Southern First Reports First Quarter 2026 Results
GREENVILLE, S.C., April 21, 2026 /PRNewswire/ -- Southern First Bancshares, Inc. (NASDAQ: SFST) (Southern First), today announced its financial results for the three months ended March 31, 2026. Strong loan growth and continued margin expansion drove year-over-year net interest income growth of 29%. Net income was $9.9 million and diluted earnings per share was $1.19, representing a $0.54, or 83%, increase over the first quarter of 2025, and relatively unchanged from the fourth quarter of 2025. Return on average assets was 0.91%, up 39 basis points over the first quarter of last year, and tangible common equity to assets was 8.29%, up 41 basis points from the first quarter of 2025. Net charge-offs were approximately $50 thousand, or 0.01% of average loans, annualized, consistent with linked quarter and year-over-year results. Nonperforming assets were 0.26% of total assets, down from 0.32% for the fourth quarter. Provision for credit losses increased by $650 thousand, and the allowance for credit losses represented 1.10% of loans, consistent with the past several quarters.
"We are excited to report our first quarter 2026 results which include record retail deposit growth of nearly $210 million, representing a 27% annualized growth rate. Our first quarter 2026 net income was $9.9 million and is 88% higher than the same quarter last year. We have tremendous momentum in growing client relationships and raised additional capital in the form of common equity this quarter to support our growth expectations," stated Art Seaver, Chief Executive Officer.
On April 15, 2026, Southern First announced an underwritten public offering of 1,050,000 shares of common stock and granted the underwriters an option to purchase up to 157,500 additional shares. The offering closed on April 17, 2026, with a total of 1,207,500 shares issued at $54.00 per share for aggregate gross proceeds of approximately $65.2 million before discounts and expenses. The Company intends to use the net proceeds from the offering for general corporate purposes, which may include supporting organic growth initiatives, providing capital to the Company's bank subsidiary, redeeming or repurchasing outstanding indebtedness, including subordinated debt, and for working capital purposes.
Financial Highlights – First Quarter 2026:
Earnings
- Diluted earnings per common share was $1.19, up $0.54, or 83%, compared to the first quarter of 2025; and down slightly by $0.01 from the fourth quarter of 2025
- Net income improved to $9.9 million, a $4.6 million increase, or 88%, compared to the first quarter of 2025
- Total revenue was $33.8 million, an increase of $7.3 million, or 28%, year-over-year and $2.0 million on a linked quarter basis
- Net interest income improved by $6.9 million, or 29% year-over-year, driven primarily by new loan volume
- Net interest margin was 2.88%, a 16 basis point increase from 2.72% for the fourth quarter of 2025, and included a $543 thousand repayment of interest on one large nonaccrual loan
- Noninterest income was $3.5 million compared to $3.1 million for the first quarter last year; the increase was impacted by a one-time $515 thousand loss on the sale of securities in the fourth quarter of 2025
- Noninterest expense to average assets was 1.84%, compared to 1.87% for first quarter of 2025
- Return on average equity was 10.67%, compared to 6.38% for the first quarter of 2025
- Return on average assets was 0.91%, compared to 0.52% for the first quarter of 2025
Balance Sheet
- Total loans were $3.9 billion, up $97.1 million, or 10% (annualized), from the fourth quarter of 2025
- Retail deposits were $3.4 billion, up $207.8 million, or 27% (annualized) from the fourth quarter of 2025
- Book value per common share was $46.00, an increase of 10% (annualized) from the fourth quarter of 2025
- Tangible common equity (TCE) ratio was 8.29%, down 8 basis points on a linked quarter basis driven by loan growth, and up from 7.88% for the first quarter of 2025
- Common equity Tier1 ratio (CET1) was 11.03%, down slightly from the fourth quarter of 2025, and up from 10.75% for the first quarter 2025
Asset Quality
- Nonperforming assets to total assets were 0.26%, compared to 0.32% for the linked quarter, primarily due to the repayment of a large nonaccrual loan, while accruing loans 30 days or more past due to total loans were 0.20%, compared to 0.14% for the fourth quarter
- Classified assets were 3.25% as a percentage of total loans compared to 4.28% for the linked quarter end
- Provision for credit losses was $1.3 million and includes a $1.2 million provision for loan losses and a $150 thousand provision for unfunded commitments driven by new loan growth; Allowance for credit losses to total loans remained at 1.10% for the quarter
- Net charge-offs were 0.01% as a percentage of average loans on an annualized basis
SELECTED FINANCIAL DATA | |||||||||
Quarter Ended | Mar 31 2026- | ||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | Mar 31 2025 | ||||
2026 | 2025 | 2025 | 2025 | 2025 | Change | ||||
Income Statement Summary ($ in thousands): | |||||||||
Net interest income | $ | 30,259 | 28,744 | 27,529 | 25,295 | 23,383 | 29.4 % | ||
Noninterest income | 3,540 | 3,090 | 3,600 | 3,334 | 3,114 | 13.7 % | |||
Total Revenue | 33,799 | 31,834 | 31,129 | 28,629 | 26,497 | 27.6 % | |||
Provision for credit losses | 1,300 | 650 | 850 | 700 | 750 | 73.3 % | |||
Noninterest expense | 20,015 | 18,416 | 18,946 | 19,336 | 18,836 | 6.3 % | |||
Income before income tax expense | 12,484 | 12,768 | 11,333 | 8,593 | 6,911 | 80.6 % | |||
Income tax expense | 2,597 | 2,911 | 2,671 | 2,012 | 1,645 | 57.9 % | |||
Net income available to common shareholders | 9,887 | 9,857 | 8,662 | 6,581 | 5,266 | 87.8 % | |||
Earnings ($ in thousands, except per share data): | |||||||||
Earnings per common share, diluted | 1.19 | 1.20 | 1.06 | 0.81 | 0.65 | 83.1 % | |||
Net interest margin (tax-equivalent)(1) | 2.88 % | 2.72 % | 2.62 % | 2.50 % | 2.41 % | 0.47 | |||
Return on average assets(2) | 0.91 % | 0.90 % | 0.80 % | 0.63 % | 0.52 % | 0.39 | |||
Return on average equity(2) | 10.67 % | 10.77 % | 9.78 % | 7.71 % | 6.38 % | 4.29 | |||
Efficiency ratio(3) | 59.22 % | 57.85 % | 60.86 % | 67.54 % | 71.08 % | (11.86) | |||
Noninterest expense to average assets (2) | 1.84 % | 1.68 % | 1.74 % | 1.86 % | 1.87 % | (0.03) | |||
Balance Sheet ($ in thousands): | |||||||||
Total loans(4) | $ | 3,942,219 | 3,845,124 | 3,789,021 | 3,746,841 | 3,683,919 | 7.0 % | ||
Total deposits | 3,873,455 | 3,716,803 | 3,676,417 | 3,636,329 | 3,620,886 | 7.0 % | |||
Retail deposits(5) | 3,371,721 | 3,163,914 | 3,108,411 | 3,075,631 | 3,020,392 | 11.6 % | |||
Total assets | 4,578,402 | 4,403,494 | 4,358,589 | 4,308,067 | 4,284,311 | 6.9 % | |||
Book value per common share | 46.00 | 44.89 | 43.51 | 42.23 | 41.33 | 11.3 % | |||
Loans to deposits | 101.78 % | 103.45 % | 103.06 % | 103.04 % | 101.74 % | 0.04 | |||
Holding Company Capital Ratios(6): | |||||||||
Total risk-based capital ratio | 12.83 % | 12.89 % | 12.79 % | 12.63 % | 12.69 % | 0.14 | |||
Tier 1 risk-based capital ratio | 11.40 % | 11.44 % | 11.26 % | 11.11 % | 11.15 % | 0.25 | |||
Leverage ratio | 9.05 % | 8.93 % | 8.72 % | 8.73 % | 8.79 % | 0.26 | |||
Common equity Tier 1 ratio(7) | 11.03 % | 11.06 % | 10.88 % | 10.71 % | 10.75 % | 0.28 | |||
Tangible common equity(8) | 8.29 % | 8.37 % | 8.18 % | 8.02 % | 7.88 % | 0.41 | |||
Asset Quality Ratios: | |||||||||
Nonperforming assets/total assets | 0.26 % | 0.32 % | 0.27 % | 0.27 % | 0.26 % | — | |||
Classified assets/Tier 1 capital plus allowance for | 3.25 % | 4.28 % | 3.97 % | 4.35 % | 4.31 % | (1.06) | |||
Accruing loans 30 days or more past due/loans(4) | 0.20 % | 0.14 % | 0.18 % | 0.14 % | 0.27 % | (0.07) | |||
Net charge-offs (recoveries)/average loans(4) (YTD | 0.01 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.01 | |||
Allowance for credit losses/loans(4) | 1.10 % | 1.10 % | 1.10 % | 1.10 % | 1.10 % | — | |||
Allowance for credit losses/nonaccrual loans | 378.22 % | 305.65 % | 364.50 % | 362.35 % | 378.09 % | 0.13 | |||
INCOME STATEMENTS – Unaudited | ||||||||
Quarter Ended | Mar 31 2026 - | |||||||
Mar 31 | Dec 31 | Sept 30 | Jun 30 | Mar 31 | Mar 31 2025 | |||
(in thousands, except per share data) | 2026 | 2025 | 2025 | 2025 | 2025 | Change | ||
Interest income | ||||||||
Loans | $ | 51,257 | 51,069 | 50,999 | 48,992 | 47,085 | 8.9 % | |
Investment securities | 1,399 | 1,268 | 1,342 | 1,357 | 1,403 | (0.3 %) | ||
Federal funds sold | 1,955 | 2,193 | 2,645 | 1,969 | 1,159 | 68.7 % | ||
Total interest income | 54,611 | 54,530 | 54,986 | 52,318 | 49,647 | 10.0 % | ||
Interest expense | ||||||||
Deposits | 21,697 | 23,052 | 24,703 | 24,300 | 23,569 | (7.9 %) | ||
Borrowings | 2,655 | 2,734 | 2,754 | 2,723 | 2,695 | (1.5 %) | ||
Total interest expense | 24,352 | 25,786 | 27,457 | 27,023 | 26,264 | (7.3 %) | ||
Net interest income | 30,259 | 28,744 | 27,529 | 25,295 | 23,383 | 29.4 % | ||
Provision for credit losses | 1,300 | 650 | 850 | 700 | 750 | 73.3 % | ||
Net interest income after provision for credit losses | 28,959 | 28,094 | 26,679 | 24,595 | 22,633 | 27.9 % | ||
Noninterest income | ||||||||
Mortgage banking income | 1,493 | 1,689 | 1,600 | 1,569 | 1,424 | 4.8 % | ||
Service fees on deposit accounts | 756 | 634 | 625 | 567 | 539 | 40.3 % | ||
ATM and debit card income | 588 | 638 | 601 | 586 | 552 | 6.5 % | ||
Income from bank owned life insurance | 446 | 450 | 439 | 413 | 403 | 10.7 % | ||
Loss on sale of securities | - | (515) | - | - | - | 0.0 % | ||
Other income | 257 | 194 | 335 | 199 | 196 | 31.1 % | ||
Total noninterest income | 3,540 | 3,090 | 3,600 | 3,334 | 3,114 | 13.7 % | ||
Noninterest expense | ||||||||
Compensation and benefits | 11,980 | 10,529 | 11,299 | 11,674 | 11,304 | 6.0 % | ||
Occupancy | 2,490 | 2,465 | 2,447 | 2,523 | 2,548 | (2.3 %) | ||
Outside service and data processing costs | 2,267 | 2,144 | 2,158 | 2,189 | 2,037 | 11.3 % | ||
Insurance | 892 | 994 | 961 | 910 | 1,010 | (11.7 %) | ||
Professional fees | 675 | 732 | 605 | 609 | 509 | 32.6 % | ||
Marketing | 399 | 346 | 412 | 397 | 374 | 6.7 % | ||
Other | 1,312 | 1,206 | 1,064 | 1,034 | 1,054 | 24.5 % | ||
Total noninterest expenses | 20,015 | 18,416 | 18,946 | 19,336 | 18,836 | 6.3 % | ||
Income before provision for income taxes | 12,484 | 12,768 | 11,333 | 8,593 | 6,911 | 80.6 % | ||
Income tax expense | 2,597 | 2,911 | 2,671 | 2,012 | 1,645 | 57.9 % | ||
Net income available to common shareholders | $ | 9,887 | 9,857 | 8,662 | 6,581 | 5,266 | 87.7 % | |
Earnings per common share – Basic | $ | 1.21 | 1.22 | 1.07 | 0.81 | 0.65 | 86.2 % | |
Earnings per common share – Diluted | 1.19 | 1.20 | 1.06 | 0.81 | 0.65 | 83.1 % | ||
Basic weighted average common shares | 8,163 | 8,106 | 8,091 | 8,090 | 8,078 | 1.1 % | ||
Diluted weighted average common shares | 8,293 | 8,229 | 8,176 | 8,124 | 8,111 | 2.2 % | ||
[Footnotes to table located on page 6] | ||||||||
NET INTEREST INCOME AND MARGIN - Unaudited | |||||||||
For the Three Months Ended | |||||||||
March 31, 2026 | December 31, 2025 | March 31, 2025 | |||||||
(dollars in thousands) | Average | Income/ | Yield/ | Average | Income/ | Yield/ | Average | Income/ | Yield/ |
Interest-earning assets | |||||||||
Federal funds sold and interest- | $ 211,039 | $ 1,956 | 3.76 % | $ 218,291 | $ 2,193 | 3.99 % | $ 107,821 | $ 1,159 | 4.36 % |
Investment securities, taxable | 141,309 | 1,368 | 3.93 % | 138,616 | 1,229 | 3.52 % | 143,609 | 1,361 | 3.84 % |
Investment securities, nontaxable(1) | 6,332 | 40 | 2.58 % | 7,641 | 51 | 2.63 % | 7,914 | 55 | 2.80 % |
Loans(9) | 3,899,002 | 51,257 | 5.33 % | 3,830,741 | 51,069 | 5.29 % | 3,673,912 | 47,085 | 5.20 % |
Total interest-earning assets | 4,257,682 | 54,621 | 5.20 % | 4,195,289 | 54,542 | 5.16 % | 3,933,256 | 49,660 | 5.12 % |
Noninterest-earning assets | 156,466 | 151,515 | 157,053 | ||||||
Total assets | $4,414,148 | $4,346,804 | $4,090,309 | ||||||
Interest-bearing liabilities | |||||||||
NOW accounts | $ 421,527 | 1,102 | 1.06 % | $ 360,509 | 834 | 0.92 % | $ 306,707 | 597 | 0.79 % |
Savings & money market | 1,649,248 | 11,819 | 2.91 % | 1,614,469 | 12,530 | 3.08 % | 1,520,632 | 12,750 | 3.40 % |
Time deposits | 895,101 | 8,776 | 3.98 % | 937,557 | 9,688 | 4.10 % | 930,282 | 10,222 | 4.46 % |
Total interest-bearing deposits | 2,965,876 | 21,697 | 2.97 % | 2,912,535 | 23,052 | 3.14 % | 2,757,621 | 23,569 | 3.47 % |
FHLB advances and other borrowings | 240,000 | 2,245 | 3.79 % | 240,000 | 2,295 | 3.79 % | 240,000 | 2,244 | 3.79 % |
Subordinated debentures | 24,903 | 411 | 6.69 % | 24,903 | 439 | 6.99 % | 24,903 | 451 | 7.34 % |
Total interest-bearing liabilities | 3,230,779 | 24,353 | 3.06 % | 3,177,438 | 25,786 | 3.22 % | 3,022,524 | 26,264 | 3.52 % |
Noninterest-bearing liabilities | 807,686 | 806,235 | 732,761 | ||||||
Shareholders' equity | 375,683 | 363,131 | 335,024 | ||||||
Total liabilities and shareholders' | $4,414,148 | $4,346,804 | $4,090,309 | ||||||
Net interest spread | 2.15 % | 1.94 % | 1.60 % | ||||||
Net interest income (tax equivalent) / | $30,268 | 2.88 % | $28,756 | 2.72 % | $23,396 | 2.41 % | |||
Less: tax-equivalent adjustment(1) | 9 | 12 | 13 | ||||||
Net interest income | $30,259 | $28,744 | $23,383 | ||||||
[Footnotes to table located on page 6] | |||||||||
BALANCE SHEETS - Unaudited | |||||||||
Ending Balance | Mar 31 2026 - | ||||||||
Mar 31 | Dec 31 | Sept 30 | Jun 30 | Mar 31 | Mar 31 2025 | ||||
(in thousands, except per share data) | 2026 | 2025 | 2025 | 2025 | 2025 | Change | |||
Assets | |||||||||
Cash and cash equivalents: | |||||||||
Cash and due from banks | $ | 32,723 | 27,821 | 24,600 | 25,184 | 24,904 | 31.4 % | ||
Federal funds sold | 228,235 | 183,473 | 178,534 | 180,834 | 263,612 | (13.4 %) | |||
Interest-bearing deposits with banks | 81,818 | 58,289 | 79,769 | 65,014 | 16,541 | 394.6 % | |||
Total cash and cash equivalents | 342,776 | 269,583 | 282,903 | 271,032 | 305,057 | 12.4 % | |||
Investment securities: | |||||||||
Investment securities available for sale | 124,224 | 127,730 | 131,040 | 128,867 | 131,290 | (5.4 %) | |||
Other investments | 20,377 | 20,063 | 20,066 | 19,906 | 19,927 | 2.3 % | |||
Total investment securities | 144,601 | 147,793 | 151,106 | 148,773 | 151,217 | (4.4 %) | |||
Mortgage loans held for sale | 13,723 | 11,569 | 6,906 | 10,739 | 11,524 | 19.1 % | |||
Loans (5) | 3,942,219 | 3,845,124 | 3,789,021 | 3,746,841 | 3,683,919 | 7.0 % | |||
Less allowance for credit losses | (43,378) | (42,280) | (41,799) | (41,285) | (40,687) | 6.6 % | |||
Loans, net | 3,898,841 | 3,802,844 | 3,747,222 | 3,705,556 | 3,643,232 | 7.0 % | |||
Bank owned life insurance | 56,221 | 55,775 | 55,324 | 54,886 | 54,473 | 3.2 % | |||
Property and equipment, net | 88,580 | 83,465 | 84,586 | 85,921 | 87,369 | 1.4 % | |||
Deferred income taxes | 13,812 | 13,702 | 12,657 | 12,971 | 13,080 | 5.6 % | |||
Other assets | 19,848 | 18,763 | 17,885 | 18,189 | 18,359 | 8.1 % | |||
Total assets | $ | 4,578,402 | 4,403,494 | 4,358,589 | 4,308,067 | 4,284,311 | 6.9 % | ||
Liabilities | |||||||||
Deposits | $ | 3,873,455 | 3,716,803 | 3,676,417 | 3,636,329 | 3,620,886 | 7.0 % | ||
FHLB Advances | 240,000 | 240,000 | 240,000 | 240,000 | 240,000 | 0.0 % | |||
Subordinated debentures | 24,903 | 24,903 | 24,903 | 24,903 | 24,903 | 0.0 % | |||
Other liabilities | 60,631 | 53,131 | 60,921 | 61,373 | 60,924 | (0.5 %) | |||
Total liabilities | 4,198,989 | 4,034,837 | 4,002,241 | 3,962,605 | 3,946,713 | 6.4 % | |||
Shareholders' equity | |||||||||
Preferred stock - $.01 par value; 10,000,000 shares | - | - | - | - | - | 0.0 % | |||
Common Stock - $.01 par value; 10,000,000 shares | 82 | 82 | 82 | 82 | 82 | 0.0 % | |||
Nonvested restricted stock | (1,302) | (1,338) | (1,929) | (2,774) | (3,372) | (61.4 %) | |||
Additional paid-in capital | 127,168 | 125,924 | 125,035 | 124,839 | 124,561 | 2.1 % | |||
Accumulated other comprehensive loss | (7,865) | (7,454) | (8,426) | (9,609) | (10,016) | (21.5 %) | |||
Retained earnings | 261,330 | 251,443 | 241,586 | 232,924 | 226,343 | 15.5 % | |||
Total shareholders' equity | 379,413 | 368,657 | 356,348 | 345,462 | 337,598 | 12.4 % | |||
Total liabilities and shareholders' equity | $ | 4,578,402 | 4,403,494 | 4,358,589 | 4,308,067 | 4,284,311 | 6.9 % | ||
Common Stock | |||||||||
Book value per common share | $ | 46.00 | 44.89 | 43.51 | 42.23 | 41.33 | 11.3 % | ||
Stock price: | |||||||||
High | 61.08 | 55.50 | 45.54 | 38.51 | 38.50 | 58.6 % | |||
Low | 51.26 | 41.15 | 38.74 | 30.61 | 31.88 | 60.8 % | |||
Period end | 54.50 | 51.52 | 44.12 | 38.03 | 32.92 | 65.6 % | |||
Common shares outstanding | 8,248 | 8,213 | 8,189 | 8,181 | 8,169 | 1.0 % | |||
[Footnotes to table located on page 6] | |||||||||
ASSET QUALITY MEASURES - Unaudited | ||||||
Quarter Ended | ||||||
March 31 | December 31 | September 30 | June 30 | March 31 | ||
(dollars in thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | |
Nonperforming Assets | ||||||
Commercial | ||||||
Owner occupied RE | $ | 2,317 | 259 | 262 | - | - |
Non-owner occupied RE | 1,712 | 6,917 | 6,911 | 6,941 | 6,950 | |
Commercial business | 909 | 189 | 195 | 717 | 1,087 | |
Consumer | ||||||
Real estate | 5,786 | 5,763 | 3,394 | 3,028 | 2,414 | |
Home equity | 745 | 705 | 705 | 708 | 310 | |
Total nonaccrual loans | 11,469 | 13,833 | 11,467 | 11,394 | 10,761 | |
Other real estate owned | 475 | 275 | 275 | 275 | 275 | |
Total nonperforming assets | $ | 11,944 | 14,108 | 11,742 | 11,669 | 11,036 |
Nonperforming assets as a percentage of: | ||||||
Total assets | 0.26 % | 0.32 % | 0.27 % | 0.27 % | 0.26 % | |
Total loans | 0.30 % | 0.37 % | 0.31 % | 0.31 % | 0.30 % | |
Classified assets/Tier 1 capital plus allowance for credit | 3.14 % | 4.22 % | 3.90 % | 4.28 % | 4.24 % | |
Accruing loans 30 days or more past due/loans(4) | 0.20 % | 0.14 % | 0.18 % | 0.14 % | 0.27 % | |
Quarter Ended | ||||||
March 31 | December 31 | September 30 | June 30 | March 31 | ||
(dollars in thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | |
Allowance for Credit Losses | ||||||
Balance, beginning of period | $ | 42,280 | 41,799 | 41,285 | 40,687 | 39,914 |
Loans charged-off | (78) | (150) | (55) | (68) | (78) | |
Recoveries of loans previously charged-off | 26 | 81 | 69 | 16 | 101 | |
Net loans (charged-off) recovered | (52) | (69) | 14 | (52) | 23 | |
Provision for credit losses | 1,150 | 550 | 500 | 650 | 750 | |
Balance, end of period | $ | 43,378 | 42,280 | 41,799 | 41,285 | 40,687 |
Allowance for credit losses to gross loans | 1.10 % | 1.10 % | 1.10 % | 1.10 % | 1.10 % | |
Allowance for credit losses to nonaccrual loans | 378.22 % | 305.65 % | 364.50 % | 362.35 % | 378.09 % | |
Net charge-offs (recoveries) to average loans QTD | 0.01 % | 0.01 % | 0.00 % | 0.01 % | 0.00 % | |
[Footnotes to table located on page 6] | ||||||
LOAN COMPOSITION - Unaudited | ||||||||||
Quarter Ended | Qtr | Yr | ||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | Over Qtr | Over Yr | ||||
(dollars in thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | $ Change | $ Change | |||
Commercial | ||||||||||
Owner occupied RE | $ | 759,602 | 736,979 | 705,383 | 686,424 | 673,865 | 22,623 | 85,737 | ||
Non-owner occupied RE | 950,696 | 956,812 | 943,304 | 939,163 | 926,246 | (6,116) | 24,450 | |||
Construction | 69,463 | 63,666 | 71,928 | 68,421 | 90,021 | 5,797 | (20,558) | |||
Business | 677,742 | 619,667 | 604,411 | 589,661 | 561,337 | 58,075 | 116,405 | |||
Total commercial loans | 2,457,503 | 2,377,124 | 2,325,026 | 2,283,669 | 2,251,469 | 80,379 | 206,034 | |||
Consumer | ||||||||||
Real estate | 1,148,129 | 1,153,285 | 1,159,693 | 1,164,187 | 1,147,357 | (5,156) | 772 | |||
Home equity | 262,530 | 248,685 | 239,996 | 234,608 | 223,061 | 13,845 | 39,469 | |||
Construction | 33,879 | 24,997 | 25,842 | 25,210 | 23,540 | 8,882 | 10,339 | |||
Other | 40,178 | 41,033 | 38,464 | 39,167 | 38,492 | (855) | 1,686 | |||
Total consumer loans | 1,484,716 | 1,468,000 | 1,463,995 | 1,463,172 | 1,432,450 | 16,716 | 52,266 | |||
Total gross loans, net of deferred fees | 3,942,219 | 3,845,124 | 3,789,021 | 3,746,841 | 3,683,919 | 97,095 | 258,300 | |||
Less—allowance for credit losses | (43,378) | (42,280) | (41,799) | (41,285) | (40,687) | (1,098) | (2,691) | |||
Total loans, net | $ | 3,898,841 | 3,802,844 | 3,747,222 | 3,705,556 | 3,643,232 | 95,997 | 255,609 | ||
Yield on average loans | 5.33 % | 5.29 % | 5.35 % | 5.28 % | 5.20 % | n/a | n/a | |||
DEPOSIT COMPOSITION - Unaudited | |||||||||||
Quarter Ended | Qtr | Yr | |||||||||
March 31 | December 31 | September 30 | June 30 | March 31 | Over Qtr | Over Yr | |||||
(dollars in thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | $ Change | $ Change | ||||
Non-interest bearing | $ | 799,692 | 732,287 | 736,518 | 761,492 | 671,609 | 67,405 | 128,083 | |||
Interest bearing: | |||||||||||
NOW accounts | 495,657 | 423,270 | 343,615 | 341,903 | 371,052 | 72,387 | 124,605 | ||||
Money market accounts | 1,652,125 | 1,573,039 | 1,572,738 | 1,537,400 | 1,563,181 | 79,086 | 88,944 | ||||
Savings | 30,332 | 29,470 | 29,381 | 32,334 | 32,945 | 862 | (2,613) | ||||
Time deposits, less than $250,000 | 170,496 | 180,783 | 202,353 | 194,064 | 181,407 | (10,287) | (10,911) | ||||
Time deposits, $250,000 and over(10) | 725,153 | 777,954 | 791,812 | 769,136 | 800,692 | (52,801) | (75,539) | ||||
Total deposits | $ | 3,873,455 | 3,716,803 | 3,676,417 | 3,636,329 | 3,620,886 | 156,652 | 252,569 | |||
Total retail deposits | 3,371,721 | 3,163,914 | 3,108,411 | 3,075,631 | 3,020,392 | 207,807 | 351,329 | ||||
Total wholesale deposits | 501,734 | 552,889 | 568,006 | 560,697 | 600,494 | (51,155) | (98,760) | ||||
Cost of average deposits | 2.37 % | 2.50 % | 2.69 % | 2.75 % | 2.78 % | n/a | n/a | ||||
Cost of average retail deposits | 2.06 % | 2.18 % | 2.36 % | 2.42 % | 2.43 % | n/a | n/a | ||||
Loans to deposits | 101.78 % | 103.45 % | 103.06 % | 103.04 % | 101.74 % | n/a | n/a | ||||
Footnotes to tables: | |
(1) 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. | |
(2) Annualized for the respective three-month period. | |
(3) Noninterest expense divided by the sum of net interest income and noninterest income. | |
(4) Excludes mortgage loans held for sale. | |
(5) Excludes out of market (wholesale) deposits totaling $501.7 million. | |
(6) March 31, 2026 ratios are preliminary. | |
(7) The common equity Tier 1 ratio is calculated as the sum of common equity divided by risk-weighted assets. | |
(8) The tangible common equity ratio is calculated as total equity less preferred stock divided by total assets. | |
(9) Includes mortgage loans held for sale. | |
(10) Includes out of market deposits | |
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 $4.6 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 (http://www.sec.gov). 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.
MEDIA CONTACT:
ART SEAVER 864-679-9010
FINANCIAL CONTACT:
CHRIS ZYCH 864-679-9070
WEB SITE: www.southernfirst.com
SOURCE Southern First Bancshares, Inc.
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