分组1 - ServisFirst Bancshares reported quarterly earnings of $1.21 per share, exceeding the Zacks Consensus Estimate of $1.20 per share, and up from $0.95 per share a year ago, representing an earnings surprise of +0.83% [1] - The company posted revenues of $140.67 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.32%, compared to year-ago revenues of $114.77 million [2] - Over the last four quarters, ServisFirst has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] 分组2 - The stock has underperformed the market, losing about 2.1% since the beginning of the year, while the S&P 500 has gained 7.1% [3] - The current consensus EPS estimate for the coming quarter is $1.29 on revenues of $144.88 million, and for the current fiscal year, it is $5.03 on revenues of $564.44 million [7] - The Zacks Industry Rank for Financial - Savings and Loan is currently in the bottom 37% of over 250 Zacks industries, indicating potential challenges for the sector [8]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) ServisFirst Bancshares, Inc. reported strong loan growth and an improved net interest margin for the second quarter of 2025, alongside robust liquidity and capital positions, despite a slight sequential decrease in GAAP net income [Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) ServisFirst Bancshares, Inc. reported strong loan growth and an improved net interest margin for the second quarter of 2025, alongside robust liquidity and capital positions, despite a slight sequential decrease in GAAP net income - CEO **Tom Broughton** expressed satisfaction with loan growth and the improved banking environment. CFO **David Sparacio** noted continued improvement in **net interest margin** and anticipated higher margins over the next 24 months due to **asset repricing**[4](index=4&type=chunk) Key Financial Highlights (Q2 2025 vs. Q2 2024 & Q1 2025) | Metric | Q2 2025 | vs. Q1 2025 | vs. Q2 2024 | | :----------------------------------- | :------ | :---------- | :---------- | | Diluted Earnings Per Share | $1.12 | (3.4)% | 17.9% | | Adjusted Diluted Earnings Per Share* | $1.21 | 4.4% | 27.5% | | Net Interest Margin | 3.10% | Up from 2.92% | Up from 2.79% | | Loans Growth (annualized) | $346M | 11% | - | | Book Value Per Share | $31.52 | 16% (annualized) | 14% | | Consolidated Common Equity Tier 1 Capital to Risk-Weighted Assets | 11.38% | - | Up from 10.93% | | Return on Average Common Stockholders' Equity | 14.56% | - | Up from 14.08% | - Liquidity remains strong with **$1.7 billion** in cash and cash equivalent assets, representing **10% of total assets**, and **no FHLB advances or brokered deposits**[5](index=5&type=chunk) [Financial Summary (Unaudited)](index=1&type=section&id=FINANCIAL%20SUMMARY%20(UNAUDITED)) The company's unaudited financial summary for Q2 2025 shows strong year-over-year growth in operating results and balance sheet items, despite some sequential declines in net income, assets, and deposits [Quarterly Operating Results](index=1&type=section&id=Quarterly%20Operating%20Results) The company's second quarter 2025 operating results showed a slight sequential decline in GAAP net income and EPS but significant year-over-year growth, with adjusted metrics demonstrating stronger performance Quarterly Operating Results (in Thousands, except per share) | Metric | Q2 2025 | Q1 2025 | % Change (QoQ) | Q2 2024 | % Change (YoY) | | :----------------------------------- | :------ | :------ | :------------- | :------ | :------------- | | Net Income | $61,424 | $63,224 | (2.8)% | $52,136 | 17.8% | | Net Income Available to Common Stockholders | $61,393 | $63,224 | (2.9)% | $52,105 | 17.8% | | Diluted Earnings Per Share | $1.12 | $1.16 | (3.4)% | $0.95 | 17.9% | | Return on Average Assets | 1.40% | 1.45% | - | 1.34% | - | | Return on Average Common Stockholders' Equity | 14.56% | 15.63% | - | 14.08% | - | | Adjusted Net Income, net of tax* | $66,133 | $63,224 | 4.6% | $52,136 | 26.8% | | Adjusted Diluted Earnings Per Share, net of tax* | $1.21 | $1.16 | 4.4% | $0.95 | 27.5% | [Year-to-Date Operating Results & Balance Sheet Summary](index=2&type=section&id=Year-to-Date%20Operating%20Results%20%26%20Balance%20Sheet%20Summary) Year-to-date operating results show robust growth compared to the prior year, while the balance sheet reflects an increase in total assets, loans, and stockholders' equity year-over-year, despite a sequential decrease in total assets and deposits Year-to-Date Operating Results (in Thousands, except per share) | Metric | YTD June 30, 2025 | YTD June 30, 2024 | % Change (YoY) | | :----------------------------------- | :---------------- | :---------------- | :------------- | | Net Income | $124,648 | $102,162 | 22.0% | | Net Income Available to Common Stockholders | $124,617 | $102,131 | 22.0% | | Diluted Earnings Per Share | $2.28 | $1.87 | 21.9% | | Adjusted Net Income, net of tax* | $129,357 | $103,509 | 25.0% | | Adjusted Diluted Earnings Per Share, net of tax* | $2.36 | $1.89 | - | Balance Sheet Summary (in Thousands) | Metric | June 30, 2025 | March 31, 2025 | % Change (QoQ) | June 30, 2024 | % Change (YoY) | | :------------------- | :------------ | :------------- | :------------- | :------------ | :------------- | | Total Assets | $17,378,628 | $18,636,766 | (6.8)% | $16,049,812 | 8.3% | | Loans | $13,232,560 | $12,886,831 | 2.7% | $12,332,780 | 7.3% | | Total Deposits | $13,862,319 | $14,429,061 | (3.9)% | $13,259,392 | 4.5% | | Stockholders' Equity | $1,721,783 | $1,668,900 | 3.2% | $1,510,576 | 14.0% | [Detailed Financials](index=2&type=section&id=DETAILED%20FINANCIALS) Detailed financials indicate improved net interest income and strong loan growth, despite a sequential dip in net income and a significant non-interest income loss, with asset quality showing some deterioration [Net Income and Earnings Per Share Analysis](index=2&type=section&id=Net%20Income%20and%20Earnings%20Per%20Share%20Analysis) Net income and diluted EPS for Q2 2025 saw a modest decline quarter-over-quarter but demonstrated significant growth compared to the same period last year, with improved returns on average assets and equity - Net income and net income available to common stockholders for Q2 2025 were **$61.4 million**, a decrease from **$63.2 million** in Q1 2025 but an increase from **$52.1 million** in Q2 2024[7](index=7&type=chunk) - Basic and diluted EPS were **$1.12** in Q2 2025, down from **$1.16** in Q1 2025 but up from **$0.96** (basic) and **$0.95** (diluted) in Q2 2024[7](index=7&type=chunk) - Annualized return on average assets was **1.40%** in Q2 2025, up from **1.34%** in Q2 2024. Annualized return on average common stockholders' equity was **14.56%** in Q2 2025, up from **14.08%** in Q2 2024[8](index=8&type=chunk) [Net Interest Income and Margin](index=2&type=section&id=Net%20Interest%20Income%20and%20Margin) Net interest income and margin continued to improve sequentially and year-over-year in Q2 2025, driven by higher loan and investment yields, despite a slight decrease in average interest-bearing deposit rates Net Interest Income & Margin Trends (in Millions, except percentages) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :-------------------- | :------ | :------ | :------ | | Net Interest Income | $131.7M | $123.6M | $105.9M | | Net Interest Margin | 3.10% | 2.92% | 2.79% | | Loan Yields | 6.37% | 6.28% | 6.48% | | Investment Yields | 3.37% | 3.31% | 3.33% | | Average Interest-Bearing Deposit Rates | 3.33% | 3.40% | 4.09% | | Average Federal Funds Purchased Rates | 4.49% | 4.50% | 5.50% | - A **$2.3 million** accrual related to a legal matter, previously recorded in interest expense, was reversed during Q2 2025[9](index=9&type=chunk) [Loan and Deposit Growth](index=2&type=section&id=Loan%20and%20Deposit%20Growth) The company experienced strong annualized loan growth in Q2 2025, both on an average and ending basis, while average total deposits saw modest annualized growth, and ending total deposits decreased sequentially Loan Growth (in Millions) | Metric | Q2 2025 | vs. Q1 2025 | vs. Q2 2024 | | :-------------------- | :------ | :---------- | :---------- | | Average Loans | $13,010 | Up $302.0M (9.5% annualized) | Up $947.1M (7.9%) | | Ending Total Loans | $13,230 | Up $345.7M (10.8% annualized) | Up $899.8M (7.3%) | Deposit Growth (in Millions) | Metric | Q2 2025 | vs. Q1 2025 | vs. Q2 2024 | | :-------------------- | :------ | :---------- | :---------- | | Average Total Deposits | $13,900 | Up $5.8M (0.2% annualized) | Up $1,030M (8.0%) | | Ending Total Deposits | $13,860 | Down $566.7M (15.8% annualized) | Up $602.9M (4.5%) | [Asset Quality](index=3&type=section&id=Asset%20Quality) Asset quality metrics showed an increase in non-performing assets and net charge-offs in Q2 2025, leading to a higher provision for loan losses, primarily due to specific real estate-secured relationships and a significant loan charge-off Asset Quality Metrics | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :----------------------------------- | :------ | :------ | :------ | | Non-performing assets to total assets | 0.42% | 0.40% | 0.23% | | Annualized net charge-offs to average loans | 0.20% | 0.19% | 0.10% | | Allowance for credit losses to total loans | 1.28% | 1.28% | 1.28% | | Provision for loan losses | $11.4M | $6.5M | $5.4M | - The year-over-year increase in non-performing assets was primarily due to two real estate-secured relationships. A **$4.9 million** charge-off on a previously unimpaired loan occurred in Q2 2025. Higher loan growth and increased net charge-offs contributed to the rise in provision for loan losses[12](index=12&type=chunk)[13](index=13&type=chunk) [Non-Interest Income](index=3&type=section&id=Non-Interest%20Income) Total non-interest income significantly decreased in Q2 2025, primarily due to an $8.6 million loss on the sale of available-for-sale debt securities, despite increases in service charges and mortgage banking revenue Non-Interest Income (in Thousands) | Category | Q2 2025 | Q1 2025 | % Change (QoQ) | Q2 2024 | % Change (YoY) | | :----------------------------------- | :------ | :------ | :------------- | :------ | :------------- | | Total Non-interest income | $421 | $8,277 | (94.9)% | $8,891 | (95.3)% | | Service charges on deposit accounts | $2,671 | $2,558 | 4.4% | $2,293 | 16.5% | | Mortgage banking revenue | $1,323 | $613 | 115.8% | $1,379 | (4.1)% | | Net credit card income | $2,119 | $1,968 | 7.7% | $2,333 | (9.2)% | | Bank-owned life insurance (BOLI) income | $2,126 | $2,137 | (0.5)% | $2,058 | 3.3% | | Other operating income | $745 | $1,001 | (25.6)% | $828 | (10.0)% | - A significant **$8.6 million** loss on the sale of available-for-sale debt securities was recognized in Q2 2025 as part of a portfolio restructuring, heavily impacting total non-interest income[14](index=14&type=chunk) [Non-Interest Expense](index=3&type=section&id=Non-Interest%20Expense) Non-interest expense decreased sequentially in Q2 2025, driven by lower salary and benefit expenses, but increased year-over-year due to higher third-party processing and regulatory assessments, resulting in an improved efficiency ratio Non-Interest Expense (in Thousands) | Category | Q2 2025 | Q1 2025 | % Change (QoQ) | Q2 2024 | % Change (YoY) | | :----------------------------------- | :------ | :------ | :------------- | :------ | :------------- | | Total Non-interest expense | $44,204 | $46,107 | (4.1)% | $42,818 | 3.2% | | Salary and benefit expense | $22,576 | $22,879 | (1.3)% | $24,213 | (6.8)% | | Third party processing and other services | $8,005 | $7,738 | 3.5% | $7,465 | 7.2% | | FDIC and other regulatory assessments | $2,753 | $2,854 | (3.5)% | $2,202 | 25.0% | | Other operating expenses | $5,416 | $6,948 | (22.0)% | $3,623 | 49.5% | - The number of full-time equivalent (FTE) employees increased by **34 (5.44%)** year-over-year to **659** at June 30, 2025, and by **23 (3.61%)** quarter-over-quarter[15](index=15&type=chunk) Efficiency Ratios | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--------------- | :------ | :------ | :------ | | Efficiency ratio | 33.46% | 34.97% | 37.31% | | Adjusted efficiency ratio | 31.94% | - | - | [Income Tax Expense](index=3&type=section&id=Income%20Tax%20Expense) Income tax expense increased year-over-year in Q2 2025, but the effective tax rate decreased, benefiting from a significant reduction in provision due to excess tax benefits from stock option exercises Income Tax Expense (in Millions, except percentages) | Metric | Q2 2025 | Q2 2024 | % Change (YoY) | | :-------------------- | :------ | :------ | :------------- | | Income tax expense | $15.2M | $14.5M | 5.0% | | Effective tax rate | 19.82% | 21.71% | - | - The company recognized a **$2.1 million** reduction in provision for income taxes in Q2 2025 due to excess tax benefits from stock option exercises and restricted stock vesting, compared to **$396,000** in Q2 2024[16](index=16&type=chunk) [Company Information & Disclosures](index=3&type=section&id=Company%20Information%20%26%20Disclosures) This section provides an overview of ServisFirst Bancshares, Inc.'s operations and a cautionary note regarding forward-looking statements, emphasizing inherent risks and uncertainties [About ServisFirst Bancshares, Inc.](index=3&type=section&id=About%20ServisFirst%20Bancshares%2C%20Inc.) ServisFirst Bancshares, Inc. is a Birmingham, Alabama-based bank holding company that provides a comprehensive range of financial services through its subsidiary, ServisFirst Bank, across multiple Southeastern states - ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama, operating through its subsidiary ServisFirst Bank[17](index=17&type=chunk) - The bank provides business and personal financial services across Alabama, Florida, Georgia, North and South Carolina, Tennessee, and Virginia, including commercial, consumer, and other loans, deposits, electronic banking, treasury/cash management, and correspondent banking services[17](index=17&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section cautions investors about forward-looking statements, highlighting the inherent risks and uncertainties that could cause actual results to differ from projections, and advises against undue reliance on such statements - Statements concerning future operations, results, or performance are identified as 'forward-looking statements' and involve inherent risks and uncertainties[19](index=19&type=chunk) - Factors that could cause actual results to differ include general economic conditions, changes in interest rates, accounting/tax principles, regulatory requirements, loan portfolio changes, cyber-attacks, liquidity costs, legal cases, creditworthiness of customers, natural disasters, and increased competition[19](index=19&type=chunk)[20](index=20&type=chunk) - Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made, and the company assumes no obligation to update or revise them[20](index=20&type=chunk) [Selected Financial Highlights (Tables)](index=4&type=section&id=SELECTED%20FINANCIAL%20HIGHLIGHTS) This section presents key consolidated financial statements and ratios, including income, balance sheet, and capital data, illustrating quarterly and year-over-year performance trends and capital adequacy [Consolidated Statement of Income (Quarterly Trends)](index=4&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20INCOME) This table provides a detailed breakdown of the consolidated statement of income for the past five quarters, showing trends in interest income, interest expense, net interest income, non-interest income, non-interest expense, and net income Consolidated Statement of Income (in Thousands) | Metric | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | | :----------------------------------- | :------ | :------ | :------ | :------ | :------ | | Interest income | $246,635 | $241,096 | $243,892 | $247,979 | $227,540 | | Interest expense | $114,948 | $117,543 | $120,724 | $132,858 | $121,665 | | Net interest income | $131,687 | $123,553 | $123,168 | $115,121 | $105,875 | | Provision for credit losses | $11,296 | $6,630 | $5,704 | $5,659 | $5,353 | | Non-interest income | $421 | $8,277 | $8,803 | $8,549 | $8,891 | | Non-interest expense | $44,204 | $46,107 | $46,896 | $45,632 | $42,818 | | Net income | $61,424 | $63,224 | $65,173 | $59,907 | $52,136 | | Diluted earnings per share | $1.12 | $1.16 | $1.19 | $1.10 | $0.95 | [Consolidated Balance Sheet Data](index=4&type=section&id=CONSOLIDATED%20BALANCE%20SHEET%20DATA) This table presents key consolidated balance sheet figures for the past five quarters, illustrating trends in total assets, loans, deposits, and stockholders' equity, including book and tangible book value per share Consolidated Balance Sheet Data (in Thousands) | Metric | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | | :-------------------------- | :------------ | :------------ | :------------ | :------------ | :------------ | | Total assets | $17,378,628 | $18,636,766 | $17,351,643 | $16,449,178 | $16,049,812 | | Loans | $13,232,560 | $12,886,831 | $12,605,836 | $12,338,226 | $12,332,780 | | Total deposits | $13,862,319 | $14,429,061 | $13,543,459 | $13,146,529 | $13,259,392 | | Stockholders' equity | $1,721,783 | $1,668,900 | $1,616,772 | $1,570,269 | $1,510,576 | | Book value per share | $31.52 | $30.57 | $29.63 | $28.79 | $27.71 | | Tangible book value per share (1) | $31.27 | $30.32 | $29.38 | $28.54 | $27.46 | [Selected Financial Ratios](index=5&type=section&id=SELECTED%20FINANCIAL%20RATIOS) This table provides a summary of key annualized financial ratios for the past five quarters, including net interest margin, return on average assets, return on average common stockholders' equity, and efficiency ratio, showing overall performance trends Selected Financial Ratios (Annualized) | Metric | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | | :----------------------------------- | :------ | :------ | :------ | :------ | :------ | | Net interest margin | 3.10% | 2.92% | 2.96% | 2.84% | 2.79% | | Return on average assets | 1.40% | 1.45% | 1.52% | 1.43% | 1.34% | | Return on average common stockholders' equity | 14.56% | 15.63% | 16.29% | 15.55% | 14.08% | | Efficiency ratio | 33.46% | 34.97% | 35.54% | 36.90% | 37.31% | [Capital Ratios](index=5&type=section&id=CAPITAL%20RATIOS) This table presents the regulatory capital ratios for the past five quarters, including common equity tier 1, tier 1, total capital to risk-weighted assets, and tangible common equity to total tangible assets, indicating strong capital adequacy Capital Ratios (Preliminary for most recent period) | Metric | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | | :----------------------------------- | :------ | :------ | :------ | :------ | :------ | | Common equity tier 1 capital to risk-weighted assets | 11.38% | 11.48% | 11.42% | 11.25% | 10.93% | | Tier 1 capital to risk-weighted assets | 11.38% | 11.48% | 11.42% | 11.25% | 10.93% | | Total capital to risk-weighted assets | 12.81% | 12.93% | 12.90% | 12.77% | 12.43% | | Tangible common equity to total tangible assets (1) | 9.84% | 8.89% | 9.25% | 9.47% | 9.33% | [GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures](index=5&type=section&id=GAAP%20Reconciliation%20and%20Management%20Explanation%20of%20Non-GAAP%20Financial%20Measures) This section defines and reconciles non-GAAP financial measures, such as adjusted net income and tangible book value, providing management's rationale for their use in assessing underlying performance [Explanation of Non-GAAP Measures](index=5&type=section&id=Explanation%20of%20Non-GAAP%20Measures) This section defines the non-GAAP financial measures used in the report, such as adjusted net income and tangible book value, and explains the specific adjustments made, including a loss on securities sale and a legal reserve reversal, to provide a clearer view of underlying performance - The press release includes non-GAAP financial measures such as adjusted net income, adjusted diluted EPS, adjusted return on average assets, adjusted return on average common stockholders' equity, and adjusted efficiency ratio[23](index=23&type=chunk) - Adjustments include a **$7.2 million** FDIC special assessment in Q4 2023 (with an additional **$1.8 million** in Q1 2024), an **$8.6 million** loss on sale of available-for-sale debt securities in Q2 2025, and a **$2.3 million** legal reserve reversal from interest expense in Q2 2025[23](index=23&type=chunk) - These adjustments are considered unusual or infrequent and are excluded to provide a clearer view of run-rate performance. Non-GAAP measures also include tangible common stockholders' equity and tangible book value per share, which exclude goodwill[23](index=23&type=chunk) - Management believes these non-GAAP measures offer useful supplementary information but are not a substitute for GAAP results and may not be comparable to those used by other companies[24](index=24&type=chunk) [Reconciliation Tables](index=5&type=section&id=Reconciliation%20Tables) This section provides detailed reconciliation tables for various non-GAAP financial measures, systematically showing the adjustments made to GAAP figures to derive adjusted results for book value, net income, EPS, net interest margin, and returns Book Value and Tangible Common Equity Reconciliation (in Thousands, except per share) | Metric | June 30, 2025 | March 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | June 30, 2024 | | :----------------------------------- | :------------ | :------------- | :----------- | :----------- | :------------ | | Book value per share - GAAP | $31.52 | $30.56 | $29.63 | $28.79 | $27.71 | | Total common stockholders' equity - GAAP | $1,721,783 | $1,668,900 | $1,616,772 | $1,570,269 | $1,570,994 | | Adjustment for Goodwill | $(13,615) | $(13,615) | $(13,615) | $(13,615) | $(13,615) | | Tangible common stockholders' equity - non-GAAP | $1,708,168 | $1,655,285 | $1,603,157 | $1,556,654 | $1,557,379 | | Tangible book value per share - non-GAAP | $31.27 | $30.31 | $29.38 | $28.54 | $27.46 | | Stockholders' equity to total assets - GAAP | 9.91% | 8.95% | 9.32% | 9.55% | 9.55% | | Total tangible assets - non-GAAP | $17,365,013 | $18,623,151 | $17,338,028 | $16,435,563 | $16,434,967 | | Tangible common equity to total tangible assets - non-GAAP | 9.84% | 8.89% | 9.25% | 9.47% | 9.48% | Adjusted Net Income and EPS Reconciliation (in Thousands, except per share) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :----------------------------------- | :------ | :------ | :------ | :------- | :------- | | Net income - GAAP | $61,424 | $63,224 | $52,136 | $124,648 | $102,162 | | Adjustments (net of tax) | $4,709 | $0 | $0 | $4,709 | $1,347 | | Adjusted net income - non-GAAP | $66,133 | $63,224 | $52,136 | $129,357 | $103,509 | | Diluted earnings per share - GAAP | $1.12 | $1.16 | $0.95 | $2.28 | $1.87 | | Adjustments (per share) | $0.09 | $0 | $0 | $0.08 | $0.02 | | Adjusted diluted earnings per share - non-GAAP | $1.21 | $1.16 | $0.95 | $2.36 | $1.89 | Adjusted Net Interest Margin Reconciliation (in Millions, except percentages) | Metric | Q2 2025 | YTD 2025 | | :----------------------------------- | :------ | :------- | | Net interest income, fully taxable-equivalent basis | $131.777 | $255.394 | | Legal matter accrual reversal (net of tax) | $(1.705) | $(1.705) | | Adjusted net interest income, fully taxable-equivalent basis | $130.072 | $253.689 | | Net interest margin - GAAP | 3.10% | 3.01% | | Adjusted net interest margin - non-GAAP | 3.06% | 2.99% | Adjusted Return on Average Assets and Equity Reconciliation | Metric | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :----------------------------------- | :------ | :------ | :------ | :------- | :------- | | Return on average assets - GAAP | 1.40% | 1.45% | 1.34% | 1.42% | 1.30% | | Adjusted return on average assets - non-GAAP | 1.50% | 1.45% | 1.34% | 1.48% | 1.31% | | Return on average common stockholders' equity - GAAP | 14.56% | 15.63% | 14.08% | 15.08% | 13.96% | | Adjusted return on average common stockholders' equity - non-GAAP | 15.68% | 15.63% | 14.08% | 15.65% | 14.15% | Adjusted Efficiency Ratio Reconciliation | Metric | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :----------------------------------- | :------ | :------ | :------ | :------- | :------- | | Efficiency ratio - GAAP | 33.46% | 34.97% | 37.31% | 34.22% | 39.42% | | Adjusted efficiency ratio - non-GAAP | 31.94% | 34.97% | 37.31% | 33.42% | 38.63% | [Consolidated Financial Statements (Detailed)](index=7&type=section&id=CONSOLIDATED%20FINANCIAL%20STATEMENTS%20(DETAILED)) This section provides detailed consolidated financial statements, including balance sheets, income statements, loan portfolio breakdown, credit loss experience, and average balance sheet analysis, offering a comprehensive view of the company's financial position and performance [Consolidated Balance Sheets](index=7&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS%20(UNAUDITED)) This table presents the detailed consolidated balance sheets as of June 30, 2025, and June 30, 2024, showing assets, liabilities, and stockholders' equity with year-over-year percentage changes, highlighting growth in cash, loans, and equity Consolidated Balance Sheets (in Thousands) | Category | June 30, 2025 | June 30, 2024 | % Change (YoY) | | :----------------------------------- | :------------ | :------------ | :------------- | | **ASSETS** | | | | | Cash and cash equivalents | $1,710,904 | $1,276,765 | 34% | | Available for sale debt securities | $1,227,851 | $1,174,386 | 5% | | Loans, net | $13,062,601 | $12,174,688 | 7% | | Total assets | $17,378,628 | $16,049,812 | 8% | | **LIABILITIES** | | | | | Total deposits | $13,862,319 | $13,259,392 | 5% | | Federal funds purchased | $1,599,135 | $1,097,154 | 46% | | Total liabilities | $15,656,845 | $14,539,236 | 8% | | **STOCKHOLDERS' EQUITY** | | | | | Total stockholders' equity | $1,721,783 | $1,510,576 | 14% | [Consolidated Statements of Income (Quarterly and Six Months)](index=8&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20INCOME%20(UNAUDITED)%20-%20Quarterly%20and%20Six%20Months) This table provides the consolidated statements of income for the three and six months ended June 30, 2025, and June 30, 2024, detailing interest income, interest expense, non-interest income, non-interest expense, and net income, highlighting year-over-year performance Consolidated Statements of Income (in Thousands, except per share) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :----------------------------------- | :------ | :------ | :------- | :------- | | Total interest income | $246,635 | $227,540 | $487,731 | $454,250 | | Total interest expense | $114,948 | $121,665 | $232,491 | $245,880 | | Net interest income | $131,687 | $105,875 | $255,240 | $208,370 | | Provision for credit losses | $11,296 | $5,353 | $17,926 | $9,721 | | Total non-interest income | $421 | $8,891 | $8,698 | $17,704 | | Total non-interest expense | $44,204 | $42,818 | $90,311 | $89,121 | | Income before income tax | $76,608 | $66,595 | $155,701 | $127,232 | | Provision for income tax | $15,184 | $14,459 | $31,053 | $25,070 | | Net income | $61,424 | $52,136 | $124,648 | $102,162 | | Diluted earnings per common share | $1.12 | $0.95 | $2.28 | $1.87 | [Loans by Type](index=9&type=section&id=LOANS%20BY%20TYPE%20(UNAUDITED)) This table categorizes the loan portfolio by type for the past five quarters, showing consistent growth across commercial, real estate (construction, owner-occupied, 1-4 family, non-owner occupied), and consumer segments Loans by Type (in Thousands) | Loan Type | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | | :----------------------------------- | :------------ | :------------ | :------------ | :------------ | :------------ | | Commercial, financial and agricultural | $2,952,028 | $2,924,533 | $2,869,894 | $2,793,989 | $2,935,577 | | Real estate - construction | $1,735,405 | $1,599,410 | $1,489,306 | $1,439,648 | $1,510,677 | | Real estate - mortgage (Subtotal) | $8,457,869 | $8,297,574 | $8,173,009 | $8,042,603 | $7,822,079 | | Consumer | $87,258 | $65,314 | $73,627 | $61,986 | $64,447 | | Total loans | $13,232,560 | $12,886,831 | $12,605,836 | $12,338,226 | $12,332,780 | [Summary of Credit Loss Experience](index=9&type=section&id=SUMMARY%20OF%20CREDIT%20LOSS%20EXPERIENCE%20(UNAUDITED)) This table provides a detailed summary of credit loss experience for the past five quarters, including trends in allowance for credit losses, charge-offs, recoveries, net charge-offs, provision for loan losses, and nonperforming assets, indicating a rise in nonperforming assets and provision for loan losses Summary of Credit Loss Experience (in Thousands) | Metric | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | | :----------------------------------- | :------ | :------ | :------ | :------ | :------ | | Allowance for credit losses (Ending balance) | $169,959 | $165,034 | $164,458 | $160,755 | $158,092 | | Total charge offs | $7,502 | $6,092 | $4,670 | $3,427 | $3,582 | | Total recoveries | $1,018 | $198 | $1,975 | $655 | $429 | | Net charge-offs | $6,484 | $5,894 | $2,695 | $2,772 | $3,153 | | Provision for loan losses | $11,409 | $6,470 | $6,398 | $5,435 | $5,353 | | Nonperforming assets (Total) | $72,479 | $74,660 | $44,997 | $41,891 | $36,394 | | Nonperforming loans to total loans | 0.55% | 0.57% | 0.34% | 0.32% | 0.28% | | Nonperforming assets to total assets | 0.42% | 0.40% | 0.26% | 0.25% | 0.23% | [Average Balance Sheets and Net Interest Analysis](index=10&type=section&id=AVERAGE%20BALANCE%20SHEETS%20AND%20NET%20INTEREST%20ANALYSIS%20(UNAUDITED)) This table provides a comprehensive analysis of average balance sheets and net interest income on a fully taxable-equivalent basis for the past five quarters, detailing average balances, yields, and rates for interest-earning assets and interest-bearing liabilities, showing an improving net interest spread and margin Average Balance Sheets and Net Interest Analysis (in Thousands) | Metric | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | | :----------------------------------- | :------------ | :------------ | :------------ | :------------ | :------------ | | Total interest earning assets | $17,076,353 | $17,189,693 | $16,526,418 | $16,122,366 | $15,241,008 | | Total interest bearing liabilities | $13,182,267 | $13,348,133 | $12,642,803 | $12,396,020 | $11,559,737 | | Net interest spread | 2.30% | 2.12% | 2.07% | 1.86% | 1.78% | | Net interest margin | 3.10% | 2.92% | 2.96% | 2.84% | 2.79% |

Core Viewpoint - ServisFirst Bancshares, Inc. reported strong loan growth and improved net interest margins in the second quarter of 2025, despite a slight decline in net income compared to the previous quarter. The company anticipates continued improvement in net interest margins over the next 24 months [3][5][9]. Financial Summary - Net income for the second quarter of 2025 was $61.4 million, down 2.8% from $63.2 million in the first quarter but up 17.8% from $52.1 million in the second quarter of 2024 [7][19]. - Diluted earnings per share were $1.12, a decrease of 3.4% from $1.16 in the first quarter of 2025, but an increase of 17.9% from $0.95 in the second quarter of 2024 [7][19]. - The net interest margin improved to 3.10% in the second quarter from 2.92% in the first quarter of 2025, with adjusted net interest margin at 3.06% [5][9]. - Loans increased by $346 million, or 11% annualized, during the quarter, bringing total loans to $13.23 billion [5][10]. - Total assets decreased by 6.8% from the previous quarter to $17.38 billion, but increased by 8.3% year-over-year [6][19]. - Non-interest income fell significantly to $421,000, a decrease of 95.3% from $8.9 million in the second quarter of 2024 [13][19]. Year-to-Date Results - Year-to-date net income reached $124.6 million, a 22% increase from $102.2 million in the same period last year [4][19]. - Year-to-date diluted earnings per share were $2.28, up 21.9% from $1.87 [4][19]. - Return on average assets improved to 1.42% from 1.30% year-over-year, while return on average common stockholders' equity increased to 15.08% from 13.96% [4][19]. Balance Sheet Highlights - Total deposits decreased by 3.9% from the previous quarter to $13.86 billion, but increased by 4.5% year-over-year [6][11]. - Stockholders' equity rose to $1.72 billion, a 3.2% increase from the previous quarter and a 14% increase year-over-year [6][19]. - Book value per share increased to $31.52, up 14% from the second quarter of 2024 [5][19]. Capital Ratios - Common equity tier 1 capital to risk-weighted assets increased to 11.38% year-over-year from 10.93% [5][20]. - The efficiency ratio improved to 33.46% compared to 37.31% in the second quarter of 2024 [14][19].

Core Points - ServisFirst Bancshares, Inc. is set to announce its earnings and operating results for the quarter ended June 30, 2025, on July 21, 2025, at 4 p.m. ET [1] - A live audio webcast to discuss the earnings and results will take place on the same day at 5:15 p.m. ET, with a replay available until July 31, 2025 [2] Company Overview - ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama, providing business and personal financial services through its subsidiary, ServisFirst Bank [3] - The company operates in multiple states, including Alabama, Florida, Georgia, North and South Carolina, Tennessee, and Virginia, offering a range of services such as loan origination, deposit acceptance, electronic banking, treasury and cash management services, and correspondent banking [3] Regulatory Filings - ServisFirst Bancshares, Inc. files periodic reports with the U.S. Securities and Exchange Commission (SEC), and these filings can be accessed through the SEC's website or the company's own website [4]

Company Overview and Growth - ServisFirst Bancshares experienced organic asset growth at a 24% compound annual growth rate (CAGR) since its founding in 2005[5] - As of December 31, 2024, the company's total assets reached $1735 billion, with stockholders' equity at $162 billion[5] - The company's gross loans have grown at a 14% CAGR, total deposits at a 15% CAGR, net income for common at a 16% CAGR, and diluted EPS at a 15% CAGR over the 10-year period from 2014 to 2024[5] Financial Performance and Metrics - For the three months ended December 31, 2024, ServisFirst reported a Return on Average Assets (ROAA) of 152% and an efficiency ratio of 3554%[4] - The company's stock price has increased by more than 5000% since its initial capital raise in 2005, resulting in a 19-year CAGR of 23%[17] - Tangible Book Value has increased year-over-year by a minimum of 10% every year since the bank opened in 2005, with a 19-year CAGR of 17%[17] Loan Portfolio and Credit Quality - As of December 31, 2024, Non-Performing Assets (NPAs) represented 026% of total assets, and Non-Performing Loans (NPLs) constituted 034% of total loans[5] - Approximately 63% of the bank's loan book is managed by approximately 20% of the bank's calling officers[26] - Approximately $15 billion of projected cash flows from fixed rate loans over the next 12 months at a weighted average rate of 476%[52] Correspondent Banking - As of December 31, 2024, the Correspondent Banking Division had 378 relationships with a total balance of $2716 billion, including $278532 million in non-interest bearing deposits, $523966 million in interest-bearing deposits, and $1913 billion in Fed Funds purchased[31]

Core Points - ServisFirst Bancshares, Inc. declared a quarterly cash dividend of $0.335 per share, payable on July 9, 2025, to stockholders of record as of July 1, 2025 [1] Company Overview - ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama, providing business and personal financial services through its subsidiary, ServisFirst Bank [2] - The company operates in multiple locations including Atlanta, Birmingham, Charleston, Dothan, Huntsville, Mobile, Montgomery, North Carolina, Northwest Florida, Tennessee, Virginia Beach, and West Central Florida [2] - ServisFirst Bancshares, Inc. files periodic reports with the U.S. Securities and Exchange Commission (SEC) [2]

Group 1 - ServisFirst Bancshares has a market capitalization of $4.01 billion, positioning it as one of the larger financial firms [1] - Crude Value Insights focuses on cash flow and companies in the oil and natural gas sector, highlighting their value and growth prospects [1] Group 2 - Subscribers of Crude Value Insights gain access to a 50+ stock model account and in-depth cash flow analyses of exploration and production firms [2] - The service includes live chat discussions about the oil and gas sector [2]

Financial Performance - Net income for the three months ended March 31, 2025, was $63,224 thousand, up 26.3% from $50,026 thousand in the same period of 2024 [12]. - Basic earnings per common share for Q1 2025 was $1.16, compared to $0.92 for Q1 2024, representing a 26.1% increase [12]. - Comprehensive income for the three months ended March 31, 2025, was $70,295 thousand, compared to $51,029 thousand for the same period in 2024, reflecting a growth of 37.7% [14]. - Net interest income after provision for credit losses rose to $116,923 thousand, a 19.3% increase from $97,960 thousand year-over-year [12]. - Total interest income increased to $241,096 thousand in Q1 2025, a rise of 6.3% from $226,710 thousand in Q1 2024 [12]. - Noninterest expense for Q1 2025 was $46,107 thousand, slightly down from $46,231 thousand in Q1 2024, showing a decrease of 0.3% [12]. Assets and Liabilities - Total assets increased to $18,636,766 thousand as of March 31, 2025, compared to $17,351,643 thousand at December 31, 2024, reflecting a growth of 7.4% [9]. - Total liabilities reached $16,967,866 thousand as of March 31, 2025, up from $15,734,871 thousand at December 31, 2024, an increase of 7.8% [9]. - The total stockholders' equity attributable to ServisFirst Bancshares, Inc. increased to $1,668,400 thousand as of March 31, 2025, from $1,616,272 thousand at December 31, 2024, an increase of 3.2% [9]. - Total cash and cash equivalents at the end of the period reached $3,349,720 thousand, compared to $1,450,899 thousand at the end of Q1 2024, marking a significant increase [21]. Deposits - Total deposits increased to $14,429,061 thousand as of March 31, 2025, compared to $13,543,459 thousand at December 31, 2024, marking a growth of 6.5% [9]. - The company reported a net increase in interest-bearing deposits of $857,712 thousand, compared to a decrease of $506,601 thousand in the same period last year [21]. Credit Losses and Provisions - Provision for credit losses increased to $6,630 thousand in Q1 2025, compared to $4,535 thousand in Q1 2024, indicating a rise of 46.4% [12]. - The allowance for credit losses was $165,034 thousand, slightly higher than $164,458 thousand at the end of the previous quarter [41]. - The company expects national unemployment to rise and GDP growth to decline compared to the December 31, 2024 forecast, which may impact loan performance [49]. Loan Portfolio - Total loans increased to $12,886,831 thousand as of March 31, 2025, up from $12,605,836 thousand at December 31, 2024, representing a growth of 2.23% [41]. - The net loans amount to $12,721,797 thousand after accounting for an allowance for credit losses of $165,034 thousand [41]. - The credit quality indicators show that 64.39% of the real estate mortgage loans are classified as "Pass" as of March 31, 2025 [41]. - The commercial, financial, and agricultural loans represent 22.69% of total loans, a slight decrease from 22.77% [41]. - The total gross write-offs for the current period amounted to $6,092,000, reflecting a significant increase in write-offs compared to previous periods [43]. Stock and Compensation - The stock incentive plan incurred a compensation cost of approximately $864,000 for the three months ended March 31, 2025, down from $958,000 in 2024 [70]. - The company authorized the grant of up to 5,550,000 shares under its 2009 Amended and Restated Stock Incentive Plan [71]. - As of March 31, 2025, there were 139,446 unvested restricted stock shares with a weighted average grant date fair value of $70.97 [78]. Investment Securities - The total amortized cost of available-for-sale debt securities was $1,239,919,000, with a fair value of $1,203,837,000, reflecting an unrealized loss of $38,725,000 [29]. - The amortized cost of held-to-maturity debt securities was $701,713,000, with a fair value of $639,455,000, indicating an unrealized loss of $62,367,000 [30]. - The total available-for-sale debt securities increased to $1,203,837,000 as of March 31, 2025, compared to $1,161,400,000 as of December 31, 2024, reflecting a growth of about 3.6% [93]. Economic Outlook - The company anticipates inherent risks in the loan portfolio will differ based on loan type, with commercial and industrial loans facing significant risks related to cash flow and economic downturns [53]. - Real estate construction loans are subject to higher risks during economic stress, influenced by borrower creditworthiness and market dynamics [54].

Core Insights - ServisFirst Bancshares reported revenue of $131.83 million for Q1 2025, an increase of 18.4% year-over-year, but slightly below the Zacks Consensus Estimate of $132.75 million, resulting in a revenue surprise of -0.69% [1] - The company's EPS for the quarter was $1.16, up from $0.94 in the same quarter last year, but also fell short of the consensus estimate of $1.18, leading to an EPS surprise of -1.69% [1] Financial Performance Metrics - Efficiency Ratio was reported at 35%, matching the average estimate from analysts [4] - Net charge-offs to total average loans were 0.2%, higher than the estimated 0.1% [4] - Net Interest Margin was 2.9%, below the average estimate of 3% [4] - Average Balance of Interest-earning Assets was $17.19 billion, exceeding the estimated $16.85 billion [4] - Net Interest Income was $123.55 million, slightly below the average estimate of $124.71 million [4] - Total Non-interest Income was $8.28 million, surpassing the average estimate of $8.03 million [4] - Credit card income was $1.97 million, above the estimated $1.86 million [4] - Service charges on deposit accounts reached $2.56 million, exceeding the average estimate of $2.37 million [4] - Mortgage banking income was $0.61 million, below the estimated $1.02 million [4] - Other Operating Income was reported at $1 million, higher than the average estimate of $0.73 million [4] Stock Performance - ServisFirst shares have declined by 14.8% over the past month, compared to a 5.6% decline in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3]

分组1 - ServisFirst Bancshares reported quarterly earnings of $1.16 per share, missing the Zacks Consensus Estimate of $1.18 per share, but showing an increase from $0.94 per share a year ago, resulting in an earnings surprise of -1.69% [1] - The company posted revenues of $131.83 million for the quarter ended March 2025, which was below the Zacks Consensus Estimate by 0.69%, and an increase from $111.31 million year-over-year [2] - Over the last four quarters, ServisFirst has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] 分组2 - ServisFirst shares have declined approximately 17.7% since the beginning of the year, compared to a decline of 10.2% for the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is $1.23 on revenues of $139.78 million, and for the current fiscal year, it is $5.17 on revenues of $571.57 million [7] - The Financial - Savings and Loan industry, to which ServisFirst belongs, is currently ranked in the top 30% of over 250 Zacks industries, indicating a favorable outlook [8]