ServisFirst Bancshares Inc. SFBS, a bank based in Birmingham, Ala., that operates in the southeast U.S., reported a year-over-year drop in deposits for its first quarter but a sharp increase in new accounts. Total deposits fell 6% year over year, while non-interest demand deposits, a smaller part of the bank’s overall deposits, fell 41%. However, new accounts opened jumped 23%, a figure executives attributed to “our financial stability, our commitment to customer service, and our team of responsive bankers.” The bank said it reported net income of $57.9 million, or $1.06 a share, compared with $57.6 million, or $1.06 a share, in the same quarter last year. Adjusted for taxes and PPP loan income, the company earned 99 cents a share. Analysts polled by FactSet expected adjusted earnings per share of $1.05. ServisFirst reported first-quarter net interest income of $108.3 million, up from $105.7 million a year ago. The results follow Silicon Valley Bank’s collapse, and come as Wall Street tries to gauge any potential impact of rising rates on regional banks and trends in deposits. Shares were unchanged after hours.
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