ServisFirst Bancshares, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
January 30, 2017 at 09:01 pm
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ServisFirst Bancshares, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total interest income of $56,200,000 compared to $48,451,000 a year ago. Net interest income was $49,109,000 compared to $43,161,000 a year ago. The increase in net interest income on a linked quarter basis is attributable to a $126.1 million increase in average loans outstanding, a $39.3 million increase in average non-interest-bearing deposits and a $17.6 million increase in average stockholders' equity, all resulting in a positive mix change in the balance sheet. Net interest income after provision for losses was $45,034,000 compared to $39,853,000 a year ago. Income before income tax was $29,036,000 compared to $24,326,000 a year ago. Net income available to common stockholders was $21,714,000 or $0.40 per diluted share compared to $19,726,000 or $0.39 per diluted share a year ago. Return on average assets was 1.39% compared to 1.55% a year ago. Return on average common stockholders' equity was 16.71% compared to 17.75% a year ago.
For the year, the company reported total interest income of $212,902,000 compared to $179,975,000 a year ago. Net interest income was $187,097,000 compared to $162,271,000 a year ago. Net interest income after provision for losses was $173,699,000 compared to $149,424,000 a year ago. Income before income tax was $110,818,000 compared to $89,005,000 a year ago. Net income available to common stockholders of $81,432,000 or $1.52 per diluted share compared to $63,260,000 or $1.20 per diluted share a year ago. Return on average assets was 1.42% compared to 1.38% a year ago. Return on average common stockholders' equity was 16.63% compared to 15.30% a year ago. Core net income available to common stockholders was $81,432,000 or $1.52 per diluted share compared to $65,027,000 or $1.23 per diluted share a year ago. Core return on average assets was 1.42% compared to 1.42% a year ago. Core return on average common stockholders equity was 16.63% compared to 15.73% a year ago. Book value per share as at December 31, 2016 was $9.93 against $8.65 a year ago. Tangible book value per share as at December 31, 2016 was $9.65 against $8.35 a year ago.
For the quarter, the company reported net charge-offs of $1,115,000 against $2,463,000 a year ago.
ServisFirst Bancshares, Inc. is a bank holding company. Through its subsidiary ServisFirst Bank (the Bank), provides business and personal financial services from locations in Alabama, Florida, Georgia, North and South Carolina, Tennessee, and Virginia. The Bankâs principal business is to accept deposits from the public and to make loans and other investments. The Company also operates loan production offices in Florida. Through the bank, the Company originate commercial, consumer and other loans and accept deposits, provide electronic banking services, such as online and mobile banking, including remote deposit capture, deliver treasury and cash management services and provide correspondent banking services to other financial institutions. The Banks offers a range of loans to retail customers in the communities. Bank's consumer loans include home equity loans (open and closed-end), vehicle financing, loans secured by deposits, and secured and unsecured personal loans.
ServisFirst Bancshares, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016