Hot stock to watch: ServisFirst Bancshares, Inc. (NASDAQ: SFBS)

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ServisFirst Bancshares, Inc. (NASDAQ: SFBS) stock rose over 8.6% on July 21st, 2020 (as of 12:15 pm GMT-4 ; Source: Google finance) driven by second quarter of 2020. The firm reported $1.5 billion in e-deposits and reported over $1 billion in PPP SBA loans for almost 5,000 borrowers. The past dues fell by $2.8 million during the second quarter of 2020 as compared to the first quarter of 2020, while non-performing assets lost over $12.7 million. NPAs fell 30% on the back of a settlement being reached on their largest non-performing asset.  The bank granted over $60 million in second deferrals, but expects most of the clients who had the deferral would or have already returned to normal payments. Moreover, the while Retail CRE consists of $270 million in loans, or 3.5% of the loan portfolio.

Average loans rose $972.6 million, or 52% annualized to $8.33 billion during the second quarter of 2020, against $7.36 billion in the first quarter of 2020. The bank also originated over 4,800 PPP loans during the second quarter of 2020 for a total of $1.05 billion.  Average total balances of PPP loans for the second quarter of 2020 were $885.5 million.  Average total deposits rose $1.23 billion, or 64% annualized to $8.87 billion. Noninterest income rose $1.2 million, or 22%, to $7.0 million from $5.8 million in the second quarter of 2019.  Mortgage banking revenue surged to $1.0 million, or 94%, from the second quarter of 2019 to the second quarter of 2020.  Limited-term licenses were added to the bank’s loan origination systems to enable more employees to assist customers with their PPP loans.  These licenses added $514,000 to third party processing expenses during the second quarter of 2020.

Net interest margin fell to 3.32% during the second quarter of 2020 against the 3.58% for the first quarter. Adjusting for the average PPP loan balances of $886 million, PPP interest income and $2.6 million in PPP loan fees, the net interest margin was 3.47.

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