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Southern First Reports Results for Third Quarter 2023

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Southern First Bancshares reports improved performance in Q3 2023
Positive
  • Net income was $4.1 million, diluted earnings per share were $0.51 for Q3 2023
  • Core deposits remained at $2.9 billion and increased 5% from Q3 2022
  • Total loans increased 2% to $3.6 billion compared to Q2 2023 and increased 17% from Q3 2022
  • Book value per common share increased to $37.57, a 4% increase from Q3 2022
  • 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
Negative
  • Loan demand declined due to increased interest rates by the Federal Reserve

GREENVILLE, S.C., Oct. 19, 2023 /PRNewswire/ -- 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]

 

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.

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. 

 

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]

 

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.

 

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.

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

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/southern-first-reports-results-for-third-quarter-2023-301960839.html

SOURCE Southern First Bancshares, Inc.

FAQ

What was the net income for Q3 2023?

The net income for Q3 2023 was $4.1 million.

What is the book value per common share for Q3 2023?

The book value per common share for Q3 2023 is $37.57.

How did the net interest margin change in Q3 2023 compared to Q2 2023?

The net interest margin decreased from 2.05% in Q2 2023 to 1.97% in Q3 2023.

What is the increase in total loans from Q2 2023 to Q3 2023?

Total loans increased by 2% from Q2 2023 to Q3 2023.

What is the change in core deposits from Q3 2022 to Q3 2023?

Core deposits increased by 5% from Q3 2022 to Q3 2023.

Southern First Bancshares, Inc.

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