ServisFirst Bancshares, Inc. Announces Results For First Quarter of 2026
Rhea-AI Summary
ServisFirst Bancshares (NYSE: SFBS) reported strong Q1 2026 results with diluted EPS of $1.52, up 31% year-over-year, and net income of $83.0 million, up 31.2% year-over-year. Book value per share rose to $34.99, up 14.5% year-over-year.
Loans and deposits grew sequentially, CET1 capital strengthened to 11.86%, efficiency ratio fell under 30%, and liquidity remained robust with $1.84 billion in cash and equivalents.
Positive
- Diluted EPS +31% YoY to $1.52
- Net income +31.2% YoY to $83.0M
- Book value per share +14.5% YoY to $34.99
- Stockholders' equity +14.6% YoY to $1.91B
- Efficiency ratio improved to 29.80%
Negative
- Provision for credit losses increased to $10.6M (+63% YoY)
- Recorded charge-off of $6.7M on impaired relationship
- Non-performing assets rose to 1.00% of total assets (from 0.40% YoY)
- Salary and benefit expense +17.4% YoY to $26.9M
News Market Reaction – SFBS
In the Apr 21 session, SFBS gained 1.15%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jan 20 | Q4 2025 earnings | Positive | +14.6% | Strong Q4 and 2025 EPS growth with NIM, liquidity, and CET1 improving. |
| Oct 20 | Q3 2025 earnings | Positive | -6.8% | EPS and NIM up with solid loan and deposit growth but stock sold off. |
| Jul 21 | Q2 2025 earnings | Positive | -0.7% | Strong EPS and NIM gains plus double‑digit loan growth and better efficiency. |
| Apr 21 | Q1 2025 earnings | Positive | -0.0% | EPS up 26% YoY with strong growth, liquidity, CET1, and low NPAs. |
| Jan 27 | Q4 2024 earnings | Positive | +2.7% | Q4 2024 EPS up sharply with solid growth, liquidity, and credit quality. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have generally been positive fundamentally, but price reactions are mixed: 2 aligned upside moves and 3 instances where strong results saw flat or negative next-day performance.
Over the past five earnings cycles, ServisFirst has reported consistent growth in diluted EPS, net interest margin, loans, deposits, and book value per share, alongside strong liquidity and CET1 ratios. Some quarters, such as Q4 2025, saw a strong positive reaction of 14.58%, while others like Q3 2025 and Q1 2025 produced muted or negative moves despite solid fundamentals. The current Q1 2026 report continues themes of margin expansion, efficiency gains, and robust capital.
Key Terms
net interest margin financial
efficiency ratio financial
basis points technical
non-performing assets financial
allowance for credit losses financial
return on average assets financial
subordinated notes financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
BIRMINGHAM, Ala., April 20, 2026 (GLOBE NEWSWIRE) -- ServisFirst Bancshares, Inc. (NYSE: SFBS), today announced earnings and operating results for the quarter ended March 31, 2026.
First Quarter 2026 Highlights:
- Diluted earnings per share of
$1.52 for the quarter, up31% from the first quarter of 2025. - Diluted earnings per share includes the impact of a
$1.0 million , or$0.02 per share, accounting reversal related to BOLI income in the fourth quarter of 2025. Excluding this impact, diluted earnings per share would have been$1.54 , a33% increase from the first quarter of 2025. - Net interest margin of
3.53% , up 15 basis points from the fourth quarter of 2025 and 61 basis points from the first quarter of 2025. - Efficiency ratio under
30% , down from35% in the first quarter of 2025. - Cost of interest-bearing deposits of
2.79% , down 22 basis points from the fourth quarter of 2025 and 61 basis points from the first quarter of 2025. - Loans grew
$249 million , or7% annualized, during the quarter. - Deposits grew
$268 million , or8% annualized, during the quarter. - Book value per share of
$34.99 , up13.4% annualized from the fourth quarter of 2025 and14.5% from the first quarter of 2025. - Liquidity remains strong with
$1.84 billion in cash and cash equivalents, equaling10% of our total assets, and no FHLB advances or brokered deposits. - Consolidated common equity tier 1 capital to risk-weighted assets increased from
11.48% in the first quarter of 2025 to11.86% in the first quarter of 2026. - Return on average common stockholder’s equity increased from
15.63% to17.91% year-over-year.
Tom Broughton, Chairman, President, and CEO, said, “The outlook for loan and deposit growth for the remainder of the year is very positive and we believe we have the best commercial bankers in the Southeast.”
David Sparacio, CFO, said, “We delivered another quarter of stellar results from a net income perspective. Compared with the same quarter a year ago, our net income increased
* This press release includes certain non-GAAP financial measures: tangible common stockholders' equity, total tangible assets, tangible book value per share, and tangible common equity to total tangible assets. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.”
| FINANCIAL SUMMARY (UNAUDITED) | |||||||||||||||||||||
| (in Thousands except share and per share amounts) | Period Ending March 31, 2026 | Period Ending December 31, 2025 | % Change From Period Ending December 31, 2025 to Period Ending March 31, 2026 | Period Ending March 31, 2025 | % Change From Period Ending March 31, 2025 to Period Ending March 31, 2026 | ||||||||||||||||
| QUARTERLY OPERATING RESULTS | |||||||||||||||||||||
| Net Income | $ | 82,971 | $ | 86,384 | (4.0 | ) | % | $ | 63,224 | 31.2 | % | ||||||||||
| Net Income Available to Common Stockholders | $ | 82,971 | $ | 86,353 | (3.9 | ) | % | $ | 63,224 | 31.2 | % | ||||||||||
| Diluted Earnings Per Share | $ | 1.52 | $ | 1.58 | (3.8 | ) | % | $ | 1.16 | 31.0 | % | ||||||||||
| Return on Average Assets | 1.89 | % | 1.91 | % | 1.45 | % | |||||||||||||||
| Return on Average Common Stockholders' Equity | 17.91 | % | 18.93 | % | 15.63 | % | |||||||||||||||
| Average Diluted Shares Outstanding | 54,695,017 | 54,675,802 | 54,656,630 | ||||||||||||||||||
| BALANCE SHEET | |||||||||||||||||||||
| Total Assets | $ | 18,171,287 | $ | 17,727,190 | 2.5 | % | $ | 18,636,766 | (2.5 | ) | % | ||||||||||
| Loans | 13,945,913 | 13,696,912 | 1.8 | % | 12,886,831 | 8.2 | % | ||||||||||||||
| Non-interest-bearing Demand Deposits | 2,836,622 | 2,684,272 | 5.7 | % | 2,647,577 | 7.1 | % | ||||||||||||||
| Total Deposits | 14,486,364 | 14,219,034 | 1.9 | % | 14,429,061 | 0.4 | % | ||||||||||||||
| Stockholders' Equity | 1,912,537 | 1,850,347 | 3.4 | % | 1,668,900 | 14.6 | % | ||||||||||||||
DETAILED FINANCIALS
ServisFirst Bancshares, Inc. reported net income and net income available to common stockholders of
Annualized return on average assets was
Net interest income was
Average loans for the first quarter of 2026 were
Average total deposits for the first quarter of 2026 were
Non-performing assets to total assets were
Non-interest income increased
Non-interest expense increased
Income tax expense increased
About ServisFirst Bancshares, Inc.
ServisFirst Bancshares, Inc. (the “Company”) is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank (the “Bank”), the Company provides business and personal financial services from locations in Alabama, Florida, Georgia, North and South Carolina, Tennessee, Texas and Virginia. Through the Bank, we originate commercial, consumer and other loans and accept deposits, provide electronic banking services, such as online and mobile banking, including remote deposit capture, deliver treasury and cash management services and provide correspondent banking services to other financial institutions.
ServisFirst Bancshares, Inc. files periodic reports with the U.S. Securities and Exchange Commission (SEC). Copies of its filings may be obtained through the SEC’s website at www.sec.gov or at www.servisfirstbancshares.com.
Statements in this press release that are not historical facts, including, but not limited to, statements concerning future operations, results or performance, are hereby identified as “forward-looking statements” for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 27A of the Securities Act of 1933, as amended (the “Securities Act”). The words “believe,” “expect,” “anticipate,” “project,” “plan,” “intend,” “will,” “could,” “would,” “might” and similar expressions often signify forward-looking statements. Such statements involve inherent risks and uncertainties. The Company cautions that such forward-looking statements, wherever they occur in this press release or in other statements attributable to the Company, are necessarily estimates reflecting the judgment of the Company’s senior management and involve risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Such forward-looking statements should, therefore, be considered in light of various factors that could affect the accuracy of such forward-looking statements, including, but not limited to: general economic conditions, especially in the credit markets and in the Southeast; the impact of tariffs and trade wars on general economic conditions, the performance of the capital markets; changes in interest rates, yield curves and interest rate spread relationships; changes in accounting principles and tax laws, policies or guidelines; changes in legislation or regulatory requirements; changes in our loan portfolio and the deposit base; possible changes in laws and regulations and governmental monetary and fiscal policies, including, but not limited to, the Federal Reserve policies in connection with continued or re-emerging inflationary pressures and the ability of the U.S. Congress to increase the U.S. statutory debt limit as needed; computer hacking or cyber-attacks resulting in unauthorized access to confidential or proprietary information; substantial, unexpected or prolonged changes in the level or cost of liquidity; the cost and other effects of legal and administrative cases and similar contingencies; possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and the value of collateral; the effect of natural disasters, such as hurricanes and tornados, in our geographic markets; the threat of foreign wars; and increased competition from both banks and nonbank financial institutions. The foregoing list of factors is not exhaustive. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in our most recent Annual Report on Form 10-K, our subsequent Quarterly Reports on Form 10-Q and our other SEC filings. If one or more of the factors affecting our forward-looking information and statements proves incorrect, then our actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements. Accordingly, you should not place undue reliance on any forward-looking statements, which speak only as of the date made. The Company assumes no obligation to update or revise any forward-looking statements that are made from time to time.
More information about ServisFirst Bancshares, Inc. may be obtained over the Internet at www.servisfirstbancshares.com or by calling (205) 949-0302.
| SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED) | |||||||||||||||||||||
| (In thousands except share and per share data) | |||||||||||||||||||||
| 1st Quarter 2026 | 4th Quarter 2025 | 3rd Quarter 2025 | 2nd Quarter 2025 | 1st Quarter 2025 | |||||||||||||||||
| CONSOLIDATED STATEMENT OF INCOME | |||||||||||||||||||||
| Interest income | $ | 241,480 | $ | 251,388 | $ | 251,308 | $ | 246,635 | $ | 241,096 | |||||||||||
| Interest expense | 93,332 | 104,867 | 117,860 | 114,948 | 117,543 | ||||||||||||||||
| Net interest income | 148,148 | 146,521 | 133,448 | 131,687 | 123,553 | ||||||||||||||||
| Provision for credit losses | 10,637 | 7,922 | 9,463 | 11,296 | 6,630 | ||||||||||||||||
| Net interest income after provision for credit losses | 137,511 | 138,599 | 123,985 | 120,391 | 116,923 | ||||||||||||||||
| Non-interest income | 10,840 | 15,691 | 2,833 | 421 | 8,277 | ||||||||||||||||
| Non-interest expense | 47,384 | 46,683 | 47,996 | 44,204 | 46,107 | ||||||||||||||||
| Income before income tax | 100,967 | 107,607 | 78,822 | 76,608 | 79,093 | ||||||||||||||||
| Provision for income tax | 17,996 | 21,223 | 13,251 | 15,184 | 15,869 | ||||||||||||||||
| Net income | 82,971 | 86,384 | 65,571 | 61,424 | 63,224 | ||||||||||||||||
| Preferred stock dividends | - | 31 | - | 31 | - | ||||||||||||||||
| Net income available to common stockholders | $ | 82,971 | $ | 86,353 | $ | 65,571 | $ | 61,393 | $ | 63,224 | |||||||||||
| Earnings per share - basic | $ | 1.52 | $ | 1.58 | $ | 1.20 | $ | 1.12 | $ | 1.16 | |||||||||||
| Earnings per share - diluted | $ | 1.52 | $ | 1.58 | $ | 1.20 | $ | 1.12 | $ | 1.16 | |||||||||||
| Average diluted shares outstanding | 54,695,017 | 54,675,802 | 54,667,955 | 54,664,480 | 54,656,630 | ||||||||||||||||
| CONSOLIDATED BALANCE SHEET DATA | |||||||||||||||||||||
| Total assets | $ | 18,171,287 | $ | 17,727,190 | $ | 17,584,199 | $ | 17,378,628 | $ | 18,636,766 | |||||||||||
| Loans | 13,945,913 | 13,696,912 | 13,311,967 | 13,232,560 | 12,886,831 | ||||||||||||||||
| Debt securities | 1,684,421 | 1,728,901 | 1,849,739 | 1,914,503 | 1,905,550 | ||||||||||||||||
| Non-interest-bearing demand deposits | 2,836,622 | 2,684,272 | 2,598,895 | 2,632,058 | 2,647,577 | ||||||||||||||||
| Total deposits | 14,486,364 | 14,219,034 | 14,106,922 | 13,862,319 | 14,429,061 | ||||||||||||||||
| Borrowings | 34,750 | 34,750 | 64,750 | 64,747 | 64,745 | ||||||||||||||||
| Stockholders' equity | 1,912,537 | 1,850,347 | 1,781,647 | 1,721,783 | 1,668,900 | ||||||||||||||||
| Shares outstanding | 54,663,123 | 54,624,955 | 54,621,441 | 54,618,545 | 54,601,217 | ||||||||||||||||
| Book value per share | $ | 34.99 | $ | 33.87 | $ | 32.62 | $ | 31.52 | $ | 30.57 | |||||||||||
| Tangible book value per share (1) | $ | 34.74 | $ | 33.62 | $ | 32.37 | $ | 31.27 | $ | 30.32 | |||||||||||
| SELECTED FINANCIAL RATIOS (Annualized) | |||||||||||||||||||||
| Net interest margin | 3.53 | % | 3.38 | % | 3.09 | % | 3.10 | % | 2.92 | % | |||||||||||
| Return on average assets | 1.89 | % | 1.91 | % | 1.47 | % | 1.40 | % | 1.45 | % | |||||||||||
| Return on average common stockholders' equity | 17.91 | % | 18.93 | % | 14.88 | % | 14.56 | % | 15.63 | % | |||||||||||
| Efficiency ratio | 29.80 | % | 28.78 | % | 35.22 | % | 33.46 | % | 34.97 | % | |||||||||||
| Non-interest expense to average earning assets | 1.13 | % | 1.08 | % | 1.11 | % | 1.04 | % | 1.09 | % | |||||||||||
| CAPITAL RATIOS (2) | |||||||||||||||||||||
| Common equity tier 1 capital to risk-weighted assets | 11.86 | % | 11.65 | % | 11.49 | % | 11.38 | % | 11.48 | % | |||||||||||
| Tier 1 capital to risk-weighted assets | 11.87 | % | 11.66 | % | 11.50 | % | 11.38 | % | 11.48 | % | |||||||||||
| Total capital to risk-weighted assets | 13.13 | % | 12.93 | % | 12.91 | % | 12.81 | % | 12.93 | % | |||||||||||
| Tier 1 capital to average assets | 10.71 | % | 10.26 | % | 10.01 | % | 9.78 | % | 9.48 | % | |||||||||||
| Tangible common equity to total tangible assets (1) | 10.46 | % | 10.37 | % | 10.06 | % | 9.84 | % | 8.89 | % | |||||||||||
| (1) This press release contains certain non-GAAP financial measures. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.” | |||||||||||||||||||||
| (2) Regulatory capital ratios for most recent period are preliminary. | |||||||||||||||||||||
GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures
This press release contains the non-GAAP financial measures of tangible common stockholders’ equity, total tangible assets, tangible book value per share and tangible common equity to total tangible assets, each of which excludes goodwill associated with our acquisition of Metro Bancshares, Inc. in January 2015.
We believe these non-GAAP financial measures provide useful information to management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP; however, we acknowledge that these non-GAAP financial measures have limitations. As such, you should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies, including those in our industry, use. The following reconciliation table provides a more detailed analysis of the non-GAAP financial measures as of and for the comparative periods presented in this press release. Dollars are in thousands, except share and per share data.
| At March 31, 2026 | At December 31, 2025 | At September 30, 2025 | At June 30, 2025 | At March 31, 2025 | |||||||||||||||||||||
| Book value per share - GAAP | $ | 34.99 | $ | 33.87 | $ | 32.62 | $ | 31.52 | $ | 30.57 | |||||||||||||||
| Total common stockholders' equity - GAAP | 1,912,537 | 1,850,347 | 1,781,647 | 1,721,783 | 1,668,900 | ||||||||||||||||||||
| Adjustment for Goodwill | (13,615 | ) | (13,615 | ) | (13,615 | ) | (13,615 | ) | (13,615 | ) | |||||||||||||||
| Tangible common stockholders' equity - non-GAAP | $ | 1,898,922 | $ | 1,836,732 | $ | 1,768,032 | $ | 1,708,168 | $ | 1,655,285 | |||||||||||||||
| Tangible book value per share - non-GAAP | $ | 34.74 | $ | 33.62 | $ | 32.37 | $ | 31.27 | $ | 30.32 | |||||||||||||||
| Stockholders' equity to total assets - GAAP | 10.53 | % | 10.44 | % | 10.13 | % | 9.91 | % | 8.95 | % | |||||||||||||||
| Total assets - GAAP | $ | 18,171,287 | $ | 17,727,190 | $ | 17,584,199 | $ | 17,378,628 | $ | 18,636,766 | |||||||||||||||
| Adjustment for Goodwill | (13,615 | ) | (13,615 | ) | (13,615 | ) | (13,615 | ) | (13,615 | ) | |||||||||||||||
| Total tangible assets - non-GAAP | $ | 18,157,672 | $ | 17,713,575 | $ | 17,570,584 | $ | 17,365,013 | $ | 18,623,151 | |||||||||||||||
| Tangible common equity to total tangible assets - non-GAAP | 10.46 | % | 10.37 | % | 10.06 | % | 9.84 | % | 8.89 | % | |||||||||||||||
| CONSOLIDATED BALANCE SHEETS (UNAUDITED) | |||||||||||||
| (Dollars in thousands) | |||||||||||||
| March 31, 2026 | March 31, 2025 | % Change | |||||||||||
| ASSETS | |||||||||||||
| Cash and due from banks | $ | 100,561 | $ | 121,645 | (17 | ) | % | ||||||
| Interest-bearing balances due from depository institutions | 1,218,296 | 3,218,753 | (62 | ) | % | ||||||||
| Federal funds sold and securities purchased with agreement to resell | 517,765 | 9,322 | 5,454 | % | |||||||||
| Cash and cash equivalents | 1,836,622 | 3,349,720 | (45 | ) | % | ||||||||
| Available for sale debt securities, at fair value | 1,037,151 | 1,203,837 | (14 | ) | % | ||||||||
| Held to maturity debt securities (fair value of | 647,270 | 701,713 | (8 | ) | % | ||||||||
| Restricted equity securities | 12,466 | 12,156 | 3 | % | |||||||||
| Mortgage loans held for sale | 12,893 | 11,386 | 13 | % | |||||||||
| Loans | 13,945,913 | 12,886,831 | 8 | % | |||||||||
| Less allowance for credit losses | (173,905 | ) | (165,034 | ) | 5 | % | |||||||
| Loans, net | 13,772,008 | 12,721,797 | 8 | % | |||||||||
| Premises and equipment, net | 62,056 | 59,431 | 4 | % | |||||||||
| Goodwill | 13,615 | 13,615 | - | % | |||||||||
| Other assets | 777,206 | 563,111 | 38 | % | |||||||||
| Total assets | $ | 18,171,287 | $ | 18,636,766 | (2 | ) | % | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||
| Liabilities: | |||||||||||||
| Deposits: | |||||||||||||
| Non-interest-bearing demand | $ | 2,836,622 | $ | 2,647,577 | 7 | % | |||||||
| Interest-bearing | 11,649,742 | 11,781,484 | (1 | ) | % | ||||||||
| Total deposits | 14,486,364 | 14,429,061 | - | % | |||||||||
| Federal funds purchased | 1,546,987 | 2,358,326 | (34 | ) | % | ||||||||
| Other borrowings | 34,750 | 64,745 | (46 | ) | % | ||||||||
| Other liabilities | 190,649 | 115,734 | 65 | % | |||||||||
| Total liabilities | 16,258,750 | 16,967,866 | (4 | ) | % | ||||||||
| Stockholders' equity: | |||||||||||||
| Preferred stock, par value | |||||||||||||
| March 31, 2026 and March 31, 2025 | - | - | - | % | |||||||||
| Common stock, par value | |||||||||||||
| issued and outstanding at March 31, 2026, and 54,601,217 | |||||||||||||
| shares issued and outstanding at March 31, 2025 | 55 | 54 | 2 | % | |||||||||
| Additional paid-in capital | 238,644 | 235,840 | 1 | % | |||||||||
| Retained earnings | 1,676,013 | 1,457,614 | 15 | % | |||||||||
| Accumulated other comprehensive loss | (2,675 | ) | (25,108 | ) | (89 | ) | % | ||||||
| Total stockholders' equity attributable to ServisFirst Bancshares, Inc. | 1,912,037 | 1,668,400 | 15 | % | |||||||||
| Noncontrolling interest | 500 | 500 | - | % | |||||||||
| Total stockholders' equity | 1,912,537 | 1,668,900 | 15 | % | |||||||||
| Total liabilities and stockholders' equity | $ | 18,171,287 | $ | 18,636,766 | (2 | ) | % | ||||||
| CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | |||||||
| (In thousands except per share data) | |||||||
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Interest income: | |||||||
| Interest and fees on loans | $ | 210,066 | $ | 196,936 | |||
| Investment Securities | 16,099 | 16,029 | |||||
| Federal funds sold and securities purchased with agreement to resell | 5,561 | 20 | |||||
| Other interest and dividends | 9,754 | 28,111 | |||||
| Total interest income | 241,480 | 241,096 | |||||
| Interest expense: | |||||||
| Deposits | 78,285 | 94,745 | |||||
| Borrowed funds | 15,047 | 22,798 | |||||
| Total interest expense | 93,332 | 117,543 | |||||
| Net interest income | 148,148 | 123,553 | |||||
| Provision for credit losses | 10,637 | 6,630 | |||||
| Net interest income after provision for credit losses | 137,511 | 116,923 | |||||
| Noninterest income: | |||||||
| Service charges on deposit accounts | 3,296 | 2,558 | |||||
| Mortgage banking | 1,892 | 613 | |||||
| Credit card income | 2,202 | 1,968 | |||||
| Bank-owned life insurance income | 2,822 | 2,137 | |||||
| Other operating income | 628 | 1,001 | |||||
| Total noninterest income | 10,840 | 8,277 | |||||
| Noninterest expenses: | |||||||
| Salaries and employee benefits | 26,853 | 22,879 | |||||
| Equipment and occupancy expense | 3,948 | 3,722 | |||||
| Third party processing and other services | 7,525 | 7,738 | |||||
| Professional services | 1,943 | 1,933 | |||||
| FDIC and other regulatory assessments | 2,745 | 2,854 | |||||
| Other real estate owned expense | 20 | 33 | |||||
| Other operating expenses | 4,350 | 6,948 | |||||
| Total noninterest expenses | 47,384 | 46,107 | |||||
| Income before income taxes | 100,967 | 79,093 | |||||
| Provision for income taxes | 17,996 | 15,869 | |||||
| Net income | 82,971 | 63,224 | |||||
| Dividends on preferred stock | - | - | |||||
| Net income available to common stockholders | $ | 82,971 | $ | 63,224 | |||
| Basic earnings per common share | $ | 1.52 | $ | 1.16 | |||
| Diluted earnings per common share | $ | 1.52 | $ | 1.16 | |||
| LOANS BY TYPE (UNAUDITED) | |||||||||||||||
| (In thousands) | |||||||||||||||
| 1st Quarter 2026 | 4th Quarter 2025 | 3rd Quarter 2025 | 2nd Quarter 2025 | 1st Quarter 2025 | |||||||||||
| Commercial, financial and agricultural | $ | 3,189,704 | $ | 3,146,736 | $ | 2,945,784 | $ | 2,966,191 | $ | 2,924,533 | |||||
| Real estate - construction | 1,531,042 | 1,457,628 | 1,532,285 | 1,735,405 | 1,599,410 | ||||||||||
| Real estate - mortgage: | |||||||||||||||
| Owner-occupied commercial | 2,718,512 | 2,739,823 | 2,680,055 | 2,557,711 | 2,543,819 | ||||||||||
| 1-4 family mortgage | 1,695,140 | 1,671,713 | 1,625,296 | 1,561,461 | 1,494,189 | ||||||||||
| Non-owner occupied commercial | 4,739,642 | 4,603,389 | 4,448,710 | 4,338,697 | 4,259,566 | ||||||||||
| Subtotal: Real estate - mortgage | 9,153,294 | 9,014,925 | 8,754,061 | 8,457,869 | 8,297,574 | ||||||||||
| Consumer | 71,873 | 77,623 | 79,837 | 73,095 | 65,314 | ||||||||||
| Total loans | $ | 13,945,913 | $ | 13,696,912 | $ | 13,311,967 | $ | 13,232,560 | $ | 12,886,831 | |||||
| SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED) | |||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| 1st Quarter 2026 | 4th Quarter 2025 | 3rd Quarter 2025 | 2nd Quarter 2025 | 1st Quarter 2025 | |||||||||||||||
| Allowance for credit losses: | |||||||||||||||||||
| Beginning balance | $ | 171,683 | $ | 170,235 | $ | 169,959 | $ | 165,034 | $ | 164,458 | |||||||||
| Loans charged off: | |||||||||||||||||||
| Commercial, financial and agricultural | 8,291 | 7,695 | 7,947 | 6,849 | 2,415 | ||||||||||||||
| Real estate - construction | - | - | - | - | 46 | ||||||||||||||
| Real estate - mortgage | 91 | 64 | 1,294 | 580 | 3,571 | ||||||||||||||
| Consumer | 171 | 466 | 110 | 73 | 60 | ||||||||||||||
| Total charge offs | 8,553 | 8,224 | 9,350 | 7,502 | 6,092 | ||||||||||||||
| Recoveries: | |||||||||||||||||||
| Commercial, financial and agricultural | 178 | 1,532 | 237 | 959 | 171 | ||||||||||||||
| Real estate - construction | - | - | 30 | - | - | ||||||||||||||
| Real estate - mortgage | - | - | - | 1 | - | ||||||||||||||
| Consumer | 35 | 10 | 21 | 58 | 27 | ||||||||||||||
| Total recoveries | 213 | 1,542 | 288 | 1,018 | 198 | ||||||||||||||
| Net charge-offs | 8,340 | 6,682 | 9,062 | 6,484 | 5,894 | ||||||||||||||
| Provision for credit losses | 10,562 | 8,130 | 9,338 | 11,409 | 6,470 | ||||||||||||||
| Ending balance | $ | 173,905 | $ | 171,683 | $ | 170,235 | $ | 169,959 | $ | 165,034 | |||||||||
| Allowance for credit losses to total loans | 1.25 | % | 1.25 | % | 1.28 | % | 1.28 | % | 1.28 | % | |||||||||
| Allowance for credit losses to total average loans | 1.26 | % | 1.27 | % | 1.29 | % | 1.31 | % | 1.30 | % | |||||||||
| Net charge-offs to total average loans | 0.25 | % | 0.20 | % | 0.27 | % | 0.20 | % | 0.19 | % | |||||||||
| Provision for credit losses to total average loans | 0.31 | % | 0.24 | % | 0.28 | % | 0.35 | % | 0.21 | % | |||||||||
| Nonperforming assets: | |||||||||||||||||||
| Nonaccrual loans | $ | 176,613 | $ | 168,351 | $ | 166,662 | $ | 68,619 | $ | 73,793 | |||||||||
| Loans 90+ days past due and accruing | 1,274 | 478 | 965 | 3,549 | 111 | ||||||||||||||
| Other real estate owned and | |||||||||||||||||||
| repossessed assets | 3,072 | 2,583 | 611 | 311 | 756 | ||||||||||||||
| Total | $ | 180,959 | $ | 171,412 | $ | 168,238 | $ | 72,479 | $ | 74,660 | |||||||||
| Nonperforming loans to total loans | 1.28 | % | 1.23 | % | 1.26 | % | 0.55 | % | 0.57 | % | |||||||||
| Nonperforming assets to total assets | 1.00 | % | 0.97 | % | 0.96 | % | 0.42 | % | 0.40 | % | |||||||||
| Nonperforming assets to earning assets | 1.05 | % | 1.01 | % | 1.00 | % | 0.43 | % | 0.41 | % | |||||||||
| Allowance for credit losses to nonaccrual loans | 98.47 | % | 101.98 | % | 102.14 | % | 247.69 | % | 223.64 | % | |||||||||
| CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||||||||||||
| (In thousands except per share data) | ||||||||||||||||||
| 1st Quarter 2026 | 4th Quarter 2025 | 3rd Quarter 2025 | 2nd Quarter 2025 | 1st Quarter 2025 | ||||||||||||||
| Interest income: | ||||||||||||||||||
| Interest and fees on loans | $ | 210,066 | $ | 214,252 | $ | 210,987 | $ | 206,521 | $ | 196,936 | ||||||||
| Investment Securities | 16,099 | 17,204 | 17,343 | 16,567 | 16,029 | |||||||||||||
| Federal funds sold and securities purchased with agreement to resell | 5,561 | 5,671 | 4,724 | 1,592 | 20 | |||||||||||||
| Other interest and dividends | 9,754 | 14,261 | 18,254 | 21,955 | 28,111 | |||||||||||||
| Total interest income | 241,480 | 251,388 | 251,308 | 246,635 | 241,096 | |||||||||||||
| Interest expense: | ||||||||||||||||||
| Deposits | 78,285 | 86,920 | 98,735 | 93,488 | 94,745 | |||||||||||||
| Borrowed funds | 15,047 | 17,947 | 19,125 | 21,460 | 22,798 | |||||||||||||
| Total interest expense | 93,332 | 104,867 | 117,860 | 114,948 | 117,543 | |||||||||||||
| Net interest income | 148,148 | 146,521 | 133,448 | 131,687 | 123,553 | |||||||||||||
| Provision for credit losses | 10,637 | 7,922 | 9,463 | 11,296 | 6,630 | |||||||||||||
| Net interest income after provision for credit losses | 137,511 | 138,599 | 123,985 | 120,391 | 116,923 | |||||||||||||
| Noninterest income: | ||||||||||||||||||
| Service charges on deposit accounts | 3,296 | 3,339 | 3,316 | 2,671 | 2,558 | |||||||||||||
| Mortgage banking | 1,892 | 1,664 | 1,864 | 1,323 | 613 | |||||||||||||
| Credit card income | 2,202 | 1,835 | 2,405 | 2,119 | 1,968 | |||||||||||||
| Securities losses | - | - | (7,812 | ) | (8,563 | ) | - | |||||||||||
| Bank-owned life insurance income | 2,822 | 8,149 | 2,405 | 2,126 | 2,137 | |||||||||||||
| Other operating income | 628 | 704 | 655 | 745 | 1,001 | |||||||||||||
| Total noninterest income | 10,840 | 15,691 | 2,833 | 421 | 8,277 | |||||||||||||
| Noninterest expenses: | ||||||||||||||||||
| Salaries and employee benefits | 26,853 | 23,838 | 25,522 | 22,576 | 22,879 | |||||||||||||
| Equipment and occupancy expense | 3,948 | 3,737 | 3,615 | 3,523 | 3,722 | |||||||||||||
| Third party processing and other services | 7,525 | 7,779 | 8,095 | 8,005 | 7,738 | |||||||||||||
| Professional services | 1,943 | 1,481 | 1,857 | 1,904 | 1,933 | |||||||||||||
| FDIC and other regulatory assessments | 2,745 | 2,641 | 2,742 | 2,753 | 2,854 | |||||||||||||
| Other real estate owned expense | 20 | 13 | 82 | 27 | 33 | |||||||||||||
| Other operating expenses | 4,350 | 7,194 | 6,083 | 5,416 | 6,948 | |||||||||||||
| Total noninterest expenses | 47,384 | 46,683 | 47,996 | 44,204 | 46,107 | |||||||||||||
| Income before income taxes | 100,967 | 107,607 | 78,822 | 76,608 | 79,093 | |||||||||||||
| Provision for income taxes | 17,996 | 21,223 | 13,251 | 15,184 | 15,869 | |||||||||||||
| Net income | 82,971 | 86,384 | 65,571 | 61,424 | 63,224 | |||||||||||||
| Dividends on preferred stock | - | 31 | - | 31 | - | |||||||||||||
| Net income available to common stockholders | $ | 82,971 | $ | 86,353 | $ | 65,571 | $ | 61,393 | $ | 63,224 | ||||||||
| Basic earnings per common share | $ | 1.52 | $ | 1.58 | $ | 1.20 | $ | 1.12 | $ | 1.16 | ||||||||
| Diluted earnings per common share | $ | 1.52 | $ | 1.58 | $ | 1.20 | $ | 1.12 | $ | 1.16 | ||||||||
| AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) | ||||||||||||||||||||||||||||||||||||
| ON A FULLY TAXABLE-EQUIVALENT BASIS | ||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
| 1st Quarter 2026 | 4th Quarter 2025 | 3rd Quarter 2025 | 2nd Quarter 2025 | 1st Quarter 2025 | ||||||||||||||||||||||||||||||||
| Average Balance | Yield / Rate | Average Balance | Yield / Rate | Average Balance | Yield / Rate | Average Balance | Yield / Rate | Average Balance | Yield / Rate | |||||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||||||||||||||
| Loans, net of unearned income (1) | ||||||||||||||||||||||||||||||||||||
| Taxable | $ | 13,751,447 | 6.18 | % | $ | 13,474,271 | 6.30 | % | $ | 13,175,297 | 6.34 | % | $ | 12,979,759 | 6.37 | % | $ | 12,683,077 | 6.29 | % | ||||||||||||||||
| Tax-exempt (2) | 32,976 | 5.82 | 30,670 | 5.52 | 30,478 | 5.47 | 30,346 | 5.51 | 25,044 | 4.94 | ||||||||||||||||||||||||||
| Total loans, net of unearned | ||||||||||||||||||||||||||||||||||||
| income | 13,784,423 | 6.18 | 13,504,941 | 6.29 | 13,205,775 | 6.34 | 13,010,105 | 6.37 | 12,708,121 | 6.28 | ||||||||||||||||||||||||||
| Mortgage loans held for sale | 10,680 | 4.40 | 9,887 | 4.49 | 11,351 | 4.82 | 11,739 | 5.23 | 6,731 | 4.76 | ||||||||||||||||||||||||||
| Debt securities: | ||||||||||||||||||||||||||||||||||||
| Taxable | 1,702,499 | 3.78 | 1,826,632 | 3.77 | 1,926,101 | 3.60 | 1,965,089 | 3.37 | 1,934,739 | 3.31 | ||||||||||||||||||||||||||
| Tax-exempt (2) | 444 | 5.41 | 444 | 5.41 | 444 | 5.41 | 492 | 4.88 | 589 | 5.43 | ||||||||||||||||||||||||||
| Total securities (3) | 1,702,943 | 3.78 | 1,827,076 | 3.77 | 1,926,545 | 3.60 | 1,965,581 | 3.37 | 1,935,328 | 3.31 | ||||||||||||||||||||||||||
| Federal funds sold and securities | ||||||||||||||||||||||||||||||||||||
| purchased with agreement to resell | 501,377 | 4.50 | 469,148 | 4.79 | 365,733 | 5.12 | 124,303 | 5.14 | 1,670 | 4.86 | ||||||||||||||||||||||||||
| Restricted equity securities | 12,228 | 6.17 | 12,193 | 6.61 | 12,167 | 6.36 | 12,146 | 6.64 | 11,461 | 7.43 | ||||||||||||||||||||||||||
| Interest-bearing balances with banks | 1,041,026 | 3.73 | 1,393,155 | 4.00 | 1,608,118 | 4.45 | 1,952,479 | 4.47 | 2,526,382 | 4.48 | ||||||||||||||||||||||||||
| Total interest-earning assets | $ | 17,052,677 | 5.75 | % | $ | 17,216,400 | 5.79 | % | $ | 17,129,689 | 5.82 | % | $ | 17,076,353 | 5.80 | % | $ | 17,189,693 | 5.69 | % | ||||||||||||||||
| Non-interest-earning assets: | ||||||||||||||||||||||||||||||||||||
| Cash and due from banks | 103,847 | 102,066 | 103,470 | 109,506 | 108,540 | |||||||||||||||||||||||||||||||
| Net premises and equipment | 61,253 | 61,009 | 60,614 | 59,944 | 59,633 | |||||||||||||||||||||||||||||||
| Allowance for credit losses, accrued | ||||||||||||||||||||||||||||||||||||
| interest and other assets | 552,337 | 556,704 | 415,586 | 380,700 | 352,282 | |||||||||||||||||||||||||||||||
| Total assets | $ | 17,770,114 | $ | 17,936,179 | $ | 17,709,359 | $ | 17,626,503 | $ | 17,710,148 | ||||||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
| Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||
| Checking | $ | 2,101,953 | 1.60 | % | $ | 2,126,615 | 1.77 | % | $ | 2,069,440 | 2.16 | % | $ | 2,222,000 | 1.78 | % | $ | 2,461,900 | 2.38 | % | ||||||||||||||||
| Savings | 110,843 | 1.42 | 106,551 | 1.52 | 103,668 | 1.66 | 101,506 | 1.63 | 101,996 | 1.61 | ||||||||||||||||||||||||||
| Money market | 7,812,168 | 3.01 | 7,816,487 | 3.23 | 7,965,115 | 3.67 | 7,616,747 | 3.67 | 7,363,163 | 3.61 | ||||||||||||||||||||||||||
| Time deposits | 1,373,023 | 3.42 | 1,392,749 | 3.80 | 1,344,257 | 3.97 | 1,321,404 | 4.09 | 1,361,558 | 4.24 | ||||||||||||||||||||||||||
| Total interest-bearing deposits | 11,397,987 | 2.79 | 11,442,402 | 3.01 | 11,482,480 | 3.41 | 11,261,657 | 3.33 | 11,288,617 | 3.40 | ||||||||||||||||||||||||||
| Federal funds purchased | 1,593,215 | 3.74 | 1,712,399 | 4.01 | 1,640,377 | 4.46 | 1,855,860 | 4.49 | 1,994,766 | 4.50 | ||||||||||||||||||||||||||
| Other borrowings | 34,750 | 4.05 | 59,207 | 4.21 | 64,761 | 4.21 | 64,750 | 4.26 | 64,750 | 4.30 | ||||||||||||||||||||||||||
| Total interest-bearing liabilities | $ | 13,025,952 | 2.91 | % | $ | 13,214,008 | 3.15 | % | $ | 13,187,618 | 3.55 | % | $ | 13,182,267 | 3.50 | % | $ | 13,348,133 | 3.57 | % | ||||||||||||||||
| Non-interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
| Non-interest-bearing | ||||||||||||||||||||||||||||||||||||
| checking | 2,728,354 | 2,768,495 | 2,651,043 | 2,633,552 | 2,600,775 | |||||||||||||||||||||||||||||||
| Other liabilities | 137,231 | 143,680 | 122,873 | 119,829 | 120,291 | |||||||||||||||||||||||||||||||
| Stockholders' equity | 1,879,072 | 1,813,097 | 1,762,980 | 1,716,232 | 1,670,402 | |||||||||||||||||||||||||||||||
| Accumulated other comprehensive | ||||||||||||||||||||||||||||||||||||
| loss | (495 | ) | (3,101 | ) | (15,155 | ) | (25,377 | ) | (29,453 | ) | ||||||||||||||||||||||||||
| Total liabilities and | ||||||||||||||||||||||||||||||||||||
| stockholders' equity | $ | 17,770,114 | $ | 17,936,179 | $ | 17,709,359 | $ | 17,626,503 | $ | 17,710,148 | ||||||||||||||||||||||||||
| Net interest spread | 2.84 | % | 2.64 | % | 2.27 | % | 2.30 | % | 2.12 | % | ||||||||||||||||||||||||||
| Net interest margin | 3.53 | % | 3.38 | % | 3.09 | % | 3.10 | % | 2.92 | % | ||||||||||||||||||||||||||
| (1) Average loans include nonaccrual loans in all periods. Loan fees of | ||||||||||||||||||||||||||||||||||||
| (2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of | ||||||||||||||||||||||||||||||||||||
| (3) Unrealized losses on debt securities of | ||||||||||||||||||||||||||||||||||||
Contact: ServisFirst Bank Davis Mange (205) 949-3420 dmange@servisfirstbank.com