Servisfirst Bancshares (SFBS) has reported 10.07 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $21.74 million, or $0.40 a share in the quarter, compared with $19.75 million, or $0.37 a share for the same period last year.

Revenue during the quarter grew 17.88 percent to $51.07 million from $43.33 million in the previous year period. Net interest income for the quarter rose 13.78 percent over the prior year period to $49.11 million. Non-interest income for the quarter rose 73.78 percent over the last year period to $6.04 million.

Servisfirst Bancshares has made provision of $4.08 million for loan losses during the quarter, up 23.19 percent from $3.31 million in the same period last year.

Net interest margin contracted 26 basis points to 3.30 percent in the quarter from 3.56 percent in the last year period. Efficiency ratio for the quarter improved to 39.96 percent from 40.75 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 to report a year of record growth in net income, loans and deposits while maintaining pristine credit quality." Bud Foshee, CFO, stated, "Our new regions of Nashville, Tennessee, Atlanta, Georgia, Charleston, South Carolina and Tampa Bay, Florida all made solid progress in 2016."

Total assets stood at $6,370.45 million as on Dec. 31, 2016, up 25.02 percent compared with $5,095.51 million on Dec. 31, 2015. On the other hand, total liabilities stood at $5,847.56 million as on Dec. 31, 2016, up 25.85 percent from $4,646.36 million on Dec. 31, 2015.

Net loans stood at $4,859.88 million as on Dec. 31, 2016, up 16.46 percent compared with $4,172.96 million on Dec. 31, 2015. Deposits stood at $5,420.31 million as on Dec. 31, 2016, up 28.33 percent compared with $4,223.89 million on Dec. 31, 2015.

Noninterest-bearing deposit liabilities were $1,281.60 million or 23.64 percent of total deposits on Dec. 31, 2016, compared with $1,053.47 million or 24.94 percent of total deposits on Dec. 31, 2015.

Investments stood at $484.94 million as on Dec. 31, 2016, up 30.94 percent or $114.58 million from year-ago. Shareholders equity stood at $522.89 million as on Dec. 31, 2016, up 16.42 percent or $73.74 million from year-ago.

Return on average assets moved down 16 basis points to 1.39 percent in the quarter from 1.55 percent in the last year period. At the same time, return on average equity decreased 104 basis points to 16.71 percent in the quarter from 17.75 percent in the last year period.

Nonperforming assets moved up 66.22 percent or $8.72 million to $21.88 million on Dec. 31, 2016 from $13.16 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.34 percent in the quarter, up from 0.26 percent in the last year period.

Tier-1 leverage ratio stood at 8.22 percent for the quarter, down from 8.55 percent for the previous year quarter. Book value per share was $9.93 for the quarter, up 14.80 percent or $1.28 compared to $8.65 for the same period last year.