ServisFirst Bancshares, Inc. (NYSE:SFBS) Q1 2023 Earnings Conference Call April 17, 2023 5:15 PM ET
Company Participants
David Mange - Director of Investor Relations
Tom Broughton - Chief Executive Officer
Rodney Rushing - Chief Operating Officer
Henry Abbott - Chief Credit Officer
Bud Foshee - Chief Financial Officer
Conference Call Participants
Brad Milsaps - Piper Sandler
Kevin Fitzsimmons - D.A. Davidson
Steve Moss - Raymond James
David Bishop - Hovde Group
Operator
Greetings and welcome to ServisFirst Bancshares First Quarter Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference call is being recorded.
I would now like to turn the conference over to your host, David Mange, Director of Investor Relations.
David Mange
Good afternoon, and welcome to our first quarter earnings call. We will have Tom Broughton, our CEO; Rodney Rushing, our Chief Operating Officer; Henry Abbott, our Chief Credit Officer; and Bud Foshee, our CFO covering some highlights from the quarter, and then we'll take your questions.
I'll now cover our forward-looking statements disclosure. Some of the discussion in today's earnings call may include forward-looking statements. 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.
Tom Broughton
Thank you, David and good afternoon to everybody. Thank you for joining us on the call. The year is off to a great start with the first quarter, as we will review for you over the next few minutes and we have various reports from our various management people. We've always done well in times of stress in the banking industry. We did and after the 2008, 2009 recession and we certainly did during the pandemic, the bank has experienced significant growth during those periods of time. And we do expect significant opportunities again during this time of a little bit dislocation in the industry.
So, you're asking why do we do well during times like this? One thing, there are several reasons. First is, our business model had changed in over 18 years since we opened 18 years ago. We are well capitalized. We're financially stable, and we retain 75% of our net income to fund our growth and increasing capital. We do have an industry leading efficiency ratio and we're highly profitable. We have very strong credit quality. Henry is going to talk about this in more detail in a few minutes.