ServisFirst Bancshares, Inc. (NYSE:SFBS), today announced earnings and operating results for the quarter ended March 31, 2025.

First Quarter 2025 Highlights:

Diluted earnings per share of $1.16 for the quarter, up 26.1% from the first quarter of 2024.
Deposits grew by $886 million, or 26% annualized, during the quarter.
Loans grew by $281 million, or 9% annualized, during the quarter.
Book value per share of $30.56, up 12.9% from the first quarter of 2024 and 12.7% annualized, from the fourth quarter of 2024.
Liquidity remains very strong with $3.3 billion in cash on hand, 18% of our total assets, and no FHLB advances or brokered deposits.
Consolidated common equity tier 1 capital to risk-weighted assets increased from 11.07% to 11.48% year-over-year.
Return on average common stockholder's equity increased from 13.82% to 15.63% year-over-year.

Tom Broughton, Chairman, President, and CEO, said, "With our strong balance sheet, we are looking at opportunities for new and expanded customer relationships and we continue to look at new market expansions in the Southeast."

David Sparacio, CFO, said, "This year is off to a great start with 9% annualized loan growth, non-interest expense being contained, and fixed rate loans repricing for the rest of the year. We realized 31% year-over-year growth in pre-provision net revenue, thanks to continued focus on controlling our expenses and we are continuing to see strength in our capital ratios."

^* 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, and tangible common equity to total tangible assets. Please see "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures."

FINANCIAL SUMMARY (UNAUDITED)
(in Thousands except share and per share amounts)	Period Ending March 31, 2025			Period Ending December 31, 2024			% Change From Period Ending December 31, 2024 to Period Ending March 31, 2025		Period Ending March 31, 2024			% Change From Period Ending March 31, 2024 to Period Ending March 31, 2025
QUARTERLY OPERATING RESULTS
Net Income	$	63,224		$	65,173		(3.0	)%	$	50,026		26.4	%
Net Income Available to Common Stockholders	$	63,224		$	65,142		(2.9	)%	$	50,026		26.4	%
Diluted Earnings Per Share	$	1.16		$	1.19		(2.5	)%	$	0.92		26.1	%
Return on Average Assets		1.45	%		1.52	%				1.26	%
Return on Average Common Stockholders' Equity		15.63	%		16.29	%				13.82	%
Average Diluted Shares Outstanding		54,656,915			54,649,808					54,595,384

Adjusted Net Income, net of tax*	$	63,224		$	65,173		(3.0	)%	$	51,373		23.1	%
Adjusted Net Income Available to Common Stockholders, net of tax*	$	63,224		$	65,142		(2.9	)%	$	51,373		23.1	%
Adjusted Diluted Earnings Per Share, net of tax*	$	1.16		$	1.19		(2.5	)%	$	0.94		23.4	%
Adjusted Return on Average Assets, net of tax*		1.45	%		1.52	%				1.29	%
Adjusted Return on Average Common Stockholders' Equity, net of tax*		15.63	%		16.29	%				14.19	%


BALANCE SHEET
Total Assets	$	18,636,766		$	17,351,643		7.4	%	$	15,721,630		18.5	%
Loans		12,886,831			12,605,836		2.2	%		11,880,696		8.5	%
Non-interest-bearing Demand Deposits		2,647,577			2,619,687		1.1	%		2,627,639		0.8	%
Total Deposits		14,429,061			13,543,459		6.5	%		12,751,448		13.2	%
Stockholders' Equity		1,668,900			1,616,772		3.2	%		1,476,036		13.1	%

DETAILED FINANCIALS

ServisFirst Bancshares, Inc. reported net income and net income available to common stockholders of $63.2 million for the quarter ended March 31, 2025, compared to net income of $65.2 million and net income available to common stockholders of $65.1 million for the fourth quarter of 2024 and net income and net income available to common stockholders of $50.0 million for the first quarter of 2024. Basic and diluted earnings per common share were both $1.16 in the first quarter of 2025, compared to $1.19 for both in the fourth quarter of 2024 and $0.92 for both in the first quarter of 2024.

Annualized return on average assets was 1.45% and annualized return on average common stockholders' equity was 15.63% for the first quarter of 2025, compared to 1.26% and 13.82%, respectively, for the first quarter of 2024.

Net interest income was $123.6 million for the first quarter of 2025, compared to $123.2 million for the fourth quarter of 2024 and $102.5 million for the first quarter of 2024. The net interest margin in the first quarter of 2025 was 2.92% compared to 2.96% in the fourth quarter of 2024 and 2.66% in the first quarter of 2024. Loan yields were 6.28% during the first quarter of 2025 compared to 6.43% during the fourth quarter of 2024 and 6.40% during the first quarter of 2024. Investment yields were 3.31% during the first quarter of 2025 compared to 3.49% during the fourth quarter of 2024 and 3.16% during the first quarter of 2024. Average interest-bearing deposit rates were 3.40% during the first quarter of 2025, compared to 3.63% during the fourth quarter of 2024 and 4.04% during the first quarter of 2024. Average federal funds purchased rates were 4.50% during first quarter of 2025, compared to 4.80% during the fourth quarter of 2024 and 5.50% during the first quarter of 2024.

Average loans for the first quarter of 2025 were $12.71 billion, an increase of $280.9 million, or 9.2% annualized, from average loans of $12.43 billion for the fourth quarter of 2024, and an increase of $967.1 million, or 8.2%, from average loans of $11.74 billion for the first quarter of 2024. Ending total loans for the first quarter of 2025 were $12.89 billion, an increase of $281.0 million, or 9.0% annualized, from $12.61 billion for the fourth quarter of 2024, and an increase of $1.01 billion, or 8.5%, from $11.88 billion for the first quarter of 2024.

Average total deposits for the first quarter of 2025 were $13.89 billion, an increase of $406.2 million, or 12.2% annualized, from average total deposits of $13.48 billion for the fourth quarter of 2024, and an increase of $966.4 million, or 7.5%, from average total deposits of $12.92 billion for the first quarter of 2024. Ending total deposits for the first quarter of 2025 were $14.43 billion, an increase of $885.6 million, or 26.3% annualized, from $13.54 billion for the fourth quarter of 2024, and an increase of $1.68 billion, or 13.2%, from $12.75 billion for the first quarter of 2024. The increase in total deposits was primarily due to organic growth across the majority of our markets.

Non-performing assets to total assets were 0.40% for the first quarter of 2025, compared to 0.26% for the fourth quarter of 2024 and 0.22% for the first quarter of 2024. The majority of the year-over-year increase in non-performing assets is attributable to two relationships, both of which are secured by real estate. Annualized net charge-offs to average loans were 0.19% for the first quarter of 2025, compared to 0.09% for the fourth quarter of 2024 and 0.06% for the first quarter of 2024. The increase in net charge-offs was primarily attributable to individually evaluated loans that were previously impaired in the fourth quarter of 2024. In the first quarter of 2025, management concluded that partial or full charge-offs were warranted for these impaired loans. The allowance for credit losses as a percentage of total loans at March 31, 2025, December 31, 2024, and March 31, 2024, was 1.28%, 1.30%, and 1.31%, respectively. We recorded a $6.5 million provision for loan losses in the first quarter of 2025 compared to $6.4 million in the fourth quarter of 2024, and $4.4 million in the first quarter of 2024. Approximately $2.7 million of the allowance for loan losses was related to the potential impact of Hurricane Helene and Milton recorded through the provision for loan losses during the third quarter of 2024. As of March 31, 2025, management considers the storms' credit impact to have been fully assessed and has decided to release this allowance.

Non-interest income decreased $631,000, or 7.1%, to $8.3 million for the first quarter of 2025 from $8.9 million in the first quarter of 2024, and decreased $526,000, or 6.0%, on a linked quarter basis. Service charges on deposit accounts increased $408,000, or 19.0%, to $2.6 million for the first quarter of 2025 from $2.2 million in the first quarter of 2024, and decreased $92,000, or 3.5%, on a linked quarter basis. Mortgage banking revenue decreased $65,000, or 9.6%, to $613,000 for the first quarter of 2025 from $678,000 in the first quarter of 2024, and decreased $900,000, or 59.5%, on a linked quarter basis. The decrease on a linked quarter basis was primarily due to seasonal production fluctuations and a slightly higher proportion of production from lower-margin portfolio loans during the first quarter of 2025. Net credit card income decreased $187,000, or 8.7%, to $2.0 million for the first quarter of 2025 from $2.2 million in the first quarter of 2024, and increased $101,000, or 5.4%, on a linked quarter basis. Bank-owned life insurance ("BOLI") income decreased $1.1 million, or 33.9%, to $2.1 million for the first quarter of 2025 from $3.2 million in the first quarter of 2024, and increased $6,000, or 0.3%, on a linked quarter basis. The decrease year-over year was due to the recognition of $1.2 million of income attributed to the death benefit related to a former employee in our BOLI program in the prior year. Other operating income increased $307,000, or 44.2%, to $1.0 million for the first quarter of 2025 from $694,000 in the first quarter of 2024, and increased $359,000, or 55.9%, on a linked quarter basis.

Non-interest expense decreased $124,000, or 0.3%, to $46.1 million for the first quarter of 2025 from $46.2 million in the first quarter of 2024, and decreased $789,000, or 1.7%, on a linked quarter basis. Salary and benefit expense decreased $107,000, or 0.5%, to $22.9 million for the first quarter of 2025 from $23.0 million in the first quarter of 2024, and decreased $1.2 million, or 4.9%, on a linked quarter basis. The number of full-time equivalent ("FTE") employees increased by 31, or 5.12%, to 636 at March 31, 2025 compared to 605 at March 31, 2024, and increased by 6, or 1%, from the end of the fourth quarter of 2024. Equipment and occupancy expense increased $165,000, or 4.6%, to $3.7 million for the first quarter of 2025 from $3.6 million in the first quarter of 2024, and increased $122,000, or 3.4%, on a linked quarter basis. Third party processing and other services expense increased $572,000, or 8.0%, to $7.7 million for the first quarter of 2025 from $7.2 million in the first quarter of 2024, and decreased $777,000, or 9.1%, on a linked quarter basis. Professional services expense increased $469,000, or 32.0%, to $1.9 million for the first quarter of 2025 from $1.5 million in the first quarter of 2024, and decreased $48,000, or 2.4%, on a linked quarter basis. FDIC and other regulatory assessments decreased $1.1 million, or 26.9%, to $2.9 million for the first quarter of 2025 from $3.9 million in the first quarter of 2024, and increased $629,000, or 28.3%, on a linked quarter basis. In the first quarter of 2024, the FDIC implemented a special assessment adjustment to recapitalize the Deposit Insurance Fund, see "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures" for more discussion. Other operating expenses decreased $175,000, or 2.5%, to $6.9 million for the first quarter of 2025 from $7.1 million in the first quarter of 2024, and increased $493,000, or 7.6%, on a linked quarter basis. The efficiency ratio was 34.97% during the first quarter of 2025 compared to 43.30% during the first quarter of 2024 and 35.54% during the fourth quarter of 2024.

Income tax expense increased $5.3 million, or 49.6%, to $15.9 million in the first quarter of 2025, compared to $10.6 million in the first quarter of 2024. Our effective tax rate was 20.06% for the first quarter of 2025 compared to 17.50% for the first quarter of 2024. We recognized a reduction in provision for income taxes resulting from excess tax benefits from the exercise and vesting of stock options and restricted stock during the first quarters of 2025 and 2024 of $470,000 and $204,000, respectively.

About ServisFirst Bancshares, Inc.

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

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

Statements in this press release that are not historical facts, including, but not limited to, statements concerning future operations, results or performance, are hereby identified as "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. The words "believe," "expect," "anticipate," "project," "plan," "intend," "will," "could," "would," "might" and similar expressions often signify forward-looking statements. Such statements involve inherent risks and uncertainties. ServisFirst Bancshares, Inc. cautions that such forward-looking statements, wherever they occur in this press release or in other statements attributable to ServisFirst Bancshares, Inc., are necessarily estimates reflecting the judgment of ServisFirst Bancshares, Inc.'s senior management and involve risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Such forward-looking statements should, therefore, be considered in light of various factors that could affect the accuracy of such forward-looking statements, including, but not limited to: general economic conditions, especially in the credit markets and in the Southeast; the impact of tariffs and trade wars on general economic conditions, the performance of the capital markets; changes in interest rates, yield curves and interest rate spread relationships; changes in accounting and tax principles, policies or guidelines; changes in legislation or regulatory requirements; changes as a result of our reclassification as a large financial institution by the FDIC; changes in our loan portfolio and the deposit base; possible changes in laws and regulations and governmental monetary and fiscal policies, including, but not limited to, the Federal Reserve policies in connection with continued or re-emerging inflationary pressures and the ability of the U.S. Congress to increase the U.S. statutory debt limit as needed; computer hacking or cyber-attacks resulting in unauthorized access to confidential or proprietary information; substantial, unexpected or prolonged changes in the level or cost of liquidity; the cost and other effects of legal and administrative cases and similar contingencies; possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and the value of collateral; the effect of natural disasters, such as hurricanes and tornados, in our geographic markets; and increased competition from both banks and non-bank financial institutions. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to "Cautionary Note Regarding Forward-looking Statements" and "Risk Factors" in our most recent Annual Report on Form 10-K, in our Quarterly Reports on Form 10-Q for fiscal year 2025, and our other SEC filings. If one or more of the assumptions forming the basis of our forward-looking information and statements proves incorrect, then our actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained herein. Accordingly, you should not place undue reliance on any forward-looking statements, which speak only as of the date made. ServisFirst Bancshares, Inc. assumes no obligation to update or revise any forward-looking statements that are made from time to time.

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

SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)
(In thousands except share and per share data)
	1st Quarter 2025			4th Quarter 2024			3rd Quarter 2024			2nd Quarter 2024			1st Quarter 2024
CONSOLIDATED STATEMENT OF INCOME
Interest income	$	241,096		$	243,892		$	247,979		$	227,540		$	226,710
Interest expense		117,543			120,724			132,858			121,665			124,215
Net interest income		123,553			123,168			115,121			105,875			102,495
Provision for credit losses		6,630			5,704			5,659			5,353			4,535
Net interest income after provision for credit losses		116,923			117,464			109,462			100,522			97,960
Non-interest income		8,277			8,803			8,549			8,891			8,908
Non-interest expense		46,107			46,896			45,632			42,818			46,231
Income before income tax		79,093			79,371			72,379			66,595			60,637
Provision for income tax		15,869			14,198			12,472			14,459			10,611
Net income		63,224			65,173			59,907			52,136			50,026
Preferred stock dividends		-			31			-			31			-
Net income available to common stockholders	$	63,224		$	65,142		$	59,907		$	52,105		$	50,026
Earnings per share - basic	$	1.16		$	1.19		$	1.10		$	0.96		$	0.92
Earnings per share - diluted	$	1.16		$	1.19		$	1.10		$	0.95		$	0.92
Average diluted shares outstanding		54,656,915			54,649,808			54,642,582			54,608,679			54,595,384

CONSOLIDATED BALANCE SHEET DATA
Total assets	$	18,636,766		$	17,351,643		$	16,449,178		$	16,049,812		$	15,721,630
Loans		12,886,831			12,605,836			12,338,226			12,332,780			11,880,696
Debt securities		1,905,550			1,876,253			1,867,587			1,941,641			1,941,625
Non-interest-bearing demand deposits		2,647,577			2,619,687			2,576,329			2,475,415			2,627,639
Total deposits		14,429,061			13,543,459			13,146,529			13,259,392			12,751,448
Borrowings		64,745			64,743			64,741			64,739			64,737
Stockholders' equity		1,668,900			1,616,772			1,570,269			1,510,576			1,476,036

Shares outstanding		54,601,842			54,569,427			54,551,543			54,521,479			54,507,778
Book value per share	$	30.56		$	29.63		$	28.79		$	27.71		$	27.08
Tangible book value per share (1)	$	30.32		$	29.38		$	28.54		$	27.46		$	26.83

SELECTED FINANCIAL RATIOS (Annualized)
Net interest margin		2.92	%		2.96	%		2.84	%		2.79	%		2.66	%
Return on average assets		1.45	%		1.52	%		1.43	%		1.34	%		1.26	%
Return on average common stockholders' equity		15.63	%		16.29	%		15.55	%		14.08	%		13.82	%
Efficiency ratio		34.97	%		35.54	%		36.90	%		37.31	%		43.30	%
Non-interest expense to average earning assets		1.09	%		1.13	%		1.13	%		1.13	%		1.20	%

CAPITAL RATIOS (2)
Common equity tier 1 capital to risk-weighted assets		11.48	%		11.42	%		11.25	%		10.93	%		11.07	%
Tier 1 capital to risk-weighted assets		11.48	%		11.42	%		11.25	%		10.93	%		11.08	%
Total capital to risk-weighted assets		12.93	%		12.90	%		12.77	%		12.43	%		12.61	%
Tier 1 capital to average assets		9.48	%		9.59	%		9.54	%		9.81	%		9.44	%
Tangible common equity to total tangible assets (1)		8.89	%		9.25	%		9.47	%		9.33	%		9.31	%

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

GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures, including adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average common stockholders' equity, and adjusted efficiency ratio. We recorded a one-time expense of $7.2 million in the fourth quarter of 2023 associated with the FDIC's special assessment to recapitalize the Deposit Insurance Fund following bank failures in the spring of 2023. This assessment was updated in the first quarter of 2024 resulting in additional expense of $1.8 million. This expense is unusual, or infrequent, in nature and not part of the noninterest expense run rate. Each 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 and adjusted efficiency ratio for the quarter ended March 31, 2024 excludes the impact of these items, net of tax, and are all considered non-GAAP financial measures. This press release also contains the non-GAAP financial measures of tangible common stockholders' equity, total tangible assets, tangible book value per share and tangible common equity to total tangible assets, each of which excludes goodwill associated with our acquisition of Metro Bancshares, Inc. in January 2015.

We believe these non-GAAP financial measures provide useful information to management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP; however, we acknowledge that these non-GAAP financial measures have a number of limitations. As such, you should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies, including those in our industry, use. The following reconciliation table provides a more detailed analysis of the non-GAAP financial measures as of and for the comparative periods presented in this press release. Dollars are in thousands, except share and per share data.


		At March 31, 2025			At December 31, 2024			At September 30, 2024			At June 30, 2024			At March 31, 2024
Book value per share - GAAP		$	30.56		$	29.63		$	28.79		$	27.71		$	27.08
Total common stockholders' equity - GAAP			1,668,900			1,616,772			1,570,269			1,570,994			1,476,036
	Adjustment for Goodwill		(13,615	)		(13,615	)		(13,615	)		(13,615	)		(13,615	)
Tangible common stockholders' equity - non-GAAP		$	1,655,285		$	1,603,157		$	1,556,654		$	1,557,379		$	1,462,421
Tangible book value per share - non-GAAP		$	30.31		$	29.38		$	28.54		$	27.46		$	26.83

Stockholders' equity to total assets - GAAP			8.95	%		9.32	%		9.55	%		9.55	%		9.39	%
Total assets - GAAP		$	18,636,766		$	17,351,643		$	16,449,178		$	16,448,582		$	16,048,819
	Adjustment for Goodwill		(13,615	)		(13,615	)		(13,615	)		(13,615	)		(13,615	)
Total tangible assets - non-GAAP		$	18,623,151		$	17,338,028		$	16,435,563		$	16,434,967		$	16,035,204
Tangible common equity to total tangible assets - non-GAAP			8.89	%		9.25	%		9.47	%		9.48	%		9.33	%

	Three Months Ended March 31, 2025			Three Months Ended March 31, 2024
Net income - GAAP	$	63,224		$	50,026
Adjustments:
FDIC special assessment		-			1,799
Tax on adjustments		-			(452	)
Adjusted net income - non-GAAP	$	63,224		$	51,373

Net income available to common stockholders - GAAP	$	63,224		$	50,026
Adjustments:
FDIC special assessment		-			1,799
Tax on adjustments		-			(452	)
Adjusted net income available to common stockholders - non-GAAP	$	63,224		$	51,373

Diluted earnings per share - GAAP	$	1.16		$	0.92
Adjustments:
FDIC special assessment		-			0.03
Tax on adjustments		-			(0.01	)
Adjusted diluted earnings per share - non-GAAP	$	1.16		$	0.94

Return on average assets - GAAP		1.45	%		1.26	%
Net income available to common stockholders - GAAP	$	63,224		$	50,026
Adjustments:
FDIC special assessment		-			1,799
Tax on adjustments		-			(452	)
Adjusted net income available to common stockholders - non-GAAP	$	63,224		$	51,373
Average assets - GAAP	$	17,710,148		$	15,957,579
Adjusted return on average assets - non-GAAP		1.45	%		1.29	%

Return on average common stockholders' equity - GAAP		15.63	%		13.82	%
Net income available to common stockholders - GAAP	$	63,224		$	50,026
Adjustments:
FDIC special assessment		-			1,799
Tax on adjustments		-			(452	)
Adjusted diluted earnings per share - non-GAAP	$	63,224		$	51,373
Average common stockholders' equity - GAAP	$	1,640,949		$	1,455,938
Adjusted return on average common stockholders' equity non-GAAP		15.63	%		14.19	%

Efficiency ratio		34.97	%		43.30	%
Non-interest expense - GAAP	$	46,107		$	45,550
Adjustments:
FDIC special assessment		-			1,799
Adjusted non-interest expense	$	46,107		$	43,751
Net interest income plus non-interest income - GAAP	$	131,830		$	111,308
Adjusted efficiency ratio - non-GAAP		34.97	%		39.31	%

CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in thousands)
	March 31, 2025			March 31, 2024			% Change
ASSETS
Cash and due from banks	$	121,645		$	78,708		55	%
Interest-bearing balances due from depository institutions		3,218,753			1,201,566		168	%
Federal funds sold		9,322			170,625		(95	)%
Cash and cash equivalents		3,349,720			1,450,899		131	%
Available for sale debt securities, at fair value		1,203,837			1,073,929		12	%
Held to maturity debt securities (fair value of $639,455 and $785,270, respectively)		701,713			867,696		(19	)%
Restricted equity securities		12,156			11,300		8	%
Mortgage loans held for sale		11,386			7,592		50	%
Loans		12,886,831			11,880,696		8	%
Less allowance for credit losses		(165,034	)		(155,892	)	6	%
Loans, net		12,721,797			11,724,804		9	%
Premises and equipment, net		59,431			59,302		-	%
Goodwill		13,615			13,615		-	%
Other assets		563,111			512,493		10	%
Total assets	$	18,636,766		$	15,721,630		19	%
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest-bearing demand	$	2,647,577		$	2,627,639		1	%
Interest-bearing		11,781,484			10,123,809		16	%
Total deposits		14,429,061			12,751,448		13	%
Federal funds purchased		2,358,326			1,345,328		75	%
Other borrowings		64,745			64,737		-	%
Other liabilities		115,734			84,081		38	%
Total liabilities		16,967,866			14,245,594		19	%
Stockholders' equity:
Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at March 31, 2025 and March 31, 2024		-			-		-	%
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 54,601,842 shares issued and outstanding at March 31, 2025, and 54,461,580 shares issued and outstanding at March 31, 2024		54			54		-	%
Additional paid-in capital		235,840			233,560		1	%
Retained earnings		1,457,614			1,288,514		13	%
Accumulated other comprehensive loss		(25,108	)		(46,592	)	(46	)%
Total stockholders' equity attributable to ServisFirst Bancshares, Inc.		1,668,400			1,475,536		13	%
Noncontrolling interest		500			500		-	%
Total stockholders' equity		1,668,900			1,476,036		13	%
Total liabilities and stockholders' equity	$	18,636,766		$	15,721,630		19	%

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands except per share data)
	Three Months Ended March 31,
	2025		2024
Interest income:
Interest and fees on loans	$	196,936	$	186,978
Taxable securities		16,023		15,979
Nontaxable securities		6		9
Federal funds sold		20		541
Other interest and dividends		28,111		23,203
Total interest income		241,096		226,710
Interest expense:
Deposits		94,745		104,066
Borrowed funds		22,798		20,149
Total interest expense		117,543		124,215
Net interest income		123,553		102,495
Provision for credit losses		6,630		4,535
Net interest income after provision for credit losses		116,923		97,960
Non-interest income:
Service charges on deposit accounts		2,558		2,150
Mortgage banking		613		678
Credit card income		1,968		2,155
Bank-owned life insurance income		2,137		3,231
Other operating income		1,001		694
Total non-interest income		8,277		8,908
Non-interest expense:
Salaries and employee benefits		22,879		22,986
Equipment and occupancy expense		3,722		3,557
Third party processing and other services		7,738		7,166
Professional services		1,933		1,464
FDIC and other regulatory assessments		2,854		3,905
Other real estate owned expense		33		30
Other operating expense		6,948		7,123
Total non-interest expense		46,107		46,231
Income before income tax		79,093		60,637
Provision for income tax		15,869		10,611
Net income		63,224		50,026
Net income available to common stockholders	$	63,224	$	50,026
Basic earnings per common share	$	1.16	$	0.92
Diluted earnings per common share	$	1.16	$	0.92

LOANS BY TYPE (UNAUDITED)
(In thousands)

	1st quarter 2025		4th quarter 2024		3rd quarter 2024		2nd quarter 2024		1st quarter 2024
Commercial, financial and agricultural	$	2,924,533	$	2,869,894	$	2,793,989	$	2,935,577	$	2,834,102
Real estate - construction		1,599,410		1,489,306		1,439,648		1,510,677		1,546,716
Real estate - mortgage:
Owner-occupied commercial		2,543,819		2,547,143		2,441,687		2,399,644		2,377,042
1-4 family mortgage		1,494,189		1,444,623		1,409,981		1,350,428		1,284,888
Non-owner occupied commercial		4,259,566		4,181,243		4,190,935		4,072,007		3,777,758
Subtotal: Real estate - mortgage		8,297,574		8,173,009		8,042,603		7,822,079		7,439,688
Consumer		65,314		73,627		61,986		64,447		60,190
Total loans	$	12,886,831	$	12,605,836	$	12,338,226	$	12,332,780	$	11,880,696

SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED)
(Dollars in thousands)
	1st quarter 2025			4th quarter 2024			3rd quarter 2024			2nd quarter 2024			1st quarter 2024
Allowance for credit losses:
Beginning balance	$	164,458		$	160,755		$	158,092		$	155,892		$	153,317
Loans charged off:
Commercial, financial and agricultural		2,415			3,899			3,020			3,355			1,842
Real estate - construction		46			-			-			-			-
Real estate - mortgage		3,571			560			252			119			67
Consumer		60			211			155			108			98
Total charge offs		6,092			4,670			3,427			3,582			2,007
Recoveries:
Commercial, financial and agricultural		171			1,801			616			406			199
Real estate - construction		-			-			-			8			-
Real estate - mortgage		-			23			2			-			6
Consumer		27			151			37			15			9
Total recoveries		198			1,975			655			429			214
Net charge-offs		5,894			2,695			2,772			3,153			1,793
Provision for loan losses		6,470			6,398			5,435			5,353			4,368
Ending balance	$	165,034		$	164,458		$	160,755		$	158,092		$	155,892

Allowance for credit losses to total loans		1.28	%		1.30	%		1.30	%		1.28	%		1.31	%

Allowance for credit losses to total average loans		1.30	%		1.32	%		1.30	%		1.31	%		1.33	%
Net charge-offs to total average loans		0.19	%		0.09	%		0.09	%		0.10	%		0.06	%

Provision for credit losses to total average loans		0.21	%		0.21	%		0.17	%		0.18	%		0.15	%
Nonperforming assets:
Nonaccrual loans	$	73,793		$	39,501		$	37,075		$	33,454		$	34,457
Loans 90+ days past due and accruing		111			2,965			2,093			1,482			380
Other real estate owned and repossessed assets		756			2,531			2,723			1,458			490
Total	$	74,660		$	44,997		$	41,891		$	36,394		$	35,327

Nonperforming loans to total loans		0.57	%		0.34	%		0.32	%		0.28	%		0.29	%
Nonperforming assets to total assets		0.40	%		0.26	%		0.25	%		0.23	%		0.22	%
Nonperforming assets to earning assets		0.41	%		0.26	%		0.26	%		0.23	%		0.23	%
Allowance for credit losses to nonaccrual loans		223.64	%		416.34	%		433.59	%		472.57	%		452.42	%

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands except per share data)
	1st Quarter 2025		4th Quarter 2024		3rd Quarter 2024		2nd Quarter 2024		1st Quarter 2024
Interest income:
Interest and fees on loans	$	196,936	$	200,875	$	205,952	$	194,300	$	186,978
Taxable securities		16,023		16,905		17,493		16,158		15,979
Nontaxable securities		6		6		7		9		9
Federal funds sold		20		18		31		538		541
Other interest and dividends		28,111		26,088		24,496		16,535		23,203
Total interest income		241,096		243,892		247,979		227,540		226,710
Interest expense:
Deposits		94,745		98,702		113,211		104,671		104,066
Borrowed funds		22,798		22,022		19,647		16,994		20,149
Total interest expense		117,543		120,724		132,858		121,665		124,215
Net interest income		123,553		123,168		115,121		105,875		102,495
Provision for credit losses		6,630		5,704		5,659		5,353		4,535
Net interest income after provision for credit losses		116,923		117,464		109,462		100,522		97,960
Non-interest income:
Service charges on deposit accounts		2,558		2,650		2,341		2,293		2,150
Mortgage banking		613		1,513		1,352		1,379		678
Credit card income		1,968		1,867		1,925		2,333		2,155
Bank-owned life insurance income		2,137		2,131		2,113		2,058		3,231
Other operating income		1,001		642		818		828		694
Total non-interest income		8,277		8,803		8,549		8,891		8,908
Non-interest expense:
Salaries and employee benefits		22,879		24,062		25,057		24,213		22,986
Equipment and occupancy expense		3,722		3,600		3,795		3,567		3,557
Third party processing and other services		7,738		8,515		8,035		7,465		7,166
Professional services		1,933		1,981		1,715		1,741		1,464
FDIC and other regulatory assessments		2,854		2,225		2,355		2,202		3,905
Other real estate owned expense		33		58		103		7		30
Other operating expense		6,948		6,455		4,572		3,623		7,123
Total non-interest expense		46,107		46,896		45,632		42,818		46,231
Income before income tax		79,093		79,371		72,379		66,595		60,637
Provision for income tax		15,869		14,198		12,472		14,459		10,611
Net income		63,224		65,173		59,907		52,136		50,026
Dividends on preferred stock		-		31		-		31		-
Net income available to common stockholders	$	63,224	$	65,142	$	59,907	$	52,105	$	50,026
Basic earnings per common share	$	1.16	$	1.19	$	1.10	$	0.96	$	0.92
Diluted earnings per common share	$	1.16	$	1.19	$	1.10	$	0.95	$	0.92

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

	1st Quarter 2025				4th Quarter 2024				3rd Quarter 2024				2nd Quarter 2024				1st Quarter 2024
	Average Balance		Yield / Rate		Average Balance		Yield / Rate		Average Balance		Yield / Rate		Average Balance		Yield / Rate		Average Balance		Yield / Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (1)
Taxable	$	12,683,077	6.29	%	$	12,414,065	6.43	%	$	12,351,073	6.63	%	$	12,045,743	6.48	%	$	11,723,391	6.41	%
Tax-exempt (2)		25,044	4.94			13,198	1.57			15,584	1.86			17,230	2.08			17,605	5.00
Total loans, net of unearned income		12,708,121	6.28			12,427,263	6.43			12,366,657	6.62			12,062,973	6.48			11,740,996	6.40
Mortgage loans held for sale		6,731	4.76			9,642	5.36			10,674	3.80			6,761	6.13			4,770	5.57
Debt securities:
Taxable		1,934,739	3.31			1,932,547	3.49			1,955,632	3.57			1,936,818	3.33			2,013,295	3.16
Tax-exempt (2)		589	5.43			606	5.28			815	4.42			1,209	3.64			1,296	3.40
Total securities (3)		1,935,328	3.31			1,933,153	3.49			1,956,447	3.57			1,938,027	3.33			2,014,591	3.16
Federal funds sold		1,670	4.86			1,596	4.49			2,106	5.86			38,475	5.62			37,298	5.83
Restricted equity securities		11,461	7.43			11,290	6.80			11,290	7.36			11,290	7.16			10,417	7.57
Interest-bearing balances with banks		2,526,382	4.48			2,143,474	4.81			1,775,192	5.46			1,183,482	5.57			1,687,977	5.48
Total interest-earning assets	$	17,189,693	5.69	%	$	16,526,418	5.87	%	$	16,122,366	6.12	%	$	15,241,008	6.01	%	$	15,496,049	5.88	%
Non-interest-earning assets:
Cash and due from banks		108,540				103,494				103,539				96,646				98,813
Net premises and equipment		59,633				60,708				60,607				59,653				60,126
Allowance for credit losses, accrued interest and other assets		352,282				346,763				340,621				300,521				302,592
Total assets	$	17,710,148			$	17,037,383			$	16,627,133			$	15,697,828			$	15,957,580

Interest-bearing liabilities:
Interest-bearing deposits:
Checking	$	2,461,900	2.38	%	$	2,353,439	2.61	%	$	2,318,384	2.97	%	$	2,227,527	2.85	%	$	2,339,548	2.69	%
Savings		101,996	<

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