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Sep 30, 2024
ServisFirst Q3 2024 Earnings Report
Reported a net income of $59.9 million and EPS of $1.10, with margin expansion and controlled expenses.
Key Takeaways
ServisFirst Bancshares reported a strong third quarter with a net income of $59.9 million and earnings per share of $1.10. The company saw margin expansion, growth in noninterest bearing demand deposits, and a decrease in the efficiency ratio. The increase in non-performing assets to total assets can primarily be attributed to a single relationship that moved to non-accrual status during the first quarter of 2024.
Net income and net income available to common stockholders was $59.9 million.
Basic and diluted earnings per common share were both $1.10.
Net interest income was $115.1 million.
The net interest margin was 2.84%.
ServisFirst
ServisFirst
Forward Guidance
Management is assessing the impact of Hurricanes Helene and Milton to determine if additional provisions are warranted.
Positive Outlook
- Solid loan pipeline
- Improving margin
- Strong liquidity
- Strong credit quality
- Optimistic outlook for the bank