GREENVILLE, S.C., Oct. 28, 2025 /PRNewswire/ -- Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, today announced its financial results for the nine months ended September 30, 2025.
"Our third quarter financial performance clearly shows the steady momentum that continued this quarter, in line with our expectations. Our team remains highly focused on executing our plans for increased profitability and high-quality loan growth, funded by client retail deposits, which is core to our full relationship banking strategy. Superior asset quality metrics and margin expansion are the result of our intentional and disciplined approach. We have again achieved historically high revenue growth over the same quarter last year, at a rate which was two and a half times our expense growth. This expanded profitability further strengthened capital levels, providing ample support for our strong business pipelines. Although we maintain a cautious outlook and actively monitor for emerging risks, our markets have continued to exhibit vibrant and sustainable growth momentum," stated Art Seaver, Chief Executive Officer. "We continue to attract and retain experienced bankers who share our commitment to outstanding client service, delivered with a personal touch, and to supporting our local communities. Our Southeastern markets remain healthy and resilient, and we are well positioned to benefit from the opportunities created by ongoing banking industry consolidation. This quarter's results reinforce our optimism in the financial outlook for the remainder of the year."
2025 Third Quarter Highlights
-- Diluted earnings per common share of $1.07, up $0.26, or 32%, from Q2
2025, and $0.53, or 98%, compared to Q3 2024
-- Net interest margin of 2.62%, compared to 2.50% for Q2 2025 and 2.08% for
Q3 2024
-- Total loans of $3.8 billion, up 4% (annualized) from Q2 2025; core
deposits of $2.9 billion, up 2% (annualized) from Q2 2025
-- Nonperforming assets to total assets of 0.27% and past due loans to total
loans of 0.18%
-- Book value per common share of $43.51 increased 12% (annualized) from Q2
2025 and 9% compared to Q3 2024; Tangible Common Equity (TCE) ratio of
8.18%
Quarter Ended
-----------------------------------------------------
September December September
30 June 30 March 31 31 30
2025 2025 2025 2024 2024
--------------------- --------- --------- --------- --------- ---------
Earnings ($ in
thousands, except per
share data):
Net income available
to common
shareholders $ 8,662 6,581 5,266 5,627 4,382
Earnings per common
share, diluted 1.07 0.81 0.65 0.70 0.54
Total revenue(1) 31,129 28,629 26,497 25,237 23,766
Net interest margin
(tax-equivalent)(2) 2.62 % 2.50 % 2.41 % 2.25 % 2.08 %
Return on average
assets(3) 0.80 % 0.63 % 0.52 % 0.54 % 0.43 %
Return on average
equity(3) 9.78 % 7.71 % 6.38 % 6.80 % 5.40 %
Efficiency ratio(4) 60.86 % 67.54 % 71.08 % 73.48 % 75.90 %
Noninterest expense
to average assets
(3) 1.74 % 1.86 % 1.87 % 1.78 % 1.75 %
Balance Sheet ($ in
thousands):
Total loans(5) $3,789,021 3,746,841 3,683,919 3,631,767 3,619,556
Total deposits 3,676,417 3,636,329 3,620,886 3,435,765 3,518,825
Core deposits(6) 2,884,604 2,867,193 2,820,194 2,661,736 2,705,429
Total assets 4,358,589 4,308,067 4,284,311 4,087,593 4,174,631
Book value per common
share 43.51 42.23 41.33 40.47 40.04
Loans to deposits 103.06 % 103.04 % 101.74 % 105.70 % 102.86 %
Holding Company
Capital Ratios(7) :
Total risk-based
capital ratio 12.79 % 12.63 % 12.69 % 12.70 % 12.61 %
Tier 1 risk-based
capital ratio 11.26 % 11.11 % 11.15 % 11.16 % 10.99 %
Leverage ratio 8.72 % 8.73 % 8.79 % 8.55 % 8.50 %
Common equity tier 1
ratio(8) 10.88 % 10.71 % 10.75 % 10.75 % 10.58 %
Tangible common
equity(9) 8.18 % 8.02 % 7.88 % 8.08 % 7.82 %
Asset Quality Ratios:
Nonperforming
assets/total assets 0.27 % 0.27 % 0.26 % 0.27 % 0.28 %
Classified
assets/tier one
capital plus
allowance for credit
losses 3.90 % 4.28 % 4.24 % 4.25 % 4.35 %
Accruing loans 30
days or more past
due/loans(5) 0.18 % 0.14 % 0.27 % 0.18 % 0.09 %
Net charge-offs
(recoveries)/average
loans(5) (YTD
annualized) 0.00 % 0.00 % 0.00 % 0.04 % 0.05 %
Allowance for credit
losses/loans(5) 1.10 % 1.10 % 1.10 % 1.10 % 1.11 %
Allowance for credit
losses/nonaccrual
loans 364.50 % 362.35 % 378.09 % 366.94 % 346.78 %
--------------------- --------- --------- --------- --------- ---------
[Footnotes to table located on page 6]
INCOME STATEMENTS -- Unaudited
Quarter Ended Sept 30 2025 -
----------------------------------------
Sept 30 Jun 30 Mar 31 Dec 31 Sept 30 Sept 30 2024
(in thousands,
except per
share data) 2025 2025 2025 2024 2024 % Change
--------------- ------- ------ ------ ------ ------- --------------
Interest income
Loans $ 50,999 48,992 47,085 47,163 47,550 7.25 %
Investment
securities 1,342 1,357 1,403 1,504 1,412 (4.96 %)
Federal funds
sold 2,645 1,969 1,159 2,465 2,209 19.74 %
--------------- ------- ------ ------ ------ ------- --------------
Total interest
income 54,986 52,318 49,647 51,132 51,171 7.46 %
--------------- ------- ------ ------ ------ ------- --------------
Interest
expense
Deposits 24,703 24,300 23,569 25,901 27,725 (10.90 %)
Borrowings 2,754 2,723 2,695 2,773 2,855 (3.54 %)
--------------- ------- ------ ------ ------ ------- --------------
Total interest
expense 27,457 27,023 26,264 28,674 30,580 (10.21 %)
--------------- ------- ------ ------ ------ ------- --------------
Net interest
income 27,529 25,295 23,383 22,458 20,591 33.69 %
Provision
(reversal of)
for credit
losses 850 700 750 (200) - 100 %
--------------- ------- ------ ------ ------ ------- --------------
Net interest
income after
provision for
credit losses 26,679 24,595 22,633 22,658 20,591 29.57 %
--------------- ------- ------ ------ ------ ------- --------------
Noninterest
income
Mortgage
banking
income 1,600 1,569 1,424 1,024 1,449 10.42 %
Service fees on
deposit
accounts 625 567 539 499 455 37.36 %
ATM and debit
card income 601 586 552 607 599 0.33 %
Income from
bank owned
life
insurance 439 413 403 407 401 9.48 %
Other income 335 199 196 242 271 23.62 %
--------------- ------- ------ ------ ------ ------- --------------
Total
noninterest
income 3,600 3,334 3,114 2,779 3,175 13.39 %
--------------- ------- ------ ------ ------ ------- --------------
Noninterest
expense
Compensation
and benefits 11,299 11,674 11,304 10,610 10,789 4.73 %
Occupancy 2,447 2,523 2,548 2,587 2,595 (5.70 %)
Outside service
and data
processing
costs 2,158 2,189 2,037 2,003 1,930 11.81 %
Insurance 961 910 1,010 1,077 1,025 (6.24 %)
Professional
fees 605 609 509 656 548 10.40 %
Marketing 412 397 374 335 319 29.15 %
Other 1,064 1,034 1,054 1,276 833 27.73 %
--------------- ------- ------ ------ ------ ------- --------------
Total
noninterest
expenses 18,946 19,336 18,836 18,544 18,039 5.03 %
--------------- ------- ------ ------ ------ ------- --------------
Income before
provision for
income taxes 11,333 8,593 6,911 6,893 5,727 97.89 %
Income tax
expense 2,671 2,012 1,645 1,266 1,345 98.59 %
--------------- ------- ------ ------ ------ ------- --------------
Net income
available to
common
shareholders $ 8,662 6,581 5,266 5,627 4,382 97.67 %
--------------- ------- ------ ------ ------ ------- --------------
Earnings per
common share
-- Basic $ 1.08 0.81 0.65 0.70 0.54
Earnings per
common share
-- Diluted 1.07 0.81 0.65 0.70 0.54
Basic weighted
average common
shares 8,031 8,036 8,078 8,023 8,064
Diluted
weighted
average common
shares 8,080 8,051 8,111 8,097 8,089
--------------- ------- ------ ------ ------ ------- --------------
[Footnotes to table located on page 6]
Net income for the third quarter of 2025 was $8.7 million, or $1.07 per diluted share, a $2.1 million increase from the second quarter of 2025 and a $4.3 million increase from the third quarter of 2024. Net interest income increased $2.2 million during the third quarter of 2025, compared to the second quarter of 2025, and increased $6.9 million, compared to the third quarter of 2024. The increase in net interest income from the prior quarter and prior year was primarily driven by an increase in interest income on loans, combined with a decrease in interest expense on deposits.
The provision for credit losses was $850 thousand for the third quarter of 2025 compared to a provision for credit losses of $700 thousand for the second quarter of 2025 and no provision for credit losses for the third quarter of 2024. The provision during the third quarter of 2025 includes a $500 thousand provision for credit losses and a $350 thousand provision for the reserve for unfunded commitments. The provision for credit losses in the third quarter of 2025 was primarily driven by a change in qualitative factors related to an increase in past due loans and risk migration among our commercial business and non-owner occupied loans.
Noninterest income was $3.6 million for the third quarter of 2025, compared to $3.3 million for the second quarter of 2025, and $3.2 million for the third quarter of 2024. Mortgage banking income continues to be the largest component of noninterest income at $1.6 million in fee revenue for the third and second quarters of 2025, and $1.4 million for the third quarter of 2024. In addition, service fees on deposit accounts increased 10% over the prior quarter and 37% over the prior year.
Noninterest expense for the third quarter of 2025 was $18.9 million, a $390 thousand decrease from the second quarter of 2025, and a $907 thousand increase from the third quarter of 2024. The decrease in noninterest expense from the previous quarter was driven by a decrease in compensation and benefits and occupancy expenses, offset in part by an increase in insurance expense. The increase in noninterest expense from the previous year related primarily to increases in compensation and benefits, outside service and data processing costs, and other noninterest expenses, offset in part by a decrease in occupancy.
The effective tax rate was 23.6% for the third quarter of 2025, 23.4% for the second quarter of 2025, and 23.5% for the third quarter of 2024. The changes in the effective tax rate are driven by the effect of equity compensation transactions during the quarter.
NET INTEREST INCOME AND MARGIN - Unaudited
For the Three Months Ended
---------------------------------- ---------------------------------------------------------------------
September 30, 2025 June 30, 2025 September 30, 2024
---------------------------------- --------------------------------- ----------------------------------
Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/
(dollars in thousands) Balance Expense Rate(3) Balance Expense Rate(3) Balance Expense Rate(3)
----------------------- ------------ ---------- -------- ------------ ---------- ------- ------------ ---------- --------
Interest-earning assets
Federal funds sold and
interest-bearing
deposits $ 238,552 $ 2,645 4.40 % $ 179,095 $ 1,969 4.41 % $ 158,222 $ 2,209 5.55 %
Investment securities,
taxable 141,143 1,307 3.67 % 141,898 1,315 3.72 % 137,087 1,370 3.98 %
Investment securities,
nontaxable(2) 7,811 45 2.31 % 7,740 55 2.83 % 8,047 55 2.70 %
Loans(10) 3,783,885 50,999 5.35 % 3,724,064 48,992 5.28 % 3,629,050 47,550 5.21 %
----------------------- ------------ ---------- ------------ ---------- ------------ ----------
Total
interest-earning
assets 4,171,391 54,996 5.23 % 4,052,797 52,331 5.18 % 3,932,406 51,184 5.18 %
Noninterest-earning
assets 150,552 154,051 158,550
----------------------- ------------ ------------ ------------
Total assets $4,321,943 $4,206,848 $4,090,956
----------------------- ------------ ------------ ------------
Interest-bearing
liabilities
NOW accounts $ 329,301 746 0.90 % $ 331,811 752 0.91 % $ 314,669 835 1.06 %
Savings & money market 1,599,710 13,509 3.35 % 1,566,345 13,398 3.43 % 1,523,834 15,287 3.99 %
Time deposits 984,078 10,448 4.21 % 942,880 10,150 4.32 % 909,192 11,603 5.08 %
----------------------- ------------ ---------- ------------ ---------- ------------ ----------
Total interest-bearing
deposits 2,913,089 24,703 3.36 % 2,841,036 24,300 3.43 % 2,747,695 27,725 4.01 %
FHLB advances and other
borrowings 240,087 2,296 3.79 % 240,000 2,270 3.79 % 240,065 2,297 3.81 %
Subordinated debentures 24,903 458 7.30 % 24,903 453 7.30 % 36,261 558 6.12 %
----------------------- ------------ ---------- ------------ ---------- ------------ ----------
Total interest-bearing
liabilities 3,178,079 27,457 3.43 % 3,105,939 27,023 3.49 % 3,024,021 30,580 4.02 %
---------- ---------- ----------
Noninterest-bearing
liabilities 792,575 758,626 744,025
Shareholders' equity 351,289 342,283 322,910
----------------------- ------------ ------------ ------------
Total liabilities and
shareholders' equity $4,321,943 $4,206,848 $4,090,956
----------------------- ------------ ------------ ------------
Net interest spread 1.80 % 1.69 % 1.16 %
Net interest income
(tax equivalent) /
margin $27,539 2.62 % $25,308 2.50 % $20,604 2.08 %
Less: tax-equivalent
adjustment(2) 10 13 13
---------- ---------- ----------
Net interest income $27,529 $25,295 $20,591
----------------------- ------------ ---------- -------- ------------ ---------- ------- ------------ ---------- --------
[Footnotes to table located on page 6]
Net interest income was $27.5 million for the third quarter of 2025, a $2.2 million increase from the second quarter of 2025, driven by a $2.7 million increase in interest income, partially offset by a $434 thousand increase in interest expense. The increase in interest income was driven by an increase in the yield on interest-earning assets, as loan yield increased seven basis points over the previous quarter. In addition, the cost of our interest-bearing deposits decreased seven basis points over the previous quarter. In comparison to the third quarter of 2024, net interest income increased $6.9 million, resulting primarily from a 65 basis point decrease in the cost of interest-bearing deposits. Net interest margin, on a tax-equivalent basis, was 2.62% for the third quarter of 2025, a 12 basis point increase from 2.50% for the second quarter of 2025 and a 54 basis point increase from 2.08% for the third quarter of 2024.
BALANCE SHEETS - Unaudited
Sept 30
Ending Balance 2025 -
-----------------------------------------------------
Sept 30
Sept 30 Jun 30 Mar 31 Dec 31 Sept 30 2024
(in thousands,
except per share
data) 2025 2025 2025 2024 2024 % Change
------------------ --------- --------- --------- --------- --------- ---------
Assets
Cash and cash
equivalents:
Cash and due from
banks $ 24,600 25,184 24,904 22,553 25,289 (2.72 %)
Federal funds
sold 178,534 180,834 263,612 128,452 226,110 (21.04 %)
Interest-bearing
deposits with
banks 79,769 65,014 16,541 11,858 9,176 769.32 %
------------------ --------- --------- --------- --------- --------- ---------
Total cash and
cash
equivalents 282,903 271,032 305,057 162,863 260,575 8.57 %
------------------ --------- --------- --------- --------- --------- ---------
Investment
securities:
Investment
securities
available for
sale 131,040 128,867 131,290 132,127 134,597 (2.64 %)
Other investments 20,066 19,906 19,927 19,490 19,640 2.17 %
------------------ --------- --------- --------- --------- --------- ---------
Total
investment
securities 151,106 148,773 151,217 151,617 154,237 (2.03 %)
------------------ --------- --------- --------- --------- --------- ---------
Mortgage loans
held for sale 6,906 10,739 11,524 4,565 8,602 (19.72 %)
Loans (5) 3,789,021 3,746,841 3,683,919 3,631,767 3,619,556 4.68 %
Less allowance for
credit losses (41,799) (41,285) (40,687) (39,914) (40,166) 4.07 %
------------------ --------- --------- --------- --------- --------- ---------
Loans, net 3,747,222 3,705,556 3,643,232 3,591,853 3,579,390 4.69 %
------------------ --------- --------- --------- --------- --------- ---------
Bank owned life
insurance 55,324 54,886 54,473 54,070 53,663 3.10 %
Property and
equipment, net 84,586 85,921 87,369 88,794 90,158 (6.18 %)
Deferred income
taxes 12,657 12,971 13,080 13,467 11,595 9.16 %
Other assets 17,885 18,189 18,359 20,364 16,411 8.98 %
------------------ --------- --------- --------- --------- --------- ---------
Total assets $4,358,589 4,308,067 4,284,311 4,087,593 4,174,631 4.41 %
------------------ --------- --------- --------- --------- --------- ---------
Liabilities
Deposits $3,676,417 3,636,329 3,620,886 3,435,765 3,518,825 4.48 %
FHLB Advances 240,000 240,000 240,000 240,000 240,000 0.00 %
Subordinated
debentures 24,903 24,903 24,903 24,903 24,903 0.00 %
Other liabilities 60,921 61,373 60,924 56,481 64,365 (5.35 %)
------------------ --------- --------- --------- --------- --------- ---------
Total
liabilities 4,002,241 3,962,605 3,946,713 3,757,149 3,848,093 4.01 %
------------------ --------- --------- --------- --------- --------- ---------
Shareholders'
equity
Preferred stock -
$.01 par value;
10,000,000 shares
authorized - - - - -
Common Stock -
$.01 par value;
10,000,000 shares
authorized 82 82 82 82 82
Nonvested
restricted stock (1,929) (2,774) (3,372) (3,884) (4,219) (54.28 %)
Additional paid-in
capital 125,035 124,839 124,561 124,641 124,288 0.60 %
Accumulated other
comprehensive
loss (8,426) (9,609) (10,016) (11,472) (9,063) (7.03 %)
Retained earnings 241,586 232,924 226,343 221,077 215,450 12.13 %
------------------ --------- --------- --------- --------- --------- ---------
Total
shareholders'
equity 356,348 345,462 337,598 330,444 326,538 9.13 %
------------------ --------- --------- --------- --------- --------- ---------
Total
liabilities
and
shareholders'
equity $4,358,589 4,308,067 4,284,311 4,087,593 4,174,631 4.41 %
------------------ --------- --------- --------- --------- --------- ---------
Common Stock
Book value per
common share $ 43.51 42.23 41.33 40.47 40.04 8.67 %
Stock price:
High 45.54 38.51 38.50 44.86 36.45 24.94 %
Low 38.74 30.61 31.88 33.26 27.70 39.86 %
Period end 44.12 38.03 32.92 39.75 34.08 29.46 %
Common shares
outstanding 8,189 8,181 8,169 8,165 8,156 0.40 %
------------------ --------- --------- --------- --------- --------- ---------
[Footnotes to table located on page 6]
ASSET QUALITY MEASURES - Unaudited
Quarter Ended
--------------------------------------------------
September December September
30 June 30 March 31 31 30
(dollars in thousands) 2025 2025 2025 2024 2024
----------------------- --------- -------- -------- -------- ---------
Nonperforming Assets
Commercial
Owner occupied RE $ 262 - - - -
Non-owner occupied RE 6,911 6,941 6,950 7,641 7,904
Commercial business 195 717 1,087 1,016 838
Consumer
Real estate 3,394 3,028 2,414 1,908 2,448
Home equity 705 708 310 312 393
Other - - - - -
Total nonaccrual loans 11,467 11,394 10,761 10,877 11,583
Other real estate owned 275 275 275 - -
----------------------- --------- -------- -------- -------- ---------
Total nonperforming
assets $ 11,742 11,669 11,036 10,877 11,583
----------------------- --------- -------- -------- -------- ---------
Nonperforming assets as
a percentage of:
Total assets 0.27 % 0.27 % 0.26 % 0.27 % 0.28 %
Total loans 0.31 % 0.31 % 0.30 % 0.30 % 0.32 %
Classified assets/tier
1 capital plus
allowance for credit
losses 3.90 % 4.28 % 4.24 % 4.25 % 4.35 %
----------------------- --------- -------- -------- -------- ---------
Quarter Ended
--------------------------------------------------
September December September
30 June 30 March 31 31 30
(dollars in thousands) 2025 2025 2025 2024 2024
----------------------- --------- -------- -------- -------- ---------
Allowance for Credit
Losses
Balance, beginning of
period $ 41,285 40,687 39,914 40,166 40,157
Loans charged-off (55) (68) (78) (143) (118)
Recoveries of loans
previously
charged-off 69 16 101 141 127
----------------------- --------- -------- -------- -------- ---------
Net loans
(charged-off)
recovered 14 (52) 23 (2) 9
Provision for (reversal
of) credit losses 500 650 750 (250) -
----------------------- --------- -------- -------- -------- ---------
Balance, end of period $ 41,799 41,285 40,687 39,914 40,166
----------------------- --------- -------- -------- -------- ---------
Allowance for credit
losses to gross loans 1.10 % 1.10 % 1.10 % 1.10 % 1.11 %
Allowance for credit
losses to nonaccrual
loans 364.50 % 362.35 % 378.09 % 366.94 % 346.78 %
Net charge-offs
(recoveries) to
average loans QTD
(annualized) 0.00 % 0.01 % 0.00 % 0.00 % 0.00 %
----------------------- --------- -------- -------- -------- ---------
Total nonperforming assets were $11.7 million at September 30, 2025, representing 0.27% of total assets compared to 0.27% for the second quarter of 2025 and 0.28% for the third quarter of 2024. In addition, the classified asset ratio decreased to 3.90% for the third quarter of 2025 from 4.28% in the second quarter of 2025 and 4.35% in the third quarter of 2024.
At September 30, 2025, the allowance for credit losses was $41.8 million, or 1.10% of total loans, compared to $41.3 million, or 1.10% of total loans at June 30, 2025, and $40.2 million, or 1.11% of total loans, at September 30, 2024. We had net recoveries of $14 thousand, for the third quarter of 2025, compared to net charge-offs of $52 thousand for the second quarter of 2025 and net recoveries of $9 thousand for the third quarter of 2024. There was a provision for credit losses of $500 thousand for the third quarter of 2025, compared to a provision for credit losses of $650 thousand for the second quarter of 2025 and no provision for credit losses for the third quarter of 2024. The provision during the third quarter of 2025 was primarily driven by changes in qualitative factors related to an increase in past due loans and risk migration among our commercial business and non-owner occupied loans.
LOAN COMPOSITION - Unaudited
Quarter Ended
-------------------------------------------------------
September December September
30 June 30 March 31 31 30
(dollars in thousands) 2025 2025 2025 2024 2024
----------------------- --------- --------- --------- --------- -----------
Commercial
Owner occupied RE $ 705,383 686,424 673,865 651,597 642,608
Non-owner occupied RE 943,304 939,163 926,246 924,367 917,642
Construction 71,928 68,421 90,021 103,204 144,665
Business 604,411 589,661 561,337 556,117 521,535
----------------------- --------- --------- --------- --------- -----------
Total commercial
loans 2,325,026 2,283,669 2,251,469 2,235,285 2,226,450
----------------------- --------- --------- --------- --------- -----------
Consumer
Real estate 1,159,693 1,164,187 1,147,357 1,128,629 1,132,371
Home equity 239,996 234,608 223,061 204,897 195,383
Construction 25,842 25,210 23,540 20,874 21,582
Other 38,464 39,167 38,492 42,082 43,770
----------------------- --------- --------- --------- --------- -----------
Total consumer loans 1,463,995 1,463,172 1,432,450 1,396,482 1,393,106
----------------------- --------- --------- --------- --------- -----------
Total gross loans,
net of deferred
fees 3,789,021 3,746,841 3,683,919 3,631,767 3,619,556
Less--allowance for
credit losses (41,799) (41,285) (40,687) (39,914) (40,166)
----------------------- --------- --------- --------- --------- -----------
Total loans, net $3,747,222 3,705,556 3,643,232 3,591,853 3,579,390
----------------------- --------- --------- --------- --------- -----------
DEPOSIT COMPOSITION - Unaudited
Quarter Ended
-------------------------------------------------------
September December September
30 June 30 March 31 31 30
(dollars in thousands) 2025 2025 2025 2024 2024
----------------------- --------- --------- --------- --------- -----------
Non-interest bearing $ 736,518 761,492 671,609 683,081 689,749
Interest bearing:
NOW accounts 343,615 341,903 371,052 314,588 339,412
Money market accounts 1,572,738 1,537,400 1,563,181 1,438,530 1,423,403
Savings 29,381 32,334 32,945 31,976 29,283
Time, less than
$250,000 202,353 194,064 181,407 193,562 223,582
Time and
out-of-market
deposits, $250,000
and over 791,812 769,136 800,692 774,028 813,396
Total deposits $3,676,417 3,636,329 3,620,886 3,435,765 3,518,825
----------------------- --------- --------- --------- --------- -----------
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
totaling $791,812,000.
(7) September 30, 2025 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 $4.4 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 and the office of the President 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) trade wars, government shutdowns, or a potential recession which may cause 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 . All subsequent written and oral forward-looking statements concerning the company or any person acting on its behalf are 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
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SOURCE Southern First Bancshares, Inc.
(END) Dow Jones Newswires
October 28, 2025 07:15 ET (11:15 GMT)
