ServisFirst Bancshares, Inc. (NYSE:SFBS) Q1 2022 Results Conference Call April 18, 2022 5:15 PM ET
Company Participants
Davis Mange - IR Director
Tom Broughton - CEO
Bud Foshee - CFO
Henry Abbott - Chief Credit Officer
Rodney Rushing - EVP and COO
Conference Call Participants
Brad Milsaps - Piper Sandler
Kevin Fitzsimmons - D.A. Davidson
David Bishop - Hovde Group
Operator
Greetings. Welcome to the 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] Please note, this conference is being recorded.
I will now turn the conference over to your host, Davis Mange, IR Director. You may begin.
Davis Mange
Good afternoon, and welcome to our first 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 will take your questions.
I’ll now cover our forward-looking statements disclosure.
Some of the discussion in today 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 thank you for joining our call today.
I’m going to cover a few highlights of the quarter, and then I’ll turn it over to Bud Foshee for more detailed financial report. Our report today is fairly -- it’s always brief, we don’t read to you, but it’ll be a little more brief than normal, because we don’t really -- it’s primarily good news. I don’t have a lot of problems to explain away. So, I’ll first cover our loan growth.
We had just under $500 million in loan growth for the quarter. And that exceeded our goal of $100 million per month in net loan growth. And of course, this excludes PPP loans, when I use that number. The growth was very solid in all regions during the quarter. There were really no -- it was broad based growth in our southeastern footprint.
We were pleased to finally see some C&I loan growth during the quarter. So, this was a first quarterly improvement in C&I line utilization albeit modest that we’ve had since the pandemic started.