Shares of ServisFirst Bancshares fell after the company’s net interest income slipped and missed estimates in the third quarter.
The stock was down 13% to $46 in after-hours trading, following a 3.1% rise at Monday’s close. Shares have fallen 23% this year.
The Birmingham, Ala.-based regional bank reported net interest income of $99.7 million in the third quarter, compared with $126.4 million a year earlier. Analysts polled by FactSet expected $102.5 million.
The company said its results were dented by narrowing of net interest spread as the Federal Reserve continued to raise interest rates.
ServisFirst logged a profit of $53.3 million, or 98 cents a share, compared with $64 million, or $1.17, a year earlier. Analysts polled by FactSet expected a profit of 96 cents a share.