LONDON, UK / ACCESSWIRE / July 19, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on ServisFirst Bancshares, Inc. (NASDAQ: SFBS), which can be viewed by registering at http://protraderdaily.com/optin/'symbol=SFBS, following the Company's release of its financial results on July 17, 2017, for the second quarter fiscal 2017 (Q2 FY17). The Birmingham, Alabama-based Company's net income and diluted EPS grew 28% and 25% y-o-y, respectively. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Earnings Reviewed
During Q2 FY17, ServisFirst Bancshares's net interest income increased to $55.57 million from $45.89 million in the last year's comparable quarter. The increase in net interest income is primarily attributed to increase in average loans outstanding and noninterest-bearing deposits along with a decrease in average federal funds sold and interest-bearing balances with banks. Furthermore, the Company's non-interest income grew 25% to $4.81 million in Q2 FY17 from $3.85 million in Q2 FY16.
The holding Company for ServisFirst Bank reported net income available to common stockholders of $24.13 million, or $0.45 per diluted share, in Q2 FY17 compared to $18.85 million, or $0.36 per diluted share, in Q2 FY16. The Company had book value per share of $10.72 as on June 30, 2017, up from $9.32 as on June 30, 2016. Additionally, tangible book value per share also increased to $10.44 as on June 30, 2017, from $9.03 as on June 30, 2016.
Earnings Metrics
During the reported quarter, return on average common stockholders' equity was 17.36%, which were 157 basis points above 15.79% reported in the year ago same period. The return on average assets for Q2 FY17 stood at 1.55% compared to 1.37% in Q2 FY16. Moreover, the Company's efficiency ratio came in at 36.23% for Q2 FY17 compared to 39.21% in Q2 FY16.
Net interest margin, improved 26 basis points in the reported quarter to 3.77% from 3.51% in Q2 FY16. During the reported quarter, the Company had a non-interest expense to average earning assets ratio of 1.47% versus 1.50% in Q2 FY16. As of June 30, 2017, the Company's common equity tier 1 risk-weighted assets ratio was 9.72% compared to 9.83% as on June 30, 2016. Furthermore, total capital to risk-weighted assets ratio stood at 11.67% as on June 30, 2017, versus 11.98% as on June 30, 2016.
Balance Sheet Analyzed
ServisFirst Bancshares's total assets were $6.33 trillion at June 30, 2017, compared to $5.64 trillion at close of Q2 FY16. The Company's total loan portfolio as on June 30, 2017, stood $5.34 trillion compared to $4.54 trillion at the end of Q2 FY16.
Total interest earning assets increased to $5.97 trillion in Q2 FY17 from $5.32 trillion in the previous year's comparable quarter. In Q2 FY17, the yield on total interest earning assets also improved to 4.30% from 3.97% in Q2 FY16. The net interest spread was 3.56% during the second quarter of FY17 compared to 3.33% in Q2 FY16. Furthermore, the Company's net interest margin grew to 3.77% in Q2 FY17 from 3.51% in Q2 FY16.
In Q2 FY17, total nonperforming assets balance stood at $14.87 million, up from $9.41 million in Q2 FY16. Nonperforming assets to total assets ratio also increased to 0.23% at the end of Q2 FY17 from 0.17% at the close of prior year's comparable quarter.
Dividend
In a separate press release on June 20, 2017, ServisFirst Bancshares' Board of Directors declared a quarterly cash dividend of $0.05 per share, payable on July 14, 2017, to stockholders of record as of July 03, 2017.
Stock Performance
At the closing bell, on Tuesday, July 18, 2017, ServisFirst Bancshares' stock marginally climbed 0.08%, ending the trading session at $36.09. A total volume of 195.85 thousand shares has exchanged hands, which was higher than the 3-month average volume of 140.42 thousand shares. The Company's stock price soared 2.30% in the last three months and 42.45% in the previous twelve months. The stock is trading at a PE ratio of 23.15 and has a dividend yield of 0.55%. The stock currently has a market cap of $1.91 billion.
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