Intrinsic value of ServisFirst Bancshares - SFBS

Previous Close

$43.54

  Intrinsic Value

$14.41

stock screener

  Rating & Target

str. sell

-67%

Previous close

$43.54

 
Intrinsic value

$14.41

 
Up/down potential

-67%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as SFBS.

We calculate the intrinsic value of SFBS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  16.40
  15.26
  14.23
  13.31
  12.48
  11.73
  11.06
  10.45
  9.91
  9.42
  8.97
  8.58
  8.22
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
Revenue, $m
  260
  299
  342
  387
  436
  487
  541
  597
  656
  718
  782
  849
  919
  992
  1,067
  1,146
  1,227
  1,312
  1,400
  1,492
  1,587
  1,686
  1,789
  1,897
  2,009
  2,126
  2,248
  2,375
  2,508
  2,647
Variable operating expenses, $m
  41
  47
  53
  60
  68
  76
  84
  93
  102
  112
  121
  131
  142
  154
  165
  177
  190
  203
  217
  231
  246
  261
  277
  294
  311
  329
  348
  368
  388
  410
Fixed operating expenses, $m
  53
  54
  56
  57
  58
  59
  61
  62
  63
  65
  66
  68
  69
  71
  72
  74
  75
  77
  79
  80
  82
  84
  86
  88
  90
  92
  94
  96
  98
  100
Total operating expenses, $m
  94
  101
  109
  117
  126
  135
  145
  155
  165
  177
  187
  199
  211
  225
  237
  251
  265
  280
  296
  311
  328
  345
  363
  382
  401
  421
  442
  464
  486
  510
Operating income, $m
  166
  198
  233
  270
  310
  352
  396
  442
  491
  542
  595
  651
  708
  768
  830
  895
  962
  1,032
  1,105
  1,180
  1,259
  1,341
  1,427
  1,516
  1,608
  1,705
  1,806
  1,912
  2,022
  2,137
EBITDA, $m
  949
  1,101
  1,264
  1,438
  1,624
  1,820
  2,026
  2,243
  2,470
  2,707
  2,954
  3,212
  3,480
  3,759
  4,048
  4,350
  4,662
  4,988
  5,326
  5,678
  6,044
  6,425
  6,821
  7,234
  7,665
  8,114
  8,583
  9,073
  9,584
  10,117
Interest expense (income), $m
  24
  342
  354
  406
  462
  522
  585
  652
  723
  797
  875
  956
  1,041
  1,129
  1,221
  1,316
  1,415
  1,518
  1,625
  1,736
  1,852
  1,972
  2,098
  2,228
  2,363
  2,505
  2,652
  2,805
  2,966
  3,133
  3,307
Earnings before tax, $m
  -176
  -156
  -173
  -192
  -212
  -234
  -257
  -281
  -306
  -333
  -361
  -390
  -421
  -453
  -486
  -520
  -556
  -593
  -632
  -672
  -713
  -756
  -801
  -848
  -896
  -947
  -999
  -1,054
  -1,111
  -1,170
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -176
  -156
  -173
  -192
  -212
  -234
  -257
  -281
  -306
  -333
  -361
  -390
  -421
  -453
  -486
  -520
  -556
  -593
  -632
  -672
  -713
  -756
  -801
  -848
  -896
  -947
  -999
  -1,054
  -1,111
  -1,170

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,015
  8,086
  9,237
  10,466
  11,773
  13,154
  14,608
  16,135
  17,734
  19,404
  21,145
  22,959
  24,846
  26,808
  28,848
  30,968
  33,170
  35,459
  37,839
  40,314
  42,888
  45,567
  48,357
  51,264
  54,293
  57,452
  60,748
  64,188
  67,780
  71,533
Adjusted assets (=assets-cash), $m
  7,015
  8,086
  9,237
  10,466
  11,773
  13,154
  14,608
  16,135
  17,734
  19,404
  21,145
  22,959
  24,846
  26,808
  28,848
  30,968
  33,170
  35,459
  37,839
  40,314
  42,888
  45,567
  48,357
  51,264
  54,293
  57,452
  60,748
  64,188
  67,780
  71,533
Revenue / Adjusted assets
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
  0.037
Average production assets, $m
  7,826
  9,021
  10,305
  11,676
  13,133
  14,674
  16,297
  18,000
  19,784
  21,647
  23,589
  25,613
  27,718
  29,907
  32,183
  34,547
  37,004
  39,558
  42,213
  44,973
  47,845
  50,834
  53,947
  57,189
  60,569
  64,093
  67,770
  71,607
  75,615
  79,802
Working capital, $m
  -7,511
  -8,657
  -9,890
  -11,206
  -12,605
  -14,083
  -15,641
  -17,276
  -18,987
  -20,775
  -22,640
  -24,582
  -26,602
  -28,703
  -30,887
  -33,156
  -35,514
  -37,965
  -40,513
  -43,163
  -45,919
  -48,788
  -51,775
  -54,887
  -58,130
  -61,512
  -65,041
  -68,724
  -72,570
  -76,589
Total debt, $m
  6,558
  7,521
  8,557
  9,664
  10,839
  12,082
  13,392
  14,766
  16,205
  17,707
  19,275
  20,907
  22,606
  24,372
  26,207
  28,115
  30,097
  32,157
  34,299
  36,526
  38,843
  41,255
  43,766
  46,381
  49,108
  51,951
  54,917
  58,013
  61,246
  64,624
Total liabilities, $m
  6,314
  7,277
  8,313
  9,420
  10,595
  11,838
  13,148
  14,522
  15,961
  17,463
  19,031
  20,663
  22,362
  24,128
  25,963
  27,871
  29,853
  31,913
  34,055
  36,282
  38,599
  41,011
  43,522
  46,137
  48,864
  51,707
  54,673
  57,769
  61,002
  64,380
Total equity, $m
  702
  809
  924
  1,047
  1,177
  1,315
  1,461
  1,614
  1,773
  1,940
  2,115
  2,296
  2,485
  2,681
  2,885
  3,097
  3,317
  3,546
  3,784
  4,031
  4,289
  4,557
  4,836
  5,126
  5,429
  5,745
  6,075
  6,419
  6,778
  7,153
Total liabilities and equity, $m
  7,016
  8,086
  9,237
  10,467
  11,772
  13,153
  14,609
  16,136
  17,734
  19,403
  21,146
  22,959
  24,847
  26,809
  28,848
  30,968
  33,170
  35,459
  37,839
  40,313
  42,888
  45,568
  48,358
  51,263
  54,293
  57,452
  60,748
  64,188
  67,780
  71,533
Debt-to-equity ratio
  9.350
  9.300
  9.260
  9.230
  9.210
  9.190
  9.170
  9.150
  9.140
  9.130
  9.120
  9.110
  9.100
  9.090
  9.080
  9.080
  9.070
  9.070
  9.060
  9.060
  9.060
  9.050
  9.050
  9.050
  9.040
  9.040
  9.040
  9.040
  9.040
  9.030
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -176
  -156
  -173
  -192
  -212
  -234
  -257
  -281
  -306
  -333
  -361
  -390
  -421
  -453
  -486
  -520
  -556
  -593
  -632
  -672
  -713
  -756
  -801
  -848
  -896
  -947
  -999
  -1,054
  -1,111
  -1,170
Depreciation, amort., depletion, $m
  783
  903
  1,031
  1,168
  1,314
  1,468
  1,630
  1,801
  1,979
  2,165
  2,359
  2,561
  2,772
  2,991
  3,218
  3,455
  3,700
  3,956
  4,221
  4,497
  4,785
  5,083
  5,395
  5,719
  6,057
  6,409
  6,777
  7,161
  7,561
  7,980
Funds from operations, $m
  607
  747
  858
  976
  1,102
  1,234
  1,374
  1,520
  1,672
  1,832
  1,998
  2,171
  2,351
  2,538
  2,732
  2,934
  3,144
  3,363
  3,590
  3,826
  4,071
  4,327
  4,593
  4,871
  5,161
  5,463
  5,778
  6,107
  6,451
  6,810
Change in working capital, $m
  -1,058
  -1,146
  -1,232
  -1,316
  -1,398
  -1,479
  -1,557
  -1,635
  -1,712
  -1,788
  -1,865
  -1,942
  -2,021
  -2,101
  -2,184
  -2,269
  -2,358
  -2,451
  -2,548
  -2,650
  -2,756
  -2,869
  -2,987
  -3,112
  -3,243
  -3,382
  -3,529
  -3,683
  -3,846
  -4,018
Cash from operations, $m
  1,665
  1,893
  2,090
  2,293
  2,500
  2,713
  2,931
  3,154
  3,384
  3,620
  3,863
  4,113
  4,371
  4,639
  4,916
  5,204
  5,503
  5,813
  6,137
  6,475
  6,828
  7,196
  7,581
  7,983
  8,404
  8,845
  9,307
  9,790
  10,297
  10,828
Maintenance CAPEX, $m
  -673
  -783
  -902
  -1,030
  -1,168
  -1,313
  -1,467
  -1,630
  -1,800
  -1,978
  -2,165
  -2,359
  -2,561
  -2,772
  -2,991
  -3,218
  -3,455
  -3,700
  -3,956
  -4,221
  -4,497
  -4,785
  -5,083
  -5,395
  -5,719
  -6,057
  -6,409
  -6,777
  -7,161
  -7,561
New CAPEX, $m
  -1,095
  -1,194
  -1,284
  -1,372
  -1,457
  -1,541
  -1,623
  -1,703
  -1,783
  -1,863
  -1,943
  -2,023
  -2,105
  -2,189
  -2,275
  -2,365
  -2,457
  -2,554
  -2,655
  -2,761
  -2,872
  -2,989
  -3,112
  -3,242
  -3,380
  -3,524
  -3,677
  -3,838
  -4,008
  -4,187
Cash from investing activities, $m
  -1,768
  -1,977
  -2,186
  -2,402
  -2,625
  -2,854
  -3,090
  -3,333
  -3,583
  -3,841
  -4,108
  -4,382
  -4,666
  -4,961
  -5,266
  -5,583
  -5,912
  -6,254
  -6,611
  -6,982
  -7,369
  -7,774
  -8,195
  -8,637
  -9,099
  -9,581
  -10,086
  -10,615
  -11,169
  -11,748
Free cash flow, $m
  -103
  -84
  -96
  -110
  -125
  -141
  -159
  -179
  -199
  -222
  -245
  -269
  -295
  -322
  -350
  -379
  -409
  -441
  -473
  -507
  -542
  -578
  -615
  -654
  -694
  -736
  -779
  -824
  -871
  -920
Issuance/(repayment) of debt, $m
  222
  964
  1,036
  1,107
  1,176
  1,243
  1,309
  1,374
  1,439
  1,503
  1,567
  1,632
  1,698
  1,766
  1,836
  1,908
  1,982
  2,060
  2,142
  2,227
  2,317
  2,411
  2,511
  2,616
  2,726
  2,843
  2,966
  3,096
  3,233
  3,378
Issuance/(repurchase) of shares, $m
  878
  263
  288
  315
  343
  372
  402
  434
  466
  500
  535
  572
  610
  649
  690
  732
  776
  822
  870
  919
  971
  1,024
  1,080
  1,138
  1,199
  1,263
  1,329
  1,398
  1,470
  1,545
Cash from financing (excl. dividends), $m  
  1,100
  1,227
  1,324
  1,422
  1,519
  1,615
  1,711
  1,808
  1,905
  2,003
  2,102
  2,204
  2,308
  2,415
  2,526
  2,640
  2,758
  2,882
  3,012
  3,146
  3,288
  3,435
  3,591
  3,754
  3,925
  4,106
  4,295
  4,494
  4,703
  4,923
Total cash flow (excl. dividends), $m
  997
  1,142
  1,228
  1,312
  1,394
  1,474
  1,552
  1,629
  1,706
  1,782
  1,858
  1,935
  2,013
  2,093
  2,175
  2,261
  2,349
  2,442
  2,538
  2,640
  2,746
  2,858
  2,976
  3,100
  3,231
  3,370
  3,515
  3,669
  3,832
  4,003
Retained Cash Flow (-), $m
  -878
  -263
  -288
  -315
  -343
  -372
  -402
  -434
  -466
  -500
  -535
  -572
  -610
  -649
  -690
  -732
  -776
  -822
  -870
  -919
  -971
  -1,024
  -1,080
  -1,138
  -1,199
  -1,263
  -1,329
  -1,398
  -1,470
  -1,545
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  1
  1
  1
  2
  2
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
Cash available for distribution, $m
  119
  879
  940
  997
  1,051
  1,102
  1,150
  1,196
  1,239
  1,281
  1,322
  1,363
  1,403
  1,444
  1,486
  1,528
  1,573
  1,620
  1,669
  1,720
  1,775
  1,834
  1,896
  1,962
  2,032
  2,107
  2,187
  2,272
  2,362
  2,458
Discount rate, %
  14.10
  14.81
  15.55
  16.32
  17.14
  18.00
  18.90
  19.84
  20.83
  21.87
  22.97
  24.12
  25.32
  26.59
  27.92
  29.31
  30.78
  32.32
  33.93
  35.63
  37.41
  39.28
  41.25
  43.31
  45.47
  47.75
  50.13
  52.64
  55.27
  58.04
PV of cash for distribution, $m
  104
  667
  609
  545
  477
  408
  342
  281
  226
  177
  136
  102
  75
  53
  37
  25
  16
  10
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  36.4
  26.8
  20.0
  15.1
  11.4
  8.8
  6.8
  5.2
  4.1
  3.2
  2.5
  2.0
  1.6
  1.3
  1.0
  0.8
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1

ServisFirst Bancshares, Inc. is a bank holding company whose business is conducted by its subsidiary, ServisFirst Bank (the Bank). The Company's principal business is to accept deposits from the public and to make loans and other investments. The Company, through its bank, originates commercial, consumer and other loans; accept deposits; provides electronic banking services, such as online and mobile banking, including remote deposit capture, deliver treasury and cash management services, and provides correspondent banking services to other financial institutions. The Company's principal sources of funds for loans and investments are demand, time, savings and other deposits and the amortization and prepayment of loans and borrowings. The Company offers a range of products and services, including round the clock telephone banking, direct deposit, Internet banking, mobile banking, traveler's checks, safe deposit boxes, attorney trust accounts and automatic account transfers.

FINANCIAL RATIOS  of  ServisFirst Bancshares (SFBS)

Valuation Ratios
P/E Ratio 28.3
Price to Sales 0
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 23.2
Price to Free Cash Flow 29.8
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 266.7%
Cap. Spend. - 3 Yr. Gr. Rate 85.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 78.6%
Total Debt to Equity 78.6%
Interest Coverage 6
Management Effectiveness
Return On Assets 1.7%
Ret/ On Assets - 3 Yr. Avg. 1.7%
Return On Total Capital 9%
Ret/ On T. Cap. - 3 Yr. Avg. 8.7%
Return On Equity 16.7%
Return On Equity - 3 Yr. Avg. 15.5%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 27%
Eff/ Tax Rate - 3 Yr. Avg. 28.3%
Payout Ratio 9.9%

SFBS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SFBS stock intrinsic value calculation we used $223 million for the last fiscal year's total revenue generated by ServisFirst Bancshares. The default revenue input number comes from 2017 income statement of ServisFirst Bancshares. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SFBS stock valuation model: a) initial revenue growth rate of 16.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 14.1%, whose default value for SFBS is calculated based on our internal credit rating of ServisFirst Bancshares, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of ServisFirst Bancshares.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SFBS stock the variable cost ratio is equal to 15.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $52 million in the base year in the intrinsic value calculation for SFBS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for ServisFirst Bancshares.

Corporate tax rate of 27% is the nominal tax rate for ServisFirst Bancshares. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SFBS stock is equal to 0.5%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SFBS are equal to 3015.1%.

Life of production assets of 10 years is the average useful life of capital assets used in ServisFirst Bancshares operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SFBS is equal to -2893.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for ServisFirst Bancshares - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 53 million for ServisFirst Bancshares is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of ServisFirst Bancshares at the current share price and the inputted number of shares is $2.3 billion.

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COMPANY NEWS

▶ ServisFirst: 2Q Earnings Snapshot   [Jul-19-18 04:05PM  Associated Press]
▶ Five years later, this Birmingham player is still bullish on Nashville   [Apr-30-18 11:40AM  American City Business Journals]
▶ ServisFirst: 1Q Earnings Snapshot   [Apr-16-18 06:22PM  Associated Press]
▶ ServisFirst Bank Atlanta Announces Regional Banking Changes   [Mar-16-18 10:16AM  GlobeNewswire]
▶ Top NasdaqGS High Growth Stock   [Jan-24-18 11:02AM  Simply Wall St.]
▶ ServisFirst posts 4Q profit   [04:40PM  Associated Press]
▶ ServisFirst posts 3Q profit   [04:10PM  Associated Press]
▶ New ServisFirst HQ to open, will support company's growth   [Oct-12-17 11:15AM  American City Business Journals]
▶ ServisFirst posts 2Q profit   [Jul-17-17 11:21PM  Associated Press]
▶ 5 Stocks Set to Soar on New Analyst Coverage   [May-31-17 09:05AM  Zacks]
▶ ServisFirst posts 1Q profit   [Apr-17-17 04:08PM  Associated Press]
▶ Servisfirst Bancshares Receives IBD Stock Rating Upgrade   [Mar-31-17 11:08AM  Investor's Business Daily]
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