Welcome to our dedicated page for Southern First Bancshares news (Ticker: SFST), a resource for investors and traders seeking the latest updates and insights on Southern First Bancshares stock.
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 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.
Southern First Bancshares, Inc. (NASDAQ: SFST) reported financial results for Q1 2023, highlighting a net income of $2.7 million and diluted earnings per share of $0.33. Total deposits surged 27% to $3.4 billion, while total loans increased by 28% to the same amount compared to Q1 2022. The book value per share rose to $37.16, up 6% year-over-year. Despite these positive metrics, net income decreased by $2.8 million from the previous quarter, largely due to rising interest expenses driven by the Federal Reserve's interest rate hikes. Noninterest income showed a slight rise to $2.0 million, though it remains lower than the prior year. The company increased its provision for credit losses to $1.8 million. The net interest margin experienced a notable drop to 2.36%, reflecting the challenging interest rate landscape.
Southern First Bancshares, Inc. (NASDAQ: SFST) has announced the appointment of Andy Borrmann as Chief Financial Officer and Executive Vice President, effective April 3, 2023. Borrmann brings nearly 30 years of financial industry experience, having served as CFO at SouthCrest Bank and SouthCrest Financial Group. His background includes over a decade as a bank analyst at SunTrust Robinson Humphrey and Morgan Keegan. CEO Art Seaver praised Borrmann's adept management and strong investor relationships. Borrmann expressed enthusiasm for joining the institution, highlighting the "limitless" opportunities ahead for Southern First.
FAQ
What is the current stock price of Southern First Bancshares (SFST)?
What is the market cap of Southern First Bancshares (SFST)?
What services does Southern First Bancshares, Inc. offer?
Where is Southern First Bancshares, Inc. headquartered?
When was Southern First Bancshares, Inc. founded?
What recent financial performance has Southern First Bancshares, Inc. reported?
What is the Dream Mortgage Center?
How many locations does Southern First Bank operate?
What is the stock symbol for Southern First Bancshares, Inc.?
What are the notable achievements of Southern First Bancshares, Inc. in recent years?
What is Southern First Bancshares, Inc.'s approach to community service?
Where can I find more information about Southern First Bancshares, Inc.?
