Thomas Broughton on consumer behavior
From ServisFirst Bank CEO on Q2 earnings, deposit growth, and credit demand · · CNBC Television
“We primarily serve business customers as well as some developers, primarily multifamily developers. What we have seen is, yes, our customers that serve the lower-income consumers saying they are trading down. For example, furniture sales. People who specialize in manufacturing consumer furniture at the lower end are seeing sales. The consumer seems very resilient. It seems very positive.”
On , Thomas Broughton, Chairman, President & Chief Executive Officer at SERVISFIRST BANCSHARES INC, spoke about consumer behavior during ServisFirst Bank CEO on Q2 earnings, deposit growth, and credit demand on CNBC Television.
About Thomas Broughton
In a September 2024 interview, Broughton discussed ServisFirst Bank's second quarter earnings and attributed loan growth to the Southeast United States, describing the region as the bank's footprint and a "big driver." He stated that the bank is "a business bank primarily" and that businesses in its market are "growing and doing quite well." Broughton noted that the bank's net interest margin expanded for the first time in the quarter and said he expects margins to "drive higher for the next six quarters." Broughton said the bank's credit losses were "down from last year," reporting that losses were approximately eight basis points in the current year compared to 12 basis points the prior year. He described losses as "very moderate." Regarding consumer behavior, Broughton stated that customers serving lower-income consumers are "trading down," citing furniture sales as an example, but added that "the consumer seems very resilient."