As we close the second quarter of 2024, ServisFirst Bank stands proudly on the foundation of our continued success and growth. The achievements of this quarter attest to our dedication to excellence and our commitment to serving our clients with the highest standards in the industry.

In this newsletter, we are pleased to highlight several key accomplishments from this quarter and provide an overview of the exciting happenings within our bank. Our diluted EPS (earnings per share) has grown, net interest margin has increased, and we’ve seen significant growth in both deposits and loans. Credit quality remains strong with a low level of non-performing assets, and our liquidity is solid with substantial cash reserves and no reliance on FHLB advances or brokered deposits. Additionally, our book value per share has increased year-over-year, and we are excited to announce our expansion and growth in several new markets.

Thank you for your continued trust and partnership. We look forward to building on this momentum and achieving even greater success together in the second half of the year.

ServisFirst Bancshares, Inc. Announces Results

For Second Quarter of 2024

Second Quarter 2024 Highlights

• Diluted EPS grew from $0.92 in the first quarter of 2024 to $0.95 in the second quarter of 2024.
• Net interest margin increased 13 basis points from the first quarter of 2024.
• Deposits grew by 16% annualized from the first quarter of 2024 and 8% year-over-year.
• Loans grew by 15% annualized from the first quarter of 2024 and 6% year-over-year.
• Credit quality continues to be strong with non-performing assets to total assets of 0.23%.
• Liquidity remains strong with over $1.3 billion in cash and no FHLB advances or brokered deposits.
• Book value per share of $27.71, up 11% year-over-year.
• Entered the Auburn-Opelika, Alabama market.

For more detailed financials, please read the press release below.

ServisFirst Bank Chairman, President, and CEO,

Tom Broughton Interviewed by CNBC

Speaks on Q2 Earnings, Deposit Growth, and Credit Demand

On Tuesday, July 16, Tom Broughton, ServisFirst Bank Chairman, President, and CEO, discussed his second quarter earnings beat and current quarter outlook on CNBC News - "Worldwide Exchange" with Anchor Frank Holland.

ServisFirst Bank Announces New Chairman of Tennessee

In April, ServisFirst Bank Memphis announced the addition of Jake Farrell to the ServisFirst Bank Memphis team. Jake will serve as Chairman of Tennessee working alongside Joel E. Smith, Market President of ServisFirst Bank Memphis, and Bradford Vieira, Regional President and CEO of ServisFirst Bank Tennessee, to grow the ServisFirst Bank market in Memphis and Nashville. 

Jake Farrell, Chairman of Tennessee

Jake Farrell joins ServisFirst Bank as Chairman of Tennessee and will be based in the ServisFirst Bank Memphis office. With a distinguished career spanning over four decades dedicated to serving the Memphis and Nashville region, Jake Farrell is a well-respected figure throughout Tennessee. Jake has demonstrated exceptional leadership, particularly in the establishment and growth of financial institutions. Most recently, Jake served as a key figure at Landmark Bank, where he joined in 2009 and spearheaded its growth until it sold in 2021. 

“I am very pleased to be on the same team again with Jake Farrell. Not only is Jake a great banker but he has been a good friend for many years,” states Tom Broughton, ServisFirst Bank Chairman, President, and CEO. “ServisFirst had a close correspondent banking relationship with Landmark before the bank was sold and we are thrilled to have this opportunity.”

As Jake embarks on the next chapter of his career, his experience and dedication will continue to shape the future of ServisFirst Bank. The Memphis office is currently operating as a loan production office and plans to be in its permanent location later this Fall.

ServisFirst Bank Expands Footprint in Alabama

Auburn-Opelika Office Opens Marking 14th Location in the State

We are proud to announce the opening of our new office located in Auburn-Opelika, Alabama. This strategic growth is supported by the addition of four seasoned banking professionals, two mortgage lenders, and a lending assistant, bringing a wealth of experience and a deep commitment to exceptional customer service.

ServisFirst Bank Auburn-Opelika welcomes David Reaves as Market President, Troy Godwin and Jeff Stanfield as Sr. Vice President, Commercial Banking Officers, and Joanna Reaves as Vice President, Private Banking Officer. Additionally, John Reese and Jane Perry join as Mortgage Lenders, along with Hannah McGinty as Lending Assistant. Collectively, the team brings over 138 years of banking and financial experience to not only the new office, but all of the markets in and around Alabama.

“ServisFirst Bank is thrilled to open a new office in the Auburn-Opelika area,” states David Reaves, ServisFirst Bank Auburn-Opelika Market President. “We have assembled a team of dedicated banking veterans who are eager to meet the community’s financial needs and offer personalized support.”

Carl Barker, ServisFirst Bank Montgomery Executive Vice President and Regional CEO, added, “We’re delighted to broaden ServisFirst Bank’s presence in Alabama, and we are excited to become an integral part of the Auburn-Opelika community.”

ServisFirst Bank Breaks Ground on New Office in Summerville, South Carolina

ServisFirst Bank South Carolina broke ground on a new office location in Summerville, South Carolina on May 16, 2024. The new office space will hold 10 employees and feature a drive-thru and night deposit with ATM.

The new office will be located at 319 North Cedar Street, Summerville, South Carolina, 29483, and is estimated to open in early 2025. The existing office, situated at 100 South Main Street, Suite I, Summerville, South Carolina, 29483, will maintain regular operations until the completion of the new building. This is ServisFirst Bank’s second location in South Carolina, further fortifying its established presence alongside the existing office in Charleston.

2500 Woodcrest Place | Birmingham, Alabama 35209

866.922.5794 | www.servisfirstbank.com | NMLS ID 556357