ServisFirst Bancshares, Inc (SFBS) has reported 12.84 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $22.52 million, or $0.42 a share in the quarter, compared with $19.96 million, or $0.38 a share for the same period last year. Revenue during the quarter grew 13.30 percent to $51.61 million from $45.56 million in the previous year period. Net interest income for the quarter rose 17.82 percent over the prior year period to $52.05 million. Non-interest income for the quarter rose 32.34 percent over the last year period to $4.55 million.
Servisfirst Bancshares has made provision of $4.99 million for loan losses during the quarter, up 142.16 percent from $2.06 million in the same period last year.
Net interest margin contracted 4 basis points to 3.53 percent in the quarter from 3.57 percent in the last year period. Efficiency ratio for the quarter improved to 37.58 percent from 40.51 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Tom Broughton, President and Chief executive officer, said, “We are pleased with our loan growth in the first quarter which is typically the slowest growth quarter of the year. Business activity around our Southeastern footprint has greatly improved in 2017 to date.” Bud Foshee, CFO, stated, “Our efficiency ratio has improved from 40.5% to 37.6% year over year.”
Deposits stood at $5,361.53 million as on Mar. 31, 2017, up 23.54 percent compared with $4,339.75 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $1,292.44 million or 24.11 percent of total deposits on Mar. 31, 2017, compared with $1,070.28 million or 24.66 percent of total deposits on Mar. 31, 2016.
Investments stood at $526.01 million as on Mar. 31, 2017, up 45.26 percent or $163.91 million from year-ago. Shareholders equity was at $545.15 million as on Mar. 31, 2017.
Return on average assets moved down 8 basis points to 1.45 percent in the quarter from 1.53 percent in the last year period. At the same time, return on average equity decreased 30 basis points to 17.09 percent in the quarter from 17.39 percent in the last year period.
Nonperforming assets moved up 62.37 percent or $6.61 million to $17.20 million on Mar. 31, 2017 from $10.59 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.27 percent in the quarter, up from 0.20 percent in the last year period.
Tier-1 leverage ratio stood at 8.46 percent for the quarter, down from 8.65 percent for the previous year quarter. Book value per share was $10.32 for the quarter, up 14.79 percent or $1.33 compared to $8.99 for the same period last year.
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