Driven by improved loan demand, ServisFirst Bancshares Inc. in Birmingham, Ala., reported Monday that its third-quarter income rose 25% from a year earlier, to $6 million.
The $2.3 billion-asset company said in a press release that it had set a record with income for the first nine months of the year, with $16.8 million, or a 31% increase from the year-ago period.
Tom Broughton, the company's president and chief executive, said in the release that total loans grew at a 34% annualized rate during the third quarter. Loans totaled $1.7 billion at Sept. 30, while the loan-loss provision rose 8% from a year earlier, to $2.7 million.
ServisFirst also said that its correspondent division reached profitability during the third quarter. Formed in May 2005, ServisFirst has locations in Huntsville, Montgomery and Dothan, Ala., and Pensacola, Fla.
