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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported)    October 19, 2023   

 

 

Southern First Bancshares, Inc.

 

(Exact name of registrant as specified in its charter)

South Carolina

 

(State or other jurisdiction of incorporation)

000-27719   58-2459561
(Commission File Number)   (IRS Employer Identification No.)
     
6 Verdae Boulevard, Greenville, SC   29607
(Address of principal executive offices)   (Zip Code)

 

(864) 679-9000

 

(Registrant's telephone number, including area code)

 

100 Verdae Boulevard, Suite 100, Greenville, SC

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b))
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock   SFST   The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

   

 

ITEM 2.02.   Results of Operations and Financial Condition.

On October 19, 2023, Southern First Bancshares, Inc., holding company for Southern First Bank, issued a press release announcing its financial results for the period ended September 30, 2023.  The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

ITEM 7.01   Regulation FD Disclosure.

A copy of a slide presentation also highlighting Southern First Bancshares, Inc. financial results for the period ended September 30, 2023 is furnished as Exhibit 99.2 to this Current Report on Form 8-K. The slide presentation also will be available on our website, www.southernfirst.com, under the “Investor Relations” section.

ITEM 9.01.   Financial Statements and Exhibits.

(d) ExhibitsThe following exhibit index lists the exhibits that are either filed or furnished with the Current Report on Form 8-K.

EXHIBIT INDEX

Exhibit No.   Description
     
99.1   Earnings Press Release for period ended September 30, 2023.
99.2   Slide Presentation.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

   

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  SOUTHERN FIRST BANCSHARES, INC.
     
  By: /s/ D. Andrew Borrmann
  Name:   D. Andrew Borrmann
  Title:   Chief Financial Officer

October 19, 2023

   

Exhibit 99.1

 

Southern First Reports Results for Third Quarter 2023

Greenville, South Carolina, October 19, 2023 – Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, today announced its financial results for the three-month period ended September 30, 2023.

“Our team generated improved performance over the prior quarter as evidenced by the growth in book value, general margin stability, capital accretion, and outstanding credit quality,” stated Art Seaver, the Company’s Chief Executive Officer. “While the monetary policy of the Federal Reserve has increased interest rates dramatically and resulted in a significant decline in loan demand, we are proud of our efforts to grow client relationships and support the needs of our clients and communities.”

2023 Third Quarter Highlights

·Net income was $4.1 million and diluted earnings per common share were $0.51 for Q3 2023
·Core deposits remained at $2.9 billion at Q3 2023, compared to Q2 2023 and increased 5% from Q3 2022
·Total loans increased 2% (annualized) to $3.6 billion at Q3 2023, compared to Q2 2023 and increased 17%, from $3.0 billion at Q3 2022
·Book value per common share increased to $37.57 at Q3 2023, or 4%, over Q3 2022
·Credit quality remains strong with nonperforming assets to total assets of 0.11% and past due loans to total loans of 0.13% at Q3 2023
·Net interest margin was 1.97% for Q3 2023, compared to 2.05% for Q2 2023 and 3.19% for Q3 2022
·Improvement in common equity tier 1 and risk-based capital ratios during Q3 2023, compared to Q2 2023

 

    Quarter Ended
    September 30 June 30 March 31 December 31 September 30
    2023 2023 2023 2022 2022
Earnings ($ in thousands, except per share data):            
Net income available to common shareholders $ 4,098 2,458 2,703 5,492 8,413
Earnings per common share, diluted   0.51 0.31 0.33 0.68 1.04
Total revenue(1)   22,094 21,561 22,468 25,826 28,134
Net interest margin (tax-equivalent)(2)   1.97% 2.05% 2.36% 2.88% 3.19%
Return on average assets(3)   0.40% 0.26% 0.30% 0.63% 1.00%
Return on average equity(3)   5.35% 3.27% 3.67% 7.44% 11.57%
Efficiency ratio(4)   78.31% 80.67% 76.12% 63.55% 57.03%
Noninterest expense to average assets (3)   1.69% 1.82% 1.89% 1.87% 1.92%
Balance Sheet ($ in thousands):            
Total loans(5) $ 3,553,632 3,537,616 3,417,945 3,273,363 3,030,027
Total deposits   3,347,771 3,433,018 3,426,774 3,133,864 3,001,452
Core deposits(6)   2,866,574 2,880,507 2,946,567 2,759,112 2,723,592
Total assets   4,019,957 4,002,107 3,938,140 3,691,981 3,439,669
Book value per common share   37.57 37.42 37.16 36.76 35.99
Loans to deposits   106.15% 103.05% 99.74% 104.45% 100.95%
Holding Company Capital Ratios(7):            
Total risk-based capital ratio   12.56% 12.40% 12.67% 12.91% 13.58%
Tier 1 risk-based capital ratio   10.58% 10.42% 10.66% 10.88% 11.49%
Leverage ratio   8.17% 8.48% 8.80% 9.17% 9.44%
Common equity tier 1 ratio(8)   10.17% 10.00% 10.23% 10.44% 11.02%
Tangible common equity(9)   7.56% 7.53% 7.60% 7.98% 8.37%
Asset Quality Ratios:            
Nonperforming assets/ total assets   0.11% 0.08% 0.12% 0.07% 0.08%
Classified assets/tier one capital plus allowance for credit losses   4.72% 4.68% 5.10% 4.71% 5.24%
Loans 30 days or more past due/ loans(5)   0.13% 0.07% 0.11% 0.11% 0.07%
Net charge-offs (recoveries)/average loans(5) (YTD annualized)   0.01% 0.03% 0.01% (0.05%) (0.06%)
Allowance for credit losses/loans(5)   1.16% 1.16% 1.18% 1.18% 1.20%
Allowance for credit losses/nonaccrual loans   953.25% 1,363.11% 854.33% 1,470.74% 1,388.87%

[Footnotes to table located on page 6]

1 

 

income statements – Unaudited

           
    Quarter Ended
    September 30 June 30 March 31 December 31 September 30
(in thousands, except per share data)   2023 2023 2023 2022 2022
Interest income            
Loans $ 43,542 41,089 36,748 33,939 29,752
Investment securities   1,470 706 613 562 506
Federal funds sold   2,435 891 969 525 676
  Total interest income   47,447 42,686 38,330 35,026 30,934
Interest expense            
Deposits   25,130 21,937 17,179 10,329 5,021
Borrowings   2,972 1,924 727 578 459
  Total interest expense      28,102    23,861    17,906    10,907    5,480
Net interest income   19,345 18,825 20,424  24,119  25,454
Provision for (reversal of) credit losses      (500)    910    1,825    2,325    950
Net interest income after provision for credit losses   19,845 17,915 18,599 21,794 24,504
Noninterest income            
Mortgage banking income   1,208 1,337 622 291 1,230
Service fees on deposit accounts   356 331 325 316 318
ATM and debit card income   588 536 555 558 542
Income from bank owned life insurance   349 338 332 344 315
Other income   248 194 210 198 275
  Total noninterest income   2,749 2,736 2,044 1,707 2,680
Noninterest expense            
Compensation and benefits   10,231 10,287 10,356 9,576 9,843
Occupancy   2,562 2,518 2,457 2,666 2,442
Outside service and data processing costs   1,744 1,705 1,629 1,521 1,529
Insurance   1,243 897 689 551 507
Professional fees   504 751 660 788 555
Marketing   293 335 366 282 338
Other   725 900 947 1,029 832
  Total noninterest expenses   17,302 17,393 17,104 16,413 16,046
Income before provision for income taxes   5,293 3,258 3,539 7,088 11,138
Income tax expense   1,195 800 836 1,596 2,725
Net income available to common shareholders $ 4,098 2,458 2,703 5,492 8,413
             
Earnings per common share – Basic $ 0.51 0.31 0.34 0.69 1.06
Earnings per common share – Diluted    0.51  0.31  0.33 0.68  1.04
Basic weighted average common shares   8,053 8,051 8,026 7,971 7,972
Diluted weighted average common shares    8,072  8,069  8,092 8,071  8,065

[Footnotes to table located on page 6]

Net income for the third quarter of 2023 was $4.1 million, or $0.51 per diluted share, a $1.6 million increase from the second quarter of 2023 and a $4.3 million decrease from the third quarter of 2022. Net interest income increased $520 thousand for the third quarter of 2023, compared to the second quarter of 2023, and decreased $6.1 million, compared to the third quarter of 2022. The increase in net interest income from the prior quarter was primarily driven by an increase in interest income on loans and federal funds sold. The decrease in net interest income from the prior year was driven primarily by an increase in interest expense on our deposit accounts related to the Federal Reserve’s 525-basis point interest rate hikes during the past 19 months.

There was a reversal of the provision for credit losses of $500 thousand for the third quarter of 2023, compared to a provision of $910 thousand for the second quarter of 2023 and a provision of $950 thousand for the third quarter of 2022. The provision reversal during the third quarter of 2023 includes a $100 thousand reversal of the provision for credit losses and a $400 thousand reversal of the reserve for unfunded commitments. The reversal of the provision for credit losses was driven by lower expected loss rates, while the reversal of the reserve for unfunded commitments was driven by a decrease in the balance of unfunded commitments at September 30, 2023, compared to the previous quarter and year.

Noninterest income was $2.7 million for each of the third quarter of 2023, the second quarter of 2023, and the third quarter of 2022. Mortgage banking income continues to be the largest component of our noninterest income at $1.2 million for the third quarter of 2023, $1.3 million for the second quarter of 2023, and $1.2 million for the third quarter of 2022.

2 

 

Noninterest expense for the third quarter of 2023 was $17.3 million, a $91 thousand decrease from the second quarter of 2023, and a $1.3 million increase from the third quarter of 2022. The decrease in noninterest expense from the previous quarter was driven by decreases in professional fees and other noninterest expenses, while the increase from the prior year related to increases in compensation and benefits, outside service and data processing costs, and insurance expenses. Compensation and benefits expenses increased from the previous year, driven by annual salary increases and the hiring of new team members. Outside service and data processing costs increased due to an increase in software licensing and maintenance costs, while insurance costs increased due to higher FDIC insurance premiums.

Our effective tax rate was 22.6% for the third quarter of 2023, 24.6% for the second quarter of 2023, and 24.5% for the third quarter of 2022. The lower tax rate in the third quarter of 2023 as compared to the previous quarters of 2023 relates primarily to the effect of equity compensation transactions and return to provision differences on our tax rate during the quarter.

Net interest income and margin - Unaudited

       
    For the Three Months Ended
  September 30, 2023 June 30, 2023 September 30,2022
(dollars in thousands) Average
Balance		 Income/
Expense		 Yield/
Rate(3)		 Average
Balance		 Income/
Expense		 Yield/
Rate(3)		 Average
Balance		 Income/
Expense		 Yield/
Rate(3)
Interest-earning assets                  
Federal funds sold and interest-bearing deposits $     181,784 $      2,435 5.31% $     71,004 $      891 5.03% $     122,071 $      676 2.20%
  Investment securities, taxable 148,239 1,429 3.82% 93,922 623 2.66% 91,462 449 1.95%
  Investment securities, nontaxable(2) 7,799 55 2.77% 10,200 108 4.24% 10,160 74 2.89%
  Loans(10) 3,554,478 43,542 4.86% 3,511,225 41,089 4.69% 2,941,350 29,752 4.01%
    Total interest-earning assets 3,892,300 47,461 4.84% 3,686,351 42,711 4.65% 3,165,043 30,951 3.88%
  Noninterest-earning assets 159,103     155,847     159,233    
    Total assets $4,051,403     $3,842,198     $3,324,726    
Interest-bearing liabilities                  
NOW accounts $   297,028 620 0.83% $   297,234 537 0.72% $   361,500 178 0.20%
Savings & money market 1,748,638 16,908 3.84% 1,727,009 15,298 3.55% 1,417,181 3,663 1.03%
Time deposits 648,949 7,602 4.65% 573,095 6,102 4.27% 361,325 1,180 1.30%
Total interest-bearing deposits 2,694,615 25,130 3.70% 2,597,338 21,937 3.39% 2,140,006 5,021 0.93%
FHLB advances and other borrowings 264,141 2,414 3.63% 135,922 1,382 4.08% 1,357 10 2.92%
Subordinated debentures 36,278 558 6.10% 36,251 542 6.00% 36,169 449 4.93%
Total interest-bearing liabilities 2,995,034 28,102 3.72% 2,769,511 23,861 3.46% 2,177,532 5,480 1.00%
Noninterest-bearing liabilities 752,433     771,388     858,202    
Shareholders’ equity 303,936     301,299     288,542    
Total liabilities and shareholders’ equity $4,051,403     $3,842,198     $3,324,276    
Net interest spread     1.12%     1.19%     2.88%
Net interest income (tax equivalent) / margin   $19,359 1.97%   $18,850 2.05%   $25,471 3.19%
Less:  tax-equivalent adjustment(2)   14     25     17  
Net interest income   $19,345     $18,825     $25,454  

[Footnotes to table located on page 6]

Net interest income was $19.3 million for the third quarter of 2023, a $520 thousand increase from the second quarter of 2023, driven by a $4.8 million increase in interest income, partially offset by a $4.2 million increase in interest expense, on a taxable basis. The increase in interest income was driven by $205.9 million growth in average interest-earning assets at an average rate of 4.84%, a 19-basis points increase over the previous quarter, partially offset by $225.5 million growth in average interest-bearing liabilities at an average cost of 3.72%, an increase of 26-basis points from the second quarter of 2023. In comparison to the third quarter of 2022, net interest income decreased $6.1 million, resulting primarily from $554.6 million growth in average interest-bearing deposit balances during the 12 months ended September 30, 2023, combined with a 277-basis point increase in deposit rates. Our net interest margin, on a tax-equivalent basis, was 1.97% for the third quarter of 2023, an 8-basis point decrease from 2.05% for the second quarter of 2023 and a 122-basis point decrease from 3.19% for the third quarter of 2022. As a result of the Federal Reserve’s 300-basis point interest rate hikes during the past 12 months, the rate on our interest-bearing liabilities has increased by 272-basis points during the third quarter of 2023 in comparison to the third quarter of 2022. However, the yield on our interest-earning assets, driven by our loan portfolio, has increased by only 96-basis points during the same time period, resulting in the lower net interest margin during the third quarter of 2023.

3 

 

Balance sheets - Unaudited

         
    Ending Balance
    September 30 June 30 March 31 December 31 September 30
(in thousands, except per share data)   2023 2023 2023 2022 2022
Assets            
Cash and cash equivalents:            
Cash and due from banks $ 17,395 24,742 22,213 18,788 16,530
Federal funds sold   127,714 170,145 242,642 101,277 139,544
Interest-bearing deposits with banks   7,283 10,183 7,350 50,809 4,532
Total cash and cash equivalents   152,392 205,070 272,205 170,874 160,606
Investment securities:            
Investment securities available for sale   144,035 91,548 94,036 93,347 91,521
Other investments   19,600 12,550 10,097 10,833 5,449
Total investment securities   163,635 104,098 104,133 104,180 96,970
Mortgage loans held for sale   7,117 15,781 6,979 3,917 9,243
Loans (5)    3,553,632  3,537,616  3,417,945  3,273,363  3,030,027
Less allowance for credit losses   (41,131) (41,105) (40,435) (38,639) (36,317)
Loans, net   3,512,501 3,496,511 3,377,510 3,234,724 2,993,710
Bank owned life insurance   52,140 51,791 51,453 51,122 50,778
Property and equipment, net   95,743 96,964 97,806 99,183 99,530
Deferred income taxes   13,078 12,356 12,087 12,522 18,425
Other assets   23,351 19,536 15,967 15,459 10,407
Total assets $ 4,019,957 4,002,107 3,938,140 3,691,981 3,439,669
Liabilities            
Deposits $ 3,347,771 3,433,018 3,426,774 3,133,864 3,001,452
FHLB Advances   275,000 180,000 125,000 175,000 60,000
Subordinated debentures   36,295 36,268 36,241 36,214 36,187
Other liabilities   56,993 51,307 50,775 52,391 54,245
Total liabilities   3,716,059 3,700,593 3,638,790 3,397,469 3,151,884
Shareholders’ equity            
Preferred stock - $.01 par value; 10,000,000 shares authorized   - - - - -
Common Stock - $.01 par value; 10,000,000 shares authorized   81 81 80 80 80
Nonvested restricted stock   (4,065) (4,051) (4,462) (3,306) (3,348)
Additional paid-in capital   121,757 120,912 120,683 119,027 118,433
Accumulated other comprehensive loss   (15,255) (12,710) (11,775) (13,410) (14,009)
Retained earnings   201,380 197,282 194,824 192,121 186,629
Total shareholders’ equity   303,898 301,514 299,350 294,512 287,785
Total liabilities and shareholders’ equity $   4,019,957   4,002,107   3,938,140   3,691,981   3,439,669
Common Stock            
Book value per common share $ 37.57 37.42 37.16 36.76 35.99
Stock price:            
High   30.18 31.34 45.05 49.50 47.16
Low   24.22 21.33 30.70 41.46 41.66
Period end   26.94 24.75 30.70 45.75 41.66
Common shares outstanding   8,089 8,058 8,048 8,011 7,997
               

[Footnotes to table located on page 6]

4 

 

Asset quality measures - Unaudited

    Quarter Ended
    September 30 June 30 March 31 December 31 September 30
(dollars in thousands)   2023 2023 2023 2022 2022
Nonperforming Assets            
Commercial            
Non-owner occupied RE $ 1,615 754 1,384 247 253
Commercial business   404 137 1,196 182 79
Consumer            
Real estate   1,228 1,053 1,075 1,099 904
Home equity   1,068 1,072 1,078 1,099 1,379
Total nonaccrual loans   4,315 3,016 4,733 2,627 2,615
Other real estate owned   - - - - -
Total nonperforming assets $ 4,315 3,016 4,733 2,627 2,615
Nonperforming assets as a percentage of:            
Total assets   0.11% 0.08% 0.12% 0.07% 0.08%
Total loans   0.12% 0.09% 0.14% 0.08% 0.09%
Classified assets/tier 1 capital plus allowance for credit losses   4.72% 4.68% 5.10% 4.71% 5.24%

 

    Quarter Ended
    September 30 June 30 March 31 December 31 September 30
(dollars in thousands)   2023 2023 2023 2022 2022
Allowance for Credit Losses            
Balance, beginning of period $ 41,105 40,435 38,639 36,317 34,192
Loans charged-off   (42) (440) (161) - -
Recoveries of loans previously charged-off   168 15 102 22 1,600
  Net loans (charged-off) recovered    126 (425) (59) 22 1,600
Provision for (reversal of) credit losses   (100) 1,095 1,855 2,300 525
Balance, end of period $ 41,131 41,105 40,435 38,639 36,317
Allowance for credit losses to gross loans   1.16% 1.16% 1.18% 1.18% 1.20%
Allowance for credit losses to nonaccrual loans   953.25% 1,363.11% 854.33% 1,470.74% 1,388.87%
Net charge-offs to average loans QTD (annualized)   0.01% 0.03% 0.01% 0.00 % (0.22 %)

Total nonperforming assets increased by $1.3 million during the third quarter of 2023, representing 0.11% of total assets, compared to 0.08% for both the second quarter of 2023 and the third quarter of 2022. The increase in nonperforming assets during the third quarter of 2023 resulted primarily from four commercial loan relationships and two consumer loan relationships that were added to nonaccrual status. In addition, our classified asset ratio increased slightly to 4.72% for the third quarter of 2023 from 4.68% in the second quarter of 2023 and from 5.24% in the third quarter of 2022.

At both September 30, 2023 and June 30, 2023, the allowance for credit losses was $41.1 million, or 1.16% of total loans, compared to $36.3 million, or 1.20% of total loans, at September 30, 2022. We had net recoveries of $126 thousand, or 0.01% annualized, for the third quarter of 2023, compared to net charge-offs of $425 thousand for the second quarter of 2023 and net recoveries of $1.6 million for the third quarter of 2022. There was a reversal of the provision for credit losses of $100 thousand for the third quarter of 2023, compared to a provision of $1.1 million for the second quarter of 2023 and a provision of $525 thousand for the third quarter of 2022. The provision reversal was driven by lower expected loss rates resulting from low charge-offs, combined with stable loan portfolio balances during the quarter.

5 

 

LOAN COMPOSITION - Unaudited

  
    Quarter Ended
    September 30 June 30 March 31 December 31 September 30
(dollars in thousands)   2023 2023 2023 2022 2022
Commercial            
Owner occupied RE $ 637,038  613,874  615,094  612,901  572,972 
Non-owner occupied RE   937,749  951,536  928,059  862,579  799,569 
Construction   119,629  115,798  94,641  109,726  85,850 
Business   500,253  511,719  495,161  468,112  419,312 
Total commercial loans   2,194,669  2,192,927  2,132,955  2,053,318  1,877,703 
Consumer            
Real estate   1,074,679  1,047,904  993,258  931,278  873,471 
Home equity   180,856 185,584 180,974 179,300 171,904
Construction   54,210  61,044  71,137  80,415  77,798 
Other   49,218  50,157  39,621  29,052  29,151 
Total consumer loans   1,358,963 1,344,689 1,284,990 1,220,045 1,152,324
Total gross loans, net of deferred fees        3,553,632  3,537,616  3,417,945  3,273,363  3,030,027 
Less—allowance for credit losses   (41,131) (41,105) (40,435) (38,639) (36,317)
Total loans, net $ 3,512,501  3,496,511  3,377,510  3,234,724  2,993,710 

DEPOSIT COMPOSITION - Unaudited

  
    Quarter Ended
    September 30 June 30 March 31 December 31 September 30
(dollars in thousands)   2023 2023 2023 2022 2022
Non-interest bearing $ 675,409  698,084  740,534  804,115  791,050 
Interest bearing:            
NOW accounts   306,667  308,762  303,743  318,030  357,862 
Money market accounts   1,685,736  1,692,900  1,748,562  1,506,418  1,452,958 
Savings   34,737  36,243  39,706  40,673  42,335 
Time, less than $250,000   125,506  114,691  106,679  89,877  79,387 
Time and out-of-market deposits, $250,000 and over   519,716  582,338  487,550  374,751  277,860 
Total deposits $ 3,347,771  3,433,018  3,426,774  3,133,864  3,001,452 

Footnotes to tables:

(1) Total revenue is the sum of net interest income and noninterest income.

(2) The tax-equivalent adjustment to net interest income adjusts the yield for assets earning tax-exempt income to a comparable yield on a taxable basis.

(3) Annualized for the respective three-month period.

(4) Noninterest expense divided by the sum of net interest income and noninterest income.

(5) Excludes mortgage loans held for sale.

(6) Excludes out of market deposits and time deposits greater than $250,000.

(7) September 30, 2023 ratios are preliminary.

(8) The common equity tier 1 ratio is calculated as the sum of common equity divided by risk-weighted assets.

(9) The tangible common equity ratio is calculated as total equity less preferred stock divided by total assets.

(10) Includes mortgage loans held for sale.

About Southern First Bancshares

Southern First Bancshares, Inc., Greenville, South Carolina is a registered bank holding company incorporated under the laws of South Carolina.  The company’s wholly owned subsidiary, Southern First Bank, is the second largest bank headquartered in South Carolina. Southern First Bank has been providing financial services since 1999 and now operates in 12 locations in the Greenville, Columbia, and Charleston markets of South Carolina as well as the Charlotte, Triangle and Triad regions of North Carolina and Atlanta, Georgia. Southern First Bancshares has consolidated assets of approximately $4.0 billion and its common stock is traded on The NASDAQ Global Market under the symbol “SFST.”  More information can be found at www.southernfirst.com.

FORWARD-LOOKING STATEMENTS

Certain statements in this news release contain “forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective.  Such forward-looking statements are identified by words such as “believe,” “expect,” “anticipate,” “estimate,” “preliminary”, “intend,” “plan,” “target,” “continue,” “lasting,” and “project,” as well as similar expressions.  Such statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.  Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate.  Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized.  The inclusion of this forward-looking information should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by our company will be achieved.

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The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength of the United States economy in general and the strength of the local economies in which the company conducts operations may be different than expected; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for credit loss, the rates of loan and deposit growth as well as pricing of each product, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (4) changes in legislation, regulation, policies, or administrative practices, whether by judicial, governmental, or legislative action, including, but not limited to, changes affecting oversight of the financial services industry or consumer protection; (5) the impact of changes to Congress on the regulatory landscape and capital markets; (6) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) could continue to have a negative impact on the company; (7) changes in interest rates, which may continue to affect the company’s net income, interest expense, prepayment penalty income, mortgage banking income, and other future cash flows, or the market value of the company’s assets, including its investment securities; (8) elevated inflation which causes adverse risk to the overall economy, and could indirectly pose challenges to our clients and to our business; (9) any increase in FDIC assessments which have increased and may continue to increase our cost of doing business; and (10) changes in accounting principles, policies, practices, or guidelines.  Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet site (http://www.sec.gov).  All subsequent written and oral forward-looking statements concerning the company or any person acting on its behalf is expressly qualified in its entirety by the cautionary statements above. We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

 

FINANCIAL & MEDIA CONTACT:

ART SEAVER 864-679-9010

WEB SITE: www.southernfirst.com

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v3.23.3
Cover
Oct. 19, 2023
Entity Addresses [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 19, 2023
Entity File Number 000-27719
Entity Registrant Name Southern First Bancshares, Inc.
Entity Central Index Key 0001090009
Entity Tax Identification Number 58-2459561
Entity Incorporation, State or Country Code SC
Entity Address, Address Line One 6 Verdae Boulevard
Entity Address, City or Town Greenville
Entity Address, State or Province SC
Entity Address, Postal Zip Code 29607
City Area Code 864
Local Phone Number 679-9000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol SFST
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Former Address [Member]  
Entity Addresses [Line Items]  
Entity Address, Address Line One 100 Verdae Boulevard
Entity Address, Address Line Two Suite 100
Entity Address, City or Town Greenville
Entity Address, State or Province SC
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