# EDGAR Filing Document

**Accession Number:** 0001430723
**File Stem:** 0001171843-25-006529
**Filing Date:** 2025-10
**Character Count:** 79162
**Document Hash:** 3535c57fe4f2958df4434bff5893a565
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-006529.hdr.sgml**: 20251020

**ACCESSION NUMBER**: 0001171843-25-006529

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251020

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251020

**DATE AS OF CHANGE**: 20251020

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ServisFirst Bancshares, Inc.
- **CENTRAL INDEX KEY:** 0001430723
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 260734029
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36452
- **FILM NUMBER:** 251403827

**BUSINESS ADDRESS:**
- **STREET 1:** 2500 WOODCREST PLACE
- **CITY:** BIRMINGHAM
- **STATE:** AL
- **ZIP:** 35209
- **BUSINESS PHONE:** 2059490302

**MAIL ADDRESS:**
- **STREET 1:** 2500 WOODCREST PLACE
- **CITY:** BIRMINGHAM
- **STATE:** AL
- **ZIP:** 35209

?xml version='1.0' encoding='ASCII'? Form 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

### Washington, D.C. 20549
_________________

### FORM 8-K
_________________

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): October 20, 2025
_______________________________

#### ServisFirst Bancshares, Inc.
(Exact name of registrant as specified in its charter)

_______________________________

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-36452** | **26-0734029** |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

#### 2500 Woodcrest Place

#### Homewood, Alabama 35209
(Address of Principal Executive Offices) (Zip Code)

(205) 949-0302

(Registrant's telephone number, including area code)

#### Not Applicable
(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common stock, par value $.001 per share | SFBS | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02. Results of Operations and Financial Condition.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October 20, 2025, ServisFirst Bancshares, Inc., a Delaware corporation ("ServisFirst"), issued a press release announcing its operating results for the quarter ended September 30, 2025. A copy of the press release is attached as Exhibit 99.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information furnished pursuant to Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.

**Item 7.01. Regulation FD Disclosure.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October 20, 2025, ServisFirst hosted a call to review third quarter earnings. The supplemental data table is attached as Exhibit 99.2 and is incorporated by reference into this Item 7.01.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information in this report is being furnished, not filed, pursuant to Regulation FD. Accordingly, the information in Items 7.01 and 9.01 of this report will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

*Statements in this presentation 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," "would," "might" "could" 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 a number of 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: general economic conditions, especially in the credit markets and in the Southeast; 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 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, economic stimulus initiatives; 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. The foregoing list of factors is not exhaustive. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to "Cautionary Note Regarding Forward-looking Statements" and "Risk Factors" in our most recent Annual Report on Form 10-K and our other SEC filings. If one or more of the factors affecting our forward-looking information and statements proves incorrect, then our actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements 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.*

**Item 9.01. Financial Statements and Exhibits.**

(a) Not applicable

(b) Not applicable

(c) Not applicable

(d) **<u>Exhibits.</u>** The following exhibits are included with this Current Report on Form 8-K:

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| [99.1](exh_991.htm) | [Press Release dated October 20, 2025](exh_991.htm) |
| [99.2](exh_992.htm) | [Supplemental data table October 20, 2025](exh_992.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **ServisFirst Bancshares, Inc.** | **ServisFirst Bancshares, Inc.** |
| Date: October 20, 2025 | By: | <u>/s/ Thomas A. Broughton, III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  |  | Thomas A. Broughton, III |
|  |  | Chairman, President and Chief Executive Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**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."

<sup>\*</sup> 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) | FINANCIAL SUMMARY (UNAUDITED) | FINANCIAL SUMMARY (UNAUDITED) | FINANCIAL SUMMARY (UNAUDITED) | FINANCIAL SUMMARY (UNAUDITED) | 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 | $65571 | $61424 | 6.8% | $59907 | 9.5% |
| Net Income Available to Common Stockholders | $65571 | $61393 | 6.8% | $59907 | 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 | 54667955 | 54664480 |  | 54642582 |  |
| Adjusted Net Income, net of tax\* | $71422 | $66133 | 8.0% | $59907 | 19.2% |
| Adjusted Net Income Available to Common |  |  |  |  |  |
| &nbsp;&nbsp;Stockholders, net of tax\* | $71422 | $66102 | 8.0% | $59907 | 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 |  |  |  |  |  |
| &nbsp;&nbsp;Stockholders' Equity, net of tax\* | 16.21% | 15.68% |  | 15.55% |  |
| YEAR-TO-DATE OPERATING RESULTS |  |  |  |  |  |
| Net Income | $190219 |  |  | $162069 | 17.4% |
| Net Income Available to Common Stockholders | $190188 |  |  | $162038 | 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 | 54663063 |  |  | 54615647 |  |
| Adjusted Net Income, net of tax\* | $200779 |  |  | $163416 | 22.9% |
| Adjusted Net Income Available to Common |  |  |  |  |  |
| &nbsp;&nbsp;Stockholders, net of tax\* | $200748 |  |  | $163385 | 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 |  |  |  |  |  |
| &nbsp;&nbsp;Stockholders' Equity, net of tax\* | 15.85% |  |  | 14.63% |  |
| BALANCE SHEET |  |  |  |  |  |
| Total Assets | $17584199 | $17378628 | 1.2% | $16449178 | 6.9% |
| Loans | 13311967 | 13232560 | 0.6% | 12338226 | 7.9% |
| Non-interest-bearing Demand Deposits | 2598895 | 2632058 | (1.3)% | 2576329 | 0.9% |
| Total Deposits | 14106922 | 13862319 | 1.8% | 13146529 | 7.3% |
| Stockholders' Equity | 1781647 | 1721783 | 3.5% | 1570269 | 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 <u>www.sec.gov</u> 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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED) | 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 | $251308 | $246635 | $241096 | $243892 | $247979 |
| Interest expense | 117860 | 114948 | 117543 | 120724 | 132858 |
| Net interest income | 133448 | 131687 | 123553 | 123168 | 115121 |
| Provision for credit losses | 9463 | 11296 | 6630 | 5704 | 5659 |
| Net interest income after provision for credit losses | 123985 | 120391 | 116923 | 117464 | 109462 |
| Non-interest income | 2833 | 421 | 8277 | 8803 | 8549 |
| Non-interest expense | 47996 | 44204 | 46107 | 46896 | 45632 |
| Income before income tax | 78822 | 76608 | 79093 | 79371 | 72379 |
| Provision for income tax | 13251 | 15184 | 15869 | 14198 | 12472 |
| Net income | 65571 | 61424 | 63224 | 65173 | 59907 |
| Preferred stock dividends | - | 31 | - | 31 | - |
| Net income available to common stockholders | $65571 | $61393 | $63224 | $65142 | $59907 |
| 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 | 54667955 | 54664480 | 54656630 | 54649808 | 54642582 |
| CONSOLIDATED BALANCE SHEET DATA |  |  |  |  |  |
| Total assets | $17584199 | $17378628 | $18636766 | $17351643 | $16449178 |
| Loans | 13311967 | 13232560 | 12886831 | 12605836 | 12338226 |
| Debt securities | 1849739 | 1914503 | 1905550 | 1876253 | 1867587 |
| Non-interest-bearing demand deposits | 2598895 | 2632058 | 2647577 | 2619687 | 2576329 |
| Total deposits | 14106922 | 13862319 | 14429061 | 13543459 | 13146529 |
| Borrowings | 64750 | 64747 | 64745 | 64743 | 64741 |
| Stockholders' equity | 1781647 | 1721783 | 1668900 | 1616772 | 1570269 |
| Shares outstanding | 54621441 | 54618545 | 54601217 | 54569427 | 54551543 |
| 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."* | *(1) This press release contains certain non-GAAP financial measures. Please see "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures."* | *(1) This press release contains certain non-GAAP financial measures. Please see "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures."* | *(1) This press release contains certain non-GAAP financial measures. Please see "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures."* | *(1) This press release contains certain non-GAAP financial measures. Please see "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures."* | *(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.* | *(2) Regulatory capital ratios for most recent period are preliminary.* | *(2) Regulatory capital ratios for most recent period are preliminary.* | *(2) Regulatory capital ratios for most recent period are preliminary.* | *(2) Regulatory capital ratios for most recent period are preliminary.* | *(2) Regulatory capital ratios for most recent period are preliminary.* |

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 **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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 | 1781647 | 1721783 | 1668900 | 1616772 | 1570269 |
| &nbsp;&nbsp;Adjustment for Goodwill | (13615) | (13615) | (13615) | (13615) | (13615) |
| Tangible common stockholders' equity - non-GAAP | $1768032 | $1708168 | $1655285 | $1603157 | $1556654 |
| 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 | $17584199 | $17378628 | $18636766 | $17351643 | $16449178 |
| &nbsp;&nbsp;Adjustment for Goodwill | (13615) | (13615) | (13615) | (13615) | (13615) |
| Total tangible assets - non-GAAP | $17570584 | $17365013 | $18623151 | $17338028 | $16435563 |
| Tangible common equity to total tangible assets - non-GAAP | 10.06% | 9.84% | 8.89% | 9.25% | 9.47% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 | $65571 | $61424 | $59907 | $190219 | $162069 |
| &nbsp;&nbsp;Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;FDIC special assessment |  |  |  |  | 1799 |
| &nbsp;&nbsp;Legal matter accrual reversal |  | (2276) |  | (2276) |  |
| &nbsp;&nbsp;Loss on marketable securities | 7812 | 8563 |  | 16375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax on adjustments | (1961) | (1578) | - | (3539) | (452) |
| Adjusted net income - non-GAAP | $71422 | $66133 | $59907 | $200779 | $163416 |
| Net income available to common stockholders - GAAP | $65571 | $61393 | $59907 | $190188 | $162038 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;FDIC special assessment |  |  |  |  | 1799 |
| &nbsp;&nbsp;Legal matter accrual reversal |  | (2276) |  | (2276) |  |
| &nbsp;&nbsp;Loss on marketable securities | 7812 | 8563 |  | 16375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax on adjustments | (1961) | (1578) | - | (3539) | (452) |
| Adjusted net income available to common stockholders - non-GAAP | $71422 | $66102 | $59907 | $200748 | $163385 |
| Diluted earnings per share - GAAP | $1.20 | $1.12 | $1.10 | $3.48 | $2.97 |
| &nbsp;&nbsp;Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;FDIC special assessment |  |  |  |  | 0.03 |
| &nbsp;&nbsp;Legal matter accrual reversal |  | (0.04) |  | (0.04) |  |
| &nbsp;&nbsp;Loss on marketable securities | 0.14 | 0.16 |  | 0.30 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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 | $133502 | $131777 | $115138 | $388897 | $324207 |
| &nbsp;&nbsp;Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;Legal matter accrual reversal |  | (2276) |  | (2276) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax on adjustments | - | 571 | - | 571 | - |
| Adjusted net interest income, on a fully taxable-equivalent basis | $133502 | $130072 | $115138 | $387192 | $324207 |
| Net interest margin-GAAP | 3.09% | 3.10% | 2.84% | 3.04% | 2.77% |
| Average earning assets | 17129689 | 17076353 | 16122366 | 17131692 | 15621642 |
| 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 | 98735 | 93488 | 113211 | 286968 | 321948 |
| &nbsp;&nbsp;Legal matter accrual reversal | - | 2276 | - | 2276 | - |
| Adjusted interest expense | $98735 | $95764 | $113211 | $289244 | $321948 |
| Average total interest bearing deposits | $11482480 | $11261657 | $10940164 | $11337833 | $10523767 |
| 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 | $65571 | $61393 | $59907 | $190188 | $162038 |
| &nbsp;&nbsp;Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;FDIC special assessment |  |  |  |  | 1799 |
| &nbsp;&nbsp;Legal matter accrual reversal |  | (2276) |  | (2276) |  |
| &nbsp;&nbsp;Loss on marketable securities | 7812 | 8563 |  | 16375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax on adjustments | (1961) | (1578) | - | (3539) | (452) |
| Adjusted net income available to common stockholders - non-GAAP | $71422 | $66102 | $59907 | $200748 | $163385 |
| Average assets - GAAP | $17709359 | $17626503 | $16627133 | $17681999 | $16095856 |
| 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 | $65571 | $61393 | $59907 | $190188 | $162038 |
| &nbsp;&nbsp;Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;FDIC special assessment |  |  |  |  | 1799 |
| &nbsp;&nbsp;Legal matter accrual reversal |  | (2276) |  | (2276) |  |
| &nbsp;&nbsp;Loss on marketable securities | 7812 | 8563 |  | 16375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax on adjustments | (1961) | (1578) | - | (3539) | (452) |
| Adjusted net income available to common stockholders - non-GAAP | $71422 | $66102 | $59907 | $200748 | $163385 |
| Average common stockholders' equity - GAAP | $1747825 | $1690855 | $1533083 | $1693601 | $1491877 |
| 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 | $133448 | $131687 | $115121 | $388688 | $323491 |
| &nbsp;&nbsp;Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;Legal matter accrual reversal | - | (2276) | - | (2276) | - |
| &nbsp;&nbsp;Adjusted net interest income - non-GAAP | $133448 | $129411 | $115121 | $386412 | $323491 |
| Total non-interest income - GAAP | 2833 | 421 | 8549 | 11531 | 26253 |
| &nbsp;&nbsp;Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;Loss on marketable securities | 7812 | 8563 | - | 16375 | - |
| Adjusted non-interest income - non-GAAP | $10645 | $8984 | $8549 | $27906 | $26253 |
| Adjusted net interest income and non-interest income - non-GAAP | 144093 | 138395 | 123670 | 414318 | 349744 |
| Non-interest expense - GAAP | $47996 | $44204 | $45632 | $138307 | $134250 |
| &nbsp;&nbsp;Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;FDIC special assessment | - | - | - | - | 1799 |
| Adjusted non-interest expense - non-GAAP | $47996 | $44204 | $45632 | $138307 | $132451 |
| Adjusted efficiency ratio - non-GAAP | 33.31% | 31.94% | 36.90% | 33.38% | 37.87% |

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| | | | |
|:---|:---|:---|:---|
| CONSOLIDATED BALANCE SHEETS (UNAUDITED) | CONSOLIDATED BALANCE SHEETS (UNAUDITED) | CONSOLIDATED BALANCE SHEETS (UNAUDITED) | CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
| (Dollars in thousands) |  |  |  |
|  | September 30, 2025 | September 30, 2024 | % Change |
| ASSETS |  |  |  |
| Cash and due from banks | $144089 | $142372 | 1% |
| Interest-bearing balances due from depository institutions | 1191447 | 1614317 | (26)% |
| Federal funds sold and securities purchased with agreement to resell | 437769 | 3542 | 12259% |
| Cash and cash equivalents | 1773305 | 1760231 | 1% |
| Available for sale debt securities, at fair value | 1178144 | 1139007 | 3% |
| Held to maturity debt securities (fair value of $622,825 and $673,023, respectively) | 671595 | 728580 | (8)% |
| Restricted equity securities | 12203 | 11300 | 8% |
| Mortgage loans held for sale | 9433 | 8453 | 12% |
| Loans | 13311967 | 12338226 | 8% |
| Less allowance for credit losses | (170235) | (160755) | 6% |
| Loans, net | 13141732 | 12177471 | 8% |
| Premises and equipment, net | 60704 | 61328 | (1)% |
| Goodwill | 13615 | 13615 | -% |
| Other assets | 723468 | 549193 | 32% |
| Total assets | $17584199 | $16449178 | 7% |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |
| Liabilities: |  |  |  |
| Deposits: |  |  |  |
| Non-interest-bearing demand | $2598895 | $2576329 | 1% |
| Interest-bearing | 11508027 | 10570200 | 9% |
| Total deposits | 14106922 | 13146529 | 7% |
| Federal funds purchased | 1488150 | 1542623 | (4)% |
| Other borrowings | 64750 | 64741 | -% |
| Other liabilities | 142730 | 125016 | 14% |
| Total liabilities | 15802552 | 14878909 | 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 | 237236 | 235649 | 1% |
| Retained earnings | 1548098 | 1365701 | 13% |
| Accumulated other comprehensive loss | (4241) | (31635) | (87)% |
| Total stockholders' equity attributable to ServisFirst Bancshares, Inc. | 1781147 | 1569769 | 13% |
| Noncontrolling interest | 500 | 500 | -% |
| Total stockholders' equity | 1781647 | 1570269 | 13% |
| Total liabilities and stockholders' equity | $17584199 | $16449178 | 7% |

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| | | | | |
|:---|:---|:---|:---|:---|
| CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |  |  |  |
| (In thousands except per share data) |  |  |  |  |
|  | Three Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Interest income: |  |  |  |  |
| Interest and fees on loans | $210987 | $205952 | $614444 | $587230 |
| Taxable securities | 17338 | 17493 | 49923 | 49630 |
| Nontaxable securities | 5 | 7 | 16 | 25 |
| Federal funds sold and securities purchased with agreement to resell | 4724 | 31 | 6336 | 1110 |
| Other interest and dividends | 18254 | 24496 | 68320 | 64234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 251308 | 247979 | 739039 | 702229 |
| Interest expense: |  |  |  |  |
| Deposits | 98735 | 113211 | 286968 | 321948 |
| Borrowed funds | 19125 | 19647 | 63383 | 56790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 117860 | 132858 | 350351 | 378738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 133448 | 115121 | 388688 | 323491 |
| Provision for credit losses | 9463 | 5659 | 27389 | 15883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 123985 | 109462 | 361299 | 307608 |
| Non-interest income: |  |  |  |  |
| Service charges on deposit accounts | 3316 | 2341 | 8545 | 6784 |
| Mortgage banking | 1864 | 1352 | 3800 | 3409 |
| Credit card income | 2405 | 1925 | 6492 | 6413 |
| Securities losses | (7812) |  | (16375) |  |
| Bank-owned life insurance income | 2405 | 2113 | 6668 | 7402 |
| Other operating income | 655 | 818 | 2401 | 2245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | 2833 | 8549 | 11531 | 26253 |
| Non-interest expense: |  |  |  |  |
| Salaries and employee benefits | 25522 | 25057 | 70977 | 72256 |
| Equipment and occupancy expense | 3615 | 3795 | 10860 | 10919 |
| Third party processing and other services | 8095 | 8035 | 23838 | 22666 |
| Professional services | 1857 | 1715 | 5694 | 4920 |
| FDIC and other regulatory assessments | 2742 | 2355 | 8349 | 8462 |
| Other real estate owned expense | 82 | 103 | 142 | 141 |
| Other operating expense | 6083 | 4572 | 18447 | 14886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | 47996 | 45632 | 138307 | 134250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income tax | 78822 | 72379 | 234523 | 199611 |
| Provision for income tax | 13251 | 12472 | 44304 | 37542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | 65571 | 59907 | 190219 | 162069 |
| Dividends on preferred stock | - | - | 31 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income available to common stockholders | $65571 | $59907 | $190188 | $162038 |
| 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 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| LOANS BY TYPE (UNAUDITED) |  |  |  |  |  |
| (In thousands) |  |  |  |  |  |
|  | 3rd Quarter 2025 | 2nd Quarter 2025 | 1st Quarter 2025 | 4th Quarter 2024 | 3rd Quarter 2024 |
| Commercial, financial and agricultural | $2945784 | $2966191 | $2924533 | $2869894 | $2793989 |
| Real estate - construction | 1532285 | 1735405 | 1599410 | 1489306 | 1439648 |
| Real estate - mortgage: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner-occupied commercial | 2680055 | 2557711 | 2543819 | 2547143 | 2441687 |
| &nbsp;&nbsp;&nbsp;&nbsp;1-4 family mortgage | 1625296 | 1561461 | 1494189 | 1444623 | 1409981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied commercial | 4448710 | 4338697 | 4259566 | 4181243 | 4190935 |
| Subtotal: Real estate - mortgage | 8754061 | 8457869 | 8297574 | 8173009 | 8042603 |
| Consumer | 79837 | 73095 | 65314 | 73627 | 61986 |
| Total loans | $13311967 | $13232560 | $12886831 | $12605836 | $12338226 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED) | SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED) | SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED) | SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED) | SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED) | SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED) |
| (Dollars in thousands) | (Dollars in thousands) |  |  |  |  |
|  | 3rd Quarter 2025 | 2nd Quarter 2025 | 1st Quarter 2025 | 4th Quarter 2024 | 3rd Quarter 2024 |
| Allowance for credit losses: |  |  |  |  |  |
| Beginning balance | $169959 | $165034 | $164458 | $160755 | $158092 |
| Loans charged off: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial, financial and agricultural | 7947 | 6849 | 2415 | 3899 | 3020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate - construction |  |  | 46 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate - mortgage | 1294 | 581 | 3571 | 560 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer | 109 | 72 | 60 | 211 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total charge offs | 9350 | 7502 | 6092 | 4670 | 3427 |
| Recoveries: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial, financial and agricultural | 237 | 959 | 171 | 1801 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate - construction | 30 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate - mortgage |  | 1 |  | 23 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer | 21 | 58 | 27 | 151 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total recoveries | 288 | 1018 | 198 | 1975 | 655 |
| Net charge-offs | 9063 | 6484 | 5894 | 2695 | 2772 |
| Provision for credit losses | 9338 | 11409 | 6470 | 6398 | 5435 |
| Ending balance | $170235 | $169959 | $165034 | $164458 | $160755 |
| 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% |
| &nbsp;&nbsp;&nbsp;&nbsp;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% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonperforming assets: |  |  |  |  |  |
| Nonaccrual loans | $166662 | $68619 | $73793 | $39501 | $37075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans 90+ days past due and accruing | 965 | 3549 | 111 | 2965 | 2093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other real estate owned and |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;repossessed assets | 611 | 311 | 756 | 2531 | 2723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $168238 | $72479 | $74660 | $44997 | $41891 |
| 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% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |  |  |  |
| (In thousands except per share data) | (In thousands except per share data) | (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 | $210987 | $206521 | $196936 | $200875 | $205952 |
| Taxable securities | 17338 | 16562 | 16023 | 16905 | 17493 |
| Nontaxable securities | 5 | 5 | 6 | 6 | 7 |
| Federal funds sold with agreement to resell | 4724 | 1592 | 20 | 18 | 31 |
| Other interest and dividends | 18254 | 21955 | 28111 | 26088 | 24496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 251308 | 246635 | 241096 | 243892 | 247979 |
| Interest expense: |  |  |  |  |  |
| Deposits | 98735 | 93488 | 94745 | 98702 | 113211 |
| Borrowed funds | 19125 | 21460 | 22798 | 22022 | 19647 |
| Total interest expense | 117860 | 114948 | 117543 | 120724 | 132858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 133448 | 131687 | 123553 | 123168 | 115121 |
| Provision for credit losses | 9463 | 11296 | 6630 | 5704 | 5659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 123985 | 120391 | 116923 | 117464 | 109462 |
| Non-interest income: |  |  |  |  |  |
| Service charges on deposit accounts | 3316 | 2671 | 2558 | 2650 | 2341 |
| Mortgage banking | 1864 | 1323 | 613 | 1513 | 1352 |
| Credit card income | 2405 | 2119 | 1968 | 1867 | 1925 |
| Securities losses | (7812) | (8563) |  |  |  |
| Bank-owned life insurance income | 2405 | 2126 | 2137 | 2131 | 2113 |
| Other operating income | 655 | 745 | 1001 | 642 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | 2833 | 421 | 8277 | 8803 | 8549 |
| Non-interest expense: |  |  |  |  |  |
| Salaries and employee benefits | 25522 | 22576 | 22879 | 24062 | 25057 |
| Equipment and occupancy expense | 3615 | 3523 | 3722 | 3600 | 3795 |
| Third party processing and other services | 8095 | 8005 | 7738 | 8515 | 8035 |
| Professional services | 1857 | 1904 | 1933 | 1981 | 1715 |
| FDIC and other regulatory assessments | 2742 | 2753 | 2854 | 2225 | 2355 |
| Other real estate owned expense | 82 | 27 | 33 | 58 | 103 |
| Other operating expense | 6083 | 5416 | 6948 | 6455 | 4572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | 47996 | 44204 | 46107 | 46896 | 45632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income tax | 78822 | 76608 | 79093 | 79371 | 72379 |
| Provision for income tax | 13251 | 15184 | 15869 | 14198 | 12472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | 65571 | 61424 | 63224 | 65173 | 59907 |
| Dividends on preferred stock | - | 31 | - | 31 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income available to common stockholders | $65571 | $61393 | $63224 | $65142 | $59907 |
| 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 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) | AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) | AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) | AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) | AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) | AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) | AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) | AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) | AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) | AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) | AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) | AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) | AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) | AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) | AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) | AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) |
| ON A FULLY TAXABLE-EQUIVALENT BASIS | ON A FULLY TAXABLE-EQUIVALENT BASIS | ON A FULLY TAXABLE-EQUIVALENT BASIS | ON A FULLY TAXABLE-EQUIVALENT BASIS | ON A FULLY TAXABLE-EQUIVALENT BASIS | ON A FULLY TAXABLE-EQUIVALENT BASIS | ON A FULLY TAXABLE-EQUIVALENT BASIS | ON A FULLY TAXABLE-EQUIVALENT BASIS | ON A FULLY TAXABLE-EQUIVALENT BASIS | ON A FULLY TAXABLE-EQUIVALENT BASIS | ON A FULLY TAXABLE-EQUIVALENT BASIS | ON A FULLY TAXABLE-EQUIVALENT BASIS | ON A FULLY TAXABLE-EQUIVALENT BASIS | ON A FULLY TAXABLE-EQUIVALENT BASIS | ON A FULLY TAXABLE-EQUIVALENT BASIS | ON A FULLY TAXABLE-EQUIVALENT BASIS |
| (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
|  | 3rd Quarter 2025 | 3rd Quarter 2025 | 3rd Quarter 2025 | 2nd Quarter 2025 | 2nd Quarter 2025 | 2nd Quarter 2025 | 1st Quarter 2025 | 1st Quarter 2025 | 1st Quarter 2025 | 4th Quarter 2024 | 4th Quarter 2024 | 4th Quarter 2024 | 3rd Quarter 2024 | 3rd Quarter 2024 | 3rd Quarter 2024 |
|  | Average Balance | Average Balance | Yield / Rate | Average Balance | Average Balance | Yield / Rate | Average Balance | Average Balance | Yield / Rate | Average Balance | Average Balance | Yield / Rate | Average Balance | Average Balance | Yield / Rate |
| Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest-earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Loans, net of unearned income (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Taxable | $| 13175297 | 6.34% | $| 12979759 | 6.37% | $| 12683077 | 6.29% | $| 12414065 | 6.43% | $| 12351073 | 6.63% |
| Tax-exempt (2) |  | 30478 | 5.47 |  | 30346 | 5.51 |  | 25044 | 4.94 |  | 13198 | 1.57 |  | 15584 | 1.86 |
| Total loans, net of unearned |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| income |  | 13205775 | 6.34 |  | 13010105 | 6.37 |  | 12708121 | 6.28 |  | 12427263 | 6.43 |  | 12366657 | 6.62 |
| Mortgage loans held for sale |  | 11351 | 4.82 |  | 11739 | 5.23 |  | 6731 | 4.76 |  | 9642 | 5.36 |  | 10674 | 3.80 |
| Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Taxable |  | 1926101 | 3.60 |  | 1965089 | 3.37 |  | 1934739 | 3.31 |  | 1932547 | 3.49 |  | 1955632 | 3.57 |
| Tax-exempt (2) |  | 444 | 5.41 |  | 492 | 4.88 |  | 589 | 5.43 |  | 606 | 5.28 |  | 815 | 4.42 |
| Total securities (3) |  | 1926545 | 3.60 |  | 1965581 | 3.37 |  | 1935328 | 3.31 |  | 1933153 | 3.49 |  | 1956447 | 3.57 |
| Federal funds sold and securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;purchased with agreement to resell |  | 365733 | 5.12 |  | 124303 | 5.14 |  | 1670 | 4.86 |  | 1596 | 4.49 |  | 2106 | 5.86 |
| Restricted equity securities |  | 12167 | 6.36 |  | 12146 | 6.64 |  | 11461 | 7.43 |  | 11290 | 6.80 |  | 11290 | 7.36 |
| Interest-bearing balances with banks |  | 1608118 | 4.45 |  | 1952479 | 4.47 |  | 2526382 | 4.48 |  | 2143474 | 4.81 |  | 1775192 | 5.46 |
| Total interest-earning assets | $| 17129689 | 5.82% | $| 17076353 | 5.80% | $| 17189693 | 5.69% | $| 16526418 | 5.87% | $| 16122366 | 6.12% |
| Non-interest-earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash and due from banks |  | 103470 |  |  | 109506 |  |  | 108540 |  |  | 103494 |  |  | 103539 |  |
| Net premises and equipment |  | 60614 |  |  | 59944 |  |  | 59633 |  |  | 60708 |  |  | 60607 |  |
| Allowance for credit losses, accrued |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| interest and other assets |  | 415586 |  |  | 380700 |  |  | 352282 |  |  | 346763 |  |  | 340621 |  |
| Total assets | $| 17709359 |  | $| 17626503 |  | $| 17710148 |  | $| 17037383 |  | $| 16627133 |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest-bearing deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Checking (4) | $| 2069440 | 2.16% | $| 2222000 | 1.78% | $| 2461900 | 2.38% | $| 2353439 | 2.61% | $| 2318384 | 2.97% |
| Savings |  | 103668 | 1.66 |  | 101506 | 1.63 |  | 101996 | 1.61 |  | 102858 | 1.52 |  | 102627 | 1.76 |
| Money market |  | 7965115 | 3.67 |  | 7616747 | 3.67 |  | 7363163 | 3.61 |  | 7067265 | 3.86 |  | 7321503 | 4.45 |
| Time deposits |  | 1344257 | 3.97 |  | 1321404 | 4.09 |  | 1361558 | 4.24 |  | 1286754 | 4.45 |  | 1197650 | 4.52 |
| Total interest-bearing deposits |  | 11482480 | 3.41 |  | 11261657 | 3.33 |  | 11288617 | 3.40 |  | 10810316 | 3.63 |  | 10940164 | 4.12 |
| Federal funds purchased |  | 1640377 | 4.46 |  | 1855860 | 4.49 |  | 1994766 | 4.50 |  | 1767749 | 4.80 |  | 1391118 | 5.42 |
| Other borrowings |  | 64761 | 4.21 |  | 64750 | 4.26 |  | 64750 | 4.30 |  | 64738 | 4.22 |  | 64738 | 4.22 |
| Total interest-bearing liabilities | $| 13187618 | 3.55% | $| 13182267 | 3.50% | $| 13348133 | 3.57% | $| 12642803 | 3.80% | $| 12396020 | 4.26% |
| Non-interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-interest-bearing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| checking |  | 2651043 |  |  | 2633552 |  |  | 2600775 |  |  | 2672875 |  |  | 2575575 |  |
| Other liabilities |  | 122873 |  |  | 119829 |  |  | 120291 |  |  | 130457 |  |  | 122455 |  |
| Stockholders' equity |  | 1762980 |  |  | 1716232 |  |  | 1670402 |  |  | 1624084 |  |  | 1574902 |  |
| Accumulated other comprehensive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| loss |  | (15155) |  |  | (25377) |  |  | (29453) |  |  | (32836) |  |  | (41819) |  |
| Total liabilities and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| stockholders' equity | $| 17709359 |  | $| 17626503 |  | $| 17710148 |  | $| 17037383 |  | $| 16627133 |  |
| 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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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%. | (2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%. | (2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%. | (2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%. | (2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%. | (2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%. | (2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%. | (2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%. | (2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%. | (2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%. | (2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%. | (2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%. | (2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%. | (2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%. | (2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%. | (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 $(22574), $(36381), $(41970), $(46652), and $(58802) 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. | (3) Unrealized losses on debt securities of $(22574), $(36381), $(41970), $(46652), and $(58802) 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. | (3) Unrealized losses on debt securities of $(22574), $(36381), $(41970), $(46652), and $(58802) 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. | (3) Unrealized losses on debt securities of $(22574), $(36381), $(41970), $(46652), and $(58802) 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. | (3) Unrealized losses on debt securities of $(22574), $(36381), $(41970), $(46652), and $(58802) 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. | (3) Unrealized losses on debt securities of $(22574), $(36381), $(41970), $(46652), and $(58802) 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. | (3) Unrealized losses on debt securities of $(22574), $(36381), $(41970), $(46652), and $(58802) 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. | (3) Unrealized losses on debt securities of $(22574), $(36381), $(41970), $(46652), and $(58802) 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. | (3) Unrealized losses on debt securities of $(22574), $(36381), $(41970), $(46652), and $(58802) 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. | (3) Unrealized losses on debt securities of $(22574), $(36381), $(41970), $(46652), and $(58802) 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. | (3) Unrealized losses on debt securities of $(22574), $(36381), $(41970), $(46652), and $(58802) 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. | (3) Unrealized losses on debt securities of $(22574), $(36381), $(41970), $(46652), and $(58802) 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. | (3) Unrealized losses on debt securities of $(22574), $(36381), $(41970), $(46652), and $(58802) 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. | (3) Unrealized losses on debt securities of $(22574), $(36381), $(41970), $(46652), and $(58802) 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. | (3) Unrealized losses on debt securities of $(22574), $(36381), $(41970), $(46652), and $(58802) 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. | (3) Unrealized losses on debt securities of $(22574), $(36381), $(41970), $(46652), and $(58802) 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." | (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." | (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." | (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." | (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." | (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." | (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." | (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." | (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." | (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." | (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." | (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." | (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." | (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." | (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." | (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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Contact: ServisFirst Bank

Davis Mange (205) 949-3420

dmange@servisfirstbank.com

## Exhibit 99.2

**Exhibit 99.2**

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| | | | |
|:---|:---|:---|:---|
| **Selected Financial Data (in thousands except number of employees)** | **9/30/2025** | **6/30/2025** | **9/30/2024** |
| Scheduled CD maturities for subsequent quarter | $642619 | $693261 | $396852 |
| Average rate scheduled CD maturities for subsequent quarter | 4.04% | 4.14% | 4.85% |
| Average loan rate - loan originations/renewals QTD (excludes fees) | 6.87% | 7.07% | 7.67% |
| Cost of total deposits, Qtr-End | 2.63% | 2.76% | 3.01% |
| Cost of interest-bearing deposits, Qtr-End | 3.24% | 3.41% | 3.65% |
| Net interest margin, final month of Qtr | 2.97% | 3.35% | 3.75% |
| Noninterest bearing DDA balances, Qtr-End | $2598895 | $2632058 | $2576329 |
| Reserve for unfunded commitments, Qtr-End | $780 | $655 | $1302 |
| Credit card spend QTD | $272473 | $268045 | $270133 |
| Credit card net income QTD | $2405 | $2119 | $1925 |
| Merchant services fees QTD | $580 | $600 | $606 |
| Mortgage banking income QTD | $1864 | $1323 | $1352 |
| FDIC insurance QTD | $2475 | $2475 | $2100 |
| Salaries & employee benefits QTD | $25522 | $22576 | $25057 |
| Other operating expense | $6083 | $5416 | $4572 |
| Third party processing and other services QTD | $8095 | $8005 | $8035 |
| Equipment and occupancy expense QTD | $3615 | $3698 | $3795 |
| Earnings retention YTD | 72% | 71% | 70% |
| QTD tax rate | 16.81% | 19.82% | 17.23% |
| YTD tax rate | 18.89% | 19.94% | 18.81% |
| **Available Liquidity** | **9/30/2025** | **6/30/2025** | **9/30/2024** |
| Cash and cash equivalents | $1773305 | $1710904 | $1760231 |
| Investment Securities (mkt value), net of pledged | $625018 | $618144 | $346999 |
| Total on balance sheet liquidity | $2398323 | $2329048 | $2107230 |
| FHLB fundings availability | $3159368 | $3244071 | $2927801 |
| Correspondent lines of credit availability | $225000 | $225000 | $225000 |
| Brokered deposit availability (25% of assets per policy) | $4396050 | $4344657 | $4111969 |
| Federal Reserve Bank fundings availability | $2215168 | $2211658 | $2148118 |
| **Total Available Liquidity** | $**12393909** | $**12354434** | $**11520118** |

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