ServisFirst Bancshares, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, showcasing notable growth in revenue and profitability compared to the previous fiscal period.
For the three months ended September 30, 2024, total interest income increased to $247.98 million, up from $213.21 million in the same period of 2023. Net interest income for the quarter rose to $115.12 million, a 15.5% increase from $99.70 million year-over-year. The net interest margin improved to 2.84%, reflecting a 20 basis point increase from 2.64% in Q3 2023. This growth was attributed to a rise in average loans, which reached $12.37 billion, a 7.0% increase from the previous year.
Net income for the third quarter of 2024 was $59.91 million, compared to $53.34 million in Q3 2023, marking a 12.2% increase. Basic and diluted earnings per share rose to $1.10, up from $0.98 in the prior year. However, for the nine months ended September 30, 2024, net income decreased slightly to $162.07 million from $164.78 million in 2023, with earnings per share dropping to $2.97 from $3.03.
Total assets as of September 30, 2024, increased to $16.45 billion, a 2.0% rise from $16.13 billion at the end of 2023. Total loans grew by 5.8% to $12.34 billion, with significant contributions from other mortgage loans, which increased by $424.8 million year-over-year. Conversely, total deposits decreased by 1.0% to $13.15 billion.
The company’s non-interest income for the third quarter was $8.5 million, a 5.1% increase from the previous year, while total non-interest expenses rose by 9.5% to $45.6 million, driven primarily by higher salaries and employee benefits, which increased by 24.8% to $25.1 million. The number of full-time equivalent employees also grew by 9.2% to 620.
The allowance for credit losses (ACL) on loans increased to $160.76 million, representing 1.30% of total loans. Nonperforming loans rose to $39.17 million, or 0.32% of total loans, up from $21.53 million at the end of 2023. The company reported a provision for credit losses of $15.2 million for the nine months ended September 30, 2024, a slight increase from the previous year.
Overall, ServisFirst Bancshares demonstrated solid growth in interest income and profitability, despite facing challenges with nonperforming loans and rising expenses.
About ServisFirst Bancshares, Inc.
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