Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission file number 000-27719 Southern First Bancshares, Inc. (Exact name of registrant as specified in its charter) | South Carolina | 58-24595 ...

Southern First Markets: Greenville, SC 2000 Columbia, SC 2007 Charleston, SC 2012 Raleigh, NC 2016 Atlanta, GA 2017 Summerville, SC 2018 Greensboro, NC 2018 Charlotte, NC 2021 LOANS & DEPOSITS Total Deposits Millions Owner occupied RE 20% Non-owner occupied RE 26% Construction 3% Business 13% Real estate 28% Home equity 6% Construction 3% Other 1% Total Loans $2.66 Billion Commercial, 62% Consumer, 38% Commercial, 62% Consumer, 38% Q1 2022 Money Market, 46% Checking, 44% Retail CDs, 6% Wholesale CDs, 3% Sav ...

Financial Performance - Net income available to common shareholders decreased by 37.67% to $29.1 million for the year ended December 31, 2022, down from $46.7 million in 2021[281]. - Net interest income for the year ended December 31, 2022, was $97.6 million, an increase of $9.9 million from $87.7 million in 2021, driven by a $24.5 million increase in interest income[311]. - Noninterest income decreased by 44.1% to $9.6 million in 2022, down from $17.1 million in 2021[284]. - Comprehensive income for 2022 was $16,445 thousand, down from $44,948 thousand in 2021, reflecting a decrease of about 63%[429]. - Earnings per common share (diluted) decreased to $3.61 in 2022 from $5.85 in 2021, a drop of approximately 38%[426]. - Net income for 2022 was $29,115,000, a decrease of 37.8% from $46,711,000 in 2021 and an increase of 58.7% from $18,328,000 in 2020[435]. Asset and Deposit Growth - Total assets increased by 26.2% to $3.69 billion as of December 31, 2022, compared to $2.93 billion in 2021[279]. - Deposits increased by 22.23% to $3.13 billion in 2022, compared to $2.56 billion in 2021[284]. - Total deposits rose to $3,133,864 thousand in 2022, up from $2,563,826 thousand in 2021, marking an increase of approximately 22%[423]. - Retail deposits amounted to $2.90 billion, or 92.5% of total deposits, as of December 31, 2022, compared to $2.56 billion (100% of total deposits) in 2021[362]. - Core deposits reached $2.76 billion as of December 31, 2022, compared to $2.48 billion in 2021 and $2.01 billion in 2020[364]. Loan Performance - Total loans outstanding increased from $2.49 billion in 2021 to $3.27 billion in 2022, with average loans rising from $2.31 billion to $2.87 billion during the same period[338]. - The company experienced a loan growth of $783.5 million in 2022, with $500.0 million attributed to commercial loans and $283.4 million to consumer-related loans[340]. - Real estate loans comprised $2.78 billion, or 84.8% of the loan portfolio as of December 31, 2022, down from $2.13 billion, or 85.5%, in 2021[339]. - The average consumer real estate loan had a principal balance of $468,000 and an average rate of 3.71% as of December 31, 2022[340]. Credit Quality - The provision for credit losses was $6.2 million in 2022, compared to a negative provision of $12.4 million in 2021[284]. - The allowance for credit losses as of December 31, 2022, totaled $38.6 million, or 1.18% of gross loans, compared to $30.4 million or 1.22% of gross loans in 2021[318]. - Nonperforming assets decreased to 0.07% of total assets as of December 31, 2022, indicating improved asset quality[319]. - The percentage of nonperforming assets to total assets improved to 0.07% in 2022 from 0.17% in 2021, indicating enhanced credit quality[356]. Interest Income and Expense - Net interest income rose by 11.3% to $97.6 million in 2022, driven by a $525 million increase in average earning assets[296]. - Interest income for 2022 was $117.7 million, with 97.1% of this income derived from loans[297]. - Interest expense for 2022 was $20.0 million, with 90.3% attributed to deposits, up from 71.9% in 2021[298]. - The net interest margin (TE) decreased to 3.19% in 2022 from 3.45% in 2021, a decline of 26 basis points[303]. - The net interest spread was 2.88% for 2022, down from 3.35% in 2021, reflecting a 47 basis point decrease[308]. Noninterest Expenses - Total noninterest expenses increased to $62.9 million for the year ended December 31, 2022, a rise of $6.5 million or 11.5% from $56.4 million in 2021, primarily due to increased compensation and benefits expenses[326]. - The efficiency ratio increased to 58.71% in 2022 from 53.83% in 2021, indicating higher noninterest expenses relative to income[284]. - Compensation and benefits expenses rose by $2.7 million or 7.4% in 2022, primarily due to a $5.2 million increase in salaries and incentive compensation[329]. Regulatory and Compliance - The total capital to risk-weighted assets ratio was 12.45% as of December 31, 2022, exceeding the minimum requirement of 8%[378]. - The company’s capital ratios were in excess of all regulatory requirements as of December 31, 2022[443]. - The company actively manages interest rate risk through an asset/liability management committee, which meets monthly to monitor interest rate sensitivity[388]. Accounting and Reporting Changes - The company adopted a new credit loss accounting standard effective January 1, 2022, impacting the method of accounting for credit losses[414]. - The cumulative effect of adopting CECL resulted in a net decrease to retained earnings of $2.8 million as of January 1, 2022[474]. - Changes in the allowance for credit losses under CECL are recorded as provision for credit loss expense[477].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission file number 000-27719 Southern First Bancshares, Inc. (Exact name of registrant as specified in its charter) South Carolina 58-24595 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Address of principal executive offices) (Zip Code) 864-679-9000 For the Quarterly Period Ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission file number 000-27719 Southern First Bancshares, Inc. (Exact name of reg ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission file number 000-27719 Southern First Bancshares, Inc. FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2022 (Exact name of registrant as specified in its charter) South Carolina 58-2459561 ( ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant To Section 13 Or 15(d) of The Securities Exchange Act of 1934 For The Fiscal Year December 31, 2021. Or ☐ Transition Report Pursuant To Section 13 Or 15(d) of The Securities Exchange Act of 1934 For the Transition Period from _________ to __________ Commission file number 000-27719 Southern First Bancshares, Inc. (Exact name of registrant as specified in its charter) South Carolina 58 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission file number 000-27719 Southern First Bancshares, Inc. (Exact name of registrant as specified in its charter) South Carolina 58-2459561 (State or other ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission file number 000-27719 Southern First Bancshares, Inc. (Exact name of registrant as specified in its charter) South Carolina 58-2459561 Greenville, S.C. 296 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission file number 000-27719 Southern First Bancshares, Inc. (Exact name of registrant as specified in its charter) South Carolina 58-2459561 (State or other jur ...