ServisFirst Bancshares Q3 Results Mixed, Stock Sinks After-Hours

ServisFirst Bancshares, Inc. SFBS shares are trading lower in Monday's after-hours session after the company reported third-quarter earnings.

What To Know: The company reported quarterly earnings of 98 cents per share which beat the analyst consensus estimate of 95 cents, but a 19.67% decrease over earnings of $1.22 per share from the same period last year.

The company reported quarterly sales of $107.83 million which missed the analyst consensus estimate of $109.98 million, a 20.33% decrease over sales of $135.36 million the same period last year.

ServisFirst also reported loans grew $362.5 million from the third quarter of 2022, adding that its loan pipeline is improving.

Tom Broughton, chairman, president and CEO, said, "We are proud to reach the $16 billion in assets milestone in the quarter, with current cash exceeding $2 billion and no FHLB advances or brokered deposits. We believe this gives our bank a significant competitive advantage."

Related Link: Why Stryker Stock Rose Today

SFBS Price Action: Shares of SFBS were down 14.89% at $45 in the after-hours session at the time of publication, according to Benzinga Pro.

Photo: Thomas Breher from Pixabay