EXHIBIT 99.1
PRESS RELEASE ISSUED APRIL 30, 2009
SERVISFIRST BANCSHARES, INC.REPORTS FIRST QUARTER 2009 EARNINGSBirmingham, Ala. — (BUSINESS WIRE) — April 30, 2009 — ServisFirst Bancshares, Inc. today reported earnings for the quarter ending March 31, 2009.
First Quarter 2009 Highlights:
| • | | Total assets grew 31% year/year |
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| • | | Deposits grew 31% year/year, with no brokered deposits |
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| • | | ServisFirst Dothan surpasses $100 million in assets at the end of six months of operation. |
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| • | | Net income of $721,000 |
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| • | | ServisFirst Bank Tier 2 Capital exceeds $116 million |
Thomas A. Broughton III, President and CEO, stated, “We are pleased to report on a profitable quarter in which our total assets reached $1.25 billion. We also maintained asset quality significantly better than our peers, with non-performing assets of 2.2% of total loans. While earnings were impacted by start-up expenses in our new Dothan Region, we are very pleased with the early growth and reception for ServisFirst in Houston County, Alabama.” Total assets exceeded $100 million in Dothan at the end of the first quarter of 2009, and ServisFirst completed a private placement of 400,000 shares of stock at $25 per share, increasing capital by $10 million. “In addition, margins were tighter due to the company’s high liquidity and we also felt it prudent to take a conservative approach to our loan loss reserve in light of the current economic conditions;” said Bud Foshee, CFO.
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 atwww.sec.gov or atwww.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-banks. 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 atwww.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.
Consolidated Statements of income (In Thousands, Except Shares and Per Share Data)
| | | | | | | | | | | | | |
| | | Three Months Ended | | | | |
| | | March 31, | | | December 31, | |
| | | (Unaudited) | | | (Unaudited) | | | (Unaudited) | |
| | | 2009 | | | 2008 | | | 2008 | |
| Total interest income | | $ | 13,937 | | | $ | 13,835 | | | $ | 14,393 | |
| | | | | | | | | | |
| Total interest expense | | $ | 4,891 | | | $ | 5,748 | | | $ | 5,075 | |
| | | | | | | | | | |
| Net interest income before provision | | $ | 9,046 | | | $ | 8,087 | | | $ | 9,318 | |
| Provision for loan losses | | $ | 2,460 | | | $ | 1,383 | | | $ | 1,373 | |
| | | | | | | | | | |
| Net interest income | | $ | 6,586 | | | $ | 6,704 | | | $ | 7,945 | |
| | | | | | | | | | |
| Total noninterest income | | $ | 919 | | | $ | 544 | | | $ | 792 | |
| | | | | | | | | | |
| Salaries and employee benefits | | $ | 3,367 | | | $ | 2,826 | | | $ | 2,642 | |
| Other | | $ | 3,066 | | | $ | 2,004 | | | $ | 3,113 | |
| | | | | | | | | | |
Total noninterest expenses | | $ | 6,433 | | | $ | 4,830 | | | $ | 5,755 | |
| | | | | | | | | | |
| Income before taxes | | $ | 1,073 | | | $ | 2,418 | | | $ | 2,982 | |
| | | | | | | | | | |
| Income taxes | | $ | 352 | | | $ | 848 | | | $ | 1,021 | |
| | | | | | | | | | |
| Net income | | $ | 721 | | | $ | 1,570 | | | $ | 1,961 | |
| | | | | | | | | | |
| Basic earnings per share | | $ | 0.13 | | | $ | 0.31 | | | $ | 0.38 | |
| | | | | | | | | | |
| Fully diluted earnings per share | | $ | 0.13 | | | $ | 0.30 | | | $ | 0.36 | |
| | | | | | | | | | |
| Average basic shares | | | 5,401,914 | | | | 5,113,482 | | | | 5,116,314 | |
| | | | | | | | | | |
| Average fully diluted shares | | | 5,689,409 | | | | 5,283,917 | | | | 5,391,259 | |
| | | | | | | | | | |
ServisFirst Bancshares, Inc.
Consolidated Balance Sheets (In Thousands)
| | | | | | | | | | | | | |
| | | ACTUAL | | | ACTUAL | | | ACTUAL | |
| | | (Unaudited) | | | (Audited) | | | (Unaudited) | |
| | | 3/31/2009 | | | 12/31/2008 | | | 3/31/2008 | |
| Cash and due from banks | | $ | 18,943 | | | $ | 53,618 | | | $ | 19,239 | |
| Investment securities | | $ | 105,260 | | | $ | 102,339 | | | $ | 88,974 | |
| Restricted equity securities | | $ | 3,241 | | | $ | 2,659 | | | $ | 2,659 | |
| Federal funds sold and other investments | | $ | 88,751 | | | $ | 19,300 | | | $ | 83,455 | |
| Mortgage loans held for sale | | $ | 5,785 | | | $ | 3,320 | | | $ | 4,768 | |
| Loans | | $ | 1,023,893 | | | $ | 968,233 | | | $ | 755,534 | |
| Reserve for loan losses | | $ | (12,412 | ) | | $ | (10,602 | ) | | $ | (8,852 | ) |
| Net loans | | $ | 1,011,481 | | | $ | 957,631 | | | $ | 746,682 | |
| Foreclosed real estate | | $ | 8,088 | | | $ | 10,473 | | | $ | 3,443 | |
| Other assets | | $ | 13,013 | | | $ | 12,932 | | | $ | 10,995 | |
| Total Assets | | $ | 1,255,562 | | | $ | 1,162,272 | | | $ | 960,215 | |
| | | | | | | | | | |
| Noninterest-bearing | | $ | 122,643 | | | $ | 121,459 | | | $ | 88,613 | |
| Interest-bearing | | $ | 1,004,504 | | | $ | 915,860 | | | $ | 774,158 | |
| Total deposits | | $ | 1,127,147 | | | $ | 1,037,319 | | | $ | 862,771 | |
| | | | | | | | | | |
| Borrowings | | $ | 35,123 | | | $ | 35,087 | | | $ | 20,275 | |
| Interest payable | | $ | 1,150 | | | $ | 1,280 | | | $ | 900 | |
| Other liabilities | | $ | 916 | | | $ | 1,803 | | | $ | 1,626 | |
| | | | | | | | | | |
| Total liabilities | | $ | 1,164,336 | | | $ | 1,075,489 | | | $ | 885,572 | |
| | | | | | | | | | |
| Stockholders’ equity | | $ | 91,226 | | | $ | 86,783 | | | $ | 74,643 | |
| | | | | | | | | | |
| Total liabilities and stockholders’ equity | | $ | 1,255,562 | | | $ | 1,162,272 | | | $ | 960,215 | |
| | | | | | | | | | |
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ServisFirst Bancshares, inc.
Key Ratios
| | | | | | | | | | | | | |
| | | Three months ended | |
| | | March 31, | | | December 31, | |
| | | (Unaudited) | | | (Unaudited) | | | (Unaudited) | |
| | | 2009 | | | 2008 | | | 2008 | |
| Return on average assets | | | 0.25 | % | | | 0.72 | % | | | 0.70 | % |
| Return on average equity | | | 3.27 | % | | | 8.58 | % | | | 8.50 | % |
| Net interest margin | | | 3.21 | % | | | 3.90 | % | | | 3.50 | % |
| Efficiency ratio | | | 64.55 | % | | | 55.96 | % | | | 56.92 | % |
| | | | | | | | | | | | | |
| | | 3/31/2009 | | | 3/31/2008 | | | 12/31/2008 | |
| Book value per share | | $ | 16.55 | | | $ | 14.60 | | | $ | 16.15 | |
| Tangible book value per share | | $ | 16.55 | | | $ | 14.60 | | | $ | 16.15 | |
| % of reserve for loan losses to total loans | | | 1.21 | % | | | 1.17 | % | | | 1.09 | % |
| Nonperforming assets to total loans plus foreclosed real estate | | | 2.25 | % | | | 0.81 | % | | | 1.87 | % |
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