Core Viewpoint - Southern First (SFST) reported quarterly earnings of $0.37 per share, exceeding the Zacks Consensus Estimate of $0.29 per share, and showing an increase from $0.31 per share a year ago [1][11]. Financial Performance - The company posted revenues of $23.05 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 4.16%, compared to $21.56 million in the same quarter last year [2]. - This quarterly report represents an earnings surprise of 27.59% [11]. - Over the last four quarters, Southern First has exceeded consensus EPS estimates three times [7]. Future Outlook - The company is expected to report quarterly earnings of $1.15 per share in its upcoming report, reflecting a year-over-year change of +26.4% [5]. - The current consensus EPS estimate for the next quarter is $0.38 on revenues of $23.57 million, and for the current fiscal year, it is $1.39 on revenues of $91.27 million [6]. - The estimate revisions trend for Southern First is currently unfavorable, leading to a Zacks Rank 5 (Strong Sell) for the stock, indicating expected underperformance in the near future [13]. Industry Context - Southern First operates within the Zacks Banks - Southeast industry, which is currently ranked in the bottom 29% of over 250 Zacks industries [10]. - The company’s shares have declined approximately 6.2% since the beginning of the year, contrasting with the S&P 500's gain of 17.2% [8].

Core Insights - Southern First Bancshares, Inc. reported solid financial performance for the second quarter of 2024, with net income of $3.0 million and diluted earnings per share of $0.37, reflecting an increase from the previous quarter and year [7][24][27]. Financial Performance - Total interest income for Q2 2024 was $50.5 million, an increase of $2.2 million from Q1 2024, driven by higher interest income on loans and federal funds sold [9][30]. - Net interest income was $19.5 million for Q2 2024, up $883 thousand from Q1 2024, with a net interest margin of 1.98%, a four-basis point increase from the previous quarter [9][30][24]. - Noninterest income rose to $3.5 million in Q2 2024, compared to $2.7 million in Q1 2024, with mortgage banking income being the largest component [28][24]. Asset Quality - Nonperforming assets increased to $11.2 million, representing 0.27% of total assets, up from 0.09% in Q1 2024 [14][24]. - The allowance for credit losses was $40.2 million, or 1.11% of total loans, with net charge-offs of $1.0 million for Q2 2024 [32][24]. Balance Sheet - Total assets as of June 30, 2024, were approximately $4.1 billion, with total loans at $3.6 billion, a decrease of $21.2 million from Q1 2024 [13][24]. - Total deposits were $3.5 billion, a slight decrease of $812 thousand from the previous quarter [24][13]. Management Commentary - The CEO highlighted the company's focus on disciplined pricing and building a strong balance sheet, while also noting the addition of a new Chief Financial Officer to enhance the team's capabilities [16].

Financial Performance - Net income available to common shareholders for Q2 2024 was $2,999 thousand, an increase of 18.9% from $2,522 thousand in Q1 2024[3] - Total revenue for Q2 2024 reached $23,051 thousand, up 8.2% from $21,309 thousand in Q1 2024[3] - Net income for Q2 2024 was $3.0 million, or $0.37 per diluted share, an increase of $477 thousand from Q1 2024 and $541 thousand from Q2 2023[17] - Noninterest income rose to $3.5 million in Q2 2024, compared to $2.7 million in Q1 2024, with mortgage banking income at $1.9 million[18] - The effective tax rate was 23.3% in Q2 2024, down from 25.5% in Q1 2024[20] Interest Income and Margin - Net interest income for Q2 2024 was $19,528 thousand, an increase of 4.7% from $18,645 thousand in Q1 2024[4] - The net interest margin for Q2 2024 improved to 1.98%, a four-basis point increase from 1.94% in Q1 2024[7] - Net interest margin improved to 1.98% in Q2 2024, compared to 1.94% in Q1 2024[16] - The net interest spread for the second quarter of 2024 was 1.08%, compared to 1.05% in the previous quarter[21] Loans and Deposits - Total loans as of June 30, 2024, were $3,622,521 thousand, a slight decrease from $3,643,766 thousand in Q1 2024[3] - Total loans decreased by $21.2 million, or 2.35% annualized, to $3.6 billion in Q2 2024 compared to Q1 2024[16] - Total deposits stood at $3,459,869 thousand, a marginal decrease from $3,460,681 thousand in Q1 2024[3] - Total deposits were $3.5 billion in Q2 2024, a decrease of $812 thousand, or 0.09% annualized, from Q1 2024[16] Asset Quality - The provision for credit losses was $500 thousand in Q2 2024, compared to a reversal of $175 thousand in Q1 2024[4] - Nonperforming assets to total assets ratio increased to 0.27% in Q2 2024, up from 0.09% in Q1 2024[3] - Nonperforming assets increased to $11.2 million, representing 0.27% of total assets, up from 0.09% in Q1 2024[10] - The classified asset ratio increased to 4.22% in Q2 2024 from 3.99% in Q1 2024[10] Expenses and Efficiency - Noninterest expense for Q2 2024 was $18,643 thousand, reflecting an increase of $543 thousand from Q1 2024[5] - The efficiency ratio improved to 80.87% in Q2 2024, down from 84.94% in Q1 2024[3] Balance Sheet and Assets - Total assets were $4.1 billion as of June 30, 2024, slightly up from $4.1 billion at the end of Q1 2024[8] - Total assets increased to $4,138.8 million as of June 30, 2024, compared to $4,018.1 million at the end of the previous quarter[21] - The company reported total liabilities of $3,090.1 million and shareholders' equity of $316.9 million for the quarter ended June 30, 2024[21] - The allowance for credit losses was $40.2 million, or 1.11% of total loans, consistent with the previous quarter's allowance of $40.4 million[24] Market Presence and Operations - Southern First Bancshares has consolidated assets of approximately $4.1 billion, indicating a stable financial position[32] - The company operates in 12 locations across South Carolina and North Carolina, as well as Atlanta, Georgia, indicating a strong market presence[32] - Southern First Bank is the second largest bank headquartered in South Carolina, highlighting its significant market share[32] - The common stock of Southern First Bancshares is traded on The NASDAQ Global Market under the symbol "SFST," providing liquidity for investors[32] - The bank has been providing financial services since 1999, showcasing its long-standing experience in the industry[32] Deposit Composition - Total interest-bearing deposits, including NOW accounts and savings, reflect a diverse deposit base, essential for funding operations[31] - Money market accounts decreased to $1,562,786 thousand from $1,603,796 thousand, reflecting a decline of 2.0%[31] - Time deposits of less than $250,000 increased to $219,532 thousand, up 6.7% from $206,657 thousand in the previous quarter[31] - Time and out-of-market deposits of $250,000 and over rose to $671,646 thousand, an increase of 2.0% from $653,208 thousand[31] Future Outlook - The company anticipates continued competitive pressures and potential impacts from changes in interest rates and economic conditions[28]

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, 2024 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 ( ...

Exhibit 99.1 "Our team generated excellent performance during the first quarter in terms of growing profitable client relationships and continuing to manage our credit quality exceptionally well," stated Art Seaver, the Company's Chief Executive Officer. "Our disciplined approach to pricing both loans and deposits resulted in improvement in our net interest margin, and this focus will continue as we build on our success for the long-term benefit of our communities and stakeholders." | --- | --- | --- | --- ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x Annual Report Pursuant To Section 13 Or 15(d) of The Securities Exchange Act of 1934 For The Fiscal Year December 31, 2023. Or o 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 C ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 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 58-2459561 (S ...

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 ...