BIRMINGHAM, Ala., July 20, 2026 (GLOBE NEWSWIRE) -- ServisFirst Bancshares, Inc. (NYSE: SFBS), today announced earnings and operating results for the quarter ended June 30, 2026.
Second Quarter 2026 Highlights:
- Diluted earnings per share of $1.57 for the quarter, up 40% from the second quarter of 2025, and up 30% from adjusted diluted earnings per share in the second quarter of 2025*.
- Loans grew $533 million, or 15% annualized, during the quarter.
- Net interest margin of 3.63%, up 10 basis points from the first quarter of 2026 and up 53 basis points from the second quarter of 2025.
- Book value per share of $36.19, up 14.8% year-over-year.
- Efficiency ratio under 30%, down from 33% in the second quarter of 2025.
- Adjusted return on average common stockholders’ equity* increased from 15.68% to 17.71% year-over-year.
- Cost of interest-bearing deposits of 2.80%, down 53 basis points from the second quarter of 2025.
- Deposits grew $686 million, or 5%, from the second quarter of 2025.
- Liquidity remains strong with $1.46 billion in cash and cash equivalents, equaling 8% of our total assets, and no FHLB advances or brokered deposits.
- Consolidated common equity tier 1 capital to risk-weighted assets increased from 11.38% in the second quarter of 2025 to 11.83% in the second quarter of 2026.
Tom Broughton, Chairman, President, and CEO, said, “We were pleased with the strong loan growth in the quarter and the positive momentum in virtually all our markets for growth with our loan pipeline at record levels.”
David Sparacio, CFO, said, “Net Income growth of 30% year-over-year, while maintaining an efficiency ratio below 30%, along with continued improvement in our net interest margin resulted in superior performance, as we have historically delivered.”
* 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 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, tangible common equity to total tangible assets, adjusted net interest income, adjusted non-interest income, and adjusted non-interest expense. 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 June 30, 2026 | Period Ending March 31, 2026 | % Change From Period Ending March 31, 2026 to Period Ending June 30, 2026 | Period Ending June 30, 2025 | % Change From Period Ending June 30, 2025 to Period Ending June 30, 2026 | |||||||||||||
| QUARTERLY OPERATING RESULTS | ||||||||||||||||||
| Net Income | $ | 85,793 | $ | 82,971 | 3.4 | % | $ | 61,424 | 39.7 | % | ||||||||
| Net Income Available to Common Stockholders | $ | 85,762 | $ | 82,971 | 3.4 | % | $ | 61,393 | 39.7 | % | ||||||||
| Diluted Earnings Per Share | $ | 1.57 | $ | 1.52 | 3.3 | % | $ | 1.12 | 40.2 | % | ||||||||
| Return on Average Assets | 1.91 | % | 1.89 | % | 1.40 | % | ||||||||||||
| Return on Average Common Stockholders' Equity | 17.71 | % | 17.91 | % | 14.56 | % | ||||||||||||
| Average Diluted Shares Outstanding | 54,702,886 | 54,695,017 | 54,664,480 | |||||||||||||||
| Adjusted Net Income, net of tax* | $ | 85,793 | $ | 82,971 | 3.4 | % | $ | 66,133 | 29.7 | % | ||||||||
| Adjusted Net Income Available to Common | ||||||||||||||||||
| Stockholders, net of tax* | $ | 85,762 | $ | 82,971 | 3.4 | % | $ | 66,102 | 29.7 | % | ||||||||
| Adjusted Diluted Earnings Per Share, net of tax* | $ | 1.57 | $ | 1.52 | 3.3 | % | $ | 1.21 | 29.8 | % | ||||||||
| Adjusted Return on Average Assets, net of tax* | 1.91 | % | 1.89 | % | 1.50 | % | ||||||||||||
| Adjusted Return on Average Common | ||||||||||||||||||
| Stockholders' Equity, net of tax* | 17.71 | % | 17.91 | % | 15.68 | % | ||||||||||||
| YEAR-TO-DATE OPERATING RESULTS | ||||||||||||||||||
| Net Income | $ | 168,764 | $ | 124,648 | 35.4 | % | ||||||||||||
| Net Income Available to Common Stockholders | $ | 168,733 | $ | 124,617 | 35.4 | % | ||||||||||||
| Diluted Earnings Per Share | $ | 3.09 | $ | 2.28 | 35.1 | % | ||||||||||||
| Return on Average Assets | 1.90 | % | 1.42 | % | ||||||||||||||
| Return on Average Common Stockholders' Equity | 17.81 | % | 15.08 | % | ||||||||||||||
| Average Diluted Shares Outstanding | 54,698,973 | 54,660,577 | ||||||||||||||||
| Adjusted Net Income, net of tax* | $ | 168,764 | $ | 129,357 | 30.5 | % | ||||||||||||
| Adjusted Net Income Available to Common | ||||||||||||||||||
| Stockholders, net of tax* | $ | 168,733 | $ | 129,326 | 30.5 | % | ||||||||||||
| Adjusted Diluted Earnings Per Share, net of tax* | $ | 3.09 | $ | 2.36 | 30.6 | % | ||||||||||||
| Adjusted Return on Average Assets, net of tax* | 1.90 | % | 1.48 | % | ||||||||||||||
| Adjusted Return on Average Common | ||||||||||||||||||
| Stockholders' Equity, net of tax* | 17.81 | % | 15.65 | % | ||||||||||||||
| BALANCE SHEET | ||||||||||||||||||
| Total Assets | $ | 18,345,498 | $ | 18,171,287 | 1.0 | % | $ | 17,378,628 | 5.6 | % | ||||||||
| Loans | 14,478,489 | 13,945,913 | 3.8 | % | 13,232,560 | 9.4 | % | |||||||||||
| Non-interest-bearing Demand Deposits | 2,995,402 | 2,836,622 | 5.6 | % | 2,632,058 | 13.8 | % | |||||||||||
| Total Deposits | 14,548,730 | 14,486,364 | 0.4 | % | 13,862,319 | 5.0 | % | |||||||||||
| Stockholders' Equity | 1,978,418 | 1,912,537 | 3.4 | % | 1,721,783 | 14.9 | % | |||||||||||
DETAILED FINANCIALS
ServisFirst Bancshares, Inc. reported net income and net income available to common stockholders of $85.8 million for the quarter ended June 30, 2026, compared to $61.4 million for the second quarter of 2025. Basic and diluted earnings per common share were both $1.57 in the second quarter of 2026, compared to $1.52 in the first quarter of 2026 and $1.12 in the second quarter of 2025. The prior-year quarter adjusted diluted earnings per share was $1.21.
Annualized return on average assets was 1.91% and annualized return on average common stockholders’ equity was 17.71% for the second quarter of 2026, compared to 1.40% and 14.56%, respectively, for the second quarter of 2025.
Net interest income was $155.6 million for the second quarter of 2026, compared to $148.1 million for the first quarter of 2026 and $131.7 million for the second quarter of 2025. The net interest margin in the second quarter of 2026 was 3.63% compared to 3.53% in the first quarter of 2026 and 3.10% in the second quarter of 2025. Loan yields were 6.23% during the second quarter of 2026 compared to 6.18% during the first quarter of 2026 and 6.37% during the second quarter of 2025. During the second quarter of 2026, we recovered $1.9 million in interest income from a large credit relationship that was previously on nonaccrual status. This recovery accounted for five basis points of the increase in loan yields from the first quarter of 2026. Investment yields were 3.81% during the second quarter of 2026 compared to 3.78% during the first quarter of 2026 and 3.37% during the second quarter of 2025. Average interest-bearing deposit rates were 2.80% during the second quarter of 2026, compared to 2.79% during the first quarter of 2026 and 3.33% during the second quarter of 2025. Average federal funds purchased rates were 3.74% during the second quarter of 2026, compared to 3.74% during the first quarter of 2026 and 4.49% during the second quarter of 2025.
Average loans for the second quarter of 2026 were $14.22 billion, an increase of $440.1 million, or 12.8% annualized, from average loans of $13.78 billion for the first quarter of 2026, and an increase of $1.21 billion, or 9.3%, from average loans of $13.01 billion for the second quarter of 2025. Ending total loans for the second quarter of 2026 were $14.48 billion, an increase of $532.6 million, or 15.3% annualized, from $13.95 billion for the first quarter of 2026, and an increase of $1.25 billion, or 9.4%, from $13.23 billion for the second quarter of 2025.
Average total deposits for the second quarter of 2026 were $14.32 billion, an increase of $191.8 million, or 5.4% annualized, from average total deposits of $14.13 billion for the first quarter of 2026, and an increase of $423.0 million, or 3.0%, from average total deposits of $13.90 billion for the second quarter of 2025. Ending total deposits for the second quarter of 2026 were $14.55 billion, an increase of $62.4 million, or 1.7% annualized, from $14.49 billion for the first quarter of 2026, and an increase of $686.4 million, or 5.0%, from $13.86 billion for the second quarter of 2025.
Nonperforming assets to total assets were 0.96% for the second quarter of 2026, compared to 1.00% for the first quarter of 2026 and 0.42% for the second quarter of 2025. The year-over-year increase was attributable to a large real-estate secured relationship. Annualized net charge-offs to average loans were 0.11% for the second quarter of 2026, compared to 0.25% for the first quarter of 2026 and 0.20% for the second quarter of 2025. The allowance for credit losses to total loans at June 30, 2026, March 31, 2026, and June 30, 2025, was 1.26%, 1.25%, and 1.28%, respectively. We recorded an $11.7 million provision for loan losses in the second quarter of 2026 compared to $10.6 million in the first quarter of 2026, and $11.4 million in the second quarter of 2025.
Non-interest income was $12.9 million for the second quarter of 2026 compared to $0.4 million in the second quarter of 2025, an increase of $12.5 million. Adjusted for $8.6 million of securities losses in the second quarter of 2025, this represented a $3.9 million, or 43.5% increase. Service charges on deposit accounts increased $667,000, or 25.0%, to $3.3 million for the second quarter of 2026 from $2.7 million in the second quarter of 2025, and were relatively flat on a linked quarter basis. We increased our service charge rates on many of our treasury management products in July of 2025. Mortgage banking revenue increased $898,000, or 67.9%, to $2.2 million for the second quarter of 2026 from $1.3 million in the second quarter of 2025, and increased $329,000, or 17.4%, on a linked quarter basis. The increase on a year-over-year basis was primarily due to an increase in loans sold into the secondary market. We also increased our per-loan administrative fee in the first quarter of 2026. Credit card income increased $373,000, or 17.6%, to $2.5 million for the second quarter of 2026 from $2.1 million in the second quarter of 2025, and increased $290,000, or 13.2%, on a linked quarter basis. Bank-owned life insurance (“BOLI”) income increased $2.0 million, or 94.4%, to $4.1 million for the second quarter of 2026 from $2.1 million in the second quarter of 2025, and increased $1.3 million, or 46.5%, on a linked quarter basis. The increases were primarily due to our purchases of $150.0 million of new contracts in the third quarter of 2025 and $25.0 million of new contracts in the second quarter of 2026. Additionally, we had a $1.0 million adjustment related to a correction of BOLI income in the fourth quarter of 2025. Other operating income decreased $37,000, or 5.0%, to $708,000 for the second quarter of 2026 from $745,000 in the second quarter of 2025, and increased $80,000, or 12.7%, on a linked quarter basis.
Non-interest expense increased $5.8 million, or 13.0%, to $50.0 million for the second quarter of 2026 from $44.2 million in the second quarter of 2025, and increased $2.6 million, or 5.4%, on a linked quarter basis. Salary and benefit expense increased $3.7 million, or 16.4%, to $26.3 million for the second quarter of 2026 from $22.6 million in the second quarter of 2025, and decreased $579,000, or 2.2%, on a linked quarter basis. The year-over-year increase was primarily due to the full impact of our Houston market expansion. The number of full-time equivalent employees (excluding temporary employees) increased by 22, or 3.4%, to 663 at June 30, 2026 compared to 641 at June 30, 2025, and increased by three from the end of the first quarter of 2026. Equipment and occupancy expense increased $440,000, or 12.5%, to $4.0 million for the second quarter of 2026 from $3.5 million in the second quarter of 2025, and increased $15,000, or 0.4%, on a linked quarter basis. Third party processing and other services expense decreased $43,000, or 0.5%, to $8.0 million for the second quarter of 2026 from $8.0 million in the second quarter of 2025, and increased $437,000, or 5.8%, on a linked quarter basis. Professional services expense increased $323,000, or 17.0%, to $2.2 million for the second quarter of 2026 from $1.9 million in the second quarter of 2025, and increased $284,000, or 14.6%, on a linked quarter basis. Other operating expenses increased $1.3 million, or 23.8%, to $6.7 million for the second quarter of 2026 from $5.4 million in the second quarter of 2025, and increased $2.4 million, or 54.2%, on a linked quarter basis. The efficiency ratio was 29.65% during the second quarter of 2026 compared to 33.46% during the second quarter of 2025 and 29.80% during the first quarter of 2026.
Our effective tax rate was 19.94% for the second quarter of 2026 compared to 19.82% for the second quarter of 2025, and 17.82% on a linked quarter basis. During the first quarter of 2026, we purchased Investment Tax Credits, which reduced our tax expense. 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 second quarters of 2026 and 2025 of $36,000 and $234,000, respectively.
About ServisFirst Bancshares, Inc.
ServisFirst Bancshares, Inc. (the “Company”) is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank (the “Bank”), the Company provides business and personal financial services from locations in Alabama, Florida, Georgia, North and South Carolina, Tennessee, Texas and Virginia. Through the Bank, we originate commercial, consumer and other loans and accept deposits, provide electronic banking services, such as online and mobile banking, including remote deposit capture, deliver treasury and cash management services and provide correspondent banking services to other financial institutions.
ServisFirst Bancshares, Inc. files periodic reports with the U.S. Securities and Exchange Commission (“SEC”). Copies of its filings may be obtained through the SEC’s website at www.sec.gov or at www.servisfirstbancshares.com.
Statements in this press release that are not historical facts, including, but not limited to, statements concerning future operations, results or performance, are hereby identified as “forward-looking statements” for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 27A of the Securities Act of 1933, as amended (the “Securities Act”). The words “believe,” “expect,” “anticipate,” “project,” “plan,” “intend,” “will,” “could,” “would,” “might” and similar expressions often signify forward-looking statements. Such statements involve inherent risks and uncertainties. The Company cautions that such forward-looking statements, wherever they occur in this press release or in other statements attributable to the Company, are necessarily estimates reflecting the judgment of the Company’s senior management and involve risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Such forward-looking statements should, therefore, be considered in light of various factors that could affect the accuracy of such forward-looking statements, including, but not limited to: general economic conditions, especially in the credit markets and in the Southeast; the impact of tariffs, trade wars and other conflicts 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 Federal Deposit Insurance Corporation ("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, 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 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, "Forward-Looking Statements" and "Risk Factors" in 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) | ||||||||||||||||||||
| 2nd Quarter 2026 | 1st Quarter 2026 | 4th Quarter 2025 | 3rd Quarter 2025 | 2nd Quarter 2025 | ||||||||||||||||
| CONSOLIDATED STATEMENT OF INCOME | ||||||||||||||||||||
| Interest income | $ | 249,880 | $ | 241,480 | $ | 251,388 | $ | 251,308 | $ | 246,635 | ||||||||||
| Interest expense | 94,243 | 93,332 | 104,867 | 117,860 | 114,948 | |||||||||||||||
| Net interest income | 155,637 | 148,148 | 146,521 | 133,448 | 131,687 | |||||||||||||||
| Provision for credit losses | 11,412 | 10,637 | 7,922 | 9,463 | 11,296 | |||||||||||||||
| Net interest income after provision for credit losses | 144,225 | 137,511 | 138,599 | 123,985 | 120,391 | |||||||||||||||
| Non-interest income | 12,892 | 10,840 | 15,691 | 2,833 | 421 | |||||||||||||||
| Non-interest expense | 49,961 | 47,384 | 46,683 | 47,996 | 44,204 | |||||||||||||||
| Income before income tax | 107,156 | 100,967 | 107,607 | 78,822 | 76,608 | |||||||||||||||
| Provision for income tax | 21,363 | 17,996 | 21,223 | 13,251 | 15,184 | |||||||||||||||
| Net income | 85,793 | 82,971 | 86,384 | 65,571 | 61,424 | |||||||||||||||
| Preferred stock dividends | 31 | - | 31 | - | 31 | |||||||||||||||
| Net income available to common stockholders | $ | 85,762 | $ | 82,971 | $ | 86,353 | $ | 65,571 | $ | 61,393 | ||||||||||
| Earnings per share - basic | $ | 1.57 | $ | 1.52 | $ | 1.58 | $ | 1.20 | $ | 1.12 | ||||||||||
| Earnings per share - diluted | $ | 1.57 | $ | 1.52 | $ | 1.58 | $ | 1.20 | $ | 1.12 | ||||||||||
| Average diluted shares outstanding | 54,702,886 | 54,695,017 | 54,675,802 | 54,667,955 | 54,664,480 | |||||||||||||||
| CONSOLIDATED BALANCE SHEET DATA | ||||||||||||||||||||
| Total assets | $ | 18,345,498 | $ | 18,171,287 | $ | 17,727,190 | $ | 17,584,199 | $ | 17,378,628 | ||||||||||
| Loans | 14,478,489 | 13,945,913 | 13,696,912 | 13,311,967 | 13,232,560 | |||||||||||||||
| Debt securities | 1,630,531 | 1,684,421 | 1,728,901 | 1,849,739 | 1,914,503 | |||||||||||||||
| Non-interest-bearing demand deposits | 2,995,402 | 2,836,622 | 2,684,272 | 2,598,895 | 2,632,058 | |||||||||||||||
| Total deposits | 14,548,730 | 14,486,364 | 14,219,034 | 14,106,922 | 13,862,319 | |||||||||||||||
| Borrowings | 34,750 | 34,750 | 34,750 | 64,750 | 64,747 | |||||||||||||||
| Stockholders' equity | 1,978,418 | 1,912,537 | 1,850,347 | 1,781,647 | 1,721,783 | |||||||||||||||
| Shares outstanding | 54,671,023 | 54,663,123 | 54,624,955 | 54,621,441 | 54,618,545 | |||||||||||||||
| Book value per share | $ | 36.19 | $ | 34.99 | $ | 33.87 | $ | 32.62 | $ | 31.52 | ||||||||||
| Tangible book value per share (1) | $ | 35.94 | $ | 34.74 | $ | 33.62 | $ | 32.37 | $ | 31.27 | ||||||||||
| SELECTED FINANCIAL RATIOS (Annualized) | ||||||||||||||||||||
| Net interest margin | 3.63 | % | 3.53 | % | 3.38 | % | 3.09 | % | 3.10 | % | ||||||||||
| Return on average assets | 1.91 | % | 1.89 | % | 1.91 | % | 1.47 | % | 1.40 | % | ||||||||||
| Return on average common stockholders' equity | 17.71 | % | 17.91 | % | 18.93 | % | 14.88 | % | 14.56 | % | ||||||||||
| Efficiency ratio | 29.65 | % | 29.80 | % | 28.78 | % | 35.22 | % | 33.46 | % | ||||||||||
| Non-interest expense to average earning assets | 1.16 | % | 1.13 | % | 1.08 | % | 1.11 | % | 1.04 | % | ||||||||||
| CAPITAL RATIOS (2) | ||||||||||||||||||||
| Common equity tier 1 capital to risk-weighted assets | 11.83 | % | 11.86 | % | 11.65 | % | 11.49 | % | 11.38 | % | ||||||||||
| Tier 1 capital to risk-weighted assets | 11.83 | % | 11.87 | % | 11.66 | % | 11.50 | % | 11.38 | % | ||||||||||
| Total capital to risk-weighted assets | 13.09 | % | 13.13 | % | 12.93 | % | 12.91 | % | 12.81 | % | ||||||||||
| Tier 1 capital to average assets | 10.93 | % | 10.71 | % | 10.26 | % | 10.01 | % | 9.78 | % | ||||||||||
| Tangible common equity to total tangible assets (1) | 10.72 | % | 10.46 | % | 10.37 | % | 10.06 | % | 9.84 | % | ||||||||||
| (1) This press release contains certain non-GAAP financial measures. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.” | ||||||||||||||||||||
| (2) Regulatory capital ratios for most recent period are preliminary. | ||||||||||||||||||||
GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures
This press release contains the non-GAAP financial measures of tangible common stockholders’ equity, total tangible assets, tangible book value per share and tangible common equity to total tangible assets, each of which excludes goodwill associated with our acquisition of Metro Bancshares, Inc. in January 2015. This press release also contains the non-GAAP financial measures of adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average common stockholders’ equity, adjusted efficiency ratio, adjusted net interest income, adjusted non-interest income, and adjusted non-interest expense.
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 June 30, 2026 | At March 31, 2026 | At December 31, 2025 | At September 30, 2025 | At June 30, 2025 | ||||||||||||||||||||
| Book value per share - GAAP | $ | 36.19 | $ | 34.99 | $ | 33.87 | $ | 32.62 | $ | 31.52 | ||||||||||||||
| Total common stockholders' equity - GAAP | 1,978,418 | 1,912,537 | 1,850,347 | 1,781,647 | 1,721,783 | |||||||||||||||||||
| Adjustment for Goodwill | (13,615 | ) | (13,615 | ) | (13,615 | ) | (13,615 | ) | (13,615 | ) | ||||||||||||||
| Tangible common stockholders' equity - non-GAAP | $ | 1,964,803 | $ | 1,898,922 | $ | 1,836,732 | $ | 1,768,032 | $ | 1,708,168 | ||||||||||||||
| Tangible book value per share - non-GAAP | $ | 35.94 | $ | 34.74 | $ | 33.62 | $ | 32.37 | $ | 31.27 | ||||||||||||||
| Stockholders' equity to total assets - GAAP | 10.78 | % | 10.53 | % | 10.44 | % | 10.13 | % | 9.91 | % | ||||||||||||||
| Total assets - GAAP | $ | 18,345,498 | $ | 18,171,287 | $ | 17,727,190 | $ | 17,584,199 | $ | 17,378,628 | ||||||||||||||
| Adjustment for Goodwill | (13,615 | ) | (13,615 | ) | (13,615 | ) | (13,615 | ) | (13,615 | ) | ||||||||||||||
| Total tangible assets - non-GAAP | $ | 18,331,883 | $ | 18,157,672 | $ | 17,713,575 | $ | 17,570,584 | $ | 17,365,013 | ||||||||||||||
| Tangible common equity to total tangible assets - non-GAAP | 10.72 | % | 10.46 | % | 10.37 | % | 10.06 | % | 9.84 | % | ||||||||||||||
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | ||||||||||||||||
| Net income - GAAP | $ | 85,793 | $ | 61,424 | $ | 168,764 | $ | 124,648 | |||||||||||
| Adjustments: | |||||||||||||||||||
| Legal matter accrual reversal | - | (2,276 | ) | - | (2,276 | ) | |||||||||||||
| Loss on marketable securities | - | 8,563 | - | 8,563 | |||||||||||||||
| Tax on adjustments | - | (1,578 | ) | - | (1,578 | ) | |||||||||||||
| Adjusted net income - non-GAAP | $ | 85,793 | $ | 66,133 | $ | 168,764 | $ | 129,357 | |||||||||||
| Net income available to common stockholders - GAAP | $ | 85,762 | $ | 61,393 | $ | 168,733 | $ | 124,617 | |||||||||||
| Adjustments: | |||||||||||||||||||
| Legal matter accrual reversal | - | (2,276 | ) | - | (2,276 | ) | |||||||||||||
| Loss on marketable securities | - | 8,563 | - | 8,563 | |||||||||||||||
| Tax on adjustments | - | (1,578 | ) | - | (1,578 | ) | |||||||||||||
| Adjusted net income available to common stockholders - non-GAAP | $ | 85,762 | $ | 66,102 | $ | 168,733 | $ | 129,326 | |||||||||||
| Diluted earnings per share - GAAP | $ | 1.57 | $ | 1.12 | $ | 3.09 | $ | 2.28 | |||||||||||
| Adjustments: | |||||||||||||||||||
| Legal matter accrual reversal | - | (0.04 | ) | - | (0.05 | ) | |||||||||||||
| Loss on marketable securities | - | 0.16 | - | 0.16 | |||||||||||||||
| Tax on adjustments | - | (0.03 | ) | - | (0.03 | ) | |||||||||||||
| Adjusted diluted earnings per share - non-GAAP | $ | 1.57 | $ | 1.21 | $ | 3.09 | $ | 2.36 | |||||||||||
| Net interest income, on a fully taxable-equivalent basis | $ | 155,637 | $ | 131,777 | $ | 303,785 | $ | 255,394 | |||||||||||
| Adjustments: | |||||||||||||||||||
| Legal matter accrual reversal | - | (2,276 | ) | - | (2,276 | ) | |||||||||||||
| Tax on adjustments | - | 571 | - | 571 | |||||||||||||||
| Adjusted net interest income, on a fully taxable-equivalent basis | $ | 155,637 | $ | 130,072 | $ | 303,785 | $ | 253,689 | |||||||||||
| Return on average assets - GAAP | 1.91 | % | 1.40 | % | 1.90 | % | 1.42 | % | |||||||||||
| Net income available to common stockholders - GAAP | $ | 85,762 | $ | 61,393 | $ | 168,733 | $ | 124,617 | |||||||||||
| Adjustments: | |||||||||||||||||||
| Legal matter accrual reversal | - | (2,276 | ) | - | (2,276 | ) | |||||||||||||
| Loss on marketable securities | - | 8,563 | - | 8,563 | |||||||||||||||
| Tax on adjustments | - | (1,578 | ) | - | (1,578 | ) | |||||||||||||
| Adjusted net income available to common stockholders - non-GAAP | $ | 85,762 | $ | 66,102 | $ | 168,733 | $ | 129,326 | |||||||||||
| Average assets - GAAP | $ | 18,013,805 | $ | 17,626,503 | $ | 17,746,068 | $ | 17,668,094 | |||||||||||
| Adjusted return on average assets - non-GAAP | 1.91 | % | 1.50 | % | 1.90 | % | 1.48 | % | |||||||||||
| Return on average common stockholders' equity - GAAP | 17.71 | % | 14.56 | % | 17.81 | % | 15.08 | % | |||||||||||
| Net income available to common stockholders - GAAP | $ | 85,762 | $ | 61,393 | $ | 168,733 | $ | 124,617 | |||||||||||
| Adjustments: | |||||||||||||||||||
| Legal matter accrual reversal | - | (2,276 | ) | - | (2,276 | ) | |||||||||||||
| Loss on marketable securities | - | 8,563 | - | 8,563 | |||||||||||||||
| Tax on adjustments | - | (1,578 | ) | - | (1,578 | ) | |||||||||||||
| Adjusted net income available to common stockholders - non-GAAP | $ | 85,762 | $ | 66,102 | $ | 168,733 | $ | 129,326 | |||||||||||
| Average common stockholders' equity - GAAP | $ | 1,942,571 | $ | 1,690,855 | $ | 1,910,751 | $ | 1,666,039 | |||||||||||
| Adjusted return on average common stockholders' equity non-GAAP | 17.71 | % | 15.68 | % | 17.81 | % | 15.65 | % | |||||||||||
| Efficiency ratio | 29.65 | % | 33.46 | % | 29.72 | % | 34.22 | % | |||||||||||
| Net interest income - GAAP | $ | 155,637 | $ | 131,687 | $ | 303,785 | $ | 255,240 | |||||||||||
| Adjustments: | |||||||||||||||||||
| Legal matter accrual reversal | - | (2,276 | ) | - | (2,276 | ) | |||||||||||||
| Adjusted net interest income - non-GAAP | $ | 155,637 | $ | 129,411 | $ | 303,785 | $ | 252,964 | |||||||||||
| Total non-interest income - GAAP | 12,892 | 421 | 23,732 | 8,698 | |||||||||||||||
| Adjustments: | |||||||||||||||||||
| Loss on marketable securities | - | 8,563 | - | 8,563 | |||||||||||||||
| Adjusted non-interest income - non-GAAP | $ | 12,892 | $ | 8,984 | $ | 23,732 | $ | 17,261 | |||||||||||
| Adjusted net interest income and non-interest income - non-GAAP | 168,529 | 138,395 | 327,517 | 270,225 | |||||||||||||||
| Non-interest expense - GAAP | $ | 49,961 | $ | 44,204 | $ | 97,345 | $ | 90,311 | |||||||||||
| Adjustments: | |||||||||||||||||||
| Adjusted non-interest expense - non-GAAP | $ | 49,961 | $ | 44,204 | $ | 97,345 | $ | 90,311 | |||||||||||
| Adjusted efficiency ratio - non-GAAP | 29.65 | % | 31.94 | % | 29.72 | % | 33.42 | % | |||||||||||
| CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||||||
| (Dollars in thousands) | ||||||||||||
| June 30, 2026 | June 30, 2025 | % Change | ||||||||||
| ASSETS | ||||||||||||
| Cash and due from banks | $ | 115,442 | $ | 140,659 | (18 | ) | % | |||||
| Interest-bearing balances due from depository institutions | 1,089,592 | 1,236,485 | (12 | ) | % | |||||||
| Federal funds sold and securities purchased with agreement to resell | 251,439 | 333,760 | (25 | ) | % | |||||||
| Cash and cash equivalents | 1,456,473 | 1,710,904 | (15 | ) | % | |||||||
| Available for sale debt securities, at fair value | 995,051 | 1,227,851 | (19 | ) | % | |||||||
| Held to maturity debt securities (fair value of $590,280 and $639,455, respectively) | 635,480 | 686,652 | (7 | ) | % | |||||||
| Restricted equity securities | 12,475 | 12,156 | 3 | % | ||||||||
| Mortgage loans held for sale | 14,886 | 22,131 | (33 | ) | % | |||||||
| Loans | 14,478,489 | 13,232,560 | 9 | % | ||||||||
| Less allowance for credit losses | (181,853 | ) | (169,959 | ) | 7 | % | ||||||
| Loans, net | 14,296,636 | 13,062,601 | 9 | % | ||||||||
| Premises and equipment, net | 63,648 | 59,993 | 6 | % | ||||||||
| Goodwill | 13,615 | 13,615 | - | % | ||||||||
| Other assets | 857,234 | 582,725 | 47 | % | ||||||||
| Total assets | $ | 18,345,498 | $ | 17,378,628 | 6 | % | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
| Liabilities: | ||||||||||||
| Deposits: | ||||||||||||
| Non-interest-bearing demand | $ | 2,995,402 | $ | 2,632,058 | 14 | % | ||||||
| Interest-bearing | 11,553,328 | 11,230,261 | 3 | % | ||||||||
| Total deposits | 14,548,730 | 13,862,319 | 5 | % | ||||||||
| Federal funds purchased | 1,579,388 | 1,599,135 | (1 | ) | % | |||||||
| Other borrowings | 34,750 | 64,747 | (46 | ) | % | |||||||
| Other liabilities | 204,212 | 130,644 | 56 | % | ||||||||
| Total liabilities | 16,367,080 | 15,656,845 | 5 | % | ||||||||
| Stockholders' equity: | ||||||||||||
| Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at | ||||||||||||
| June 30, 2026 and June 30, 2025 | - | - | - | % | ||||||||
| Common stock, par value $0.001 per share; 200,000,000 shares authorized; 54,671,023 shares | ||||||||||||
| issued and outstanding at June 30, 2026, and 54,618,545 | ||||||||||||
| shares issued and outstanding at June 30, 2025 | 55 | 54 | 2 | % | ||||||||
| Additional paid-in capital | 239,317 | 236,716 | 1 | % | ||||||||
| Retained earnings | 1,741,070 | 1,500,767 | 16 | % | ||||||||
| Accumulated other comprehensive loss | (2,524 | ) | (16,254 | ) | (84 | ) | % | |||||
| Total stockholders' equity attributable to ServisFirst Bancshares, Inc. | 1,977,918 | 1,721,283 | 15 | % | ||||||||
| Noncontrolling interest | 500 | 500 | - | % | ||||||||
| Total stockholders' equity | 1,978,418 | 1,721,783 | 15 | % | ||||||||
| Total liabilities and stockholders' equity | $ | 18,345,498 | $ | 17,378,628 | 6 | % | ||||||
| CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||||||||||
| (In thousands except per share data) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Interest income: | ||||||||||||||||
| Interest and fees on loans | $ | 220,731 | $ | 206,521 | $ | 430,797 | $ | 403,457 | ||||||||
| Investment securities | 15,827 | 16,567 | 31,926 | 32,596 | ||||||||||||
| Federal funds sold and securities purchased with agreement to resell | 4,146 | 1,592 | 9,707 | 1,612 | ||||||||||||
| Other interest and dividends | 9,176 | 21,955 | 18,930 | 50,066 | ||||||||||||
| Total interest income | 249,880 | 246,635 | 491,360 | 487,731 | ||||||||||||
| Interest expense: | ||||||||||||||||
| Deposits | 79,440 | 93,488 | 157,725 | 188,233 | ||||||||||||
| Borrowed funds | 14,803 | 21,460 | 29,850 | 44,258 | ||||||||||||
| Total interest expense | 94,243 | 114,948 | 187,575 | 232,491 | ||||||||||||
| Net interest income | 155,637 | 131,687 | 303,785 | 255,240 | ||||||||||||
| Provision for credit losses | 11,412 | 11,296 | 22,049 | 17,926 | ||||||||||||
| Net interest income after provision for credit losses | 144,225 | 120,391 | 281,736 | 237,314 | ||||||||||||
| Non-interest income: | ||||||||||||||||
| Service charges on deposit accounts | 3,338 | 2,671 | 6,634 | 5,229 | ||||||||||||
| Mortgage banking | 2,221 | 1,323 | 4,113 | 1,936 | ||||||||||||
| Credit card income | 2,492 | 2,119 | 4,694 | 4,087 | ||||||||||||
| Securities losses | - | (8,563 | ) | - | (8,563 | ) | ||||||||||
| Bank-owned life insurance income | 4,133 | 2,126 | 6,955 | 4,263 | ||||||||||||
| Other operating income | 708 | 745 | 1,336 | 1,746 | ||||||||||||
| Total non-interest income | 12,892 | 421 | 23,732 | 8,698 | ||||||||||||
| Non-interest expenses: | ||||||||||||||||
| Salaries and employee benefits | 26,274 | 22,576 | 53,127 | 45,455 | ||||||||||||
| Equipment and occupancy expense | 3,963 | 3,523 | 7,911 | 7,245 | ||||||||||||
| Third party processing and other services | 7,962 | 8,005 | 15,487 | 15,743 | ||||||||||||
| Professional services | 2,227 | 1,904 | 4,170 | 3,837 | ||||||||||||
| FDIC and other regulatory assessments | 2,753 | 2,753 | 4,260 | 5,607 | ||||||||||||
| Other real estate owned expense | 75 | 27 | 95 | 60 | ||||||||||||
| Other operating expenses | 6,707 | 5,416 | 12,295 | 12,364 | ||||||||||||
| Total non-interest expenses | 49,961 | 44,204 | 97,345 | 90,311 | ||||||||||||
| Income before income taxes | 107,156 | 76,608 | 208,123 | 155,701 | ||||||||||||
| Provision for income taxes | 21,363 | 15,184 | 39,359 | 31,053 | ||||||||||||
| Net income | 85,793 | 61,424 | 168,764 | 124,648 | ||||||||||||
| Dividends on preferred stock | 31 | 31 | 31 | 31 | ||||||||||||
| Net income available to common stockholders | $ | 85,762 | $ | 61,393 | $ | 168,733 | $ | 124,617 | ||||||||
| Basic earnings per common share | $ | 1.57 | $ | 1.12 | $ | 3.09 | $ | 2.28 | ||||||||
| Diluted earnings per common share | $ | 1.57 | $ | 1.12 | $ | 3.09 | $ | 2.28 | ||||||||
| LOANS BY TYPE (UNAUDITED) | |||||||||||||||
| (In thousands) | |||||||||||||||
| 2nd Quarter 2026 | 1st Quarter 2026 | 4th Quarter 2025 | 3rd Quarter 2025 | 2nd Quarter 2025 | |||||||||||
| Commercial, financial and agricultural | $ | 3,252,437 | $ | 3,189,704 | $ | 3,146,736 | $ | 2,945,784 | $ | 2,966,191 | |||||
| Real estate - construction | 1,564,504 | 1,531,042 | 1,457,628 | 1,532,285 | 1,735,405 | ||||||||||
| Real estate - mortgage: | |||||||||||||||
| Owner-occupied commercial | 2,781,375 | 2,718,512 | 2,739,823 | 2,680,055 | 2,557,711 | ||||||||||
| 1-4 family mortgage | 1,685,723 | 1,695,140 | 1,671,713 | 1,625,296 | 1,561,461 | ||||||||||
| Non-owner occupied commercial | 5,123,635 | 4,739,642 | 4,603,389 | 4,448,710 | 4,338,697 | ||||||||||
| Subtotal: Real estate - mortgage | 9,590,733 | 9,153,294 | 9,014,925 | 8,754,061 | 8,457,869 | ||||||||||
| Consumer | 70,815 | 71,873 | 77,623 | 79,837 | 73,095 | ||||||||||
| Total loans | $ | 14,478,489 | $ | 13,945,913 | $ | 13,696,912 | $ | 13,311,967 | $ | 13,232,560 | |||||
| SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED) | |||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| 2nd Quarter 2026 | 1st Quarter 2026 | 4th Quarter 2025 | 3rd Quarter 2025 | 2nd Quarter 2025 | |||||||||||||||
| Allowance for credit losses: | |||||||||||||||||||
| Beginning balance | $ | 173,905 | $ | 171,683 | $ | 170,235 | $ | 169,959 | $ | 165,034 | |||||||||
| Loans charged off: | |||||||||||||||||||
| Commercial, financial and agricultural | 4,074 | 8,291 | 7,695 | 7,947 | 6,849 | ||||||||||||||
| Real estate - construction | 711 | - | - | - | - | ||||||||||||||
| Real estate - mortgage | 5 | 91 | 64 | 1,294 | 580 | ||||||||||||||
| Consumer | 79 | 171 | 465 | 109 | 73 | ||||||||||||||
| Total charge offs | 4,869 | 8,553 | 8,224 | 9,350 | 7,502 | ||||||||||||||
| Recoveries: | |||||||||||||||||||
| Commercial, financial and agricultural | 667 | 178 | 1,532 | 237 | 959 | ||||||||||||||
| Real estate - construction | - | - | - | 30 | - | ||||||||||||||
| Real estate - mortgage | 396 | - | - | - | 1 | ||||||||||||||
| Consumer | 59 | 35 | 10 | 21 | 58 | ||||||||||||||
| Total recoveries | 1,122 | 213 | 1,542 | 288 | 1,018 | ||||||||||||||
| Net charge-offs | 3,747 | 8,340 | 6,682 | 9,062 | 6,484 | ||||||||||||||
| Provision for loan losses | 11,695 | 10,562 | 8,130 | 9,338 | 11,409 | ||||||||||||||
| Ending balance | $ | 181,853 | $ | 173,905 | $ | 171,683 | $ | 170,235 | $ | 169,959 | |||||||||
| Allowance for credit losses to total loans | 1.26 | % | 1.25 | % | 1.25 | % | 1.28 | % | 1.28 | % | |||||||||
| Allowance for credit losses to total average loans | 1.28 | % | 1.26 | % | 1.27 | % | 1.29 | % | 1.31 | % | |||||||||
| Net charge-offs to total average loans | 0.11 | % | 0.25 | % | 0.20 | % | 0.27 | % | 0.20 | % | |||||||||
| Provision for credit losses to total average loans | 0.33 | % | 0.31 | % | 0.24 | % | 0.28 | % | 0.35 | % | |||||||||
| Nonperforming assets: | |||||||||||||||||||
| Nonaccrual loans | $ | 169,711 | $ | 176,613 | $ | 168,351 | $ | 166,662 | $ | 68,619 | |||||||||
| Loans 90+ days past due and accruing | 1,242 | 1,274 | 478 | 965 | 3,549 | ||||||||||||||
| Other real estate owned and | |||||||||||||||||||
| repossessed assets | 4,834 | 3,072 | 2,583 | 611 | 311 | ||||||||||||||
| Total | $ | 175,787 | $ | 180,959 | $ | 171,412 | $ | 168,238 | $ | 72,479 | |||||||||
| Nonperforming loans to total loans | 1.18 | % | 1.28 | % | 1.23 | % | 1.26 | % | 0.55 | % | |||||||||
| Nonperforming assets to total assets | 0.96 | % | 1.00 | % | 0.97 | % | 0.96 | % | 0.42 | % | |||||||||
| Nonperforming assets to earning assets | 0.99 | % | 1.05 | % | 1.01 | % | 1.00 | % | 0.43 | % | |||||||||
| Allowance for credit losses to nonaccrual loans | 107.15 | % | 98.47 | % | 101.98 | % | 102.14 | % | 247.69 | % | |||||||||
| CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | |||||||||||||||||
| (In thousands except per share data) | |||||||||||||||||
| 2nd Quarter 2026 | 1st Quarter 2026 | 4th Quarter 2025 | 3rd Quarter 2025 | 2nd Quarter 2025 | |||||||||||||
| Interest income: | |||||||||||||||||
| Interest and fees on loans | $ | 220,731 | $ | 210,066 | $ | 214,252 | $ | 210,987 | $ | 206,521 | |||||||
| Investment securities | 15,827 | 16,099 | 17,204 | 17,343 | 16,567 | ||||||||||||
| Federal funds sold and securities purchased with agreement to resell | 4,146 | 5,561 | 5,671 | 4,724 | 1,592 | ||||||||||||
| Other interest and dividends | 9,176 | 9,754 | 14,261 | 18,254 | 21,955 | ||||||||||||
| Total interest income | 249,880 | 241,480 | 251,388 | 251,308 | 246,635 | ||||||||||||
| Interest expense: | |||||||||||||||||
| Deposits | 79,440 | 78,285 | 86,920 | 98,735 | 93,488 | ||||||||||||
| Borrowed funds | 14,803 | 15,047 | 17,947 | 19,125 | 21,460 | ||||||||||||
| Total interest expense | 94,243 | 93,332 | 104,867 | 117,860 | 114,948 | ||||||||||||
| Net interest income | 155,637 | 148,148 | 146,521 | 133,448 | 131,687 | ||||||||||||
| Provision for credit losses | 11,412 | 10,637 | 7,922 | 9,463 | 11,296 | ||||||||||||
| Net interest income after provision for credit losses | 144,225 | 137,511 | 138,599 | 123,985 | 120,391 | ||||||||||||
| Non-interest income: | |||||||||||||||||
| Service charges on deposit accounts | 3,338 | 3,296 | 3,339 | 3,316 | 2,671 | ||||||||||||
| Mortgage banking | 2,221 | 1,892 | 1,664 | 1,864 | 1,323 | ||||||||||||
| Credit card income | 2,492 | 2,202 | 1,835 | 2,405 | 2,119 | ||||||||||||
| Securities losses | - | - | - | (7,812 | ) | (8,563 | ) | ||||||||||
| Bank-owned life insurance income | 4,133 | 2,822 | 8,149 | 2,405 | 2,126 | ||||||||||||
| Other operating income | 708 | 628 | 704 | 655 | 745 | ||||||||||||
| Total non-interest income | 12,892 | 10,840 | 15,691 | 2,833 | 421 | ||||||||||||
| Non-interest expenses: | |||||||||||||||||
| Salaries and employee benefits | 26,274 | 26,853 | 23,838 | 25,522 | 22,576 | ||||||||||||
| Equipment and occupancy expense | 3,963 | 3,948 | 3,737 | 3,615 | 3,523 | ||||||||||||
| Third party processing and other services | 7,962 | 7,525 | 7,779 | 8,095 | 8,005 | ||||||||||||
| Professional services | 2,227 | 1,943 | 1,481 | 1,857 | 1,904 | ||||||||||||
| FDIC and other regulatory assessments | 2,753 | 2,745 | 2,641 | 2,742 | 2,753 | ||||||||||||
| Other real estate owned expense | 75 | 20 | 13 | 82 | 27 | ||||||||||||
| Other operating expenses | 6,707 | 4,350 | 7,194 | 6,083 | 5,416 | ||||||||||||
| Total non-interest expenses | 49,961 | 47,384 | 46,683 | 47,996 | 44,204 | ||||||||||||
| Income before income taxes | 107,156 | 100,967 | 107,607 | 78,822 | 76,608 | ||||||||||||
| Provision for income taxes | 21,363 | 17,996 | 21,223 | 13,251 | 15,184 | ||||||||||||
| Net income | 85,793 | 82,971 | 86,384 | 65,571 | 61,424 | ||||||||||||
| Dividends on preferred stock | 31 | - | 31 | - | 31 | ||||||||||||
| Net income available to common stockholders | $ | 85,762 | $ | 82,971 | $ | 86,353 | $ | 65,571 | $ | 61,393 | |||||||
| Basic earnings per common share | $ | 1.57 | $ | 1.52 | $ | 1.58 | $ | 1.20 | $ | 1.12 | |||||||
| Diluted earnings per common share | $ | 1.57 | $ | 1.52 | $ | 1.58 | $ | 1.20 | $ | 1.12 | |||||||
| AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) | |||||||||||||||||||||||||||||||||||
| ON A FULLY TAXABLE-EQUIVALENT BASIS | |||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||||||||||
| 2nd Quarter 2026 | 1st Quarter 2026 | 4th Quarter 2025 | 3rd Quarter 2025 | 2nd Quarter 2025 | |||||||||||||||||||||||||||||||
| Average Balance | Yield / Rate | Average Balance | Yield / Rate | Average Balance | Yield / Rate | Average Balance | Yield / Rate | Average Balance | Yield / Rate | ||||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||||||||||||
| Loans, net of unearned income (1) | |||||||||||||||||||||||||||||||||||
| Taxable | $ | 14,198,439 | 6.18 | % | $ | 13,751,447 | 6.18 | % | $ | 13,474,271 | 6.30 | % | $ | 13,175,297 | 6.34 | % | $ | 12,979,759 | 6.37 | % | |||||||||||||||
| Tax-exempt (2) | 26,082 | 37.03 | 32,976 | 5.82 | 30,670 | 5.52 | 30,478 | 5.47 | 30,346 | 5.51 | |||||||||||||||||||||||||
| Total loans, net of unearned | |||||||||||||||||||||||||||||||||||
| income | 14,224,521 | 6.23 | 13,784,423 | 6.18 | 13,504,941 | 6.29 | 13,205,775 | 6.34 | 13,010,105 | 6.37 | |||||||||||||||||||||||||
| Mortgage loans held for sale | 13,327 | 5.30 | 10,680 | 4.40 | 9,887 | 4.49 | 11,351 | 4.82 | 11,739 | 5.23 | |||||||||||||||||||||||||
| Debt securities: | |||||||||||||||||||||||||||||||||||
| Taxable | 1,659,147 | 3.81 | 1,702,499 | 3.78 | 1,826,632 | 3.77 | 1,926,101 | 3.60 | 1,965,089 | 3.37 | |||||||||||||||||||||||||
| Tax-exempt (2) | 444 | 5.41 | 444 | 5.41 | 444 | 5.41 | 444 | 5.41 | 492 | 4.88 | |||||||||||||||||||||||||
| Total securities (3) | 1,659,591 | 3.81 | 1,702,943 | 3.78 | 1,827,076 | 3.77 | 1,926,545 | 3.60 | 1,965,581 | 3.37 | |||||||||||||||||||||||||
| Federal funds sold and securities | |||||||||||||||||||||||||||||||||||
| purchased with agreement to resell | 372,645 | 4.46 | 501,377 | 4.50 | 469,148 | 4.79 | 365,733 | 5.12 | 124,303 | 5.14 | |||||||||||||||||||||||||
| Restricted equity securities | 12,456 | 6.41 | 12,228 | 6.17 | 12,193 | 6.61 | 12,167 | 6.36 | 12,146 | 6.64 | |||||||||||||||||||||||||
| Interest-bearing balances with banks | 964,808 | 3.73 | 1,041,026 | 3.73 | 1,393,155 | 4.00 | 1,608,118 | 4.45 | 1,952,479 | 4.47 | |||||||||||||||||||||||||
| Total interest-earning assets | $ | 17,247,348 | 5.82 | % | $ | 17,052,677 | 5.75 | % | $ | 17,216,400 | 5.79 | % | $ | 17,129,689 | 5.82 | % | $ | 17,076,353 | 5.80 | % | |||||||||||||||
| Non-interest-earning assets: | |||||||||||||||||||||||||||||||||||
| Cash and due from banks | 96,648 | 103,847 | 102,066 | 103,470 | 109,506 | ||||||||||||||||||||||||||||||
| Net premises and equipment | 63,303 | 61,253 | 61,009 | 60,614 | 59,944 | ||||||||||||||||||||||||||||||
| Allowance for credit losses, accrued | |||||||||||||||||||||||||||||||||||
| interest and other assets | 606,506 | 552,337 | 556,704 | 415,586 | 380,700 | ||||||||||||||||||||||||||||||
| Total assets | $ | 18,013,805 | $ | 17,770,114 | $ | 17,936,179 | $ | 17,709,359 | $ | 17,626,503 | |||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
| Interest-bearing deposits: | |||||||||||||||||||||||||||||||||||
| Checking | $ | 2,050,758 | 1.69 | % | $ | 2,101,953 | 1.60 | % | $ | 2,126,615 | 1.77 | % | $ | 2,069,440 | 2.16 | % | $ | 2,222,000 | 1.78 | % | |||||||||||||||
| Savings | 112,077 | 1.41 | 110,843 | 1.42 | 106,551 | 1.52 | 103,668 | 1.66 | 101,506 | 1.63 | |||||||||||||||||||||||||
| Money market | 7,956,884 | 3.03 | 7,812,168 | 3.01 | 7,816,487 | 3.23 | 7,965,115 | 3.67 | 7,616,747 | 3.67 | |||||||||||||||||||||||||
| Time deposits | 1,274,496 | 3.26 | 1,373,023 | 3.42 | 1,392,749 | 3.80 | 1,344,257 | 3.97 | 1,321,404 | 4.09 | |||||||||||||||||||||||||
| Total interest-bearing deposits | 11,394,215 | 2.80 | 11,397,987 | 2.79 | 11,442,402 | 3.01 | 11,482,480 | 3.41 | 11,261,657 | 3.33 | |||||||||||||||||||||||||
| Federal funds purchased | 1,549,520 | 3.74 | 1,593,215 | 3.74 | 1,712,399 | 4.01 | 1,640,377 | 4.46 | 1,855,860 | 4.49 | |||||||||||||||||||||||||
| Other borrowings | 34,750 | 4.02 | 34,750 | 4.05 | 59,207 | 4.21 | 64,761 | 4.21 | 64,750 | 4.26 | |||||||||||||||||||||||||
| Total interest-bearing liabilities | $ | 12,978,485 | 2.91 | % | $ | 13,025,952 | 2.91 | % | $ | 13,214,008 | 3.15 | % | $ | 13,187,618 | 3.55 | % | $ | 13,182,267 | 3.50 | % | |||||||||||||||
| Non-interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
| Non-interest-bearing | |||||||||||||||||||||||||||||||||||
| checking | 2,923,956 | 2,728,354 | 2,768,495 | 2,651,043 | 2,633,552 | ||||||||||||||||||||||||||||||
| Other liabilities | 168,793 | 137,231 | 143,680 | 122,873 | 119,829 | ||||||||||||||||||||||||||||||
| Stockholders' equity | 1,944,735 | 1,879,072 | 1,813,097 | 1,762,980 | 1,716,232 | ||||||||||||||||||||||||||||||
| Accumulated other comprehensive | |||||||||||||||||||||||||||||||||||
| loss | (2,164 | ) | (495 | ) | (3,101 | ) | (15,155 | ) | (25,377 | ) | |||||||||||||||||||||||||
| Total liabilities and | |||||||||||||||||||||||||||||||||||
| stockholders' equity | $ | 18,013,805 | $ | 17,770,114 | $ | 17,936,179 | $ | 17,709,359 | $ | 17,626,503 | |||||||||||||||||||||||||
| Net interest spread | 2.91 | % | 2.84 | % | 2.64 | % | 2.27 | % | 2.30 | % | |||||||||||||||||||||||||
| Net interest margin | 3.63 | % | 3.53 | % | 3.38 | % | 3.09 | % | 3.10 | % | |||||||||||||||||||||||||
| (1) Average loans include nonaccrual loans in all periods. Loan fees of $4,763, $5,186, $5,464, $6,103, and $4,430 are included in interest income in the second quarter of 2026, first quarter of 2026, fourth quarter of 2025, third quarter of 2025, and second quarter of 2025, 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 $(4,830), $(2,713), $(6,311), $(22,574), and $(36,381) for the second quarter of 2026, first quarter of 2026, fourth quarter of 2025, third quarter of 2025, and second quarter of 2025, respectively, are excluded from the yield calculation. | |||||||||||||||||||||||||||||||||||
Contact: ServisFirst Bank Davis Mange (205) 949-3420 dmange@servisfirstbank.com
