Southern First Bancshares(SFST) 2023Q2 Earnings Summary
Bullish Points: 1. Total assets increased to $4,002,107,000 as of June 30, 2023, from $3,691,981,000 as of December 31, 2022. 2. Loans increased to $3,537,616,000 as of June 30, 2023, from $3,273,363,000 as of December 31, 2022. 3. Deposits increased to $3,433,018,000 as of June 30, 2023, from $3,133,864,000 as of December 31, 2022. 4. Total shareholders' equity increased to $301,514,000 as of June 30, 2023, from $294,512,000 as of December 31, 2022. 5. Loan portfolio increased by $264.2 million (8.1%) during H1 2023, with a 7.0% increase in commercial loans and a 10.2% increase in consumer loans. 6. Total deposits increased from $3.13 billion at December 31, 2022, to $3.43 billion at June 30, 2023. Bearish Points: 1. Net income for the six months ended June 30, 2023, was $5,161,000, compa
Southern First Bancshares, Inc. operates as the bank holding company for Southern First Bank that provides commercial, consumer, and mortgage loans to the general public in South Carolina, North Carolina, and Georgia. The company accepts various deposit products that include checking accounts, commercial checking accounts, and savings accounts, as well as other time deposits, including daily money market accounts and long-term certificates of deposit. Its loan portfolio comprises commercial real estate loans; construction real estate loans; commercial business loans for various lines of businesses, such as the manufacturing, service industry, and professional service areas; consumer real estate and home equity loans; and other consumer loans, including secured and unsecured installment loans and revolving lines of credit. In addition, the company provides other bank services, such as internet banking, cash management, safe deposit boxes, direct deposit, automatic drafts, bill payment, and mobile banking services. The company was incorporated in 1999 and is headquartered in Greenville, South Carolina.