Federal funds sold and other investments		94,541			148			346
Mortgage loans held for sale		4,092			4,462			7,875
Loans		1,560,974			1,288,410			1,394,818
Reserve for loan losses		(19,516	)		(15,713	)		(18,077	)
Net loans		1,541,458			1,272,697			1,376,741
Foreclosed real estate		6,931			10,773			6,966
Other assets		26,196			26,725			25,903
Total assets	$	2,024,597		$	1,681,884		$	1,935,166
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Noninterest-bearing	$	283,968		$	188,657		$	250,490
Interest-bearing		1,519,906			1,326,247			1,508,226
Total deposits		1,803,874			1,514,904			1,758,716
Borrowings		35,435			55,278			55,357
Interest payable		983			887			898
Other liabilities		3,104			1,769			3,095
Total liabilities		1,843,396			1,572,838			1,818,066
Stockholders' equity		181,201			109,046			117,100
Total liabilities and stockholders' equity	$	2,024,597		$	1,681,884		$	1,935,166

 

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SERVISFIRST BANCSHARES, INC.

Key Ratios

	Three Months Ended
	June 30,						March 31,
	2011			2010			2011
	(Unaudited)			(Unaudited)			(Unaudited)
Return on average assets		1.22	%		1.02	%		1.06	%
Return on average equity		17.30	%		15.34	%		16.50	%
Net interest margin (fully tax equivalent)		3.93	%		4.07	%		3.86	%
Efficiency ratio		47.25	%		46.35	%		47.11	%
	Six Months Ended June 30,
	2011			2010
	(Unaudited)			(Unaudited)
Return on average assets		1.14	%		1.04	%
Return on average equity		16.56	%		15.77	%
Net interest margin (fully tax equivalent)		3.90	%		4.11	%
Efficiency ratio		47.18	%		46.35	%
	June 30,						March 31,
	2011			2010			2011
	(Unaudited)			(Unaudited)			(Unaudited)
Book value per share	$	24.05		$	19.78		$	22.15
Tangible book value per share	$	24.05		$	19.78		$	22.15
% of reserve for loan losses to total loans		1.25	%		1.22	%		1.31	%
Nonperforming assets to total loans plus foreclosed real estate		1.79	%		1.45	%		1.98	%

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