ServisFirst Bancshares Reports Strong Q3 2024 Results

By Tamara Parker • Tuesday, October 22 11:52 • Permanent Link

ServisFirst Bancshares, Inc. has reported strong financial results for the third quarter of 2024, with several key metrics showing notable improvement compared to the previous quarter and the same period last year.

Here are some highlights from the financial report:

Diluted EPS grew by 16% from the second quarter of 2024 and 12% year-over-year.
Net interest margin increased by 5 basis points from the second quarter of 2024.
Net income grew by 15% from the second quarter of 2024 and 12% year-over-year.
Non-interest-bearing deposits grew by $101 million, or 16% annualized from the second quarter of 2024.
Loans grew by 6.0% year-over-year.
Credit quality remains strong with non-performing assets to total assets at 0.25%.
Book value per share increased by 12% year-over-year to $28.79.

The company's Chairman, President, and CEO, Tom Broughton, expressed optimism about the bank's outlook, citing a solid loan pipeline, improving margin, strong liquidity, and credit quality.

Key financial figures for the third quarter of 2024 include: Net income of $59.9 million, a 14.9% increase from the second quarter of 2024 and a 12.3% increase from the third quarter of 2023. Diluted earnings per share of $1.10, representing a 15.8% increase from the second quarter of 2024 and a 12.2% increase from the third quarter of 2023. * Return on average assets at 1.43% and return on average common stockholders' equity at 15.55%.

The company's total assets stood at $16.45 billion, reflecting a 2.5% increase from the second quarter of 2024.

ServisFirst Bancshares, Inc. also provided details on non-interest income, non-interest expense, and income tax expense, showing both positive and negative changes compared to the previous quarter and the same period last year.

Following these announcements, the company's shares moved 2.0%, and are now trading at a price of $84.49. For the full picture, make sure to review ServisFirst Bancshares's 8-K report.

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