BIRMINGHAM, Ala., July 20, 2026 (GLOBE NEWSWIRE) -- ServisFirst Bancshares, Inc. (NYSE: SFBS), today announced earnings and operating results for the quarter ended June 30, 2026.
Second Quarter 2026 Highlights:
- Diluted earnings per share of $1.57 for the quarter, up 40% from the second quarter of 2025, and up 30% from adjusted diluted earnings per share in the second quarter of 2025*.
- Loans grew $533 million, or 15% annualized, during the quarter.
- Net interest margin of 3.63%, up 10 basis points from the first quarter of 2026 and up 53 basis points from the second quarter of 2025.
- Book value per share of $36.19, up 14.8% year-over-year.
- Efficiency ratio under 30%, down from 33% in the second quarter of 2025.
- Adjusted return on average common stockholders’ equity* increased from 15.68% to 17.71% year-over-year.
- Cost of interest-bearing deposits of 2.80%, down 53 basis points from the second quarter of 2025.
- Deposits grew $686 million, or 5%, from the second quarter of 2025.
- Liquidity remains strong with $1.46 billion in cash and cash equivalents, equaling 8% of our total assets, and no FHLB advances or brokered deposits.
- Consolidated common equity tier 1 capital to risk-weighted assets increased from 11.38% in the second quarter of 2025 to 11.83% in the second quarter of 2026.
Tom Broughton, Chairman, President, and CEO, said, “We were pleased with the strong loan growth in the quarter and the positive momentum in virtually all our markets for growth with our loan pipeline at record levels.”
David Sparacio, CFO, said, “Net Income growth of 30% year-over-year, while maintaining an efficiency ratio below 30%, along with continued improvement in our net interest margin resulted in superior performance, as we have historically delivered.”
* 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 non-interest income, and adjusted non-interest expense. 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 June 30, 2026 Period Ending March 31, 2026 % Change From Period Ending March 31, 2026 to Period Ending June 30, 2026 Period Ending June 30, 2025 % Change From Period Ending June 30, 2025 to Period Ending June 30, 2026QUARTERLY OPERATING RESULTS Net Income $85,793 $82,971 3.4% $61,424 39.7%Net Income Available to Common Stockholders $85,762 $82,971 3.4% $61,393 39.7%Diluted Earnings Per Share $1.57 $1.52 3.3% $1.12 40.2%Return on Average Assets 1.91% 1.89% 1.40% Return on Average Common Stockholders' Equity 17.71% 17.91% 14.56% Average Diluted Shares Outstanding 54,702,886 54,695,017 54,664,480 Adjusted Net Income, net of tax* $85,793 $82,971 3.4% $66,133 29.7%Adjusted Net Income Available to Common Stockholders, net of tax* $85,762 $82,971 3.4% $66,102 29.7%Adjusted Diluted Earnings Per Share, net of tax* $1.57 $1.52 3.3% $1.21 29.8%Adjusted Return on Average Assets, net of tax* 1.91% 1.89% 1.50% Adjusted Return on Average Common Stockholders' Equity, net of tax* 17.71% 17.91% 15.68% YEAR-TO-DATE OPERATING RESULTS Net Income $168,764 $124,648 35.4%Net Income Available to Common Stockholders $168,733 $124,617 35.4%Diluted Earnings Per Share $3.09 $2.28 35.1%Return on Average Assets 1.90% 1.42% Return on Average Common Stockholders' Equity 17.81% 15.08% Average Diluted Shares Outstanding 54,698,973 54,660,577 Adjusted Net Income, net of tax* $168,764 $129,357 30.5%Adjusted Net Income Available to Common Stockholders, net of tax* $168,733 $129,326 30.5%Adjusted Diluted Earnings Per Share, net of tax* $3.09 $2.36 30.6%Adjusted Return on Average Assets, net of tax* 1.90% 1.48% Adjusted Return on Average Common Stockholders' Equity, net of tax* 17.81% 15.65% BALANCE SHEET Total Assets $18,345,498 $18,171,287 1.0% $17,378,628 5.6%Loans 14,478,489 13,945,913 3.8% 13,232,560 9.4%Non-interest-bearing Demand Deposits 2,995,402 2,836,622 5.6% 2,632,058 13.8%Total Deposits 14,548,730 14,486,364 0.4% 13,862,319 5.0%Stockholders' Equity 1,978,418 1,912,537 3.4% 1,721,783 14.9%DETAILED FINANCIALS
ServisFirst Bancshares, Inc. reported net income and net income available to common stockholders of $85.8 million for the quarter ended June 30, 2026, compared to $61.4 million for the second quarter of 2025. Basic and diluted earnings per common share were both $1.57 in the second quarter of 2026, compared to $1.52 in the first quarter of 2026 and $1.12 in the second quarter of 2025. The prior-year quarter adjusted diluted earnings per share was $1.21.
Annualized return on average assets was 1.91% and annualized return on average common stockholders’ equity was 17.71% for the second quarter of 2026, compared to 1.40% and 14.56%, respectively, for the second quarter of 2025.
Net interest income was $155.6 million for the second quarter of 2026, compared to $148.1 million for the first quarter of 2026 and $131.7 million for the second quarter of 2025. The net interest margin in the second quarter of 2026 was 3.63% compared to 3.53% in the first quarter of 2026 and 3.10% in the second quarter of 2025. Loan yields were 6.23% during the second quarter of 2026 compared to 6.18% during the first quarter of 2026 and 6.37% during the second 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 3.81% during the second quarter of 2026 compared to 3.78% during the first quarter of 2026 and 3.37% during the second quarter of 2025. Average interest-bearing deposit rates were 2.80% during the second quarter of 2026, compared to 2.79% during the first quarter of 2026 and 3.33% during the second quarter of 2025. Average federal funds purchased rates were 3.74% during the second quarter of 2026, compared to 3.74% during the first quarter of 2026 and 4.49% during the second quarter of 2025.
Average loans for the second quarter of 2026 were $14.22 billion, an increase of $440.1 million, or 12.8% annualized, from average loans of $13.78 billion for the first quarter of 2026, and an increase of $1.21 billion, or 9.3%, from average loans of $13.01 billion for the second quarter of 2025. Ending total loans for the second quarter of 2026 were $14.48 billion, an increase of $532.6 million, or 15.3% annualized, from $13.95 billion for the first quarter of 2026, and an increase of $1.25 billion, or 9.4%, from $13.23 billion for the second quarter of 2025.
Average total deposits for the second quarter of 2026 were $14.32 billion, an increase of $191.8 million, or 5.4% annualized, from average total deposits of $14.13 billion for the first quarter of 2026, and an increase of $423.0 million, or 3.0%, from average total deposits of $13.90 billion for the second quarter of 2025. Ending total deposits for the second quarter of 2026 were $14.55 billion, an increase of $62.4 million, or 1.7% annualized, from $14.49 billion for the first quarter of 2026, and an increase of $686.4 million, or 5.0%, from $13.86 billion for the second quarter of 2025.
Nonperforming assets to total assets were 0.96% for the second quarter of 2026, compared to 1.00% for the first quarter of 2026 and 0.42% for the second quarter of 2025. The year-over-year increase was attributable to a large real-estate secured relationship. Annualized net charge-offs to average loans were 0.11% for the second quarter of 2026, compared to 0.25% for the first quarter of 2026 and 0.20% for the second quarter of 2025. The allowance for credit losses to total loans at June 30, 2026, March 31, 2026, and June 30, 2025, was 1.26%, 1.25%, and 1.28%, respectively. We recorded an $11.7 million provision for loan losses in the second quarter of 2026 compared to $10.6 million in the first quarter of 2026, and $11.4 million in the second quarter of 2025.
Non-interest income was $12.9 million for the second quarter of 2026 compared to $0.4 million in the second quarter of 2025, an increase of $12.5 million. Adjusted for $8.6 million of securities losses in the second quarter of 2025, this represented a $3.9 million, or 43.5% increase. Service charges on deposit accounts increased $667,000, or 25.0%, to $3.3 million for the second quarter of 2026 from $2.7 million in the second quarter of 2025, and were relatively flat on a linked quarter basis. We increased our service charge rates on many of our treasury management products in July of 2025. Mortgage banking revenue increased $898,000, or 67.9%, to $2.2 million for the second quarter of 2026 from $1.3 million in the second quarter of 2025, and increased $329,000, or 17.4%, on a linked quarter basis. The increase on a year-over-year basis was primarily due to an increase in loans sold into the secondary market. We also increased our per-loan administrative fee in the first quarter of 2026. Credit card income increased $373,000, or 17.6%, to $2.5 million for the second quarter of 2026 from $2.1 million in the second quarter of 2025, and increased $290,000, or 13.2%, on a linked quarter basis. Bank-owned life insurance (“BOLI”) income increased $2.0 million, or 94.4%, to $4.1 million for the second quarter of 2026 from $2.1 million in the second quarter of 2025, and increased $1.3 million, or 46.5%, on a linked quarter basis. The increases were primarily due to our purchases of $150.0 million of new contracts in the third quarter of 2025 and $25.0 million of new contracts in the second quarter of 2026. Additionally, we had a $1.0 million adjustment related to a correction of BOLI income in the fourth quarter of 2025. Other operating income decreased $37,000, or 5.0%, to $708,000 for the second quarter of 2026 from $745,000 in the second quarter of 2025, and increased $80,000, or 12.7%, on a linked quarter basis.
Non-interest expense increased $5.8 million, or 13.0%, to $50.0 million for the second quarter of 2026 from $44.2 million in the second quarter of 2025, and increased $2.6 million, or 5.4%, on a linked quarter basis. Salary and benefit expense increased $3.7 million, or 16.4%, to $26.3 million for the second quarter of 2026 from $22.6 million in the second quarter of 2025, and decreased $579,000, or 2.2%, 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 22, or 3.4%, to 663 at June 30, 2026 compared to 641 at June 30, 2025, and increased by three from the end of the first quarter of 2026. Equipment and occupancy expense increased $440,000, or 12.5%, to $4.0 million for the second quarter of 2026 from $3.5 million in the second quarter of 2025, and increased $15,000, or 0.4%, on a linked quarter basis. Third party processing and other services expense decreased $43,000, or 0.5%, to $8.0 million for the second quarter of 2026 from $8.0 million in the second quarter of 2025, and increased $437,000, or 5.8%, on a linked quarter basis. Professional services expense increased $323,000, or 17.0%, to $2.2 million for the second quarter of 2026 from $1.9 million in the second quarter of 2025, and increased $284,000, or 14.6%, on a linked quarter basis. Other operating expenses increased $1.3 million, or 23.8%, to $6.7 million for the second quarter of 2026 from $5.4 million in the second quarter of 2025, and increased $2.4 million, or 54.2%, on a linked quarter basis. The efficiency ratio was 29.65% during the second quarter of 2026 compared to 33.46% during the second quarter of 2025 and 29.80% during the first quarter of 2026.
Our effective tax rate was 19.94% for the second quarter of 2026 compared to 19.82% for the second quarter of 2025, and 17.82% on a linked quarter basis. During the first quarter of 2026, we purchased Investment Tax Credits, which reduced our tax expense. We recognized a reduction in provision for income taxes resulting from excess tax benefits from the exercise and vesting of stock options and restricted stock during the second quarters of 2026 and 2025 of $36,000 and $234,000, 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.
(In thousands except share and per share data) 2nd Quarter 2026 1st Quarter 2026 4th Quarter 2025 3rd Quarter 2025 2nd Quarter 2025CONSOLIDATED STATEMENT OF INCOME Interest income $249,880 $241,480 $251,388 $251,308 $246,635 Interest expense 94,243 93,332 104,867 117,860 114,948 Net interest income 155,637 148,148 146,521 133,448 131,687 Provision for credit losses 11,412 10,637 7,922 9,463 11,296 Net interest income after provision for credit losses 144,225 137,511 138,599 123,985 120,391 Non-interest income 12,892 10,840 15,691 2,833 421 Non-interest expense 49,961 47,384 46,683 47,996 44,204 Income before income tax 107,156 100,967 107,607 78,822 76,608 Provision for income tax 21,363 17,996 21,223 13,251 15,184 Net income 85,793 82,971 86,384 65,571 61,424 Preferred stock dividends 31 - 31 - 31 Net income available to common stockholders $85,762 $82,971 $86,353 $65,571 $61,393 Earnings per share - basic $1.57 $1.52 $1.58 $1.20 $1.12 Earnings per share - diluted $1.57 $1.52 $1.58 $1.20 $1.12 Average diluted shares outstanding 54,702,886 54,695,017 54,675,802 54,667,955 54,664,480 CONSOLIDATED BALANCE SHEET DATA Total assets $18,345,498 $18,171,287 $17,727,190 $17,584,199 $17,378,628 Loans 14,478,489 13,945,913 13,696,912 13,311,967 13,232,560 Debt securities 1,630,531 1,684,421 1,728,901 1,849,739 1,914,503 Non-interest-bearing demand deposits 2,995,402 2,836,622 2,684,272 2,598,895 2,632,058 Total deposits 14,548,730 14,486,364 14,219,034 14,106,922 13,862,319 Borrowings 34,750 34,750 34,750 64,750 64,747 Stockholders' equity 1,978,418 1,912,537 1,850,347 1,781,647 1,721,783 Shares outstanding 54,671,023 54,663,123 54,624,955 54,621,441 54,618,545 Book value per share $36.19 $34.99 $33.87 $32.62 $31.52 Tangible book value per share (1) $35.94 $34.74 $33.62 $32.37 $31.27 SELECTED FINANCIAL RATIOS (Annualized) Net interest margin 3.63% 3.53% 3.38% 3.09% 3.10%Return on average assets 1.91% 1.89% 1.91% 1.47% 1.40%Return on average common stockholders' equity 17.71% 17.91% 18.93% 14.88% 14.56%Efficiency ratio 29.65% 29.80% 28.78% 35.22% 33.46%Non-interest expense to average earning assets 1.16% 1.13% 1.08% 1.11% 1.04% CAPITAL RATIOS (2) Common equity tier 1 capital to risk-weighted assets 11.83% 11.86% 11.65% 11.49% 11.38%Tier 1 capital to risk-weighted assets 11.83% 11.87% 11.66% 11.50% 11.38%Total capital to risk-weighted assets 13.09% 13.13% 12.93% 12.91% 12.81%Tier 1 capital to average assets 10.93% 10.71% 10.26% 10.01% 9.78%Tangible common equity to total tangible assets (1) 10.72% 10.46% 10.37% 10.06% 9.84% (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. 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 non-interest income, and adjusted non-interest 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 share and per share data.
At June 30,2026 At March 31,
2026 At December 31,
2025 At September 30,
2025 At June 30,
2025 Book value per share - GAAP$36.19 $34.99 $33.87 $32.62 $31.52 Total common stockholders' equity - GAAP 1,978,418 1,912,537 1,850,347 1,781,647 1,721,783 Adjustment for Goodwill (13,615) (13,615) (13,615) (13,615) (13,615) Tangible common stockholders' equity - non-GAAP$1,964,803 $1,898,922 $1,836,732 $1,768,032 $1,708,168 Tangible book value per share - non-GAAP$35.94 $34.74 $33.62 $32.37 $31.27 Stockholders' equity to total assets - GAAP 10.78 % 10.53 % 10.44 % 10.13 % 9.91 %Total assets - GAAP$18,345,498 $18,171,287 $17,727,190 $17,584,199 $17,378,628 Adjustment for Goodwill (13,615) (13,615) (13,615) (13,615) (13,615) Total tangible assets - non-GAAP$18,331,883 $18,157,672 $17,713,575 $17,570,584 $17,365,013 Tangible common equity to total tangible assets - non-GAAP 10.72 % 10.46 % 10.37 % 10.06 % 9.84 %
(Dollars in thousands)
June 30, 2026 June 30, 2025 % ChangeASSETS Cash and due from banks $115,442 $140,659 (18)%Interest-bearing balances due from depository institutions 1,089,592 1,236,485 (12)%Federal funds sold and securities purchased with agreement to resell 251,439 333,760 (25)%Cash and cash equivalents 1,456,473 1,710,904 (15)%Available for sale debt securities, at fair value 995,051 1,227,851 (19)%Held to maturity debt securities (fair value of $590,280 and $639,455, respectively) 635,480 686,652 (7)%Restricted equity securities 12,475 12,156 3 %Mortgage loans held for sale 14,886 22,131 (33)%Loans 14,478,489 13,232,560 9 %Less allowance for credit losses (181,853) (169,959) 7 %Loans, net 14,296,636 13,062,601 9 %Premises and equipment, net 63,648 59,993 6 %Goodwill 13,615 13,615 - %Other assets 857,234 582,725 47 %Total assets $18,345,498 $17,378,628 6 %LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits: Non-interest-bearing demand $2,995,402 $2,632,058 14 %Interest-bearing 11,553,328 11,230,261 3 %Total deposits 14,548,730 13,862,319 5 %Federal funds purchased 1,579,388 1,599,135 (1)%Other borrowings 34,750 64,747 (46)%Other liabilities 204,212 130,644 56 %Total liabilities 16,367,080 15,656,845 5 %Stockholders' equity: Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at June 30, 2026 and June 30, 2025 - - - %Common stock, par value $0.001 per share; 200,000,000 shares authorized; 54,671,023 shares issued and outstanding at June 30, 2026, and 54,618,545 shares issued and outstanding at June 30, 2025 55 54 2 %Additional paid-in capital 239,317 236,716 1 %Retained earnings 1,741,070 1,500,767 16 %Accumulated other comprehensive loss (2,524) (16,254) (84)%Total stockholders' equity attributable to ServisFirst Bancshares, Inc. 1,977,918 1,721,283 15 %Noncontrolling interest 500 500 - %Total stockholders' equity 1,978,418 1,721,783 15 %Total liabilities and stockholders' equity $18,345,498 $17,378,628 6 %
(In thousands except per share data)
Three Months Ended June 30, Six Months Ended June 30, 2026
2025 2026
2025 Interest income: Interest and fees on loans $220,731 $206,521 $430,797 $403,457 Investment securities 15,827 16,567 31,926 32,596 Federal funds sold and securities purchased with agreement to resell 4,146 1,592 9,707 1,612 Other interest and dividends 9,176 21,955 18,930 50,066 Total interest income 249,880 246,635 491,360 487,731 Interest expense: Deposits 79,440 93,488 157,725 188,233 Borrowed funds 14,803 21,460 29,850 44,258 Total interest expense 94,243 114,948 187,575 232,491 Net interest income 155,637 131,687 303,785 255,240 Provision for credit losses 11,412 11,296 22,049 17,926 Net interest income after provision for credit losses 144,225 120,391 281,736 237,314 Non-interest income: Service charges on deposit accounts 3,338 2,671 6,634 5,229 Mortgage banking 2,221 1,323 4,113 1,936 Credit card income 2,492 2,119 4,694 4,087 Securities losses - (8,563) - (8,563)Bank-owned life insurance income 4,133 2,126 6,955 4,263 Other operating income 708 745 1,336 1,746 Total non-interest income 12,892 421 23,732 8,698 Non-interest expenses: Salaries and employee benefits 26,274 22,576 53,127 45,455 Equipment and occupancy expense 3,963 3,523 7,911 7,245 Third party processing and other services 7,962 8,005 15,487 15,743 Professional services 2,227 1,904 4,170 3,837 FDIC and other regulatory assessments 2,753 2,753 4,260 5,607 Other real estate owned expense 75 27 95 60 Other operating expenses 6,707 5,416 12,295 12,364 Total non-interest expenses 49,961 44,204 97,345 90,311 Income before income taxes 107,156 76,608 208,123 155,701 Provision for income taxes 21,363 15,184 39,359 31,053 Net income 85,793 61,424 168,764 124,648 Dividends on preferred stock 31 31 31 31 Net income available to common stockholders $85,762 $61,393 $168,733 $124,617 Basic earnings per common share $1.57 $1.12 $3.09 $2.28 Diluted earnings per common share $1.57 $1.12 $3.09 $2.28
(In thousands)
2nd Quarter 2026 1st Quarter 2026 4th Quarter 2025 3rd Quarter 2025 2nd Quarter 2025Commercial, financial and agricultural $3,252,437 $3,189,704 $3,146,736 $2,945,784 $2,966,191Real estate - construction 1,564,504 1,531,042 1,457,628 1,532,285 1,735,405Real estate - mortgage: Owner-occupied commercial 2,781,375 2,718,512 2,739,823 2,680,055 2,557,7111-4 family mortgage 1,685,723 1,695,140 1,671,713 1,625,296 1,561,461Non-owner occupied commercial 5,123,635 4,739,642 4,603,389 4,448,710 4,338,697Subtotal: Real estate - mortgage 9,590,733 9,153,294 9,014,925 8,754,061 8,457,869Consumer 70,815 71,873 77,623 79,837 73,095Total loans $14,478,489 $13,945,913 $13,696,912 $13,311,967 $13,232,560
(Dollars in thousands) 2nd Quarter 2026 1st Quarter 2026 4th Quarter 2025 3rd Quarter 2025 2nd Quarter 2025Allowance for credit losses: Beginning balance$173,905 $171,683 $170,235 $169,959 $165,034 Loans charged off: Commercial, financial and agricultural 4,074 8,291 7,695 7,947 6,849 Real estate - construction 711 - - - - Real estate - mortgage 5 91 64 1,294 580 Consumer 79 171 465 109 73 Total charge offs 4,869 8,553 8,224 9,350 7,502 Recoveries: Commercial, financial and agricultural 667 178 1,532 237 959 Real estate - construction - - - 30 - Real estate - mortgage 396 - - - 1 Consumer 59 35 10 21 58 Total recoveries 1,122 213 1,542 288 1,018 Net charge-offs 3,747 8,340 6,682 9,062 6,484 Provision for loan losses 11,695 10,562 8,130 9,338 11,409 Ending balance$181,853 $173,905 $171,683 $170,235 $169,959 Allowance for credit losses to total loans 1.26% 1.25% 1.25% 1.28% 1.28% Allowance for credit losses to total average loans 1.28% 1.26% 1.27% 1.29% 1.31%Net charge-offs to total average loans 0.11% 0.25% 0.20% 0.27% 0.20% Provision for credit losses to total average loans 0.33% 0.31% 0.24% 0.28% 0.35%Nonperforming assets: Nonaccrual loans$169,711 $176,613 $168,351 $166,662 $68,619 Loans 90+ days past due and accruing 1,242 1,274 478 965 3,549 Other real estate owned and repossessed assets 4,834 3,072 2,583 611 311 Total$175,787 $180,959 $171,412 $168,238 $72,479 Nonperforming loans to total loans 1.18% 1.28% 1.23% 1.26% 0.55%Nonperforming assets to total assets 0.96% 1.00% 0.97% 0.96% 0.42%Nonperforming assets to earning assets 0.99% 1.05% 1.01% 1.00% 0.43%Allowance for credit losses to nonaccrual loans 107.15% 98.47% 101.98% 102.14% 247.69%
(In thousands except per share data) 2nd Quarter 2026 1st Quarter 2026 4th Quarter 2025 3rd Quarter 2025 2nd Quarter 2025Interest income: Interest and fees on loans $220,731 $210,066 $214,252 $210,987 $206,521 Investment securities 15,827 16,099 17,204 17,343 16,567 Federal funds sold and securities purchased with agreement to resell 4,146 5,561 5,671 4,724 1,592 Other interest and dividends 9,176 9,754 14,261 18,254 21,955 Total interest income 249,880 241,480 251,388 251,308 246,635 Interest expense: Deposits 79,440 78,285 86,920 98,735 93,488 Borrowed funds 14,803 15,047 17,947 19,125 21,460 Total interest expense 94,243 93,332 104,867 117,860 114,948 Net interest income 155,637 148,148 146,521 133,448 131,687 Provision for credit losses 11,412 10,637 7,922 9,463 11,296 Net interest income after provision for credit losses 144,225 137,511 138,599 123,985 120,391 Non-interest income: Service charges on deposit accounts 3,338 3,296 3,339 3,316 2,671 Mortgage banking 2,221 1,892 1,664 1,864 1,323 Credit card income 2,492 2,202 1,835 2,405 2,119 Securities losses - - - (7,812) (8,563)Bank-owned life insurance income 4,133 2,822 8,149 2,405 2,126 Other operating income 708 628 704 655 745 Total non-interest income 12,892 10,840 15,691 2,833 421 Non-interest expenses: Salaries and employee benefits 26,274 26,853 23,838 25,522 22,576 Equipment and occupancy expense 3,963 3,948 3,737 3,615 3,523 Third party processing and other services 7,962 7,525 7,779 8,095 8,005 Professional services 2,227 1,943 1,481 1,857 1,904 FDIC and other regulatory assessments 2,753 2,745 2,641 2,742 2,753 Other real estate owned expense 75 20 13 82 27 Other operating expenses 6,707 4,350 7,194 6,083 5,416 Total non-interest expenses 49,961 47,384 46,683 47,996 44,204 Income before income taxes 107,156 100,967 107,607 78,822 76,608 Provision for income taxes 21,363 17,996 21,223 13,251 15,184 Net income 85,793 82,971 86,384 65,571 61,424 Dividends on preferred stock 31 - 31 - 31 Net income available to common stockholders $85,762 $82,971 $86,353 $65,571 $61,393 Basic earnings per common share $1.57 $1.52 $1.58 $1.20 $1.12 Diluted earnings per common share $1.57 $1.52 $1.58 $1.20 $1.12