ServisFirst Bancshares, Inc. (NYSE:SFBS) Q4 2023 Results Conference Call January 29, 2024 5:15 PM ET
Company Participants
Davis Mange - VP, IR Accounting Manager
Tom Broughton - Chairman, President & CEO
Rodney Rushing - EVP & COO
Henry Abbott - SVP & Chief Credit Officer
Bud Foshee - EVP, CFO, Treasurer & Secretary
Kirk Pressley - EVP of Strategic Planning
Conference Call Participants
Graham Dick - Piper Sandler & Co.
Stephen Moss - Raymond James & Associates
David Bishop - Hovde Group
Operator
Greetings, and welcome to the ServisFirst Bancshares Fourth Quarter and Full Year Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Davis Mange, Director of Investor Relations. Thank you, Davis. You may begin.
Davis Mange
Good afternoon, and welcome to our fourth quarter earnings call.
Today's speakers will cover some highlights in 2023, and then take questions. We'll have Tom Broughton, our CEO; Rodney Rushing, our Chief Operating Officer; Henry Abbott, our Chief Credit Officer; Bud Foshee, our CFO; and Kirk Pressley, who will be taking over as CFO after Bud retires later this quarter.
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 it.
With that, I'll turn the call over to Tom.
Tom Broughton
Thank you, Davis. Good afternoon, and thank you for joining our fourth quarter earnings call.
2023 was not what we expected to be when the year began, but we are pleased with the results of the hard work by our bankers, who I think are the best in the industry and where we ended up the year. Bud will go into more detail on, but we certainly were pleased to see the net interest income not only stabilize but to improve in the fourth quarter. And what found over the years in banking, you can cut expenses to improve profitability, but you cannot reach prosperity without the net interest margin reaching acceptable levels. We do expect some tailwinds from the margin in both this year and 2025, we'll hear more about that as we move through our speakers.
We are pleased to announce that Joel Smith has joined us as President of Memphis, Tennessee market, and we'll certainly provide more information on the team and our location there soon. So it is a great market. Total deposits on Memphis were $41 billion, and we think we have a great opportunity there.