ServisFirst Bancshares, Inc. reported strong earnings and operating results for the fourth quarter ended December 31, 2024. Net income for the quarter surged to $65.2 million, a 54.9% increase from $42.1 million in the fourth quarter of 2023. Diluted earnings per share also saw a significant rise, reaching $1.19, up 54.5% from $0.77 in the prior year's quarter.
The bank's net interest income grew to $123.2 million, compared to $101.7 million in the fourth quarter of 2023, with the net interest margin expanding to 2.96% from 2.57% year-over-year. Ending total loans increased by 8.1% to $12.61 billion, and ending total deposits grew by 2.0% to $13.54 billion. The efficiency ratio improved significantly to 35.54% from 55.23% in the fourth quarter of 2023, indicating enhanced operational control.
For the full year 2024, net income reached $227.2 million, an increase of 9.9% from $206.85 million in 2023, with diluted EPS at $4.16, up 9.8% from $3.79. Non-performing assets to total assets were 0.26%, primarily due to a single relationship from the first quarter of 2024. Management expressed optimism for 2025, citing a solid loan pipeline, improving margin, strong liquidity, and robust credit quality.
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