ServisFirst Bancshares, Inc. Announces Results for Fourth Quarter of 2025

Rhea-AI Summary

ServisFirst Bancshares (NYSE: SFBS) reported strong fourth-quarter and full-year 2025 results. Q4 diluted EPS $1.58 (+33% YoY, +32% QoQ) and 2025 diluted EPS $5.06 (+22% YoY). Net interest margin improved to 3.38% (+42 bps YoY). Loans ended at $13.70B (+8.7% YoY) and deposits at $14.22B (+5.0% YoY). Efficiency ratio fell to 28.8%. Tangible liquidity was $1.63B (9% of assets) and CET1 rose to 11.65%. Non-performing assets increased to 0.97% and fourth-quarter charge-offs included $5.0M.

Positive

• Diluted EPS $1.58 in Q4, +33% year-over-year
• Full-year diluted EPS $5.06, +22% versus 2024
• Net interest margin 3.38%, +42 basis points year-over-year
• Loans grew to $13.70B, +8.7% year-over-year
• Deposits increased to $14.22B, +5.0% year-over-year
• Efficiency ratio improved to 28.8% in Q4

Negative

• Non-performing assets ratio rose to 0.97% from 0.26% year-over-year
• Recorded $5.0M in charge-offs during Q4 2025
• Allowance for credit losses declined to 1.25% of loans
• Effective tax rate increased to 19.72% in Q4

News Market Reaction

-2.47% 1.9x vol

5 alerts

-2.47% News Effect

+7.0% Peak in 6 hr 10 min

-$122M Valuation Impact

$4.81B Market Cap

1.9x Rel. Volume

On the day this news was published, SFBS declined 2.47%, reflecting a moderate negative market reaction. Argus tracked a peak move of +7.0% during that session. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $122M from the company's valuation, bringing the market cap to $4.81B at that time. Trading volume was above average at 1.9x the daily average, suggesting increased trading activity.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 EPS (diluted): $1.58 2025 EPS (diluted): $5.06 Net income Q4 2025: $86.4M +5 more

8 metrics

Q4 2025 EPS (diluted) $1.58 Quarter ended Dec 31, 2025; up 33% YoY

2025 EPS (diluted) $5.06 Full-year 2025; up 22% vs 2024

Net income Q4 2025 $86.4M Quarter ended Dec 31, 2025; up from $65.2M in Q4 2024

Net interest margin 3.38% Q4 2025; up from 3.09% in Q3 2025 and 2.96% in Q4 2024

Loan growth $384.9M Increase in ending loans during Q4 2025 (11.6% annualized)

Deposit growth $675.6M Increase in ending deposits vs Q4 2024 (5.0% YoY)

Efficiency ratio 28.78% Q4 2025; improved from 35.54% in Q4 2024

Return on equity 18.93% Q4 2025 ROE vs 16.29% in Q4 2024

Market Reality Check

Price: $81.85 Vol: Volume 311,679 vs 20-day ...

normal vol

$81.85 Last Close

Volume Volume 311,679 vs 20-day average 272,322 (relative volume 1.14x) shows only modestly elevated trading. normal

Technical Price $78.26 is trading above the 200-day MA at $76.62, indicating a pre-news uptrend bias.

Peers on Argus

SFBS was roughly flat at -0.06% while key peers like ABCB (-1.68%) and BANF (-1....

SFBS was roughly flat at -0.06% while key peers like ABCB (-1.68%) and BANF (-1.00%) traded lower, suggesting stock-specific earnings focus rather than a broad sector move.

Historical Context

5 past events · Latest: Dec 30 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 30	Earnings date notice	Neutral	-1.1%	Set timing for Q4 and full-year 2025 earnings release and webcast.
Dec 15	Market expansion	Positive	+1.4%	Announced entry into Texas with new Houston office and senior team.
Dec 15	Leadership changes	Positive	+1.4%	Named new chief banking and regional leaders to support growth.
Dec 15	Regional CEO change	Positive	+1.4%	Appointed new Huntsville regional CEO with long tenure at bank.
Dec 15	Dividend increase	Positive	+1.4%	Raised quarterly cash dividend from $0.335 to $0.38 per share.

Pattern Detected

Recent corporate announcements (expansion, leadership changes, dividend increase) tended to coincide with modest positive price moves, while a neutral earnings-date notice saw a small decline.

Recent Company History

Over the past month, SFBS announced several growth and capital-return initiatives. On Dec 15, 2025, it detailed Texas expansion and multiple leadership advancements, plus a 13.4% dividend increase to $0.38 per share, all followed by similar +1.36% price reactions. An Dec 30, 2025 earnings-date announcement preceded a -1.08% move. Today’s Q4/FY25 earnings add concrete financial metrics to that expansion and dividend story.

Market Pulse Summary

This announcement details substantial 2025 progress: EPS of $5.06, Q4 net interest margin of 3.38%, ...

Analysis

This announcement details substantial 2025 progress: EPS of $5.06, Q4 net interest margin of 3.38%, loan growth of $384.9M, and an efficiency ratio under 30%. At the same time, non-performing assets rose to 0.97% of assets and credit costs remained elevated. Investors may track future loan growth in new markets, deposit costs, margin trends, and asset quality metrics to gauge the durability of these results.

Key Terms

net interest margin, efficiency ratio, non-performing assets, basis points, +4 more

8 terms

net interest margin financial

"Net interest margin of 3.38%, up 42 basis points from the fourth quarter"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

efficiency ratio financial

"Efficiency ratio improved to 29%, from 36% in the fourth quarter of 2024"

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

non-performing assets financial

"Non-performing assets to total assets were 0.97% for the fourth quarter of 2025"

Loans or other credit exposures that are not producing expected income because borrowers have stopped making scheduled payments for a significant period (commonly around 90 days). Think of it like a business lending money that has gone quiet — the cash flow stops while the lender still carries the debt on its books. High levels of non-performing assets matter to investors because they reduce a lender’s earnings, tie up capital that could be used for growth, and signal higher risk of future losses.

basis points financial

"Net interest margin of 3.38%, up 42 basis points from the fourth quarter"

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

bank-owned life insurance financial

"Bank-owned life insurance (“BOLI”) income increased $6.0 million, or 282.4%"

Bank-owned life insurance (BOLI) is a life insurance policy that a bank purchases with itself as the beneficiary, typically on the lives of selected employees, so the bank receives the payout when a covered person dies. Investors care because these policies show up as assets on a bank’s balance sheet and generate tax-advantaged income and cash flow that can help offset employee benefit costs and smooth reported earnings—think of it as a low-profile savings vehicle that also provides a death benefit, which affects a bank’s reported profitability and risk profile.

subordinated notes financial

"the Company redeemed its $30 million 4.5% Subordinated Notes due November 2027"

Subordinated notes are loans companies issue that rank below other debts for repayment, meaning holders get paid only after higher-priority creditors if the issuer runs into trouble. Because they act like being farther back in line at a buffet, they usually offer higher interest to compensate for greater risk, so investors watch them for potential higher returns but also increased chance of loss and sensitivity to the issuer’s financial health.

provision for credit losses financial

"We recorded a $8.1 million provision for credit losses in the fourth quarter of 2025"

Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.

renewable energy tax credit financial

"We invested in a renewable energy tax credit during the third quarter of 2025"

A renewable energy tax credit is a government tax incentive that directly reduces the taxes a company or investor owes when they build or operate clean energy projects like wind, solar, or batteries. Think of it as a coupon that lowers the effective cost of a project, which can boost expected returns, shorten payback times and make investments more attractive—so changes to these credits can meaningfully alter project economics and company valuations.

AI-generated analysis. Not financial advice.

BIRMINGHAM, Ala., Jan. 20, 2026 (GLOBE NEWSWIRE) -- ServisFirst Bancshares, Inc. (NYSE: SFBS), today announced earnings and operating results for the quarter ended December 31, 2025.

Fourth Quarter 2025 Highlights:

• Diluted earnings per share of $5.06 for 2025, up 22% over 2024, and adjusted diluted earnings per share of $5.25 for 2025, up 26% over 2024.
• Diluted earnings per share of $1.58 for the quarter, up 33% from the fourth quarter of 2024, and up 32% from the third quarter of 2025 (or 22% from Adjusted diluted earnings per share in the third quarter of 2025*).
• Net interest margin of 3.38%, up 42 basis points from the fourth quarter of 2024 and 29 basis points from the third quarter of 2025.
• Efficiency ratio improved to 29%, from 36% in the fourth quarter of 2024 and from 35% in the third quarter of 2025 (or an adjusted efficiency ratio of 33% in the third quarter of 2025*).
• Cost of interest-bearing deposits is down 62 basis points from fourth quarter of 2024 at 3.01% and 40 basis points from third quarter of 2025.
• Loans grew by $384.9 million, or 12% annualized, during the quarter.
• Deposits grew by $675.6 million, or 5%, year-over-year.
• Cash dividend increased to $0.38 from $0.335 in the third quarter, a 13% increase.
• Entered the Texas market with an outstanding team of commercial bankers led by Chris Dvorachek.
• Book value per share of $33.87, up 14% from the fourth quarter of 2024 and 15% annualized, from the third quarter of 2025.
• Liquidity remains strong with $1.63 billion in cash and cash equivalent assets, 9% of our total assets, and no FHLB advances or brokered deposits.
• Consolidated common equity tier 1 capital to risk-weighted assets increased from 11.49% to 11.65% year-over-year.
• Return on average common stockholders’ equity improved to 18.9%, from 16.3% for the fourth quarter of 2024 and from 14.9% for the third quarter of 2025 (or an Adjusted return on average common stockholders’ equity of 16.2% for the third quarter of 2025*).
  

Tom Broughton, Chairman, President, and CEO, said, “We were pleased with the loan growth in the fourth quarter that was indicative of our improved outlook combined with the hard work of the best bankers in the Southeast.”

David Sparacio, CFO, said, “The Company has delivered excellent results for the fourth quarter. We continued our focus on net interest margin expansion, which was enhanced by a reduction in benchmark interest rates, and we remain disciplined on expense controls. Continuing our focus as we grow our franchise and gain market share will allow us to deliver solid financial performance in 2026.” 

^* This press release includes certain non-GAAP financial measures: adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted net interest margin, adjusted return on average assets, adjusted return on average common stockholders’ equity, adjusted efficiency ratio, tangible common stockholders' equity, total tangible assets, tangible book value per share, adjusted cost of interest-bearing deposits, 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 December 31, 2025				Period Ending September 30, 2025				% Change From Period Ending September 30, 2025 to Period Ending December 31, 2025			Period Ending December 31, 2024				% Change From Period Ending December 31, 2024 to Period Ending December 31, 2025
QUARTERLY OPERATING RESULTS
Net Income		$	86,384			$	65,571			31.7	%		$	65,173			32.5	%
Net Income Available to Common Stockholders		$	86,353			$	65,571			31.7	%		$	65,142			32.6	%
Diluted Earnings Per Share		$	1.58			$	1.20			31.7	%		$	1.19			32.8	%
Return on Average Assets			1.91	%			1.47	%						1.52	%
Return on Average Common Stockholders' Equity			18.93	%			14.88	%						16.29	%
Average Diluted Shares Outstanding			54,675,802				54,667,955							54,649,808
Adjusted Net Income, net of tax*		$	86,384			$	71,422			20.9	%		$	65,173			32.5	%
Adjusted Net Income Available to Common
Stockholders, net of tax*		$	86,353			$	71,422			20.9	%		$	65,142			32.6	%
Adjusted Diluted Earnings Per Share, net of tax*		$	1.58			$	1.30			21.5	%		$	1.19			32.8	%
Adjusted Return on Average Assets, net of tax*			1.91	%			1.60	%						1.52	%
Adjusted Return on Average Common
Stockholders' Equity, net of tax*			18.93	%			16.21	%						16.29	%
YEAR-TO-DATE OPERATING RESULTS
Net Income		$	276,603										$	227,242			21.7	%
Net Income Available to Common Stockholders		$	276,541										$	227,180			21.7	%
Diluted Earnings Per Share		$	5.06										$	4.16			21.6	%
Return on Average Assets			1.56	%										1.39	%
Return on Average Common Stockholders' Equity			16.05	%										14.98	%
Average Diluted Shares Outstanding			54,666,274											54,624,234
Adjusted Net Income, net of tax*		$	287,163										$	228,589			25.6	%
Adjusted Net Income Available to Common
Stockholders, net of tax*		$	287,101										$	228,527			25.6	%
Adjusted Diluted Earnings Per Share, net of tax*		$	5.25										$	4.18			25.6	%
Adjusted Return on Average Assets, net of tax*			1.62	%										1.40	%
Adjusted Return on Average Common
Stockholders' Equity, net of tax*			16.66	%										15.07	%
BALANCE SHEET
Total Assets		$	17,727,190			$	17,584,199			0.8	%		$	17,351,643			2.2	%
Loans			13,696,912				13,311,967			2.9	%			12,605,836			8.7	%
Non-interest-bearing Demand Deposits			2,684,272				2,598,895			3.3	%			2,619,687			2.5	%
Total Deposits			14,219,034				14,106,922			0.8	%			13,543,459			5.0	%
Stockholders' Equity			1,850,347				1,781,647			3.9	%			1,616,772			14.4	%

DETAILED FINANCIALS

ServisFirst Bancshares, Inc. reported net income and net income available to common stockholders of $86.4 million for the quarter ended December 31, 2025, compared to net income and net income available to common stockholders of $65.6 million for the third quarter of 2025 and net income of $65.2 million and net income available to common stockholders of $65.1 million for the fourth quarter of 2024. Basic and diluted earnings per common share were both $1.58 in the fourth quarter of 2025, compared to $1.20 for both in the third quarter of 2025 and $1.19 for both in the fourth quarter of 2024.

Annualized return on average assets was 1.91% and annualized return on average common stockholders’ equity was 18.93% for the fourth quarter of 2025, compared to 1.52% and 16.29%, respectively, for the fourth quarter of 2024.

Net interest income was $146.5 million for the fourth quarter of 2025, compared to $133.4 million for the third quarter of 2025 and $123.2 million for the fourth quarter of 2024. The net interest margin in the fourth quarter of 2025 was 3.38% compared to 3.09% in the third quarter of 2025 and 2.96% in the fourth quarter of 2024. Loan yields were 6.29% during the fourth quarter of 2025 compared to 6.34% during the third quarter of 2025 and 6.43% during the fourth quarter of 2024. Investment yields were 3.77% during the fourth quarter of 2025 compared to 3.60% during the third quarter of 2025, and 3.49% during the fourth quarter of 2024. Average interest-bearing deposit rates were 3.01% during the fourth quarter of 2025, compared to 3.41% during the third quarter of 2025 and 3.63% during the fourth quarter of 2024. Average federal funds purchased rates were 4.01% during the fourth quarter of 2025, compared to 4.46% during the third quarter of 2025 and 4.80% during the fourth quarter of 2024. During the fourth quarter of 2025, the Company redeemed its $30 million 4.5% Subordinated Notes due November 2027.

Average loans for the fourth quarter of 2025 were $13.50 billion, an increase of $299.2 million, or 9.0% annualized, from average loans of $13.21 billion for the third quarter of 2025, and an increase of $1.08 billion, or 8.7%, from average loans of $12.43 billion for the fourth quarter of 2024. Ending total loans for the fourth quarter of 2025 were $13.70 billion, an increase of $384.9 million, or 11.6% annualized, from $13.31 billion for the third quarter of 2025, and an increase of $1.09 billion, or 8.7%, from $12.61 billion for the fourth quarter of 2024.

Average total deposits for the fourth quarter of 2025 were $14.21 billion, an increase of $77.4 million, or 2.2% annualized, from average total deposits of $14.13 billion for the third quarter of 2025, and an increase of $727.7 million, or 5.4%, from average total deposits of $13.48 billion for the fourth quarter of 2024. Ending total deposits for the fourth quarter of 2025 were $14.22 billion, an increase of $112.1 million, or 3.2% annualized, from $14.11 billion for the third quarter of 2025, and an increase of $675.6 million, or 5.0%, from $13.54 billion for the fourth quarter of 2024.

Non-performing assets to total assets were 0.97% for the fourth quarter of 2025, compared to 0.96% for the third quarter of 2025 and 0.26% for the fourth quarter of 2024. The year-over-year increase was attributable to a large, real-estate secured relationship. Annualized net charge-offs to average loans were 0.20% for the fourth quarter of 2025, compared to 0.27% for the third quarter of 2025 and 0.09% for the fourth quarter of 2024. During the fourth quarter of 2025, we recorded $5.0 million in charge-offs related to a long-standing impaired relationship. In comparison, the third quarter of 2025 included $3.0 million in charge-offs on loans that had not been previously impaired. The allowance for credit losses as a percentage of total loans at December 31, 2025, September 30, 2025, and December 31, 2024, was 1.25%, 1.28%, and 1.30%, respectively. We recorded a $8.1 million provision for credit losses in the fourth quarter of 2025 compared to $9.3 million in the third quarter of 2025, and $6.4 million in the fourth quarter of 2024.

Non-interest income increased $6.9 million, or 78.2%, to $15.7 million for the fourth quarter of 2025 from $8.8 million in the fourth quarter of 2024, and increased $12.9 million, or 453.9%, on a linked quarter basis. Service charges on deposit accounts increased $689,000, or 26.0%, to $3.3 million for the fourth quarter of 2025 from $2.7 million in the fourth quarter of 2024, and increased $23,000, or 0.7%, on a linked quarter basis. We increased our service charge rates on many of our checking account products in July of 2025. Mortgage banking revenue increased $151,000, or 10.0%, to $1.7 million for the fourth quarter of 2025 from $1.5 million in the fourth quarter of 2024, and decreased $200,000, or 10.7%, on a linked quarter basis. Net credit card income decreased $32,000, or 1.7%, to $1.8 million for the fourth quarter of 2025 from $1.9 million in the fourth quarter of 2024, and decreased $570,000, or 23.7%, on a linked quarter basis. Bank-owned life insurance (“BOLI”) income increased $6.0 million, or 282.4%, to $8.1 million for the fourth quarter of 2025 from $2.1 million in the fourth quarter of 2024, and increased $5.7 million, or 238.8%, on a linked quarter basis. During the fourth quarter of 2025, we recognized $4.3 million of income attributed to a BOLI policy. Other operating income increased $62,000, or 9.7%, to $704,000 for the fourth quarter of 2025 from $642,000 in the fourth quarter of 2024, and increased $49,000, or 7.5%, on a linked quarter basis.

Non-interest expense decreased $213,000, or 0.5%, to $46.7 million for the fourth quarter of 2025 from $46.9 million in the fourth quarter of 2024, and decreased $1.3 million, or 2.7%, on a linked quarter basis. Salary and benefit expense decreased $224,000, or 0.9%, to $23.8 million for the fourth quarter of 2025 from $24.1 million in the fourth quarter of 2024, and decreased $1.7 million, or 6.6%, on a linked quarter basis. The number of full-time equivalent (“FTE”) employees increased by 36, or 5.7%, to 666 at December 31, 2025 compared to 630 at December 31, 2024, and increased by 16, or 2.5%, from the end of the third quarter of 2025. Equipment and occupancy expense increased $137,000, or 3.8%, to $3.7 million for the fourth quarter of 2025 from $3.6 million in the fourth quarter of 2024, and increased $122,000, or 3.4%, on a linked quarter basis. Third party processing and other services expense decreased $736,000, or 8.6%, to $7.8 million for the fourth quarter of 2025 from $8.5 million in the fourth quarter of 2024, and decreased $316,000, or 3.9%, on a linked quarter basis. Professional services expense decreased $500,000, or 25.2%, to $1.5 million for the fourth quarter of 2025 from $2.0 million in the fourth quarter of 2024, and decreased $376,000, or 20.2%, on a linked quarter basis. Federal Deposit Insurance Corporation (“FDIC”) and other regulatory assessments increased $416,000, or 18.7%, to $2.6 million for the fourth quarter of 2025 from $2.2 million in the fourth quarter of 2024, and decreased $101,000, or 3.7%, on a linked quarter basis. Other operating expenses increased $739,000, or 11.4%, to $7.2 million for the fourth quarter of 2025 from $6.5 million in the fourth quarter of 2024, and increased $1.1 million, or 18.3%, on a linked quarter basis. The efficiency ratio was 28.78% during the fourth quarter of 2025 compared to 35.54% during the fourth quarter of 2024 and 35.22% during the third quarter of 2025.

Income tax expense increased $7.0 million, or 49.5%, to $21.2 million in the fourth quarter of 2025, compared to $14.2 million in the fourth quarter of 2024, and increased $8.0 million, or 60.2%, on a linked quarter basis. Our effective tax rate was 19.72% for the fourth quarter of 2025 compared to 16.81% for the third quarter of 2025 and to 17.89% for the fourth quarter of 2024. We invested in a renewable energy tax credit during the third quarter of 2025 for which we received tax credits and other benefits of approximately $4.6 million, most of which was recognized in the third quarter. We recognized a reduction in provision for income taxes resulting from excess tax benefits from the exercise and vesting of stock options and restricted stock during the fourth quarters of 2025 and 2024 of $13,000 and $624,000, respectively.

About ServisFirst Bancshares, Inc.

ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank, ServisFirst Bancshares, Inc. provides business and personal financial services from locations in Alabama, Florida, Georgia, North and South Carolina, Tennessee, Texas and Virginia. We also operate a loan production office in Florida. 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 and tax principles, policies or guidelines; changes in legislation or regulatory requirements; changes as a result of our reclassification as a large financial institution by the FDIC; 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 tornadoes, in our geographic markets; 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)
	4th Quarter 2025				3rd Quarter 2025				2nd Quarter 2025				1st Quarter 2025				4th Quarter 2024
CONSOLIDATED STATEMENT OF INCOME
Interest income	$	251,388			$	251,308			$	246,635			$	241,096			$	243,892
Interest expense		104,867				117,860				114,948				117,543				120,724
Net interest income		146,521				133,448				131,687				123,553				123,168
Provision for credit losses		7,922				9,463				11,296				6,630				5,704
Net interest income after provision for credit losses		138,599				123,985				120,391				116,923				117,464
Non-interest income		15,691				2,833				421				8,277				8,803
Non-interest expense		46,683				47,996				44,204				46,107				46,896
Income before income tax		107,607				78,822				76,608				79,093				79,371
Provision for income tax		21,223				13,251				15,184				15,869				14,198
Net income		86,384				65,571				61,424				63,224				65,173
Preferred stock dividends		31				-				31				-				31
Net income available to common stockholders	$	86,353			$	65,571			$	61,393			$	63,224			$	65,142
Earnings per share - basic	$	1.58			$	1.20			$	1.12			$	1.16			$	1.19
Earnings per share - diluted	$	1.58			$	1.20			$	1.12			$	1.16			$	1.19
Average diluted shares outstanding		54,675,802				54,667,955				54,664,480				54,656,630				54,649,808
CONSOLIDATED BALANCE SHEET DATA
Total assets	$	17,727,190			$	17,584,199			$	17,378,628			$	18,636,766			$	17,351,643
Loans		13,696,912				13,311,967				13,232,560				12,886,831				12,605,836
Debt securities		1,728,901				1,849,739				1,914,503				1,905,550				1,876,253
Non-interest-bearing demand deposits		2,684,272				2,598,895				2,632,058				2,647,577				2,619,687
Total deposits		14,219,034				14,106,922				13,862,319				14,429,061				13,543,459
Borrowings		34,750				64,750				64,747				64,745				64,743
Stockholders' equity		1,850,347				1,781,647				1,721,783				1,668,900				1,616,772
Shares outstanding		54,624,955				54,621,441				54,618,545				54,601,217				54,569,427
Book value per share	$	33.87			$	32.62			$	31.52			$	30.57			$	29.63
Tangible book value per share (1)	$	33.62			$	32.37			$	31.27			$	30.32			$	29.38
SELECTED FINANCIAL RATIOS (Annualized)
Net interest margin		3.38	%			3.09	%			3.10	%			2.92	%			2.96	%
Return on average assets		1.91	%			1.47	%			1.40	%			1.45	%			1.52	%
Return on average common stockholders' equity		18.93	%			14.88	%			14.56	%			15.63	%			16.29	%
Efficiency ratio		28.78	%			35.22	%			33.46	%			34.97	%			35.54	%
Non-interest expense to average earning assets		1.08	%			1.11	%			1.04	%			1.09	%			1.13	%
CAPITAL RATIOS (2)
Common equity tier 1 capital to risk-weighted assets		11.65	%			11.49	%			11.38	%			11.48	%			11.42	%
Tier 1 capital to risk-weighted assets		11.66	%			11.50	%			11.38	%			11.48	%			11.42	%
Total capital to risk-weighted assets		12.93	%			12.91	%			12.81	%			12.93	%			12.90	%
Tier 1 capital to average assets		10.26	%			10.01	%			9.78	%			9.48	%			9.59	%
Tangible common equity to total tangible assets (1)		10.37	%			10.06	%			9.84	%			8.89	%			9.25	%
(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 certain non-GAAP financial measures, including adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted net interest margin, adjusted return on average assets, adjusted return on average common stockholders’ equity, adjusted cost of interest-bearing deposits, and adjusted efficiency ratio. We recorded a one-time expense of $7.2 million in the fourth quarter of 2023 associated with the FDIC’s special assessment to recapitalize the Deposit Insurance Fund following bank failures in the spring of 2023. This assessment was updated in the first quarter of 2024 resulting in additional expense of $1.8 million. We recognized an $8.6 million loss on sale of available-for-sale debt securities in non-interest income during the second quarter of 2025 due to restructuring the portfolio. We reversed a $2.3 million legal reserve from interest expense during the second quarter of 2025. We recognized a $7.8 million loss on sale of available-for-sale debt securities in non-interest income during the third quarter of 2025 due to continued restructuring of the portfolio. These adjustments to our results are unusual, or infrequent, in nature and are not considered to be part of our non-interest expense, non-interest income and interest expense run rates, respectively. Each of adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted net interest margin, adjusted return on average assets, adjusted return on average common stockholders’ equity, adjusted cost of interest-bearing deposits and adjusted efficiency ratio excludes the impact of these items, net of tax, and are all considered non-GAAP financial measures. This press release also 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 December 31, 2025					At September 30, 2025					At June 30, 2025					At March 31, 2025					At December 31, 2024
Book value per share - GAAP	$	33.87				$	32.62				$	31.52				$	30.57				$	29.63
Total common stockholders' equity - GAAP		1,850,347					1,781,647					1,721,783					1,668,900					1,616,772
Adjustment for Goodwill		(13,615	)				(13,615	)				(13,615	)				(13,615	)				(13,615	)
Tangible common stockholders' equity - non-GAAP	$	1,836,732				$	1,768,032				$	1,708,168				$	1,655,285				$	1,603,157
Tangible book value per share - non-GAAP	$	33.62				$	32.37				$	31.27				$	30.32				$	29.38
Stockholders' equity to total assets - GAAP		10.44		%			10.13		%			9.91		%			8.95		%			9.32		%
Total assets - GAAP	$	17,727,190				$	17,584,199				$	17,378,628				$	18,636,766				$	17,351,643
Adjustment for Goodwill		(13,615	)				(13,615	)				(13,615	)				(13,615	)				(13,615	)
Total tangible assets - non-GAAP	$	17,713,575				$	17,570,584				$	17,365,013				$	18,623,151				$	17,338,028
Tangible common equity to total tangible assets - non-GAAP		10.37		%			10.06		%			9.84		%			8.89		%			9.25		%

	Three Months Ended December 31, 2025				Three Months Ended September 30, 2025					Three Months Ended December 31, 2024				Year Ended December 31, 2025					Year Ended December 31, 2024
Net income - GAAP	$	86,384			$	65,571				$	65,173			$	276,603				$	227,242
Adjustments:
FDIC special assessment		-				-					-				-					1,799
Legal matter accrual reversal		-				-					-				(2,276	)				-
Loss on marketable securities		-				7,812					-				16,375					-
Tax on adjustments		-				(1,961	)				-				(3,539	)				(452	)
Adjusted net income - non-GAAP	$	86,384			$	71,422				$	65,173			$	287,163				$	228,589
Net income available to common stockholders - GAAP	$	86,353			$	65,571				$	65,142			$	276,541				$	227,180
Adjustments:
FDIC special assessment		-				-					-				-					1,799
Legal matter accrual reversal		-				-					-				(2,276	)				-
Loss on marketable securities		-				7,812					-				16,375					-
Tax on adjustments		-				(1,961	)				-				(3,539	)				(452	)
Adjusted net income available to common stockholders - non-GAAP	$	86,353			$	71,422				$	65,142			$	287,101				$	228,527
Diluted earnings per share - GAAP	$	1.58			$	1.20				$	1.19			$	5.06				$	4.16
Adjustments:
FDIC special assessment		-				-					-				-					0.03
Legal matter accrual reversal		-				-					-				(0.04	)				-
Loss on marketable securities		-				0.14					-				0.30					-
Tax on adjustments		-				(0.04	)				-				(0.07	)				(0.01	)
Adjusted diluted earnings per share - non-GAAP	$	1.58			$	1.30				$	1.19			$	5.25				$	4.18
Net interest income, on a fully taxable-equivalent basis	$	146,583			$	133,500				$	123,145			$	535,479				$	446,758
Adjustments:
Legal matter accrual reversal		-				-					-				(2,276	)				-
Tax on adjustments		-				-					-				571					-
Adjusted net interest income, on a fully taxable-equivalent basis	$	146,583			$	133,500				$	123,145			$	533,774				$	446,758
Net interest margin-GAAP		3.38	%			3.09		%			2.96	%			3.12		%			2.82		%
Average earning assets		17,216,400				17,129,689					16,526,418				17,153,044					15,849,072
Adjusted net interest margin-non-GAAP		3.38	%			3.09		%			2.96	%			3.11		%			2.82		%
Cost on interest bearing deposits-GAAP		3.01	%			3.41		%			3.63	%			3.13		%			3.97		%
Interest expense deposits		86,920				98,735					98,702				373,886					420,650
Legal matter accrual reversal		-				-					-				2,276					-
Adjusted interest expense	$	86,920			$	98,735				$	98,702			$	376,162				$	420,650
Average total interest bearing deposits	$	11,442,402			$	11,482,480				$	10,810,316			$	11,361,449				$	10,593,993
Adjusted cost on interest bearing deposits-non-GAAP		3.01	%			3.41		%			3.63	%			3.31		%			3.97		%
Return on average assets - GAAP		1.91	%			1.47		%			1.52	%			1.56		%			1.39		%
Net income available to common stockholders - GAAP	$	86,353			$	65,571				$	65,142			$	276,541				$	227,180
Adjustments:
FDIC special assessment		-				-					-				-					1,799
Legal matter accrual reversal		-				-					-				(2,276	)				-
Loss on marketable securities		-				7,812					-				16,375					-
Tax on adjustments		-				(1,961	)				-				(3,539	)				(452	)
Adjusted net income available to common stockholders - non-GAAP	$	86,353			$	71,422				$	65,142			$	287,101				$	228,527
Average assets - GAAP	$	17,936,179			$	17,709,359				$	17,037,383			$	17,746,068				$	16,333,383
Adjusted return on average assets - non-GAAP		1.91	%			1.60		%			1.52	%			1.62		%			1.40		%
Return on average common stockholders' equity - GAAP		18.93	%			14.88		%			16.29	%			16.05		%			14.98		%
Net income available to common stockholders - GAAP	$	86,353			$	65,571				$	65,142			$	276,541				$	227,180
Adjustments:
FDIC special assessment		-				-					-				-					1,799
Legal matter accrual reversal		-				-					-				(2,276	)				-
Loss on marketable securities		-				7,812					-				16,375					-
Tax on adjustments		-				(1,961	)				-				(3,539	)				(452	)
Adjusted net income available to common stockholders - non-GAAP	$	86,353			$	71,422				$	65,142			$	287,101				$	228,527
Average common stockholders' equity - GAAP	$	1,809,996			$	1,747,825				$	1,591,248			$	1,722,929				$	1,516,855
Adjusted return on average common stockholders' equity non-GAAP		18.93	%			16.21		%			16.29	%			16.66		%			15.07		%
Efficiency ratio		28.78	%			35.22		%			35.54	%			32.89		%			37.60		%
Net interest income - GAAP	$	146,521			$	133,448				$	123,168			$	535,209				$	446,659
Adjustments:
Legal matter accrual reversal		-				-					-				(2,276	)				-
Adjusted net interest income - non-GAAP	$	146,521			$	133,448				$	123,168			$	532,933				$	446,659
Total non-interest income - GAAP		15,691				2,833					8,803				27,222					35,056
Adjustments:
Loss on marketable securities		-				7,812					-				16,375					-
Adjusted non-interest income - non-GAAP	$	15,691			$	10,645				$	8,803			$	43,597				$	35,056
Adjusted net interest income and non-interest income - non-GAAP		162,212				144,093					131,971				576,530					481,715
Non-interest expense - GAAP	$	46,683			$	47,996				$	46,896			$	184,990				$	181,146
Adjustments:
FDIC special assessment		-				-					-				-					1,799
Adjusted non-interest expense - non-GAAP	$	46,683			$	47,996				$	46,896			$	184,990				$	179,347
Adjusted efficiency ratio - non-GAAP		28.78	%			33.31		%			35.54	%			32.09		%			37.23		%

CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in thousands)
	December 31, 2025				December 31, 2024				% Change
ASSETS
Cash and due from banks	$	95,127			$	116,394			(18	)	%
Interest-bearing balances due from depository institutions		1,026,607				2,259,195			(55	)	%
Federal funds sold and securities purchased with agreement to resell		504,962				1,045			48,222		%
Cash and cash equivalents		1,626,696				2,376,634			(32	)	%
Available for sale debt securities, at fair value		1,068,825				1,161,400			(8	)	%
Held to maturity debt securities (fair value of $622,825 and $673,023, respectively)		660,076				714,853			(8	)	%
Restricted equity securities		12,203				11,300			8		%
Mortgage loans held for sale		11,744				9,211			27		%
Loans		13,696,912				12,605,836			9		%
Less allowance for credit losses		(171,683	)			(164,458	)		4		%
Loans, net		13,525,229				12,441,378			9		%
Premises and equipment, net		60,396				59,185			2		%
Goodwill		13,615				13,615			-		%
Other assets		748,406				564,067			33		%
Total assets	$	17,727,190			$	17,351,643			2		%
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest-bearing demand	$	2,684,272			$	2,619,687			2		%
Interest-bearing		11,534,762				10,923,772			6		%
Total deposits		14,219,034				13,543,459			5		%
Federal funds purchased		1,471,628				1,993,728			(26	)	%
Other borrowings		34,750				64,743			(46	)	%
Other liabilities		151,431				132,941			14		%
Total liabilities		15,876,843				15,734,871			1		%
Stockholders' equity:
Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at
December 31, 2025 and December 31, 2024		-				-			-		%
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 54,624,955 shares
issued and outstanding at December 31, 2025, and 54,551,543
shares issued and outstanding at December 31, 2024		54				54			-		%
Additional paid-in capital		237,839				235,781			1		%
Retained earnings		1,613,746				1,412,616			14		%
Accumulated other comprehensive loss		(1,792	)			(32,179	)		(94	)	%
Total stockholders' equity attributable to ServisFirst Bancshares, Inc.		1,849,847				1,616,272			14		%
Noncontrolling interest		500				500			-		%
Total stockholders' equity		1,850,347				1,616,772			14		%
Total liabilities and stockholders' equity	$	17,727,190			$	17,351,643			2		%

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands except per share data)
		Three Months Ended December 31,						Year Ended December 31,
		2025			2024			2025				2024
Interest income:
Interest and fees on loans		$	214,252		$	200,875		$	828,696			$	788,105
Taxable securities			17,199			16,905			67,122				66,535
Nontaxable securities			5			6			21				31
Federal funds sold and securities purchased with agreement to resell			5,671			18			12,007				1,128
Other interest and dividends			14,261			26,088			82,581				90,322
Total interest income			251,388			243,892			990,427				946,121
Interest expense:
Deposits			86,920			98,702			373,888				420,650
Borrowed funds			17,947			22,022			81,330				78,812
Total interest expense			104,867			120,724			455,218				499,462
Net interest income			146,521			123,168			535,209				446,659
Provision for credit losses			7,922			5,704			35,311				21,587
Net interest income after provision for credit losses			138,599			117,464			499,898				425,072
Non-interest income:
Service charges on deposit accounts			3,339			2,650			11,884				9,434
Mortgage banking			1,664			1,513			5,464				4,922
Credit card income			1,835			1,867			8,327				8,280
Securities losses			-			-			(16,375	)			-
Bank-owned life insurance income			8,149			2,131			14,817				9,533
Other operating income			704			642			3,105				2,887
Total non-interest income			15,691			8,803			27,222				35,056
Non-interest expense:
Salaries and employee benefits			23,838			24,062			94,815				96,318
Equipment and occupancy expense			3,737			3,600			14,597				14,519
Third party processing and other services			7,779			8,515			31,617				31,181
Professional services			1,481			1,981			7,175				6,901
FDIC and other regulatory assessments			2,641			2,225			10,990				10,687
Other real estate owned expense			13			58			155				199
Other operating expense			7,194			6,455			25,641				21,341
Total non-interest expense			46,683			46,896			184,990				181,146
Income before income tax			107,607			79,371			342,130				278,982
Provision for income tax			21,223			14,198			65,527				51,740
Net income			86,384			65,173			276,603				227,242
Dividends on preferred stock			31			31			62				62
Net income available to common stockholders		$	86,353		$	65,142		$	276,541			$	227,180
Basic earnings per common share		$	1.58		$	1.19		$	5.06			$	4.17
Diluted earnings per common share		$	1.58		$	1.19		$	5.06			$	4.16

LOANS BY TYPE (UNAUDITED)
(In thousands)
	4th Quarter 2025			3rd Quarter 2025			2nd Quarter 2025			1st Quarter 2025			4th Quarter 2024
Commercial, financial and agricultural	$	3,146,736		$	2,945,784		$	2,966,191		$	2,924,533		$	2,869,894
Real estate - construction		1,457,628			1,532,285			1,735,405			1,599,410			1,489,306
Real estate - mortgage:
Owner-occupied commercial		2,739,823			2,680,055			2,557,711			2,543,819			2,547,143
1-4 family mortgage		1,671,713			1,625,296			1,561,461			1,494,189			1,444,623
Non-owner occupied commercial		4,603,389			4,448,710			4,338,697			4,259,566			4,181,243
Subtotal: Real estate - mortgage		9,014,925			8,754,061			8,457,869			8,297,574			8,173,009
Consumer		77,623			79,837			73,095			65,314			73,627
Total loans	$	13,696,912		$	13,311,967		$	13,232,560		$	12,886,831		$	12,605,836

SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED)
(Dollars in thousands)
	4th Quarter 2025				3rd Quarter 2025				2nd Quarter 2025				1st Quarter 2025				4th Quarter 2024
Allowance for credit losses:
Beginning balance	$	170,235			$	169,959			$	165,034			$	164,458			$	160,755
Loans charged off:
Commercial, financial and agricultural		7,695				7,947				6,849				2,415				3,899
Real estate - construction		-				-				-				46				-
Real estate - mortgage		64				1,294				580				3,571				560
Consumer		465				110				73				60				211
Total charge offs		8,224				9,350				7,502				6,092				4,670
Recoveries:
Commercial, financial and agricultural		1,532				237				959				171				1,801
Real estate - construction		-				30				-				-				-
Real estate - mortgage		-				-				1				-				23
Consumer		10				21				58				27				151
Total recoveries		1,542				288				1,018				198				1,975
Net charge-offs		6,682				9,062				6,484				5,894				2,695
Provision for credit losses		8,130				9,338				11,409				6,470				6,398
Ending balance	$	171,683			$	170,235			$	169,959			$	165,034			$	164,458
Allowance for credit losses to total loans		1.25	%			1.28	%			1.28	%			1.28	%			1.30	%
Allowance for credit losses to total average loans		1.27	%			1.29	%			1.31	%			1.30	%			1.32	%
Net charge-offs to total average loans		0.20	%			0.27	%			0.20	%			0.19	%			0.09	%
Provision for credit losses to total average loans		0.24	%			0.28	%			0.35	%			0.21	%			0.21	%
Nonperforming assets:
Nonaccrual loans	$	168,466			$	166,662			$	68,619			$	73,793			$	39,501
Loans 90+ days past due and accruing		478				965				3,549				111				2,965
Other real estate owned and
repossessed assets		2,583				611				311				756				2,531
Total	$	171,527			$	168,238			$	72,479			$	74,660			$	44,997
Nonperforming loans to total loans		1.23	%			1.26	%			0.55	%			0.57	%			0.34	%
Nonperforming assets to total assets		0.97	%			0.96	%			0.42	%			0.40	%			0.26	%
Nonperforming assets to earning assets		1.01	%			1.00	%			0.43	%			0.41	%			0.26	%
Allowance for credit losses to nonaccrual loans		101.91	%			102.14	%			247.69	%			223.64	%			416.34	%

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands except per share data)
		4th Quarter 2025			3rd Quarter 2025				2nd Quarter 2025				1st Quarter 2025			4th Quarter 2024
Interest income:
Interest and fees on loans		$	214,252		$	210,987			$	206,521			$	196,936		$	200,875
Taxable securities			17,199			17,338				16,562				16,023			16,905
Nontaxable securities			5			5				5				6			6
Federal funds sold with agreement to resell			5,671			4,724				1,592				20			18
Other interest and dividends			14,261			18,254				21,955				28,111			26,088
Total interest income			251,388			251,308				246,635				241,096			243,892
Interest expense:
Deposits			86,920			98,735				93,488				94,745			98,702
Borrowed funds			17,947			19,125				21,460				22,798			22,022
Total interest expense			104,867			117,860				114,948				117,543			120,724
Net interest income			146,521			133,448				131,687				123,553			123,168
Provision for credit losses			7,922			9,463				11,296				6,630			5,704
Net interest income after provision for credit losses			138,599			123,985				120,391				116,923			117,464
Non-interest income:
Service charges on deposit accounts			3,339			3,316				2,671				2,558			2,650
Mortgage banking			1,664			1,864				1,323				613			1,513
Credit card income			1,835			2,405				2,119				1,968			1,867
Securities losses			-			(7,812	)			(8,563	)			-			-
Bank-owned life insurance income			8,149			2,405				2,126				2,137			2,131
Other operating income			704			655				745				1,001			642
Total non-interest income			15,691			2,833				421				8,277			8,803
Non-interest expense:
Salaries and employee benefits			23,838			25,522				22,576				22,879			24,062
Equipment and occupancy expense			3,737			3,615				3,523				3,722			3,600
Third party processing and other services			7,779			8,095				8,005				7,738			8,515
Professional services			1,481			1,857				1,904				1,933			1,981
FDIC and other regulatory assessments			2,641			2,742				2,753				2,854			2,225
Other real estate owned expense			13			82				27				33			58
Other operating expense			7,194			6,083				5,416				6,948			6,455
Total non-interest expense			46,683			47,996				44,204				46,107			46,896
Income before income tax			107,607			78,822				76,608				79,093			79,371
Provision for income tax			21,223			13,251				15,184				15,869			14,198
Net income			86,384			65,571				61,424				63,224			65,173
Dividends on preferred stock			31			-				31				-			31
Net income available to common stockholders		$	86,353		$	65,571			$	61,393			$	63,224		$	65,142
Basic earnings per common share		$	1.58		$	1.20			$	1.12			$	1.16		$	1.19
Diluted earnings per common share		$	1.58		$	1.20			$	1.12			$	1.16		$	1.19

AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED)
ON A FULLY TAXABLE-EQUIVALENT BASIS
(Dollars in thousands)
	4th Quarter 2025							3rd Quarter 2025							2nd Quarter 2025							1st Quarter 2025							4th Quarter 2024
	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	$	13,474,271			6.30	%		$	13,175,297			6.34	%		$	12,979,759			6.37	%		$	12,683,077			6.29	%		$	12,414,065			6.43	%
Tax-exempt (2)		30,670			5.52				30,478			5.47				30,346			5.51				25,044			4.94				13,198			1.57
Total loans, net of unearned
income		13,504,941			6.29				13,205,775			6.34				13,010,105			6.37				12,708,121			6.28				12,427,263			6.43
Mortgage loans held for sale		9,887			4.49				11,351			4.82				11,739			5.23				6,731			4.76				9,642			5.36
Debt securities:
Taxable		1,826,632			3.77				1,926,101			3.60				1,965,089			3.37				1,934,739			3.31				1,932,547			3.49
Tax-exempt (2)		444			5.41				444			5.41				492			4.88				589			5.43				606			5.28
Total securities (3)		1,827,076			3.77				1,926,545			3.60				1,965,581			3.37				1,935,328			3.31				1,933,153			3.49
Federal funds sold and securities
purchased with agreement to resell		469,148			4.79				365,733			5.12				124,303			5.14				1,670			4.86				1,596			4.49
Restricted equity securities		12,193			6.61				12,167			6.36				12,146			6.64				11,461			7.43				11,290			6.80
Interest-bearing balances with banks		1,393,155			4.00				1,608,118			4.45				1,952,479			4.47				2,526,382			4.48				2,143,474			4.81
Total interest-earning assets	$	17,216,400			5.79	%		$	17,129,689			5.82	%		$	17,076,353			5.80	%		$	17,189,693			5.69	%		$	16,526,418			5.87	%
Non-interest-earning assets:
Cash and due from banks		102,066							103,470							109,506							108,540							103,494
Net premises and equipment		61,009							60,614							59,944							59,633							60,708
Allowance for credit losses, accrued
interest and other assets		556,704							415,586							380,700							352,282							346,763
Total assets	$	17,936,179						$	17,709,359						$	17,626,503						$	17,710,148						$	17,037,383
Interest-bearing liabilities:
Interest-bearing deposits:
Checking (4)	$	2,126,615			1.77	%		$	2,069,440			2.16	%		$	2,222,000			1.78	%		$	2,461,900			2.38	%		$	2,353,439			2.61	%
Savings		106,551			1.52				103,668			1.66				101,506			1.63				101,996			1.61				102,858			1.52
Money market		7,816,487			3.23				7,965,115			3.67				7,616,747			3.67				7,363,163			3.61				7,067,265			3.86
Time deposits		1,392,749			3.80				1,344,257			3.97				1,321,404			4.09				1,361,558			4.24				1,286,754			4.45
Total interest-bearing deposits		11,442,402			3.01				11,482,480			3.41				11,261,657			3.33				11,288,617			3.40				10,810,316			3.63
Federal funds purchased		1,712,399			4.01				1,640,377			4.46				1,855,860			4.49				1,994,766			4.50				1,767,749			4.80
Other borrowings		59,207			4.21				64,761			4.21				64,750			4.26				64,750			4.30				64,738			4.22
Total interest-bearing liabilities	$	13,214,008			3.15	%		$	13,187,618			3.55	%		$	13,182,267			3.50	%		$	13,348,133			3.57	%		$	12,642,803			3.80	%
Non-interest-bearing liabilities:
Non-interest-bearing
checking		2,768,495							2,651,043							2,633,552							2,600,775							2,672,875
Other liabilities		143,680							122,873							119,829							120,291							130,457
Stockholders' equity		1,813,097							1,762,980							1,716,232							1,670,402							1,624,084
Accumulated other comprehensive
loss		(3,101	)						(15,155	)						(25,377	)						(29,453	)						(32,836	)
Total liabilities and
stockholders' equity	$	17,936,179						$	17,709,359						$	17,626,503						$	17,710,148						$	17,037,383
Net interest spread					2.64	%						2.27	%						2.30	%						2.12	%						2.07	%
Net interest margin					3.38	%						3.09	%						3.10	%						2.92	%						2.96	%
(1) Average loans include nonaccrual loans in all periods. Loan fees of $5,464, $6,103, $4,430, $3,764, and $4,460 are included in interest income in the fourth quarter of 2025, third quarter of 2025, second quarter of 2025, first quarter of 2025, and fourth quarter of 2024, respectively.
(2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%.
(3) Unrealized losses on debt securities of $(6,311), $(22,574), $(36,381), $(41,970), and $(46,652) for the fourth quarter of 2025, third quarter of 2025, second quarter of 2025, first quarter of 2025, and fourth quarter of 2024, respectively, are excluded from the yield calculation.
(4) Includes impact of reversal of a $2.3 million accrual related to a legal matter during the second quarter of 2025. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures."

Contact: ServisFirst Bank
Davis Mange (205) 949-3420
dmange@servisfirstbank.com

FAQ

What were ServisFirst (SFBS) Q4 2025 earnings per share?

ServisFirst reported Q4 2025 diluted EPS of $1.58, up 33% year-over-year.

How did ServisFirst's net interest margin (NIM) change in Q4 2025?

Net interest margin improved to 3.38% in Q4 2025, up 42 basis points year-over-year.

What loan and deposit growth did SFBS report for Q4 2025?

Ending loans were $13.70B (+8.7% YoY) and ending deposits were $14.22B (+5.0% YoY).

Did ServisFirst report any material credit issues in Q4 2025?

Yes. Non-performing assets rose to 0.97% and the company recorded $5.0M in Q4 charge-offs.

What is ServisFirst's capital and liquidity position after Q4 2025?

CET1 capital increased to 11.65% and cash/cash equivalents were $1.63B (9% of assets).

Did ServisFirst change its dividend after Q4 2025?

Yes. The cash dividend increased to $0.38 from $0.335 in the prior quarter.