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

1. Third quarter 2025 diluted earnings per share reached $1.20, a rise from last year. 2. Loans increased by 7.9% year-over-year, reflecting robust demand. 3. Deposits also grew 7.3% year-over-year, indicating stronger customer confidence. 4. Net interest margin expanded to 3.09%, positively impacting profitability. 5. Non-performing assets increased to 0.96%, signaling potential risk.

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Robust earnings and loan growth drive investor confidence, despite non-performing assets risk.

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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. Statements in this press release that are not historical facts, including, but not limited to, statements concerning future operations, results or performance, are hereby identified as "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. The words “believe,” “expect,” “anticipate,” “project,” “plan,” “intend,” “will,” “could,” “would,” “might” and similar expressions often signify forward-looking statements. Such statements involve inherent risks and uncertainties. ServisFirst Bancshares, Inc. cautions that such forward-looking statements, wherever they occur in this press release or in other statements attributable to ServisFirst Bancshares, Inc., are necessarily estimates reflecting the judgment of ServisFirst Bancshares, Inc.’s senior management and involve risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Such forward-looking statements should, therefore, be considered in light of various factors that could affect the accuracy of such forward-looking statements, including, but not limited to: general economic conditions, especially in the credit markets and in the Southeast; the impact of tariffs and trade wars on general economic conditions, the performance of the capital markets; changes in interest rates, yield curves and interest rate spread relationships; changes in accounting and tax principles, policies or guidelines; changes in legislation or regulatory requirements; changes as a result of our reclassification as a large financial institution by the FDIC; changes in our loan portfolio and the deposit base; possible changes in laws and regulations and governmental monetary and fiscal policies, including, but not limited to, the Federal Reserve policies in connection with continued or re-emerging inflationary pressures and the ability of the U.S. Congress to increase the U.S. statutory debt limit as needed; computer hacking or cyber-attacks resulting in unauthorized access to confidential or proprietary information; substantial, unexpected or prolonged changes in the level or cost of liquidity; the cost and other effects of legal and administrative cases and similar contingencies; possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and the value of collateral; the effect of natural disasters, such as hurricanes and tornados, in our geographic markets; and increased competition from both banks and non-bank financial institutions. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in our most recent Annual Report on Form 10-K, in our Quarterly Reports on Form 10-Q for fiscal year 2025, and our other SEC filings. If one or more of the assumptions forming the basis of our forward-looking information and statements proves incorrect, then our actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained herein. Accordingly, you should not place undue reliance on any forward-looking statements, which speak only as of the date made. ServisFirst Bancshares, Inc. assumes no obligation to update or revise any forward-looking statements that are made from time to time. More information about ServisFirst Bancshares, Inc. may be obtained over the Internet at www.servisfirstbancshares.com or by calling (205) 949-0302. SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)                  (In thousands except share and per share data)                       3rd Quarter 2025 2nd Quarter 2025 1st Quarter 2025 4th Quarter 2024 3rd Quarter 2024 CONSOLIDATED STATEMENT OF INCOME                     Interest income $251,308  $246,635  $241,096  $243,892  $247,979  Interest expense  117,860   114,948   117,543   120,724   132,858  Net interest income  133,448   131,687   123,553   123,168   115,121  Provision for credit losses  9,463   11,296   6,630   5,704   5,659  Net interest income after provision for credit losses  123,985   120,391   116,923   117,464   109,462  Non-interest income  2,833   421   8,277   8,803   8,549  Non-interest expense  47,996   44,204   46,107   46,896   45,632  Income before income tax  78,822   76,608   79,093   79,371   72,379  Provision for income tax  13,251   15,184   15,869   14,198   12,472  Net income  65,571   61,424   63,224   65,173   59,907  Preferred stock dividends  -   31   -   31   -  Net income available to common stockholders $65,571  $61,393  $63,224  $65,142  $59,907  Earnings per share - basic $1.20  $1.12  $1.16  $1.19  $1.10  Earnings per share - diluted $1.20  $1.12  $1.16  $1.19  $1.10  Average diluted shares outstanding  54,667,955   54,664,480   54,656,630   54,649,808   54,642,582                        CONSOLIDATED BALANCE SHEET DATA                     Total assets $17,584,199  $17,378,628  $18,636,766  $17,351,643  $16,449,178  Loans  13,311,967   13,232,560   12,886,831   12,605,836   12,338,226  Debt securities  1,849,739   1,914,503   1,905,550   1,876,253   1,867,587  Non-interest-bearing demand deposits  2,598,895   2,632,058   2,647,577   2,619,687   2,576,329  Total deposits  14,106,922   13,862,319   14,429,061   13,543,459   13,146,529  Borrowings  64,750   64,747   64,745   64,743   64,741  Stockholders' equity  1,781,647   1,721,783   1,668,900   1,616,772   1,570,269                        Shares outstanding  54,621,441   54,618,545   54,601,217   54,569,427   54,551,543  Book value per share $32.62  $31.52  $30.57  $29.63  $28.79  Tangible book value per share (1) $32.37  $31.27  $30.32  $29.38  $28.54                        SELECTED FINANCIAL RATIOS (Annualized)                     Net interest margin  3.09%  3.10%  2.92%  2.96%  2.84% Return on average assets  1.47%  1.40%  1.45%  1.52%  1.43% Return on average common stockholders' equity  14.88%  14.56%  15.63%  16.29%  15.55% Efficiency ratio  35.22%  33.46%  34.97%  35.54%  36.90% Non-interest expense to average earning assets  1.11%  1.04%  1.09%  1.13%  1.13%                       CAPITAL RATIOS (2)                     Common equity tier 1 capital to risk-weighted assets  11.49%  11.38%  11.48%  11.42%  11.25% Tier 1 capital to risk-weighted assets  11.50%  11.38%  11.48%  11.42%  11.25% Total capital to risk-weighted assets  12.91%  12.81%  12.93%  12.90%  12.77% Tier 1 capital to average assets  10.01%  9.78%  9.48%  9.59%  9.54% Tangible common equity to total tangible assets (1)  10.06%  9.84%  8.89%  9.25%  9.47%                       (1) This press release contains certain non-GAAP financial measures. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.” (2) Regulatory capital ratios for most recent period are preliminary.  GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures This press release contains certain non-GAAP financial measures, including adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted net interest margin, adjusted return on average assets, adjusted return on average common stockholders’ equity, adjusted cost of interest-bearing deposits, and adjusted efficiency ratio. We recorded a one-time expense of $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, 2024Book 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, 2024Net income - GAAP $65,571  $61,424  $59,907  $190,219  $162,069 Adjustments:                    FDIC special assessment  -   -   -   -   1,799 Legal matter accrual reversal  -   (2,276)  -   (2,276)  - Loss on marketable securities  7,812   8,563   -   16,375   - Tax on adjustments  (1,961)  (1,578)  -   (3,539)  (452)Adjusted net income - non-GAAP $71,422  $66,133  $59,907  $200,779  $163,416                      Net income available to common stockholders - GAAP $65,571  $61,393  $59,907  $190,188  $162,038 Adjustments:                    FDIC special assessment  -   -   -   -   1,799 Legal matter accrual reversal  -   (2,276)  -   (2,276)  - Loss on marketable securities  7,812   8,563   -   16,375   - Tax on adjustments  (1,961)  (1,578)  -   (3,539)  (452)Adjusted net income available to common stockholders - non-GAAP $71,422  $66,102  $59,907  $200,748  $163,385                      Diluted earnings per share - GAAP $1.20  $1.12  $1.10  $3.48  $2.97 Adjustments:                    FDIC special assessment  -   -   -   -   0.03 Legal matter accrual reversal  -   (0.04)  -   (0.04)  - Loss on marketable securities  0.14   0.16   -   0.30   - Tax on adjustments  (0.04)  (0.03)  -   (0.07)  (0.01)Adjusted diluted earnings per share - non-GAAP $1.30  $1.21  $1.10  $3.67  $2.99                      Net interest income, on a fully taxable-equivalent basis $133,502  $131,777  $115,138  $388,897  $324,207 Adjustments:                    Legal matter accrual reversal  -   (2,276)  -   (2,276)  - Tax on adjustments  -   571   -   571   - Adjusted net interest income, on a fully taxable-equivalent basis $133,502  $130,072  $115,138  $387,192  $324,207                      Net interest margin-GAAP  3.09%  3.10%  2.84%  3.04%  2.77%Average earning assets  17,129,689   17,076,353   16,122,366   17,131,692   15,621,642 Adjusted net interest margin-non-GAAP  3.09%  3.06%  2.84%  3.02%  2.77%                     Cost on interest bearing deposits-GAAP  3.41%  3.33%  4.12%  3.39%  4.09%Interest expense deposits  98,735   93,488   113,211   286,968   321,948 Legal matter accrual reversal  -   2,276   -   2,276   - Adjusted interest expense $98,735  $95,764  $113,211  $289,244  $321,948 Average total interest bearing deposits $11,482,480  $11,261,657  $10,940,164  $11,337,833  $10,523,767 Adjusted cost on interest bearing deposits-non-GAAP  3.41%  3.41%  4.12%  3.41%  4.09%                     Return on average assets - GAAP  1.47%  1.40%  1.43%  1.44%  1.35%Net income available to common stockholders - GAAP $65,571  $61,393  $59,907  $190,188  $162,038 Adjustments:                    FDIC special assessment  -   -   -   -   1,799 Legal matter accrual reversal  -   (2,276)  -   (2,276)  - Loss on marketable securities  7,812   8,563   -   16,375   - Tax on adjustments  (1,961)  (1,578)  -   (3,539)  (452)Adjusted net income available to common stockholders - non-GAAP $71,422  $66,102  $59,907  $200,748  $163,385 Average assets - GAAP $17,709,359  $17,626,503  $16,627,133  $17,681,999  $16,095,856 Adjusted return on average assets - non-GAAP  1.60%  1.50%  1.43%  1.52%  1.36%                     Return on average common stockholders' equity - GAAP  14.88%  14.56%  15.55%  15.01%  14.51%Net income available to common stockholders - GAAP $65,571  $61,393  $59,907  $190,188  $162,038 Adjustments:                    FDIC special assessment  -   -   -   -   1,799 Legal matter accrual reversal  -   (2,276)  -   (2,276)  - Loss on marketable securities  7,812   8,563   -   16,375   - Tax on adjustments  (1,961)  (1,578)  -   (3,539)  (452)Adjusted net income available to common stockholders - non-GAAP $71,422  $66,102  $59,907  $200,748  $163,385 Average common stockholders' equity - GAAP $1,747,825  $1,690,855  $1,533,083  $1,693,601  $1,491,877 Adjusted return on average common stockholders' equity non-GAAP  16.21%  15.68%  15.55%  15.85%  14.63%                     Efficiency ratio  35.22%  33.46%  36.90%  34.56%  38.53%Net interest income - GAAP $133,448  $131,687  $115,121  $388,688  $323,491 Adjustments:                    Legal matter accrual reversal  -   (2,276)  -   (2,276)  - Adjusted net interest income - non-GAAP $133,448  $129,411  $115,121  $386,412  $323,491 Total non-interest income - GAAP  2,833   421   8,549   11,531   26,253 Adjustments:                    Loss on marketable securities  7,812   8,563   -   16,375   - Adjusted non-interest income - non-GAAP $10,645  $8,984  $8,549  $27,906  $26,253 Adjusted net interest income and non-interest income - non-GAAP  144,093   138,395   123,670   414,318   349,744 Non-interest expense - GAAP $47,996  $44,204  $45,632  $138,307  $134,250 Adjustments:                    FDIC special assessment  -   -   -   -   1,799 Adjusted non-interest expense - non-GAAP $47,996  $44,204  $45,632  $138,307  $132,451 Adjusted efficiency ratio - non-GAAP  33.31%  31.94%  36.90%  33.38%  37.87% CONSOLIDATED BALANCE SHEETS (UNAUDITED)  (Dollars in thousands)            September 30, 2025 September 30, 2024 % Change ASSETS          Cash and due from banks $144,089  $142,372  1% Interest-bearing balances due from depository institutions  1,191,447   1,614,317  (26)% Federal funds sold and securities purchased with agreement to resell  437,769   3,542  12,259% Cash and cash equivalents  1,773,305   1,760,231  1% Available for sale debt securities, at fair value  1,178,144   1,139,007  3% Held to maturity debt securities (fair value of $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%  CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)          (In thousands except per share data)                 Three Months Ended September 30, Nine Months Ended September 30,     2025  2024 2025  2024 Interest income:              Interest and fees on loans $210,987  $205,952 $614,444  $587,230  Taxable securities  17,338   17,493  49,923   49,630  Nontaxable securities  5   7  16   25  Federal funds sold and securities purchased with agreement to resell  4,724   31  6,336   1,110  Other interest and dividends  18,254   24,496  68,320   64,234  Total interest income  251,308   247,979  739,039   702,229 Interest expense:              Deposits  98,735   113,211  286,968   321,948  Borrowed funds  19,125   19,647  63,383   56,790  Total interest expense  117,860   132,858  350,351   378,738  Net interest income  133,448   115,121  388,688   323,491 Provision for credit losses  9,463   5,659  27,389   15,883  Net interest income after provision for credit losses  123,985   109,462  361,299   307,608 Non-interest income:              Service charges on deposit accounts  3,316   2,341  8,545   6,784  Mortgage banking  1,864   1,352  3,800   3,409  Credit card income  2,405   1,925  6,492   6,413  Securities losses  (7,812)  -  (16,375)  -  Bank-owned life insurance income  2,405   2,113  6,668   7,402  Other operating income  655   818  2,401   2,245  Total non-interest income  2,833   8,549  11,531   26,253 Non-interest expense:              Salaries and employee benefits  25,522   25,057  70,977   72,256  Equipment and occupancy expense  3,615   3,795  10,860   10,919  Third party processing and other services  8,095   8,035  23,838   22,666  Professional services  1,857   1,715  5,694   4,920  FDIC and other regulatory assessments  2,742   2,355  8,349   8,462  Other real estate owned expense  82   103  142   141  Other operating expense  6,083   4,572  18,447   14,886  Total non-interest expense  47,996   45,632  138,307   134,250  Income before income tax  78,822   72,379  234,523   199,611 Provision for income tax  13,251   12,472  44,304   37,542  Net income  65,571   59,907  190,219   162,069  Dividends on preferred stock  -   -  31   31  Net income available to common stockholders $65,571  $59,907 $190,188  $162,038 Basic earnings per common share $1.20  $1.10 $3.48  $2.97 Diluted earnings per common share $1.20  $1.10 $3.48  $2.97  LOANS BY TYPE (UNAUDITED)               (In thousands)                                 3rd Quarter 2025 2nd Quarter 2025 1st Quarter 2025 4th Quarter 2024 3rd Quarter 2024Commercial, financial and agricultural $2,945,784 $2,966,191 $2,924,533 $2,869,894 $2,793,989Real estate - construction  1,532,285  1,735,405  1,599,410  1,489,306  1,439,648Real estate - mortgage:               Owner-occupied commercial  2,680,055  2,557,711  2,543,819  2,547,143  2,441,6871-4 family mortgage  1,625,296  1,561,461  1,494,189  1,444,623  1,409,981Non-owner occupied commercial  4,448,710  4,338,697  4,259,566  4,181,243  4,190,935Subtotal: Real estate - mortgage  8,754,061  8,457,869  8,297,574  8,173,009  8,042,603Consumer  79,837  73,095  65,314  73,627  61,986Total loans $13,311,967 $13,232,560 $12,886,831 $12,605,836 $12,338,226 SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED) (Dollars in thousands)                  3rd Quarter 2025 2nd Quarter 2025 1st Quarter 2025 4th Quarter 2024 3rd Quarter 2024Allowance for credit losses:                   Beginning balance$169,959  $165,034  $164,458  $160,755  $158,092 Loans charged off:                   Commercial, financial and agricultural 7,947   6,849   2,415   3,899   3,020 Real estate - construction -   -   46   -   - Real estate - mortgage 1,294   581   3,571   560   252 Consumer 109   72   60   211   155 Total charge offs 9,350   7,502   6,092   4,670   3,427 Recoveries:                   Commercial, financial and agricultural 237   959   171   1,801   616 Real estate - construction 30   -   -   -   - Real estate - mortgage -   1   -   23   2 Consumer 21   58   27   151   37 Total recoveries 288   1,018   198   1,975   655 Net charge-offs 9,063   6,484   5,894   2,695   2,772 Provision for credit losses 9,338   11,409   6,470   6,398   5,435 Ending balance$170,235  $169,959  $165,034  $164,458  $160,755                     Allowance for credit losses to total loans 1.28%  1.28%  1.28%  1.30%  1.30%                    Allowance for credit losses to total average loans 1.29%  1.31%  1.30%  1.32%  1.30%Net charge-offs to total average loans 0.27%  0.20%  0.19%  0.09%  0.09%                    Provision for credit losses to total average loans 0.28%  0.35%  0.21%  0.21%  0.17%Nonperforming assets:                   Nonaccrual loans$166,662  $68,619  $73,793  $39,501  $37,075 Loans 90+ days past due and accruing 965   3,549   111   2,965   2,093 Other real estate owned and                   repossessed assets 611   311   756   2,531   2,723 Total$168,238  $72,479  $74,660  $44,997  $41,891                     Nonperforming loans to total loans 1.26%  0.55%  0.57%  0.34%  0.32%Nonperforming assets to total assets 0.96%  0.42%  0.40%  0.26%  0.25%Nonperforming assets to earning assets 1.00%  0.43%  0.41%  0.26%  0.26%Allowance for credit losses to nonaccrual loans 102.14%  247.69%  223.64%  416.34%  433.59%                     CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)          (In thousands except per share data)              3rd Quarter 2025 2nd Quarter 2025 1st Quarter 2025 4th Quarter 2024 3rd Quarter 2024 Interest income:                 Interest and fees on loans $210,987  $206,521  $196,936 $200,875 $205,952  Taxable securities  17,338   16,562   16,023  16,905  17,493  Nontaxable securities  5   5   6  6  7  Federal funds sold with agreement to resell  4,724   1,592   20  18  31  Other interest and dividends  18,254   21,955   28,111  26,088  24,496  Total interest income  251,308   246,635   241,096  243,892  247,979 Interest expense:                 Deposits  98,735   93,488   94,745  98,702  113,211  Borrowed funds  19,125   21,460   22,798  22,022  19,647  Total interest expense  117,860   114,948   117,543  120,724  132,858  Net interest income  133,448   131,687   123,553  123,168  115,121 Provision for credit losses  9,463   11,296   6,630  5,704  5,659  Net interest income after provision for credit losses  123,985   120,391   116,923  117,464  109,462 Non-interest income:                 Service charges on deposit accounts  3,316   2,671   2,558  2,650  2,341  Mortgage banking  1,864   1,323   613  1,513  1,352  Credit card income  2,405   2,119   1,968  1,867  1,925  Securities losses  (7,812)  (8,563)  -  -  -  Bank-owned life insurance income  2,405   2,126   2,137  2,131  2,113  Other operating income  655   745   1,001  642  818  Total non-interest income  2,833   421   8,277  8,803  8,549 Non-interest expense:                 Salaries and employee benefits  25,522   22,576   22,879  24,062  25,057  Equipment and occupancy expense  3,615   3,523   3,722  3,600  3,795  Third party processing and other services  8,095   8,005   7,738  8,515  8,035  Professional services  1,857   1,904   1,933  1,981  1,715  FDIC and other regulatory assessments  2,742   2,753   2,854  2,225  2,355  Other real estate owned expense  82   27   33  58  103  Other operating expense  6,083   5,416   6,948  6,455  4,572  Total non-interest expense  47,996   44,204   46,107  46,896  45,632  Income before income tax  78,822   76,608   79,093  79,371  72,379 Provision for income tax  13,251   15,184   15,869  14,198  12,472  Net income  65,571   61,424   63,224  65,173  59,907  Dividends on preferred stock  -   31   -  31  -  Net income available to common stockholders $65,571  $61,393  $63,224 $65,142 $59,907 Basic earnings per common share $1.20  $1.12  $1.16 $1.19 $1.10 Diluted earnings per common share $1.20  $1.12  $1.16 $1.19 $1.10  AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) ON A FULLY TAXABLE-EQUIVALENT BASIS (Dollars in thousands)                                   3rd Quarter 2025 2nd Quarter 2025 1st Quarter 2025 4th Quarter 2024 3rd Quarter 2024   Average Balance Yield / Rate Average Balance Yield / Rate Average Balance Yield / Rate Average Balance Yield / Rate Average Balance Yield / Rate Assets:                               Interest-earning assets:                               Loans, net of unearned income (1)                               Taxable $13,175,297  6.34% $12,979,759  6.37% $12,683,077  6.29% $12,414,065  6.43% $12,351,073  6.63% Tax-exempt (2)  30,478  5.47   30,346  5.51   25,044  4.94   13,198  1.57   15,584  1.86  Total loans, net of unearned                               income  13,205,775  6.34   13,010,105  6.37   12,708,121  6.28   12,427,263  6.43   12,366,657  6.62  Mortgage loans held for sale  11,351  4.82   11,739  5.23   6,731  4.76   9,642  5.36   10,674  3.80  Debt securities:                               Taxable  1,926,101  3.60   1,965,089  3.37   1,934,739  3.31   1,932,547  3.49   1,955,632  3.57  Tax-exempt (2)  444  5.41   492  4.88   589  5.43   606  5.28   815  4.42  Total securities (3)  1,926,545  3.60   1,965,581  3.37   1,935,328  3.31   1,933,153  3.49   1,956,447  3.57  Federal funds sold and securities                               purchased with agreement to resell  365,733  5.12   124,303  5.14   1,670  4.86   1,596  4.49   2,106  5.86  Restricted equity securities  12,167  6.36   12,146  6.64   11,461  7.43   11,290  6.80   11,290  7.36  Interest-bearing balances with banks  1,608,118  4.45   1,952,479  4.47   2,526,382  4.48   2,143,474  4.81   1,775,192  5.46  Total interest-earning assets $17,129,689  5.82% $17,076,353  5.80% $17,189,693  5.69% $16,526,418  5.87% $16,122,366  6.12% Non-interest-earning assets:                               Cash and due from banks  103,470      109,506      108,540      103,494      103,539     Net premises and equipment  60,614      59,944      59,633      60,708      60,607     Allowance for credit losses, accrued                               interest and other assets  415,586      380,700      352,282      346,763      340,621     Total assets $17,709,359     $17,626,503     $17,710,148     $17,037,383     $16,627,133                                     Interest-bearing liabilities:                               Interest-bearing deposits:                               Checking (4) $2,069,440  2.16% $2,222,000  1.78% $2,461,900  2.38% $2,353,439  2.61% $2,318,384  2.97% Savings  103,668  1.66   101,506  1.63   101,996  1.61   102,858  1.52   102,627  1.76  Money market  7,965,115  3.67   7,616,747  3.67   7,363,163  3.61   7,067,265  3.86   7,321,503  4.45  Time deposits  1,344,257  3.97   1,321,404  4.09   1,361,558  4.24   1,286,754  4.45   1,197,650  4.52  Total interest-bearing deposits  11,482,480  3.41   11,261,657  3.33   11,288,617  3.40   10,810,316  3.63   10,940,164  4.12  Federal funds purchased  1,640,377  4.46   1,855,860  4.49   1,994,766  4.50   1,767,749  4.80   1,391,118  5.42  Other borrowings  64,761  4.21   64,750  4.26   64,750  4.30   64,738  4.22   64,738  4.22  Total interest-bearing liabilities $13,187,618  3.55% $13,182,267  3.50% $13,348,133  3.57% $12,642,803  3.80% $12,396,020  4.26% Non-interest-bearing liabilities:                               Non-interest-bearing                               checking  2,651,043      2,633,552      2,600,775      2,672,875      2,575,575     Other liabilities  122,873      119,829      120,291      130,457      122,455     Stockholders' equity  1,762,980      1,716,232      1,670,402      1,624,084      1,574,902     Accumulated other comprehensive                               loss  (15,155)     (25,377)     (29,453)     (32,836)     (41,819)    Total liabilities and                               stockholders' equity $17,709,359     $17,626,503     $17,710,148     $17,037,383     $16,627,133     Net interest spread    2.27%    2.30%    2.12%    2.07%    1.86% Net interest margin    3.09%    3.10%    2.92%    2.96%    2.84%                                 (1) Average loans include nonaccrual loans in all periods. Loan fees of $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." 

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