ServisFirst Bancshares, Inc. (NASDAQ:SFBS) Q1 2019 Earnings Conference Call Transcript
Apr 15, 2019 • 05:15 pm ET
Good day, and welcome to the ServisFirst Bancshares Incorporated First Quarter Earnings Conference Call and Webcast. All participants will be in listen-only mode. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Mr. Davis Mange, Vice President of Investor Relations. Please go ahead.
Good afternoon, and welcome to our first quarter earnings call. We will have Tom Broughton, our CEO; and Bud Foshee, our CFO, covering some highlights from the quarter. And we'll then take your questions.
I'll now cover our forward-looking statements disclosure and then we can get started. Some of the discussion in today's earnings call may include forward-looking statements subject to assumptions, risks and uncertainties. Actual results may differ from any projections shared today due to factors described in our most recent 10-K and 10-Q filings. Forward-looking statements speak only as of the date they are made, and ServisFirst assumes no duty to update them.
With that, I'll turn the call over to Tom.
Thomas Ashford Broughton
Thank you, Davis. Good afternoon, and welcome to our first quarter 2019 conference call. We had a really great quarter. We're pleased with how the quarter ended up. As most of you know, typically the first quarter is not the best quarter of our year for ServisFirst, and -- but we're very pleased with the solid growth that we did have in the first quarter, which is above average for our company over the last several years.
On the deposit side, we had annualized deposit growth for the quarter of 10% and it was very broad-based, with Atlanta, Tampa, Mobile, Huntsville and Pensacola having the best growth. Typically, in the first quarter, we have very little, if any, deposit growth. But this quarter, we had really good solid growth.
We do have one region that has a very large seasonal account that runs off in the first quarter, and it certainly -- it's large enough that it affects our overall -- not only their numbers, but it's large enough to affect our overall numbers as well. So that's sort of unusual type situation, but it's a very profitable account.
We do continue to focus on building core relationships. Our new account openings continue to be very strong. 2019 is off to a wonderful start. Atlanta, Tampa Bay had the best -- looking at the first quarter, they really have come on very strong with account openings this year.
On the loan side, we've experienced very solid loan growth during the first quarter. Montgomery and Atlanta were our best regions of the company. Our typical loan growth last year, I think, in the first quarter was 5% annualized, and this year is 8% annualized in the first quarter. So we continue to see very strong growth there. Bud will discuss our solid credit quality and improved credit metrics in a few minutes, but just a few other things I'd like to cover.