SFBS — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-07

• Average loans of $14.22 billion for the second quarter of 2026, an increase of $1.21 billion, or 9.3%, from the second quarter of 2025.

• Average deposits of $14.32 billion for the second quarter of 2026, an increase of $423.0 million, or 3.0%, from the second quarter of 2025.

• Net interest income of $155.6 million for the second quarter of 2026, increased $23.9 million, or 18.2%, from the second quarter of 2025.

• Net interest margin of 3.63% for second quarter of 2026, increased 53 basis points from 3.10% in the second quarter of 2025.

• We reported net income and net income available to common stockholders of $85.8 million for the quarter ended June 30, 2026, compared to net income and net income available to common stockholders of $61.4 million for the second quarter of 2025. Basic and diluted earnings per common share were both $…

Text removed vs the prior filing · source: 10-Q · 2026-05-06

• Deposits grew by $267 million, or 8% annualized, during the quarter.

• Loans grew by $249 million, or 7% annualized, during the quarter.

• Book value per share of $34.99, up 14.5% from the first quarter of 2025 and 13.4% annualized, from the fourth quarter of 2025.

• Liquidity remains very strong with $1.84 billion in cash and cash equivalents, equaling 10% of our total assets, and no Federal Home Loan Bank advances or brokered deposits.

• Consolidated common equity tier 1 capital to risk-weighted assets increased from 11.48% in the first quarter of 2025 to 11.86% in the first quarter of 2026.

Text added vs the prior filing · source: 10-Q · 2026-08-07

• The asset-liability committee thoroughly analyzes the maturities of rate-sensitive assets and liabilities. This analysis measures the “gap,” which is defined as the difference between the dollar amount of rate-sensitive assets repricing during a period and the volume of rate-sensitive liabilities re…

Text removed vs the prior filing · source: 10-Q · 2026-05-06

• The ALCO employs modeling techniques such as net interest income simulations and economic value of equity simulations to determine what amount of the Bank’s net interest income is at risk given different movements in market interest rates. Simulations assume gradual and instantaneous (shocks) moveme…

Text added vs the prior filing · source: 10-Q · 2026-08-07

• As of the end of the period covered by this Quarterly Report on Form 10-Q, our management, with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) und…

• Subsequent to the filing of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 on May 6, 2026 (the “First Quarter 10-Q”) an error was identified in the Consolidated Statement of Cash Flows for the quarter ended March 31, 2026.

• Specifically, the First Quarter 10-Q Consolidated Statement of Cash Flows presented the line item of “Dividends paid on common stock” as $20,758,000, omitting the parenthetical indication of a cash outflow. The correct presentation should have been ($20,758,000), a $41,516,000 difference. The dollar…

• The error was limited to the Consolidated Statement of Cash Flows in the First Quarter 10-Q, and did not impact the beginning, ending or change in cash and cash equivalents balance, nor did it impact the Company's Consolidated Balance Sheets, Consolidated Statements of Income, Consolidated Statement…

• The error resulted from an inadvertent alteration of a formula in a compilation worksheet that was not identified during management's review of the classification of cash flows in the Consolidated Statement of Cash Flows.

Text removed vs the prior filing · source: 10-Q · 2026-05-06

• We conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures under the supervision and with the participation of our management, including our CEO and CFO, as of March 31, 2026. Based upon the evaluation, our CEO and CFO have concluded that ou…

• There have not been any changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, our internal control over financ…

Text added vs the prior filing · source: 10-Q · 2026-08-07

• We recently identified a material weakness in our internal control over financial reporting, which could impact the Company’s ability to report its results of operations and financial condition accurately and in a timely manner and may adversely affect our stock price.

• Our management is responsible for establishing and maintaining effective internal control over financial reporting and disclosure controls and procedures. As described in “Part II, Item 4. Controls and Procedures,” we identified a material weakness in the Company’s internal control over financial re…

• Although the error that led to the identification of the material weakness was not material to our previously issued financial statements and did not require the restatement of those financial statements, management concluded that the control deficiency created a reasonable possibility that a materi…

• While we have implemented remediation measures designed to address this material weakness and have concluded that the material weakness has been remediated, there can be no assurance that the controls we have implemented will continue to operate effectively or that additional material weaknesses or …

• Any failure to maintain effective internal control over financial reporting could adversely affect our ability to accurately report our and results of operations and financial condition, result in restatements of our financial statements, cause us to fail to meet our reporting obligations, impair in…