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Southern First Bancshares, Inc., established in 1999 and headquartered in Greenville, South Carolina, is a prominent bank holding company. Through its wholly-owned subsidiary, Southern First Bank, the company offers a broad range of financial services across 12 locations in South Carolina, North Carolina, and Georgia. Southern First Bank is the second largest bank headquartered in South Carolina, providing commercial, consumer, and mortgage loans to its clients, as well as accepting demand and savings deposits insured by the Federal Deposit Insurance Corporation (FDIC).
Since its inception, Southern First Bancshares has been committed to delivering unique banking services that foster client growth. This vision has driven the bank's strategic expansion into markets such as Columbia and Charleston, as well as its more recent ventures into the Charlotte, Triangle, and Triad regions of North Carolina, and Atlanta, Georgia.
The company's recent financial results highlight its resilience and growth in a challenging economic environment. Despite industry volatility, Southern First Bancshares reported a net income of $4.2 million for the fourth quarter of 2023, reflecting stability in its net interest margin and strong credit quality. Notably, there was a reversal of the provision for credit losses, driven by lower expected loss rates and decreased balances of unfunded commitments.
Southern First Bancshares continues to innovate with projects like the Dream Mortgage Center in Columbia, South Carolina, aimed at enhancing homeownership in underserved communities. The center offers educational resources, community event spaces, and mortgage lending services, reinforcing the bank's commitment to impactful community relationships.
With consolidated assets of approximately $4.1 billion and a dedication to serving its communities and stakeholders, Southern First Bancshares exemplifies a relationship-first approach to banking, consistently delivering trusted service and exceptional client experiences. For more information, visit www.southernfirst.com.
Southern First Bancshares (NASDAQ: SFST) has appointed Blair Miller as Chief Retail Experience Officer and Executive Vice President. Miller brings over 20 years of experience, previously serving as Area Manager and Senior Vice President at Pinnacle Financial Partners for 12 years. In his new role, he will lead the retail banking team to enhance client service and hospitality.
Miller, who currently serves as Chairman of the Greer Chamber of Commerce Board, is a graduate of the University of South Carolina and CBA Executive Banking School. Southern First Bank, the company's subsidiary, is the second largest bank headquartered in South Carolina, operating in 13 locations across South Carolina, North Carolina, and Georgia markets. The bank has consolidated assets of approximately $4.1 billion.
Southern First Bancshares (NASDAQ: SFST) reported Q4 2024 financial results with net income of $5.6 million, or $0.70 per diluted share, up 30% from Q3 2024 and 37% from Q4 2023. Key highlights include:
- Total loans of $3.6 billion and deposits of $3.4 billion
- Net interest margin improved to 2.25%, up from 2.08% in Q3 2024
- Book value per share increased to $40.47
- Strong asset quality with nonperforming assets at 0.27% of total assets
- Reversal of provision for credit losses of $200,000
The bank's performance showed continued margin expansion and strong asset quality metrics. Net interest income increased $1.9 million during Q4 2024 compared to Q3 2024, driven by higher interest income on loans and lower deposit interest expenses.
Southern First Bancshares reported net income of $4.4 million and diluted earnings per share of $0.54 for Q3 2024. Key highlights include:
- Total loans of $3.6 billion and total deposits of $3.5 billion
- Nonperforming assets to total assets of 0.28%
- Net interest margin improved to 2.08% from 1.98% in Q2 2024
- Book value per share increased to $40.04
Net interest income rose $1.1 million from Q2 2024 due to higher interest income on assets. There was no provision for credit losses in Q3. Noninterest income decreased to $3.2 million, while noninterest expenses fell $604,000 to $18.0 million. The company cited disciplined pricing and high credit quality standards for flat loan growth, while core checking accounts grew 21% annualized.
Southern First Bancshares (NASDAQ: SFST) posted its Q2 2024 financial results. Net income was $3.0 million, or $0.37 per diluted share, up from Q1 2024 and Q2 2023. Total loans and deposits saw modest declines, but noninterest-bearing deposits grew significantly. Net interest margin increased to 1.98%, and noninterest income was $3.5 million, largely driven by mortgage banking income. Notably, nonperforming assets rose to 0.27% of total assets. Total expenses increased by $543 thousand, mainly due to higher salaries and software costs. New CFO Chris Zych joined the team, expected to bolster the company's growth strategy.
Southern First Bancshares, Inc. (NASDAQ: SFST) has appointed Chris Zych as Chief Financial Officer, bringing 30 years of banking industry experience. Zych will focus on investor relationships and financial strategy to drive growth and success. Southern First Bank, the company's wholly-owned subsidiary, operates in multiple locations across the Southeast.
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