ServisFirst Bancshares, Inc. (NYSE:SFBS) Q3 2022 Earnings Conference Call October 17, 2022 5:15 PM ET
Company Participants
Davis Mange - Head, IR
Tom Broughton - CEO
Bud Foshee - CFO
Henry Abbott - Chief Credit Officer
Rodney Rushing - COO
Conference Call Participants
Brad Milsaps - Piper Sandler
Kevin Fitzsimmons - D.A. Davidson
David Bishop - Hovde Group
Operator
Greetings. Welcome to ServisFirst Bancshares Third Quarter Earnings Call. [Operator Instructions] Please note, this conference is being recorded.
I will now turn the conference over to Davis Mange, Investor Relations Director. Thank you. You may begin.
Davis Mange
Good afternoon, and welcome to our third quarter earnings call. We will have Tom Broughton, our CEO; Bud Foshee, our CFO; and Henry Abbott, our Chief Credit Officer, 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. Davis. and good afternoon, and welcome to our third quarter conference call. I am going to review a few highlights of the quarter, before I turn it over to Bud, to go over the numbers in a little bit more detail.
Our loan growth was -- continue to be very strong in the quarter and the payoffs that we had expected were pushed back to later quarters. We are seeing lower pipelines in loans, because we certainly can't keep growing at the torrid pace that we've been growing in the last two quarters. And we also have been more selective in the look -- what we're looking at in terms of the loan pipeline. So, we expect the loan growth to moderate in coming quarters.
More at our historical growth rates, we did see some run-off in the deposits in correspondent area in the third quarter, while the general bank was stable. Our correspondents are making loans again. They're buying securities. So that was to be expected to some extent, probably a little bit more than we thought. We do expect to get back to deposit growth in the general bank in the fourth quarter.