As we step into the first quarter of 2024, we reflect on the growth we've shared throughout the last year. At ServisFirst Bank, our dedication to progress and excellence in the financial sector has been unwavering, and we are excited to share with you a few of our latest developments, achievements, and market insights.

The following includes an overview of ServisFirst Bank’s earnings results, noteworthy accolades, significant announcements, and relevant market news that helped shape our fourth quarter of 2023. We believe that staying informed and connected is key to your financial success, and we are committed to providing you with the insights you need.

As we move forward into this new year, know that your trust and unwavering support are the driving forces behind our continued growth and success. Our focus remains firmly on serving your financial needs and exceeding your expectations.

Thank you for being an essential part of the ServisFirst Bank family.

ServisFirst Bancshares, Inc. Announces Results

For Fourth Quarter of 2023

Fourth Quarter 2023 Highlights

• Entering the Memphis, Tennessee market with the hiring of Joel Smith as President.
• Deposits grew 15% year-over-year and new deposit accounts opened increased 12% year-over-year.
• Diluted earnings per share of $0.77 for the quarter.
• Adjusted* diluted earnings per share of $0.91 for the quarter.
• $2.1 billion in cash on hand with no FHLB advances or brokered deposits.
• Book value per share of $26.45, up 10.7% from the fourth quarter of 2022 and 10.8% annualized, from the third quarter of 2023.
• Cash dividend increased from $0.28 per share to $0.30 per share, a 7% increase.
• Credit quality continues to be strong with non-performing assets to total assets of 0.14%.
• Consolidated Common Equity Tier 1 capital to risk-weighted assets increased from 9.95% to 10.91% year-over-year.

For more detailed financials, please read the press release below.

ServisFirst Bancshares, Inc. Named on Inaugural

Best-of-Breed Bison Report by D.A. Davidson

ServisFirst Bank Announces Retirement of Founding Chief Financial Officer, William “Bud” Foshee

In November, ServisFirst bank announced the retirement of founding Chief Financial Officer, William “Bud” Foshee, effective after the filing of the Form 10-K in February of 2024. Kirk Pressley has been appointed as successor to the role of CFO. 

“Bud has guided us through our formation and initial stock sale of $35 million to our current standing as a $16 billion company with an unprecedented record of financial success over the past 19 years.  ServisFirst is recognized as one of the premier banks in the Southeast and Bud’s record as CFO is unparalleled,” stated Tom Broughton, ServisFirst Bank Chairman, President and CEO. “Our industry-leading efficiency ratio is something Bud has strongly influenced with his relentless effort to reduce expenses. Bud’s integrity has been unflinching, and he has provided a strong foundation for our future.”

Bud Foshee leaves in place two longtime finance leaders, Edison “Ed” Woodie, Senior Vice President, Controller, and Davis Mange, Senior Vice President, Accounting & Investor Relations who will be part of the finance team.  In addition, Mark Tarnakow recently joined the ServisFirst finance team as Vice President, Strategic Projects Director for Finance and Accounting. 

“It has been an honor to lead ServisFirst from formation to an industry leader and it is always rewarding to be part of a leadership team of a great company,” said Bud Foshee.

ServisFirst Bank Announces

New Chief Information and Operations Officer

Michael Lindsey has joined ServisFirst Bank as Chief Information and Operations Officer in Birmingham, Alabama. 

“It is with great pride and enthusiasm that we announce the addition of Michael Lindsey to our esteemed ServisFirst Bank team,” states Tom Broughton, ServisFirst Bank Chairman, President and CEO. “His wealth of experience in the banking industry is a significant asset to our institution as we continue to provide the highest level of financial services and commitment to our valued clients.”

With three decades of experience in financial services, Lindsey brings exceptional leadership and strategic thinking to his new role. Prior to joining ServisFirst Bank, Lindsey began his banking career with the Bank of Mississippi, which later underwent a name change to BancorpSouth when it expanded outside of the state. Michael spent 25-plus years at BancorpSouth where he held numerous operational positions. Most recently, Lindsey has been with Equipro Holdings, LLC since 2015, a privately held firm dedicated to building companies in Oxford, Mississippi. During this time, he held prominent positions as the President of US Consumer Capital, LLC, and also served as the Chief Operating Officer for Action Auto, LLC.

Lindsey received his Bachelor of Science degree in Finance from the University of Mississippi, and his Master of Business Administration from the University of Memphis. 

Welcome, Michael!

ServisFirst Bank Announces

New Charlotte Market President