Slides
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ServisFirst Bancshares, Inc. NYSE: SFBS November 2025
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Forward-Looking Statements 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,” “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 presentation 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 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 2024, and our other SEC filings. If one or more of the assumption 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. Non-GAAP Financial Measures - This presentation includes non-GAAP financial measures. Information about any such non-GAAP financial measures, including a reconciliation of those measures to GAAP, can be found in the presentation. 2
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ServisFirst at a Glance Organic Growth Story Single bank BHC founded in Birmingham, Alabama Organic asset growth since the bank was founded in 2005(1): 24% CAGR High-Performing Metropolitan Commercial Bank Total Assets (2): $17.6 billion Stockholders’ Equity (2): $1.8 billion Strong Balance Sheet and Income Growth Gross Loans CAGR (4) : 14% Total Deposits CAGR (4) : 15% Net Income for Common CAGR (4) : 16% Diluted EPS CAGR (4) : 15% ROAA (3): 1.44% Efficiency Ratio (3): 34.56% 1) 19-year compounded annual growth rate (CAGR) calculated from 12/31/05 – 12/31/2024; excludes the impact of ServisFirst’s one acquisition in 2015 – approximately $200 million 2) As of September 30, 2025 3) For nine months ended September 30, 2025 4) 10-year compounded annual growth rate (CAGR) calculated from 12/31/14 – 12/31/24 3
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Our Business Strategy Simple business model – Loans and deposits are primary drivers, not ancillary services Limited branch footprint – Technology provides efficiency Big bank products and bankers – With the style of service and delivery of a community bank Adjusted deposit focus coupled with C&I lending emphasis Scalable, decentralized business model – Regional CEOs drive revenue Opportunistic expansion, attractive geographies – Teams of the best bankers in each metropolitan market Disciplined growth company that sets high standards for performance 4
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Opportunistic Expansion Identify great bankers in attractive markets – Focus on people as opposed to places – Target minimum of $300 million in assets within 3 years – Best bankers in growing markets Market strategies – Regional CEOs execute simple business model – Back office support and risk management infrastructure – Non-legal board of directors comprised of key business people – Provide professional banking services to mid-market commercial customers that have been neglected or pushed down to branch personnel by national and other larger regional banks Opportunistic future expansion – Southern markets, metropolitan focus – Draw on expertise of industry contacts 5
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Milestones 6 Founded in May 2005 with initial capital raise of $35 million Reached profitability during the fourth quarter of 2005 and have been profitable every quarter since Achieved total asset milestones of: – $1 billion in 2008 $5 billion in 2015 $9 billion in 2019 $17 billion in 2024 $2 billion in 2011 $6 billion in 2016 $11 billion in 2020 $18 billion in 2025 $3 billion in 2013 $7 billion in 2017 $15 billion in 2021 $4 billion in 2014 $8 billion in 2018 $16 billion in 2023 ’13: April - Nashville, TN April - Mobile, AL January ‘15: Metro Bank Acquisition August ’06: Huntsville, AL September ’08: Dothan, AL January ‘17: Fairhope, AL August '19: SW Florida April ’21: Orlando, FL February ’24: Memphis, TN May ’05: Founded in Birmingham, AL June ’07: Montgomery, AL ’11: March- Correspondent Banking April -Pensacola, FL May ’14: Initial Public Offering January ’15: Charleston, SC January ’16: Tampa Bay, FL September ‘18: Fort Walton, FL August ‘20: Columbus, GA ’22: March -Panama City, FL May - Piedmont, NC May - Tallahassee, FL September - Asheville, NC April ’23: Virginia Beach, VA July '24: Auburn, AL 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025
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Consistently Building Shareholder Value Tangible Book Value has increased year/year by a minimum of 10% every year since the bank opened in 2005 (19-year CAGR (1) = 17%) Stock price has increased by more than 5,000% (2) since initial capital raise in 2005 (19-year CAGR (1) = 23%) Dividend has increased each year since initial public offering in 2014 7 5-year (3) CAGR = 15% 5-year (3) CAGR = 14% Annual Dividend Per Share Tangible Book Value Per Share 1) 19 – year CAGR = 12/31/2005 – 12/31/24 2) Split adjusted (6-for-1) stock price for 2005 initial capital raise was $1.67 per share. Closing stock price on 12/31/24 was $84.74 3) 5 – year CAGR = 12/31/2019 – 12/31/24 4) Dividend Annualized 0.6 0.7 0.8 0.92 1.12 1.20 1.005 1.34 2019 2020 2021 2022 2023 2024 9/30/2025 15.45 18.15 20.99 23.64 26.20 29.38 32.37 2019 2020 2021 2022 2023 2024 9/30/2025 (4)
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Our Footprint 8 ServisFirst Branches (33) ServisFirst LPO (1) Auburn
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Our Regions 9 1) Represents metropolitan statistical areas (MSAs) 4) Includes Tallahassee Mortgage LPO and Tallahassee Full Service Office 2) As of September 30, 2025 3) As reported by the FDIC as of 6/30/2025 Region (1) Total Offices (2) Total MSA Deposits (3) Market Share (3) ($ in billions) (%) Alabama Birmingham-Hoover 3 52.9 8.6 Auburn-Opelika 1 4.5 .2 Dothan 2 4.3 21.3 Huntsville 2 12.2 10.4 Mobile 2 10.1 6.5 Daphne-Fairhope-Foley 1 6.7 1.8 Montgomery 2 9.5 14.7 Florida Crestview-Fort Walton Beach-Destin 1 5.1 2.0 North Port-Sarasota-Bradenton 2 30.1 3.0 Orlando-Kissimmee-Sanford 1 70.1 .1 Panama City 1 4.8 1.0 Pensacola-Ferry Pass-Brent 2 8.2 7.9 Tallahassee (4) 2 8.8 1.3 Tampa-St. Petersburg-Clearwater 1 128.1 .4 Georgia Atlanta-Sandy Springs-Roswell 2 246.0 .4 Columbus 1 9.9 .3 North Carolina Charlotte-Concord-Gastonia 2 477.3 .02 Asheville 1 10.6 .4 South Carolina Charleston-North Charleston 2 23.1 1.6 Tennessee Nashville-Davidson-Murfreesboro-Franklin 1 98.3 .8 Memphis, TN-MS-AR 1 42.0 .3 Virginia Beach Virginia Beach-Norfolk-Newport News 1 30.0 .3 Total 34 1292.6
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Our Business Model “Loan making and deposit taking” – Traditional commercial banking services – No emphasis on non-traditional business lines Culture of cost control – “Branch light,” with $427 million average deposits per banking center – Leverage technology and centralized infrastructure – Headcount focused on production and risk management – Key products; including remote deposit capture (approximately 2/3 of checks deposited are via remote deposit capture and mobile deposit), cash management, remote currency manager – Outsource selected functions C&I and Owner Occupied CRE lending expertise – 42% of gross loans – Target customers: privately held businesses $2 to $250 million in annual sales, professionals, affluent consumers 10
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Scalable, Decentralized Structure Local decision-making – Emphasize local decision-making to drive customer revenue – Centralized, uniform risk management and support – Conservative local lending authorities, covers most lending decisions – Geographic organizational structure (as opposed to line of business structure) Regional CEOs empowered and held accountable – Utilize stock based compensation to align goals Top-down sales culture – Senior management actively involved in customer acquisition 11
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Capacity For Growth Potential for significant growth in both loan and deposit book size of current calling officers – Approximately 59% of the bank’s loan book is managed by approximately 20% of the bank’s calling officers and approximately 65% of the bank’s deposit book is managed by approximately 20% of the bank’s calling officers – Average outstanding loan balances per officer as of 9/30/25 was $62 million and average deposit balances per officer was $72 million – Strive for a minimum of $75 million in outstanding loans and deposits for every calling officer, resulting in approximately $4.6 billion in potential additional loan balances and $4.8 billion in potential additional deposits balances – Approximately 32% of calling officers manage loan and/or deposit books in excess of $75 million Focused on identifying motivated, customer service oriented bankers – Regularly meet with potential new bankers – Sustainable growth achieved through exceptional customer service which builds client loyalty and leads to customer referrals 12
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Risk Management Credit Process Lending focuses on middle market clients with Regional CEO and credit officers approving secured loan relationship up to $5MM; relationships greater than $5MM are approved by the CCO and/or members of executive management Centralized monitoring of ABL relationships greater than $2MM and centralized monitoring of commercial construction projects greater than $3MM Independent loan review examines 35-40% of the committed balances annually to affirm risk rating accuracy and proper documentation The top three industry exposures as of 9/30/25 are: Real Estate (35%), Service Industry (13%) and Retail (8%). – The top three C&I and C&I OOCRE portfolio industries are: Retail (17%), Manufacturing (10%), and Health Care (9%). C&I and OOCRE loans account for 42% of the total loan portfolio 13
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Risk Management Credit Process The Bank does not lead any Share National Credits (SNCs); the Bank does participate in 12 relationships that are classified as SNCs with current balances of $90MM as of 9/30/25 As of 9/30/25, CRE as a percent of capital was 299% and AD&C as a percent of capital was 77% Approximately 87% of the Bank’s CRE loans are located in Bank’s seven state footprint 14
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Correspondent Banking Footprint 15 Date # of Relationships Deposits (Non Interest Bearing) Deposits (Interest Bearing) Fed Funds Purchased Total Balance ($000s) 9/30/2025 388 $314,718 $617,363 $1,470,100 $2,402,181 6/30/2025 385 $320,344 $577,960 $1,599,135 $2,497,439 3/31/2025 378 $285,662 $511,565 $2,358,326 $3,155,554 12/31/2024 378 $278,532 $523,966 $1,913,728 $2,716,226 9/30/2024 380 $255,526 $419,960 $1,542,623 $2,218,109 6/30/2024 377 $264,215 $529,169 $1,097,153 $1,890,538 3/31/2024 373 $263,543 $564,806 $1,345,328 $2,173,677
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Our Management Team Thomas A. Broughton, III Chairman, President and CEO Previously President and CEO of First Commercial Bank (acquired by Synovus Financial, 1992); subsequently, regional CEO for Synovus American Banker’s 2009 Community Banker of the Year David A. Sparacio EVP and Chief Financial Officer Previously Executive Vice President, Corporate Controller for Ameris Bank. Rodney E. Rushing EVP and Chief Operating Officer Previously Executive Vice President of Correspondent Banking, BBVA- Compass 16 Jim H. Harper SVP and Chief Credit Officer Previously Executive Vice President and Senior Credit Risk Officer for Cadence Bank.
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Our Regions Rex D. McKinney EVP and Regional CEO Northwest Florida Previously EVP/Senior Commercial Lender for First American Bank/Coastal Bank and Trust (Synovus) Andrew N. Kattos EVP and Regional CEO Huntsville Previously EVP/Senior Lender for First Commercial Bank J. Harold Clemmer EVP and Regional CEO Atlanta Previously President of Fifth Third Bank Tennessee and Fifth Third Bank Georgia W. Bibb Lamar EVP and Regional CEO Mobile Previously CEO of BankTrust for over 20 years G. Carlton Barker EVP and Regional CEO Montgomery Previously Group President for Regions Bank Southeast Alabama Bank Group B. Harrison Morris EVP and Regional CEO Dothan Previously Market President of Wachovia’s operation in Dothan Gregory W. Bryant EVP and Regional CEO West Central Florida Previously President and CEO of Bay Cities Bank in Tampa Bay Thomas G. Trouche EVP and Regional CEO Charleston Previously Executive Vice President Coastal Division for First Citizens Bank Bradford A. Vieira EVP and Regional CEO Tennessee Previously SVP and Commercial Banking Manager at ServisFirst Bank 17 Rick Manley EVP and Regional CEO North Carolina Previously Mid Atlantic President for First Horizon Bank
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Financial Results
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Income Growth Rare combination of balance sheet growth and earnings power EPS growth includes impact of $55.1 million of common stock issued in five private placements as we entered new markets prior to our initial public offering (IPO) and $56.9 million from the IPO 19 7-year (1) CAGR = 14% 7-year (1) CAGR = 13% Net Income Available to Common Stockholders ($millions) Diluted Earnings Per Common Share 1) 7 – year CAGR = 12/31/2017 – 12/31/24 93 137 149 170 208 252 207 227 190 1.72 2.53 2.76 3.13 3.82 4.61 3.79 4.16 3.48
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Balance Sheet Makeup Primary focus on building Adjusted deposits, highlighted by non- interest bearing accounts and non-reliance on CDs C&I lending expertise within a well balanced loan portfolio 20 Deposit Mix (1) 3.41% Cost of Interest Bearing Deposits (2) Loan Portfolio (1) 6.34% Yield on Loans (2) 1) For period ending September 30, 2025 2) Average for the three months ended September 30, 2025 Non-interest bearing 18% CDs 10% NOW, Money market, and savings 72% Commercial & industrial 22% Real estate - construction 12% CRE owner occupied 20% Consumer mortgage 12% CRE non-owner occupied 33% Consumer 1%
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Loan Growth by Type 21 12/31/2024 9/30/2025 2,869,894$ 2,945,784$ 75,890$ 1,489,306$ 1,532,285$ 42,979$ 2,547,143$ 2,680,055$ 132,912$ 1,444,623$ 1,625,296$ 180,673$ 4,181,243$ 4,448,710$ 267,467$ 8,173,009$ 8,754,061$ 581,052$ 73,627$ 79,837$ 6,210$ 12,605,836$ 13,311,967$ 706,131$ Total Loans Dollars in Thousands YTD GrowthLoan Type Commercial, Financial and Agricultural Real Estate - Construction Real Estate - Mortgage: Owner-Occupied Commercial 1-4 Family Mortgage Other Mortgage Subtotal: Real Estate - Mortgage Consumer
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22 Repricing Opportunity 46% of the fixed rate loan portfolio matures within the next three years at a weighted average rate of 5.10% 86% of floating rate loans have a floor; weighted average floor rate is 4.71% Over $1.7 billion of projected cash flows from fixed rate loans over the next 12 months at a weighted average rate of 5.04% Slightly liability sensitive profile driven by a well-balanced rate structure Note: Loan balances and weighted average rates exclude credit card portfolios, deferred costs, overdrafts, in process accounts and loan fees. Fixed Rate Loan Maturity Table as of 9.30.2025 Dollars in thousands 1 Year or Less 1 to 2 Years 2 to 3 Years 3 to 4 Years 4 to 5 Years Over 5 Years Commercial, financial and agricultural 128,830 223,876 73,544 174,201 219,388 107,298 Real estate - construction 67,431 71,578 36,623 10,305 45,249 96,346 Real estate - mortgage Owner-occupied commercial 236,505 297,978 143,604 236,676 298,908 547,008 1-4 family mortgage 60,418 61,514 23,882 23,487 77,973 743,783 Non-owner occupied commercial 493,483 839,327 237,636 335,661 323,262 355,572 Subtotal: Real estate - mortgage 790,405 1,198,818 405,122 595,824 700,143 1,646,364 Consumer 5,937 2,017 1,140 2,042 1,384 381 Total 992,604 1,496,289 516,429 782,373 966,163 1,850,389 Weighted average rate 4.97% 4.95% 5.83% 6.04% 6.54% 5.21% Variable Rate Loan Maturity Table as of 9.30.2025 Dollars in thousands 1 Year or Less 1 to 2 Years 2 to 3 Years 3 to 4 Years 4 to 5 Years Over 5 Years Commercial, financial and agricultural 1,087,132 319,859 109,430 208,371 99,856 95,364 Real estate - construction 477,529 254,227 60,693 189,550 137,836 83,821 Real estate - mortgage Owner-occupied commercial 140,900 67,796 91,391 274,942 214,447 126,221 1-4 family mortgage 120,244 49,898 31,191 31,047 53,768 312,773 Non-owner occupied commercial 470,067 527,157 239,783 268,562 166,736 144,768 Subtotal: Real estate - mortgage 731,211 644,851 362,364 574,551 434,951 583,762 Consumer 22,797 14,047 533 984 706 5,672 Total 2,318,670 1,232,984 533,020 973,456 673,349 768,618 Weighted average rate 7.23% 7.08% 7.01% 6.93% 6.82% 6.80%
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Credit Trends 25 Commercial Real Estate Trends Year Ended December 31, Current Period (In Thousands) 2020 2021 2022 2023 2024 9/30/2025 1-4 Family Construction Speculative $ 62,383 $ 74,811 $ 105,954 $ 109,800 $ 117,620 $ 150,572 1-4 Family Construction Sold $ 55,899 $ 96,144 $ 116,556 $ 90,772 $ 108,714 $ 154,083 Resi Acquisition & Development $ 50,777 $ 37,753 $ 35,530 $ 47,560 $ 57,278 $ 67,727 Multifamily Permanent $ 316,372 $ 459,122 $ 869,483 $ 1,038,283 $ 1,248,669 $ 1,317,005 Residential Lot Loans $ 36,179 $ 37,130 $ 51,816 $ 49,672 $ 41,600 $ 42,458 Commercial Lots $ 51,195 $ 60,132 $ 50,717 $ 36,694 $ 46,225 $ 67,289 Raw Land $ 54,793 $ 134,774 $ 164,932 $ 151,470 $ 162,435 $ 146,772 Commercial Construction $ 282,389 $ 662,333 $ 1,006,883 $ 1,033,652 $ 955,433 $ 903,384 Retail $ 304,858 $ 363,610 $ 537,466 $ 545,866 $ 597,129 $ 632,777 Nursing Home or Assisted Living Facility $ 342,586 $ 363,410 $ 321,210 $ 301,244 $ 308,910 $ 332,904 Office Building $ 260,982 $ 290,075 $ 384,209 $ 413,729 $ 434,407 $ 451,812 Hotel or Motel $ 134,902 $ 259,986 $ 409,720 $ 458,329 $ 592,214 $ 650,480 All Other CRE Income Property $ 643,979 $ 847,093 $ 978,145 $ 899,659 $ 999,913 $ 1,063,731 Total CRE (Excluding O/O CRE) $2,597,292 $ 3,686,371 $ 5,032,620 $ 5,176,730 $ 5,670,548 $ 5,980,995 Total Risk-Based Capital (Bank Level) $1,108,672 $ 1,303,623 $ 1,532,890 $ 1,691,212 $ 1,859,978 $ 2,002,347 CRE as % of Total Capital 234% 283% 328% 306% 305% 299% Total Gross Loans $8,465,688 $ 9,653,984 $ 11,687,968 $ 11,658,829 $12,605,836 $13,311,967 CRE as % of Total Portfolio 31% 39% 43% 44% 45% 45% CRE Owner Occupied $1,693,427 $ 1,874,103 $ 2,199,280 $ 2,257,163 $ 2,445,914 $ 2,580,971 CRE OO as % of Total Portfolio 20% 20% 19% 19% 19% 19% CRE OO as % of Total Capital 153% 144% 143% 133% 132% 129% Acquisition, Development, & Construction Trends AD&C $ 593,614 $ 1,103,076 $ 1,532,388 $ 1,519,619 $ 1,489,305 $ 1,532,285 AD&C as % of Total Capital 54% 85% 100% 100% 80% 77% AD&C as % of Total Portfolio 7% 12% 13% 13% 12% 12%
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Credit Quality Strong loan growth while maintaining asset quality discipline 24 Allowance for Credit Losses / Total Loans Net Charge Offs / Total Average Loans Non-Performing Assets / Total Assets Non-Performing Loans / Total Loans 0.21% 0.09% 0.12% 0.14% 0.26% 0.96% 2020 2021 2022 2023 2024 9/30/2025 0.22% 0.13% 0.15% 0.18% 0.34% 1.26% 2020 2021 2022 2023 2024 9/30/2025 0.36% 0.03% 0.08% 0.10% 0.09% 0.22% 2020 2021 2022 2023 2024 9/30/2025 1.04% 1.22% 1.25% 1.32% 1.30% 1.28% 2020 2021 2022 2023 2024 9/30/2025
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Profitability Metrics Consistent earnings results and strong momentum 25 Adjusted Return on Average Assets (1) Adjusted Return on Average Equity (1) Adjusted Return on Average Common Equity (1) Net Interest Margin 1) For a reconciliation of these non -GAAP measures to the most comparable GAAP measure, see "GAAP Reconciliation and Management Explanation of Non- GAAP Financial Measures" included at the end of this presentation. 1.59% 1.55% 1.71% 1.42% 1.40% 1.52% 2020 2021 2022 2023 2024 9/30/2025 18.55% 19.47% 20.73% 15.71% 15.07% 15.85% 2020 2021 2022 2023 2024 9/30/2025 3.31% 2.94% 3.32% 2.81% 2.83% 3.04% 2020 2021 2022 2023 2024 9/30/2025 18.55% 19.48% 20.73% 15.71% 15.07% 15.85% 2020 2021 2022 2023 2024 9/30/2025
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41.54% 38.69% 38.75% 40.60% 39.47% 34.71% 32.57% 33.28% 30.29% 31.84% 31.30% 38.28% 37.34% 33.38% 1.64% 1.51% 1.47% 1.55% 1.41% 1.32% 1.26% 1.20% 1.05% 0.98% 1.07% 1.11% 1.11% 1.05% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% Core Efficiency Ratio Core Non-interest Expense / Average Assets Efficiency Our operating structure and business strategy enable efficient, profitable growth 26 Adjusted Efficiency Ratio (1) and Adj. Non-interest Expense / Average Assets (1) (1) (1) 1) For a reconciliation of these non-GAAP measures to the most comparable GAAP measure, see "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures" included at the end of this presentation.
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Interest Rate Sensitivity 27 Estimated Change in Net Interest Income Over 12 Month Time Horizon Scenario % change in NII from year 1 base, based on parallel shift in yield curve, and a static balance sheet Variable-Rate Loans 50% of loans are variable rate Deposit Mix 18% of deposits are held in non-interest-bearing demand deposit accounts 2.9% 1.4% -2.5% 4.2% 1.8% -3.7% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% Down 200 bps Down 100 bps Up 200 bps Ramp Scenario Shock Scenario
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Our Regions: Centers for Continued Growth Birmingham, Alabama – Key Industries: Metals manufacturing, finance, insurance, healthcare services and distribution – Key Employers: Protective Life, Encompass Health, Vulcan Materials Company, AT&T, American Cast Iron Pipe Company, Southern Company, Shipt, Brasfield & Gorrie, Coca-Cola and University of Alabama at Birmingham Huntsville, Alabama – Key Industries: U.S. government, aerospace/defense, commercial and university research – Key Employers: U.S. Army/Redstone Arsenal, Boeing Company, NASA/Marshall Space Flight Center, Intergraph Corporation, ADTRAN, Northrop Grumman, Technicolor, SAIC, DirecTV, Lockheed Martin, University of Alabama Huntsville, Boeing, and Toyota Motor Manufacturing Montgomery, Alabama – Key Industries: U.S. and state government, U.S. Air Force , automotive manufacturing, medical technology and education – Key Employers: Maxwell Gunter Air Force Base, State of Alabama, Baptist Health Systems, Hyundai Motor Manufacturing, Auburn University, SiO2 Medical Products, GE Aerospace, and MOBIS Alabama 28
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Our Regions: Centers for Continued Growth (cont.) Dothan, Alabama – Key Industries: Agriculture, manufacturing, defense, financial services, and healthcare – Key Employers: Southeast Health Medical Center, Wayne Farms, Southern Nuclear, Michelin Tire, Globe Motors, AAA Cooper Transportation, Fort Moore, TSYS, Aflac, Piedmont Columbus Regional Northwest Florida – Key Industries: Military, health services, medical technology industries, and tourism – Key Employers: Eglin Air Force Base, Hurlburt Field, Pensacola Whiting Field, Pensacola Naval Air Station and Corry Station, Ascension Health System, Baptist Healthcare, West Florida Regional Hospital, University of West Florida, Ascend Performance Materials, Tyndall Air Force Base, Coastal Systems Station Naval Surface Warfare Center, Florida State University, Amazon, Tallahassee Memorial Healthcare, GE Wind Energy, St. Joe Company, Eastern Ship building Inc., and Berg Steel Pipe Corp Mobile, Alabama – Key Industries: Aircraft assembly, aerospace, steel, ship building, maritime, construction, medicine, and manufacturing – Key Employers: Port of Mobile, Infirmary Health Systems, Austal USA, Brookley Aeroplex, ThyssenKrupp, University of South Alabama, VT Mobile Aerospace, Outokumpu and EADS 29
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Our Regions: Centers for Continued Growth (cont.) Tennessee – Key Industries: Healthcare, manufacturing, entertainment, transportation, education and technology – Key Employers: HCA Holdings, Nissan North America, Dollar General Corporation, Asurion, Community Health Systems, FedEx, AutoZone, Vanderbilt University, BlueCross BlueShield and International Paper Charleston, South Carolina – Key Industries: Maritime, information technology, higher education, military, manufacturing, and tourism – Key Employers: Joint Base Charleston, Medical University of South Carolina, Roper St. Francis Healthcare, Boeing Company, Robert Bosch LLC, Blackbaud, Trident Health, Mercedes-Benz Vans and SAIC Atlanta, Georgia – Key Industries: Logistics, media, information technology, education and entertainment – Key Employers: Coca-Cola Company, Home Depot, Delta Air Lines, AT&T Mobility, UPS, Newell-Rubbermaid, Cable News Network, Georgia Tech, Lockheed Martin and Cox Enterprises 30
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Our Regions: Centers for Continued Growth (cont.) West Central Florida – Key Industries: Defense, financial services, information technology, healthcare, transportation, grocery, manufacturing, and tourism – Key Employers: Baycare Health System, University of South Florida, Tech Data, Raymond James Financial, Jabil Circuit, HSN, WellCare Health Plans, Sarasota Memorial Health Care System, Beall’s Inc., Teco Energy, Walt Disney World Resort, Advent Health, Publix, and Lockheed Martin North Carolina – Key Industries: Financial services, manufacturing, energy, automotive, food processing and healthcare – Key Employers: Bank of America, Wells Fargo, Duke Energy, Atrium Health, Novant Health, Lowe’s, TIAA, Nucor, Sonic Automotive, Compass Group North America, Novo Nordisk, Campbell’s, and Mission Health System Virginia Beach, Virginia – Key Industries: Defense, manufacturing, trade, information, utilities, maritime, hospitality, professional services, and healthcare – Key Employers: Naval Air Station Oceana-Dam Neck, Ft. Story, Sentara Healthcare, GEICO , STIHL , Novant Health, Huntington Ingalls Industries, Dominion Energy, Newport News Shipbuilding, Jefferson Labs, LifeNet Health and Siemens Gamesa 31
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Our Financial Performance: Key Operating and Performance Metrics 32 1) For a reconciliation of these non -GAAP measures to the most comparable GAAP measure, see "GAAP Reconciliation and Management Explanation of Non- GAAP Financial Measures" included at the end of this presentation. 2) Non-GAAP financial measures. "Tangible Common Equity to Tangible Assets" and "Tangible Book value per Share" are not measures o f financial performance recognized by generally accepted accounting principles in the United States, or GAAP. Dollars in Millions Except per Share Amounts 2016 2017 2018 2019 2020 2021 2022 2023 2024 9/30/2025 Balance Sheet Total Assets $6,370 $7,082 $8,007 8948 $11,933 $15,449 $14,596 $16,130 $17,352 $17,584 Net Loans $4,860 $5,792 $6,465 7185 $8,378 $9,416 $11,542 $11,506 $12,441 $13,142 Deposits $5,420 $6,092 $6,916 7530 $9,976 $12,453 $11,547 $13,274 $13,543 $14,107 Net Loans / Deposits 90% 95% 93% 95% 84% 76% 100% 87% 92% 93% Total Equity $523 $608 $715 $843 $993 $1,152 $1,298 $1,440 $1,617 $1,782 Profitability Net Income $81.5 $93.1 $136.9 $149.2 $169.6 $207.7 $251.5 $206.9 $227.2 $190.2 Net Income Available to Common $81.4 $93.0 $136.9 $149.2 $169.5 $207.7 $251.4 $206.8 $227.2 $190.2 Adj. Net Income Available to Common (1) $81.4 $96.3 $136.9 $147.9 $169.5 $210.0 $251.4 $206.8 $228.5 $200.7 Adj. ROAA (1) 1.42% 1.48% 1.88% 1.71% 1.59% 1.55% 1.71% 1.37% 1.40% 1.52% Adj. ROAE (1) 16.64% 16.96% 20.96% 19.00% 18.55% 19.48% 20.73% 15.13% 15.07% 15.85% Adj. ROACE (1) 16.63% 16.95% 20.95% 18.99% 18.55% 19.47% 20.73% 15.13% 15.07% 15.85% Net Interest Margin 3.42% 3.68% 3.75% 3.46% 3.31% 2.94% 3.32% 2.81% 2.82% 3.04% Adj. Efficiency Ratio (1) 39.47% 34.71% 32.57% 33.31% 30.29% 31.84% 31.30% 40.67% 37.34% 33.38% Capital Adequacy Tangible Common Equity to Tangible Assets (2) 7.99% 8.39% 8.77% 9.27% 8.22% 7.38% 8.81% 8.85% 9.25% 10.06% Common Equity Tier 1 RBC Ratio 9.78% 9.51% 10.12% 10.50% 10.50% 9.95% 9.55% 10.91% 11.42% 11.49% Tier I Leverage Ratio 8.22% 8.51% 9.07% 9.13% 8.23% 7.39% 9.29% 9.12% 9.59% 10.01% Tier I RBC Ratio 9.78% 9.52% 10.13% 10.50% 10.50% 9.96% 9.55% 10.92% 11.42% 11.50% Total RBC Ratio 11.84% 11.52% 12.05% 12.31% 12.20% 11.58% 11.03% 12.45% 12.90% 12.91% Asset Quality NPAs / Assets 0.34% 0.25% 0.41% 0.50% 0.21% 0.09% 0.12% 0.14% 0.26% 0.96% NCOs / Average Loans 0.11% 0.29% 0.20% 0.32% 0.36% 0.03% 0.08% 0.10% 0.09% 0.22% Credit Loss Reserve / Gross Loans 1.06% 1.02% 1.05% 1.05% 1.04% 1.22% 1.25% 1.32% 1.30% 1.28% Per Share Information Common Shares Outstanding 52,636,896 52,992,586 53,375,195 53,623,740 53,943,751 54,227,060 54,326,527 54,461,580 54,570,138 54,621,441 Book Value per Share $9.93 $11.47 $13.40 $15.71 $18.41 $21.24 $23.89 $26.45 $29.63 $32.62 Tangible Book Value per Share (2) $9.65 $11.19 $13.13 $15.45 $18.15 $20.99 $23.64 $26.20 $29.38 $32.37 Diluted Earnings per Share $1.52 $1.72 $2.53 $2.76 $3.13 $3.82 $4.61 $3.79 $4.16 $3.48 Adj. Diluted Earnings per Share (1) $1.52 $1.78 $2.53 $2.74 $3.13 $3.86 $4.61 $3.79 $4.18 $3.67
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Our Financial Performance: Asset Quality, Credit Loss Reserve and Charge-Offs 33 Dollars in Thousands 2016 2017 2018 2019 2020 2021 2022 2023 2024 9/30/2025 Nonaccrual Loans: Commercial, Financial & Agricultural 7,282 9,712 10,503 14,729 11,709 4,343 7,108 7,217 25,692 34,442 Construction 3,268 - 997 1,588 234 - - 111 - 36,884 Owner-Occupied Commercial Real Estate - 556 3,358 10,826 1,259 1,021 3,312 7,089 8,744 12,973 1-4 Family 74 459 2,046 1,440 771 1,398 1,524 4,426 3,051 6,252 Other Real Estate Loans - - 5,022 1,507 - - 506 506 1,259 75,022 Consumer - 38 - - - - - - - 1,089 Total Nonaccrual Loans 10,624 10,765 21,926 30,091 13,973 6,762 12,450 19,349 39,501 166,662 Total 90+ Days Past Due & Accruing 6,263 60 5,844 6,021 4,981 5,335 5,391 2,184 2,965 965 Total Nonperforming Loans 16,887 10,825 27,770 36,112 18,954 12,097 17,841 21,533 42,466 167,627 Other Real Estate Owned & Repossessions 4,988 6,701 5,169 8,178 6,497 1,208 248 995 2,531 611 Total Nonperforming Assets 21,875 17,526 32,939 44,290 25,451 13,305 18,089 22,528 44,997 168,238 Allowance for Credit Losses: Beginning of Year 43,419 51,893 59,406 68,600 76,584 87,942 116,660 146,297 153,317 164,458 Impact of Adoption of ASC 326 (1) (2,000) Charge-Offs: Commercial, Financial and Agricultural (3,791) (13,910) (11,428) (15,015) (23,936) (3,453) (9,256) (13,229) (12,115) (17,209) Real Estate - Construction (815) (56) - - (1,032) (14) - (108) - (46) Owner-Occupied Commercial - - - - - - - - - (4,038) Non-Owner Occupied Commercial - - - - - - - - - (1,121) Real Estate - Mortgage: (380) (2,056) (1,042) (6,882) (4,397) (279) (221) (171) (998) (5,445) Consumer (212) (310) (283) (592) (203) (368) (660) (1,073) (571) (286) Total Charge-Offs (5,198) (16,332) (12,753) (22,489) (29,568) (4,114) (10,137) (14,581) (13,684) (28,145) Recoveries: Commercial, Financial and Agricultural 49 337 349 306 252 1,135 2,012 2,800 3,021 1,367 Real Estate - Construction 76 168 112 3 32 52 - 3 8 30 Owner-Occupied Commercial - - - - - - - - - 1 Non-Owner Occupied Commercial - - - - - - - - - - Real Estate - Mortgage: 146 89 46 13 140 86 - - 31 1 Consumer 3 26 38 107 68 42 155 83 212 105 Total Recoveries 274 620 545 429 492 1,315 2,167 2,886 3,272 1,504 Net Charge-Offs (4,924) (15,712) (12,208) (22,060) (29,076) (2,799) (7,970) (11,695) (10,412) (21,441) Allocation from LGP - - - 7,406 - - - - - - Provision for Credit Losses Charged to Expense 13,398 23,225 21,402 22,638 42,434 31,517 37,607 18,715 21,587 27,217 Allowance for Credit Losses at End of Period 51,893 59,406 68,600 76,584 87,942 116,660 146,297 153,317 164,458 170,235 As a Percent of Year to Date Average Loans: Net Charge-Offs 0.11% 0.29% 0.20% 0.32% 0.36% 0.03% 0.08% 0.10% 0.09% 0.22% Provision for Credit Losses 0.30% 0.43% 0.35% 0.33% 0.52% 0.36% 0.36% 0.16% 0.18% 0.28% Allowance for Credit Losses As a Percentage of: Loans 1.06% 1.02% 1.05% 1.05% 1.04% 1.22% 1.25% 1.32% 1.30% 1.28%
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GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures We recognized an $8.6 million loss on sale of available-for-sale debt securities in non-interest income during the second quarter of 2025. We reversed a $2.3 million legal reserve from interest expense during the second quarter of 2025 as a result of restructuring the portfolio. These adjustments to our results are unusual, or infrequent, in nature and are not considered to be part of our non-interest expense, non-interest income and interest expense run rates, respectively. During the fourth quarter of 2023, we recorded a one-time expense of $7.2 million 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. These expenses are 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 excludes the impact of these items, net of tax, and are all considered non-GAAP financial measures. During the fourth quarter of 2021, we recorded $3.0 million of expenses associated with our Adjusted operating system conversion scheduled to be completed during the third quarter of 2022. The expenses relate to negotiated liquidated damages of our existing system contracts and the procurement of our data from those providers. We recorded a $1.7 million credit to our FDIC and other regulatory assessments expense in 2019 as a result of the FDIC’s Small Bank Assessment Credit. We recorded $3.1 million of additional tax expense as a result of revaluing our net deferred tax assets at December 31, 2017 due to lower corporate income tax rates provided by the Tax Cuts and Jobs Act passed into law in December 2017. The revaluation adjustment of our net deferred tax asset position was impacted by a number of factors, including increased loan charge-offs in the fourth quarter of 2017, increases in deferred tax liabilities relating to depreciation expense on our new headquarters building, and dividends from our captive real estate investment trusts. In 2017 we also recorded expenses of $347,000 related to terminating the lease agreement on our previous headquarters building in Birmingham, Alabama and expenses of moving into our new headquarters building. We recorded expenses of $2.1 million in 2015 related to the acquisition of Metro Bancshares, Inc. and the merger of Metro Bank with and into the bank, and recorded an expense of $500,000 resulting from the initial funding of reserves for unfunded loan commitments, consistent with guidance provided in the Federal Reserve Bank’s Interagency Policy Statement SR 06-17. We recorded a non-routine expense of $703,000 for the first quarter of 2014 resulting from the correction of our accounting for vested stock options previously granted to members of our advisory boards in our Dothan, Huntsville and Montgomery, Alabama markets. The table below presents computations of earnings and certain other financial measures which exclude the significant adjustments discussed above. These non-GAAP financial measures include “adjusted net income available to common stockholders,” “adjusted earnings per share, basic,” “adjusted earnings per share, diluted,” “adjusted return on average assets,” “adjusted return on average stockholders’ equity,” “adjusted return on average common stockholders’ equity” and “adjusted efficiency ratio.” Adjusted earnings per share, basic is adjusted net income available to common stockholders divided by weighted average shares outstanding. Adjusted earnings per share, diluted is adjusted net income available to common stockholders divided by weighted average diluted shares outstanding. Adjusted return on average assets is adjusted net income divided by average total assets. Adjusted return of average stockholders’ equity is adjusted net income divided by average total stockholders’ equity. Adjusted return of average common stockholders’ equity is adjusted net income divided by average common stockholders’ equity. The adjusted efficiency ratio is adjusted non-interest expense divided by the sum of adjusted net interest income and adjusted non-interest income. Our management and board use these non-GAAP measures for reporting financial performance to internal users for management purposes and externally as part of presentations to investors. We believe these non-GAAP financial measures provide useful information to management, our board 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 inherent limitations, are not audited and are not required to be uniformly applied. All amounts are in thousands, except share and per share data. 34
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GAAP Reconciliation 35 As Of and For the Period Ended September 30, 2025 As Of and For the Period Ended December 31, 2024 As Of and For the Period Ended December 31, 2023 As Of and For the Period Ended December 31, 2022 As Of and For the Period Ended December 31, 2021 As Of and For the Period Ended December 31, 2020 As Of and For the Period Ended December 31, 2019 As Of and For the Period Ended December 31, 2018 As Of and For the Period Ended December 31, 2017 As Of and For the Period Ended December 31, 2016 As Of and For the Period Ended December 31, 2015 As Of and For the Period Ended December 31, 2014 Provision for income taxes - GAAP $ 44,304 51,740 37,735 $ 45,615 $ 37,618 $ 44,258 $ 25,465 $ 21,601 Adjustment for non-routine expense/credit 3,539 452 2,619 756 421 -132 829 865 Adjusted provision for income taxes - non-GAAP $ 40,765 52,192 40,354 $ 46,371 $ 38,039 $ 44,126 $ 26,294 $ 22,466 Return on average assets - GAAP 1.44 % 1.39 % 1.37 % 1.53 % 1.73 % 1.43 % 1.38 % 1.39 % Net income - GAAP $ 190,219 $ 227,242 $ 206,853 $ 207,734 $ 149,180 $ 93,092 $ 63,540 $ 52,377 Adjustment for non-routine expense/credit 10,560 1,347 7,817 2,251 -1,185 3,274 1,767 1,612 Adjusted net income - non-GAAP $ 200,779 $ 228,589 $ 214,670 $ 209,985 $ 147,995 $ 96,366 $ 65,307 $ 53,989 Average assets $ 17,681,999 $ 16,333,383 $ 15,066,716 $ 13,555,221 $ 8,638,604 $ 6,495,067 $ 4,591,861 $ 3,758,184 Adjusted return on average assets - non-GAAP 1.52 % 1.40 % 1.42 % 1.55 % 1.71 % 1.48 % 1.42 % 1.44 % Return on average common stockholders' equity - GAAP 15.01 % 14.98 % 15.13 % 19.26 % 19.15 % 16.37 % 15.30 % 14.43 % Net income available to common stockholders - GAAP $ 190,188 $ 227,180 $ 206,791 $ 207,672 $ 149,180 $ 93,030 $ 63,260 $ 51,946 Adjustment for non-routine expense/credit 10,560 1,347 7,817 2,251 -1,185 3,274 1,767 1,612 Adjusted net income available to common stockholders - non- GAAP $ 200,748 $ 228,527 $ 214,608 $ 209,923 $ 147,995 $ 96,304 $ 65,027 $ 53,558 Average common stockholders' equity $ 1,716,877 $ 1,516,855 $ 1,366,708 $ 1,078,075 $ 779,071 $ 568,228 $ 413,445 $ 320,005 Adjusted return on average common stockholders' equity - non- GAAP 15.85 % 15.07 % 15.71 % 19.47 % 18.99 % 16.95 % 15.73 % 16.74 % Diluted earnings per share - GAAP $ 3.48 $ 4.16 $ 3.79 $ 3.82 $ 2.76 $ 1.72 $ 1.20 $ 1.05 Weighted average shares outstanding, diluted - GAAP 54,667,955 54,624,234 54,530,797 54,434,573 54,103,074 54,161,788 52,885,108 49,636,442 Adjusted diluted earnings per share - non-GAAP $ 3.67 $ 4.18 $ 3.94 $ 3.86 $ 2.73 $ 1.78 $ 1.23 $ 1.08 Book value per share - GAAP $ 32.62 $ 29.63 $ 26.45 $ 23.89 $ 21.24 $ 18.41 $ 15.71 $ 13.4 $ 11.47 $ 9.93 $ 8.65 $ 7.41 Total common stockholders' equity - GAAP 1,781,647 1,616,772 1,440,405 1,297,896 1,152,015 992,852 842,682 715,203 607,604 522,889 449,147 367,255 Adjusted for goodwill and other identifiable intangible assets 13,615 13,615 13,615 13,615 13,638 13,908 14,179 14,449 14,787 14,996 15,330 - Tangible common stockholders' equity - non-GAAP $ 1,768,032 $ 1,603,157 $ 1,426,790 $ 1,284,281 $ 1,138,377 $ 978,944 $ 828,503 $ 700,754 $ 592,885 $ 507,893 $ 433,817 $ 367,255 Tangible book value per share - non-GAAP $ 32.37 $ 29.38 $ 26.2 $ 23.64 $ 20.99 $ 18.15 $ 15.45 $ 13.13 $ 11.19 $ 9.65 $ 8.35 $ 7.41 Stockholders' equity to total assets - GAAP 10.13 % 9.32 % 8.93 % 8.89 % 7.46 % 8.32 % 9.42 % 8.93 % 8.58 8.21 % 8.81 % 8.96 % Total assets - GAAP $ 17,584,199 $ 17,351,643 $ 16,129,668 $ 14,595,753 $ 15,448,806 $ 11,927,955 $ 8,947,653 $ 8,007,382 $ 7,082,384 $ 6,370,448 $ 5,095,509 $ 4,098,679 Adjusted for goodwill and other identifiable intangible assets -13,615 -13,615 -13,615 -13,615 -13,638 -13,908 -14,179 -14,449 -14,719 14,996 15,330 - Total tangible assets - non-GAAP $ 17,570,584 $ 17,338,028 $ 16,116,053 $ 14,582,138 $ 15,435,168 $ 11,914,047 $ 8,933,474 $ 7,992,933 $ 7,067,665 $ 6,355,452 $ 5,080,179 $ 4,098,679 Tangible common equity to total tangible assets - non-GAAP 10.06 % 9.25 % 8.85 % 8.81 % 7.38 % 8.22 % 9.27 % 8.77 % 8.39 7.99 % 8.54 % 8.96 %