SOUTHERN FIRST BANCSHARES INC

Listed Company

SFSTCIK 0001090009NasdaqAcceleratedNational Commercial BanksSouth CarolinaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$30.37M

Total Assets

$4.40B

Equity

$368.66M

Shares Out

8.23M

Op. Cash Flow

$30.46M

Business

SOUTHERN FIRST BANCSHARES INC is a bank holding company that operates through its subsidiary Southern First Bank to provide commercial banking services. It offers deposit products, commercial, consumer and mortgage lending, cash management, internet and mobile banking, ATM and card services, and a mortgage loan production center. The company operates under a ClientFIRST relationship model with lending and deposit gathering as primary business segments and specialized functions such as a Dream Mortgage Center and centralized credit and risk management. It serves markets in South Carolina, North Carolina and Georgia through retail offices and digital distribution channels.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans	198	187	166	114	92
Investment securities	5	6	4	2	1
Federal funds sold and interest-bearing deposits with banks	8	9	7	1	233,000
Total interest income	211	201	178	118	93
Deposits	96	109	91	18	4
Borrowings	11	11	9	2	2
Total interest expense	107	120	100	20	—
Net interest income	105	81	78	98	88
Provision for credit losses	3	125,000	1	6	−12
Net interest income after provision for credit losses	102	81	76	91	100
Mortgage banking income	6	6	4	4	11
Service fees on deposit accounts	2	2	1	1	1
ATM and debit card income	2	2	2	2	2
Income from bank owned life insurance	2	2	1	1	1
Loss on sale of investment securities	−515,000	—	—	12,000	−3,000
Other income	924,000	911,000	818,000	1	1
Total noninterest income	13	12	10	10	17
Compensation and benefits	45	44	40	39	36
Occupancy	10	10	10	9	7
Outside service and data processing costs	9	8	7	6	5
Insurance	4	4	4	2	1
Professional fees	2	2	2	3	3
Marketing	2	1	1	1	905,000
Other	4	4	4	3	3
Total noninterest expenses	76	73	69	63	56
Income before income tax expense	40	20	17	38	61
Income tax expense	9	4	4	9	14
Net income available to common shareholders	30	16	13	29	47
Basic (per share)	3.75	1.92	1.67	3.66	5.96
Diluted (per share)	3.72	1.91	1.66	3.61	5.85
Basic (shares)	8	8	8	8	8
Diluted (shares)	8	8	8	8	8

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	28	23	28	19	22
Federal funds sold	183	128	119	101	87
Interest-bearing deposits with banks	58	12	9	51	59
Total cash and cash equivalents	270	163	156	171	167
Investment securities available for sale	128	132	135	93	120
Other investments	20	19	20	11	4
Total investment securities	148	152	155	104	124
Mortgage loans held for sale	12	5	7	4	14
Loans	3,845	3,632	3,603	—	—
Less allowance for credit losses	−42	−40	−41	—	—
Loans, net	3,803	3,592	3,562	—	—
Bank owned life insurance	56	54	53	51	50
Property and equipment, net	83	89	94	99	92
Deferred income taxes, net	14	13	12	13	8
Other assets	19	20	17	15	10
Total assets	4,403	4,088	4,056	3,692	2,926
Deposits	3,717	3,436	3,380	3,134	2,564
Federal Home Loan Bank advances and other borrowings	240	240	275	175	—
Subordinated debentures	25	25	36	36	36
Other liabilities	53	56	52	52	48
Total liabilities	4,035	3,757	3,743	3,397	2,648
Preferred stock, par value $.01 per share, 10,000,000 shares authorized	—	—	—	—	—
Common stock, par value $.01 per share, 20,000,000 shares authorized, 8,213,328 and 8,164,872 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively.	82,000	82,000	81,000	80,000	79,000
Nonvested restricted stock	−1	−4	−4	−3	−1
Additional paid-in capital	126	125	122	119	114
Accumulated other comprehensive loss	−7	−11	−11	−13	−740,000
Retained earnings	251	221	206	192	166
Total shareholders equity	369	330	312	295	278
Total liabilities and shareholders equity	4,403	4,088	4,056	3,692	2,926

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and other amortization	4	5	5	4	2
Accretion and amortization of securities discounts and premiums, net	430,000	554,000	61,000	694,000	935,000
Gain on sale of fixed assets	—	−28,000	—	394,000	−10,000
Net change in operating leases	87,000	145,000	233,000	872,000	605,000
Compensation expense related to stock options and restricted stock grants	2	2	2	2	2
Gain on sale of loans held for sale	−6	−5	−4	−3	−14
Loans originated and held for sale	−217	−189	−147	−166	−486
Proceeds from sale of loans held for sale	217	197	148	178	547
Increase in cash surrender value of bank owned life insurance	−2	−2	−1	−1	—
Increase in deferred tax asset	−1	−1	−230,000	−22,000	2
Decrease (increase) in other assets, net	2	−4	−1	−5	2
Increase (decrease) in other liabilities, net	−2	6	2	4	−11
Net cash provided by operating activities	30	26	18	50	78
Increase in loans, net	−214	−30	−329	−782	−349
Purchase of property and equipment	−581,000	−785,000	−1	−14	−27
Available for sale	−32	−24	−63	−13	−49
Other investments	−573,000	−4	−52	−28	−2
Available for sale	12	26	24	11	21
Other investments	—	5	43	21	2
Proceeds from sales of investment securities available for sale	29	—	—	12	—
Proceeds from sale of fixed assets	—	28,000	—	95,000	50,000
Net cash used for investing activities	−206	−29	−379	−793	−411
Increase in deposits, net	281	56	246	570	421
Increase (decrease) in Federal Home Loan Bank advances and other borrowings	—	−35	100	175	−25
Decrease in subordinated debentures	—	−12	—	—	—
Proceeds from the exercise of stock options	2	294,000	518,000	905,000	3
Net cash provided by financing activities	283	10	346	746	399
Net increase (decrease) in cash and cash equivalents	107	7	−15	4	67
Interest	107	119	93	19	6
Income taxes	11	4	2	12	22
Unrealized gain (loss) on securities, net of income taxes	4	−130,000	2	−13	−2
Operating leases	—	—	145,000	595,000	10
Foreclosure of other real estate	275,000	—	—	—	367,000

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