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Southern First Bancshares, Inc. reports developments for a South Carolina bank holding company whose wholly owned subsidiary, Southern First Bank, provides commercial, consumer and mortgage lending, deposit accounts and other banking services. The company operates across South Carolina markets including Greenville, Columbia and Charleston, North Carolina markets including Charlotte, Triangle and Triad, and Atlanta, Georgia.
Recurring news for SFST centers on operating and financial results, loan and deposit growth, net interest income and margin trends, credit quality, capital levels and common stock capital actions. Company updates also include governance changes such as board appointments and disclosures tied to shareholder voting and capital-structure matters.
Southern First Bancshares (NASDAQ: SFST) has announced the promotion of Wes Wilbanks to Chief Credit Officer and Executive Vice President. Wilbanks, who joined the company in 2021 as Senior Credit Risk Officer, brings 25 years of banking experience to the role.
The bank, which operates in 13 locations across South Carolina, North Carolina, and Georgia, has consolidated assets of approximately $4.1 billion. Southern First Bank serves the Greenville, Columbia, and Charleston markets of South Carolina, the Charlotte, Triangle and Triad regions of North Carolina, and Atlanta, Georgia, positioning itself as the second largest bank headquartered in South Carolina.
Southern First Bancshares (NASDAQ: SFST) has appointed Blair Miller as Chief Retail Experience Officer and Executive Vice President. Miller brings over 20 years of experience, previously serving as Area Manager and Senior Vice President at Pinnacle Financial Partners for 12 years. In his new role, he will lead the retail banking team to enhance client service and hospitality.
Miller, who currently serves as Chairman of the Greer Chamber of Commerce Board, is a graduate of the University of South Carolina and CBA Executive Banking School. Southern First Bank, the company's subsidiary, is the second largest bank headquartered in South Carolina, operating in 13 locations across South Carolina, North Carolina, and Georgia markets. The bank has consolidated assets of approximately $4.1 billion.
Southern First Bancshares (NASDAQ: SFST) reported Q4 2024 financial results with net income of $5.6 million, or $0.70 per diluted share, up 30% from Q3 2024 and 37% from Q4 2023. Key highlights include:
- Total loans of $3.6 billion and deposits of $3.4 billion
- Net interest margin improved to 2.25%, up from 2.08% in Q3 2024
- Book value per share increased to $40.47
- Strong asset quality with nonperforming assets at 0.27% of total assets
- Reversal of provision for credit losses of $200,000
The bank's performance showed continued margin expansion and strong asset quality metrics. Net interest income increased $1.9 million during Q4 2024 compared to Q3 2024, driven by higher interest income on loans and lower deposit interest expenses.
Southern First Bancshares reported net income of $4.4 million and diluted earnings per share of $0.54 for Q3 2024. Key highlights include:
- Total loans of $3.6 billion and total deposits of $3.5 billion
- Nonperforming assets to total assets of 0.28%
- Net interest margin improved to 2.08% from 1.98% in Q2 2024
- Book value per share increased to $40.04
Net interest income rose $1.1 million from Q2 2024 due to higher interest income on assets. There was no provision for credit losses in Q3. Noninterest income decreased to $3.2 million, while noninterest expenses fell $604,000 to $18.0 million. The company cited disciplined pricing and high credit quality standards for flat loan growth, while core checking accounts grew 21% annualized.
Southern First Bancshares (NASDAQ: SFST) posted its Q2 2024 financial results. Net income was $3.0 million, or $0.37 per diluted share, up from Q1 2024 and Q2 2023. Total loans and deposits saw modest declines, but noninterest-bearing deposits grew significantly. Net interest margin increased to 1.98%, and noninterest income was $3.5 million, largely driven by mortgage banking income. Notably, nonperforming assets rose to 0.27% of total assets. Total expenses increased by $543 thousand, mainly due to higher salaries and software costs. New CFO Chris Zych joined the team, expected to bolster the company's growth strategy.
Southern First Bancshares, Inc. (NASDAQ: SFST) has appointed Chris Zych as Chief Financial Officer, bringing 30 years of banking industry experience. Zych will focus on investor relationships and financial strategy to drive growth and success. Southern First Bank, the company's wholly-owned subsidiary, operates in multiple locations across the Southeast.
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