Southern First Reports Results for Third Quarter 2024
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 ha riportato un utile netto di 4,4 milioni di dollari e un utile per azione diluito di 0,54 dollari per il terzo trimestre del 2024. I punti salienti includono:
- Prestiti totali di 3,6 miliardi di dollari e depositi totali di 3,5 miliardi di dollari
- Attività non performanti rispetto alle attività totali pari a 0,28%
- Margine di interessi netti migliorato a 2,08% rispetto all'1,98% nel secondo trimestre del 2024
- Valore contabile per azione aumentato a 40,04 dollari
Il reddito da interessi netti è aumentato di 1,1 milioni di dollari rispetto al secondo trimestre del 2024 grazie a un maggior reddito da interessi sulle attività. Non è stata effettuata alcuna accantonamento per perdite su crediti nel terzo trimestre. Il reddito non da interessi è diminuito a 3,2 milioni di dollari, mentre le spese non da interessi sono scese di 604.000 dollari a 18,0 milioni di dollari. L'azienda ha citato prezzi disciplinati e elevati standard di qualità creditizia per la crescita piatta dei prestiti, mentre i conti correnti principali sono aumentati del 21% su base annua.
Southern First Bancshares reportó un ingreso neto de $4.4 millones y ganancias diluidas por acción de $0.54 para el tercer trimestre de 2024. Los puntos destacados incluyen:
- Préstamos totales de $3.6 mil millones y depósitos totales de $3.5 mil millones
- Activos no productivos respecto al total de activos del 0.28%
- El margen de interés neto mejoró a 2.08% desde el 1.98% en el segundo trimestre de 2024
- Valor contable por acción aumentó a $40.04
Los ingresos por intereses netos aumentaron en $1.1 millones desde el segundo trimestre de 2024 debido a un mayor ingreso por intereses de los activos. No hubo provisiones para pérdidas crediticias en el tercer trimestre. Los ingresos no por intereses disminuyeron a $3.2 millones, mientras que los gastos no por intereses cayeron en $604,000 a $18.0 millones. La compañía citó una fijación de precios disciplinada y altos estándares de calidad crediticia para el crecimiento plano de los préstamos, mientras que las cuentas corrientes principales crecieron un 21% anualizado.
Southern First Bancshares는 2024년 3분기에 440만 달러의 순이익과 0.54달러의 희석 주당 이익을 보고했습니다. 주요 하이라이트는 다음과 같습니다:
- 총 대출 36억 달러 및 총 예금 35억 달러
- 총 자산 대비 부실 자산 비율 0.28%
- 순이자 마진이 2024년 2분기 1.98%에서 2.08%로 개선됨
- 주당 장부 가치가 40.04달러로 증가함
자산에 대한 이자 수익 증가로 인해 순이자 수익이 2024년 2분기 대비 110만 달러 상승했습니다. 3분기에는 신용 손실을 위한 충당금이 없었습니다. 비이자 수익은 320만 달러로 감소했으며, 비이자 비용은 604,000 달러 감소하여 1,800만 달러가 되었습니다. 회사는 대출 성장 정체의 이유로 규율 있는 가격 책정과 높은 신용 품질 기준을 인용했으며, 핵심 체크 계좌는 연율 21% 증가했습니다.
Southern First Bancshares a rapporté un bénéfice net de 4,4 millions de dollars et un bénéfice par action dilué de 0,54 dollar pour le troisième trimestre 2024. Les faits marquants incluent :
- Total des prêts de 3,6 milliards de dollars et total des dépôts de 3,5 milliards de dollars
- Actifs non performants par rapport aux actifs totaux de 0,28%
- La marge d'intérêt nette s'est améliorée à 2,08%, contre 1,98% au deuxième trimestre 2024
- Valeur comptable par action augmentée à 40,04 dollars
Les revenus d'intérêts nets ont augmenté de 1,1 million de dollars par rapport au deuxième trimestre 2024 en raison d'un revenu d'intérêts plus élevé sur les actifs. Il n'y a pas eu de provision pour pertes de crédit au troisième trimestre. Les revenus non liés aux intérêts ont diminué à 3,2 millions de dollars, tandis que les dépenses non liées aux intérêts ont chuté de 604 000 dollars à 18,0 millions de dollars. La société a cité une tarification disciplinée et de hauts standards de qualité de crédit pour la croissance stagnante des prêts, tandis que les comptes courants principaux ont augmenté de 21 % annualisés.
Southern First Bancshares berichtete für das 3. Quartal 2024 von einem Nettogewinn von 4,4 Millionen Dollar und einem verwässerten Gewinn pro Aktie von 0,54 Dollar. Zu den wichtigsten Punkten gehören:
- Gesamtdarlehen von 3,6 Milliarden Dollar und Gesamteinlagen von 3,5 Milliarden Dollar
- Ausfallende Vermögenswerte im Verhältnis zu den Gesamtvermögen von 0,28%
- Die Nettomarge der Zinsen verbesserte sich auf 2,08% von 1,98% im 2. Quartal 2024
- Buchwert pro Aktie stieg auf 40,04 Dollar
Die Zinserträge stiegen um 1,1 Millionen Dollar im Vergleich zum 2. Quartal 2024, was auf höhere Zinserträge aus Vermögenswerten zurückzuführen ist. Im 3. Quartal gab es keine Rückstellungen für Kreditverluste. Die Zinserträge ohne Zinsen fielen auf 3,2 Millionen Dollar, während die Ausgaben ohne Zinsen um 604.000 Dollar auf 18,0 Millionen Dollar sanken. Das Unternehmen nannte disziplinierte Preisgestaltung und hohe Kreditqualitätsstandards als Gründe für das stagnierende Darlehenswachstum, während die Haupt-Scheckkonten um 21% annualisiert wuchsen.
- Net income increased to $4.4 million, up from $3.0 million in Q2 2024
- Diluted EPS rose to $0.54 from $0.37 in Q2 2024
- Net interest margin improved to 2.08% from 1.98% in Q2 2024
- Book value per share increased to $40.04 from $39.09 in Q2 2024
- Core checking accounts grew 21% annualized
- No provision for credit losses required in Q3 2024
- Noninterest expenses decreased by $604,000 compared to Q2 2024
- Loan growth was flat quarter-over-quarter
- Noninterest income decreased to $3.2 million from $3.5 million in Q2 2024
- Nonperforming assets increased slightly to 0.28% of total assets from 0.27% in Q2 2024
Insights
"Our third quarter results continued our positive momentum and outlook this year. Our focus on building a high-quality balance sheet again rewarded us with outstanding asset quality performance, which is among the industry's best. We are well-positioned for increasing profitability in this operating environment despite persistent growth headwinds and uncertain interest rate moves by the Fed," stated Art Seaver, the Company's Chief Executive Officer. "This quarter we executed on opportunities to lower our funding costs, which is reflected in our solid margin expansion. Our team did an outstanding job of growing core checking accounts by
Third Quarter 2024 Highlights
- Net income of
and diluted earnings per common share of$4.4 million $0.54 - Total loans of
and total deposits of$3.6 billion $3.5 billion - Nonperforming assets to total assets of
0.28% and net recoveries of$9 thousand - Net interest margin of
2.08% for Q3 2024, compared to1.98% for Q2 2024 - Book value per common share of
and TCE ratio of$40.04 7.82%
Quarter Ended | ||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||
2024 | 2024 | 2024 | 2023 | 2023 | ||
Earnings ($ in thousands, except per share data): | ||||||
Net income available to common shareholders | $ | 4,382 | 2,999 | 2,522 | 4,167 | 4,098 |
Earnings per common share, diluted | 0.54 | 0.37 | 0.31 | 0.51 | 0.51 | |
Total revenue(1) | 23,766 | 23,051 | 21,309 | 21,390 | 22,094 | |
Net interest margin (tax-equivalent)(2) | 2.08 % | 1.98 % | 1.94 % | 1.92 % | 1.97 % | |
Return on average assets(3) | 0.43 % | 0.29 % | 0.25 % | 0.40 % | 0.40 % | |
Return on average equity(3) | 5.40 % | 3.81 % | 3.22 % | 5.39 % | 5.35 % | |
Efficiency ratio(4) | 75.90 % | 80.87 % | 84.94 % | 79.61 % | 78.31 % | |
Noninterest expense to average assets (3) | 1.75 % | 1.81 % | 1.81 % | 1.64 % | 1.69 % | |
Balance Sheet ($ in thousands): | ||||||
Total loans(5) | $ | 3,619,556 | 3,622,521 | 3,643,766 | 3,602,627 | 3,553,632 |
Total deposits | 3,518,825 | 3,459,869 | 3,460,681 | 3,379,564 | 3,347,771 | |
Core deposits(6) | 2,705,429 | 2,788,223 | 2,807,473 | 2,811,499 | 2,866,574 | |
Total assets | 4,174,631 | 4,109,849 | 4,105,704 | 4,055,789 | 4,019,957 | |
Book value per common share | 40.04 | 39.09 | 38.65 | 38.63 | 37.57 | |
Loans to deposits | 102.86 % | 104.70 % | 105.29 % | 106.60 % | 106.15 % | |
Holding Company Capital Ratios(7): | ||||||
Total risk-based capital ratio | 12.61 % | 12.77 % | 12.59 % | 12.57 % | 12.56 % | |
Tier 1 risk-based capital ratio | 10.99 % | 10.80 % | 10.63 % | 10.60 % | 10.58 % | |
Leverage ratio | 8.50 % | 8.27 % | 8.44 % | 8.14 % | 8.17 % | |
Common equity tier 1 ratio(8) | 10.58 % | 10.39 % | 10.22 % | 10.19 % | 10.17 % | |
Tangible common equity(9) | 7.82 % | 7.76 % | 7.68 % | 7.70 % | 7.56 % | |
Asset Quality Ratios: | ||||||
Nonperforming assets/total assets | 0.28 % | 0.27 % | 0.09 % | 0.10 % | 0.11 % | |
Classified assets/tier one capital plus allowance for credit losses | 4.35 % | 4.22 % | 3.99 % | 4.25 % | 4.72 % | |
Loans 30 days or more past due/loans(5) | 0.16 % | 0.30 % | 0.36 % | 0.37 % | 0.13 % | |
Net charge-offs/average loans(5) (YTD annualized) | 0.05 % | 0.07 % | 0.03 % | 0.00 % | 0.01 % | |
Allowance for credit losses/loans(5) | 1.11 % | 1.11 % | 1.11 % | 1.13 % | 1.16 % | |
Allowance for credit losses/nonaccrual loans | 346.78 % | 357.95 % | 1,109.13 % | 1,026.58 % | 953.25 % | |
[Footnotes to table located on page 6] |
INCOME STATEMENTS – Unaudited | ||||||
Quarter Ended | ||||||
Sept 30 | Jun 30 | Mar 31 | Dec 31 | Sept 30 | ||
(in thousands, except per share data) | 2024 | 2024 | 2024 | 2023 | 2023 | |
Interest income | ||||||
Loans | $ | 47,550 | 46,545 | 45,605 | 44,758 | 43,542 |
Investment securities | 1,412 | 1,418 | 1,478 | 1,674 | 1,470 | |
Federal funds sold | 2,209 | 2,583 | 1,280 | 2,703 | 2,435 | |
Total interest income | 51,171 | 50,546 | 48,363 | 49,135 | 47,447 | |
Interest expense | ||||||
Deposits | 27,725 | 28,216 | 26,932 | 27,127 | 25,130 | |
Borrowings | 2,855 | 2,802 | 2,786 | 2,948 | 2,972 | |
Total interest expense | 30,580 | 31,018 | 29,718 | 30,075 | 28,102 | |
Net interest income | 20,591 | 19,528 | 18,645 | 19,060 | 19,345 | |
Provision (reversal) for credit losses | - | 500 | (175) | (975) | (500) | |
Net interest income after provision for credit losses | 20,591 | 19,028 | 18,820 | 20,035 | 19,845 | |
Noninterest income | ||||||
Mortgage banking income | 1,449 | 1,923 | 1,164 | 868 | 1,208 | |
Service fees on deposit accounts | 455 | 423 | 387 | 371 | 356 | |
ATM and debit card income | 599 | 587 | 544 | 565 | 588 | |
Income from bank owned life insurance | 401 | 384 | 377 | 361 | 349 | |
Other income | 271 | 206 | 192 | 165 | 248 | |
Total noninterest income | 3,175 | 3,523 | 2,664 | 2,330 | 2,749 | |
Noninterest expense | ||||||
Compensation and benefits | 10,789 | 11,290 | 10,857 | 9,401 | 10,231 | |
Occupancy | 2,595 | 2,552 | 2,557 | 2,718 | 2,562 | |
Outside service and data processing costs | 1,930 | 1,962 | 1,846 | 2,000 | 1,744 | |
Insurance | 1,025 | 965 | 955 | 937 | 1,243 | |
Professional fees | 548 | 582 | 618 | 581 | 504 | |
Marketing | 319 | 389 | 369 | 364 | 293 | |
Other | 833 | 903 | 898 | 1,027 | 725 | |
Total noninterest expenses | 18,039 | 18,643 | 18,100 | 17,028 | 17,302 | |
Income before provision for income taxes | 5,727 | 3,908 | 3,384 | 5,337 | 5,293 | |
Income tax expense | 1,345 | 909 | 862 | 1,170 | 1,195 | |
Net income available to common shareholders | $ | 4,382 | 2,999 | 2,522 | 4,167 | 4,098 |
Earnings per common share – Basic | $ | 0.54 | 0.37 | 0.31 | 0.51 | 0.51 |
Earnings per common share – Diluted | 0.54 | 0.37 | 0.31 | 0.51 | 0.51 | |
Basic weighted average common shares | 8,064 | 8,126 | 8,110 | 8,056 | 8,053 | |
Diluted weighted average common shares | 8,089 | 8,141 | 8,142 | 8,080 | 8,072 | |
[Footnotes to table located on page 6] |
Net income for the third quarter of 2024 was
There was no provision for credit losses for the third quarter of 2024, compared to a provision for credit losses of
Noninterest income was
Noninterest expense for the third quarter of 2024 was
Our effective tax rate was
NET INTEREST INCOME AND MARGIN - Unaudited | |||||||||
For the Three Months Ended | |||||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | |||||||
(dollars in thousands) | Average | Income/ | Yield/ | Average | Income/ | Yield/ | Average | Income/ | Yield/ |
Interest-earning assets | |||||||||
Federal funds sold and interest- | $ 158,222 | $ 2,209 | 5.55 % | $ 186,584 | $ 2,583 | 5.57 % | $ 181,784 | $ 2,435 | 5.31 % |
Investment securities, taxable | 137,087 | 1,370 | 3.98 % | 133,507 | 1,376 | 4.15 % | 148,239 | 1,429 | 3.82 % |
Investment securities, nontaxable(2) | 8,047 | 55 | 2.70 % | 8,027 | 55 | 2.73 % | 7,799 | 55 | 2.77 % |
Loans(10) | 3,629,050 | 47,550 | 5.21 % | 3,645,595 | 46,545 | 5.14 % | 3,554,478 | 43,542 | 4.86 % |
Total interest-earning assets | 3,932,406 | 51,184 | 5.18 % | 3,973,713 | 50,559 | 5.12 % | 3,892,300 | 47,461 | 4.84 % |
Noninterest-earning assets | 158,550 | 165,093 | 159,103 | ||||||
Total assets | |||||||||
Interest-bearing liabilities | |||||||||
NOW accounts | $ 314,669 | 835 | 1.06 % | $ 302,881 | 621 | 0.82 % | $ 297,028 | 620 | 0.83 % |
Savings & money market | 1,523,834 | 15,287 | 3.99 % | 1,611,991 | 16,324 | 4.07 % | 1,748,638 | 16,908 | 3.84 % |
Time deposits | 909,192 | 11,603 | 5.08 % | 898,878 | 11,271 | 5.04 % | 648,949 | 7,602 | 4.65 % |
Total interest-bearing deposits | 2,747,695 | 27,725 | 4.01 % | 2,813,750 | 28,216 | 4.03 % | 2,694,615 | 25,130 | 3.70 % |
FHLB advances and other borrowings | 240,065 | 2,297 | 3.81 % | 240,000 | 2,247 | 3.77 % | 264,141 | 2,414 | 3.63 % |
Subordinated debentures | 36,261 | 558 | 6.12 % | 36,360 | 555 | 6.14 % | 36,278 | 558 | 6.10 % |
Total interest-bearing liabilities | 3,024,021 | 30,580 | 4.02 % | 3,090,110 | 31,018 | 4.04 % | 2,995,034 | 28,102 | 3.72 % |
Noninterest-bearing liabilities | 744,025 | 731,843 | 752,433 | ||||||
Shareholders' equity | 322,910 | 316,853 | 303,936 | ||||||
Total liabilities and shareholders' | |||||||||
Net interest spread | 1.16 % | 1.08 % | 1.12 % | ||||||
Net interest income (tax equivalent) / | 2.08 % | 1.98 % | 1.97 % | ||||||
Less: tax-equivalent adjustment(2) | 13 | 13 | 14 | ||||||
Net interest income | |||||||||
[Footnotes to table located on page 6] |
Net interest income was
BALANCE SHEETS - Unaudited | |||||||
Ending Balance | |||||||
September 30 | June 30 | March 31 | December 31 | September 30 | |||
(in thousands, except per share data) | 2024 | 2024 | 2024 | 2023 | 2023 | ||
Assets | |||||||
Cash and cash equivalents: | |||||||
Cash and due from banks | $ | 25,289 | 21,567 | 13,925 | 28,020 | 17,395 | |
Federal funds sold | 226,110 | 164,432 | 144,595 | 119,349 | 127,714 | ||
Interest-bearing deposits with banks | 9,176 | 8,828 | 8,789 | 8,801 | 7,283 | ||
Total cash and cash equivalents | 260,575 | 194,827 | 167,309 | 156,170 | 152,392 | ||
Investment securities: | |||||||
Investment securities available for sale | 134,597 | 121,353 | 125,996 | 134,702 | 144,035 | ||
Other investments | 19,640 | 18,653 | 18,499 | 19,939 | 19,600 | ||
Total investment securities | 154,237 | 140,006 | 144,495 | 154,641 | 163,635 | ||
Mortgage loans held for sale | 8,602 | 14,759 | 11,842 | 7,194 | 7,117 | ||
Loans (5) | 3,619,556 | 3,622,521 | 3,643,766 | 3,602,627 | 3,553,632 | ||
Less allowance for credit losses | (40,166) | (40,157) | (40,441) | (40,682) | (41,131) | ||
Loans, net | 3,579,390 | 3,582,364 | 3,603,325 | 3,561,945 | 3,512,501 | ||
Bank owned life insurance | 53,663 | 53,263 | 52,878 | 52,501 | 52,140 | ||
Property and equipment, net | 90,158 | 91,533 | 93,007 | 94,301 | 95,743 | ||
Deferred income taxes | 11,595 | 12,339 | 12,321 | 12,200 | 13,078 | ||
Other assets | 16,411 | 20,758 | 20,527 | 16,837 | 23,351 | ||
Total assets | $ | 4,174,631 | 4,109,849 | 4,105,704 | 4,055,789 | 4,019,957 | |
Liabilities | |||||||
Deposits | $ | 3,518,825 | 3,459,869 | 3,460,681 | 3,379,564 | 3,347,771 | |
FHLB Advances | 240,000 | 240,000 | 240,000 | 275,000 | 275,000 | ||
Subordinated debentures | 24,903 | 36,376 | 36,349 | 36,322 | 36,295 | ||
Other liabilities | 64,365 | 54,856 | 53,418 | 52,436 | 56,993 | ||
Total liabilities | 3,848,093 | 3,791,101 | 3,790,448 | 3,743,322 | 3,716,059 | ||
Shareholders' equity | |||||||
Preferred stock - | - | - | - | - | - | ||
Common Stock - | 82 | 82 | 82 | 81 | 81 | ||
Nonvested restricted stock | (4,219) | (4,710) | (5,257) | (3,596) | (4,065) | ||
Additional paid-in capital | 124,288 | 124,174 | 124,159 | 121,777 | 121,757 | ||
Accumulated other comprehensive loss | (9,063) | (11,866) | (11,797) | (11,342) | (15,255) | ||
Retained earnings | 215,450 | 211,068 | 208,069 | 205,547 | 201,380 | ||
Total shareholders' equity | 326,538 | 318,748 | 315,256 | 312,467 | 303,898 | ||
Total liabilities and shareholders' equity | $ | 4,174,631 | 4,109,849 | 4,105,704 | 4,055,789 | 4,019,957 | |
Common Stock | |||||||
Book value per common share | $ | 40.04 | 39.09 | 38.65 | 38.63 | 37.57 | |
Stock price: | |||||||
High | 36.45 | 30.36 | 38.71 | 37.15 | 30.18 | ||
Low | 27.70 | 25.70 | 29.80 | 25.16 | 24.22 | ||
Period end | 34.08 | 29.24 | 31.76 | 37.10 | 26.94 | ||
Common shares outstanding | 8,156 | 8,155 | 8,156 | 8,088 | 8,089 | ||
[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) | 2024 | 2024 | 2024 | 2023 | 2023 | |
Nonperforming Assets | ||||||
Commercial | ||||||
Non-owner occupied RE | $ | 7,904 | 7,949 | 1,410 | 1,423 | 1,615 |
Commercial business | 838 | 829 | 488 | 319 | 404 | |
Consumer | ||||||
Real estate | 2,448 | 1,875 | 1,380 | 985 | 1,228 | |
Home equity | 393 | 565 | 367 | 1,236 | 1,068 | |
Other | - | - | 1 | - | - | |
Total nonaccrual loans | 11,583 | 11,218 | 3,646 | 3,963 | 4,315 | |
Other real estate owned | - | - | - | - | - | |
Total nonperforming assets | $ | 11,583 | 11,218 | 3,646 | 3,963 | 4,315 |
Nonperforming assets as a percentage of: | ||||||
Total assets | 0.28 % | 0.27 % | 0.09 % | 0.10 % | 0.11 % | |
Total loans | 0.32 % | 0.31 % | 0.10 % | 0.11 % | 0.12 % | |
Classified assets/tier 1 capital plus allowance for credit losses | 4.35 % | 4.22 % | 3.99 % | 4.25 % | 4.72 % | |
Quarter Ended | ||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||
(dollars in thousands) | 2024 | 2024 | 2024 | 2023 | 2023 | |
Allowance for Credit Losses | ||||||
Balance, beginning of period | $ | 40,157 | 40,441 | 40,682 | 41,131 | 41,105 |
Loans charged-off | (118) | (1,049) | (424) | (119) | (42) | |
Recoveries of loans previously charged-off | 127 | 15 | 183 | 310 | 168 | |
Net loans (charged-off) recovered | 9 | (1,034) | (241) | 191 | 126 | |
Provision for (reversal of) credit losses | - | 750 | - | (640) | (100) | |
Balance, end of period | $ | 40,166 | 40,157 | 40,441 | 40,682 | 41,131 |
Allowance for credit losses to gross loans | 1.11 % | 1.11 % | 1.11 % | 1.13 % | 1.16 % | |
Allowance for credit losses to nonaccrual loans | 346.78 % | 357.95 % | 1,109.13 % | 1,026.58 % | 953.25 % | |
Net charge-offs (recoveries) to average loans QTD (annualized) | 0.00 % | 0.11 % | 0.03 % | (0.02 %) | (0.01 %) |
Total nonperforming assets increased by
At September 30, 2024 and June 30, 2024, the allowance for credit losses was
LOAN COMPOSITION - Unaudited | |||||||
Quarter Ended | |||||||
September 30 | June 30 | March 31 | December 31 | September 30 | |||
(dollars in thousands) | 2024 | 2024 | 2024 | 2023 | 2023 | ||
Commercial | |||||||
Owner occupied RE | $ | 642,608 | 642,008 | 631,047 | 631,657 | 637,038 | |
Non-owner occupied RE | 917,642 | 917,034 | 944,530 | 942,529 | 937,749 | ||
Construction | 144,665 | 144,968 | 157,464 | 150,680 | 119,629 | ||
Business | 521,535 | 527,017 | 520,073 | 500,161 | 500,253 | ||
Total commercial loans | 2,226,450 | 2,231,027 | 2,253,114 | 2,225,027 | 2,194,669 | ||
Consumer | |||||||
Real estate | 1,132,371 | 1,126,155 | 1,101,573 | 1,082,429 | 1,074,679 | ||
Home equity | 195,383 | 189,294 | 184,691 | 183,004 | 180,856 | ||
Construction | 21,582 | 32,936 | 53,216 | 63,348 | 54,210 | ||
Other | 43,770 | 43,109 | 51,172 | 48,819 | 49,218 | ||
Total consumer loans | 1,393,106 | 1,391,494 | 1,390,652 | 1,377,600 | 1,358,963 | ||
Total gross loans, net of deferred fees | 3,619,556 | 3,622,521 | 3,643,766 | 3,602,627 | 3,553,632 | ||
Less—allowance for credit losses | (40,166) | (40,157) | (40,441) | (40,682) | (41,131) | ||
Total loans, net | $ | 3,579,390 | 3,582,364 | 3,603,325 | 3,561,945 | 3,512,501 |
DEPOSIT COMPOSITION - Unaudited | ||||||
Quarter Ended | ||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||
(dollars in thousands) | 2024 | 2024 | 2024 | 2023 | 2023 | |
Non-interest bearing | $ | 689,749 | 683,291 | 671,708 | 674,167 | 675,409 |
Interest bearing: | ||||||
NOW accounts | 339,412 | 293,875 | 293,064 | 310,218 | 306,667 | |
Money market accounts | 1,423,403 | 1,562,786 | 1,603,796 | 1,605,278 | 1,685,736 | |
Savings | 29,283 | 28,739 | 32,248 | 31,669 | 34,737 | |
Time, less than | 223,582 | 219,532 | 206,657 | 190,167 | 125,506 | |
Time and out-of-market deposits, | 813,396 | 671,646 | 653,208 | 568,065 | 519,716 | |
Total deposits | $ | 3,518,825 | 3,459,869 | 3,460,681 | 3,379,564 | 3,347,771 |
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 | |
(7) September 30, 2024 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.,
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," "future, "target," "continue," "lasting," "building," 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
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ART SEAVER 864-679-9010
WEB SITE: www.southernfirst.com
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SOURCE Southern First Bancshares, Inc.
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