This quarter has been marked by strong financial performance, new strategic partnerships, and recognition for our continued success in the industry.

We are proud to announce that ServisFirst Bancshares has been ranked fourth nationally among publicly traded banks with between $10 billion to $50 billion in assets. This marks our third consecutive year in the top five, showcasing our continued strength and consistency in an evolving financial landscape.

Thank you for your continued trust and partnership. We look forward to building on these achievements as we move into the final quarter of the year.

ServisFirst Bancshares, Inc. Announces Results

For Third Quarter of 2024

Third Quarter 2024 Highlights

• Diluted EPS grew 16% from the second quarter of 2024, and 12% year-over-year.
• Net interest margin increased 5 basis points from the second quarter of 2024.
• Net income grew by 15% from the second quarter of 2024 and 12% year-over-year.
• Non-interest-bearing deposits grew by $101 million, or 16% annualized from the second quarter of 2024.
• Loans grew by 6.0% year-over-year.
• Credit quality continues to be strong with non-performing assets to total assets of 0.25%.
• Liquidity remains solid with over $1.76 billion in cash and no FHLB advances or brokered deposits.
• Book value per share of $28.79, up 12% year-over-year.

More detailed financials are linked below.

INSIGHTS

September 2024 Financial Trend Analysis

on Mail Theft-Related Fraud

The latest Financial Trend Analysis, released in September 2024, sheds light on mail theft-related fraud incidents, based on 15,417 BSA reports filed with the Financial Crimes Enforcement Network (FinCEN). These reports cover check fraud incidents totaling over $688 million in transactions between February 27 and August 31, 2023.

Key Findings:



• Fraud Methods: Perpetrators use stolen checks in three main ways: altering and depositing them, creating counterfeit checks from the stolen information, or fraudulently signing and depositing the checks.
• Rising Complaints: The United States Postal Inspection Service (USPIS) received 299,020 mail theft complaints between March 2020 and February 2021, marking a 161% increase from the previous 12 months.
• Spike in Fraud Filings: FinCEN received over 680,000 BSA filings related to check fraud in 2022, nearly double the previous year's numbers.
• Financial Impact: The average amount involved per BSA report was $44,774, with a median amount of $14,215.
• Common Fraud Tactics: Altering stolen checks, especially the payee line, was the most frequent tactic, followed by changes to the amount, forged signatures, and altered issuer details. Some perpetrators simply sign the back and attempt to cash the checks without making any alterations.
• Counterfeit Checks: Stolen checks are often used to create counterfeit versions.
• New Account Fraud: Fraudsters sometimes open new accounts with the same or nearly identical names as the intended recipients to deposit stolen checks.

All information credited to: Financial Crimes Enforcement Network. (2023). Check fraud: A growing threat to the financial system. U.S. Department of the Treasury. https://www.fincen.gov/sites/default/files/shared/FTA-Check-Fraud-FINAL508.pdf

ServisFirst Bancshares, Inc. Ranks Fourth Nationally Among Top Publicly Traded Banks with Between $10 Billion to $50 Billion in Assets

ServisFirst Bank is pleased to announce we have ranked fourth in the top publicly traded banks with between $10 billion to $50 billion in assets, based on year-end 2023 data. ServisFirst is the only bank in Alabama that made it into the top ten, and this is the third year in a row that the bank has achieved a top-five ranking.

The annual list is compiled by consulting firm Capital Performance Group, which uses each institution’s three-year average return on average equity, or ROAE, to determine the ranking. The rankings are published annually by American Banker.

"The top performers remained more liquid in 2023, which helped their profitability in a rising rate environment," stated Ally Akins and Claude Hanley, analysts at Capital Performance Group.

Our $16 billion-asset institution, ServisFirst Bancshares, had a 3-year average return on average equity (ROAE) of 18.38%, a return on average assets (ROAA) of 1.37%, a net interest margin (NIM) of 2.81%, nonperforming assets/total assets of 0.13%, and core deposits/total deposits of 91.30%.

Net loan growth of top performers and the segment overall exceeded 5% last year, but the strongest banks grew core deposits in 2023 by more than 2%, while the group overall saw a decline. This helped the highest-ranked banks to minimize deposit cost increases because of high rates, supporting net interest margins and bottom lines. The NIM on average for the top 10 banks were 15 basis points higher than overall. Profits in 2023 were more than 40% higher for the top banks compared to their overall peer group.

The New ServisFirst Bank Digital Banking Experience

In the third quarter of 2024, ServisFirst Bank launched its new online and mobile banking platform, elevating the digital banking experience for our clients. The upgraded platform offers improved navigation, advanced security features, and streamlined account management tools.

With the platform now live, we encourage clients to explore its features and take advantage of the available support resources.

2500 Woodcrest Place | Birmingham, Alabama 35209

866.922.5794 | www.servisfirstbank.com | NMLS ID 556357