Here are 1-2 brief analogies for Servisfirst Bancshares (SFBS):

• It's a rapidly growing regional bank for businesses in the Southeastern U.S., much like a smaller PNC Bank or U.S. Bank.
• It's a high-service commercial bank primarily for businesses and high-net-worth clients in the Southeast, similar to a more specialized and growth-oriented Regions Financial (RF).

Servisfirst Bancshares Major Products and Services

• Commercial Banking Services: Provides loans (commercial real estate, commercial and industrial), deposit accounts, and treasury management solutions to businesses.
• Private Banking Services: Offers personalized financial management, wealth planning, specialized lending, and trust services to high-net-worth individuals and families.
• Retail Banking Services: Delivers traditional banking products such as checking and savings accounts, certificates of deposit, and various consumer loans (e.g., mortgages) to individuals.
• Correspondent Banking Services: Furnishes banking services and support to other financial institutions.

Due to the confidential nature of banking relationships, Servisfirst Bancshares (SFBS) does not publicly disclose the names of its specific major customers. However, based on their publicly stated business model and service offerings, Servisfirst Bancshares primarily serves the following categories of customers:

• Commercial Businesses: Servisfirst Bank focuses heavily on providing banking services to a diverse range of businesses, from small and medium-sized enterprises to larger corporations. These services include commercial loans, lines of credit, treasury management, and other business banking solutions.
• Professionals and High-Net-Worth Individuals (Private Banking): The bank caters to affluent individuals, executives, and various professionals (e.g., doctors, lawyers, entrepreneurs) through its private banking division, offering personalized financial services, wealth management, tailored lending products, and concierge-level banking.
• Correspondent Banks and Other Financial Institutions: Servisfirst also provides correspondent banking services to other banks and financial institutions, facilitating interbank transactions, check clearing, and other essential financial services for these entities.

1. **Emergence of Digital-First Neobanks and Fintech Platforms for Businesses:** Digital-only banks and specialized fintech platforms are increasingly offering streamlined, technology-driven commercial banking solutions tailored for small to medium-sized businesses (SMBs) and startups. These platforms, such as Mercury or Brex, provide superior user experiences, faster account opening, integrated financial tools, and often lower fees, directly challenging traditional regional banks like Servisfirst for a key segment of their client base. This parallels the shift seen with Netflix disrupting Blockbuster or the iPhone disrupting BlackBerry by offering a more convenient, integrated, and digitally native experience.

2. **Expansion of Big Tech Companies into Financial Services:** Major technology companies like Apple, Amazon, and Google are steadily expanding their offerings in payments, lending, and other financial products. Leveraging their vast customer bases, extensive data, and platform ecosystems, these giants are beginning to disintermediate traditional banking relationships, capture transaction data, and offer integrated financial solutions that directly compete with Servisfirst's commercial and private banking services. Examples include Amazon's lending programs for its sellers or Apple's deepening integration into payment and credit services, which mirror the disruptive impact of Uber on traditional taxis or YouTube on cable companies by leveraging technology and a platform approach to redefine service delivery.

The addressable markets for ServisFirst Bancshares' main products and services in the U.S. are as follows:

• Commercial Banking: The U.S. commercial banking market is estimated at USD 732.5 billion in 2025 and is forecasted to reach USD 915.45 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.56%. Another estimate indicates the market size was $1.5 trillion in 2024 and is projected to be $1.6 trillion in 2025.
• Private Banking: The U.S. private banking market is projected to grow from US$ 127.6 billion in 2025 to US$ 218.4 billion by 2032, with a CAGR of 8.0%. Other estimates for the U.S. private banking market include USD 59.54 billion in 2025, projected to reach USD 94.89 billion by 2030 with a 9.77% CAGR, and USD 108.96 billion in 2024, expected to reach USD 180.65 billion by 2030 with an 8.79% CAGR.
• Commercial Real Estate Lending: Total commercial real estate (CRE) mortgage borrowing and lending in the U.S. was estimated at $498 billion in 2024. The total commercial and multifamily mortgage debt outstanding in the U.S. increased from $4.62 trillion in Q4 2023 to $4.79 trillion in Q4 2024.
• Correspondent Banking: null

ServisFirst Bancshares (SFBS) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Loan Growth: The company anticipates continued growth in its loan portfolio, propelled by robust loan pipelines and a strategic emphasis on organic expansion, particularly within the Southeast United States. This includes leveraging new market hires and recent geographic expansions that have contributed to all operating markets becoming profitable for the first time. Management has provided forward guidance projecting low double-digit loan growth.
2. Net Interest Margin (NIM) Expansion: ServisFirst Bancshares expects its net interest margin to expand, primarily due to anticipated Federal Reserve interest rate cuts, which are projected to lead to lower deposit costs. Additionally, strategic balance sheet restructuring, involving the sale of lower-yielding securities and reinvestment into higher-yielding assets, is expected to further support NIM improvement.
3. Disciplined Expense Management: The company is focused on managing its non-interest expenses, which has already resulted in an improved efficiency ratio. Ongoing efforts to constrain non-interest expense growth relative to revenue are expected to underpin overall profitability and contribute to a more efficient operation, indirectly supporting revenue growth by maximizing the impact of each revenue dollar.
4. Rebound in Non-Interest Income: After a temporary dip, non-interest income is expected to rebound. Following a second-quarter loss on the sale of securities that brought non-interest income near zero, analysts anticipate it will return to its previous run rate of approximately $8 million to $9 million in the third quarter of 2025.

Share Repurchases

• ServisFirst Bancshares recorded a 3-Year Share Buyback Ratio of -0.20% as of September 2025, which suggests minimal to no share repurchases over the last three years.
• The company's annual reports for the fiscal years ending December 31, 2021, and December 31, 2024, explicitly stated no repurchases of equity securities were made during the fourth quarter of those years.

Share Issuance

• A negative 3-Year Share Buyback Ratio, at -0.20% as of September 2025, could suggest potential share issuance.
• The number of shares outstanding slightly increased from 54,569,427 at December 31, 2024, to 54,618,545 at June 30, 2025.

Outbound Investments

• As of October 22, 2025, ServisFirst Bank has not made any reported investments or acquisitions.
• The company's growth strategy in recent years has included organic expansion, such as opening a new location in Orlando, FL in April 2021.

Capital Expenditures

• ServisFirst Bank is focused on forward-thinking investments in technology, talent, and operational efficiency to foster continued growth.
• The net value of premises and equipment was approximately $59.99 million at June 30, 2025, reflecting ongoing investment in physical assets.