BIRMINGHAM, Ala., April 20, 2026 (GLOBE NEWSWIRE) -- ServisFirst Bancshares, Inc. (NYSE:SFBS), today announced earnings and operating results for the quarter ended March 31, 2026.

First Quarter 2026 Highlights:

Diluted earnings per share of $1.52 for the quarter, up 31% from the first quarter of 2025.
Diluted earnings per share includes the impact of a $1.0 million, or $0.02 per share, accounting reversal related to BOLI income in the fourth quarter of 2025. Excluding this impact, diluted earnings per share would have been $1.54, a 33% increase from the first quarter of 2025.
Net interest margin of 3.53%, up 15 basis points from the fourth quarter of 2025 and 61 basis points from the first quarter of 2025.
Efficiency ratio under 30%, down from 35% in the first quarter of 2025.
Cost of interest-bearing deposits of 2.79%, down 22 basis points from the fourth quarter of 2025 and 61 basis points from the first quarter of 2025.
Loans grew $249 million, or 7% annualized, during the quarter.
Deposits grew $268 million, or 8% annualized, during the quarter.
Book value per share of $34.99, up 13.4% annualized from the fourth quarter of 2025 and 14.5% from the first quarter of 2025.
Liquidity remains strong with $1.84 billion in cash and cash equivalents, equaling 10% of our total assets, and no FHLB advances or brokered deposits.
Consolidated common equity tier 1 capital to risk-weighted assets increased from 11.48% in the first quarter of 2025 to 11.86% in the first quarter of 2026.
Return on average common stockholder's equity increased from 15.63% to 17.91% year-over-year.

Tom Broughton, Chairman, President, and CEO, said, "The outlook for loan and deposit growth for the remainder of the year is very positive and we believe we have the best commercial bankers in the Southeast."

David Sparacio, CFO, said, "We delivered another quarter of stellar results from a net income perspective. Compared with the same quarter a year ago, our net income increased 31%, and for the second consecutive quarter, our efficiency ratio was below 30%. We continue to see margin expansion and net income growth, which resulted in a 1.89% Return on Average Assets, despite robust hiring in our new Houston market late last year."

^* This press release includes certain non-GAAP financial measures: tangible common stockholders' equity, total tangible assets, tangible book value per share, 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 March 31, 2026			Period Ending December 31, 2025			% Change From Period Ending December 31, 2025 to Period Ending March 31, 2026			Period Ending March 31, 2025			% Change From Period Ending March 31, 2025 to Period Ending March 31, 2026
QUARTERLY OPERATING RESULTS
Net Income	$	82,971		$	86,384		(4.0	)	%	$	63,224		31.2		%
Net Income Available to Common Stockholders	$	82,971		$	86,353		(3.9	)	%	$	63,224		31.2		%
Diluted Earnings Per Share	$	1.52		$	1.58		(3.8	)	%	$	1.16		31.0		%
Return on Average Assets		1.89	%		1.91	%					1.45	%
Return on Average Common Stockholders' Equity		17.91	%		18.93	%					15.63	%
Average Diluted Shares Outstanding		54,695,017			54,675,802						54,656,630


BALANCE SHEET
Total Assets	$	18,171,287		$	17,727,190		2.5		%	$	18,636,766		(2.5	)	%
Loans		13,945,913			13,696,912		1.8		%		12,886,831		8.2		%
Non-interest-bearing Demand Deposits		2,836,622			2,684,272		5.7		%		2,647,577		7.1		%
Total Deposits		14,486,364			14,219,034		1.9		%		14,429,061		0.4		%
Stockholders' Equity		1,912,537			1,850,347		3.4		%		1,668,900		14.6		%

DETAILED FINANCIALS

ServisFirst Bancshares, Inc. reported net income and net income available to common stockholders of $83.0 million, $86.4 million, and $63.2 million for the first quarter of 2026, fourth quarter of 2025, and first quarter of 2025, respectively. Basic and diluted earnings per common share were both $1.52 in the first quarter of 2026, compared to $1.58 in the fourth quarter of 2025 and $1.16 in the first quarter of 2025.

Annualized return on average assets was 1.89% and annualized return on average common stockholders' equity was 17.91% for the first quarter of 2026, compared to 1.45% and 15.63%, respectively, for the first quarter of 2025.

Net interest income was $148.1 million for the first quarter of 2026, compared to $146.5 million for the fourth quarter of 2025 and $123.6 million for the first quarter of 2025. The net interest margin in the first quarter of 2026 was 3.53% compared to 3.38% in the fourth quarter of 2025 and 2.92% in the first quarter of 2025. Loan yields were 6.18% during the first quarter of 2026 compared to 6.29% during the fourth quarter of 2025 and 6.28% during the first quarter of 2025. Investment yields were 3.78% during the first quarter of 2026 compared to 3.77% during the fourth quarter of 2025, and 3.31% during the first quarter of 2025. Average interest-bearing deposit rates were 2.79% during the first quarter of 2026, compared to 3.01% during the fourth quarter of 2025 and 3.40% during the first quarter of 2025. Average federal funds purchased rates were 3.74% during the first quarter of 2026, compared to 4.01% during the fourth quarter of 2025 and 4.50% during the first quarter of 2025. During the fourth quarter of 2025, the Company redeemed its $30 million 4.5% Subordinated Notes due November 2027.

Average loans for the first quarter of 2026 were $13.78 billion, an increase of $279.5 million, or 8.4% annualized, from average loans of $13.50 billion for the fourth quarter of 2025, and an increase of $1.08 billion, or 8.5%, from average loans of $12.71 billion for the first quarter of 2025. Ending total loans for the first quarter of 2026 were $13.95 billion, an increase of $249.0 million, or 7.4% annualized, from $13.70 billion for the fourth quarter of 2025, and an increase of $1.06 billion, or 8.2%, from $12.89 billion for the first quarter of 2025.

Average total deposits for the first quarter of 2026 were $14.13 billion, a decrease of $84.6 million, or 2.4% annualized, from average total deposits of $14.21 billion for the fourth quarter of 2025, and an increase of $236.9 million, or 1.7%, from average total deposits of $13.89 billion for the first quarter of 2025. Ending total deposits for the first quarter of 2026 were $14.49 billion, an increase of $267.3 million, or 7.6% annualized, from $14.22 billion for the fourth quarter of 2025, and an increase of $57.3 million, or 0.4%, from $14.43 billion for the first quarter of 2025.

Non-performing assets to total assets were 1.00% for the first quarter of 2026, compared to 0.97% for the fourth quarter of 2025 and 0.40% for the first quarter of 2025. The year-over-year increase was attributable to a large real-estate secured relationship. Annualized net charge-offs to average loans were 0.25% for the first quarter of 2026, compared to 0.20% for the fourth quarter of 2025 and 0.19% for the first quarter of 2025. During the first quarter of 2026, we recorded a $6.7 million charge-off related to a long-standing impaired relationship. The allowance for credit losses to total loans at March 31, 2026, December 31, 2025, and March 31, 2025, was 1.25%, 1.25%, and 1.28%, respectively. We recorded a $10.6 million provision for credit losses in the first quarter of 2026 compared to $8.1 million in the fourth quarter of 2025, and $6.5 million in the first quarter of 2025.

Non-interest income increased $2.6 million, or 31.0%, to $10.8 million for the first quarter of 2026 from $8.3 million in the first quarter of 2025, and decreased $4.9 million, or 30.9%, on a linked quarter basis. Service charges on deposit accounts increased $738,000, or 28.9%, to $3.3 million for the first quarter of 2026 from $2.6 million in the first quarter of 2025, and were relatively flat, on a linked quarter basis. We increased our service charge rates on many of our treasury management products in July of 2025. Mortgage banking revenue increased $1.3 million, or 208.6%, to $1.9 million for the first quarter of 2026 from $613,000 in the first quarter of 2025, and increased $228,000, or 13.7%, on a linked quarter basis. The increase on a year-over year basis was primarily due to an increase in loans sold into the secondary market. We also increased our per-loan administrative fee in the first quarter of 2026. Credit card income increased $234,000, or 11.9%, to $2.2 million for the first quarter of 2026 from $2.0 million in the first quarter of 2025, and increased $367,000, or 20.0%, on a linked quarter basis. Bank-owned life insurance ("BOLI") income increased $685,000, or 32.1%, to $2.8 million for the first quarter of 2026 from $2.1 million in the first quarter of 2025, and decreased $5.3 million, or 65.4%, on a linked quarter basis. The decrease on a linked quarter basis was due to a death benefit received in the fourth quarter of 2025, as well as a $1.0 million, or $.02 per share, reduction in the first quarter of 2026 arising due to an adjustment of the amount in the fourth quarter of 2025. Other operating income decreased $373,000, or 37.3%, to $628,000 for the first quarter of 2026 from $1.0 million in the first quarter of 2025, and decreased $76,000, or 10.8%, on a linked quarter basis.

Non-interest expense increased $1.3 million, or 2.8%, to $47.4 million for the first quarter of 2026 from $46.1 million in the first quarter of 2025, and increased $701,000, or 1.5%, on a linked quarter basis. Salary and benefit expense increased $4.0 million, or 17.4%, to $26.9 million for the first quarter of 2026 from $22.9 million in the first quarter of 2025, and increased $3.0 million, or 12.6%, on a linked quarter basis, primarily due to the full impact of our Houston market expansion and seasonally higher payroll taxes during the first quarter of 2026. The number of full-time equivalent employees increased by 32 (of which, 24 are frontline), or 5.0%, to 668 at March 31, 2026 compared to 636 at March 31, 2025, and increased by 2 from the end of the fourth quarter of 2025. Equipment and occupancy expense increased $226,000, or 6.1%, to $3.9 million for the first quarter of 2026 from $3.7 million in the first quarter of 2025, and increased $211,000, or 5.6%, on a linked quarter basis. Third party processing and other services expense decreased $213,000, or 2.8%, to $7.5 million for the first quarter of 2026 from $7.7 million in the first quarter of 2025, and decreased $254,000, or 3.3%, on a linked quarter basis. Professional services expense increased $10,000, or 0.5%, to $1.9 million for the first quarter of 2026 from $1.9 million in the first quarter of 2025, and increased $462,000, or 31.2%, on a linked quarter basis. Other operating expenses decreased $2.6 million, or 37.4%, to $4.4 million for the first quarter of 2026 from $6.9 million in the first quarter of 2025, and decreased $2.8 million, or 39.5%, on a linked quarter basis. The efficiency ratio was 29.80% during the first quarter of 2026 compared to 34.97% during the first quarter of 2025 and 28.78% during the fourth quarter of 2025.

Income tax expense increased $2.1 million, or 13.4%, to $18.0 million in the first quarter of 2026, compared to $15.9 million in the first quarter of 2025, and decreased $3.2 million, or 15.2%, on a linked quarter basis. Our effective tax rate was 17.82% for the first quarter of 2026 compared to 20.06% for the first quarter of 2025, and 19.72% on a linked quarter basis. During the first quarter of 2026, we purchased Investment Tax Credits, which reduced our tax expense. We recognized a reduction in provision for income taxes resulting from excess tax benefits from the exercise and vesting of stock options and restricted stock during the first quarters of 2026 and 2025 of $229,000 and $470,000, respectively.

About ServisFirst Bancshares, Inc.

ServisFirst Bancshares, Inc. (the "Company") is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank (the "Bank"), the Company provides business and personal financial services from locations in Alabama, Florida, Georgia, North and South Carolina, Tennessee, Texas and Virginia. Through the Bank, we originate commercial, consumer and other loans and accept deposits, provide electronic banking services, such as online and mobile banking, including remote deposit capture, deliver treasury and cash management services and provide correspondent banking services to other financial institutions.

ServisFirst Bancshares, Inc. files periodic reports with the U.S. Securities and Exchange Commission (SEC). Copies of its filings may be obtained through the SEC's website at www.sec.gov or at www.servisfirstbancshares.com.

Statements in this press release that are not historical facts, including, but not limited to, statements concerning future operations, results or performance, are hereby identified as "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act") and Section 27A of the Securities Act of 1933, as amended (the "Securities Act"). The words "believe," "expect," "anticipate," "project," "plan," "intend," "will," "could," "would," "might" and similar expressions often signify forward-looking statements. Such statements involve inherent risks and uncertainties. The Company cautions that such forward-looking statements, wherever they occur in this press release or in other statements attributable to the Company, are necessarily estimates reflecting the judgment of the Company's senior management and involve risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Such forward-looking statements should, therefore, be considered in light of various factors that could affect the accuracy of such forward-looking statements, including, but not limited to: general economic conditions, especially in the credit markets and in the Southeast; the impact of tariffs 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 principles and tax laws, 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, 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; the threat of foreign wars; and increased competition from both banks and nonbank financial institutions. The foregoing list of factors is not exhaustive. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in our most recent Annual Report on Form 10-K, our subsequent Quarterly Reports on Form 10-Q and our other SEC filings. If one or more of the factors affecting our forward-looking information and statements proves incorrect, then our actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements. Accordingly, you should not place undue reliance on any forward-looking statements, which speak only as of the date made. The Company assumes no obligation to update or revise any forward-looking statements that are made from time to time.

More information about ServisFirst Bancshares, Inc. may be obtained over the Internet at www.servisfirstbancshares.com or by calling (205) 949-0302.

SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)
(In thousands except share and per share data)
	1st Quarter 2026			4th Quarter 2025			3rd Quarter 2025			2nd Quarter 2025			1st Quarter 2025
CONSOLIDATED STATEMENT OF INCOME
Interest income	$	241,480		$	251,388		$	251,308		$	246,635		$	241,096
Interest expense		93,332			104,867			117,860			114,948			117,543
Net interest income		148,148			146,521			133,448			131,687			123,553
Provision for credit losses		10,637			7,922			9,463			11,296			6,630
Net interest income after provision for credit losses		137,511			138,599			123,985			120,391			116,923
Non-interest income		10,840			15,691			2,833			421			8,277
Non-interest expense		47,384			46,683			47,996			44,204			46,107
Income before income tax		100,967			107,607			78,822			76,608			79,093
Provision for income tax		17,996			21,223			13,251			15,184			15,869
Net income		82,971			86,384			65,571			61,424			63,224
Preferred stock dividends		-			31			-			31			-
Net income available to common stockholders	$	82,971		$	86,353		$	65,571		$	61,393		$	63,224
Earnings per share - basic	$	1.52		$	1.58		$	1.20		$	1.12		$	1.16
Earnings per share - diluted	$	1.52		$	1.58		$	1.20		$	1.12		$	1.16
Average diluted shares outstanding		54,695,017			54,675,802			54,667,955			54,664,480			54,656,630

CONSOLIDATED BALANCE SHEET DATA
Total assets	$	18,171,287		$	17,727,190		$	17,584,199		$	17,378,628		$	18,636,766
Loans		13,945,913			13,696,912			13,311,967			13,232,560			12,886,831
Debt securities		1,684,421			1,728,901			1,849,739			1,914,503			1,905,550
Non-interest-bearing demand deposits		2,836,622			2,684,272			2,598,895			2,632,058			2,647,577
Total deposits		14,486,364			14,219,034			14,106,922			13,862,319			14,429,061
Borrowings		34,750			34,750			64,750			64,747			64,745
Stockholders' equity		1,912,537			1,850,347			1,781,647			1,721,783			1,668,900

Shares outstanding		54,663,123			54,624,955			54,621,441			54,618,545			54,601,217
Book value per share	$	34.99		$	33.87		$	32.62		$	31.52		$	30.57
Tangible book value per share (1)	$	34.74		$	33.62		$	32.37		$	31.27		$	30.32

SELECTED FINANCIAL RATIOS (Annualized)
Net interest margin		3.53	%		3.38	%		3.09	%		3.10	%		2.92	%
Return on average assets		1.89	%		1.91	%		1.47	%		1.40	%		1.45	%
Return on average common stockholders' equity		17.91	%		18.93	%		14.88	%		14.56	%		15.63	%
Efficiency ratio		29.80	%		28.78	%		35.22	%		33.46	%		34.97	%
Non-interest expense to average earning assets		1.13	%		1.08	%		1.11	%		1.04	%		1.09	%

CAPITAL RATIOS (2)
Common equity tier 1 capital to risk-weighted assets		11.86	%		11.65	%		11.49	%		11.38	%		11.48	%
Tier 1 capital to risk-weighted assets		11.87	%		11.66	%		11.50	%		11.38	%		11.48	%
Total capital to risk-weighted assets		13.13	%		12.93	%		12.91	%		12.81	%		12.93	%
Tier 1 capital to average assets		10.71	%		10.26	%		10.01	%		9.78	%		9.48	%
Tangible common equity to total tangible assets (1)		10.46	%		10.37	%		10.06	%		9.84	%		8.89	%

(1) This press release contains certain non-GAAP financial measures. Please see "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures."
(2) Regulatory capital ratios for most recent period are preliminary.

GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures

This press release contains the non-GAAP financial measures of tangible common stockholders' equity, total tangible assets, tangible book value per share and tangible common equity to total tangible assets, each of which excludes goodwill associated with our acquisition of Metro Bancshares, Inc. in January 2015.

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 March 31, 2026				At December 31, 2025				At September 30, 2025				At June 30, 2025				At March 31, 2025
Book value per share - GAAP	$	34.99			$	33.87			$	32.62			$	31.52			$	30.57
Total common stockholders' equity - GAAP		1,912,537				1,850,347				1,781,647				1,721,783				1,668,900
Adjustment for Goodwill		(13,615	)			(13,615	)			(13,615	)			(13,615	)			(13,615	)
Tangible common stockholders' equity - non-GAAP	$	1,898,922			$	1,836,732			$	1,768,032			$	1,708,168			$	1,655,285
Tangible book value per share - non-GAAP	$	34.74			$	33.62			$	32.37			$	31.27			$	30.32

Stockholders' equity to total assets - GAAP		10.53		%		10.44		%		10.13		%		9.91		%		8.95		%
Total assets - GAAP	$	18,171,287			$	17,727,190			$	17,584,199			$	17,378,628			$	18,636,766
Adjustment for Goodwill		(13,615	)			(13,615	)			(13,615	)			(13,615	)			(13,615	)
Total tangible assets - non-GAAP	$	18,157,672			$	17,713,575			$	17,570,584			$	17,365,013			$	18,623,151
Tangible common equity to total tangible assets - non-GAAP		10.46		%		10.37		%		10.06		%		9.84		%		8.89		%

CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in thousands)
	March 31, 2026			March 31, 2025			% Change
ASSETS
Cash and due from banks	$	100,561		$	121,645		(17	)	%
Interest-bearing balances due from depository institutions		1,218,296			3,218,753		(62	)	%
Federal funds sold and securities purchased with agreement to resell		517,765			9,322		5,454		%
Cash and cash equivalents		1,836,622			3,349,720		(45	)	%
Available for sale debt securities, at fair value		1,037,151			1,203,837		(14	)	%
Held to maturity debt securities (fair value of $602,476 and $639,455, respectively)		647,270			701,713		(8	)	%
Restricted equity securities		12,466			12,156		3		%
Mortgage loans held for sale		12,893			11,386		13		%
Loans		13,945,913			12,886,831		8		%
Less allowance for credit losses		(173,905	)		(165,034	)	5		%
Loans, net		13,772,008			12,721,797		8		%
Premises and equipment, net		62,056			59,431		4		%
Goodwill		13,615			13,615		-		%
Other assets		777,206			563,111		38		%
Total assets	$	18,171,287		$	18,636,766		(2	)	%
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest-bearing demand	$	2,836,622		$	2,647,577		7		%
Interest-bearing		11,649,742			11,781,484		(1	)	%
Total deposits		14,486,364			14,429,061		-		%
Federal funds purchased		1,546,987			2,358,326		(34	)	%
Other borrowings		34,750			64,745		(46	)	%
Other liabilities		190,649			115,734		65		%
Total liabilities		16,258,750			16,967,866		(4	)	%
Stockholders' equity:
Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at
March 31, 2026 and March 31, 2025		-			-		-		%
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 54,663,123 shares
issued and outstanding at March 31, 2026, and 54,601,217
shares issued and outstanding at March 31, 2025		55			54		2		%
Additional paid-in capital		238,644			235,840		1		%
Retained earnings		1,676,013			1,457,614		15		%
Accumulated other comprehensive loss		(2,675	)		(25,108	)	(89	)	%
Total stockholders' equity attributable to ServisFirst Bancshares, Inc.		1,912,037			1,668,400		15		%
Noncontrolling interest		500			500		-		%
Total stockholders' equity		1,912,537			1,668,900		15		%
Total liabilities and stockholders' equity	$	18,171,287		$	18,636,766		(2	)	%

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands except per share data)
	Three Months Ended March 31,
	2026		2025
Interest income:
Interest and fees on loans	$	210,066	$	196,936
Investment Securities		16,099		16,029
Federal funds sold and securities purchased with agreement to resell		5,561		20
Other interest and dividends		9,754		28,111
Total interest income		241,480		241,096
Interest expense:
Deposits		78,285		94,745
Borrowed funds		15,047		22,798
Total interest expense		93,332		117,543
Net interest income		148,148		123,553
Provision for credit losses		10,637		6,630
Net interest income after provision for credit losses		137,511		116,923
Noninterest income:
Service charges on deposit accounts		3,296		2,558
Mortgage banking		1,892		613
Credit card income		2,202		1,968
Bank-owned life insurance income		2,822		2,137
Other operating income		628		1,001
Total noninterest income		10,840		8,277
Noninterest expenses:
Salaries and employee benefits		26,853		22,879
Equipment and occupancy expense		3,948		3,722
Third party processing and other services		7,525		7,738
Professional services		1,943		1,933
FDIC and other regulatory assessments		2,745		2,854
Other real estate owned expense		20		33
Other operating expenses		4,350		6,948
Total noninterest expenses		47,384		46,107
Income before income taxes		100,967		79,093
Provision for income taxes		17,996		15,869
Net income		82,971		63,224
Dividends on preferred stock		-		-
Net income available to common stockholders	$	82,971	$	63,224
Basic earnings per common share	$	1.52	$	1.16
Diluted earnings per common share	$	1.52	$	1.16

LOANS BY TYPE (UNAUDITED)
(In thousands)

	1st Quarter 2026		4th Quarter 2025		3rd Quarter 2025		2nd Quarter 2025		1st Quarter 2025
Commercial, financial and agricultural	$	3,189,704	$	3,146,736	$	2,945,784	$	2,966,191	$	2,924,533
Real estate - construction		1,531,042		1,457,628		1,532,285		1,735,405		1,599,410
Real estate - mortgage:
Owner-occupied commercial		2,718,512		2,739,823		2,680,055		2,557,711		2,543,819
1-4 family mortgage		1,695,140		1,671,713		1,625,296		1,561,461		1,494,189
Non-owner occupied commercial		4,739,642		4,603,389		4,448,710		4,338,697		4,259,566
Subtotal: Real estate - mortgage		9,153,294		9,014,925		8,754,061		8,457,869		8,297,574
Consumer		71,873		77,623		79,837		73,095		65,314
Total loans	$	13,945,913	$	13,696,912	$	13,311,967	$	13,232,560	$	12,886,831

SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED)
(Dollars in thousands)
	1st Quarter 2026			4th Quarter 2025			3rd Quarter 2025			2nd Quarter 2025			1st Quarter 2025
Allowance for credit losses:
Beginning balance	$	171,683		$	170,235		$	169,959		$	165,034		$	164,458
Loans charged off:
Commercial, financial and agricultural		8,291			7,695			7,947			6,849			2,415
Real estate - construction		-			-			-			-			46
Real estate - mortgage		91			64			1,294			580			3,571
Consumer		171			466			110			73			60
Total charge offs		8,553			8,224			9,350			7,502			6,092
Recoveries:
Commercial, financial and agricultural		178			1,532			237			959			171
Real estate - construction		-			-			30			-			-
Real estate - mortgage		-			-			-			1			-
Consumer		35			10			21			58			27
Total recoveries		213			1,542			288			1,018			198
Net charge-offs		8,340			6,682			9,062			6,484			5,894
Provision for credit losses		10,562			8,130			9,338			11,409			6,470
Ending balance	$	173,905		$	171,683		$	170,235		$	169,959		$	165,034

Allowance for credit losses to total loans		1.25	%		1.25	%		1.28	%		1.28	%		1.28	%

Allowance for credit losses to total average loans		1.26	%		1.27	%		1.29	%		1.31	%		1.30	%
Net charge-offs to total average loans		0.25	%		0.20	%		0.27	%		0.20	%		0.19	%

Provision for credit losses to total average loans		0.31	%		0.24	%		0.28	%		0.35	%		0.21	%
Nonperforming assets:
Nonaccrual loans	$	176,613		$	168,351		$	166,662		$	68,619		$	73,793
Loans 90+ days past due and accruing		1,274			478			965			3,549			111
Other real estate owned and
repossessed assets		3,072			2,583			611			311			756
Total	$	180,959		$	171,412		$	168,238		$	72,479		$	74,660

Nonperforming loans to total loans		1.28	%		1.23	%		1.26	%		0.55	%		0.57	%
Nonperforming assets to total assets		1.00	%		0.97	%		0.96	%		0.42	%		0.40	%
Nonperforming assets to earning assets		1.05	%		1.01	%		1.00	%		0.43	%		0.41	%
Allowance for credit losses to nonaccrual loans		98.47	%		101.98	%		102.14	%		247.69	%		223.64	%

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands except per share data)
	1st Quarter 2026		4th Quarter 2025		3rd Quarter 2025			2nd Quarter 2025			1st Quarter 2025
Interest income:
Interest and fees on loans	$	210,066	$	214,252	$	210,987		$	206,521		$	196,936
Investment Securities		16,099		17,204		17,343			16,567			16,029
Federal funds sold and securities purchased with agreement to resell		5,561		5,671		4,724			1,592			20
Other interest and dividends		9,754		14,261		18,254			21,955			28,111
Total interest income		241,480		251,388		251,308			246,635			241,096
Interest expense:
Deposits		78,285		86,920		98,735			93,488			94,745
Borrowed funds		15,047		17,947		19,125			21,460			22,798
Total interest expense		93,332		104,867		117,860			114,948			117,543
Net interest income		148,148		146,521		133,448			131,687			123,553
Provision for credit losses		10,637		7,922		9,463			11,296			6,630
Net interest income after provision for credit losses		137,511		138,599		123,985			120,391			116,923
Noninterest income:
Service charges on deposit accounts		3,296		3,339		3,316			2,671			2,558
Mortgage banking		1,892		1,664		1,864			1,323			613
Credit card income		2,202		1,835		2,405			2,119			1,968
Securities losses		-		-		(7,812	)		(8,563	)		-
Bank-owned life insurance income		2,822		8,149		2,405			2,126			2,137
Other operating income		628		704		655			745			1,001
Total noninterest income		10,840		15,691		2,833			421			8,277
Noninterest expenses:
Salaries and employee benefits		26,853		23,838		25,522			22,576			22,879
Equipment and occupancy expense		3,948		3,737		3,615			3,523			3,722
Third party processing and other services		7,525		7,779		8,095			8,005			7,738
Professional services		1,943		1,481		1,857			1,904			1,933
FDIC and other regulatory assessments		2,745		2,641		2,742			2,753			2,854
Other real estate owned expense		20		13		82			27			33
Other operating expenses		4,350		7,194		6,083			5,416			6,948
Total noninterest expenses		47,384		46,683		47,996			44,204			46,107
Income before income taxes		100,967		107,607		78,822			76,608			79,093
Provision for income taxes		17,996		21,223		13,251			15,184			15,869
Net income		82,971		86,384		65,571			61,424			63,224
Dividends on preferred stock		-		31		-			31			-
Net income available to common stockholders	$	82,971	$	86,353	$	65,571		$	61,393		$	63,224
Basic earnings per common share	$	1.52	$	1.58	$	1.20		$	1.12		$	1.16
Diluted earnings per common share	$	1.52	$	1.58	$	1.20		$	1.12		$	1.16

AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED)
ON A FULLY TAXABLE-EQUIVALENT BASIS
(Dollars in thousands)

	1st Quarter 2026					4th Quarter 2025					3rd Quarter 2025					2nd Quarter 2025					1st Quarter 2025
	Average Balance			Yield / Rate		Average Balance			Yield / Rate		Average Balance			Yield / Rate		Average Balance			Yield / Rate		Average Balance			Yield / Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (1)
Taxable	$	13,751,447		6.18	%	$	13,474,271		6.30	%	$	13,175,297		6.34	%	$	12,979,759		6.37	%	$	12,683,077		6.29	%
Tax-exempt (2)		32,976		5.82			30,670		5.52			30,478		5.47			30,346		5.51			25,044		4.94
Total loans, net of unearned
income		13,784,423		6.18			13,504,941		6.29			13,205,775		6.34			13,010,105		6.37			12,708,121		6.28
Mortgage loans held for sale		10,680		4.40			9,887		4.49			11,351		4.82			11,739		5.23			6,731		4.76
Debt securities:
Taxable		1,702,499		3.78			1,826,632		3.77			1,926,101		3.60			1,965,089		3.37			1,934,739		3.31
Tax-exempt (2)		444		5.41			444		5.41			444		5.41			492		4.88			589		5.43
Total securities (3)		1,702,943		3.78			1,827,076		3.77			1,926,545		3.60			1,965,581		3.37			1,935,328		3.31
Federal funds sold and securities
purchased with agreement to resell		501,377		4.50			469,148		4.79			365,733		5.12			124,303		5.14			1,670		4.86
Restricted equity securities		12,228		6.17			12,193		6.61			12,167		6.36			12,146		6.64			11,461		7.43
Interest-bearing balances with banks		1,041,026		3.73			1,393,155		4.00			1,608,118		4.45			1,952,479		4.47			2,526,382		4.48
Total interest-earning assets	$	17,052,677		5.75	%	$	17,216,400		5.79	%	$	17,129,689		5.82	%	$	17,076,353		5.80	%	$	17,189,693		5.69	%
Non-interest-earning assets:
Cash and due from banks		103,847					102,066					103,470					109,506					108,540
Net premises and equipment		61,253					61,009					60,614					59,944					59,633
Allowance for credit losses, accrued
interest and other assets		552,337					556,704					415,586					380,700					352,282
Total assets	$	17,770,114				$	17,936,179				$	17,709,359				$	17,626,503				$	17,710,148

Interest-bearing liabilities:
Interest-bearing deposits:
Checking	$	2,101,953		1.60	%	$	2,126,615		1.77	%	$	2,069,440		2.16	%	$	2,222,000		1.78	%	$	2,461,900		2.38	%
Savings		110,843		1.42			106,551		1.52			103,668		1.66			101,506		1.63			101,996		1.61
Money market		7,812,168		3.01			7,816,487		3.23			7,965,115		3.67			7,616,747		3.67			7,363,163		3.61
Time deposits		1,373,023		3.42			1,392,749		3.80			1,344,257		3.97			1,321,404		4.09			1,361,558		4.24
Total interest-bearing deposits		11,397,987		2.79			11,442,402		3.01			11,482,480		3.41			11,261,657		3.33			11,288,617		3.40
Federal funds purchased		1,593,215		3.74			1,712,399		4.01			1,640,377		4.46			1,855,860		4.49			1,994,766		4.50
Other borrowings		34,750		4.05			59,207		4.21			64,761		4.21			64,750		4.26			64,750		4.30
Total interest-bearing liabilities	$	13,025,952		2.91	%	$	13,214,008		3.15	%	$	13,187,618		3.55	%	$	13,182,267		3.50	%	$	13,348,133		3.57	%
Non-interest-bearing liabilities:
Non-interest-bearing
checking		2,728,354					2,768,495					2,651,043					2,633,552					2,600,775
Other liabilities		137,231					143,680					122,873					119,829					120,291
Stockholders' equity		1,879,072					1,813,097					1,762,980					1,716,232					1,670,402
Accumulated other comprehensive
loss		(495	)				(3,101	)				(15,155	)				(25,377	)				(29,453	)
Total liabilities and
stockholders' equity	$	17,770,114				$	17,936,179				$	17,709,359				$	17,626,503				$	17,710,148
Net interest spread				2.84	%				2.64	%				2.27	%				2.30	%				2.12	%
Net interest margin				3.53	%				3.38	%				3.09	%				3.10	%				2.92	%

(1) Average loans include nonaccrual loans in all periods. Loan fees of $5,186, $5,464, $6,103, $4,430, and $3,764 are included in interest income in the first quarter of 2026, fourth quarter of 2025, third quarter of 2025, second quarter of 2025, and first quarter of 2025, respectively.
(2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%.
(3) Unrealized losses on debt securities of $(2,713), $(6,311), $(22,574), $(36,381), and $(41,970) for the first quarter of 2026, fourth quarter of 2025, third quarter of 2025, second quarter of 2025, and first quarter of 2025, respectively, are excluded from the yield calculation.

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

ServisFirst Bancshares, Inc. Announces Results For First Quarter of 2026