Southern First Bancshares, Inc. Announces Closing of Public Offering of Common Stock

Rhea-AI Summary

Southern First Bancshares (NASDAQ: SFST) closed an underwritten public offering on April 17, 2026, selling 1,207,500 shares at $54.00 per share, including a fully exercised 157,500-share option, generating approximately $65.2 million gross proceeds before discounts and expenses.

The company said it intends to use net proceeds for general corporate purposes, including supporting organic growth, providing capital to its bank subsidiary, redeeming or repurchasing indebtedness, and working capital. Piper Sandler served as sole book-runner; Keefe Bruyette & Woods served as co-manager.

Positive

• $65.2M gross proceeds from the offering
• Full exercise of 157,500-share underwriter option
• Proceeds earmarked for bank subsidiary capital and growth

Negative

• Share issuance may dilute existing shareholders
• Gross proceeds stated before discounts and offering expenses

News Market Reaction – SFST

+4.83%

1 alert

+4.83% Session close to close

$489.99M Market Cap

0.8x Rel. Volume

In the Apr 17 session, SFST gained 4.83%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement confirms closing of Southern First’s common stock offering at $54.00 per share, to...

Analysis

This announcement confirms closing of Southern First’s common stock offering at $54.00 per share, totaling 1,207,500 shares and about $65.2 million in gross proceeds. It follows prior offering and pricing disclosures and utilizes the company’s effective $125,000,000 shelf registration. Investors may watch how proceeds support organic growth, bank subsidiary capital, and any debt redemptions, alongside upcoming earnings and capital ratios.

Key Figures

Shares offered: 1,207,500 shares Underwriters’ option shares: 157,500 shares Offering price: $54.00 per share +1 more

4 metrics

Shares offered 1,207,500 shares Total common stock in the underwritten public offering, including option

Underwriters’ option shares 157,500 shares Additional shares sold via fully exercised option

Offering price $54.00 per share Public offering price for the common stock

Gross proceeds $65.2 million Aggregate gross proceeds before discounts and expenses

Previous Offering Reports

2 past events · Latest: Apr 15 (Negative)

Same Type Pattern 2 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 15	Offering pricing	Negative	-6.4%	Priced 1,050,000-share common stock offering at $54 with greenshoe option.
Apr 15	Offering launch	Negative	-6.4%	Announced underwritten common stock offering with 15% overallotment option.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent equity offering headlines on Apr 15 triggered roughly -6.37% moves, suggesting a consistent negative reaction to dilution-related news.

Recent Company History

Over recent months, Southern First combined strong fundamentals with capital markets activity. Earnings updates on Oct 28, 2025 and Jan 22, 2026 highlighted rising net income, expanding net interest margin and solid asset quality. In mid-April 2026, the company shifted focus to balance sheet optimization, announcing and pricing a common stock offering under its shelf registration. Today’s closing announcement follows those steps, confirming full exercise of the underwriters’ option and completion of the capital raise.

Key Terms

underwritten public offering, shelf registration statement, prospectus supplement, EDGAR

4 terms

underwritten public offering financial

"announced the closing of the previously announced underwritten public offering of 1,207,500 shares"

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

shelf registration statement regulatory

"The Company has filed a shelf registration statement (File No. 333-293279), including a base prospectus"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

prospectus supplement regulatory

"filed a shelf registration statement ... and a preliminary prospectus supplement with the SEC"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

EDGAR regulatory

"You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov"

EDGAR is a system used by companies to share important financial and business information with the public. It functions like an online filing cabinet where investors can access official reports and documents that help them understand a company's financial health and operations. This transparency allows investors to make more informed decisions, much like checking a company's report card before investing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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GREENVILLE, S.C., April 17, 2026 /PRNewswire/ -- Southern First Bancshares, Inc. (NASDAQ: SFST) (the "Company," "we," "us," or "our") today announced the closing of the previously announced underwritten public offering of 1,207,500 shares of its common stock (the "Offering"), including 157,500 shares of common stock sold pursuant to the underwriters' option to purchase additional shares, which was exercised in full, at a price of $54.00 per share.

The aggregate gross proceeds of the offering were approximately $65.2 million before discounts and expenses. The Company intends to use the net proceeds from the offering for general corporate purposes, which may include supporting organic growth initiatives, providing capital to the Company's bank subsidiary, redeeming or repurchasing outstanding indebtedness, including subordinated debt, and for working capital purposes.

Piper Sandler & Co. served as the sole book-running manager for the offering. Keefe, Bruyette & Woods, A Stifel Company, served as co-manager.

This announcement is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The Company has filed a shelf registration statement (File No. 333-293279), including a base prospectus, and a preliminary prospectus supplement with the Securities and Exchange Commission ("SEC") relating to the offering, and has filed a prospectus supplement relating to the offering. The offering was made only by means of the prospectus supplement and accompanying base prospectus. Before you invest, you should read the prospectus in the registration statement, the preliminary prospectus supplement, the prospectus supplement and other documents the Company has filed with the SEC for more complete information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov or, alternatively, copies of the preliminary prospectus supplement and the accompanying base prospectus relating to the offering, and the prospectus supplement may be obtained by contacting Piper Sandler & Co., Attn: Prospectus Department, by Telephone: (800) 747-3924 or Email: prospectus@psc.com or Keefe, Bruyette & Woods, Inc., Attn: Equity Capital Markets, by Telephone: (800) 966-1559 or Email: uscapitalmarkets@kbw.com.

ABOUT SOUTHERN FIRST BANCSHARES, INC.
Southern First Bancshares, Inc., Greenville, South Carolina, is a registered bank holding company incorporated under the laws of South Carolina. The Company's wholly owned subsidiary, Southern First Bank, is the second largest bank headquartered in South Carolina. Southern First Bank has been providing financial services since 1999 and now operates in 12 locations in the Greenville, Columbia, and Charleston markets of South Carolina as well as the Charlotte, Triangle and Triad regions of North Carolina and Atlanta, Georgia. Southern First Bancshares has consolidated assets of approximately $4.4 billion and its common stock is traded on The NASDAQ Global Market under the symbol "SFST."

FORWARD-LOOKING STATEMENTS
Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to the anticipated use of proceeds from the offering, future plans and expectations, and are thus prospective. Such forward-looking statements are identified by words such as "believe," "expect," "anticipate," "estimate," "preliminary", "intend," "plan," "target," "continue," "lasting," and "project," as well as similar expressions. Such statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of forward-looking information should not be construed as a representation by the Company or any other person that the future events, plans or expectations described herein will be achieved.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations may be different than expected; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for credit loss, the rates of loan and deposit growth as well as pricing of each product, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (4) changes in legislation, regulation, policies or administrative practices, whether by judicial, governmental or legislative action, including, but not limited to, changes affecting oversight of the financial services industry or consumer protection, the regulatory landscape or capital market; (5) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) could continue to have a negative impact on the Company, including the effect of such conditions on our business and results of operations; (6) changes in interest rates, which may continue to affect the Company's net income, interest expense, prepayment penalty income, mortgage banking income, and other future cash flows, or the market value of the Company's assets, including its investment securities; (7) trade wars, government shutdowns, or a potential recession which may cause adverse risk to the overall economy, and could indirectly pose challenges to our clients and to our business; (8) any increase in FDIC assessments which have increased and may continue to increase our cost of doing business; and (9) changes in accounting principles, policies, practices, or guidelines. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the SEC's Internet site (www.sec.gov). All subsequent written and oral forward-looking statements concerning the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

MEDIA CONTACT:
ART SEAVER 864-679-9010

FINANCIAL CONTACT:
CHRIS ZYCH 864-679-9070

WEB SITE: www.southernfirst.com

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SOURCE Southern First Bancshares, Inc.

FAQ

What did Southern First Bancshares (SFST) announce on April 17, 2026 about a stock offering?

They closed an underwritten offering of 1,207,500 shares at $54.00 per share. According to the company, the offering included a fully exercised 157,500-share option and generated about $65.2 million gross proceeds before discounts and expenses.

How will Southern First (SFST) use the net proceeds from the April 17, 2026 offering?

The company intends to use net proceeds for general corporate purposes and capital needs. According to the company, uses may include supporting organic growth, capitalizing the bank subsidiary, repaying subordinated debt, and working capital.

Who managed Southern First Bancshares' (SFST) April 2026 public offering and what was the offering size?

Piper Sandler served as sole book-running manager; Keefe Bruyette & Woods served as co-manager. According to the company, the offering size was 1,207,500 shares, including a 157,500-share option exercised in full.

What were the per-share price and total gross proceeds for SFST's April 17, 2026 offering?

The shares were sold at $54.00 per share, producing approximately $65.2 million gross proceeds. According to the company, that amount is before underwriting discounts and offering expenses.

Does the April 17, 2026 offering of SFST shares affect existing shareholders?

Issuing 1,207,500 new shares can dilute existing ownership percentages. According to the company, the offering was underwritten and included an exercised option; investors should review the prospectus for dilution details.