The following is a summary of the ServisFirst Bancshares, Inc. (SFBS) Q1 2024 Earnings Call Transcript:
Financial Performance:
ServisFirst Bancshares reported a successful Q1 2024 start with over $200 million in net loans.
Growth was observed in the owner-occupied real estate segment.
The net interest income was the highest since Q1 2023.
Net interest margin stands at 2.66%, an uptick of 9 basis points.
The Tier 1 capital to average assets ratio increased, suggesting a stronger financial base.
Business Progress:
The company saw a 63% increase in the loan pipeline since the year-end.
There was a significant addition of nine new bankers in Q1, majorly in the Memphis market.
The credit quality remained strong with declining charge-offs in the quarter.
The allowance for credit losses compared to non-accruals was significantly higher than the peer group at quarter-end.
The company noted credit card income improvement with increased spending.
The company expects to continually enhance deposit and loan growth in 2024.
More details: Servisfirst Bancshares IR
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