ServisFirst Bancshares Inc.
SFBS,
a bank based in Birmingham, Ala., that operates in the southeast U.S., reported a year-over-year drop in deposits for its first quarter but a sharp increase in new accounts. Total deposits fell 6% year over year, while non-interest demand deposits, a smaller part of the bank’s overall deposits, fell 41%. However, new accounts opened jumped 23%, a figure executives attributed to “our financial stability, our commitment to customer service, and our team of responsive bankers.” The bank said it reported net income of $57.9 million, or $1.06 a share, compared with $57.6 million, or $1.06 a share, in the same quarter last year. Adjusted for taxes and PPP loan income, the company earned 99 cents a share. Analysts polled by FactSet expected adjusted earnings per share of $1.05. ServisFirst reported first-quarter net interest income of $108.3 million, up from $105.7 million a year ago. The results follow Silicon Valley Bank’s collapse, and come as Wall Street tries to gauge any potential impact on regional banks. Shares were unchanged after hours.
