Shares of ServisFirst Bancshares (NYSE: SFBS) were up 18.7% as of 12:16 p.m. ET Friday, according to data provided by S&P Global Market Intelligence, after the commercial bank announced better-than-expected second-quarter 2023 results yesterday.

ServisFirst's net income technically declined 14% year over year to $53.4 million, or $0.98 per share, but that was well above the $0.89 per share most analysts were modeling.

A number of encouraging metrics underpinned those earnings. The company saw strong 23.2% annualized growth in deposits (to $672.9 million), new accounts opened jumped 20% year over year, and loans climbed 9.3% year over year (to $987.6 million). ServisFirst Bancshares' book value per share also grew 12.2% year over year, to $25.05.

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Source Fool.com