Southern First(US:SFST) Prnewswireยท2024-07-18 11:15Core 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].