0001144204-12-056480.txt : 20121017 0001144204-12-056480.hdr.sgml : 20121017 20121016192650 ACCESSION NUMBER: 0001144204-12-056480 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20121016 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20121017 DATE AS OF CHANGE: 20121016 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ServisFirst Bancshares, Inc. CENTRAL INDEX KEY: 0001430723 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 260734029 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-53149 FILM NUMBER: 121147095 BUSINESS ADDRESS: STREET 1: 3300 CAHABA ROAD STREET 2: SUITE 300 CITY: BIRMINGHAM STATE: AL ZIP: 35223 BUSINESS PHONE: 205-949-0302 MAIL ADDRESS: STREET 1: 3300 CAHABA ROAD STREET 2: SUITE 300 CITY: BIRMINGHAM STATE: AL ZIP: 35223 8-K 1 v325894_8k.htm FORM 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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) October 16, 2012

 

ServisFirst Bancshares, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware 0-53149 26-0734029
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) 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)

  

Not Applicable

(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 obligation of the registrant under any of the following provisions:

 

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

 

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

 

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

 

¨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 October 16, 2012, ServisFirst Bancshares, Inc. (the “Company”) issued a press release announcing its operating results for the quarter ended September 30, 2012. A copy of the press release is attached as Exhibit 99.1.

 

The information furnished pursuant to Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.

 

Item 9.01 – Financial Statements and Exhibits.

 

(a)Not applicable
(b)Not applicable
(c)Not applicable
(d)Exhibits. The following exhibits are included with this Current Report on Form 8-K:

  

Exhibit No.   Description
     
99.1   Press Release issued by ServisFirst Bancshares, Inc. on October 16, 2012

 

 
 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  SERVISFIRST BANCSHARES, INC.
   
   
  /s/ Thomas A. Broughton III
Dated: October 16, 2012 By:  Thomas A. Broughton III
  Chief Executive Officer

 

 
 

INDEX TO EXHIBITS

 

Current Report on Form 8-K
dated October 16, 2012

 

ServisFirst Bancshares, Inc.

 

Exhibit No.   Description
     
99.1   News Release issued by ServisFirst Bancshares, Inc. on October 16, 2012

 

 

EX-99.1 2 v325894_ex99-1.htm EARNINGS RELEASE

 

 

SERVISFIRST BANCSHARES, INC.

Announces Record Third Quarter 2012

 

Birmingham, Ala. – (PR Newswire) – October 16, 2012 – ServisFirst Bancshares, Inc. today announced record earnings for the quarter and nine months ended September 30, 2012.

 

Third Quarter 2012 Highlights:

 

§Third quarter record net income of $9.2 million, a 53% increase year/year
§Nine month net income of $25.6 million, a 53% increase year/year.
§Fully diluted earnings per share of $1.35 for the quarter, a 50% increase year/year.
§Book value per share was $30.81 at quarter end, more than triple the initial stock price in May 2005.
§Total assets reached $2.76 billion at the end of the third quarter.

 

Tom Broughton, President and CEO, said “We are pleased that we are receiving national recognition for our strong balance sheet and asset quality that continue to attract customers to our Bank.” Bud Foshee, CFO, stated “The third quarter of 2012 makes the eleventh consecutive quarter of record earnings.”

 

ABOUT SERVISFIRST:

ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank, ServisFirst Bancshares provides business and personal financial services from locations in Birmingham, Huntsville, Montgomery and Dothan, Alabama and Pensacola, Florida.

 

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 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 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 www.servisfirstbancshares.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 
   September 30,   June 30, 
   2012   2011   2012 
Total interest income  $27,743   $23,312   $26,654 
Total interest expense   3,695    4,093    3,749 
Net interest income before provision for loan losses   24,048    19,219    22,905 
Provision for loan losses   1,185    2,740    3,083 
Net interest income after provision for loan losses   22,863    16,479    19,822 
Total noninterest income   2,360    1,808    2,428 
                
Salaries and employee benefits   5,697    4,723    5,248 
Other noninterest expense   5,574    4,109    4,647 
Total noninterest expense   11,271    8,832    9,895 
Income before taxes   13,952    9,455    12,355 
Income taxes   4,650    3,320    4,024 
Net income   9,302    6,135    8,331 
Preferred stock dividends   100    100    100 
Net income available to common stockholders  $9,202   $6,035   $8,231 
                
Basic earnings per common share  $1.53   $1.03   $1.38 
Diluted earnings per common share  $1.35   $0.90   $1.21 
Average basic common shares   6,005,242    5,886,178    5,981,218 
Average fully diluted common shares   6,947,429    6,882,809    6,933,564 

 

   Nine Months Ended September 30, 
   2012   2011 
Total interest income  $79,968   $66,353 
Total interest expense   11,277    12,110 
Net interest income before provision for loan losses   68,691    54,243 
Provision for loan losses   6,651    6,465 
Net interest income after provision for loan losses   62,040    47,778 
Total noninterest income   7,057    4,861 
           
Salaries and employee benefits   16,110    13,963 
Other noninterest expense   14,087    12,835 
Total noninterest expense   30,197    26,798 
Income before taxes   38,900    25,841 
Income taxes   13,011    8,990 
Net income   25,889    16,851 
Preferred stock dividends   300    100 
Net income available to common stockholders  $25,589   $16,751 
           
Basic earnings per common share  $4.28   $2.93 
Diluted earnings per common share  $3.75   $2.58 
Average basic common shares   5,977,590    5,709,334 
Average fully diluted common shares   6,931,678    6,671,913 

 

 
 

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

 

   September 30, 2012   September 30, 2011   December 31, 2011 
ASSETS               
Cash and due from banks  $244,673   $92,399   $142,368 
Investment securities   257,373    313,146    309,018 
Restricted equity securities   3,941    3,708    3,501 
Federal funds sold and other investments   10,672    91,315    100,565 
Mortgage loans held for sale   28,558    9,114    17,859 
                
Loans   2,161,130    1,695,476    1,830,742 
Reserve for loan losses   (24,604)   (21,466)   (22,030)
Net loans   2,136,526    1,674,010    1,808,712 
Foreclosed real estate   9,641    10,134    12,275 
Bank owned life insurance contracts   41,551    40,000    40,390 
Other assets   30,299    23,504    26,097 
Total assets  $2,763,234   $2,257,330   $2,460,785 
                
LIABILITIES AND STOCKHOLDERS' EQUITY               
Liabilities:               
Noninterest-bearing  $512,962   $382,095   $418,810 
Interest-bearing   1,896,559    1,629,186    1,725,077 
Total deposits   2,409,521    2,011,281    2,143,887 
Federal funds purchased   91,317    16,400    79,265 
Borrowings   30,463    35,463    35,468 
Interest payable   918    1,043    945 
Other liabilities   6,009    3,670    4,928 
Total liabilities   2,538,228    2,067,857    2,264,493 
                
Stockholders' equity   225,006    189,473    196,292 
Total liabilities and stockholders' equity  $2,763,234   $2,257,330   $2,460,785 

 

 
 

SERVISFIRST BANCSHARES, INC.

Key Ratios

 

   Three Months Ended     
September 30,  September 30,   June 30, 
   2012   2011   2012 
Return on average assets   1.38%   1.11%   1.31%
Return on average common equity   16.64%   16.53%   15.74%
Net interest margin (fully taxable-equivalent)   3.82%   3.67%   3.85%
Efficiency ratio   42.68%   42.00%   39.06%

 

   Nine Months Ended September 30, 
   2012   2011 
Return on average assets   1.34%   1.13%
Return on average common equity   16.22%   16.89%
Net interest margin (fully taxable-equivalent)   3.81%   3.81%
Efficiency ratio   39.87%   45.34%

 

   September 30,   June 30, 
   2012   2011   2012 
Book value per common share  $30.81   $25.38   $29.13 
Tangible book value per common share  $30.81   $25.38   $29.13 
% of reserve for loan losses to total loans   1.14%   1.27%   1.15%
Nonperforming assets to total loans               
plus foreclosed real estate   1.05%   1.67%   1.08%
Nonperforming assets to total assets   0.83%   1.27%   0.85%

 

 

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