ServisFirst Bancshares, Inc. Announces Results For Third Quarter of 2025
ServisFirst Bancshares (NYSE: SFBS) reported third-quarter 2025 results for the period ended September 30, 2025. Diluted EPS $1.20 and adjusted diluted EPS $1.30 (up 18.2% YoY). Net interest margin was 3.09% (up 25 bps YoY). Loans grew $973.7M (7.9% YoY) and deposits grew $960.4M (7.3% YoY). Book value per share was $32.62 (up 13.3% YoY). Liquidity: $1.77B cash and equivalents (10.1% of assets); no FHLB advances or brokered deposits. Non-performing assets rose to 0.96% of assets, driven by a large real-estate secured relationship.
ServisFirst Bancshares (NYSE: SFBS) ha riportato i risultati del terzo trimestre 2025 per il periodo chiuso al 30 settembre 2025. L'EPS diluito $1.20 e L'EPS diluito rettificato $1.30 (in aumento dell'18,2% su base annua). Il margine di interesse netto è stato 3.09% (in aumento di 25 punti base rispetto all'anno precedente). I prestiti sono cresciuti di $973.7M (7.9% YoY) e i depositi di $960.4M (7.3% YoY). Il valore contabile per azione era $32.62 (in aumento del 13.3% YoY). Liquidità: $1.77B cash and equivalents (10.1% degli attivi); nessun avanzo FHLB o depositi brokerati. Le attività non performanti sono aumentate allo 0.96% degli attivi, trainate da una grande relazione garantita da immobili.
ServisFirst Bancshares (NYSE: SFBS) informó los resultados del tercer trimestre de 2025 para el periodo que terminó el 30 de septiembre de 2025. EPS diluido $1.20 y EPS diluido ajustado $1.30 (un aumento del 18.2% interanual). El margen neto de interés fue del 3.09% (un aumento de 25 puntos básicos interanual). Los préstamos crecieron $973.7M (7.9% YoY) y los depósitos crecieron $960.4M (7.3% YoY). El valor contable por acción fue de $32.62 (un aumento del 13.3% interanual). Liquidez: $1.77B en efectivo y equivalentes (10.1% de los activos); no hubo avances de FHLB ni depósitos brokerados. Los activos no performantes aumentaron a 0.96% de los activos, impulsados por una gran relación garantizada por bienes raíces.
ServisFirst Bancshares (NYSE: SFBS)는 2025년 9월 30일로 종료된 2025년 3분기 실적을 발표했습니다. 희석 EPS $1.20 및 조정 희석 EPS $1.30(전년 대비 18.2% 증가). 순이자 마진은 3.09%로 전년 대비 25bp 증가했습니다. 대출은 $973.7M (7.9% YoY) 증가했고 예금은 $960.4M (7.3% YoY) 증가했습니다. 주당 장부가치는 $32.62로 전년 대비 13.3% 증가했습니다. 유동성: $1.77B 현금 및 현금성자산 (자산의 10.1%). FHLB 차입이나 중개예금은 없습니다. 부실자산은 자산의 0.96%로 상승했고, 큰 부동산 담보 관계에 의해 주도되었습니다.
ServisFirst Bancshares (NYSE: SFBS) a publié les résultats du troisième trimestre 2025 pour la période se terminant le 30 septembre 2025. Bénéfice par action dilué 1,20 $ et Bénéfice par action dilué ajusté 1,30 $ (en hausse de 18,2 % sur un an). La marge nette d'intérêt était de 3,09 % (en hausse de 25 points de base sur un an). Les prêts ont augmenté de 973,7 millions de dollars (7,9 % YoY) et les dépôts ont augmenté de 960,4 millions de dollars (7,3 % YoY). La valeur comptable par action était de 32,62 $ (en hausse de 13,3 % sur un an). Liquidité : 1,77 milliard de dollars en espèces et équivalents (10,1 % des actifs) ; pas d'avances FHLB ni de dépôts par des courtiers. Les actifs non performants ont augmenté à 0,96 % des actifs, tirés par une grande relation immobilière garantie.
ServisFirst Bancshares (NYSE: SFBS) meldete die Ergebnisse des dritten Quartals 2025 für den Zeitraum zum 30. September 2025. verwässertes EPS 1,20 USD und bereinigtes verwässertes EPS 1,30 USD (Anstieg um 18,2 % YoY). Die Nettomarge aus Zinsen betrug 3,09 % (Anstieg um 25 Basispunkte YoY). Kredite wuchsen um 973,7 Mio. USD (7,9 % YoY) und Einlagen um 960,4 Mio. USD (7,3 % YoY). Der Buchwert je Aktie betrug 32,62 USD (Anstieg um 13,3 % YoY). Liquidität: 1,77 Mrd. USD Cash und Äquivalente (10,1 % der Vermögenswerte); keine FHLB-Aufnahmen oder Brokerage-Deposits. Nicht-performing assets stiegen auf 0,96 % der Vermögenswerte, getrieben durch eine große Immobilien-Sicherungsbeziehung.
أعلنت ServisFirst Bancshares (ش.م.ع: SFBS) عن نتائج الربع الثالث من عام 2025 للفترة المنتهية في 30 سبتمبر 2025. ربحية السهم المخفف 1.20 دولار وربحية السهم المخففة المعدلة 1.30 دولار (ارتفاع 18.2% على أساس سنوي). الهامش الصافي للفائدة كان 3.09% (ارتفاع 25 نقطة أساس على أساس سنوي). ارتفعت القروض بمقدار $973.7M (7.9% YoY) وارتفعت الودائع بمقدار $960.4M (7.3% YoY). قيمة الكتابة الدفترية للسهم كانت $32.62 (ارتفاع 13.3% على أساس سنوي). السيولة: $1.77B نقداً وما يعادله (10.1% من الأصول)؛ لا توجد تقدّمات FHLB أو ودائع وسيطة. ارتفعت الأصول غير العاملة إلى 0.96% من الأصول، نتيجة لعلاقة ضمان عقاري كبيرة.
ServisFirst Bancshares（纽约证交所代码：SFBS）公布了截至2025年9月30日的2025年第三季度业绩。摊薄每股收益为1.20美元，调整后摊薄每股收益为1.30美元（同比增长18.2%）。净利息收益率为3.09%（同比上升25个基点）。贷款增长了9.737亿美元（同比增长7.9%），存款增长了9.604亿美元（同比增长7.3%）。每股账面价值为32.62美元（同比增长13.3%）。流动性：现金及等价物为17.7亿美元（占资产的10.1%）；没有FHLB借款或经纪人存款。不良资产上升至资产的0.96%，由一项大型房地产抵押关系推动。
- Adjusted diluted EPS +18.2% YoY to $1.30
- Loans +$973.7M (7.9% YoY)
- Deposits +$960.4M (7.3% YoY)
- Book value per share $32.62, +13.3% YoY
- Liquidity $1.77B (10.1% of assets); no FHLB or brokered deposits
- Non-performing assets rose to 0.96% from 0.25% YoY
- Provision for credit losses $9.3M in Q3 2025 vs $5.4M in Q3 2024
- Recorded losses $7.8M on sale of available-for-sale debt securities
Insights
Solid quarter: earnings, margins, and book value rose, supported by loan and deposit growth despite higher credit costs.
The company reported diluted EPS of
Key dependencies and risks include credit trends and one sizable non‑accrual relationship that reduced NIM by about 10 bps; non‑performing assets rose to
Credit metrics weakened this quarter; loan growth is healthy but one large real‑estate relationship drove NPA and charge‑offs.
Loans increased by
Risks and watch points center on the large real‑estate secured relationship and reserve adequacy; watch quarterly trends in non‑performing assets, net charge‑offs, and the allowance as a percentage of loans. Also follow additional loan seasoning and any further securities realizations announced in the next
BIRMINGHAM, Ala., Oct. 20, 2025 (GLOBE NEWSWIRE) -- ServisFirst Bancshares, Inc. (NYSE: SFBS), today announced earnings and operating results for the quarter ended September 30, 2025.
Third Quarter 2025 Highlights:
- Diluted earnings per share of
$1.20 for the quarter. Adjusted diluted earnings per share of$1.30 , up18.2% from the third quarter of 2024. - Net interest margin of
3.09% , up 25 basis points from the third quarter of 2024 (negatively impacted by about 10 bps on a single non-accrual relationship). - Adjusted cost of interest-bearing deposits is flat from second quarter of 2025 to third quarter of 2025 at
3.41% . - Loans grew by
$973.7 million , or7.9% , year-over-year. - Deposits grew by
$960.4 million , or7.3% , year-over-year and7.1% annualized, from the second quarter of 2025. - Book value per share of
$32.62 , up13.3% from the third quarter of 2024 and13.8% annualized, from the second quarter of 2025. - Liquidity remains strong with
$1.77 billion in cash and cash equivalent assets,10.1% of our total assets, and no FHLB advances or brokered deposits. - Consolidated common equity tier 1 capital to risk-weighted assets increased from
11.25% to11.49% year-over-year. - Return on average common stockholders’ equity of
14.88% . Adjusted return on average common stockholders’ equity improved to16.21% for the third quarter of 2025 compared to15.68% for the second quarter of 2025 and15.55% for the third quarter of 2024. - We sold
$83.4 million of low-yielding bonds during the third quarter of 2025 at a loss and reinvested in securities with higher yields.
Tom Broughton, Chairman, President, and CEO, said, “All of our regions and markets were solidly profitable in the third quarter of 2025. We have seen great progress in all our markets and our newer offices have reached profitability.”
David Sparacio, CFO, said, “We are pleased with the continued expansion of our net interest margin and pricing discipline on both loans and deposits. We continue to see solid year over year growth in earnings and deliver top returns for our shareholders.”
* 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 September 30, 2025 | Period Ending June 30, 2025 | % Change From Period Ending June 30, 2025 to Period Ending September 30, 2025 | Period Ending September 30, 2024 | % Change From Period Ending September 30, 2024 to Period Ending September 30, 2025 | ||||||||||||||
| QUARTERLY OPERATING RESULTS | |||||||||||||||||||
| Net Income | $ | 65,571 | $ | 61,424 | 6.8 | % | $ | 59,907 | 9.5 | % | |||||||||
| Net Income Available to Common Stockholders | $ | 65,571 | $ | 61,393 | 6.8 | % | $ | 59,907 | 9.5 | % | |||||||||
| Diluted Earnings Per Share | $ | 1.20 | $ | 1.12 | 7.1 | % | $ | 1.10 | 9.1 | % | |||||||||
| Return on Average Assets | 1.47 | % | 1.40 | % | 1.43 | % | |||||||||||||
| Return on Average Common Stockholders' Equity | 14.88 | % | 14.56 | % | 15.55 | % | |||||||||||||
| Average Diluted Shares Outstanding | 54,667,955 | 54,664,480 | 54,642,582 | ||||||||||||||||
| Adjusted Net Income, net of tax* | $ | 71,422 | $ | 66,133 | 8.0 | % | $ | 59,907 | 19.2 | % | |||||||||
| Adjusted Net Income Available to Common | |||||||||||||||||||
| Stockholders, net of tax* | $ | 71,422 | $ | 66,102 | 8.0 | % | $ | 59,907 | 19.2 | % | |||||||||
| Adjusted Diluted Earnings Per Share, net of tax* | $ | 1.30 | $ | 1.21 | 7.4 | % | $ | 1.10 | 18.2 | % | |||||||||
| Adjusted Return on Average Assets, net of tax* | 1.60 | % | 1.50 | % | 1.43 | % | |||||||||||||
| Adjusted Return on Average Common | |||||||||||||||||||
| Stockholders' Equity, net of tax* | 16.21 | % | 15.68 | % | 15.55 | % | |||||||||||||
| YEAR-TO-DATE OPERATING RESULTS | |||||||||||||||||||
| Net Income | $ | 190,219 | $ | 162,069 | 17.4 | % | |||||||||||||
| Net Income Available to Common Stockholders | $ | 190,188 | $ | 162,038 | 17.4 | % | |||||||||||||
| Diluted Earnings Per Share | $ | 3.48 | $ | 2.97 | 17.2 | % | |||||||||||||
| Return on Average Assets | 1.44 | % | 1.35 | % | |||||||||||||||
| Return on Average Common Stockholders' Equity | 15.01 | % | 14.51 | % | |||||||||||||||
| Average Diluted Shares Outstanding | 54,663,063 | 54,615,647 | |||||||||||||||||
| Adjusted Net Income, net of tax* | $ | 200,779 | $ | 163,416 | 22.9 | % | |||||||||||||
| Adjusted Net Income Available to Common | |||||||||||||||||||
| Stockholders, net of tax* | $ | 200,748 | $ | 163,385 | 22.9 | % | |||||||||||||
| Adjusted Diluted Earnings Per Share, net of tax* | $ | 3.67 | $ | 2.99 | 22.7 | % | |||||||||||||
| Adjusted Return on Average Assets, net of tax* | 1.52 | % | 1.36 | % | |||||||||||||||
| Adjusted Return on Average Common | |||||||||||||||||||
| Stockholders' Equity, net of tax* | 15.85 | % | 14.63 | % | |||||||||||||||
| BALANCE SHEET | |||||||||||||||||||
| Total Assets | $ | 17,584,199 | $ | 17,378,628 | 1.2 | % | $ | 16,449,178 | 6.9 | % | |||||||||
| Loans | 13,311,967 | 13,232,560 | 0.6 | % | 12,338,226 | 7.9 | % | ||||||||||||
| Non-interest-bearing Demand Deposits | 2,598,895 | 2,632,058 | (1.3 | )% | 2,576,329 | 0.9 | % | ||||||||||||
| Total Deposits | 14,106,922 | 13,862,319 | 1.8 | % | 13,146,529 | 7.3 | % | ||||||||||||
| Stockholders' Equity | 1,781,647 | 1,721,783 | 3.5 | % | 1,570,269 | 13.5 | % | ||||||||||||
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 third quarter of 2025 were
Average total deposits for the third quarter of 2025 were
Non-performing assets to total assets were
Non-interest income decreased
Non-interest expense increased
Income tax expense increased
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, and Virginia. We also operate a loan production office in Florida. Through the ServisFirst 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 and Section 27A of the Securities Act of 1933. 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. ServisFirst Bancshares, Inc. cautions that such forward-looking statements, wherever they occur in this press release or in other statements attributable to ServisFirst Bancshares, Inc., are necessarily estimates reflecting the judgment of ServisFirst Bancshares, Inc.’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 tornados, in our geographic markets; and increased competition from both banks and non-bank financial institutions. 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, in our Quarterly Reports on Form 10-Q for fiscal year 2025, and our other SEC filings. If one or more of the assumptions forming the basis of 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 contained herein. Accordingly, you should not place undue reliance on any forward-looking statements, which speak only as of the date made. ServisFirst Bancshares, Inc. 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) | |||||||||||||||||||||
| 3rd Quarter 2025 | 2nd Quarter 2025 | 1st Quarter 2025 | 4th Quarter 2024 | 3rd Quarter 2024 | |||||||||||||||||
| CONSOLIDATED STATEMENT OF INCOME | |||||||||||||||||||||
| Interest income | $ | 251,308 | $ | 246,635 | $ | 241,096 | $ | 243,892 | $ | 247,979 | |||||||||||
| Interest expense | 117,860 | 114,948 | 117,543 | 120,724 | 132,858 | ||||||||||||||||
| Net interest income | 133,448 | 131,687 | 123,553 | 123,168 | 115,121 | ||||||||||||||||
| Provision for credit losses | 9,463 | 11,296 | 6,630 | 5,704 | 5,659 | ||||||||||||||||
| Net interest income after provision for credit losses | 123,985 | 120,391 | 116,923 | 117,464 | 109,462 | ||||||||||||||||
| Non-interest income | 2,833 | 421 | 8,277 | 8,803 | 8,549 | ||||||||||||||||
| Non-interest expense | 47,996 | 44,204 | 46,107 | 46,896 | 45,632 | ||||||||||||||||
| Income before income tax | 78,822 | 76,608 | 79,093 | 79,371 | 72,379 | ||||||||||||||||
| Provision for income tax | 13,251 | 15,184 | 15,869 | 14,198 | 12,472 | ||||||||||||||||
| Net income | 65,571 | 61,424 | 63,224 | 65,173 | 59,907 | ||||||||||||||||
| Preferred stock dividends | - | 31 | - | 31 | - | ||||||||||||||||
| Net income available to common stockholders | $ | 65,571 | $ | 61,393 | $ | 63,224 | $ | 65,142 | $ | 59,907 | |||||||||||
| Earnings per share - basic | $ | 1.20 | $ | 1.12 | $ | 1.16 | $ | 1.19 | $ | 1.10 | |||||||||||
| Earnings per share - diluted | $ | 1.20 | $ | 1.12 | $ | 1.16 | $ | 1.19 | $ | 1.10 | |||||||||||
| Average diluted shares outstanding | 54,667,955 | 54,664,480 | 54,656,630 | 54,649,808 | 54,642,582 | ||||||||||||||||
| CONSOLIDATED BALANCE SHEET DATA | |||||||||||||||||||||
| Total assets | $ | 17,584,199 | $ | 17,378,628 | $ | 18,636,766 | $ | 17,351,643 | $ | 16,449,178 | |||||||||||
| Loans | 13,311,967 | 13,232,560 | 12,886,831 | 12,605,836 | 12,338,226 | ||||||||||||||||
| Debt securities | 1,849,739 | 1,914,503 | 1,905,550 | 1,876,253 | 1,867,587 | ||||||||||||||||
| Non-interest-bearing demand deposits | 2,598,895 | 2,632,058 | 2,647,577 | 2,619,687 | 2,576,329 | ||||||||||||||||
| Total deposits | 14,106,922 | 13,862,319 | 14,429,061 | 13,543,459 | 13,146,529 | ||||||||||||||||
| Borrowings | 64,750 | 64,747 | 64,745 | 64,743 | 64,741 | ||||||||||||||||
| Stockholders' equity | 1,781,647 | 1,721,783 | 1,668,900 | 1,616,772 | 1,570,269 | ||||||||||||||||
| Shares outstanding | 54,621,441 | 54,618,545 | 54,601,217 | 54,569,427 | 54,551,543 | ||||||||||||||||
| Book value per share | $ | 32.62 | $ | 31.52 | $ | 30.57 | $ | 29.63 | $ | 28.79 | |||||||||||
| Tangible book value per share (1) | $ | 32.37 | $ | 31.27 | $ | 30.32 | $ | 29.38 | $ | 28.54 | |||||||||||
| SELECTED FINANCIAL RATIOS (Annualized) | |||||||||||||||||||||
| Net interest margin | 3.09 | % | 3.10 | % | 2.92 | % | 2.96 | % | 2.84 | % | |||||||||||
| Return on average assets | 1.47 | % | 1.40 | % | 1.45 | % | 1.52 | % | 1.43 | % | |||||||||||
| Return on average common stockholders' equity | 14.88 | % | 14.56 | % | 15.63 | % | 16.29 | % | 15.55 | % | |||||||||||
| Efficiency ratio | 35.22 | % | 33.46 | % | 34.97 | % | 35.54 | % | 36.90 | % | |||||||||||
| Non-interest expense to average earning assets | 1.11 | % | 1.04 | % | 1.09 | % | 1.13 | % | 1.13 | % | |||||||||||
| CAPITAL RATIOS (2) | |||||||||||||||||||||
| Common equity tier 1 capital to risk-weighted assets | 11.49 | % | 11.38 | % | 11.48 | % | 11.42 | % | 11.25 | % | |||||||||||
| Tier 1 capital to risk-weighted assets | 11.50 | % | 11.38 | % | 11.48 | % | 11.42 | % | 11.25 | % | |||||||||||
| Total capital to risk-weighted assets | 12.91 | % | 12.81 | % | 12.93 | % | 12.90 | % | 12.77 | % | |||||||||||
| Tier 1 capital to average assets | 10.01 | % | 9.78 | % | 9.48 | % | 9.59 | % | 9.54 | % | |||||||||||
| Tangible common equity to total tangible assets (1) | 10.06 | % | 9.84 | % | 8.89 | % | 9.25 | % | 9.47 | % | |||||||||||
| (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
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 September 30, 2025 | At June 30, 2025 | At March 31, 2025 | At December 31, 2024 | At September 30, 2024 | |||||||||||||||
| Book value per share - GAAP | $ | 32.62 | $ | 31.52 | $ | 30.57 | $ | 29.63 | $ | 28.79 | |||||||||
| Total common stockholders' equity - GAAP | 1,781,647 | 1,721,783 | 1,668,900 | 1,616,772 | 1,570,269 | ||||||||||||||
| Adjustment for Goodwill | (13,615 | ) | (13,615 | ) | (13,615 | ) | (13,615 | ) | (13,615 | ) | |||||||||
| Tangible common stockholders' equity - non-GAAP | $ | 1,768,032 | $ | 1,708,168 | $ | 1,655,285 | $ | 1,603,157 | $ | 1,556,654 | |||||||||
| Tangible book value per share - non-GAAP | $ | 32.37 | $ | 31.27 | $ | 30.32 | $ | 29.38 | $ | 28.54 | |||||||||
| Stockholders' equity to total assets - GAAP | 10.13 | % | 9.91 | % | 8.95 | % | 9.32 | % | 9.55 | % | |||||||||
| Total assets - GAAP | $ | 17,584,199 | $ | 17,378,628 | $ | 18,636,766 | $ | 17,351,643 | $ | 16,449,178 | |||||||||
| Adjustment for Goodwill | (13,615 | ) | (13,615 | ) | (13,615 | ) | (13,615 | ) | (13,615 | ) | |||||||||
| Total tangible assets - non-GAAP | $ | 17,570,584 | $ | 17,365,013 | $ | 18,623,151 | $ | 17,338,028 | $ | 16,435,563 | |||||||||
| Tangible common equity to total tangible assets - non-GAAP | 10.06 | % | 9.84 | % | 8.89 | % | 9.25 | % | 9.47 | % | |||||||||
| Three Months Ended September 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2024 | ||||||||||||||||
| Net income - GAAP | $ | 65,571 | $ | 61,424 | $ | 59,907 | $ | 190,219 | $ | 162,069 | ||||||||||
| Adjustments: | ||||||||||||||||||||
| FDIC special assessment | - | - | - | - | 1,799 | |||||||||||||||
| Legal matter accrual reversal | - | (2,276 | ) | - | (2,276 | ) | - | |||||||||||||
| Loss on marketable securities | 7,812 | 8,563 | - | 16,375 | - | |||||||||||||||
| Tax on adjustments | (1,961 | ) | (1,578 | ) | - | (3,539 | ) | (452 | ) | |||||||||||
| Adjusted net income - non-GAAP | $ | 71,422 | $ | 66,133 | $ | 59,907 | $ | 200,779 | $ | 163,416 | ||||||||||
| Net income available to common stockholders - GAAP | $ | 65,571 | $ | 61,393 | $ | 59,907 | $ | 190,188 | $ | 162,038 | ||||||||||
| Adjustments: | ||||||||||||||||||||
| FDIC special assessment | - | - | - | - | 1,799 | |||||||||||||||
| Legal matter accrual reversal | - | (2,276 | ) | - | (2,276 | ) | - | |||||||||||||
| Loss on marketable securities | 7,812 | 8,563 | - | 16,375 | - | |||||||||||||||
| Tax on adjustments | (1,961 | ) | (1,578 | ) | - | (3,539 | ) | (452 | ) | |||||||||||
| Adjusted net income available to common stockholders - non-GAAP | $ | 71,422 | $ | 66,102 | $ | 59,907 | $ | 200,748 | $ | 163,385 | ||||||||||
| Diluted earnings per share - GAAP | $ | 1.20 | $ | 1.12 | $ | 1.10 | $ | 3.48 | $ | 2.97 | ||||||||||
| Adjustments: | ||||||||||||||||||||
| FDIC special assessment | - | - | - | - | 0.03 | |||||||||||||||
| Legal matter accrual reversal | - | (0.04 | ) | - | (0.04 | ) | - | |||||||||||||
| Loss on marketable securities | 0.14 | 0.16 | - | 0.30 | - | |||||||||||||||
| Tax on adjustments | (0.04 | ) | (0.03 | ) | - | (0.07 | ) | (0.01 | ) | |||||||||||
| Adjusted diluted earnings per share - non-GAAP | $ | 1.30 | $ | 1.21 | $ | 1.10 | $ | 3.67 | $ | 2.99 | ||||||||||
| Net interest income, on a fully taxable-equivalent basis | $ | 133,502 | $ | 131,777 | $ | 115,138 | $ | 388,897 | $ | 324,207 | ||||||||||
| Adjustments: | ||||||||||||||||||||
| Legal matter accrual reversal | - | (2,276 | ) | - | (2,276 | ) | - | |||||||||||||
| Tax on adjustments | - | 571 | - | 571 | - | |||||||||||||||
| Adjusted net interest income, on a fully taxable-equivalent basis | $ | 133,502 | $ | 130,072 | $ | 115,138 | $ | 387,192 | $ | 324,207 | ||||||||||
| Net interest margin-GAAP | 3.09 | % | 3.10 | % | 2.84 | % | 3.04 | % | 2.77 | % | ||||||||||
| Average earning assets | 17,129,689 | 17,076,353 | 16,122,366 | 17,131,692 | 15,621,642 | |||||||||||||||
| Adjusted net interest margin-non-GAAP | 3.09 | % | 3.06 | % | 2.84 | % | 3.02 | % | 2.77 | % | ||||||||||
| Cost on interest bearing deposits-GAAP | 3.41 | % | 3.33 | % | 4.12 | % | 3.39 | % | 4.09 | % | ||||||||||
| Interest expense deposits | 98,735 | 93,488 | 113,211 | 286,968 | 321,948 | |||||||||||||||
| Legal matter accrual reversal | - | 2,276 | - | 2,276 | - | |||||||||||||||
| Adjusted interest expense | $ | 98,735 | $ | 95,764 | $ | 113,211 | $ | 289,244 | $ | 321,948 | ||||||||||
| Average total interest bearing deposits | $ | 11,482,480 | $ | 11,261,657 | $ | 10,940,164 | $ | 11,337,833 | $ | 10,523,767 | ||||||||||
| Adjusted cost on interest bearing deposits-non-GAAP | 3.41 | % | 3.41 | % | 4.12 | % | 3.41 | % | 4.09 | % | ||||||||||
| Return on average assets - GAAP | 1.47 | % | 1.40 | % | 1.43 | % | 1.44 | % | 1.35 | % | ||||||||||
| Net income available to common stockholders - GAAP | $ | 65,571 | $ | 61,393 | $ | 59,907 | $ | 190,188 | $ | 162,038 | ||||||||||
| Adjustments: | ||||||||||||||||||||
| FDIC special assessment | - | - | - | - | 1,799 | |||||||||||||||
| Legal matter accrual reversal | - | (2,276 | ) | - | (2,276 | ) | - | |||||||||||||
| Loss on marketable securities | 7,812 | 8,563 | - | 16,375 | - | |||||||||||||||
| Tax on adjustments | (1,961 | ) | (1,578 | ) | - | (3,539 | ) | (452 | ) | |||||||||||
| Adjusted net income available to common stockholders - non-GAAP | $ | 71,422 | $ | 66,102 | $ | 59,907 | $ | 200,748 | $ | 163,385 | ||||||||||
| Average assets - GAAP | $ | 17,709,359 | $ | 17,626,503 | $ | 16,627,133 | $ | 17,681,999 | $ | 16,095,856 | ||||||||||
| Adjusted return on average assets - non-GAAP | 1.60 | % | 1.50 | % | 1.43 | % | 1.52 | % | 1.36 | % | ||||||||||
| Return on average common stockholders' equity - GAAP | 14.88 | % | 14.56 | % | 15.55 | % | 15.01 | % | 14.51 | % | ||||||||||
| Net income available to common stockholders - GAAP | $ | 65,571 | $ | 61,393 | $ | 59,907 | $ | 190,188 | $ | 162,038 | ||||||||||
| Adjustments: | ||||||||||||||||||||
| FDIC special assessment | - | - | - | - | 1,799 | |||||||||||||||
| Legal matter accrual reversal | - | (2,276 | ) | - | (2,276 | ) | - | |||||||||||||
| Loss on marketable securities | 7,812 | 8,563 | - | 16,375 | - | |||||||||||||||
| Tax on adjustments | (1,961 | ) | (1,578 | ) | - | (3,539 | ) | (452 | ) | |||||||||||
| Adjusted net income available to common stockholders - non-GAAP | $ | 71,422 | $ | 66,102 | $ | 59,907 | $ | 200,748 | $ | 163,385 | ||||||||||
| Average common stockholders' equity - GAAP | $ | 1,747,825 | $ | 1,690,855 | $ | 1,533,083 | $ | 1,693,601 | $ | 1,491,877 | ||||||||||
| Adjusted return on average common stockholders' equity non-GAAP | 16.21 | % | 15.68 | % | 15.55 | % | 15.85 | % | 14.63 | % | ||||||||||
| Efficiency ratio | 35.22 | % | 33.46 | % | 36.90 | % | 34.56 | % | 38.53 | % | ||||||||||
| Net interest income - GAAP | $ | 133,448 | $ | 131,687 | $ | 115,121 | $ | 388,688 | $ | 323,491 | ||||||||||
| Adjustments: | ||||||||||||||||||||
| Legal matter accrual reversal | - | (2,276 | ) | - | (2,276 | ) | - | |||||||||||||
| Adjusted net interest income - non-GAAP | $ | 133,448 | $ | 129,411 | $ | 115,121 | $ | 386,412 | $ | 323,491 | ||||||||||
| Total non-interest income - GAAP | 2,833 | 421 | 8,549 | 11,531 | 26,253 | |||||||||||||||
| Adjustments: | ||||||||||||||||||||
| Loss on marketable securities | 7,812 | 8,563 | - | 16,375 | - | |||||||||||||||
| Adjusted non-interest income - non-GAAP | $ | 10,645 | $ | 8,984 | $ | 8,549 | $ | 27,906 | $ | 26,253 | ||||||||||
| Adjusted net interest income and non-interest income - non-GAAP | 144,093 | 138,395 | 123,670 | 414,318 | 349,744 | |||||||||||||||
| Non-interest expense - GAAP | $ | 47,996 | $ | 44,204 | $ | 45,632 | $ | 138,307 | $ | 134,250 | ||||||||||
| Adjustments: | ||||||||||||||||||||
| FDIC special assessment | - | - | - | - | 1,799 | |||||||||||||||
| Adjusted non-interest expense - non-GAAP | $ | 47,996 | $ | 44,204 | $ | 45,632 | $ | 138,307 | $ | 132,451 | ||||||||||
| Adjusted efficiency ratio - non-GAAP | 33.31 | % | 31.94 | % | 36.90 | % | 33.38 | % | 37.87 | % | ||||||||||
| CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||||||
| (Dollars in thousands) | ||||||||||||
| September 30, 2025 | September 30, 2024 | % Change | ||||||||||
| ASSETS | ||||||||||||
| Cash and due from banks | $ | 144,089 | $ | 142,372 | 1 | % | ||||||
| Interest-bearing balances due from depository institutions | 1,191,447 | 1,614,317 | (26 | )% | ||||||||
| Federal funds sold and securities purchased with agreement to resell | 437,769 | 3,542 | 12,259 | % | ||||||||
| Cash and cash equivalents | 1,773,305 | 1,760,231 | 1 | % | ||||||||
| Available for sale debt securities, at fair value | 1,178,144 | 1,139,007 | 3 | % | ||||||||
| Held to maturity debt securities (fair value of | 671,595 | 728,580 | (8 | )% | ||||||||
| Restricted equity securities | 12,203 | 11,300 | 8 | % | ||||||||
| Mortgage loans held for sale | 9,433 | 8,453 | 12 | % | ||||||||
| Loans | 13,311,967 | 12,338,226 | 8 | % | ||||||||
| Less allowance for credit losses | (170,235 | ) | (160,755 | ) | 6 | % | ||||||
| Loans, net | 13,141,732 | 12,177,471 | 8 | % | ||||||||
| Premises and equipment, net | 60,704 | 61,328 | (1 | )% | ||||||||
| Goodwill | 13,615 | 13,615 | - | % | ||||||||
| Other assets | 723,468 | 549,193 | 32 | % | ||||||||
| Total assets | $ | 17,584,199 | $ | 16,449,178 | 7 | % | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
| Liabilities: | ||||||||||||
| Deposits: | ||||||||||||
| Non-interest-bearing demand | $ | 2,598,895 | $ | 2,576,329 | 1 | % | ||||||
| Interest-bearing | 11,508,027 | 10,570,200 | 9 | % | ||||||||
| Total deposits | 14,106,922 | 13,146,529 | 7 | % | ||||||||
| Federal funds purchased | 1,488,150 | 1,542,623 | (4 | )% | ||||||||
| Other borrowings | 64,750 | 64,741 | - | % | ||||||||
| Other liabilities | 142,730 | 125,016 | 14 | % | ||||||||
| Total liabilities | 15,802,552 | 14,878,909 | 6 | % | ||||||||
| Stockholders' equity: | ||||||||||||
| Preferred stock, par value | ||||||||||||
| September 30, 2025 and September 30, 2024 | - | - | - | % | ||||||||
| Common stock, par value | ||||||||||||
| issued and outstanding at September 30, 2025, and 54,551,543 | ||||||||||||
| shares issued and outstanding at September 30, 2024 | 54 | 54 | - | % | ||||||||
| Additional paid-in capital | 237,236 | 235,649 | 1 | % | ||||||||
| Retained earnings | 1,548,098 | 1,365,701 | 13 | % | ||||||||
| Accumulated other comprehensive loss | (4,241 | ) | (31,635 | ) | (87 | )% | ||||||
| Total stockholders' equity attributable to ServisFirst Bancshares, Inc. | 1,781,147 | 1,569,769 | 13 | % | ||||||||
| Noncontrolling interest | 500 | 500 | - | % | ||||||||
| Total stockholders' equity | 1,781,647 | 1,570,269 | 13 | % | ||||||||
| Total liabilities and stockholders' equity | $ | 17,584,199 | $ | 16,449,178 | 7 | % | ||||||
| CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | |||||||||||||||||
| (In thousands except per share data) | |||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Interest income: | |||||||||||||||||
| Interest and fees on loans | $ | 210,987 | $ | 205,952 | $ | 614,444 | $ | 587,230 | |||||||||
| Taxable securities | 17,338 | 17,493 | 49,923 | 49,630 | |||||||||||||
| Nontaxable securities | 5 | 7 | 16 | 25 | |||||||||||||
| Federal funds sold and securities purchased with agreement to resell | 4,724 | 31 | 6,336 | 1,110 | |||||||||||||
| Other interest and dividends | 18,254 | 24,496 | 68,320 | 64,234 | |||||||||||||
| Total interest income | 251,308 | 247,979 | 739,039 | 702,229 | |||||||||||||
| Interest expense: | |||||||||||||||||
| Deposits | 98,735 | 113,211 | 286,968 | 321,948 | |||||||||||||
| Borrowed funds | 19,125 | 19,647 | 63,383 | 56,790 | |||||||||||||
| Total interest expense | 117,860 | 132,858 | 350,351 | 378,738 | |||||||||||||
| Net interest income | 133,448 | 115,121 | 388,688 | 323,491 | |||||||||||||
| Provision for credit losses | 9,463 | 5,659 | 27,389 | 15,883 | |||||||||||||
| Net interest income after provision for credit losses | 123,985 | 109,462 | 361,299 | 307,608 | |||||||||||||
| Non-interest income: | |||||||||||||||||
| Service charges on deposit accounts | 3,316 | 2,341 | 8,545 | 6,784 | |||||||||||||
| Mortgage banking | 1,864 | 1,352 | 3,800 | 3,409 | |||||||||||||
| Credit card income | 2,405 | 1,925 | 6,492 | 6,413 | |||||||||||||
| Securities losses | (7,812 | ) | - | (16,375 | ) | - | |||||||||||
| Bank-owned life insurance income | 2,405 | 2,113 | 6,668 | 7,402 | |||||||||||||
| Other operating income | 655 | 818 | 2,401 | 2,245 | |||||||||||||
| Total non-interest income | 2,833 | 8,549 | 11,531 | 26,253 | |||||||||||||
| Non-interest expense: | |||||||||||||||||
| Salaries and employee benefits | 25,522 | 25,057 | 70,977 | 72,256 | |||||||||||||
| Equipment and occupancy expense | 3,615 | 3,795 | 10,860 | 10,919 | |||||||||||||
| Third party processing and other services | 8,095 | 8,035 | 23,838 | 22,666 | |||||||||||||
| Professional services | 1,857 | 1,715 | 5,694 | 4,920 | |||||||||||||
| FDIC and other regulatory assessments | 2,742 | 2,355 | 8,349 | 8,462 | |||||||||||||
| Other real estate owned expense | 82 | 103 | 142 | 141 | |||||||||||||
| Other operating expense | 6,083 | 4,572 | 18,447 | 14,886 | |||||||||||||
| Total non-interest expense | 47,996 | 45,632 | 138,307 | 134,250 | |||||||||||||
| Income before income tax | 78,822 | 72,379 | 234,523 | 199,611 | |||||||||||||
| Provision for income tax | 13,251 | 12,472 | 44,304 | 37,542 | |||||||||||||
| Net income | 65,571 | 59,907 | 190,219 | 162,069 | |||||||||||||
| Dividends on preferred stock | - | - | 31 | 31 | |||||||||||||
| Net income available to common stockholders | $ | 65,571 | $ | 59,907 | $ | 190,188 | $ | 162,038 | |||||||||
| Basic earnings per common share | $ | 1.20 | $ | 1.10 | $ | 3.48 | $ | 2.97 | |||||||||
| Diluted earnings per common share | $ | 1.20 | $ | 1.10 | $ | 3.48 | $ | 2.97 | |||||||||
| LOANS BY TYPE (UNAUDITED) | |||||||||||||||
| (In thousands) | |||||||||||||||
| 3rd Quarter 2025 | 2nd Quarter 2025 | 1st Quarter 2025 | 4th Quarter 2024 | 3rd Quarter 2024 | |||||||||||
| Commercial, financial and agricultural | $ | 2,945,784 | $ | 2,966,191 | $ | 2,924,533 | $ | 2,869,894 | $ | 2,793,989 | |||||
| Real estate - construction | 1,532,285 | 1,735,405 | 1,599,410 | 1,489,306 | 1,439,648 | ||||||||||
| Real estate - mortgage: | |||||||||||||||
| Owner-occupied commercial | 2,680,055 | 2,557,711 | 2,543,819 | 2,547,143 | 2,441,687 | ||||||||||
| 1-4 family mortgage | 1,625,296 | 1,561,461 | 1,494,189 | 1,444,623 | 1,409,981 | ||||||||||
| Non-owner occupied commercial | 4,448,710 | 4,338,697 | 4,259,566 | 4,181,243 | 4,190,935 | ||||||||||
| Subtotal: Real estate - mortgage | 8,754,061 | 8,457,869 | 8,297,574 | 8,173,009 | 8,042,603 | ||||||||||
| Consumer | 79,837 | 73,095 | 65,314 | 73,627 | 61,986 | ||||||||||
| Total loans | $ | 13,311,967 | $ | 13,232,560 | $ | 12,886,831 | $ | 12,605,836 | $ | 12,338,226 | |||||
| SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED) | |||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| 3rd Quarter 2025 | 2nd Quarter 2025 | 1st Quarter 2025 | 4th Quarter 2024 | 3rd Quarter 2024 | |||||||||||||||
| Allowance for credit losses: | |||||||||||||||||||
| Beginning balance | $ | 169,959 | $ | 165,034 | $ | 164,458 | $ | 160,755 | $ | 158,092 | |||||||||
| Loans charged off: | |||||||||||||||||||
| Commercial, financial and agricultural | 7,947 | 6,849 | 2,415 | 3,899 | 3,020 | ||||||||||||||
| Real estate - construction | - | - | 46 | - | - | ||||||||||||||
| Real estate - mortgage | 1,294 | 581 | 3,571 | 560 | 252 | ||||||||||||||
| Consumer | 109 | 72 | 60 | 211 | 155 | ||||||||||||||
| Total charge offs | 9,350 | 7,502 | 6,092 | 4,670 | 3,427 | ||||||||||||||
| Recoveries: | |||||||||||||||||||
| Commercial, financial and agricultural | 237 | 959 | 171 | 1,801 | 616 | ||||||||||||||
| Real estate - construction | 30 | - | - | - | - | ||||||||||||||
| Real estate - mortgage | - | 1 | - | 23 | 2 | ||||||||||||||
| Consumer | 21 | 58 | 27 | 151 | 37 | ||||||||||||||
| Total recoveries | 288 | 1,018 | 198 | 1,975 | 655 | ||||||||||||||
| Net charge-offs | 9,063 | 6,484 | 5,894 | 2,695 | 2,772 | ||||||||||||||
| Provision for credit losses | 9,338 | 11,409 | 6,470 | 6,398 | 5,435 | ||||||||||||||
| Ending balance | $ | 170,235 | $ | 169,959 | $ | 165,034 | $ | 164,458 | $ | 160,755 | |||||||||
| Allowance for credit losses to total loans | 1.28 | % | 1.28 | % | 1.28 | % | 1.30 | % | 1.30 | % | |||||||||
| Allowance for credit losses to total average loans | 1.29 | % | 1.31 | % | 1.30 | % | 1.32 | % | 1.30 | % | |||||||||
| Net charge-offs to total average loans | 0.27 | % | 0.20 | % | 0.19 | % | 0.09 | % | 0.09 | % | |||||||||
| Provision for credit losses to total average loans | 0.28 | % | 0.35 | % | 0.21 | % | 0.21 | % | 0.17 | % | |||||||||
| Nonperforming assets: | |||||||||||||||||||
| Nonaccrual loans | $ | 166,662 | $ | 68,619 | $ | 73,793 | $ | 39,501 | $ | 37,075 | |||||||||
| Loans 90+ days past due and accruing | 965 | 3,549 | 111 | 2,965 | 2,093 | ||||||||||||||
| Other real estate owned and | |||||||||||||||||||
| repossessed assets | 611 | 311 | 756 | 2,531 | 2,723 | ||||||||||||||
| Total | $ | 168,238 | $ | 72,479 | $ | 74,660 | $ | 44,997 | $ | 41,891 | |||||||||
| Nonperforming loans to total loans | 1.26 | % | 0.55 | % | 0.57 | % | 0.34 | % | 0.32 | % | |||||||||
| Nonperforming assets to total assets | 0.96 | % | 0.42 | % | 0.40 | % | 0.26 | % | 0.25 | % | |||||||||
| Nonperforming assets to earning assets | 1.00 | % | 0.43 | % | 0.41 | % | 0.26 | % | 0.26 | % | |||||||||
| Allowance for credit losses to nonaccrual loans | 102.14 | % | 247.69 | % | 223.64 | % | 416.34 | % | 433.59 | % | |||||||||
| CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||||||||||||||
| (In thousands except per share data) | ||||||||||||||||||||
| 3rd Quarter 2025 | 2nd Quarter 2025 | 1st Quarter 2025 | 4th Quarter 2024 | 3rd Quarter 2024 | ||||||||||||||||
| Interest income: | ||||||||||||||||||||
| Interest and fees on loans | $ | 210,987 | $ | 206,521 | $ | 196,936 | $ | 200,875 | $ | 205,952 | ||||||||||
| Taxable securities | 17,338 | 16,562 | 16,023 | 16,905 | 17,493 | |||||||||||||||
| Nontaxable securities | 5 | 5 | 6 | 6 | 7 | |||||||||||||||
| Federal funds sold with agreement to resell | 4,724 | 1,592 | 20 | 18 | 31 | |||||||||||||||
| Other interest and dividends | 18,254 | 21,955 | 28,111 | 26,088 | 24,496 | |||||||||||||||
| Total interest income | 251,308 | 246,635 | 241,096 | 243,892 | 247,979 | |||||||||||||||
| Interest expense: | ||||||||||||||||||||
| Deposits | 98,735 | 93,488 | 94,745 | 98,702 | 113,211 | |||||||||||||||
| Borrowed funds | 19,125 | 21,460 | 22,798 | 22,022 | 19,647 | |||||||||||||||
| Total interest expense | 117,860 | 114,948 | 117,543 | 120,724 | 132,858 | |||||||||||||||
| Net interest income | 133,448 | 131,687 | 123,553 | 123,168 | 115,121 | |||||||||||||||
| Provision for credit losses | 9,463 | 11,296 | 6,630 | 5,704 | 5,659 | |||||||||||||||
| Net interest income after provision for credit losses | 123,985 | 120,391 | 116,923 | 117,464 | 109,462 | |||||||||||||||
| Non-interest income: | ||||||||||||||||||||
| Service charges on deposit accounts | 3,316 | 2,671 | 2,558 | 2,650 | 2,341 | |||||||||||||||
| Mortgage banking | 1,864 | 1,323 | 613 | 1,513 | 1,352 | |||||||||||||||
| Credit card income | 2,405 | 2,119 | 1,968 | 1,867 | 1,925 | |||||||||||||||
| Securities losses | (7,812 | ) | (8,563 | ) | - | - | - | |||||||||||||
| Bank-owned life insurance income | 2,405 | 2,126 | 2,137 | 2,131 | 2,113 | |||||||||||||||
| Other operating income | 655 | 745 | 1,001 | 642 | 818 | |||||||||||||||
| Total non-interest income | 2,833 | 421 | 8,277 | 8,803 | 8,549 | |||||||||||||||
| Non-interest expense: | ||||||||||||||||||||
| Salaries and employee benefits | 25,522 | 22,576 | 22,879 | 24,062 | 25,057 | |||||||||||||||
| Equipment and occupancy expense | 3,615 | 3,523 | 3,722 | 3,600 | 3,795 | |||||||||||||||
| Third party processing and other services | 8,095 | 8,005 | 7,738 | 8,515 | 8,035 | |||||||||||||||
| Professional services | 1,857 | 1,904 | 1,933 | 1,981 | 1,715 | |||||||||||||||
| FDIC and other regulatory assessments | 2,742 | 2,753 | 2,854 | 2,225 | 2,355 | |||||||||||||||
| Other real estate owned expense | 82 | 27 | 33 | 58 | 103 | |||||||||||||||
| Other operating expense | 6,083 | 5,416 | 6,948 | 6,455 | 4,572 | |||||||||||||||
| Total non-interest expense | 47,996 | 44,204 | 46,107 | 46,896 | 45,632 | |||||||||||||||
| Income before income tax | 78,822 | 76,608 | 79,093 | 79,371 | 72,379 | |||||||||||||||
| Provision for income tax | 13,251 | 15,184 | 15,869 | 14,198 | 12,472 | |||||||||||||||
| Net income | 65,571 | 61,424 | 63,224 | 65,173 | 59,907 | |||||||||||||||
| Dividends on preferred stock | - | 31 | - | 31 | - | |||||||||||||||
| Net income available to common stockholders | $ | 65,571 | $ | 61,393 | $ | 63,224 | $ | 65,142 | $ | 59,907 | ||||||||||
| Basic earnings per common share | $ | 1.20 | $ | 1.12 | $ | 1.16 | $ | 1.19 | $ | 1.10 | ||||||||||
| Diluted earnings per common share | $ | 1.20 | $ | 1.12 | $ | 1.16 | $ | 1.19 | $ | 1.10 | ||||||||||
| AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) | ||||||||||||||||||||||||||||||||||||
| ON A FULLY TAXABLE-EQUIVALENT BASIS | ||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
| 3rd Quarter 2025 | 2nd Quarter 2025 | 1st Quarter 2025 | 4th Quarter 2024 | 3rd 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 | $ | 13,175,297 | 6.34 | % | $ | 12,979,759 | 6.37 | % | $ | 12,683,077 | 6.29 | % | $ | 12,414,065 | 6.43 | % | $ | 12,351,073 | 6.63 | % | ||||||||||||||||
| Tax-exempt (2) | 30,478 | 5.47 | 30,346 | 5.51 | 25,044 | 4.94 | 13,198 | 1.57 | 15,584 | 1.86 | ||||||||||||||||||||||||||
| Total loans, net of unearned | ||||||||||||||||||||||||||||||||||||
| income | 13,205,775 | 6.34 | 13,010,105 | 6.37 | 12,708,121 | 6.28 | 12,427,263 | 6.43 | 12,366,657 | 6.62 | ||||||||||||||||||||||||||
| Mortgage loans held for sale | 11,351 | 4.82 | 11,739 | 5.23 | 6,731 | 4.76 | 9,642 | 5.36 | 10,674 | 3.80 | ||||||||||||||||||||||||||
| Debt securities: | ||||||||||||||||||||||||||||||||||||
| Taxable | 1,926,101 | 3.60 | 1,965,089 | 3.37 | 1,934,739 | 3.31 | 1,932,547 | 3.49 | 1,955,632 | 3.57 | ||||||||||||||||||||||||||
| Tax-exempt (2) | 444 | 5.41 | 492 | 4.88 | 589 | 5.43 | 606 | 5.28 | 815 | 4.42 | ||||||||||||||||||||||||||
| Total securities (3) | 1,926,545 | 3.60 | 1,965,581 | 3.37 | 1,935,328 | 3.31 | 1,933,153 | 3.49 | 1,956,447 | 3.57 | ||||||||||||||||||||||||||
| Federal funds sold and securities | ||||||||||||||||||||||||||||||||||||
| purchased with agreement to resell | 365,733 | 5.12 | 124,303 | 5.14 | 1,670 | 4.86 | 1,596 | 4.49 | 2,106 | 5.86 | ||||||||||||||||||||||||||
| Restricted equity securities | 12,167 | 6.36 | 12,146 | 6.64 | 11,461 | 7.43 | 11,290 | 6.80 | 11,290 | 7.36 | ||||||||||||||||||||||||||
| Interest-bearing balances with banks | 1,608,118 | 4.45 | 1,952,479 | 4.47 | 2,526,382 | 4.48 | 2,143,474 | 4.81 | 1,775,192 | 5.46 | ||||||||||||||||||||||||||
| Total interest-earning assets | $ | 17,129,689 | 5.82 | % | $ | 17,076,353 | 5.80 | % | $ | 17,189,693 | 5.69 | % | $ | 16,526,418 | 5.87 | % | $ | 16,122,366 | 6.12 | % | ||||||||||||||||
| Non-interest-earning assets: | ||||||||||||||||||||||||||||||||||||
| Cash and due from banks | 103,470 | 109,506 | 108,540 | 103,494 | 103,539 | |||||||||||||||||||||||||||||||
| Net premises and equipment | 60,614 | 59,944 | 59,633 | 60,708 | 60,607 | |||||||||||||||||||||||||||||||
| Allowance for credit losses, accrued | ||||||||||||||||||||||||||||||||||||
| interest and other assets | 415,586 | 380,700 | 352,282 | 346,763 | 340,621 | |||||||||||||||||||||||||||||||
| Total assets | $ | 17,709,359 | $ | 17,626,503 | $ | 17,710,148 | $ | 17,037,383 | $ | 16,627,133 | ||||||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
| Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||
| Checking (4) | $ | 2,069,440 | 2.16 | % | $ | 2,222,000 | 1.78 | % | $ | 2,461,900 | 2.38 | % | $ | 2,353,439 | 2.61 | % | $ | 2,318,384 | 2.97 | % | ||||||||||||||||
| Savings | 103,668 | 1.66 | 101,506 | 1.63 | 101,996 | 1.61 | 102,858 | 1.52 | 102,627 | 1.76 | ||||||||||||||||||||||||||
| Money market | 7,965,115 | 3.67 | 7,616,747 | 3.67 | 7,363,163 | 3.61 | 7,067,265 | 3.86 | 7,321,503 | 4.45 | ||||||||||||||||||||||||||
| Time deposits | 1,344,257 | 3.97 | 1,321,404 | 4.09 | 1,361,558 | 4.24 | 1,286,754 | 4.45 | 1,197,650 | 4.52 | ||||||||||||||||||||||||||
| Total interest-bearing deposits | 11,482,480 | 3.41 | 11,261,657 | 3.33 | 11,288,617 | 3.40 | 10,810,316 | 3.63 | 10,940,164 | 4.12 | ||||||||||||||||||||||||||
| Federal funds purchased | 1,640,377 | 4.46 | 1,855,860 | 4.49 | 1,994,766 | 4.50 | 1,767,749 | 4.80 | 1,391,118 | 5.42 | ||||||||||||||||||||||||||
| Other borrowings | 64,761 | 4.21 | 64,750 | 4.26 | 64,750 | 4.30 | 64,738 | 4.22 | 64,738 | 4.22 | ||||||||||||||||||||||||||
| Total interest-bearing liabilities | $ | 13,187,618 | 3.55 | % | $ | 13,182,267 | 3.50 | % | $ | 13,348,133 | 3.57 | % | $ | 12,642,803 | 3.80 | % | $ | 12,396,020 | 4.26 | % | ||||||||||||||||
| Non-interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
| Non-interest-bearing | ||||||||||||||||||||||||||||||||||||
| checking | 2,651,043 | 2,633,552 | 2,600,775 | 2,672,875 | 2,575,575 | |||||||||||||||||||||||||||||||
| Other liabilities | 122,873 | 119,829 | 120,291 | 130,457 | 122,455 | |||||||||||||||||||||||||||||||
| Stockholders' equity | 1,762,980 | 1,716,232 | 1,670,402 | 1,624,084 | 1,574,902 | |||||||||||||||||||||||||||||||
| Accumulated other comprehensive | ||||||||||||||||||||||||||||||||||||
| loss | (15,155 | ) | (25,377 | ) | (29,453 | ) | (32,836 | ) | (41,819 | ) | ||||||||||||||||||||||||||
| Total liabilities and | ||||||||||||||||||||||||||||||||||||
| stockholders' equity | $ | 17,709,359 | $ | 17,626,503 | $ | 17,710,148 | $ | 17,037,383 | $ | 16,627,133 | ||||||||||||||||||||||||||
| Net interest spread | 2.27 | % | 2.30 | % | 2.12 | % | 2.07 | % | 1.86 | % | ||||||||||||||||||||||||||
| Net interest margin | 3.09 | % | 3.10 | % | 2.92 | % | 2.96 | % | 2.84 | % | ||||||||||||||||||||||||||
| (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 | ||||||||||||||||||||||||||||||||||||
| (4) Includes impact of reversal of a | ||||||||||||||||||||||||||||||||||||
Contact: ServisFirst Bank Davis Mange (205) 949-3420 dmange@servisfirstbank.com
FAQ
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