ServisFirst Bancshares, Inc. (NASDAQ: SFBS) stock rises on decent results

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ServisFirst Bancshares, Inc. (NASDAQ: SFBS) stock rose over 1.93% on April 21st, 2020 (as of  1:41 pm GMT-4  ; Source: Google finance) after the company posted better than expected earnings for the first quarter of FY 20. The net interest margin increased from 3.47% in the fourth quarter to 3.58% in the first quarter. The company’s loans in the first quarter grew $307 million & deposits grew $302 million. SFBS has reported net income and net income available to common stockholders of $34.8 million for the first quarter ended March 31, 2020, compared to net income and net income available to common stockholders of $35.0 million for the same quarter in 2019.

The average loans for the first quarter of 2020 were $7.36 billion, which represents an increase of 15% annualized, over average loans of $7.10 billion for the fourth quarter of 2019, and an increase of 12%, over average loans of $6.60 billion for the first quarter of 2019. The average total deposits for the first quarter of 2020 were $7.64 billion, which represents a decline of $44,000, from average total deposits of $7.68 billion for the fourth quarter of 2019, and an increase of 10%, over average total deposits of $6.98 billion for the first quarter of 2019. The company’s variable-rate loans were $3.1 million at March 31 and $1.2 billion of those loans were at their floor rate or 40% of the total very variable rate loans at the end of March. Based on the March 31 balance sheet, the company’s consolidated margin was 3.64%. Also, the total deposit costs were 0.55 as of March 31. For the future NIM, the company expect it to remain north of 3.60% in the second quarter exclusive of PPP loans.

Moreover, the non-performing assets to total assets were 0.44% for the first quarter of 2020, an increase of three basis points compared to 0.41% for the first quarter of 2019. Annualized net charge-offs to average loans were 0.26%, an increase of six basis points compared to 0.20% for the first quarter of 2019.

Further, the annualized return on average assets had fallen to 1.54% and annualized return on average common stockholders’ equity was 16.23% for the first quarter of 2020, compared to 1.75% and 19.42%, respectively, for the first quarter of 2019.

SFBS in the first quarter of FY 20 has reported the adjusted earnings per share of 64 cents, beating the analysts’ estimates for the adjusted earnings per share of 63 cents, according to Refinitiv Ibes Data.

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