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BIRMINGHAM - ServisFirst Bancshares, Inc. (NYSE:SFBS) reported third-quarter adjusted earnings that fell short of analyst expectations, sending shares down 3% in after hours trading following the announcement.
The Birmingham-based bank posted adjusted earnings per share of $1.30 for the third quarter, missing analyst estimates of $1.34, despite representing an 18.2% increase from the same period last year. Revenue came in at $136.28 million, below the consensus forecast of $146.8 million. The company’s results were impacted by a $7.8 million loss on the sale of available-for-sale debt securities as part of a portfolio restructuring effort.
Net interest income rose to $133.4 million, up from $115.1 million in the third quarter of 2024. The bank’s net interest margin improved to 3.09%, an increase of 25 basis points YoY, though management noted it was negatively impacted by about 10 basis points due to a single non-accrual relationship.
"All of our regions and markets were solidly profitable in the third quarter of 2025," said Tom Broughton, Chairman, President, and CEO. "We have seen great progress in all our markets and our newer offices have reached profitability."
Loan growth remained solid at $973.7 million or 7.9% YoY, while deposits increased by $960.4 million or 7.3% compared to the same quarter last year. Non-performing assets to total assets rose to 0.96% from 0.25% a year earlier, primarily due to a large real estate-secured relationship.
The bank maintained strong liquidity with $1.77 billion in cash and cash equivalent assets, representing 10.1% of total assets, with no FHLB advances or brokered deposits. Book value per share increased 13.3% YoY to $32.62.
"We are pleased with the continued expansion of our net interest margin and pricing discipline on both loans and deposits," said David Sparacio, CFO. "We continue to see solid year over year growth in earnings and deliver top returns for our shareholders."
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