ServisFirst Bancshares(SFBS) - 2024 Q4 - Annual Results

Financial Performance - Net income for Q4 2024 was $65.2 million, an increase of 8.8% from Q3 2024 and 54.9% from Q4 2023[4] - Diluted earnings per share for Q4 2024 were $1.19, up 8.2% from Q3 2024 and 54.5% from Q4 2023[5] - Net income available to common stockholders rose to $65.1 million in Q4 2024, compared to $42.0 million in Q4 2023[20] - The company reported a net income of $227,242 thousand for the year ended 2024, an increase of 9.8% from $206,853 thousand in 2023[26] - Basic earnings per common share for Q4 2024 was $1.19, a 54.5% increase from $0.77 in Q4 2023[26] Revenue and Income Sources - Net interest income increased by $8.0 million, or 28% annualized, during Q4 2024[5] - Non-interest income rose by $1.4 million, or 19.3%, to $8.8 million in Q4 2024 compared to Q4 2023[13] - Total interest income for Q4 2024 was $243,892 thousand, an increase of 6.4% from $229,062 thousand in Q4 2023[26] - Total non-interest income for the year ended 2024 was $35,056 thousand, up 15.5% from $30,417 thousand in 2023[26] Asset and Liability Management - Total assets reached $17.35 billion in Q4 2024, up from $16.13 billion in Q4 2023[20] - Total deposits grew by $397 million, or 12% annualized, during Q4 2024[5] - Loans increased to $12.61 billion in Q4 2024, compared to $11.66 billion in Q4 2023[20] - Average total deposits for Q4 2024 were $13.48 billion, an increase of 1.9% from Q4 2023[11] Efficiency and Cost Management - Non-interest expense decreased by $11.4 million, or 19.5%, to $46.9 million in Q4 2024 compared to Q4 2023[14] - The efficiency ratio improved to 35.54% in Q4 2024 from 55.23% in Q4 2023[14] - Total non-interest expense for Q4 2024 was $46,896 thousand, slightly higher than $45,632 thousand in Q3 2024, indicating a 2.8% increase[29] Credit Quality and Provisions - Non-performing assets to total assets were 0.26% for Q4 2024, compared to 0.14% for Q4 2023[12] - The allowance for credit losses to total loans remained stable at 1.30% in Q4 2024, consistent with Q3 2024[28] - Provision for credit losses for Q4 2024 was $6,398 thousand, compared to $5,435 thousand in Q3 2024, reflecting an increase in credit loss provisions[28] Stockholder Equity and Book Value - Book value per share reached $29.63, up 12.0% from Q4 2023[5] - Tangible common stockholders' equity was reported at $1.603 billion as of December 31, 2024, an increase from $1.426 billion in 2023[23] - The company experienced a 12% increase in total stockholders' equity, reaching $1.617 billion as of December 31, 2024, up from $1.440 billion in 2023[25] Market Position and Strategic Initiatives - The company is focused on enhancing its market position through strategic initiatives and product development[31]