On this page of StockholderLetter.com we present the latest annual shareholder letter from ServisFirst Bancshares, Inc. — ticker symbol SFBS. Reading current and past SFBS letters to shareholders can bring important insights into the investment thesis.

 •  4/6/2026 Letter Continued (Full PDF)
 •  4/8/2024 SFBS Stockholder Letter
 •  4/7/2025 SFBS Stockholder Letter
 •  More "Banking & Savings" Category Stockholder Letters
 •  SFBS Benford's Law Stock Score = 100

SFBS Shareholder/Stockholder Letter Transcript:

Our Name is Our Mission
2025 Annual Report
ServisFirst Bank
www.servisfirstbank.com
ServisFirst Bancshares
www.servisfirstbancshares.com
Atlanta     Birmingham     Charleston     Dothan     Huntsville     Mobile     Montgomery     North Carolina     Northwest Florida
Tennessee     Texas     Virginia     West Central Florida

April 2026
Dear Fellow Stockholder,
2025 was a year where we saw improvement in every metric that we measure. Adjusted for bond losses we took on our
bond portfolio, adjusted earnings per share(1) increased to $5.25 per share, a 26% increase over 2024. Our return on average
assets was 1.91% and return on average equity was 18.93%. Our efficiency ratio improved to under 29% in the fourth
quarter of the year. Our non-interest expenses only grew 2% in 2025. Our liquidity and credit quality continue to be very
strong.
Every region of our Bank was profitable in 2025. The strong    scoreboard    was the result of hard work by our bankers and
directors and support from our shareholders and customers. I have always said that most of our growth comes from referrals
from our existing customers.
We have found success in smaller community banking markets as well as large urban markets. The blend of both provides
diversity in our customer base with some great deposit growth areas and others better at loan growth creating a strong
balanced growth focused portfolio. We also like a granular loan portfolio that the blend provides to the Bank.
At the end of 2025, we entered the Texas market with an experienced and outstanding banker joining our Bank and leading
our team in Houston, our initial market. In addition to Texas being a vibrant and growing market, there is disruption in the
market with multiple bank mergers that are providing opportunities to hire bankers and attract new customers. Bank mergers
are not done to improve customer service, they are done to improve bank profits. Like the Texas market, bank mergers are
underway throughout the Southeast. These disruptions are creating turmoil, which in turn presents opportunities for our
Bank and for our bankers, who are working diligently to recruit new customers and deliver the high level of service we
pride ourselves on.
I am proud of our bankers at ServisFirst Bank, who I think are the best in the Southeast. We appreciate your referrals, they
are what grow our Bank.
Sincerely,
Thomas A. Broughton III
Chairman of the Board of Directors
President and Chief Executive Officer
(1) Non-GAAP financial measure. Please see    GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures    at the
end of this Annual Report.

4/6/2026 Letter Continued (Full PDF)

 

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