ServisFirst Bancshares, Inc.: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 20 October 2025: press release. The quarter’s numbers.

Key takeaways

Diluted EPS rose from prior quarter: Diluted EPS was $1.20 versus $1.12 in Q2 2025 and $1.10 in Q3 2024. Adjusted diluted EPS was $1.30, up 18.2% year over year, excluding securities losses. Source
Net interest margin expanded year over year: Net interest margin was 3.09%, up 25 basis points from Q3 2024 and slightly below 3.10% in Q2 2025. The company said a single non-accrual relationship reduced margin by about 10 basis points. Source
Deposit costs held flat: Adjusted cost of interest-bearing deposits was 3.41%, unchanged from Q2 2025 and down from 4.12% in Q3 2024. Source
Loans grew 7.9% year over year: Ending loans were $13.31 billion, up $973.7 million or 7.9% from Q3 2024, and up $79.4 million or 2.4% annualized from Q2 2025. Average loans rose 6.0% annualized sequentially. Source
Nonperforming assets rose sharply: Nonperforming assets were 0.96% of total assets, up from 0.42% in Q2 2025 and 0.25% a year earlier. Management said the year-over-year increase was driven by one large, real-estate secured relationship. Source
Securities losses reduced non-interest income: Non-interest income was $2.8 million, including a $7.8 million loss on sale of available-for-sale debt securities from portfolio restructuring. Adjusted non-interest income was $10.6 million. Source

“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.”
Tom Broughton, Chairman, President, and CEO

What changed from last quarter

New: Company reported a new sale of $83.4 million of low-yielding bonds at a loss, with reinvestment into higher-yielding securities; the Q2 release described a portfolio restructuring with an $8.6 million loss. Source
New: Company purchased an additional $125 million in BOLI contracts during the third quarter of 2025. Source
New: Service charge rates on many checking account products were increased in July 2025. Source
New: Company invested in a renewable energy tax credit in Q3 2025, receiving tax credits and other benefits of about $3.6 million. Source

Results and earnings growth

Diluted EPS rose from prior quarter: Diluted EPS was $1.20 versus $1.12 in Q2 2025 and $1.10 in Q3 2024. Adjusted diluted EPS was $1.30, up 18.2% year over year, excluding securities losses. Source
Net income up year over year: Net income was $65.6 million, compared with $61.4 million in Q2 2025 and $59.9 million in Q3 2024. Adjusted net income was $71.4 million. Source
Nine-month earnings higher: Year-to-date diluted EPS was $3.48 versus $2.97 a year earlier; adjusted diluted EPS was $3.67, up 22.7%. Source

Net interest margin and pricing

Net interest margin expanded year over year: Net interest margin was 3.09%, up 25 basis points from Q3 2024 and slightly below 3.10% in Q2 2025. The company said a single non-accrual relationship reduced margin by about 10 basis points. Source
Deposit costs held flat: Adjusted cost of interest-bearing deposits was 3.41%, unchanged from Q2 2025 and down from 4.12% in Q3 2024. Source
Loan and investment yields: Loan yield was 6.34%, down from 6.37% in Q2 2025. Investment yield rose to 3.60% from 3.37%. Source

“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.”
David Sparacio, CFO

Loans and deposits growth

Loans grew 7.9% year over year: Ending loans were $13.31 billion, up $973.7 million or 7.9% from Q3 2024, and up $79.4 million or 2.4% annualized from Q2 2025. Average loans rose 6.0% annualized sequentially. Source
Deposits grew 7.3% year over year: Ending deposits were $14.11 billion, up $960.4 million or 7.3% year over year and 7.1% annualized from Q2 2025. Non-interest-bearing deposits declined 1.3% from Q2 2025. Source
Non-owner occupied real estate led loan categories: Non-owner occupied commercial real estate loans rose to $4.45 billion from $4.34 billion, owner-occupied commercial to $2.68 billion, and construction fell to $1.53 billion from $1.74 billion. Source

Credit quality and provisions

Nonperforming assets rose sharply: Nonperforming assets were 0.96% of total assets, up from 0.42% in Q2 2025 and 0.25% a year earlier. Management said the year-over-year increase was driven by one large, real-estate secured relationship. Source
Net charge-offs increased: Annualized net charge-offs were 0.27% of average loans, up from 0.20% in Q2 2025 and 0.09% in Q3 2024. The company charged off $3.0 million on loans not previously impaired. Source
Provision declined from Q2: Provision for credit losses was $9.3 million, down from $11.4 million in Q2 2025 and up from $5.4 million in Q3 2024, which included $2.7 million tied to Hurricanes Helene and Milton. Source
Allowance held near prior level: Allowance for credit losses was 1.28% of total loans, unchanged from Q2 2025 and below 1.30% a year earlier. Source

Non-interest income and securities losses

Securities losses reduced non-interest income: Non-interest income was $2.8 million, including a $7.8 million loss on sale of available-for-sale debt securities from portfolio restructuring. Adjusted non-interest income was $10.6 million. Source
Service charges and mortgage income grew: Service charges on deposit accounts rose 41.6% year over year to $3.3 million, and mortgage banking revenue rose 37.9% to $1.9 million. Source

Non-interest expense and staffing

Non-interest expense rose from Q2: Non-interest expense was $48.0 million, up 5.2% year over year and 8.6% from Q2 2025. Salaries and benefits rose 13.0% from Q2 to $25.5 million. Source
Full-time staff count edged down: Full-time equivalent employees were 650 at September 30, 2025, up 30 from a year earlier but down 9 from the end of Q2 2025. Source
Efficiency ratio stayed low: Efficiency ratio was 35.22%, versus 36.90% in Q3 2024. Adjusted efficiency ratio was 33.31%. Source

Taxes and returns

Effective tax rate fell: Effective tax rate was 16.81%, versus 19.82% in Q2 2025 and 17.23% in Q3 2024. The renewable energy tax credit contributed to the lower rate. Source
Returns on equity improved: Adjusted return on average common equity was 16.21%, up from 15.68% in Q2 2025 and 15.55% in Q3 2024. GAAP return on equity was 14.88%. Source

Capital and liquidity

Capital ratios improved: CET1 ratio was 11.49%, up from 11.38% in Q2 2025 and 11.25% in Q3 2024. Regulatory capital ratios for the most recent period are preliminary. Source
Liquidity position remained high: Cash and cash equivalents were $1.77 billion, or 10.1% of total assets, with no FHLB advances or brokered deposits. Source
Book value per share increased: Book value per share was $32.62, up 13.3% year over year and 13.8% annualized from Q2 2025. Source

Strategy, markets and people

All regions reported profit: Chairman, President and CEO Tom Broughton said all regions and markets were solidly profitable and newer offices have reached profitability. Source
Pricing discipline and bond restructuring: CFO David Sparacio cited continued net interest margin expansion and pricing discipline on loans and deposits. The company sold $83.4 million of low-yielding bonds at a loss. Source

Risks management discussed

Financial: Nonperforming assets rose to 0.96% of total assets from 0.42% in Q2 2025, driven by a large real-estate secured relationship. Source
Financial: Annualized net charge-offs were 0.27% of average loans, up from 0.20% in Q2 2025. Source

Earlier plans management reported on

Not stated: The Q2 2025 release said management expected continued asset repricing to lead to higher net interest margins over the next 24 months.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

ServisFirst Bancshares, Inc. Announces Results For Third Quarter of 2025

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, up 18.2% 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, or 7.9%, year-over-year.
Deposits grew by $960.4 million, or 7.3%, year-over-year and 7.1% annualized, from the second quarter of 2025.
Book value per share of $32.62, up 13.3% from the third quarter of 2024 and 13.8% 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% to 11.49% year-over-year.
Return on average common stockholders’ equity of 14.88%. Adjusted return on average common stockholders’ equity improved to 16.21% for the third quarter of 2025 compared to 15.68% for the second quarter of 2025 and 15.55% 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 $65.6 million for the quarter ended September 30, 2025, compared to net income and net income available to common stockholders of $61.4 million for the second quarter of 2025 and net income and net income available to common stockholders of $59.9 million for the third quarter of 2024. Basic and diluted earnings per common share were both $1.20 in the third quarter of 2025, compared to $1.12 for both in the second quarter of 2025 and $1.10 for both in the third quarter of 2024.

Annualized return on average assets was 1.47% and annualized return on average common stockholders’ equity was 14.88% for the third quarter of 2025, compared to 1.43% and 15.55%, respectively, for the third quarter of 2024.

Net interest income was $133.4 million for the third quarter of 2025, compared to $131.7 million for the second quarter of 2025 and $115.1 million for the third quarter of 2024. The net interest margin in the third quarter of 2025 was 3.09% compared to 3.10% in the second quarter of 2025 and 2.84% in the third quarter of 2024. During the second quarter, we reversed a $2.3 million accrual related to a legal matter, which had been recorded in interest expense. The net interest margin in the second quarter of 2025, adjusted for the reversal of this accrual, was 3.06%. See “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures” for more details on this adjustment in the second quarter of 2025. Loan yields were 6.34% during the third quarter of 2025 compared to 6.37% during the second quarter of 2025 and 6.62% during the third quarter of 2024. Investment yields were 3.60% during the third quarter of 2025 compared to 3.37% during the second quarter of 2025, and 3.57% during the third quarter of 2024. Average interest-bearing deposit rates were 3.41% during the third quarter of 2025, compared to 3.33% during the second quarter of 2025 (3.41% on an adjusted basis) and 4.12% during the third quarter of 2024. Average federal funds purchased rates were 4.46% during the third quarter of 2025, compared to 4.49% during the second quarter of 2025 and 5.42% during the third quarter of 2024.

Average loans for the third quarter of 2025 were $13.21 billion, an increase of $195.7 million, or 6.0% annualized, from average loans of $13.01 billion for the second quarter of 2025, and an increase of $839.1 million, or 6.8%, from average loans of $12.37 billion for the third quarter of 2024. Ending total loans for the third quarter of 2025 were $13.31 billion, an increase of $79.4 million, or 2.4% annualized, from $13.23 billion for the second quarter of 2025, and an increase of $973.7 million, or 7.9%, from $12.34 billion for the third quarter of 2024.

Average total deposits for the third quarter of 2025 were $14.13 billion, an increase of $238.3 million, or 6.8% annualized, from average total deposits of $13.90 billion for the second quarter of 2025, and an increase of $617.8 million, or 4.6%, from average total deposits of $13.52 billion for the third quarter of 2024. Ending total deposits for the third quarter of 2025 were $14.11 billion, an increase of $244.6 million, or 7.1% annualized, from $13.86 billion for the second quarter of 2025, and an increase of $960.4 million, or 7.3%, from $13.15 billion for the third quarter of 2024.

Non-performing assets to total assets were 0.96% for the third quarter of 2025, compared to 0.42% for the second quarter of 2025 and 0.25% for the third quarter of 2024. The driver of the year-over-year increase in non-performing assets was attributable to a large, real-estate secured relationship. Annualized net charge-offs to average loans were 0.27% for the third quarter of 2025, compared to 0.20% for the second quarter of 2025 and 0.09% for the third quarter of 2024. During the third quarter of 2025, we charged off $3.0 million on loans that had not been previously impaired. The allowance for credit losses as a percentage of total loans at September 30, 2025, June 30, 2025, and September 30, 2024, was 1.28%, 1.28%, and 1.30%, respectively. We recorded a $9.3 million provision for credit losses in the third quarter of 2025 compared to $11.4 million in the second quarter of 2025, and $5.4 million in the third quarter of 2024, of which $2.7 million related to the impact of Hurricanes Helene and Milton in the third quarter of 2024.

Non-interest income decreased $5.7 million, or 66.9%, to $2.8 million for the third quarter of 2025 from $8.5 million in the third quarter of 2024, and increased $2.4 million, or 572.9%, on a linked quarter basis. Service charges on deposit accounts increased $975,000, or 41.6%, to $3.3 million for the third quarter of 2025 from $2.3 million in the third quarter of 2024, and increased $645,000, or 24.1%, on a linked quarter basis. We increased our service charge rates on many of our checking account products in July of 2025. Mortgage banking revenue increased $512,000, or 37.9%, to $1.9 million for the third quarter of 2025 from $1.4 million in the third quarter of 2024, and increased $541,000, or 40.9%, on a linked quarter basis. Net credit card income increased $480,000, or 24.9%, to $2.4 million for the third quarter of 2025 from $1.9 million in the third quarter of 2024, and increased $286,000, or 13.5%, on a linked quarter basis. In the third and second quarters of 2025 respectively, we recognized losses of $7.8 million and $8.6 million on the sale of available-for-sale debt securities as part of a portfolio restructuring. Bank-owned life insurance (“BOLI”) income increased $292,000, or 13.8%, to $2.4 million for the third quarter of 2025 from $2.1 million in the third quarter of 2024, and increased $279,000, or 13.1%, on a linked quarter basis. We purchased an additional $125 million in BOLI contracts during the third quarter of 2025. Other operating income decreased $163,000, or 19.9%, to $655,000 for the third quarter of 2025 from $818,000 in the third quarter of 2024, and decreased $90,000, or 12.1%, on a linked quarter basis.

Non-interest expense increased $2.4 million, or 5.2%, to $48.0 million for the third quarter of 2025 from $45.6 million in the third quarter of 2024, and increased $3.8 million, or 8.6%, on a linked quarter basis. Salary and benefit expense increased $465,000, or 1.9%, to $25.5 million for the third quarter of 2025 from $25.1 million in the third quarter of 2024, and increased $2.9 million, or 13.0%, on a linked quarter basis. The number of full-time equivalent (“FTE”) employees increased by 30, or 4.8%, to 650 at September 30, 2025 compared to 620 at September 30, 2024, and decreased by 9, or 1.3%, from the end of the second quarter of 2025. Equipment and occupancy expense decreased $180,000, or 4.7%, to $3.6 million for the third quarter of 2025 from $3.8 million in the third quarter of 2024, and increased $92,000, or 2.6%, on a linked quarter basis. Third party processing and other services expense increased $60,000, or 0.7%, to $8.1 million for the third quarter of 2025 from $8.0 million in the third quarter of 2024, and increased $90,000, or 1.1%, on a linked quarter basis. Professional services expense increased $142,000, or 8.3%, to $1.9 million for the third quarter of 2025 from $1.7 million in the third quarter of 2024, and decreased $47,000, or 2.5%, on a linked quarter basis. Federal Deposit Insurance Corporation (“FDIC”) and other regulatory assessments increased $387,000, or 16.4%, to $2.7 million for the third quarter of 2025 from $2.4 million in the third quarter of 2024, and decreased $11,000, or 0.4%, on a linked quarter basis. Other operating expenses increased $1.5 million, or 33.0%, to $6.1 million for the third quarter of 2025 from $4.6 million in the third quarter of 2024, and increased $667,000, or 12.3%, on a linked quarter basis. The efficiency ratio was 35.22% during the third quarter of 2025 compared to 36.90% during the third quarter of 2024 and 33.46% during the second quarter of 2025. The adjusted efficiency ratio was 33.31% in the third quarter of 2025.

Income tax expense increased $779,000, or 6.2%, to $13.3 million in the third quarter of 2025, compared to $12.5 million in the third quarter of 2024, and decreased $1.9 million, or 12.7%, on a linked quarter basis. Our effective tax rate was 16.81% for the third quarter of 2025 compared to 19.82% for the second quarter of 2025 and to 17.23% for the third quarter of 2024. We invested in a renewable energy tax credit during the third quarter of 2025 for which we received tax credits and other benefits of approximately $3.6 million. 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 third quarters of 2025 and 2024 of $81,000 and $111,000, respectively.

About ServisFirst Bancshares, Inc.

ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank, ServisFirst Bancshares, Inc. provides business and personal financial services from locations in Alabama, Florida, Georgia, North and South Carolina, Tennessee, 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.

Forward-looking statements notice

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.

	3rd Quarter 2025	2nd Quarter 2025	1st Quarter 2025	4th Quarter 2024	3rd Quarter 2024
SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)
(In thousands except share and per share data)
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 $7.2 million in the fourth quarter of 2023 associated with the FDIC’s special assessment to recapitalize the Deposit Insurance Fund following bank failures in the spring of 2023. This assessment was updated in the first quarter of 2024 resulting in additional expense of $1.8 million. We recognized an $8.6 million loss on sale of available-for-sale debt securities in non-interest income during the second quarter of 2025 due to restructuring the portfolio. We reversed a $2.3 million legal reserve from interest expense during the second quarter of 2025. We recognized a $7.8 million loss on sale of available-for-sale debt securities in non-interest income during the third quarter of 2025 due to continued restructuring of the portfolio. These adjustments to our results are unusual, or infrequent, in nature and are not considered to be part of our non-interest expense, non-interest income and interest expense run rates, respectively. Each of adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted net interest margin, adjusted return on average assets, adjusted return on average common stockholders’ equity, adjusted cost of interest-bearing deposits and adjusted efficiency ratio excludes the impact of these items, net of tax, and are all considered non-GAAP financial measures. This press release also contains the non-GAAP financial measures of tangible common stockholders’ equity, total tangible assets, tangible book value per share and tangible common equity to total tangible assets, each of which excludes goodwill associated with our acquisition of Metro Bancshares, Inc. in January 2015.

We believe these non-GAAP financial measures provide useful information to management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP; however, we acknowledge that these non-GAAP financial measures have limitations. As such, you should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies, including those in our industry, use. The following reconciliation table provides a more detailed analysis of the non-GAAP financial measures as of and for the comparative periods presented in this press release. Dollars are in thousands, except share and per share data.

	At 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%

	September 30, 2025	September 30, 2024	% Change
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in thousands)
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 $622,825 and $673,023, respectively)	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 $0.001 per share; 1,000,000 authorized and undesignated at
September 30, 2025 and September 30, 2024	-	-	-%
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 54,621,441 shares
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%

		Three Months Ended September 30,		Nine Months Ended September 30,
		2025	2024	2025	2024
	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
	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
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands except per share data)
Interest income:
Interest expense:
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

	3rd Quarter 2025	2nd Quarter 2025	1st Quarter 2025	4th Quarter 2024	3rd Quarter 2024
LOANS BY TYPE (UNAUDITED)
(In thousands)
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

	3rd Quarter 2025	2nd Quarter 2025	1st Quarter 2025	4th Quarter 2024	3rd Quarter 2024
SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED)
(Dollars in thousands)
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%

		3rd Quarter 2025	2nd Quarter 2025	1st Quarter 2025	4th Quarter 2024	3rd Quarter 2024
	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
	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
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands except per share data)
Interest income:
Interest expense:
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

	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
AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED)
ON A FULLY TAXABLE-EQUIVALENT BASIS
(Dollars in thousands)
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 $6,103, $4,430, $3,764, $4,460, and $3,949 are included in interest income in the third quarter of 2025, second quarter of 2025, first quarter of 2025, fourth quarter of 2024, and third quarter of 2024, respectively.
(2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%.
(3) Unrealized losses on debt securities of $(22,574), $(36,381), $(41,970), $(46,652), and $(58,802) for the third quarter of 2025, second quarter of 2025, first quarter of 2025, fourth quarter of 2024, and third quarter of 2024, respectively, are excluded from the yield calculation.
(4) Includes impact of reversal of a $2.3 million accrual related to a legal matter during the second quarter of 2025. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures."

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