$SFST

SOUTHERN FIRST BANCSHARES INC

CIK:0001090009|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income
Loans	$ 53,077	$ 48,992	$ 104,334	$ 96,077
Investment securities	1,504	1,357	2,903	2,760
Federal funds sold and interest-bearing deposits with banks	3,550	1,969	5,505	3,128
Total interest income	58,131	52,318	112,742	101,965
Interest expense
Deposits	23,094	24,300	44,791	47,869
Borrowings	2,667	2,723	5,322	5,418
Total interest expense	25,761	27,023	50,113	53,287
Net interest income	32,370	25,295	62,629	48,678
Provision for credit losses	1,025	700	2,325	1,450
Net interest income after provision for credit losses	31,345	24,595	60,304	47,228
Noninterest income
Mortgage banking income	1,323	1,569	2,816	2,993
Service fees on deposit accounts	866	567	1,621	1,106
ATM and debit card income	651	586	1,238	1,138
Income from bank owned life insurance	457	413	902	816
Other income	211	199	470	394
Total noninterest income	3,508	3,334	7,047	6,447
Noninterest expenses
Compensation and benefits	12,252	11,674	24,232	22,978
Occupancy	2,551	2,523	5,042	5,071
Outside service and data processing	2,416	2,189	4,683	4,226
Insurance	858	910	1,749	1,919
Professional fees	782	609	1,456	1,118
Marketing	423	397	822	771
Other	1,111	1,034	2,423	2,088
Total noninterest expenses	20,393	19,336	40,407	38,171
Income before income tax expense	14,460	8,593	26,944	15,504
Income tax expense	3,265	2,012	5,862	3,657
Net income	$ 11,195	$ 6,581	$ 21,082	$ 11,847
Earnings per common share
Basic	$ 1.22	$ 0.81	$ 2.43	$ 1.46
Diluted	$ 1.20	$ 0.81	$ 2.39	$ 1.46
Weighted average common shares outstanding
Basic	9,184,699	8,118,895	8,676,877	8,098,737
Diluted	9,318,515	8,133,789	8,808,517	8,122,215

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 21,082	$ 11,847
Adjustments to reconcile net income to cash provided by operating activities:
Provision for credit losses	2,325	1,450
Depreciation and other amortization	1,901	2,297
Accretion and amortization of securities discounts and premium, net	(175)	221
Net change in operating leases	270	48
Gain on sale of real estate owned	(3)
Stock-based compensation expense	1,325	1,142
Gain on sale of loans held for sale	(2,916)	(2,813)
Loans originated and held for sale	(102,396)	(102,716)
Proceeds from sale of loans held for sale	108,287	99,355
Increase in cash surrender value of bank owned life insurance	(902)	(816)
Decrease in deferred tax asset		1
(Increase) decrease in other assets	(556)	2,450
Increase in other liabilities	576	5,591
Net cash provided by operating activities	28,818	18,057
Investing activities
Increase in loans, net	(186,905)	(115,378)
Purchase of property and equipment	(1,596)	(221)
Purchase of investment securities:
Available for sale	(25,471)
Other investments	(421)	(24)
Payments and maturities, calls and repayments of investment securities:
Available for sale	7,826	5,397
Other investments		(392)
Proceeds from the sale of real estate acquired in settlement of loans	529
Net cash used for investing activities	(206,038)	(110,618)
Financing activities
Increase in deposits, net	218,649	200,564
Repayment of subordinated debentures	(11,500)
Proceeds from issuance of common stock	61,275
Proceeds from the exercise of stock options	1,538	516
Restricted shares withheld for taxes	(691)	(350)
Net cash provided by financing activities	269,271	200,730
Net increase in cash and cash equivalents	92,051	108,169
Cash and cash equivalents at beginning of the period	269,583	162,863
Cash and cash equivalents at end of the period	361,634	271,032
Supplemental information
Interest	50,288	52,945
Income taxes	7,066	4,654
Schedule of non-cash transactions
Unrealized (loss) gain on securities, net of income taxes	(918)	1,863
Foreclosure of other real estate	1,626	275
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 5,761

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Cash and cash equivalents:
Cash and due from banks	$ 30,102	$ 27,821
Federal funds sold	259,049	183,473
Interest-bearing deposits with banks	72,483	58,289
Total cash and cash equivalents	361,634	269,583
Investment securities:
Investment securities available for sale	144,388	127,730
Other investments	20,484	20,063
Total investment securities	164,872	147,793
Mortgage loans held for sale	8,594	11,569
Loans	4,030,255	3,845,124
Less allowance for credit losses	(44,232)	(42,280)
Loans, net	3,986,023	3,802,844
Bank owned life insurance	56,677	55,775
Property and equipment, net	88,006	83,465
Deferred income taxes, net	13,946	13,702
Other assets	20,419	18,763
Total assets	4,700,171	4,403,494
LIABILITIES
Deposits	3,935,452	3,716,803
Federal Home Loan Bank advances and other borrowings	240,000	240,000
Subordinated debentures	13,403	24,903
Other liabilities	59,048	53,131
Total liabilities	4,247,903	4,034,837
SHAREHOLDERS’ EQUITY
Preferred stock, par value $.01 per share, 10,000,000 shares authorized
Common stock, par value $.01 per share, 20,000,000 shares authorized, 9,468,467 and 8,213,328 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively.	95	82
Nonvested restricted stock	(912)	(1,338)
Additional paid-in capital	188,932	125,924
Accumulated other comprehensive loss	(8,372)	(7,454)
Retained earnings	272,525	251,443
Total shareholders’ equity	452,268	368,657
Total liabilities and shareholders’ equity	$ 4,700,171	$ 4,403,494