ServisFirst Bancshares, Inc. announced strong financial results for the third quarter ended September 30, 2024. The company reported net income of $59.9 million, marking a 12.3% increase from $53.34 million in the third quarter of 2023. Diluted earnings per share rose to $1.10, up 12.2% from $0.98 in the prior year's third quarter.
Net interest income for the quarter reached $115.1 million, an increase from $99.7 million in the third quarter of 2023, contributing to a net interest margin of 2.84%, up from 2.64% year-over-year. Average loans grew by 7.0% year-over-year to $12.37 billion, while average total deposits increased by 6.6% to $13.52 billion. The efficiency ratio improved to 36.90% from 38.64% in the third quarter of 2023, reflecting enhanced operational efficiency.
Credit quality remained strong, with annualized net charge-offs to average loans at 0.09%, a decrease from 0.15% in the prior year. Non-performing assets to total assets increased to 0.25% from 0.15%, primarily due to a single relationship that moved to non-accrual status in the first quarter of 2024. Management expressed optimism for the bank's outlook, citing a solid loan pipeline, improving margin, strong liquidity, and robust credit quality.
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