Company did not provide specific guidance or forecasts for the upcoming quarter or full year.
Result drivers
Loan growth - Loans grew $533 million, or 15% annualized, during the quarter, supporting higher interest income.
Net interest margin - Net interest margin rose to 3.63%, up 10 bps from Q1 and 53 bps year over year, aided by lower deposit costs and a recovery from a previously nonaccrual loan.
Non-interest income - Non-interest income increased, driven by higher service charges, mortgage banking revenue, and bank-owned life insurance income.
Quarterly results
U.S. regional bank's Q2 diluted EPS rose 40% year over year, adjusted EPS up nearly 30%.
Net income for Q2 climbed nearly 40% from a year earlier.
Company cites strong loan growth and higher net interest margin for improved results.
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell".
The average consensus recommendation for the banks peer group is "buy".
Wall Street's median 12-month price target for ServisFirst Bancshares Inc is $95.00, about 9.3% above its July 17 closing price of $86.94.
The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 11 three months ago.
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