ServisFirst Bancshares, Inc 8-K, filed Oct 19, 2026
ServisFirst Bancshares, Inc. (SFBS)
About this 8-K
ServisFirst Bancshares, Inc filed this 8-K on October 19, 2026.
ServisFirst Bancshares reported Q3 2026 net income of $87.3 million and diluted EPS of $0.80, up 33% year-over-year. The bank completed a two-for-one stock split and announced an inaugural repurchase of up to two million shares through December 31, 2027. AI summary
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM
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CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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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:
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Securities registered pursuant to Section 12(b) of the Act:
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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).
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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. ☐
On October 19th, 2026, ServisFirst Bancshares, Inc., a Delaware corporation (“ServisFirst”), issued a press release announcing its operating results for the quarter ended September 30, 2026. A copy of the press release is attached as Exhibit 99.1.
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.
On October 19, 2026, 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.
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.
(a) Not applicable
(b) Not applicable
(c) Not applicable
(d) Exhibits. The following exhibits are included with this Current Report on Form 8-K:
| Exhibit No. | Description | |||
| 99.1 | Press Release dated October 19, 2026 | |||
| 99.2 | Supplemental data table October 19, 2026 | |||
| 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. | ||
| Date: October 19, 2026 | By: | /s/ Thomas A. Broughton, III |
| Thomas A. Broughton, III | ||
| Chairman, President and Chief Executive Officer | ||
EXHIBIT 99.1
ServisFirst Bancshares, Inc. Announces Results for Third Quarter of 2026
BIRMINGHAM, Ala., Oct. 19, 2026 (GLOBE NEWSWIRE) -- ServisFirst Bancshares, Inc. (NYSE: SFBS) today announced earnings and operating results for the quarter ended September 30, 2026.
Third Quarter 2026 Highlights and Financial Summary:
- Diluted earnings per share of $0.80 for the quarter, up 33% from the third quarter of 2025, and up 23% from adjusted diluted earnings per share in the third quarter of 2025*.
- Loans grew by $1.43 billion, or 11%, year-over-year.
- Net interest margin of 3.63%, unchanged from the second quarter of 2026; excluding a loan recovery in the previous quarter, NIM was 5 basis points higher, and up 54 basis points compared to the third quarter of 2025.
- Noninterest-bearing deposits increased 12% year-over-year.
- Completed our two-for-one stock split during the quarter**.
- Subsequent to quarter-end, the Company announced its inaugural stock repurchase program, authorizing the repurchase of up to two million shares of common stock through December 31, 2027.
- Book value per share of $18.63, up 14% year-over-year.
- Efficiency ratio of 30.20%, improved from 35.22% in the third quarter of 2025.
- Year-to-date return on average common stockholders’ equity increased from 15.01% in 2025 to 17.62% in 2026, and year-to-date adjusted return on average common stockholders’ equity* increased from 15.85% to 17.61%.
- Consolidated common equity tier 1 capital to risk-weighted assets increased from 11.49% in the third quarter of 2025 to 11.98% in the third quarter of 2026.
Tom Broughton, Chairman, President, and CEO, said, “We see solid economic trends, and loan activity is improving with continued growth in our loan pipeline.”
David Sparacio, CFO, said, “We continue to grow our top line revenue through asset and margin growth, while maintaining a best-in-class efficiency ratio, resulting in top quartile returns.”
| FINANCIAL SUMMARY (UNAUDITED) (in Thousands except per share data) | Period Ended September 30, 2026 | Period Ended June 30, 2026 | % Change From Period Ended June 30, 2026 to Period Ended September 30, 2026 | Period Ended September 30, 2025 | % Change From Period Ended September 30, 2025 to Period Ended September 30, 2026 | ||||||||||||||||
| QUARTERLY OPERATING RESULTS | |||||||||||||||||||||
| Net Income | $ | 87,308 | $ | 85,793 | 1.8 | % | $ | 65,571 | 33.2 | % | |||||||||||
| Net Income Available to Common Stockholders | $ | 87,308 | $ | 85,762 | 1.8 | % | $ | 65,571 | 33.2 | % | |||||||||||
| Diluted Earnings Per Share | $ | 0.80 | $ | 0.78 | 2.6 | % | $ | 0.60 | 33.3 | % | |||||||||||
| Return on Average Assets | 1.89 | % | 1.91 | % | 1.47 | % | |||||||||||||||
| Return on Average Common Stockholders' Equity | 17.26 | % | 17.71 | % | 14.88 | % | |||||||||||||||
| Average Diluted Shares Outstanding | 109,390 | 109,406 | 109,336 | ||||||||||||||||||
| Adjusted Net Income, net of tax* | $ | 87,197 | $ | 85,793 | 1.6 | % | $ | 71,422 | 22.1 | % | |||||||||||
| Adjusted Net Income Available to Common | |||||||||||||||||||||
| Stockholders, net of tax* | $ | 87,197 | $ | 85,762 | 1.7 | % | $ | 71,422 | 22.1 | % | |||||||||||
| Adjusted Diluted Earnings Per Share, net of tax* | $ | 0.80 | $ | 0.78 | 2.6 | % | $ | 0.65 | 23.1 | % | |||||||||||
| Adjusted Return on Average Assets, net of tax* | 1.89 | % | 1.91 | % | 1.60 | % | |||||||||||||||
| Adjusted Return on Average Common | |||||||||||||||||||||
| Stockholders' Equity, net of tax* | 17.24 | % | 17.71 | % | 16.21 | % | |||||||||||||||
| YEAR-TO-DATE OPERATING RESULTS | |||||||||||||||||||||
| Net Income | $ | 256,072 | $ | 190,219 | 34.6 | % | |||||||||||||||
| Net Income Available to Common Stockholders | $ | 256,041 | $ | 190,188 | 34.6 | % | |||||||||||||||
| Diluted Earnings Per Share | $ | 2.34 | $ | 1.74 | 34.5 | % | |||||||||||||||
| Return on Average Assets | 1.90 | % | 1.44 | % | |||||||||||||||||
| Return on Average Common Stockholders' Equity | 17.62 | % | 15.01 | % | |||||||||||||||||
| Average Diluted Shares Outstanding | 109,395 | 109 | |||||||||||||||||||
| Adjusted Net Income, net of tax* | $ | 255,961 | $ | 200,779 | 27.5 | % | |||||||||||||||
| Adjusted Net Income Available to Common | |||||||||||||||||||||
| Stockholders, net of tax* | $ | 255,930 | $ | 200,748 | 27.5 | % | |||||||||||||||
| Adjusted Diluted Earnings Per Share, net of tax* | $ | 2.34 | $ | 1.84 | 27.3 | % | |||||||||||||||
| Adjusted Return on Average Assets, net of tax* | 1.90 | % | 1.52 | % | |||||||||||||||||
| Adjusted Return on Average Common | |||||||||||||||||||||
| Stockholders' Equity, net of tax* | 17.61 | % | 15.85 | % | |||||||||||||||||
| BALANCE SHEET | |||||||||||||||||||||
| Total Assets | $ | 18,319,690 | $ | 18,345,498 | (0.1 | ) | % | $ | 17,584,199 | 4.2 | % | ||||||||||
| Loans | 14,737,303 | 14,478,489 | 1.8 | % | 13,311,967 | 10.7 | % | ||||||||||||||
| Noninterest-bearing Demand Deposits | 2,910,281 | 2,995,402 | (2.8 | ) | % | 2,598,895 | 12.0 | % | |||||||||||||
| Total Deposits | 14,087,378 | 14,548,730 | (3.2 | ) | % | 14,106,922 | (0.1 | ) | % | ||||||||||||
| Stockholders' Equity | 2,037,346 | 1,978,418 | 3.0 | % | 1,781,647 | 14.4 | % | ||||||||||||||
* 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 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, tangible common equity to total tangible assets, adjusted net interest income, adjusted noninterest income, and adjusted noninterest expense. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.”
**All share and per-share amounts presented reflect the Company’s two-for-one stock split during the quarter, including retrospective adjustments to prior-period amounts.
Note: Amounts presented in this report may not sum to the totals due to rounding.
DETAILED FINANCIALS
ServisFirst Bancshares, Inc. reported net income and net income available to common stockholders of $87.3 million for the quarter ended September 30, 2026, compared to $65.6 million for the third quarter of 2025. Basic and diluted earnings per common share were both $0.80 in the third quarter of 2026, compared to $0.78 in the second quarter of 2026 and $0.60 in the third quarter of 2025. The prior-year quarter adjusted diluted earnings per share were $0.65.
Annualized return on average assets was1.89% and annualized return on average common stockholders’ equity was 17.26% for the third quarter of 2026, compared to 1.47% and 14.88%, respectively, for the third quarter of 2025.
Net interest income was $159.8 million for the third quarter of 2026, compared to $155.6 million for the second quarter of 2026 and $133.4 million for the third quarter of 2025. The net interest margin in the third quarter of 2026 was 3.63% compared to 3.63% in the second quarter of 2026 and 3.09% in the third quarter of 2025. Loan yields were 6.24% during the third quarter of 2026 compared to 6.23% during the second quarter of 2026 and 6.34% during the third quarter of 2025. During the second quarter of 2026, we recovered $1.9 million in interest income from a large credit relationship that was previously on nonaccrual status. This recovery accounted for five basis points of the increase in loan yields from the first quarter of 2026. Investment yields were 3.85% during the third quarter of 2026 compared to 3.82% during the second quarter of 2026 and 3.60% during the third quarter of 2025. Average interest-bearing deposit rates were 2.80% during the third quarter of 2026, compared to 2.80% during the second quarter of 2026 and 3.41% during the third quarter of 2025. Average federal funds purchased rates were 3.78% during the third quarter of 2026, compared to 3.74% during the second quarter of 2026 and 4.46% during the third quarter of 2025.
Average loans for the third quarter of 2026 were $14.54 billion, an increase of $320.5 million, or 8.9% annualized, from average loans of $14.22 billion for the second quarter of 2026, and an increase of $1.34 billion, or 10.1%, from average loans of $13.21 billion for the third quarter of 2025. Ending total loans for the third quarter of 2026 were $14.74 billion, an increase of $258.8 million, or 7.1% annualized, from $14.48 billion for the second quarter of 2026, and an increase of $1.43 billion, or 10.7%, from $13.31 billion for the third quarter of 2025.
Average total deposits for the third quarter of 2026 were $14.33 billion, an increase of $10.6 million, or 0.3% annualized, from average total deposits of $14.32 billion for the second quarter of 2026, and an increase of $195.2 million, or 1.4%, from average total deposits of $14.13 billion for the third quarter of 2025. Ending total deposits for the third quarter of 2026 were $14.09 billion, a decrease of $461.4 million, or 12.6% annualized, from $14.55 billion for the second quarter of 2026, and a decrease of $19.5 million, or 0.1%, from $14.11 billion for the third quarter of 2025.
Nonperforming assets to total assets were 0.96% for the third quarter of 2026, compared to 0.96% for the second quarter of 2026 and 0.96% for the third quarter of 2025. Annualized net charge-offs to average loans were 0.21% for the third quarter of 2026, compared to 0.11% for the second quarter of 2026 and 0.27% for the third quarter of 2025. The allowance for credit losses to total loans at September 30, 2026, June 30, 2026, and September 30, 2025, was 1.28%, 1.26%, and 1.28%, respectively. We recorded a $14.9 million provision for loan losses in the third quarter of 2026 compared to $11.7 million in the second quarter of 2026, and $9.3 million in the third quarter of 2025.
Noninterest income was $13.1 million for the third quarter of 2026 compared to $2.8 million in the third quarter of 2025, an increase of $10.3 million. Adjusted for $148,000 of securities gains in the third of 2026 and $7.8 million of securities losses in the third quarter of 2025, this represented a $2.3 million, or 21.8% increase. Service charges on deposit accounts increased $132,000, or 4.0%, to $3.4 million for the third quarter of 2026 from $3.3 million in the third quarter of 2025, and increased $110,000, or 3.3% on a linked quarter basis. Mortgage banking revenue remained relatively flat at $1.9 million, on a year-over-year basis. Credit card income remained relatively flat at $2.4 million, on a year-over-year basis. Bank-owned life insurance (“BOLI”) income increased $1.9 million, or 80.6%, to $4.3 million for the third quarter of 2026 from $2.4 million in the third quarter of 2025, and increased $210,000, or 5.1%, on a linked quarter basis. Other operating income increased $174,000, or 26.6%, to $829,000 for the third quarter of 2026 from $655,000 in the third quarter of 2025, and increased $121,000, or 17.1%, on a linked quarter basis.
Noninterest expense increased $4.2 million, or 8.8%, to $52.2 million for the third quarter of 2026 from $48.0 million in the third quarter of 2025, and increased $2.3 million, or 4.5%, on a linked quarter basis. Salary and benefit expense increased $1.4 million, or 5.5%, to $26.9 million for the third quarter of 2026 from $25.5 million in the third quarter of 2025, and increased $653,000, or 2.5%, on a linked quarter basis. The year-over-year increase was primarily due to the full impact of our Houston market expansion. The number of full-time equivalent employees (excluding temporary employees) increased by 25, or 3.8%, to 675 at September 30, 2026 compared to 650 at September 30, 2025, and increased by twelve from the end of the second quarter of 2026. Equipment and occupancy expense decreased $234,000, or 6.5%, to $3.4 million for the third quarter of 2026 from $3.6 million in the third quarter of 2025, and decreased $582,000, or 14.7%, on a linked quarter basis. Third party processing and other services expense decreased $14,000, or 0.2%, to $8.1 million for the third quarter of 2026 from $8.1 million in the third quarter of 2025, and increased $119,000, or 1.5%, on a linked quarter basis. Professional services expense increased $94,000, or 5.1%, to $2.0 million for the third quarter of 2026 from $1.9 million in the third quarter of 2025, and decreased $276,000, or 12.4%, on a linked quarter basis. Other operating expenses increased $2.9 million, or 46.9%, to $8.9 million for the third quarter of 2026 from $6.1 million in the third quarter of 2025, and increased $2.2 million, or 33.2%, on a linked quarter basis. The efficiency ratio was 30.20% during the third quarter of 2026 compared to 35.22% during the third quarter of 2025 and 29.65% during the second quarter of 2026.
Our effective tax rate was 17.21% for the third quarter of 2026 compared to 16.81% for the third quarter of 2025, and 19.94% on a linked quarter basis. During the third 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 third quarters of 2026 and 2025 of $37,000 and $81,000, 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, trade wars and other conflicts 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 Federal Deposit Insurance Corporation ("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, 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 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, "Forward-Looking Statements" and "Risk Factors" in 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.
Contact: ServisFirst Bank
Davis Mange (205) 949-3420
dmange@servisfirstbank.com
| SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED) | |||||||||||||||||||||
| (in Thousands except per share data) | |||||||||||||||||||||
| 3rd Quarter 2026 | 2nd Quarter 2026 | 1st Quarter 2026 | 4th Quarter 2025 | 3rd Quarter 2025 | |||||||||||||||||
| CONSOLIDATED STATEMENT OF INCOME | |||||||||||||||||||||
| Interest income | $ | 257,353 | $ | 249,880 | $ | 241,480 | $ | 251,388 | $ | 251,308 | |||||||||||
| Interest expense | 97,539 | 94,243 | 93,332 | 104,867 | 117,860 | ||||||||||||||||
| Net interest income | 159,814 | 155,637 | 148,148 | 146,521 | 133,448 | ||||||||||||||||
| Provision for credit losses | 15,245 | 11,412 | 10,637 | 7,922 | 9,463 | ||||||||||||||||
| Net interest income after provision for credit losses | 144,569 | 144,225 | 137,511 | 138,599 | 123,985 | ||||||||||||||||
| Noninterest income | 13,112 | 12,892 | 10,840 | 15,691 | 2,833 | ||||||||||||||||
| Noninterest expense | 52,229 | 49,961 | 47,384 | 46,683 | 47,996 | ||||||||||||||||
| Income before income tax | 105,452 | 107,156 | 100,967 | 107,607 | 78,822 | ||||||||||||||||
| Provision for income tax | 18,144 | 21,363 | 17,996 | 21,223 | 13,251 | ||||||||||||||||
| Net income | 87,308 | 85,793 | 82,971 | 86,384 | 65,571 | ||||||||||||||||
| Preferred stock dividends | - | 31 | - | 31 | - | ||||||||||||||||
| Net income available to common stockholders | $ | 87,308 | $ | 85,762 | $ | 82,971 | $ | 86,353 | $ | 65,571 | |||||||||||
| Earnings per share - basic | $ | 0.80 | $ | 0.78 | $ | 0.76 | $ | 0.79 | $ | 0.60 | |||||||||||
| Earnings per share - diluted | $ | 0.80 | $ | 0.78 | $ | 0.76 | $ | 0.79 | $ | 0.60 | |||||||||||
| Average diluted shares outstanding | 109,390 | 109,406 | 109,390 | 109,352 | 109,336 | ||||||||||||||||
| CONSOLIDATED BALANCE SHEET DATA | |||||||||||||||||||||
| Total assets | $ | 18,319,690 | $ | 18,345,498 | $ | 18,171,287 | $ | 17,727,190 | $ | 17,584,199 | |||||||||||
| Loans | 14,737,303 | 14,478,489 | 13,945,913 | 13,696,912 | 13,311,967 | ||||||||||||||||
| Debt securities | 1,563,099 | 1,630,531 | 1,684,421 | 1,728,901 | 1,849,739 | ||||||||||||||||
| Noninterest-bearing demand deposits | 2,910,281 | 2,995,402 | 2,836,622 | 2,684,272 | 2,598,895 | ||||||||||||||||
| Total deposits | 14,087,378 | 14,548,730 | 14,486,364 | 14,219,034 | 14,106,922 | ||||||||||||||||
| Borrowings | 34,750 | 34,750 | 34,750 | 34,750 | 64,750 | ||||||||||||||||
| Stockholders' equity | 2,037,346 | 1,978,418 | 1,912,537 | 1,850,347 | 1,781,647 | ||||||||||||||||
| Shares outstanding | 109,343 | 109,342 | 109,326 | 109,250 | 109,243 | ||||||||||||||||
| Book value per share | $ | 18.63 | $ | 18.09 | $ | 17.49 | $ | 16.94 | $ | 16.31 | |||||||||||
| Tangible book value per share (1) | $ | 18.51 | $ | 17.97 | $ | 17.37 | $ | 16.81 | $ | 16.18 | |||||||||||
| SELECTED FINANCIAL RATIOS (Annualized) | |||||||||||||||||||||
| Net interest margin | 3.63 | % | 3.63 | % | 3.53 | % | 3.38 | % | 3.09 | % | |||||||||||
| Return on average assets | 1.89 | % | 1.91 | % | 1.89 | % | 1.91 | % | 1.47 | % | |||||||||||
| Return on average common stockholders' equity | 17.26 | % | 17.71 | % | 17.91 | % | 18.93 | % | 14.88 | % | |||||||||||
| Efficiency ratio | 30.20 | % | 29.65 | % | 29.80 | % | 28.78 | % | 35.22 | % | |||||||||||
| Noninterest expense to average earning assets | 1.18 | % | 1.16 | % | 1.13 | % | 1.08 | % | 1.11 | % | |||||||||||
| CAPITAL RATIOS (2) | |||||||||||||||||||||
| Common equity tier 1 capital to risk-weighted assets | 11.98 | % | 11.83 | % | 11.86 | % | 11.65 | % | 11.49 | % | |||||||||||
| Tier 1 capital to risk-weighted assets | 11.98 | % | 11.83 | % | 11.87 | % | 11.66 | % | 11.50 | % | |||||||||||
| Total capital to risk-weighted assets | 13.26 | % | 13.09 | % | 13.13 | % | 12.93 | % | 12.91 | % | |||||||||||
| Tier 1 capital to average assets | 11.11 | % | 10.93 | % | 10.71 | % | 10.26 | % | 10.01 | % | |||||||||||
| Tangible common equity to total tangible assets (1) | 11.05 | % | 10.72 | % | 10.46 | % | 10.37 | % | 10.06 | % | |||||||||||
| (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 recognized an $8.6 million loss on sale of available-for-sale debt securities in noninterest 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 to reflect items unusual, or infrequent, in nature and are not considered to be part of our non-interest expense, run rate. Each of adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted net interest income, adjusted return on average assets, adjusted return on average common stockholders’ equity, and adjusted efficiency ratio excludes the impact of this, net of tax, and are all considered non-GAAP financial measures. This press release also contains the non-GAAP financial measures of adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average common stockholders’ equity, adjusted efficiency ratio, adjusted net interest income, adjusted noninterest income, and adjusted noninterest expense.
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 per share data.
| At September 30, 2026 | At June 30, 2026 | At March 31, 2026 | At December 31, 2025 | At September 30, 2025 | |||||||||||||||||||||
| Book value per share - GAAP | $ | 18.63 | $ | 18.09 | $ | 17.49 | $ | 16.94 | $ | 16.31 | |||||||||||||||
| Total common stockholders' equity - GAAP | 2,037,346 | 1,978,418 | 1,912,537 | 1,850,347 | 1,781,647 | ||||||||||||||||||||
| Adjustment for Goodwill | (13,615 | ) | (13,615 | ) | (13,615 | ) | (13,615 | ) | (13,615 | ) | |||||||||||||||
| Tangible common stockholders' equity - non-GAAP | $ | 2,023,731 | $ | 1,964,803 | $ | 1,898,922 | $ | 1,836,732 | $ | 1,768,032 | |||||||||||||||
| Tangible book value per share - non-GAAP | $ | 18.51 | $ | 17.97 | $ | 17.37 | $ | 16.81 | $ | 16.18 | |||||||||||||||
| Stockholders' equity to total assets - GAAP | 11.12 | % | 10.78 | % | 10.53 | % | 10.44 | % | 10.13 | % | |||||||||||||||
| Total assets - GAAP | $ | 18,319,690 | $ | 18,345,498 | $ | 18,171,287 | $ | 17,727,190 | $ | 17,584,199 | |||||||||||||||
| Adjustment for Goodwill | (13,615 | ) | (13,615 | ) | (13,615 | ) | (13,615 | ) | (13,615 | ) | |||||||||||||||
| Total tangible assets - non-GAAP | $ | 18,306,075 | $ | 18,331,883 | $ | 18,157,672 | $ | 17,713,575 | $ | 17,570,584 | |||||||||||||||
| Tangible common equity to total tangible assets - non-GAAP | 11.05 | % | 10.72 | % | 10.46 | % | 10.37 | % | 10.06 | % | |||||||||||||||
| Three Months Ended September 30, 2026 | Three Months Ended September 30, 2025 | Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | |||||||||||||||||||
| Net income - GAAP | $ | 87,308 | $ | 65,571 | $ | 256,072 | $ | 190,219 | ||||||||||||||
| Adjustments: | ||||||||||||||||||||||
| Legal matter accrual reversal | - | - | - | (2,276 | ) | |||||||||||||||||
| (Gain) loss on marketable securities | (148 | ) | 7,812 | (148 | ) | 16,375 | ||||||||||||||||
| Tax on adjustments | 37 | (1,961 | ) | 37 | (3,539 | ) | ||||||||||||||||
| Adjusted net income - non-GAAP | $ | 87,197 | $ | 71,422 | $ | 255,961 | $ | 200,779 | ||||||||||||||
| Net income available to common stockholders - GAAP | $ | 87,308 | $ | 65,571 | $ | 256,041 | $ | 190,188 | ||||||||||||||
| Adjustments: | ||||||||||||||||||||||
| Legal matter accrual reversal | - | - | - | (2,276 | ) | |||||||||||||||||
| (Gain) loss on marketable securities | (148 | ) | 7,812 | (148 | ) | 16,375 | ||||||||||||||||
| Tax on adjustments | 37 | (1,961 | ) | 37 | (3,539 | ) | ||||||||||||||||
| Adjusted net income available to common stockholders - non-GAAP | $ | 87,197 | $ | 71,422 | $ | 255,930 | $ | 200,748 | ||||||||||||||
| Diluted earnings per share - GAAP | $ | 0.80 | $ | 0.60 | $ | 2.34 | $ | 1.74 | ||||||||||||||
| Adjustments: | ||||||||||||||||||||||
| Legal matter accrual reversal | - | - | - | (0.02 | ) | |||||||||||||||||
| (Gain) loss on marketable securities | - | 0.07 | - | 0.15 | ||||||||||||||||||
| Tax on adjustments | - | (0.02 | ) | - | (0.03 | ) | ||||||||||||||||
| Adjusted diluted earnings per share - non-GAAP | $ | 0.80 | $ | 0.65 | $ | 2.34 | $ | 1.84 | ||||||||||||||
| Net interest income, on a fully taxable-equivalent basis | $ | 159,885 | $ | 133,502 | $ | 464,344 | $ | 388,897 | ||||||||||||||
| Adjustments: | ||||||||||||||||||||||
| Legal matter accrual reversal | - | - | - | (2,276 | ) | |||||||||||||||||
| Tax on adjustments | - | - | - | 571 | ||||||||||||||||||
| Adjusted net interest income, on a fully taxable-equivalent basis | $ | 159,885 | $ | 133,502 | $ | 464,344 | $ | 387,192 | ||||||||||||||
| Return on average assets - GAAP | 1.89 | % | 1.47 | % | 1.90 | % | 1.44 | % | ||||||||||||||
| Net income available to common stockholders - GAAP | $ | 87,308 | $ | 65,571 | $ | 256,041 | $ | 190,188 | ||||||||||||||
| Adjustments: | ||||||||||||||||||||||
| Legal matter accrual reversal | - | - | - | (2,276 | ) | |||||||||||||||||
| (Gain) loss on marketable securities | (148 | ) | 7,812 | (148 | ) | 16,375 | ||||||||||||||||
| Tax on adjustments | 37 | (1,961 | ) | 37 | (3,539 | ) | ||||||||||||||||
| Adjusted net income available to common stockholders - non-GAAP | $ | 87,197 | $ | 71,422 | $ | 255,930 | $ | 200,748 | ||||||||||||||
| Average assets - GAAP | $ | 18,320,832 | $ | 17,709,359 | $ | 18,035,725 | $ | 17,681,999 | ||||||||||||||
| Adjusted return on average assets - non-GAAP | 1.89 | % | 1.60 | % | 1.90 | % | 1.52 | % | ||||||||||||||
| Return on average common stockholders' equity - GAAP | 17.26 | % | 14.88 | % | 17.62 | % | 15.01 | % | ||||||||||||||
| Net income available to common stockholders - GAAP | $ | 87,308 | $ | 65,571 | $ | 256,041 | $ | 190,188 | ||||||||||||||
| Adjustments: | ||||||||||||||||||||||
| Legal matter accrual reversal | - | - | - | (2,276 | ) | |||||||||||||||||
| (Gain) loss on marketable securities | (148 | ) | 7,812 | (148 | ) | 16,375 | ||||||||||||||||
| Tax on adjustments | 37 | (1,961 | ) | 37 | (3,539 | ) | ||||||||||||||||
| Adjusted net income available to common stockholders - non-GAAP | $ | 87,197 | $ | 71,422 | $ | 255,930 | $ | 200,748 | ||||||||||||||
| Average common stockholders' equity - GAAP | $ | 2,007,112 | $ | 1,747,825 | $ | 1,943,224 | $ | 1,693,601 | ||||||||||||||
| Adjusted return on average common stockholders' equity non-GAAP | 17.24 | % | 16.21 | % | 17.61 | % | 15.85 | % | ||||||||||||||
| Efficiency ratio | 30.20 | % | 35.22 | % | 29.89 | % | 34.56 | % | ||||||||||||||
| Net interest income - GAAP | $ | 159,814 | $ | 133,448 | $ | 463,599 | $ | 388,688 | ||||||||||||||
| Adjustments: | ||||||||||||||||||||||
| Legal matter accrual reversal | - | - | - | (2,276 | ) | |||||||||||||||||
| Adjusted net interest income - non-GAAP | $ | 159,814 | $ | 133,448 | $ | 463,599 | $ | 386,412 | ||||||||||||||
| Total noninterest income - GAAP | 13,112 | 2,833 | 36,844 | 11,531 | ||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||
| (Gain) loss on marketable securities | (148 | ) | 7,812 | (148 | ) | 16,375 | ||||||||||||||||
| Adjusted noninterest income - non-GAAP | $ | 12,964 | $ | 10,645 | $ | 36,696 | $ | 27,906 | ||||||||||||||
| Adjusted net interest income and noninterest income - non-GAAP | 172,778 | 144,093 | 500,295 | 414,318 | ||||||||||||||||||
| Noninterest expense - GAAP | $ | 52,229 | $ | 47,996 | $ | 149,574 | $ | 138,307 | ||||||||||||||
| Adjustments: | ||||||||||||||||||||||
| Adjusted noninterest expense - non-GAAP | $ | 52,229 | $ | 47,996 | $ | 149,574 | $ | 138,307 | ||||||||||||||
| Adjusted efficiency ratio - non-GAAP | 30.23 | % | 33.31 | % | 29.90 | % | 33.38 | % | ||||||||||||||
| CONSOLIDATED BALANCE SHEETS (UNAUDITED) | |||||||||||||
| (in Thousands except per share data) | |||||||||||||
| September 30, 2026 | September 30, 2025 | % Change | |||||||||||
| ASSETS | |||||||||||||
| Cash and due from banks | $ | 122,417 | $ | 144,089 | (15 | ) | % | ||||||
| Interest-bearing balances due from depository institutions | 738,547 | 1,191,447 | (38 | ) | % | ||||||||
| Federal funds sold and securities purchased with agreement to resell | 324,051 | 437,769 | (26 | ) | % | ||||||||
| Cash and cash equivalents | 1,185,015 | 1,773,305 | (33 | ) | % | ||||||||
| Available for sale debt securities, at fair value | 968,503 | 1,178,144 | (18 | ) | % | ||||||||
| Held to maturity debt securities (fair value of $533,106 and $622,825, respectively) | 594,596 | 671,595 | (11 | ) | % | ||||||||
| Restricted equity securities | 12,475 | 12,203 | 2 | % | |||||||||
| Mortgage loans held for sale | 15,273 | 9,433 | 62 | % | |||||||||
| Loans | 14,737,303 | 13,311,967 | 11 | % | |||||||||
| Less allowance for credit losses | (189,010 | ) | (170,235 | ) | 11 | % | |||||||
| Loans, net | 14,548,293 | 13,141,732 | 11 | % | |||||||||
| Premises and equipment, net | 67,390 | 60,704 | 11 | % | |||||||||
| Goodwill | 13,615 | 13,615 | - | % | |||||||||
| Other assets | 914,530 | 723,468 | 26 | % | |||||||||
| Total assets | $ | 18,319,690 | $ | 17,584,199 | 4 | % | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||
| Liabilities: | |||||||||||||
| Deposits: | |||||||||||||
| Noninterest-bearing demand | $ | 2,910,281 | $ | 2,598,895 | 12 | % | |||||||
| Interest-bearing | 11,177,097 | 11,508,027 | (3 | ) | % | ||||||||
| Total deposits | 14,087,378 | 14,106,922 | - | % | |||||||||
| Federal funds purchased | 1,965,000 | 1,488,150 | 32 | % | |||||||||
| Other borrowings | 34,750 | 64,750 | (46 | ) | % | ||||||||
| Other liabilities | 195,216 | 142,730 | 37 | % | |||||||||
| Total liabilities | 16,282,344 | 15,802,552 | 3 | % | |||||||||
| Stockholders' equity: | |||||||||||||
| Preferred stock, par value $0.001 per share; 1,000 authorized and undesignated at | |||||||||||||
| September 30, 2026 and September 30, 2025 | - | - | - | % | |||||||||
| Common stock, par value $0.001 per share; 200,000 shares authorized; 109,343 shares | |||||||||||||
| issued and outstanding at September 30, 2026, and 109,243 | |||||||||||||
| shares issued and outstanding at September 30, 2025 | 109 | 109 | - | % | |||||||||
| Additional paid-in capital | 240,134 | 237,181 | 1 | % | |||||||||
| Retained earnings | 1,807,673 | 1,548,098 | 17 | % | |||||||||
| Accumulated other comprehensive loss | (11,070 | ) | (4,241 | ) | 161 | % | |||||||
| Total stockholders' equity attributable to ServisFirst Bancshares, Inc. | 2,036,846 | 1,781,147 | 14 | % | |||||||||
| Noncontrolling interest | 500 | 500 | - | % | |||||||||
| Total stockholders' equity | 2,037,346 | 1,781,647 | 14 | % | |||||||||
| Total liabilities and stockholders' equity | $ | 18,319,690 | $ | 17,584,199 | 4 | % | |||||||
| CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | |||||||||||||||
| (In thousands except per share data) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Interest income: | |||||||||||||||
| Interest and fees on loans | $ | 228,652 | $ | 210,987 | $ | 659,449 | $ | 614,444 | |||||||
| Debt securities | 16,088 | 17,343 | 48,014 | 49,939 | |||||||||||
| Federal funds sold and securities purchased with agreement to resell | 3,392 | 4,724 | 13,099 | 6,336 | |||||||||||
| Other interest and dividends | 9,221 | 18,254 | 28,151 | 68,320 | |||||||||||
| Total interest income | 257,353 | 251,308 | 748,713 | 739,039 | |||||||||||
| Interest expense: | |||||||||||||||
| Deposits | 80,414 | 98,735 | 238,139 | 286,968 | |||||||||||
| Borrowed funds | 17,125 | 19,125 | 46,975 | 63,383 | |||||||||||
| Total interest expense | 97,539 | 117,860 | 285,114 | 350,351 | |||||||||||
| Net interest income | 159,814 | 133,448 | 463,599 | 388,688 | |||||||||||
| Provision for credit losses | 15,245 | 9,463 | 37,294 | 27,389 | |||||||||||
| Net interest income after provision for credit losses | 144,569 | 123,985 | 426,305 | 361,299 | |||||||||||
| Noninterest income: | |||||||||||||||
| Service charges on deposit accounts | 3,448 | 3,316 | 10,082 | 8,545 | |||||||||||
| Mortgage banking | 1,935 | 1,864 | 6,048 | 3,800 | |||||||||||
| Credit card income | 2,409 | 2,405 | 7,103 | 6,492 | |||||||||||
| Securities gains (losses) | 148 | (7,812 | ) | 148 | (16,375 | ) | |||||||||
| Bank-owned life insurance income | 4,343 | 2,405 | 11,298 | 6,668 | |||||||||||
| Other operating income | 829 | 655 | 2,165 | 2,401 | |||||||||||
| Total noninterest income | 13,112 | 2,833 | 36,844 | 11,531 | |||||||||||
| Noninterest expenses: | |||||||||||||||
| Salaries and employee benefits | 26,927 | 25,522 | 80,054 | 70,977 | |||||||||||
| Equipment and occupancy expense | 3,381 | 3,615 | 11,292 | 10,860 | |||||||||||
| Third party processing and other services | 8,081 | 8,095 | 23,568 | 23,838 | |||||||||||
| Professional services | 1,951 | 1,857 | 6,121 | 5,694 | |||||||||||
| FDIC and other regulatory assessments | 2,478 | 2,742 | 7,977 | 8,349 | |||||||||||
| Other real estate owned expense | 476 | 82 | 571 | 142 | |||||||||||
| Other operating expenses | 8,935 | 6,083 | 19,991 | 18,447 | |||||||||||
| Total noninterest expenses | 52,229 | 47,996 | 149,574 | 138,307 | |||||||||||
| Income before income taxes | 105,452 | 78,822 | 313,575 | 234,523 | |||||||||||
| Provision for income taxes | 18,144 | 13,251 | 57,503 | 44,304 | |||||||||||
| Net income | 87,308 | 65,571 | 256,072 | 190,219 | |||||||||||
| Dividends on preferred stock | - | - | 31 | 31 | |||||||||||
| Net income available to common stockholders | $ | 87,308 | $ | 65,571 | $ | 256,041 | $ | 190,188 | |||||||
| Basic earnings per common share | $ | 0.80 | $ | 0.60 | $ | 2.34 | $ | 1.74 | |||||||
| Diluted earnings per common share | $ | 0.80 | $ | 0.60 | $ | 2.34 | $ | 1.74 | |||||||
| LOANS BY TYPE (UNAUDITED) | |||||||||||||||
| (In thousands) | |||||||||||||||
| 3rd Quarter 2026 | 2nd Quarter 2026 | 1st Quarter 2026 | 4th Quarter 2025 | 3rd Quarter 2025 | |||||||||||
| Commercial, financial and agricultural | $ | 3,386,275 | $ | 3,252,437 | $ | 3,189,704 | $ | 3,146,736 | $ | 2,945,784 | |||||
| Real estate - construction | 1,566,203 | 1,564,504 | 1,531,042 | 1,457,628 | 1,532,285 | ||||||||||
| Real estate - mortgage: | |||||||||||||||
| Owner-occupied commercial | 2,853,062 | 2,781,375 | 2,718,512 | 2,739,823 | 2,680,055 | ||||||||||
| 1-4 family mortgage | 1,717,781 | 1,685,723 | 1,695,140 | 1,671,713 | 1,625,296 | ||||||||||
| Non-owner occupied commercial | 5,141,148 | 5,123,635 | 4,739,642 | 4,603,389 | 4,448,710 | ||||||||||
| Subtotal: Real estate - mortgage | 9,711,991 | 9,590,733 | 9,153,294 | 9,014,925 | 8,754,061 | ||||||||||
| Consumer | 72,834 | 70,815 | 71,873 | 77,623 | 79,837 | ||||||||||
| Total loans | $ | 14,737,303 | $ | 14,478,489 | $ | 13,945,913 | $ | 13,696,912 | $ | 13,311,967 | |||||
| SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED) | |||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| 3rd Quarter 2026 | 2nd Quarter 2026 | 1st Quarter 2026 | 4th Quarter 2025 | 3rd Quarter 2025 | |||||||||||||||
| Allowance for credit losses: | |||||||||||||||||||
| Beginning balance | $ | 181,853 | $ | 173,905 | $ | 171,683 | $ | 170,235 | $ | 169,959 | |||||||||
| Loans charged off: | |||||||||||||||||||
| Commercial, financial and agricultural | 1,862 | 4,074 | 8,291 | 7,695 | 7,947 | ||||||||||||||
| Real estate - construction | 6,959 | 711 | - | - | - | ||||||||||||||
| Real estate - mortgage | 207 | 5 | 91 | 64 | 1,294 | ||||||||||||||
| Consumer | 137 | 79 | 171 | 465 | 109 | ||||||||||||||
| Total charge offs | 9,165 | 4,869 | 8,553 | 8,224 | 9,350 | ||||||||||||||
| Recoveries: | |||||||||||||||||||
| Commercial, financial and agricultural | 1,398 | 667 | 178 | 1,532 | 237 | ||||||||||||||
| Real estate - construction | - | - | - | - | 30 | ||||||||||||||
| Real estate - mortgage | 3 | 396 | - | - | - | ||||||||||||||
| Consumer | 23 | 59 | 35 | 10 | 21 | ||||||||||||||
| Total recoveries | 1,423 | 1,122 | 213 | 1,542 | 288 | ||||||||||||||
| Net charge-offs | 7,741 | 3,747 | 8,340 | 6,682 | 9,062 | ||||||||||||||
| Provision for loan losses | 14,899 | 11,695 | 10,562 | 8,130 | 9,338 | ||||||||||||||
| Ending balance | $ | 189,010 | $ | 181,853 | $ | 173,905 | $ | 171,683 | $ | 170,235 | |||||||||
| Allowance for credit losses to total loans | 1.28 | % | 1.26 | % | 1.25 | % | 1.25 | % | 1.28 | % | |||||||||
| Allowance for credit losses to total average loans | 1.30 | % | 1.28 | % | 1.26 | % | 1.27 | % | 1.29 | % | |||||||||
| Net charge-offs to total average loans | 0.21 | % | 0.11 | % | 0.25 | % | 0.20 | % | 0.27 | % | |||||||||
| Provision for credit losses to total average loans | 0.41 | % | 0.33 | % | 0.31 | % | 0.24 | % | 0.28 | % | |||||||||
| Nonperforming assets: | |||||||||||||||||||
| Nonaccrual loans | $ | 160,084 | $ | 169,711 | $ | 176,613 | $ | 168,351 | $ | 166,662 | |||||||||
| Loans 90+ days past due and accruing | 1,514 | 1,242 | 1,274 | 478 | 965 | ||||||||||||||
| Other real estate owned and | |||||||||||||||||||
| repossessed assets | 14,865 | 4,834 | 3,072 | 2,583 | 611 | ||||||||||||||
| Total | $ | 176,463 | $ | 175,787 | $ | 180,959 | $ | 171,412 | $ | 168,238 | |||||||||
| Nonperforming loans to total loans | 1.10 | % | 1.18 | % | 1.28 | % | 1.23 | % | 1.26 | % | |||||||||
| Nonperforming assets to total assets | 0.96 | % | 0.96 | % | 1.00 | % | 0.97 | % | 0.96 | % | |||||||||
| Nonperforming assets to earning assets | 1.01 | % | 0.99 | % | 1.05 | % | 1.01 | % | 1.00 | % | |||||||||
| Allowance for credit losses to nonaccrual loans | 118.07 | % | 107.15 | % | 98.47 | % | 101.98 | % | 102.14 | % | |||||||||
| CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | |||||||||||||||||
| (In thousands except per share data) | |||||||||||||||||
| 3rd Quarter 2026 | 2nd Quarter 2026 | 1st Quarter 2026 | 4th Quarter 2025 | 3rd Quarter 2025 | |||||||||||||
| Interest income: | |||||||||||||||||
| Interest and fees on loans | $ | 228,652 | $ | 220,731 | $ | 210,066 | $ | 214,252 | $ | 210,987 | |||||||
| Debt securities | 16,088 | 15,827 | 16,099 | 17,204 | 17,343 | ||||||||||||
| Federal funds sold and securities purchased with agreement to resell | 3,392 | 4,146 | 5,561 | 5,671 | 4,724 | ||||||||||||
| Other interest and dividends | 9,221 | 9,176 | 9,754 | 14,261 | 18,254 | ||||||||||||
| Total interest income | 257,353 | 249,880 | 241,480 | 251,388 | 251,308 | ||||||||||||
| Interest expense: | |||||||||||||||||
| Deposits | 80,414 | 79,440 | 78,285 | 86,920 | 98,735 | ||||||||||||
| Borrowed funds | 17,125 | 14,803 | 15,047 | 17,947 | 19,125 | ||||||||||||
| Total interest expense | 97,539 | 94,243 | 93,332 | 104,867 | 117,860 | ||||||||||||
| Net interest income | 159,814 | 155,637 | 148,148 | 146,521 | 133,448 | ||||||||||||
| Provision for credit losses | 15,245 | 11,412 | 10,637 | 7,922 | 9,463 | ||||||||||||
| Net interest income after provision for credit losses | 144,569 | 144,225 | 137,511 | 138,599 | 123,985 | ||||||||||||
| Noninterest income: | |||||||||||||||||
| Service charges on deposit accounts | 3,448 | 3,338 | 3,296 | 3,339 | 3,316 | ||||||||||||
| Mortgage banking | 1,935 | 2,221 | 1,892 | 1,664 | 1,864 | ||||||||||||
| Credit card income | 2,409 | 2,492 | 2,202 | 1,835 | 2,405 | ||||||||||||
| Securities gains (losses) | 148 | - | - | - | (7,812 | ) | |||||||||||
| Bank-owned life insurance income | 4,343 | 4,133 | 2,822 | 8,149 | 2,405 | ||||||||||||
| Other operating income | 829 | 708 | 628 | 704 | 655 | ||||||||||||
| Total noninterest income | 13,112 | 12,892 | 10,840 | 15,691 | 2,833 | ||||||||||||
| Noninterest expenses: | |||||||||||||||||
| Salaries and employee benefits | 26,927 | 26,274 | 26,853 | 23,838 | 25,522 | ||||||||||||
| Equipment and occupancy expense | 3,381 | 3,963 | 3,948 | 3,737 | 3,615 | ||||||||||||
| Third party processing and other services | 8,081 | 7,962 | 7,525 | 7,779 | 8,095 | ||||||||||||
| Professional services | 1,951 | 2,227 | 1,943 | 1,481 | 1,857 | ||||||||||||
| FDIC and other regulatory assessments | 2,478 | 2,753 | 2,745 | 2,641 | 2,742 | ||||||||||||
| Other real estate owned expense | 476 | 75 | 20 | 13 | 82 | ||||||||||||
| Other operating expenses | 8,935 | 6,707 | 4,350 | 7,194 | 6,083 | ||||||||||||
| Total noninterest expenses | 52,229 | 49,961 | 47,384 | 46,683 | 47,996 | ||||||||||||
| Income before income taxes | 105,452 | 107,156 | 100,967 | 107,607 | 78,822 | ||||||||||||
| Provision for income taxes | 18,144 | 21,363 | 17,996 | 21,223 | 13,251 | ||||||||||||
| Net income | 87,308 | 85,793 | 82,971 | 86,384 | 65,571 | ||||||||||||
| Dividends on preferred stock | - | 31 | - | 31 | - | ||||||||||||
| Net income available to common stockholders | $ | 87,308 | $ | 85,762 | $ | 82,971 | $ | 86,353 | $ | 65,571 | |||||||
| Basic earnings per common share | $ | 0.80 | $ | 0.78 | $ | 0.76 | $ | 0.79 | $ | 0.60 | |||||||
| Diluted earnings per common share | $ | 0.80 | $ | 0.78 | $ | 0.76 | $ | 0.79 | $ | 0.60 | |||||||
| AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) | ||||||||||||||||||||||||||||||||||||
| ON A FULLY TAXABLE-EQUIVALENT BASIS | ||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
| 3rd Quarter 2026 | 2nd Quarter 2026 | 1st Quarter 2026 | 4th Quarter 2025 | 3rd 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 | $ | 14,523,000 | 6.23 | % | $ | 14,198,439 | 6.18 | % | $ | 13,751,447 | 6.18 | % | $ | 13,474,271 | 6.30 | % | $ | 13,175,297 | 6.34 | % | ||||||||||||||||
| Tax-exempt (2) | 21,997 | 7.41 | 26,082 | 37.03 | 32,976 | 5.82 | 30,670 | 5.52 | 30,478 | 5.47 | ||||||||||||||||||||||||||
| Total loans, net of unearned | ||||||||||||||||||||||||||||||||||||
| income | 14,544,997 | 6.24 | 14,224,521 | 6.23 | 13,784,423 | 6.18 | 13,504,941 | 6.29 | 13,205,775 | 6.34 | ||||||||||||||||||||||||||
| Mortgage loans held for sale | 11,909 | 4.83 | 13,327 | 5.30 | 10,680 | 4.40 | 9,887 | 4.49 | 11,351 | 4.82 | ||||||||||||||||||||||||||
| Debt securities: | ||||||||||||||||||||||||||||||||||||
| Taxable | 1,669,210 | 3.85 | 1,657,378 | 3.82 | 1,702,499 | 3.78 | 1,826,632 | 3.77 | 1,926,101 | 3.60 | ||||||||||||||||||||||||||
| Tax-exempt (2) | 444 | 5.41 | 444 | 5.41 | 444 | 5.41 | 444 | 5.41 | 444 | 5.41 | ||||||||||||||||||||||||||
| Total securities (3) | 1,669,654 | 3.85 | 1,657,822 | 3.82 | 1,702,943 | 3.78 | 1,827,076 | 3.77 | 1,926,545 | 3.60 | ||||||||||||||||||||||||||
| Federal funds sold and securities | ||||||||||||||||||||||||||||||||||||
| purchased with agreement to resell | 298,700 | 4.50 | 372,645 | 4.46 | 501,377 | 4.50 | 469,148 | 4.79 | 365,733 | 5.12 | ||||||||||||||||||||||||||
| Restricted equity securities | 12,465 | 5.98 | 12,456 | 6.41 | 12,228 | 6.17 | 12,193 | 6.61 | 12,167 | 6.36 | ||||||||||||||||||||||||||
| Interest-bearing balances with banks | 950,426 | 3.76 | 964,808 | 3.73 | 1,041,026 | 3.73 | 1,393,155 | 4.00 | 1,608,118 | 4.45 | ||||||||||||||||||||||||||
| Total interest-earning assets | $ | 17,488,151 | 5.84 | % | $ | 17,245,579 | 5.82 | % | $ | 17,052,677 | 5.75 | % | $ | 17,216,400 | 5.79 | % | $ | 17,129,689 | 5.82 | % | ||||||||||||||||
| Noninterest-earning assets: | ||||||||||||||||||||||||||||||||||||
| Cash and due from banks | 84,825 | 96,648 | 103,847 | 102,066 | 103,470 | |||||||||||||||||||||||||||||||
| Net premises and equipment | 65,791 | 63,303 | 61,253 | 61,009 | 60,614 | |||||||||||||||||||||||||||||||
| Allowance for credit losses, accrued | ||||||||||||||||||||||||||||||||||||
| interest and other assets | 682,065 | 606,506 | 552,337 | 556,704 | 415,586 | |||||||||||||||||||||||||||||||
| Total assets | $ | 18,320,832 | $ | 18,012,036 | $ | 17,770,114 | $ | 17,936,179 | $ | 17,709,359 | ||||||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
| Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||
| Checking | $ | 2,226,470 | 1.72 | % | $ | 2,050,758 | 1.69 | % | $ | 2,101,953 | 1.60 | % | $ | 2,126,615 | 1.77 | % | $ | 2,069,440 | 2.16 | % | ||||||||||||||||
| Savings | 110,246 | 1.43 | 112,077 | 1.41 | 110,843 | 1.42 | 106,551 | 1.52 | 103,668 | 1.66 | ||||||||||||||||||||||||||
| Money market | 7,835,165 | 3.05 | 7,956,884 | 3.03 | 7,812,168 | 3.01 | 7,816,487 | 3.23 | 7,965,115 | 3.67 | ||||||||||||||||||||||||||
| Time deposits | 1,235,134 | 3.28 | 1,274,496 | 3.26 | 1,373,023 | 3.42 | 1,392,749 | 3.80 | 1,344,257 | 3.97 | ||||||||||||||||||||||||||
| Total interest-bearing deposits | 11,407,015 | 2.80 | 11,394,215 | 2.80 | 11,397,987 | 2.79 | 11,442,402 | 3.01 | 11,482,480 | 3.41 | ||||||||||||||||||||||||||
| Federal funds purchased | 1,760,091 | 3.78 | 1,549,520 | 3.74 | 1,593,215 | 3.74 | 1,712,399 | 4.01 | 1,640,377 | 4.46 | ||||||||||||||||||||||||||
| Other borrowings | 34,750 | 3.96 | 34,750 | 4.02 | 34,750 | 4.05 | 59,207 | 4.21 | 64,761 | 4.21 | ||||||||||||||||||||||||||
| Total interest-bearing liabilities | $ | 13,201,856 | 2.93 | % | $ | 12,978,485 | 2.91 | % | $ | 13,025,952 | 2.91 | % | $ | 13,214,008 | 3.15 | % | $ | 13,187,618 | 3.55 | % | ||||||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
| Noninterest-bearing | ||||||||||||||||||||||||||||||||||||
| checking | 2,921,746 | 2,923,956 | 2,728,354 | 2,768,495 | 2,651,043 | |||||||||||||||||||||||||||||||
| Other liabilities | 190,118 | 167,024 | 137,231 | 143,680 | 122,873 | |||||||||||||||||||||||||||||||
| Stockholders' equity | 2,010,433 | 1,944,735 | 1,879,072 | 1,813,097 | 1,762,980 | |||||||||||||||||||||||||||||||
| Accumulated other comprehensive | ||||||||||||||||||||||||||||||||||||
| loss | (3,321 | ) | (2,164 | ) | (495 | ) | (3,101 | ) | (15,155 | ) | ||||||||||||||||||||||||||
| Total liabilities and | ||||||||||||||||||||||||||||||||||||
| stockholders' equity | $ | 18,320,832 | $ | 18,012,036 | $ | 17,770,114 | $ | 17,936,179 | $ | 17,709,359 | ||||||||||||||||||||||||||
| Net interest spread | 2.91 | % | 2.91 | % | 2.84 | % | 2.64 | % | 2.27 | % | ||||||||||||||||||||||||||
| Net interest margin | 3.63 | % | 3.63 | % | 3.53 | % | 3.38 | % | 3.09 | % | ||||||||||||||||||||||||||
| (1) Average loans include nonaccrual loans in all periods. Loan fees of $5,169, $4,763, $5,186, $5,464, and $6,103 are included in interest income in the third quarter of 2026, second quarter of 2026, first quarter of 2026, fourth quarter of 2025, and third 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 $(6,260), $(4,830), $(2,713), $(6,311), and $(22,574) for the third quarter of 2026, second quarter of 2026, first quarter of 2026, fourth quarter of 2025, and third quarter of 2025, respectively, are excluded from the yield calculation. | ||||||||||||||||||||||||||||||||||||
Exhibit 99.2
| Selected Financial Data (in thousands except number of employees) | 9/30/2026 | 6/30/2026 | 9/30/2025 | |||||||||
| Scheduled CD maturities for subsequent quarter | $ | 577,396 | $ | 558,471 | $ | 642,619 | ||||||
| Average rate scheduled CD maturities for subsequent quarter | 3.36 | % | 3.32 | % | 4.04 | % | ||||||
| Average loan rate - loan originations/renewals QTD (excludes fees) | 6.59 | % | 6.33 | % | 6.87 | % | ||||||
| Cost of total deposits, Qtr-End | 2.28 | % | 2.21 | % | 2.63 | % | ||||||
| Cost of interest-bearing deposits, Qtr-End | 2.89 | % | 2.80 | % | 3.24 | % | ||||||
| Net interest margin, final month of Qtr | 3.68 | % | 3.59 | % | 2.97 | % | ||||||
| Noninterest bearing DDA balances, Qtr-End | $ | 2,910,281 | $ | 2,995,402 | $ | 2,598,895 | ||||||
| Reserve for unfunded commitments, Qtr-End | $ | 710 | $ | 364 | $ | 780 | ||||||
| Credit card spend QTD | $ | 286,913 | $ | 280,533 | $ | 272,473 | ||||||
| Credit card net income QTD | $ | 2,409 | $ | 2,492 | $ | 2,405 | ||||||
| Merchant services fees QTD | $ | 745 | $ | 714 | $ | 580 | ||||||
| Mortgage banking income QTD | $ | 1,935 | $ | 2,221 | $ | 1,864 | ||||||
| FDIC insurance QTD | $ | 2,475 | $ | 2,475 | $ | 2,475 | ||||||
| Salaries & employee benefits QTD | $ | 26,927 | $ | 26,274 | $ | 25,522 | ||||||
| Other operating expense | $ | 8,935 | $ | 6,707 | $ | 6,083 | ||||||
| Third party processing and other services QTD | $ | 8,082 | $ | 7,962 | $ | 8,095 | ||||||
| Equipment and occupancy expense QTD | $ | 3,380 | $ | 3,964 | $ | 3,615 | ||||||
| Earnings retention YTD | 76 | % | 75 | % | 72 | % | ||||||
| QTD tax rate | 17.21 | % | 19.94 | % | 16.81 | % | ||||||
| YTD tax rate | 18.34 | % | 18.91 | % | 18.89 | % | ||||||
| Available Liquidity | 9/30/2026 | 6/30/2026 | 9/30/2025 | |||||||||
| Cash and cash equivalents | $ | 1,185,015 | $ | 1,456,473 | $ | 1,773,305 | ||||||
| Investment Securities (mkt value), net of pledged 1 | $ | 297,143 | $ | 260,846 | $ | 448,305 | ||||||
| Total on balance sheet liquidity | $ | 1,482,158 | $ | 1,717,319 | $ | 2,398,323 | ||||||
| FHLB fundings availability | $ | 3,355,315 | $ | 3,403,609 | $ | 3,159,368 | ||||||
| Correspondent lines of credit availability | $ | 150,000 | $ | 150,000 | $ | 225,000 | ||||||
| Brokered deposit availability (25% of assets per policy) | $ | 4,579,923 | $ | 4,586,374 | $ | 4,396,050 | ||||||
| Federal Reserve Bank fundings availability | $ | 2,588,630 | $ | 2,562,745 | $ | 2,215,168 | ||||||
| Total Available Liquidity | $ | 12,156,026 | $ | 12,420,048 | $ | 12,393,909 | ||||||
1. Reported investment securities balance includes a 50% haircut on corporate securities ($187 million) per regulatory guidance