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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, 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.
Southern First Bancshares, Inc. (NASDAQ: SFST) has announced the opening of its new Dream Mortgage Center in Columbia, South Carolina. This center aims to enhance homeownership opportunities by providing a supportive environment for community members, featuring mortgage lending experts, homebuyer education courses, and community events. The facility, located at 452 Killian Road, is strategically positioned in a high-traffic area to foster lasting relationships with potential homeowners. The CEO, Art Seaver, highlighted that this initiative is a significant investment in the local market and underscores the company's commitment to improving access to homeownership.
Southern First Bancshares (SFST) reported its Q4 2022 results, revealing a net income of $5.5 million, down from $12.0 million in Q4 2021. Diluted EPS was $0.68, a decline from $1.49 year-over-year.
Total loans surged 31% to $3.3 billion, while deposits rose 22% to $3.1 billion. Book value per share increased by 5% to $36.76. The net interest margin decreased to 2.88% from 3.35% due to rising interest expenses. The provision for loan losses was $2.3 million, reflecting a growing loan portfolio.
Southern First Bancshares, Inc. (NASDAQ: SFST) reported strong Q3 2022 results with net income of $8.4 million, or $1.04 per diluted share, reflecting a $1.2 million increase from Q2 2022. Total loans surged 27% to $3.0 billion, while total deposits rose 23% to $3.0 billion. Net interest income increased by 14.8% year-over-year to $25.5 million. Notably, book value per share grew to $35.99. Although noninterest expenses increased, the provision for credit losses decreased, indicating improved asset quality.
Southern First Bancshares, holding company for Southern First Bank, has been recognized as the No. 5 Best Overall Bank in Bank Director's annual "Ranking Banking" report. This recognition assesses the top 25 banks from the 300 largest publicly traded banks in the U.S., focusing on metrics like profitability, capital adequacy, and shareholder return. Bank Director VP Emily McCormick emphasized the significance of this ranking, while CEO Art Seaver asserted it validates their vision of a client-focused financial institution. Southern First Bancshares has consolidated assets of roughly $3.3 billion.
Southern First Bancshares, Inc. (NASDAQ: SFST) has appointed Cal Hurst as President, effective immediately. Hurst previously served as Chief Banking Officer and Executive Vice President, playing a critical role in the bank's strategic growth since 2019. His leadership is credited with fostering a strong company culture. The bank, recognized as one of the fastest-growing in the Southeast, has consolidated assets of approximately $3.3 billion and operates in 12 locations across South Carolina, North Carolina, and Georgia.
Southern First Bancshares reported robust Q2 2022 financial results, showcasing net income of $7.2 million, or $0.90 per diluted share. Notable highlights include a 16.1% increase in net interest income to $24.9 million and total loans rising 26% to $2.8 billion. Total deposits also surged by 24% to $2.9 billion. Despite strong growth, net income decreased by $3.1 million compared to Q2 2021, primarily due to higher noninterest expenses and increased credit loss provisions. The company recently relocated its headquarters to Greenville, South Carolina.
Southern First Bank has opened its new corporate headquarters in Greenville, South Carolina, showcasing a modern five-story, 107,000 square foot facility. This strategic investment emphasizes the bank's commitment to growth, community engagement, and client relationships. The headquarters features advanced technology, including Interactive Teller Machines for enhanced customer interaction, and a partnership with Southern Pressed Juicery, which provides fresh food options in the lobby. With consolidated assets of approximately $3.1 billion, Southern First aims to foster collaboration and innovation in banking.
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