Southern First Reports First Quarter 2025 Results

Core Insights - Southern First Bancshares, Inc. reported strong financial results for Q1 2025, highlighting exceptional loan and deposit growth, solid margin expansion, and excellent asset quality [2][5][21] - The company is well-positioned for potential economic uncertainties and is focused on increasing profitability while supporting community initiatives [2][5] Financial Performance - Net income for Q1 2025 was $5.3 million, or $0.65 per diluted share, representing a 109% increase compared to Q1 2024 [5][6] - Total revenue reached $26.5 million, up from $21.3 million in Q1 2024, driven by increased net interest income and noninterest income [3][5] - Net interest margin improved to 2.41%, compared to 1.94% in Q1 2024 [5][11] Loan and Deposit Growth - Total loans increased to $3.7 billion, reflecting a 6% annualized growth over Q4 2024 [5][19] - Core deposits rose to $2.8 billion, marking a 23% annualized increase from Q4 2024 [5][19] Asset Quality - Nonperforming assets represented 0.26% of total assets, a slight decrease from 0.27% in Q4 2024 [15][16] - The allowance for credit losses was $40.7 million, or 1.10% of total loans, consistent with previous quarters [16][19] Noninterest Income and Expenses - Noninterest income totaled $3.1 million, up from $2.7 million in Q1 2024, with mortgage banking income being the largest component [8][9] - Noninterest expenses increased to $18.8 million, driven by higher compensation and benefits [9][10] Capital Ratios - The total risk-based capital ratio stood at 12.69%, indicating strong capital adequacy [3][14] - The tangible common equity ratio was reported at 7.88% [5][14]