EXHIBIT 99.1

ServisFirst Bancshares, Inc. Announces Results for First Quarter 2018

BIRMINGHAM, Ala., April 16, 2018 (GLOBE NEWSWIRE) -- ServisFirst Bancshares, Inc. (NASDAQ: SFBS) today announced earnings and operating results for the quarter ended March 31, 2018.

First Quarter Highlights:

Tom Broughton, President and CEO, said, “Our strong asset quality and solid financial performance, coupled with our focus on serving client needs, continues to attract new clients.”  Bud Foshee, CFO, stated, “Even though our financial results were enhanced by lower federal corporate tax rates, our pre-tax income in the first quarter increased 31% year over year, pointing to continued improvement in our financial metrics.”

FINANCIAL SUMMARY (UNAUDITED)                   
(in Thousands except share and per share amounts)                   
                      
    Period Ending
March 31, 2018		 Period Ending
December 31, 2017		 % Change
From Period
Ending
December
31, 2017 to
Period
Ending
March 31,
2018		 Period Ending
March 31, 2017		 % Change
From Period
Ending March
31, 2017 to
Period Ending
March 31,
2018		 
QUARTERLY OPERATING RESULTS                   
Net Income $32,603  $21,150  54 % $22,519  45% 
Net Income Available to Common Stockholders $32,603  $21,119  54 % $22,519  45% 
Diluted Earnings Per Share $0.60  $0.39  54 % $0.42  43% 
Return on Average Assets  1.91%  1.20%     1.45%    
Return on Average Common Stockholders' Equity  21.40%  13.97%     17.09%    
Average Diluted Shares Outstanding  54,183,400   54,161,788      54,133,722     
                      
Core Net Income* $32,603  $24,424  33 %        
Core Net Income Available to Common Stockholders* $32,603  $24,393  34 %        
Core Diluted Earnings Per Share* $0.60  $0.45  34 %        
Core Return on Average Assets*  1.91%  1.39%           
Core Return on Average Common Stockholders' Equity*  21.40%  16.13%           
                      
BALANCE SHEET                   
Total Assets $7,011,735  $7,082,384  (1)% $6,336,165  11% 
Loans  5,928,327   5,851,261  1 %  5,151,984  15% 
Non-interest-bearing Demand Deposits  1,407,592   1,440,326  (2)%  1,292,440  9% 
Total Deposits  5,977,387   6,091,674  (2)%  5,361,532  11% 
Stockholders' Equity  629,297   607,604  4 %  545,148  15% 
                      
* Core measures exclude non-routine expenses during the comparative periods presented in this press release as more fully described in "GAAP Reconciliation and Management Explanation on Non-GAAP Financial Measures." 

DETAILED FINANCIALS

ServisFirst Bancshares, Inc. reported net income and net income available to common stockholders of $32.6 million for the quarter ended March 31, 2018, compared to net income and net income available to common stockholders of $22.5 million for the same quarter in 2017.  Basic and diluted earnings per common share were $0.61 and $0.60, respectively, for the first quarter of 2018, compared to $0.43 and $0.42, respectively, for the first quarter of 2017.

Return on average assets was 1.91% and return on average equity was 21.40% for the first quarter of 2018, compared to 1.45% and 17.09%, respectively, for the first quarter of 2017.

Net interest income was $62.4 million for the first quarter of 2018, compared to $61.4 million for the fourth quarter of 2017 and $52.1 million for the first quarter of 2017.  The net interest margin in the first quarter of 2018 was 3.81%, an increase of 15 basis points from the fourth quarter of 2017 and an increase of 28 basis points from the first quarter of 2017.  The increase in net interest income on a linked quarter basis is attributable to a $166.6 million increase in average loans outstanding and an $18.0 million increase in average stockholders’ equity, all resulting in a positive mix change in our balance sheet.  A $55.1 million decrease in average non-interest-bearing deposits offset the positive mix change caused by increases in loans and stockholders’ equity, while a $226.7 million decrease in federal funds sold and interest-bearing balances with banks added to the positive mix change.  The average yield on loans increased by 12 basis points to 4.80% on a linked quarter basis, boosted by the Federal Reserve Bank’s recent increases of interest rates.

Average loans for the first quarter of 2018 were $5.88 billion, an increase of $166.6 million, or 2.9%, over average loans of $5.72 billion for the fourth quarter of 2017, and an increase of $879.5 million, or 17.6%, over average loans of $5.00 billion for the first quarter of 2017.

Average total deposits for the first quarter of 2018 were $5.95 billion, a decrease of $88.8 million, or 1.5%, from average total deposits of $6.03 billion for the fourth quarter of 2017, and an increase of $627.4 million, or 11.8%, over average total deposits of $5.32 billion for the first quarter of 2017.

Non-performing assets to total assets were 0.22% for the first quarter of 2018, a decrease of three basis points compared to 0.25% for the fourth quarter of 2017 and a decrease of five basis points compared to 0.27% for the first quarter of 2017.  Net credit charge-offs to average loans were 0.10%, a 46 basis point decrease compared to 0.56% for the fourth quarter of 2017 and a 14 basis point decrease compared to 0.24% for the first quarter of 2017.  We recorded a $4.1 million provision for loan losses in the first quarter of 2018 compared to $9.1 million in the fourth quarter of 2017 and $5.0 million in the first quarter of 2017.  The allowance for loan losses as a percentage of total loans was 1.05% at March 31, 2018 compared to 1.02% at December 31, 2017 and 1.05% at March 31, 2017.  In management’s opinion, the allowance is adequate and was determined by consistent application of ServisFirst Bank’s methodology for calculating its allowance for loan losses.

Non-interest income for the first quarter of 2018 increased $323,000, or 7%, to $4.9 million compared to the first quarter of 2017.  Service charges on deposit accounts increased $231,000 during the first quarter of 2018, or 17%, compared to the first quarter of 2017, primarily the result of increased non-sufficient funds charges.  Mortgage revenue decreased $381,000, or 42%, to $518,000 during the first quarter of 2018, compared to $899,000 during the first quarter of 2017, as origination volumes slowed by $12.6 million, or 30%, for the first quarter of 2018 compared to the same quarter in 2017.  Credit card revenue increased 33% to $1.6 million during the first quarter of 2018, compared to $1.2 million during the first quarter of 2017.  Spending on credit cards increased 38% for the same comparative period.   

Non-interest expense for the first quarter of 2018 increased $2.2 million, or 10%, to $23.5 million from $21.3 million in the first quarter of 2017, and increased $2.3 million, or 11%, on a linked quarter basis.  Salary and benefit expense for the first quarter of 2018 increased $1.6 million, or 14%, to $13.3 million from $11.7 million in the first quarter of 2017, and increased $1.9 million, or 17%, on a linked quarter basis.  We had 437 FTE employees at the end of March 2018 compared to 417 at the end of March 2017, an increase of 5%.  Equipment and occupancy expense decreased $296,000, or 13%, to $2.0 million in the first quarter of 2018, from $2.3 million in the first quarter of 2017.  A decrease in rental payments more than offset increased depreciation expense resulting from our fourth quarter 2017 move from our previous headquarters building, which was leased, to our new headquarters building, which is owned.  FDIC insurance assessments increased from $1.0 million during the first quarter of 2017 to $1.1 million during the first quarter of 2018, resulting primarily from asset growth which impacts our assessment base.  Our efficiency ratio for the first quarter of 2018, fourth quarter of 2017 and first quarter of 2017 was 34.93%, 32.05% and 37.58%, respectively.

Income tax expense decreased $775,000, or 10%, to $7.1 million in the first quarter of 2018, compared to $7.8 million in the first quarter of 2017.  Lower corporate income tax rates resulting from the passage of the Tax Cuts and Jobs Act in December 2017 has resulted in lower effective tax rates.  Excess tax benefits from the exercise of stock options and vesting of restricted stock were $1.5 million for the first quarter of 2018 compared to $2.1 million for the first quarter of 2017.  Our effective tax rate for the first quarter of 2018 and the first quarter of  2017 was 17.8% and 25.8%, respectively.

GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures

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.  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.  Core financial measures included in this press release are “core net income,” “core net income available to common stockholders,” “core diluted earnings per share,” “core return on average assets,” and “core return on average common stockholders’ equity.”  Each of these five core financial measures excludes the impact of the non-routine expenses attributable to our net deferred tax asset revaluation, lease termination and moving expenses, and are all considered non-GAAP financial measures.  In addition to these financial measures adjusting for non-routine expenses, this press release contains certain non-GAAP financial measures, including 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 and core deposit intangibles 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 tables provide 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 December
31, 2017		 
Return on average assets - GAAP  1.20% 
Net income - GAAP $21,150  
 Adjustments:    
 Revaluation of net deferred tax assets  3,059  
 Lease termination and moving expenses  347  
  Tax (benefit) of adjustments  (132) 
Core net income - non-GAAP* $24,424  
Average assets $6,988,731  
Core return on average assets - non-GAAP*  1.39% 
       
Return on average common stockholders' equity - GAAP  13.97% 
Net income available to common stockholders - GAAP $21,119  
 Adjustments:    
 Revaluation of net deferred tax assets  3,059  
 Lease termination and moving expenses  347  
  Tax (benefit) of adjustments  (132) 
Core net income available to common stockholders - non-GAAP* $24,393  
Average common stockholders' equity $599,947  
Core return on average common stockholders' equity - non-GAAP*  16.13% 
       
Diluted earnings per share - GAAP $0.39  
Weighted average shares outstanding, diluted - GAAP  54,161,788  
Core diluted earnings per share - non-GAAP* $0.45  


    At March 31,
2018		 At December
31, 2017		 At September
30, 2017		 At June 30,
2017		 At March 31,
2017		 
Book value per share - GAAP $11.84  $11.47  $11.14  $10.72  $10.32  
Total common stockholders' equity - GAAP  629,297   607,604   590,213   567,086   545,148  
 Adjustments:                     
 Adjusted for goodwill and core deposit intangible asset  14,652   14,719   14,787   14,855   14,924  
Tangible common stockholders' equity - non-GAAP * $614,645  $592,885  $575,426  $552,231  $530,224  
Tangible book value per share - non-GAAP * $11.56  $11.19  $10.86  $10.44  $10.04  
                        
Stockholders' equity to total assets - GAAP  8.98%  8.58%  8.79%  8.96%  8.60% 
Total assets - GAAP $7,011,735  $7,082,384  $6,712,103  $6,329,599  $6,336,165  
 Adjustments:                     
 Adjusted for goodwill and core deposit intangible asset  14,652   14,719   14,787   14,855   14,924  
Total tangible assets - non-GAAP * $6,997,083  $7,067,665  $6,697,316  $6,314,744  $6,321,241  
Tangible common equity to total tangible assets - non-GAAP *  8.78%  8.39%  8.59%  8.75%  8.39% 
                        
*Core measures exclude non-routine expenses during the comparative periods presented in this press release, as more fully described in "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures" above. 

Conference Call

ServisFirst Bancshares, Inc. will host a live audio webcast to discuss earnings and results on Monday, April 16, 2018 beginning at 5:15 p.m. ET.  You may access the webcast at https://services.choruscall.com/links/sfbs180122.html.  The webcast will be available until April 27, 2018.

About ServisFirst Bancshares, Inc.

ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama. Through its subsidiary, ServisFirst Bank, ServisFirst Bancshares, Inc. provides business and personal financial services from locations in Birmingham, Huntsville, Montgomery, Mobile and Dothan, Alabama, Pensacola and Tampa Bay, Florida, Atlanta, Georgia, Charleston, South Carolina and Nashville, Tennessee.

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 and Section 27A of the Securities Act of 1933.  The words "believe," "expect," "anticipate," "project," “plan,” “intend,” “will,” “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 a number of 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: 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 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, economic stimulus initiatives; 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.  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 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 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 www.servisfirstbancshares.com/ or by calling (205) 949-0302.

Contact: ServisFirst Bank
Davis Mange (205) 949-3420
dmange@servisfirstbank.com

                   
SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)                  
(In thousands except share and per share data)                     
  1st Quarter 2018 4th Quarter 2017 3rd Quarter 2017 2nd Quarter 2017 1st Quarter 2017 
CONSOLIDATED STATEMENT OF INCOME                     
Interest income $74,009  $72,060  $67,641  $63,538  $59,517  
Interest expense  11,573   10,652   9,245   7,971   7,465  
Net interest income  62,436   61,408   58,396   55,567   52,052  
Provision for loan losses  4,139   9,055   4,803   4,381   4,986  
Net interest income after provision for loan losses  58,297   52,353   53,593   51,186   47,066  
Non-interest income  4,869   4,905   4,790   4,805   4,546  
Non-interest expense  23,512   21,255   21,497   21,875   21,267  
Income before income tax  39,654   36,003   36,886   34,116   30,345  
Provision for income tax  7,051   14,853   11,627   9,952   7,826  
Net income  32,603   21,150   25,259   24,164   22,519  
Dividends paid on preferred stock  -   31   -   31   -  
Net income available to common stockholders $32,603  $21,119  $25,259  $24,133  $22,519  
Earnings per share - basic $0.61  $0.40  $0.48  $0.46  $0.43  
Earnings per share - diluted $0.60  $0.39  $0.47  $0.45  $0.42  
Average diluted shares outstanding  54,183,400   54,161,788   54,099,672   54,100,604   54,133,722  
                      
CONSOLIDATED BALANCE SHEET DATA                     
Total assets $7,011,735  $7,082,384  $6,712,103  $6,329,599  $6,336,165  
Loans  5,928,327   5,851,261   5,628,765   5,343,688   5,151,984  
Debt securities  560,885   538,330   522,724   518,065   526,023  
Non-interest-bearing demand deposits  1,407,592   1,440,326   1,405,965   1,373,353   1,292,440  
Total deposits  5,977,387   6,091,674   5,796,901   5,394,810   5,361,532  
Borrowings  64,739   64,832   54,975   55,075   55,169  
Stockholders' equity $629,297  $607,604  $590,213  $567,086  $545,148  
                      
Shares outstanding  53,147,169   52,992,586   52,970,310   52,909,362   52,812,396  
Book value per share $11.84  $11.47  $11.14  $10.72  $10.32  
Tangible book value per share (1) $11.56  $11.19  $10.86  $10.44  $10.04  
                      
SELECTED FINANCIAL RATIOS                     
Net interest margin  3.81%  3.66%  3.77%  3.77%  3.53% 
Return on average assets  1.91%  1.20%  1.55%  1.55%  1.45% 
Return on average common stockholders' equity  21.40%  13.97%  17.28%  17.36%  17.09% 
Efficiency ratio  34.93%  32.05%  34.02%  36.23%  37.58% 
Non-interest expense to average earning assets  1.43%  1.26%  1.38%  1.47%  1.43% 
                      
CAPITAL RATIOS (2)                     
Common equity tier 1 capital to risk-weighted assets  9.88%  9.51%  9.60%  9.72%  9.67% 
Tier 1 capital to risk-weighted assets  9.88%  9.52%  9.61%  9.73%  9.68% 
Total capital to risk-weighted assets  11.91%  11.52%  11.51%  11.67%  11.66% 
Tier 1 capital to average assets  8.95%  8.51%  8.91%  8.88%  8.46% 
Tangible common equity to total tangible assets (1)  8.78%  8.39%  8.59%  8.42%  8.39% 
                      
(1) See "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures" for a discussion of these Non-GAAP financial measures. 
(2) Regulatory capital ratios for most recent period are preliminary. 


CONSOLIDATED BALANCE SHEETS (UNAUDITED)        
(Dollars in thousands)        
    March 31, 2018 March 31, 2017% Change
    (Unaudited) (Unaudited)  
ASSETS        
Cash and due from banks $64,912  $54,993 18 %
Interest-bearing balances due from depository institutions  53,311   283,181 (81)%
Federal funds sold  197,882   127,390 55 %
 Cash and cash equivalents  316,105   465,564 (32)%
Available for sale debt securities, at fair value  560,635   453,956 23 %
Held to maturity debt securities (fair value of $250 and $73,180 at        
 March 31, 2018 and 2017, respectively)  250   72,057 (100)%
Restricted equity securities  1,026   1,034 (1)%
Mortgage loans held for sale  4,522   6,599 (31)%
Loans  5,928,327   5,151,984 15 %
Less allowance for loan losses  (62,050)  (53,892)15 %
 Loans, net  5,866,277   5,098,092 15 %
Premises and equipment, net  58,624   46,407 26 %
Goodwill and other identifiable intangible assets  14,652   14,924 (2)%
Other assets  189,644   177,532 7 %
 Total assets $7,011,735  $6,336,165 11 %
LIABILITIES AND STOCKHOLDERS' EQUITY        
Liabilities:        
Deposits:        
 Non-interest-bearing $1,407,592  $1,292,440 9 %
 Interest-bearing  4,569,795   4,069,092 12 %
  Total deposits  5,977,387   5,361,532 11 %
Federal funds purchased  326,399   358,241 (9)%
Other borrowings  64,739   55,169 17 %
Other liabilities  13,913   16,075 (13)%
 Total liabilities  6,382,438   5,791,017 10 %
Stockholders' equity:        
 Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at        
  March 31, 2018 and March 31, 2017  -   -   
 Common stock, par value $0.001 per share; 100,000,000 shares authorized; 53,147,169 shares        
  issued and outstanding at March 31, 2018, and 52,812,396 shares issued and outstanding        
  at March 31, 2017  53   53   
 Additional paid-in capital  217,536   217,195 - %
 Retained earnings  416,311   327,029 27 %
 Accumulated other comprehensive income  (5,105)  369 NM  
  Total stockholders' equity attributable to ServisFirst Bancshares, Inc.  628,795   544,646 15 %
 Noncontrolling interest  502   502 - %
  Total stockholders' equity  629,297   545,148 15 %
 Total liabilities and stockholders' equity $7,011,735   6,336,165 11 %
             


CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)    
(In thousands except per share data)       
    Three Months Ended March 31, 
    2018 2017 
Interest income:       
 Interest and fees on loans $69,674 $55,556 
 Taxable securities  2,745  2,087 
 Nontaxable securities  656  765 
 Federal funds sold  551  519 
 Other interest and dividends  383  590 
 Total interest income  74,009  59,517 
Interest expense:       
 Deposits  9,621  5,982 
 Borrowed funds  1,952  1,483 
 Total interest expense  11,573  7,465 
 Net interest income  62,436  52,052 
Provision for loan losses  4,139  4,986 
 Net interest income after provision for loan losses  58,297  47,066 
Non-interest income:       
 Service charges on deposit accounts  1,585  1,354 
 Mortgage banking  518  899 
 Credit card income  1,578  1,179 
 Securities (losses) gains  4  - 
 Increase in cash surrender value life insurance  777  724 
 Other operating income  407  390 
 Total non-interest income  4,869  4,546 
Non-interest expense:       
 Salaries and employee benefits  13,296  11,713 
 Equipment and occupancy expense  1,954  2,250 
 Professional services  805  771 
 FDIC and other regulatory assessments  1,133  997 
 Other real estate owned expense  316  76 
 Other operating expense  6,008  5,460 
 Total non-interest expense  23,512  21,267 
 Income before income tax  39,654  30,345 
Provision for income tax  7,051  7,826 
 Net income  32,603  22,519 
 Dividends on preferred stock  -  - 
 Net income available to common stockholders $32,603 $22,519 
Basic earnings per common share $0.61 $0.43 
          
Diluted earnings per common share $0.60 $0.42 
          


LOANS BY TYPE (UNAUDITED)               
(In thousands)               
                 
   1st Quarter 2018 4th Quarter 2017 3rd Quarter 2017 2nd Quarter 2017 1st Quarter 2017
Commercial, financial and agricultural $2,329,904 $2,279,366 $2,223,910 $2,123,498 $2,061,503
Real estate - construction  506,050  580,874  467,838  395,398  345,777
Real estate - mortgage:               
 Owner-occupied commercial  1,349,679  1,328,666  1,323,383  1,272,659  1,262,578
 1-4 family mortgage  581,498  603,063  593,180  565,121  554,261
 Other mortgage  1,099,482  997,079  962,690  931,788  872,955
Subtotal: Real estate - mortgage  3,030,659  2,928,808  2,879,253  2,769,568  2,689,794
Consumer  61,714  62,213  57,764  55,224  54,910
Total loans $5,928,327 $5,851,261 $5,628,765 $5,343,688 $5,151,984
                


SUMMARY OF LOAN LOSS EXPERIENCE (UNAUDITED)                  
(Dollars in thousands)                  
     1st Quarter 2018 4th Quarter 2017 3rd Quarter 2017 2nd Quarter 2017 1st Quarter 2017 
Allowance for loan losses:                     
Beginning balance $59,406   $58,459   $55,059   $53,892   $51,893   
Loans charged off:                     
 Commercial financial and agricultural  1,088    7,064    924    3,067    2,855   
 Real estate - construction  -    -    16    40    -   
 Real estate - mortgage  381    1,134    550    106    266   
 Consumer  88    137    65    33    75   
  Total charge offs  1,557    8,335    1,555    3,246    3,196   
Recoveries:                     
 Commercial financial and agricultural  4    64    67    16    190   
 Real estate - construction  7    126    12    14    16   
 Real estate - mortgage  42    26    59    2    2   
 Consumer  9    11    14    -    1   
  Total recoveries  62    227    152    32    209   
 Net charge-offs  1,495    8,108    1,403    3,214    2,987   
 Provision for loan losses  4,139    9,055    4,803    4,381    4,986   
 Ending balance $62,050   $59,406   $58,459   $55,059   $53,892   
                         
 Allowance for loan losses to total loans  1.05 %  1.02 %  1.04 %  1.03 %  1.05 % 
 Allowance for loan losses to total average                     
  loans  1.05 %  1.04 %  1.07 %  1.05 %  1.08 % 
 Net charge-offs to total average loans  0.10 %  0.56 %  0.10 %  0.25 %  0.24 % 
 Provision for loan losses to total average                     
  loans  0.29 %  0.63 %  0.35 %  0.34 %  0.40 % 
 Nonperforming assets:                     
  Nonaccrual loans $9,271   $10,765   $12,356   $9,963   $12,084   
  Loans 90+ days past due and accruing  678    60    2,506    1,016    16   
  Other real estate owned and                     
  repossessed assets  5,748    6,701    3,888    3,891    5,102   
 Total $15,697   $17,526   $18,750   $14,870   $17,202   
                         
 Nonperforming loans to total loans  0.17 %  0.19 %  0.26 %  0.21 %  0.23 % 
 Nonperforming assets to total assets  0.22 %  0.25 %  0.28 %  0.23 %  0.27 % 
 Nonperforming assets to earning assets  0.23 %  0.25 %  0.29 %  0.24 %  0.28 % 
 Reserve for loan losses to nonaccrual loans  669.29 %  551.84 %  473.12 %  552.63 %  445.98 % 
                         
 Restructured accruing loans $15,838   $16,919   $12,700   $12,716   $536   
                         
 Restructured accruing loans to total loans  0.27 %  0.29 %  0.23 %  0.24 %  0.01 % 
                         
 TROUBLED DEBT RESTRUCTURINGS (TDRs) (UNAUDITED)              
 (In thousands)                 
     1st Quarter 2018 4th Quarter 2017 3rd Quarter 2017 2nd Quarter 2017 1st Quarter 2017 
 Beginning balance: $20,572   $16,354   $16,370   $7,269   $7,292   
  Additions  -    4,233    -    12,716    -   
  Removal from TDR  -    -    -    (535)   -   
  Net (paydowns) / advances  (1,080)   (15)   (16)   (1,380)   (23)  
  Charge-offs  (700)   -    -    (1,700)   -   
     $18,792   $20,572   $16,354   $16,370   $7,269   
                              


CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)          
(In thousands except per share data)          
    1st Quarter
2018		 4th Quarter
2017		 3rd Quarter
2017		 2nd Quarter
2017		 1st Quarter
2017		 
Interest income:                
 Interest and fees on loans $69,674 $67,357 $63,857 $59,912 $55,556 
 Taxable securities  2,745  2,468  2,288  2,274  2,087 
 Nontaxable securities  656  702  729  752  765 
 Federal funds sold  551  508  379  287  519 
 Other interest and dividends  383  1,025  388  313  590 
 Total interest income  74,009  72,060  67,641  63,538  59,517 
Interest expense:                
 Deposits  9,621  8,954  7,574  6,321  5,982 
 Borrowed funds  1,952  1,698  1,671  1,650  1,483 
 Total interest expense  11,573  10,652  9,245  7,971  7,465 
 Net interest income  62,436  61,408  58,396  55,567  52,052 
Provision for loan losses  4,139  9,055  4,803  4,381  4,986 
 Net interest income after provision for loan losses  58,297  52,353  53,593  51,186  47,066 
Non-interest income:                
 Service charges on deposit accounts  1,585  1,499  1,467  1,382  1,354 
 Mortgage banking  518  894  978  1,064  899 
 Credit card income  1,578  1,298  1,149  1,189  1,179 
 Securities gains  4  -  -  -  - 
 Increase in cash surrender value life insurance  777  797  825  785  724 
 Other operating income  407  417  371  385  390 
 Total non-interest income  4,869  4,905  4,790  4,805  4,546 
Non-interest expense:                
 Salaries and employee benefits  13,296  11,432  12,428  12,031  11,713 
 Equipment and occupancy expense  1,954  1,566  1,947  2,265  2,250 
 Professional services  805  833  805  808  771 
 FDIC and other regulatory assessments  1,133  1,030  810  1,081  997 
 Other real estate owned expense  316  160  31  56  76 
 Other operating expense  6,008  6,234  5,476  5,634  5,460 
 Total non-interest expense  23,512  21,255  21,497  21,875  21,267 
 Income before income tax  39,654  36,003  36,886  34,116  30,345 
Provision for income tax  7,051  14,853  11,627  9,952  7,826 
 Net income  32,603  21,150  25,259  24,164  22,519 
 Dividends on preferred stock  -  31  -  31  - 
 Net income available to common stockholders $32,603 $21,119 $25,259 $24,133 $22,519 
Basic earnings per common share $0.61 $0.40 $0.48 $0.46 $0.43 
                   
Diluted earnings per common share $0.60 $0.39 $0.47 $0.45 $0.42 


AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED) 
ON A FULLY TAXABLE-EQUIVALENT BASIS 
(Dollars in thousands) 
  
      1st Quarter 2018 4th Quarter 2017 3rd Quarter 2017 2nd Quarter 2017 1st Quarter 2017 
      Average
Balance		 Yield /
Rate		 Average
Balance		 Yield /
Rate		 Average
Balance		 Yield /
Rate		 Average
Balance		 Yield /
Rate		 Average
Balance		 Yield /
Rate		 
Assets:                               
Interest-earning assets:                               
 Loans, net of unearned income (1)                               
  Taxable $5,847,443  4.81% $5,680,227 4.68% $5,407,109 4.66% $5,192,812 4.60% $4,976,933  4.50% 
  Tax-exempt (2)  36,357  4.06   36,992 4.95   33,357 5.17   41,143 4.92   27,322  4.72  
   Total loans, net of                               
    unearned income  5,883,800  4.80   5,717,219 4.68   5,440,466 4.66   5,233,955 4.60   5,004,255  4.51  
 Mortgage loans held for sale  3,698  4.50   6,199 3.52   4,862 3.51   5,958 3.90   5,637  4.10  
 Debt securities:                               
  Taxable  435,747  2.52   406,488 2.43   385,431 2.37   389,505 2.34   368,349  2.27  
  Tax-exempt (2)  120,270  2.56   128,201 3.27   131,478 3.34   133,590 3.38   132,578  3.45  
   Total securities (3)  556,017  2.53   534,689 2.63   516,909 2.62   523,095 2.60   500,927  2.58  
 Federal funds sold  131,472  1.70   143,905 1.40   111,175 1.35   98,598 1.17   234,460  0.90  
 Restricted equity securities  1,030  1.57   1,030 1.93   1,030 3.47   1,030 10.51   1,030  1.57  
 Interest-bearing balances with banks  96,012  1.60   310,289 1.31   118,510 1.27   109,909 1.04   295,648  0.80  
 Total interest-earning assets  6,672,029  4.51%  6,713,331 4.29%  6,192,952 4.37%  5,972,545 4.30%  6,041,957  4.03% 
Non-interest-earning assets:                               
 Cash and due from banks  68,309      68,444     65,457     68,894     59,697     
 Net premises and equipment  59,709      57,320     54,727     49,813     44,739     
 Allowance for loan losses, accrued                               
  interest and other assets  140,558      149,636     151,786     143,286     138,289     
   Total assets $6,940,605     $6,988,731    $6,464,922    $6,234,538    $6,284,682     
                                    
Interest-bearing liabilities:                               
 Interest-bearing deposits:                               
 Checking $899,311  0.52% $899,334 0.46% $800,437 0.42% $779,916 0.39% $789,273  0.38% 
 Savings  53,269  0.31   49,697 0.31   48,313 0.30   48,150 0.30   50,461  0.33  
 Money market  3,027,176  0.90   3,065,298 0.80   2,774,061 0.74   2,567,817 0.64   2,694,225  0.58  
 Time deposits  576,857  1.21   576,010 1.16   546,020 1.10   537,220 1.06   530,000  1.02  
  Total interest-bearing deposits  4,556,613  0.86   4,590,339 0.77   4,168,831 0.72   3,933,103 0.64   4,063,959  0.60  
 Federal funds purchased  297,051  1.60   271,248 1.37   282,806 1.34   336,344 1.11   359,747  0.86  
 Other borrowings  64,805  4.89   60,829 4.98   55,034 5.17   55,130 5.22   55,239  5.26  
 Total interest-bearing liabilities  4,918,469  0.95%  4,922,416 0.86%  4,506,671 0.81%  4,324,577 0.74%  4,478,945  0.68% 
Non-interest-bearing liabilities:                               
 Non-interest-bearing                               
  demand deposits  1,389,217      1,444,338     1,363,207     1,338,514     1,254,496     
 Other liabilities  15,007      22,029     15,070     13,739     16,809     
 Stockholders' equity  621,004      599,754     578,626     556,521     535,232     
 Unrealized (losses) gains on securities                               
  and derivatives  (3,092)     194     1,348     1,187     (800)    
   Total liabilities and                               
    stockholders' equity $6,940,605     $6,988,731    $6,464,922    $6,234,538    $6,284,682     
Net interest spread    3.56%    3.43%    3.56%    3.56%    3.35% 
Net interest margin    3.81%    3.66%    3.77%    3.77%    3.53% 
                                    
(1)Average loans include loans on which the accrual of interest has been discontinued. 
(2)Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21% for the 1st quarter of 2018 and 35% for the quarters in 2017. 
(3)Unrealized (losses) gains on available-for-sale debt securities are excluded from the yield calculation.