Every material Form 8-K ServisFirst Bancshares filed with the SEC in 2023, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
ServisFirst Bancshares said Chief Financial Officer William "Bud" Foshee will retire after the Form 10-K filing in February 2024, and the board appointed Kirk Pressley to succeed him. A CFO change is a significant leadership transition for shareholders, and the filing says Pressley's compensation has not changed as a result of the appointment.
Foshee notified the board on November 1, 2023 that he will retire as CFO after the Form 10-K filing in February 2024, following 19 years of service.
Kirk Pressley, 57, joined ServisFirst Bank as Executive Vice President of Strategic Planning in July 2023 and previously served as CFO of BBVA USA from 2015 to 2021.
No changes have been made to Pressley's compensation as a result of being named successor.
Edison "Ed" Woodie and Davis Mange remain on the finance team, according to the press release.
ServisFirst Bancshares reported third-quarter 2023 net income of $53.3 million, or $0.98 per diluted share, down 17% from $64.0 million, or $1.17 per share, a year earlier. Net interest income fell to $99.7 million from $126.4 million, as the net interest margin dropped to 2.64% from 3.64%, which management attributed to Federal Reserve rate increases; management said loan pipelines are beginning to rebuild and should improve profitability in coming quarters.
Net income of $53.3 million and diluted EPS of $0.98, versus $64.0 million and $1.17 in Q3 2022 and flat with Q2 2023.
Net interest margin of 2.64%, compared with 2.93% in Q2 2023 and 3.64% in Q3 2022.
Total assets reached $16.0 billion, up 16% from $13.9 billion a year earlier; total deposits were $13.1 billion.
Cash on hand was $2.0 billion with no FHLB advances or brokered deposits, and the non-performing assets ratio was 0.15%.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every ServisFirst Bancshares filing is on SEC EDGAR ↗. 8-K briefs of other companies →