Cassava Announces Retirement of Chief Medical Officer, Dr. Jim Kupiec, and Appointment of Dr. Jack Moore as Senior Vice President, Clinical Development
'The entire Cassava team is grateful for Jim's service as our Chief Medical Officer. He is retiring after a notable career of exemplary work, with exceptional expertise in Alzheimer's disease drug development. Thanks to Jim's attention to patient care and his deep credibility in the scientific community, Cassava completed a high-quality clinical trial program in Alzheimer's disease that was carried out with respect for the dignity of patients and their caregivers. We wish Jim a happy and fulfilling retirement,' said Rick Barry, President and Chief Executive Officer of Cassava.
Dr. Moore joins Cassava as Senior Vice President, Clinical Development, effective April 28, 2025. He will be responsible for advancing the clinical evaluation of simufilam in new potential indications, including TSC. Dr. Moore will build on an established track record of working in leading global pharmaceutical companies to advance novel compounds for the treatment of CNS disorders.
'As we formulate our strategy going forward, we are pleased to have Jack on board. He brings broad medical affairs and clinical development expertise, plus extensive experience working with study sites and patient advocacy groups. These skills will be invaluable to Cassava as we take the next steps in our TSC program, identify potential clinical collaborators and study sites, and explore additional potential applications,' commented Mr. Barry.
'I am eager to contribute my clinical development expertise to Cassava's emerging program for simufilam in TSC and other applications,' said Dr. Jack Moore, SVP, Clinical Development of Cassava.
About Jack Moore, PhD
Jack Moore is an accomplished biopharmaceutical executive with extensive drug development expertise in CNS and neurodegenerative diseases including Alzheimer's disease, multiple sclerosis, amyotrophic lateral sclerosis, and other neuro-immunologic and oncologic disorders. He has a history of building and executing clinical development strategies and publication plans, as well as engaging with key opinion leaders, advisory boards, patient advocates, and medical communities in established and rare clinical indications across multiple drug modalities. Most recently, Dr. Moore was Vice President, Head of Global Medical Affairs at Alector Inc. Prior to that, Dr. Moore held clinical and medical affairs leadership roles of increasing responsibility at global pharmaceutical companies including Janssen Pharmaceutica, Novartis Pharmaceuticals Corporation, and Celgene Corporation, a subsidiary of Bristol-Myers Squibb Company.
Dr. Moore earned his Doctor of Philosophy in Neuroscience at the University of North Texas, and he was a Post-Doctoral Research Fellow at the University of Texas at Southwestern Medical Center at Dallas. He earned his Master of Science in Physiology at the University of North Texas, and his Bachelor of Science in Biology at Texas State University.
About Cassava Sciences, Inc.
Cassava Sciences, Inc. (NASDAQ: SAVA), is a clinical-stage biotechnology company focused on developing novel, investigational treatments, including simufilam, for central nervous system disorders such as tuberous sclerosis complex (TSC)-related epilepsy. Simufilam is a proprietary, investigational oral small molecule that targets the filamin A protein. The Company is based in Austin, Texas.
For more information, please visit: https://www.CassavaSciences.com
For More Information Contact:InvestorsSandya von der Weidsvonderweid@lifesciadvisors.com
Mediamedia@cassavasciences.com
CompanyEric Schoen, Chief Financial Officer(512) 501-2450ESchoen@CassavaSciences.comIR@cassavasciences.comThis news release contains forward-looking statements that include but are not limited to statements regarding: our plans to conduct preclinical studies of simufilam relating to seizures in TSC, the potential for simufilam as a treatment for TSC-related epilepsy and other indications, the timing of anticipated milestones, and management retirees or appointments. These statements may be identified by words such as 'anticipate', 'before,' 'believe', 'could', 'expect', 'forecast', 'intend', 'may', 'pending,' 'plan', 'possible', 'potential', 'prepares for,' 'will', and other words and terms of similar meaning.
Such statements are based on our current expectations and projections about future events. Such statements speak only as of the date of this news release and are subject to a number of risks, uncertainties and assumptions, including, but not limited to, those risks relating to the ability to efficiently discontinue the Company's Alzheimer's disease development program, the ability to advance preclinical studies related to TSC-related epilepsy, and other risks inherent in drug discovery and development or specific to Cassava Sciences, Inc., as described in the section entitled 'Risk Factors' in our Annual Report on Form 10-K for the year ended December 31, 2024, and future reports to be filed with the SEC. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ from expectations in any forward-looking statement. In light of these risks, uncertainties and assumptions, the forward-looking statements and events discussed in this news release are inherently uncertain and may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. Except as required by law, we disclaim any intention or responsibility for updating or revising any forward-looking statements. For further information regarding these and other risks related to our business, investors should consult our filings with the SEC, which are available on the SEC's website at www.sec.gov.
All of our pharmaceutical assets under development are investigational product candidates. They have not been approved for use in any medical indication by any regulatory authority in any jurisdiction and their safety, efficacy or other desirable attributes, if any, have not been established in any patient population. Consequently, none of our product candidates is approved or available for sale anywhere in the world.
Our clinical results from earlier-stage clinical trials may not be indicative of future results from later-stage or larger scale clinical trials and do not ensure regulatory approval. You should not place undue reliance on these statements or any scientific data we present or publish.
We are in the business of new drug discovery, development and commercialization. Our research and development activities are long, complex, costly and involve a high degree of risk. Holders of our common stock should carefully read our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q in their entirety, including the risk factors therein. Because risk is fundamental to the process of drug discovery, development and commercialization, you are cautioned to not invest in our publicly traded securities unless you are prepared to sustain a total loss of the money you have invested.Sign in to access your portfolio
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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 or by calling (205) 949-0302. CONSOLIDATED STATEMENT OF INCOME Interest income $ 246,635 $ 241,096 $ 243,892 $ 247,979 $ 227,540 Interest expense 114,948 117,543 120,724 132,858 121,665 Net interest income 131,687 123,553 123,168 115,121 105,875 Provision for credit losses 11,296 6,630 5,704 5,659 5,353 Net interest income after provision for credit losses 120,391 116,923 117,464 109,462 100,355 Non-interest income 421 8,277 8,803 8,549 8,891 Non-interest expense 44,204 46,107 46,896 45,632 42,818 Income before income tax 76,608 79,093 79,371 72,379 66,595 Provision for income tax 15,184 15,869 14,198 12,472 14,459 Net income 61,424 63,224 65,173 59,907 52,136 Preferred stock dividends 31 - 31 - 31 Net income available to common stockholders $ 61,393 $ 63,224 $ 65,142 $ 59,907 $ 52,105 Earnings per share - basic $ 1.12 $ 1.16 $ 1.19 $ 1.10 $ 0.96 Earnings per share - diluted $ 1.12 $ 1.16 $ 1.19 $ 1.10 $ 0.95 Average diluted shares outstanding 54,664,480 54,656,630 54,649,808 54,642,582 54,608,679 CONSOLIDATED BALANCE SHEET DATA Total assets $ 17,378,628 $ 18,636,766 $ 17,351,643 $ 16,449,178 $ 16,049,812 Loans 13,232,560 12,886,831 12,605,836 12,338,226 12,332,780 Debt securities 1,914,503 1,905,550 1,876,253 1,867,587 1,941,641 Non-interest-bearing demand deposits 2,632,058 2,647,577 2,619,687 2,576,329 2,475,415 Total deposits 13,862,319 14,429,061 13,543,459 13,146,529 13,259,392 Borrowings 64,747 64,745 64,743 64,741 64,739 Stockholders' equity 1,721,783 1,668,900 1,616,772 1,570,269 1,510,576 Shares outstanding 54,618,545 54,601,217 54,569,427 54,551,543 54,521,479 Book value per share $ 31.52 $ 30.57 $ 29.63 $ 28.79 $ 27.71 Tangible book value per share (1) $ 31.27 $ 30.32 $ 29.38 $ 28.54 $ 27.46 SELECTED FINANCIAL RATIOS (Annualized) Net interest margin 3.10 % 2.92 % 2.96 % 2.84 % 2.79 % Return on average assets 1.40 % 1.45 % 1.52 % 1.43 % 1.34 % Return on average common stockholders' equity 14.56 % 15.63 % 16.29 % 15.55 % 14.08 % Efficiency ratio 33.46 % 34.97 % 35.54 % 36.90 % 37.31 % Non-interest expense to average earning assets 1.04 % 1.09 % 1.13 % 1.13 % 1.13 % CAPITAL RATIOS (2) Common equity tier 1 capital to risk-weighted assets 11.38 % 11.48 % 11.42 % 11.25 % 10.93 % Tier 1 capital to risk-weighted assets 11.38 % 11.48 % 11.42 % 11.25 % 10.93 % Total capital to risk-weighted assets 12.81 % 12.93 % 12.90 % 12.77 % 12.43 % Tier 1 capital to average assets 9.78 % 9.48 % 9.59 % 9.54 % 9.81 % Tangible common equity to total tangible assets (1) 9.84 % 8.89 % 9.25 % 9.47 % 9.33 % (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. Expand 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. 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. 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. 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. 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. Three Months Ended June 30, 2025 Three Months Ended March 31, 2025 Three Months Ended June 30, 2024 Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Net income - GAAP $ 61,424 $ 63,224 $ 52,136 $ 124,648 $ 102,162 Adjustments: FDIC special assessment - - - - 1,799 Legal matter accrual reversal (2,276 ) - - (2,276 ) - Loss on marketable securities 8,563 - - 8,563 - Tax on adjustments (1,578 ) - - (1,578 ) (452 ) Adjusted net income - non-GAAP $ 66,133 $ 63,224 $ 52,136 $ 129,357 $ 103,509 Net income available to common stockholders - GAAP $ 61,393 $ 63,224 $ 52,105 $ 124,617 $ 102,131 Adjustments: FDIC special assessment - - - - 1,799 Legal matter accrual reversal (2,276 ) - - (2,276 ) - Loss on marketable securities 8,563 - - 8,563 - Tax on adjustments (1,578 ) - - (1,578 ) (452 ) Adjusted net income available to common stockholders - non-GAAP $ 66,102 $ 63,224 $ 52,105 $ 129,326 $ 103,478 Diluted earnings per share - GAAP $ 1.12 $ 1.16 $ 0.95 $ 2.28 $ 1.87 Adjustments: FDIC special assessment - - - - 0.03 Legal matter accrual reversal (0.04 ) - - (0.05 ) - Loss on marketable securities 0.16 - - 0.16 - Tax on adjustments (0.03 ) - - (0.03 ) (0.01 ) Adjusted diluted earnings per share - non-GAAP $ 1.21 $ 1.16 $ 0.95 $ 2.36 $ 1.89 Net interest income, on a fully taxable-equivalent basis $ 131,777 $ 255,394 Adjustments: Legal matter accrual reversal (2,276 ) (2,276 ) Tax on adjustments 571 571 Adjusted net interest income, on a fully taxable-equivalent basis $ 130,072 $ 253,689 Net interest margin-GAAP 3.10 % 3.01 % Average earning assets 17,076,353 17,132,710 Adjusted net interest margin-non-GAAP 3.06 % 2.99 % Return on average assets - GAAP 1.40 % 1.45 % 1.34 % 1.42 % 1.30 % Net income available to common stockholders - GAAP $ 61,393 $ 63,224 $ 52,105 $ 124,617 $ 102,131 Adjustments: FDIC special assessment - - - - 1,799 Legal matter accrual reversal (2,276 ) - - (2,276 ) - Loss on marketable securities 8,563 - - 8,563 - Tax on adjustments (1,578 ) - - (1,578 ) (452 ) Adjusted net income available to common stockholders - non-GAAP $ 66,102 $ 63,224 $ 52,105 $ 129,326 $ 103,478 Average assets - GAAP $ 17,626,503 $ 17,710,148 $ 15,697,538 $ 17,668,094 $ 15,827,894 Adjusted return on average assets - non-GAAP 1.50 % 1.45 % 1.34 % 1.48 % 1.31 % Return on average common stockholders' equity - GAAP 14.56 % 15.63 % 14.08 % 15.08 % 13.96 % Net income available to common stockholders - GAAP $ 61,393 $ 63,224 $ 52,105 $ 124,617 $ 102,131 Adjustments: FDIC special assessment - - - - 1,799 Legal matter accrual reversal (2,276 ) - - (2,276 ) - Loss on marketable securities 8,563 - - 8,563 - Tax on adjustments (1,578 ) - - (1,578 ) (452 ) Adjusted net income available to common stockholders - non-GAAP $ 66,102 $ 63,224 $ 52,105 $ 129,326 $ 103,478 Average common stockholders' equity - GAAP $ 1,690,855 $ 1,640,949 $ 1,488,429 $ 1,666,039 $ 1,471,048 Adjusted return on average common stockholders' equity non-GAAP 15.68 % 15.63 % 14.08 % 15.65 % 14.15 % Efficiency ratio 33.46 % 34.97 % 37.31 % 34.22 % 39.42 % Net interest income - GAAP $ 131,687 $ 123,553 $ 105,875 $ 255,240 $ 208,370 Adjustments: Legal matter accrual reversal (2,276 ) - - (2,276 ) - Adjusted net interest income - non-GAAP $ 129,411 $ 123,553 $ 105,875 $ 252,964 $ 208,370 Total non-interest income - GAAP 421 8,277 8,891 8,698 17,704 Adjustments: Loss on marketable securities 8,563 - - 8,563 - Adjusted non-interest income - non-GAAP $ 8,984 $ 8,277 $ 8,891 $ 17,261 $ 17,704 Adjusted net interest income and non-interest income - non-GAAP 138,395 131,830 114,766 270,225 226,074 Non-interest expense - GAAP $ 44,204 $ 46,107 $ 42,818 $ 90,311 $ 89,121 Adjustments: FDIC special assessment - - - - 1,799 Adjusted non-interest expense - non-GAAP $ 44,204 $ 46,107 $ 42,818 $ 90,311 $ 87,322 Adjusted efficiency ratio - non-GAAP 31.94 % 34.97 % 37.31 % 33.42 % 38.63 % Expand CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Dollars in thousands) June 30, 2025 June 30, 2024 % Change ASSETS Cash and due from banks $ 140,659 $ 135,711 4 % Interest-bearing balances due from depository institutions 1,236,485 1,129,922 9 % Federal funds sold and securities purchased with agreement to resell 333,760 11,132 2,898 % Cash and cash equivalents 1,710,904 1,276,765 34 % Available for sale debt securities, at fair value 1,227,851 1,174,386 5 % Held to maturity debt securities (fair value of $639,455 and $785,270, respectively) 686,652 767,255 (11 )% Restricted equity securities 12,156 11,300 8 % Mortgage loans held for sale 22,131 11,174 98 % Loans 13,232,560 12,332,780 7 % Less allowance for credit losses (169,959 ) (158,092 ) 8 % Loans, net 13,062,601 12,174,688 7 % Premises and equipment, net 59,993 59,200 1 % Goodwill 13,615 13,615 - % Other assets 582,725 561,429 4 % Total assets $ 17,378,628 $ 16,049,812 8 % LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits: Non-interest-bearing demand $ 2,632,058 $ 2,475,415 6 % Interest-bearing 11,230,261 10,783,977 4 % Total deposits 13,862,319 13,259,392 5 % Federal funds purchased 1,599,135 1,097,154 46 % Other borrowings 64,747 64,739 - % Other liabilities 130,644 117,951 11 % Total liabilities 15,656,845 14,539,236 8 % Stockholders' equity: Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at June 30, 2025 and June 30, 2024 - - - % Common stock, par value $0.001 per share; 200,000,000 shares authorized; 54,618,545 shares issued and outstanding at June 30, 2025, and 54,521,479 shares issued and outstanding at June 30, 2024 54 54 - % Additional paid-in capital 236,716 234,495 1 % Retained earnings 1,500,767 1,322,048 14 % Accumulated other comprehensive loss (16,254 ) (46,521 ) (65 )% Total stockholders' equity attributable to ServisFirst Bancshares, Inc. 1,721,283 1,510,076 14 % Noncontrolling interest 500 500 - % Total stockholders' equity 1,721,783 1,510,576 14 % Total liabilities and stockholders' equity $ 17,378,628 $ 16,049,812 8 % Expand CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In thousands except per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Interest income: Interest and fees on loans $ 206,521 $ 194,300 $ 403,457 $ 381,278 Taxable securities 16,562 16,158 32,585 32,137 Nontaxable securities 5 9 11 18 Federal funds sold and securities purchased with agreement to resell 1,592 538 1,612 1,079 Other interest and dividends 21,955 16,535 50,066 39,738 Total interest income 246,635 227,540 487,731 454,250 Interest expense: Deposits 93,488 104,671 188,233 208,737 Borrowed funds 21,460 16,994 44,258 37,143 Total interest expense 114,948 121,665 232,491 245,880 Net interest income 131,687 105,875 255,240 208,370 Provision for credit losses 11,296 5,353 17,926 9,721 Net interest income after provision for credit losses 120,391 100,522 237,314 198,649 Non-interest income: Service charges on deposit accounts 2,671 2,293 5,229 4,443 Mortgage banking 1,323 1,379 1,936 2,057 Credit card income 2,119 2,333 4,087 4,488 Securities losses (8,563 ) - (8,563 ) - Bank-owned life insurance income 2,126 2,058 4,263 5,289 Other operating income 745 828 1,746 1,427 Total non-interest income 421 8,891 8,698 17,704 Non-interest expense: Salaries and employee benefits 22,576 24,213 45,455 47,199 Equipment and occupancy expense 3,523 3,567 7,245 7,124 Third party processing and other services 8,005 7,465 15,743 14,631 Professional services 1,904 1,741 3,837 3,205 FDIC and other regulatory assessments 2,753 2,202 5,607 6,107 Other real estate owned expense 27 7 60 37 Other operating expense 5,416 3,623 12,364 10,818 Total non-interest expense 44,204 42,818 90,311 89,121 Income before income tax 76,608 66,595 155,701 127,232 Provision for income tax 15,184 14,459 31,053 25,070 Net income 61,424 52,136 124,648 102,162 Dividends on preferred stock 31 31 31 31 Net income available to common stockholders $ 61,393 $ 52,105 $ 124,617 $ 102,131 Basic earnings per common share $ 1.12 $ 0.96 $ 2.28 $ 1.87 Diluted earnings per common share $ 1.12 $ 0.95 $ 2.28 $ 1.87 Expand LOANS BY TYPE (UNAUDITED) (In thousands) 2nd quarter 2025 1st quarter 2025 4th quarter 2024 3rd quarter 2024 2nd quarter 2024 Commercial, financial and agricultural $ 2,952,028 $ 2,924,533 $ 2,869,894 $ 2,793,989 $ 2,935,577 Real estate - construction 1,735,405 1,599,410 1,489,306 1,439,648 1,510,677 Real estate - mortgage: Owner-occupied commercial 2,557,711 2,543,819 2,547,143 2,441,687 2,399,644 1-4 family mortgage 1,561,461 1,494,189 1,444,623 1,409,981 1,350,428 Non-owner occupied commercial 4,338,697 4,259,566 4,181,243 4,190,935 4,072,007 Subtotal: Real estate - mortgage 8,457,869 8,297,574 8,173,009 8,042,603 7,822,079 Consumer 87,258 65,314 73,627 61,986 64,447 Total loans $ 13,232,560 $ 12,886,831 $ 12,605,836 $ 12,338,226 $ 12,332,780 Expand (Dollars in thousands) 2nd quarter 2025 1st quarter 2025 4th quarter 2024 3rd quarter 2024 2nd quarter 2024 Allowance for credit losses: Beginning balance $ 165,034 $ 164,458 $ 160,755 $ 158,092 $ 155,892 Loans charged off: Commercial, financial and agricultural 6,849 2,415 3,899 3,020 3,355 Real estate - construction - 46 - - - Real estate - mortgage 581 3,571 560 252 119 Consumer 72 60 211 155 108 Total charge offs 7,502 6,092 4,670 3,427 3,582 Recoveries: Commercial, financial and agricultural 959 171 1,801 616 406 Real estate - construction - - - - 8 Real estate - mortgage 1 - 23 2 - Consumer 58 27 151 37 15 Total recoveries 1,018 198 1,975 655 429 Net charge-offs 6,484 5,894 2,695 2,772 3,153 Provision for loan losses 11,409 6,470 6,398 5,435 5,353 Ending balance $ 169,959 $ 165,034 $ 164,458 $ 160,755 $ 158,092 Allowance for credit losses to total loans 1.28 % 1.28 % 1.30 % 1.30 % 1.28 % Allowance for credit losses to total average loans 1.31 % 1.30 % 1.32 % 1.30 % 1.31 % Net charge-offs to total average loans 0.20 % 0.19 % 0.09 % 0.09 % 0.10 % Provision for credit losses to total average loans 0.35 % 0.21 % 0.21 % 0.17 % 0.18 % Nonperforming assets: Nonaccrual loans $ 68,619 $ 73,793 $ 39,501 $ 37,075 $ 33,454 Loans 90+ days past due and accruing 3,549 111 2,965 2,093 1,482 Other real estate owned and repossessed assets 311 756 2,531 2,723 1,458 Total $ 72,479 $ 74,660 $ 44,997 $ 41,891 $ 36,394 Nonperforming loans to total loans 0.55 % 0.57 % 0.34 % 0.32 % 0.28 % Nonperforming assets to total assets 0.42 % 0.40 % 0.26 % 0.25 % 0.23 % Nonperforming assets to earning assets 0.43 % 0.41 % 0.26 % 0.26 % 0.23 % Allowance for credit losses to nonaccrual loans 247.69 % 223.64 % 416.34 % 433.59 % 472.57 % Expand (In thousands except per share data) 2nd Quarter 2025 1st Quarter 2025 4th Quarter 2024 3rd Quarter 2024 2nd Quarter 2024 Interest income: Interest and fees on loans $ 206,521 $ 196,936 $ 200,875 $ 205,952 $ 194,300 Taxable securities 16,562 16,023 16,905 17,493 16,158 Nontaxable securities 5 6 6 7 9 Federal funds sold with agreement to 1,592 20 18 31 538 Other interest and dividends 21,955 28,111 26,088 24,496 16,535 Total interest income 246,635 241,096 243,892 247,979 227,540 Interest expense: Deposits 93,488 94,745 98,702 113,211 104,671 Borrowed funds 21,460 22,798 22,022 19,647 16,994 Total interest expense 114,948 117,543 120,724 132,858 121,665 Net interest income 131,687 123,553 123,168 115,121 105,875 Provision for credit losses 11,296 6,630 5,704 5,659 5,353 Net interest income after provision for credit losses 120,391 116,923 117,464 109,462 100,522 Non-interest income: Service charges on deposit accounts 2,671 2,558 2,650 2,341 2,293 Mortgage banking 1,323 613 1,513 1,352 1,379 Credit card income 2,119 1,968 1,867 1,925 2,333 Securities losses (8,563 ) - - - - Bank-owned life insurance income 2,126 2,137 2,131 2,113 2,058 Other operating income 745 1,001 642 818 828 Total non-interest income 421 8,277 8,803 8,549 8,891 Non-interest expense: Salaries and employee benefits 22,576 22,879 24,062 25,057 24,213 Equipment and occupancy expense 3,523 3,722 3,600 3,795 3,567 Third party processing and other services 8,005 7,738 8,515 8,035 7,465 Professional services 1,904 1,933 1,981 1,715 1,741 FDIC and other regulatory assessments 2,753 2,854 2,225 2,355 2,202 Other real estate owned expense 27 33 58 103 7 Other operating expense 5,416 6,948 6,455 4,572 3,623 Total non-interest expense 44,204 46,107 46,896 45,632 42,818 Income before income tax 76,608 79,093 79,371 72,379 66,595 Provision for income tax 15,184 15,869 14,198 12,472 14,459 Net income 61,424 63,224 65,173 59,907 52,136 Dividends on preferred stock 31 - 31 - 31 Net income available to common stockholders $ 61,393 $ 63,224 $ 65,142 $ 59,907 $ 52,105 Basic earnings per common share $ 1.12 $ 1.16 $ 1.19 $ 1.10 $ 0.96 Diluted earnings per common share $ 1.12 $ 1.16 $ 1.19 $ 1.10 $ 0.95 Expand (Dollars in thousands) 2nd Quarter 2025 1st Quarter 2025 4th Quarter 2024 3rd Quarter 2024 2nd Quarter 2024 Interest-earning assets: Loans, net of unearned income (1) Taxable $ 12,979,759 6.37 % $ 12,683,077 6.29 % $ 12,414,065 6.43 % $ 12,351,073 6.63 % $ 12,045,743 6.48 % Tax-exempt (2) 30,346 5.51 25,044 4.94 13,198 1.57 15,584 1.86 17,230 2.08 Total loans, net of unearned income 13,010,105 6.37 12,708,121 6.28 12,427,263 6.43 12,366,657 6.62 12,062,973 6.48 Mortgage loans held for sale 11,739 5.23 6,731 4.76 9,642 5.36 10,674 3.80 6,761 6.13 Debt securities: Taxable 1,965,089 3.37 1,934,739 3.31 1,932,547 3.49 1,955,632 3.57 1,936,818 3.33 Tax-exempt (2) 492 4.88 589 5.43 606 5.28 815 4.42 1,209 3.64 Total securities (3) 1,965,581 3.37 1,935,328 3.31 1,933,153 3.49 1,956,447 3.57 1,938,027 3.33 Federal funds sold and securities purchased with agreement to resell 124,303 5.14 1,670 4.86 1,596 4.49 2,106 5.86 38,475 5.62 Restricted equity securities 12,146 6.64 11,461 7.43 11,290 6.80 11,290 7.36 11,290 7.16 Interest-bearing balances with banks 1,952,479 4.47 2,526,382 4.48 2,143,474 4.81 1,775,192 5.46 1,183,482 5.57 Total interest-earning assets $ 17,076,353 5.80 % $ 17,189,693 5.69 % $ 16,526,418 5.87 % $ 16,122,366 6.12 % $ 15,241,008 6.01 % Non-interest-earning assets: Cash and due from banks 109,506 108,540 103,494 103,539 96,646 Net premises and equipment 59,944 59,633 60,708 60,607 59,653 Allowance for credit losses, accrued interest and other assets 380,700 352,282 346,763 340,621 300,521 Total assets $ 17,626,503 $ 17,710,148 $ 17,037,383 $ 16,627,133 $ 15,697,828 Interest-bearing liabilities: Interest-bearing deposits: Checking (4) $ 2,222,000 1.78 % $ 2,461,900 2.38 % $ 2,353,439 2.61 % $ 2,318,384 2.97 % $ 2,227,527 2.85 % Savings 101,506 1.63 101,996 1.61 102,858 1.52 102,627 1.76 105,955 1.71 Money market 7,616,747 3.67 7,363,163 3.61 7,067,265 3.86 7,321,503 4.45 6,810,799 4.46 Time deposits 1,321,404 4.09 1,361,558 4.24 1,286,754 4.45 1,197,650 4.52 1,157,528 4.47 Total interest-bearing deposits 11,261,657 3.33 11,288,617 3.40 10,810,316 3.63 10,940,164 4.12 10,301,809 4.09 Federal funds purchased 1,855,860 4.49 1,994,766 4.50 1,767,749 4.80 1,391,118 5.42 1,193,190 5.50 Other borrowings 64,750 4.26 64,750 4.30 64,738 4.22 64,738 4.22 64,738 4.27 Total interest-bearing liabilities $ 13,182,267 3.50 % $ 13,348,133 3.57 % $ 12,642,803 3.80 % $ 12,396,020 4.26 % $ 11,559,737 4.23 % Non-interest-bearing liabilities: Non-interest-bearing checking 2,633,552 2,600,775 2,672,875 2,575,575 2,560,245 Other liabilities 119,829 120,291 130,457 122,455 89,418 Stockholders' equity 1,716,232 1,670,402 1,624,084 1,574,902 1,536,013 Accumulated other comprehensive loss (25,377 ) (29,453 ) (32,836 ) (41,819 ) (47,584 ) Total liabilities and stockholders' equity $ 17,626,503 $ 17,710,148 $ 17,037,383 $ 16,627,133 $ 15,697,828 Net interest spread 2.30 % 2.12 % 2.07 % 1.86 % 1.78 % Net interest margin 3.10 % 2.92 % 2.96 % 2.84 % 2.79 % (1) Average loans include nonaccrual loans in all periods. Loan fees of $4,430, $3,764, $4,460, $3,949, and $3,317 are included in interest income in the second quarter of 2025, first quarter of 2025, fourth quarter of 2024, third quarter of 2024, and second quarter of 2024, respectively. (2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%. (3) Unrealized losses on debt securities of $(36,381), $(41,970), $(46,652), $(58,802), and $(66,663) for the second quarter of 2025, first quarter of 2025, fourth quarter of 2024, third quarter of 2024, and second quarter of 2024, respectively, are excluded from the yield calculation. (4) Includes impact of reversal of a $2.3 million accrual related to a legal matter. Please see 'GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.' Expand
