ServisFirst Bancshares, Inc. (NYSE:SFBS) stock plunges 12.16% (As on October 18, 11:52:19 AM UTC-4, Source: Google Finance) after the company posted mixed results for the third quarter of FY 22. The company has reported net income and net income available to common stockholders of $64.0 million for the quarter ended September 30, 2022, compared to net income and net income available to common stockholders of $62.1 million for the second quarter of 2022 and $52.5 million for the third quarter of 2021. Annualized return on average assets was 1.77% and annualized return on average common stockholders’ equity was 20.49% for the third quarter of 2022, compared to 1.50% and 18.93%, respectively, for the third quarter of 2021. Net interest income was $126.4 million for the third quarter of 2022, compared to $116.4 million for the second quarter of 2022 and $96.3 million for the third quarter of 2021. The net interest margin in the third quarter of 2022 was 3.64% compared to 3.26% in the second quarter of 2022 and 2.85% in the third quarter of 2021. Loan yields were 4.77% during the third quarter of 2022 compared to 4.38% during the second quarter of 2022 and 4.39% during the third quarter of 2021. Amortization of mortgage-backed securities decreased by $203,000 from the second quarter to the third quarter of 2022.

Moreover, Average loans for the third quarter of 2022 were $10.92 billion, an increase of $730.9 million, or 28.5% annualized, over average loans of $10.19 billion for the second quarter of 2022, and an increase of $2.24 billion, or 25.8%, over average loans of $8.68 billion for the third quarter of 2021. Average total deposits for the third quarter of 2022 were $11.53 billion, a decrease of $510.6 million, or 16.8%, annualized, over average total deposits of $12.04 billion for the second quarter of 2022, and an increase of $41.9 million, or 0.4%, over average total deposits of $11.49 billion for the third quarter of 2021.

SFBS in the third quarter of FY 22 has reported the adjusted earnings per share of $1.17, missing the analysts’ estimates for the adjusted earnings per share of $1.25, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $135.36 million in the third quarter of FY 22, beating the analysts’ estimates for revenue by 1.93%.