SYS-CON MEDIA Authors: Doug Masi, Mat Mathews, PR.com Newswire, David Smith, Tim Crawford

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ServisFirst Bancshares, Inc. Announces Results For First Quarter 2014

BIRMINGHAM, Ala., April 21, 2014 /PRNewswire/ -- ServisFirst Bancshares, Inc. today announced earnings and operating results for the first quarter of 2014.

FIRST Quarter 2014 Highlights:

  • First quarter net income of $11.8 million, a 27.4% increase year over year
  • Diluted earnings per share of $1.52,  a 16.0% increase year over year
  • Nonperforming assets to total assets of 0.53%, well below the levels experienced during 2013, and reflective of strong credit quality and financial strength

Tom Broughton, President and CEO, said "We are pleased to have a strong start for 2014."  Bud Foshee, CFO, stated "Our focus continues to be on attracting new clients to our bank and providing excellent customer service."

 


FINANCIAL SUMMARY













(in Thousands except share and per share amounts)
































Q1 2014


Q1 2013


% Change


QUARTERLY OPERATING RESULTS













Net Income


$

11,756



$

9,251



27

%


Net Income Available to Common Stockholders


$

11,656



$

9,151



27

%


Diluted Earnings Per Share


$

1.52



$

1.31



16

%


Return on Average Assets



1.35

%



1.30

%





Return on Average Common Equity



17.83

%



18.07

%





Diluted Shares Outstanding



7,661,890




7,076,505





















BALANCE SHEET













Total Assets


$

3,572,914



$

2,861,758



25

%


Loans



2,937,797




2,462,154



19

%


Noninterest Bearing Demand Deposits



662,834




507,647



31

%


Total Deposits



3,031,041




2,423,534



25

%


Stockholders' Equity



312,283




257,547



21

%


 

DETAILED FINANCIALS

ServisFirst Bancshares, Inc. reported net income of $11.8 million and net income available to common stockholders of $11.7 million for the quarter ended March 31, 2014, compared to net income of $9.3 million and net income available to common stockholders of $9.2 million for the same quarter in 2013.  Basic and diluted earnings per common share were $1.58 and $1.52, respectively, for the first quarter of 2014, compared to $1.44 and $1.31, respectively, for the first quarter of 2013.

Return on average assets was 1.35% and return on average equity was 15.49% for the first quarter of 2014, compared to 1.30% and 15.12%, respectively, for the first quarter of 2013.

Net interest income was $30.8 million for the first quarter of 2014, compared to $30.1 million for the fourth quarter of 2013 and $25.9 million for the first quarter of 2013.  The net interest margin in the first quarter of 2014 was 3.80%, a 13 basis point increase from the fourth quarter of 2013 and 4 basis point decrease from the first quarter of 2013.  The increase in net interest margin on a linked quarter basis is attributable to a $146.0 million increase in average loans outstanding, resulting in a positive mix change in our balance sheet.  Our overall cost of funds was down 2 basis points to 0.55% and average equity was higher by approximately $18.0 million.

Average loans for the first quarter of 2014 were $2.91 billion, an increase of $146.0 million, or 5%, over average loans of $2.76 billion for the fourth quarter of 2013, and an increase of $520.0 million, or 18%, over average loans of $2.39 billion for the first quarter of 2013.

Average total deposits for the first quarter of 2014 were flat at $2.97 billion when compared to the fourth quarter of 2013, and increased $544.0 million, or 22%, over average deposits of $2.43 billion for the first quarter of 2013.

In the first quarter of 2014, we experienced a decrease in nonperforming assets, led by a decrease in other real estate owned.  We sold 16 properties during the first quarter of 2014 for total proceeds of $2.9 million.  Net credit charge-offs, while higher in the first quarter of 2014 than in the fourth quarter of 2013, remain well below levels we experienced in the first three quarters of 2013.  We recorded a $2.3 million provision for loan losses in the first quarter of 2014 compared to $2.4 million in the fourth quarter of 2013 and $4.3 million in the first quarter of 2013.  Growth in loans and improving credit quality has resulted in our loan loss reserve as a percent of loans remaining relatively stable, increasing one basis point to 1.08% at March 31, 2014 as compared to 1.07% at December 31, 2013 and two basis points as compared to 1.06% at September 30, 2013.  In management's opinion, the reserve is adequate and was determined by consistent application of ServisFirst Bank's methodology for calculating its reserve for loan losses.

Noninterest income decreased $622,000 during the first quarter of 2014, or 22%, compared to the first quarter of 2013 primarily the result of a $696,000 decrease in mortgage banking revenue.  We also had no securities sales in the first quarter of 2014 compared to $123,000 in securities gains during the first quarter of 2013.  Deposit service charges increased by $106,000, or 14%, resulting from higher balances and an increase in the number of accounts and transactions.  Increases in the cash surrender value of our life insurance contracts resulted from added investments in contracts during the third quarter of 2013.

Noninterest expense for the first quarter of 2014 increased $2.9 million, or 27%, to $13.7 million from $10.8 million in the first quarter of 2013.  This increase consists primarily of a $1.3 million, or 23%, increase in salaries and employee benefits related to new hires to fill positions in our newer markets of Mobile, Alabama and Nashville, Tennessee, a $300,000 increase in equipment and occupancy expense in these markets attributable to such expansion and a non-routine expense of $703,000 resulting from a correction of our accounting for vested stock options previously granted to members of our advisory boards in our Dothan, Huntsville and Montgomery markets.  We historically accounted for these options under the provisions of FASB ASC 718-10, Compensation – Stock Compensation, and now have determined to recognize as an expense the fair value of these vested options in accordance with the provisions of the FASB ASC Topic 505-50, Equity-Based Payments to Non-Employees.  The change in accounting treatment is a non-cash item and does not impact the Company's operating activities or cash from operations.

About ServisFirst Bancshares, Inc.

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

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 http://servisfirstbancshares.investorroom.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; 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 collectability 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 http://servisfirstbancshares.investorroom.com/ or by calling (205) 949-0302.

Contact: ServisFirst Bank
Bud Foshee (205) 949-0307
[email protected]


 


SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)






















(In thousands except per share data)
























1st Quarter 2014


4th Quarter 2013


3rd Quarter 2013


2nd Quarter 2013


1st Quarter 2013


CONSOLIDATED STATEMENT OF INCOME






















Interest income


$

34,279



$

33,725



$

32,499



$

30,692



$

29,165



Interest expense



3,432




3,610




3,534




3,211




3,264



Net interest income



30,847




30,115




28,965




27,481




25,901



Provision for loan losses



2,314




2,356




3,034




3,334




4,284



Net interest income after provision for loan losses



28,533




27,759




25,931




24,147




21,617



Noninterest income



2,175




2,371




2,269




2,573




2,797



Noninterest expense



13,723




12,298




12,067




12,372




10,752



Income before income taxes



16,985




17,832




16,133




14,348




13,662



Provision for income taxes



5,229




5,964




5,321




4,662




4,411



Net income



11,756




11,868




10,812




9,686




9,251



Preferred stock dividends



100




116




100




100




100



Net income available to common stockholders


$

11,656



$

11,752



$

10,712



$

9,586



$

9,151



Earnings per share - basic


$

1.58



$

1.64



$

1.53



$

1.38



$

1.44



Earnings per share - diluted


$

1.52



$

1.58



$

1.46



$

1.33



$

1.31



Average diluted shares outstanding



7,661,890




7,453,117




7,321,911




7,218,442




7,076,505

























CONSOLIDATED BALANCE SHEET DATA






















Total assets


$

3,572,914



$

3,519,417



$

3,396,153



$

3,140,626



$

2,861,758



Loans



2,937,797




2,858,868




2,731,973




2,590,192




2,462,154



Debt securities



309,475




298,494




289,515




261,578




262,103



Demand deposits



662,834




650,456




635,153




562,196




507,647



Total deposits



3,031,041




3,019,642




2,919,217




2,674,977




2,423,534



Borrowings



19,949




19,940




19,932




19,924




19,916



Stockholders' equity


$

312,283



$

297,192



$

276,300



$

265,189



$

257,547

























Shares outstanding



7,524,812




7,350,012




7,076,347




6,974,312




6,897,812



Book value per share


$

36.19



$

35.00



$

33.40



$

32.29



$

31.54



Tangible book value per share (1)


$

36.19



$

35.00



$

33.40



$

32.29



$

31.54

























SELECTED FINANCIAL RATIOS






















Net interest margin



3.80

%



3.67

%



3.71

%



3.93

%



3.92

%


Return on average assets



1.35

%



1.35

%



1.29

%



1.29

%



1.30

%


Return on average common equity



17.83

%



18.86

%



18.47

%



17.28

%



18.07

%


Efficiency ratio



41.56

%



37.86

%



38.63

%



41.17

%



37.47

%


Noninterest expense to average earning assets



1.66

%



1.48

%



1.65

%



1.74

%



1.60

%


Tangible common equity to total tangible assets (1)



7.62

%



7.31

%



6.96

%



7.17

%



7.60

%
























(1) Non-GAAP financial measures.  "Tangible book value per share" and "tangible common equity to total tangible assets" are not measures of financial performance recognized by generally accepted accounting principles in the United States, or GAAP;   However, because the Company has no intangible assets, there is no reconciliation of these non-GAAP financial measures.


 

 


CONSOLIDATED BALANCE SHEETS (UNAUDITED)











(Dollars in thousands)















March 31, 2014


March 31, 2013


% Change


ASSETS











Cash and due from banks


$

77,542


$

33,970


128

%


Interest-bearing balances due from depository institutions



134,415



11,914


1,028

%


Federal funds sold



10,535



1,545


582

%



Cash and cash equivalents



222,492



47,431


369

%


Available for sale debt securities, at fair value



277,501



229,434


21

%


Held to maturity debt securities (fair value of $33,782 and $33,692 at












March 31, 2014 and 2013, respectively)



31,974



32,669


(2)

%


Restricted equity securities



3,738



3,738


-

%


Mortgage loans held for sale



6,704



15,804


(58)

%


Loans



2,937,797



2,462,154


19

%


Less allowance for loan losses



(31,728)



(27,679)


15

%



Loans, net



2,906,069



2,434,475


19

%


Premises and equipment, net



8,015



8,845


(9)

%


Accrued interest and dividends receivable



10,370



9,154


13

%


Deferred tax asset, net



11,935



8,384


42

%


Other real estate owned and repossessed assets



9,752



8,076


21

%


Bank owned life insurance contracts



69,544



57,485


21

%


Other assets



14,820



6,391


132

%



Total assets


$

3,572,914


$

2,861,884


25

%


LIABILITIES AND STOCKHOLDERS' EQUITY











Liabilities:











Deposits:












Noninterest-bearing


$

662,834


$

507,647


31

%



Interest-bearing



2,368,207



1,915,887


24

%




Total deposits



3,031,041



2,423,534


25

%


Federal funds purchased



195,762



153,930


27

%


Other borrowings



19,949



19,916


0

%


Accrued interest payable



2,121



1,154


84

%


Other liabilities



11,758



5,677


107

%



Total liabilities



3,260,631



2,604,211


25

%


Stockholders' equity:












Preferred stock, Series A Senior Non-Cumulative Perpetual, par value $0.001













(liquidation preference $1,000), net of discount; 40,000 shares authorized,













40,000 shares issued and outstanding at March 31, 2014 and 2013



39,958



39,958


-

%



Preferred stock, par value $0.001 per share; 1,000,000 authorized and












Common stock, par value $0.001 per share; 50,000,000 shares authorized;













7,524,812 shares issued and outstanding at March 31, 2014 and













6,897,812 shares issued and outstanding at March 31, 2013



8



7


14

%



Additional paid-in capital



127,218



109,022


17

%



Retained earnings



140,538



101,631


38

%



Accumulated other comprehensive income



4,309



6,929


(38)

%



Noncontrolling interest



252



126


100

%




Total stockholders' equity



312,283



257,673


21

%



Total liabilities and stockholders' equity


$

3,572,914


$

2,861,884


25

%


 

 


CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)





(In thousands except per share data)













Three Months Ended March 31,







2014


2013


Interest income:









Interest and fees on loans


$

32,250


$

27,318



Taxable securities



1,097



948



Nontaxable securities



871



832



Federal funds sold



42



16



Other interest and dividends



19



51



   Total interest income



34,279



29,165


Interest expense:









Deposits



3,014



2,713



Borrowed funds



418



551



   Total interest expense



3,432



3,264



   Net interest income



30,847



25,901


Provision for loan losses



2,314



4,284



   Net interest income after provision for loan losses



28,533



21,617


Noninterest income:









Service charges on deposit accounts



868



762



Mortgage banking



284



980



Securities gains



-



123



Increase in cash surrender value life insurance



536



470



Other operating income



487



462



   Total noninterest income



2,175



2,797


Noninterest expense:









Salaries and employee benefits



7,697



5,679



Equipment and occupancy expense



1,366



1,111



Professional services



516



461



FDIC and other regulatory assessments



517



432



Other real estate owned expense



487



390



Other operating expenses



3,139



2,679



   Total noninterest expenses



13,723



10,752



   Income before income taxes



16,985



13,662


Provision for income taxes



5,229



4,411



         Net income



11,756



9,251



Dividends on preferred stock



100



100



         Net income available to common stockholders


$

11,656


$

9,151


Basic earnings per common share


$

1.58


$

1.44


Diluted earnings per common share


$

1.52


$

1.31


 

 


SUMMARY OF LOAN LOSS EXPERIENCE



















(Dollars in thousands)
























1st Quarter 2014


4th Quarter 2013


3rd Quarter 2013


2nd Quarter 2013


1st Quarter 2013


Reserve for loan losses:






















Beginning balance


$

30,663



$

28,927



$

28,757



$

27,679



$

26,258



Loans charged off:























Commercial financial and agricultural



1,222




95




849




101




887




Real estate - construction



23




557




394




1,888




1,990




Real estate - mortgage:



4




25




1,746




270




-




Consumer



58




38




42




129




1




     Total charge off



1,307




715




3,031




2,388




2,878



Recoveries:























Commercial financial and agricultural



45




16




13




31




6




Real estate - construction



8




70




124




95




7




Real estate - mortgage:



4




9




24




3




-




Consumer



1




-




6




3




2




     Total recoveries



58




95




167




132




15




Net charge-off



1,249




620




2,864




2,256




2,863




Provision for loan losses



2,314




2,356




3,034




3,334




4,284




Ending balance


$

31,728



$

30,663



$

28,927



$

28,757



$

27,679





























Reserve for loan losses to total loans



1.08

%



1.07

%



1.06

%



1.11

%



1.12

%



Reserve for loan losses to total average























     loans



1.09

%



1.11

%



1.09

%



1.14

%



1.16

%



Net charge-offs to total average loans



0.17

%



0.09

%



0.43

%



0.36

%



0.49

%



Provision for loan losses to total average























     loans



0.32

%



0.34

%



0.46

%



0.53

%



0.73

%



Nonperforming assets:























     Nonaccrual loans


$

9,084



$

9,621



$

9,396



$

14,765



$

24,231




     Loans 90+ days past due and accruing



110




115




-




259




33




     Other real estate owned and























        repossessed assets



9,824




12,861




14,258




9,232




8,112




Total


$

19,018



$

22,597



$

23,654



$

24,256



$

32,376





























Nonperforming loans to total loans



0.31

%



0.35

%



0.34

%



0.58

%



0.99

%



Nonperforming assets to total assets



0.53

%



0.64

%



0.70

%



0.77

%



1.13

%



Nonperforming assets to earning assets



0.55

%



0.66

%



0.72

%



0.79

%



1.15

%



Reserve for loan losses to nonaccrual loans



349.27

%



318.71

%



307.87

%



194.76

%



114.23

%




























Restructured accruing loans


$

9,411



$

9,689



$

6,233



$

9,406



$

9,475





























Restructured accruing loans to total loans



0.32

%



0.35

%



0.23

%



0.36

%



0.38

%


 

 


CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)











(In thousands except per share data)















1st Quarter

2014


4th Quarter

2013


3rd Quarter

2013


2nd Quarter

2013


1st Quarter

2013


Interest income:


















Interest and fees on loans


$

32,250


$

31,618


$

30,475


$

28,874


$

27,318



Taxable securities



1,097



1,052



980



908



948



Nontaxable securities



871



870



858



847



832



Federal funds sold



(64)



51



44



17



16



Other interest and dividends



125



134



142



46



51



   Total interest income



34,279



33,725



32,499



30,692



29,165



Deposits



3,014



3,202



3,131



2,784



2,713



Borrowed funds



418



408



403



427



551



   Total interest expense



3,432



3,610



3,534



3,211



3,264



   Net interest income



30,847



30,115



28,965



27,481



25,901


Provision for loan losses



2,314



2,356



3,034



3,334



4,284



   Net interest income after provision for loan losses



28,533



27,759



25,931



24,147



21,617


Noninterest income:


















Service charges on deposit accounts



868



837



823



806



762



Mortgage banking



284



344



402



787



980



Securities gains



-



-



-



8



123



Increase in cash surrender value life insurance



536



548



491



485



470



Other operating income



487



642



553



487



462



   Total noninterest income



2,175



2,371



2,269



2,573



2,797



Salaries and employee benefits



7,697



6,541



7,048



7,056



5,679



Equipment and occupancy expense



1,366



1,350



1,272



1,469



1,111



Professional services



516



480



443



425



461



FDIC and other regulatory assessments



517



536



405



426



432



Other real estate owned expense



487



475



357



204



390



Other operating expenses



3,139



2,916



2,542



2,792



2,679



   Total noninterest expenses



13,723



12,298



12,067



12,372



10,752



   Income before income taxes



16,985



17,832



16,133



14,348



13,662


Provision for income taxes



5,229



5,964



5,321



4,662



4,411



         Net income



11,756



11,868



10,812



9,686



9,251



Dividends on preferred stock



100



116



100



100



100



         Net income available to common stockholders


$

11,656


$

11,752


$

10,712


$

9,586


$

9,151


Basic earnings per common share


$

1.58


$

1.64


$

1.53


$

1.39


$

1.44


Diluted earnings per common share


$

1.52


$

1.58


$

1.46


$

1.34


$

1.31


 

 

AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS - UNAUDITED


ON A FULLY TAXABLE-EQUIVALENT BASIS


(Dollars in thousands)














































1st Quarter 2014


4th Quarter 2013



3rd Quarter 2013


2nd Quarter 2013


1st Quarter 2013


































Average Balance


Yield / Rate


Average Balance


Yield / Rate


Average Balance


Yield / Rate


Average Balance


Yield / Rate


Average Balance


Yield / Rate


Assets:
































Interest-earning assets:

































Loans, net of unearned income (1)


































Taxable


$

2,892,433


4.52

%


$

2,754,955


4.54

%


$

2,640,444


4.56

%


$

2,519,869


4.58

%


$

2,384,670


4.64

%




Tax-exempt (2)



14,550


3.34




5,669


4.34




2,483


5.91




2,453


5.72




2,464


5.76




Mortgage loans held for sale



4,496


2.80




5,956


3.66




12,531


2.66




14,157


2.10




19,322


1.95




Debt securities:


































Taxable



174,842


2.54




166,027


2.49




152,135


2.56




139,189


2.65




144,407


2.66





Tax-exempt (2)



122,686


4.13




120,161


4.11




118,001


4.13




115,428


4.22




109,587


4.43






Total securities (3)



297,528


3.20




286,188


3.17




270,136


3.24




254,617


3.36




253,994


3.42




Federal funds sold



54,895


0.31




68,710


0.25




62,192


0.28




21,303


0.26




23,522


0.28




Restricted equity securities



3,738


-




3,738


2.55




3,738


2.65




3,738


2.25




3,954


2.36




Interest-bearing balances with banks



82,279


0.09




173,521


0.29




161,169


0.29




30,083


0.24




34,704


0.33




Total interest-earning assets



3,349,919


4.21

%



3,298,737


4.11

%



3,152,693


4.14

%



2,846,220


4.38

%



2,722,630


4.41

%


Non-interest-earning assets:

































Cash and due from banks



56,082






53,062






45,314






42,175






41,437






Net premises and equipment



8,724






8,944






9,052






9,359






9,241






Allowance for loan losses,


































accrued interest and


































other assets



85,532






98,586






76,477






75,239






74,223








Total assets


$

3,500,257





$

3,459,329





$

3,283,536





$

2,972,993





$

2,847,531









































Interest-bearing liabilities:

































Interest-bearing deposits:

































Checking


$

478,678


0.27

%


$

472,751


0.27

%


$

432,453


0.28

%


$

415,955


0.28

%


$

413,935


0.28

%



Savings



25,081


0.27




21,755


0.27




21,602


0.29




21,733


0.28




22,089


0.28




Money market



1,416,645


0.45




1,420,771


0.47




1,356,197


0.47




1,123,605


0.46




1,074,226


0.46




Time deposits



412,622


1.10




412,254


1.13




408,600


1.16




402,733


1.19




395,902


1.22




Federal funds purchased



195,967


0.28




176,967


0.28




168,121


0.28




185,533


0.29




137,183


0.25




Other borrowings



19,945


5.75




19,936


5.63




19,928


5.63




19,920


5.92




27,441


6.89




Total interest-bearing liabilities



2,548,938


0.55

%



2,524,434


0.57

%



2,406,901


0.58

%



2,169,479


0.59

%



2,070,776


0.64

%


Non-interest-bearing liabilities:

































Non-interest-bearing


































checking



641,450






640,476






599,379






539,228






523,669






Other liabilities



4,734






7,226






7,250






1,799






7,708






Stockholders' equity



300,512






282,549






266,427






255,837






238,290






Unrealized gains on securities and


































derivatives



4,634






4,644






3,580






6,650






7,088








Total liabilities and




































stockholders' equity


$

3,500,257





$

3,459,329





$

3,283,536





$

2,972,993





$

2,847,531





Net interest spread





3.67

%





3.54

%





3.56

%





3.79

%





3.77

%


Net interest margin





3.80

%





3.67

%





3.78

%





3.88

%





3.84

%






































(1)

Average loans include loans on which the accrual of interest has been discontinued.


(2)

Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 35%.


(3)

Unrealized gains on available-for-sale debt securities are excluded from the yield calculation.


 

SOURCE ServisFirst Bancshares, Inc.

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