Southern First (NASDAQ: SFST) boosts Q1 2026 profit and capital with stock offering
Rhea-AI Filing Summary
Southern First Bancshares, Inc. reported strong first quarter 2026 results, driven by loan and deposit growth and a wider net interest margin. Net income was $9.9 million with diluted EPS of $1.19, up 83% from the first quarter of 2025.
Net interest income rose to $30.3 million, a 29% year-over-year increase, as the tax-equivalent net interest margin expanded to 2.88%. Total revenue reached $33.8 million, up 28% year over year. Return on average assets improved to 0.91% and return on average equity to 10.67%.
Total loans were $3.94 billion and total deposits were $3.87 billion, each up about 7% from a year earlier, including retail deposit growth of nearly $210 million in the quarter. Asset quality remained solid, with nonperforming assets at 0.26% of total assets and net charge-offs at 0.01% of average loans.
The company also closed an underwritten public offering of 1,207,500 common shares at $54.00 per share, generating approximately $65.2 million in gross proceeds. Management plans to use the capital for general corporate purposes, including supporting organic growth and potentially redeeming remaining subordinated notes.
Positive
- Earnings surge with margin expansion: Q1 2026 net income reached $9.9 million and diluted EPS $1.19, an 83% year-over-year increase, fueled by 29.4% net interest income growth and a 47-basis-point rise in tax-equivalent net interest margin to 2.88%.
- Stronger capital from equity raise: The $65.2 million common stock offering lifts pro forma tangible common equity to assets from 8.29% to 9.52% and significantly increases risk-based capital ratios, enhancing capacity to fund growth and redeem subordinated debt.
- Healthy growth with solid credit quality: Loans and deposits each grew about 7% year over year, retail deposits rose 11.6%, and asset quality remained strong with nonperforming assets at 0.26% of total assets and net charge-offs at 0.01% of average loans.
Negative
- Dilution from common equity offering: Issuing 1,207,500 new shares on a base of roughly 8.2 million common shares increases share count materially, creating ownership dilution even as it strengthens capital and supports future growth.
Insights
Southern First delivered strong earnings growth and strengthened capital through a sizable equity raise.
Southern First showed clear operating momentum in Q1 2026. Net income rose to $9.9 million and diluted EPS to $1.19, an 83% year-over-year increase, supported by a 29.4% rise in net interest income and a tax-equivalent net interest margin of 2.88%.
Balance sheet growth remained healthy, with total loans at $3.94 billion and total deposits at $3.87 billion, both up about 7% year over year. Retail deposits grew faster at 11.6%, helping reduce funding costs. Asset quality stayed strong, with nonperforming assets at 0.26% of total assets and net charge-offs of 0.01% of average loans.
The underwritten common equity offering of 1,207,500 shares at $54.00, for gross proceeds of about $65.2 million, materially boosts regulatory capital. Pro forma tangible common equity to assets rises from 8.29% to 9.52%, while key risk-based ratios increase by roughly 1.7–1.9%. This supports continued organic growth and provides flexibility to redeem remaining subordinated notes.
8-K Event Classification
Key Figures
Key Terms
net interest margin financial
tangible common equity financial
nonperforming assets financial
allowance for credit losses financial
underwritten public offering financial
brokered deposits financial
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event
reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
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| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
ITEM 2.02. Results of Operations and Financial Condition.
On April 21, 2026, Southern First Bancshares, Inc., holding company for Southern First Bank, issued a press release announcing its financial results for the period ended March 31, 2026. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
ITEM 7.01 Regulation FD Disclosure.
A copy of a slide presentation also highlighting Southern First Bancshares, Inc. financial results for the period ended March 31, 2026 is furnished as Exhibit 99.2 to this Current Report on Form 8-K. The slide presentation also will be available on our website, www.southernfirst.com, under the “Investor Relations” section.
ITEM 9.01. Financial Statements and Exhibits.
| (d) Exhibits | The following exhibit index lists the exhibits that are either filed or furnished with the Current Report on Form 8-K. |
EXHIBIT INDEX
| Exhibit No. | Description |
| 99.1 | Earnings Press Release for the period ended March 31, 2026. |
| 99.2 | Slide Presentation. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SOUTHERN FIRST BANCSHARES, INC. | |||
| By: | /s/ Christian J. Zych | ||
| Name: | Christian J. Zych | ||
| Title: | Chief Financial Officer | ||
April 21, 2026
Exhibit 99.1
 |
Southern First Reports First Quarter 2026 Results |
Greenville, South Carolina, April 21, 2026 – Southern First Bancshares, Inc. (NASDAQ: SFST) (Southern First), today announced its financial results for the three months ended March 31, 2026. Strong loan growth and continued margin expansion drove year-over-year net interest income growth of 29%. Net income was $9.9 million and diluted earnings per share was $1.19, representing a $0.54, or 83%, increase over the first quarter of 2025, and relatively unchanged from the fourth quarter of 2025. Return on average assets was 0.91%, up 39 basis points over the first quarter of last year, and tangible common equity to assets was 8.29%, up 41 basis points from the first quarter of 2025. Net charge-offs were approximately $50 thousand, or 0.01% of average loans, annualized, consistent with linked quarter and year-over-year results. Nonperforming assets were 0.26% of total assets, down from 0.32% for the fourth quarter. Provision for credit losses increased by $650 thousand, and the allowance for credit losses represented 1.10% of loans, consistent with the past several quarters.
“We are excited to report our first quarter 2026 results which include record retail deposit growth of nearly $210 million, representing a 27% annualized growth rate. Our first quarter 2026 net income was $9.9 million and is 88% higher than the same quarter last year. We have tremendous momentum in growing client relationships and raised additional capital in the form of common equity this quarter to support our growth expectations,” stated Art Seaver, Chief Executive Officer.
On April 15, 2026, Southern First announced an underwritten public offering of 1,050,000 shares of common stock and granted the underwriters an option to purchase up to 157,500 additional shares. The offering closed on April 17, 2026, with a total of 1,207,500 shares issued at $54.00 per share for aggregate gross proceeds of 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.
Financial Highlights – First Quarter 2026:
Earnings
| ● | Diluted earnings per common share was $1.19, up $0.54, or 83%, compared to the first quarter of 2025; and down slightly by $0.01 from the fourth quarter of 2025 |
| ● | Net income improved to $9.9 million, a $4.6 million increase, or 88%, compared to the first quarter of 2025 |
| ● | Total revenue was $33.8 million, an increase of $7.3 million, or 28%, year-over-year and $2.0 million on a linked quarter basis |
| ● | Net interest income improved by $6.9 million, or 29% year-over-year, driven primarily by new loan volume |
| ● | Net interest margin was 2.88%, a 16 basis point increase from 2.72% for the fourth quarter of 2025, and included a $543 thousand repayment of interest on one large nonaccrual loan |
| ● | Noninterest income was $3.5 million compared to $3.1 million for the first quarter last year; the increase was impacted by a one-time $515 thousand loss on the sale of securities in the fourth quarter of 2025 |
| ● | Noninterest expense to average assets was 1.84%, compared to 1.87% for first quarter of 2025 |
| ● | Return on average equity was 10.67%, compared to 6.38% for the first quarter of 2025 |
| ● | Return on average assets was 0.91%, compared to 0.52% for the first quarter of 2025 |
Balance Sheet
| ● | Total loans were $3.9 billion, up $97.1 million, or 10% (annualized), from the fourth quarter of 2025 |
| ● | Retail deposits were $3.4 billion, up $207.8 million, or 27% (annualized) from the fourth quarter of 2025 |
| ● | Book value per common share was $46.00, an increase of 10% (annualized) from the fourth quarter of 2025 |
| ● | Tangible common equity (TCE) ratio was 8.29%, down 8 basis points on a linked quarter basis driven by loan growth, and up from 7.88% for the first quarter of 2025 |
| ● | Common equity Tier1 ratio (CET1) was 11.03%, down slightly from the fourth quarter of 2025, and up from 10.75% for the first quarter 2025 |
Asset Quality
| ● | Nonperforming assets to total assets were 0.26%, compared to 0.32% for the linked quarter, primarily due to the repayment of a large nonaccrual loan, while accruing loans 30 days or more past due to total loans were 0.20%, compared to 0.14% for the fourth quarter |
| ● | Classified assets were 3.25% as a percentage of total loans compared to 4.28% for the linked quarter end |
| ● | Provision for credit losses was $1.3 million and includes a $1.2 million provision for loan losses and a $150 thousand provision for unfunded commitments driven by new loan growth; Allowance for credit losses to total loans remained at 1.10% for the quarter |
| ● | Net charge-offs were 0.01% as a percentage of average loans on an annualized basis |
SELECTED FINANCIAL DATA
| Quarter Ended | Mar 31 2026- | ||||||||
| March 31 | December 31 | September 30 | June 30 | March 31 | Mar 31 2025 | ||||
| 2026 | 2025 | 2025 | 2025 | 2025 | Change | ||||
| Income Statement Summary ($ in thousands): | |||||||||
| Net interest income | $ | 30,259 | 28,744 | 27,529 | 25,295 | 23,383 | 29.4% | ||
| Noninterest income | 3,540 | 3,090 | 3,600 | 3,334 | 3,114 | 13.7% | |||
| Total Revenue | 33,799 | 31,834 | 31,129 | 28,629 | 26,497 | 27.6% | |||
| Provision for credit losses | 1,300 | 650 | 850 | 700 | 750 | 73.3% | |||
| Noninterest expense | 20,015 | 18,416 | 18,946 | 19,336 | 18,836 | 6.3% | |||
| Income before income tax expense | 12,484 | 12,768 | 11,333 | 8,593 | 6,911 | 80.6% | |||
| Income tax expense | 2,597 | 2,911 | 2,671 | 2,012 | 1,645 | 57.9% | |||
| Net income available to common shareholders | 9,887 | 9,857 | 8,662 | 6,581 | 5,266 | 87.8% | |||
| Earnings ($ in thousands, except per share data): | |||||||||
| Earnings per common share, diluted | 1.19 | 1.20 | 1.06 | 0.81 | 0.65 | 83.1% | |||
| Net interest margin (tax-equivalent)(1) | 2.88% | 2.72% | 2.62% | 2.50% | 2.41% | 0.47 | |||
| Return on average assets(2) | 0.91% | 0.90% | 0.80% | 0.63% | 0.52% | 0.39 | |||
| Return on average equity(2) | 10.67% | 10.77% | 9.78% | 7.71% | 6.38% | 4.29 | |||
| Efficiency ratio(3) | 59.22% | 57.85% | 60.86% | 67.54% | 71.08% | (11.86) | |||
| Noninterest expense to average assets (2) | 1.84% | 1.68% | 1.74% | 1.86% | 1.87% | (0.03) | |||
| Balance Sheet ($ in thousands): | |||||||||
| Total loans(4) | $ | 3,942,219 | 3,845,124 | 3,789,021 | 3,746,841 | 3,683,919 | 7.0% | ||
| Total deposits | 3,873,455 | 3,716,803 | 3,676,417 | 3,636,329 | 3,620,886 | 7.0% | |||
| Retail deposits(5) | 3,371,721 | 3,163,914 | 3,108,411 | 3,075,631 | 3,020,392 | 11.6% | |||
| Total assets | 4,578,402 | 4,403,494 | 4,358,589 | 4,308,067 | 4,284,311 | 6.9% | |||
| Book value per common share | 46.00 | 44.89 | 43.51 | 42.23 | 41.33 | 11.3% | |||
| Loans to deposits | 101.78% | 103.45% | 103.06% | 103.04% | 101.74% | 0.04 | |||
| Holding Company Capital Ratios(6): | |||||||||
| Total risk-based capital ratio | 12.83% | 12.89% | 12.79% | 12.63% | 12.69% | 0.14 | |||
| Tier 1 risk-based capital ratio | 11.40% | 11.44% | 11.26% | 11.11% | 11.15% | 0.25 | |||
| Leverage ratio | 9.05% | 8.93% | 8.72% | 8.73% | 8.79% | 0.26 | |||
| Common equity Tier 1 ratio(7) | 11.03% | 11.06% | 10.88% | 10.71% | 10.75% | 0.28 | |||
| Tangible common equity(8) | 8.29% | 8.37% | 8.18% | 8.02% | 7.88% | 0.41 | |||
| Asset Quality Ratios: | |||||||||
| Nonperforming assets/total assets | 0.26% | 0.32% | 0.27% | 0.27% | 0.26% | — | |||
| Classified assets/Tier 1 capital plus allowance for credit losses | 3.25% | 4.28% | 3.97% | 4.35% | 4.31% | (1.06) | |||
| Accruing loans 30 days or more past due/loans(4) | 0.20% | 0.14% | 0.18% | 0.14% | 0.27% | (0.07) | |||
| Net charge-offs (recoveries)/average loans(4) (YTD annualized) | 0.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.01 | |||
| Allowance for credit losses/loans(4) | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% | — | |||
| Allowance for credit losses/nonaccrual loans | 378.22% | 305.65% | 364.50% | 362.35% | 378.09% | 0.13 | |||
2
income statements – Unaudited
| Quarter Ended | Mar 31 2026 - | |||||||
| Mar 31 | Dec 31 | Sept 30 | Jun 30 | Mar 31 | Mar 31 2025 | |||
| (in thousands, except per share data) | 2026 | 2025 | 2025 | 2025 | 2025 | Change | ||
| Interest income | ||||||||
| Loans | $ | 51,257 | 51,069 | 50,999 | 48,992 | 47,085 | 8.9% | |
| Investment securities | 1,399 | 1,268 | 1,342 | 1,357 | 1,403 | (0.3%) | ||
| Federal funds sold | 1,955 | 2,193 | 2,645 | 1,969 | 1,159 | 68.7% | ||
| Total interest income | 54,611 | 54,530 | 54,986 | 52,318 | 49,647 | 10.0% | ||
| Interest expense | ||||||||
| Deposits | 21,697 | 23,052 | 24,703 | 24,300 | 23,569 | (7.9%) | ||
| Borrowings | 2,655 | 2,734 | 2,754 | 2,723 | 2,695 | (1.5%) | ||
| Total interest expense | 24,352 | 25,786 | 27,457 | 27,023 | 26,264 | (7.3%) | ||
| Net interest income | 30,259 | 28,744 | 27,529 | 25,295 | 23,383 | 29.4% | ||
| Provision for credit losses | 1,300 | 650 | 850 | 700 | 750 | 73.3% | ||
| Net interest income after provision for credit losses | 28,959 | 28,094 | 26,679 | 24,595 | 22,633 | 27.9% | ||
| Noninterest income | ||||||||
| Mortgage banking income | 1,493 | 1,689 | 1,600 | 1,569 | 1,424 | 4.8% | ||
| Service fees on deposit accounts | 756 | 634 | 625 | 567 | 539 | 40.3% | ||
| ATM and debit card income | 588 | 638 | 601 | 586 | 552 | 6.5% | ||
| Income from bank owned life insurance | 446 | 450 | 439 | 413 | 403 | 10.7% | ||
| Loss on sale of securities | - | (515) | - | - | - | 0.0% | ||
| Other income | 257 | 194 | 335 | 199 | 196 | 31.1% | ||
| Total noninterest income | 3,540 | 3,090 | 3,600 | 3,334 | 3,114 | 13.7% | ||
| Noninterest expense | ||||||||
| Compensation and benefits | 11,980 | 10,529 | 11,299 | 11,674 | 11,304 | 6.0% | ||
| Occupancy | 2,490 | 2,465 | 2,447 | 2,523 | 2,548 | (2.3%) | ||
| Outside service and data processing costs | 2,267 | 2,144 | 2,158 | 2,189 | 2,037 | 11.3% | ||
| Insurance | 892 | 994 | 961 | 910 | 1,010 | (11.7%) | ||
| Professional fees | 675 | 732 | 605 | 609 | 509 | 32.6% | ||
| Marketing | 399 | 346 | 412 | 397 | 374 | 6.7% | ||
| Other | 1,312 | 1,206 | 1,064 | 1,034 | 1,054 | 24.5% | ||
| Total noninterest expenses | 20,015 | 18,416 | 18,946 | 19,336 | 18,836 | 6.3% | ||
| Income before provision for income taxes | 12,484 | 12,768 | 11,333 | 8,593 | 6,911 | 80.6% | ||
| Income tax expense | 2,597 | 2,911 | 2,671 | 2,012 | 1,645 | 57.9% | ||
| Net income available to common shareholders | $ | 9,887 | 9,857 | 8,662 | 6,581 | 5,266 | 87.7% | |
| Earnings per common share – Basic | $ | 1.21 | 1.22 | 1.07 | 0.81 | 0.65 | 86.2% | |
| Earnings per common share – Diluted | 1.19 | 1.20 | 1.06 | 0.81 | 0.65 | 83.1% | ||
| Basic weighted average common shares | 8,163 | 8,106 | 8,091 | 8,090 | 8,078 | 1.1% | ||
| Diluted weighted average common shares | 8,293 | 8,229 | 8,176 | 8,124 | 8,111 | 2.2% | ||
[Footnotes to table located on page 6]
3
Net interest income and margin - Unaudited
| For the Three Months Ended | |||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | |||||||
| (dollars in thousands) | Average Balance |
Income/ Expense |
Yield/ Rate(2) |
Average Balance |
Income/ Expense |
Yield/ Rate(2) |
Average Balance |
Income/ Expense |
Yield/ Rate(2) |
| Interest-earning assets | |||||||||
| Federal funds sold and interest-bearing deposits | $ 211,039 | $ 1,956 | 3.76% | $ 218,291 | $ 2,193 | 3.99% | $ 107,821 | $ 1,159 | 4.36% |
| Investment securities, taxable | 141,309 | 1,368 | 3.93% | 138,616 | 1,229 | 3.52% | 143,609 | 1,361 | 3.84% |
| Investment securities, nontaxable(1) | 6,332 | 40 | 2.58% | 7,641 | 51 | 2.63% | 7,914 | 55 | 2.80% |
| Loans(9) | 3,899,002 | 51,257 | 5.33% | 3,830,741 | 51,069 | 5.29% | 3,673,912 | 47,085 | 5.20% |
| Total interest-earning assets | 4,257,682 | 54,621 | 5.20% | 4,195,289 | 54,542 | 5.16% | 3,933,256 | 49,660 | 5.12% |
| Noninterest-earning assets | 156,466 | 151,515 | 157,053 | ||||||
| Total assets | $4,414,148 | $4,346,804 | $4,090,309 | ||||||
| Interest-bearing liabilities | |||||||||
| NOW accounts | $ 421,527 | 1,102 | 1.06% | $ 360,509 | 834 | 0.92% | $ 306,707 | 597 | 0.79% |
| Savings & money market | 1,649,248 | 11,819 | 2.91% | 1,614,469 | 12,530 | 3.08% | 1,520,632 | 12,750 | 3.40% |
| Time deposits | 895,101 | 8,776 | 3.98% | 937,557 | 9,688 | 4.10% | 930,282 | 10,222 | 4.46% |
| Total interest-bearing deposits | 2,965,876 | 21,697 | 2.97% | 2,912,535 | 23,052 | 3.14% | 2,757,621 | 23,569 | 3.47% |
| FHLB advances and other borrowings | 240,000 | 2,245 | 3.79% | 240,000 | 2,295 | 3.79% | 240,000 | 2,244 | 3.79% |
| Subordinated debentures | 24,903 | 411 | 6.69% | 24,903 | 439 | 6.99% | 24,903 | 451 | 7.34% |
| Total interest-bearing liabilities | 3,230,779 | 24,353 | 3.06% | 3,177,438 | 25,786 | 3.22% | 3,022,524 | 26,264 | 3.52% |
| Noninterest-bearing liabilities | 807,686 | 806,235 | 732,761 | ||||||
| Shareholders’ equity | 375,683 | 363,131 | 335,024 | ||||||
| Total liabilities and shareholders’ equity | $4,414,148 | $4,346,804 | $4,090,309 | ||||||
| Net interest spread | 2.15% | 1.94% | 1.60% | ||||||
| Net interest income (tax equivalent) / margin | $30,268 | 2.88% | $28,756 | 2.72% | $23,396 | 2.41% | |||
| Less: tax-equivalent adjustment(1) | 9 | 12 | 13 | ||||||
| Net interest income | $30,259 | $28,744 | $23,383 | ||||||
[Footnotes to table located on page 6]
4
Balance sheets - Unaudited
| Ending Balance | Mar 31 2026 - | ||||||||
| Mar 31 | Dec 31 | Sept 30 | Jun 30 | Mar 31 | Mar 31 2025 | ||||
| (in thousands, except per share data) | 2026 | 2025 | 2025 | 2025 | 2025 | Change | |||
| Assets | |||||||||
| Cash and cash equivalents: | |||||||||
| Cash and due from banks | $ | 32,723 | 27,821 | 24,600 | 25,184 | 24,904 | 31.4% | ||
| Federal funds sold | 228,235 | 183,473 | 178,534 | 180,834 | 263,612 | (13.4%) | |||
| Interest-bearing deposits with banks | 81,818 | 58,289 | 79,769 | 65,014 | 16,541 | 394.6% | |||
| Total cash and cash equivalents | 342,776 | 269,583 | 282,903 | 271,032 | 305,057 | 12.4% | |||
| Investment securities: | |||||||||
| Investment securities available for sale | 124,224 | 127,730 | 131,040 | 128,867 | 131,290 | (5.4%) | |||
| Other investments | 20,377 | 20,063 | 20,066 | 19,906 | 19,927 | 2.3% | |||
| Total investment securities | 144,601 | 147,793 | 151,106 | 148,773 | 151,217 | (4.4%) | |||
| Mortgage loans held for sale | 13,723 | 11,569 | 6,906 | 10,739 | 11,524 | 19.1% | |||
| Loans (5) | 3,942,219 | 3,845,124 | 3,789,021 | 3,746,841 | 3,683,919 | 7.0% | |||
| Less allowance for credit losses | (43,378) | (42,280) | (41,799) | (41,285) | (40,687) | 6.6% | |||
| Loans, net | 3,898,841 | 3,802,844 | 3,747,222 | 3,705,556 | 3,643,232 | 7.0% | |||
| Bank owned life insurance | 56,221 | 55,775 | 55,324 | 54,886 | 54,473 | 3.2% | |||
| Property and equipment, net | 88,580 | 83,465 | 84,586 | 85,921 | 87,369 | 1.4% | |||
| Deferred income taxes | 13,812 | 13,702 | 12,657 | 12,971 | 13,080 | 5.6% | |||
| Other assets | 19,848 | 18,763 | 17,885 | 18,189 | 18,359 | 8.1% | |||
| Total assets | $ | 4,578,402 | 4,403,494 | 4,358,589 | 4,308,067 | 4,284,311 | 6.9% | ||
| Liabilities | |||||||||
| Deposits | $ | 3,873,455 | 3,716,803 | 3,676,417 | 3,636,329 | 3,620,886 | 7.0% | ||
| FHLB Advances | 240,000 | 240,000 | 240,000 | 240,000 | 240,000 | 0.0% | |||
| Subordinated debentures | 24,903 | 24,903 | 24,903 | 24,903 | 24,903 | 0.0% | |||
| Other liabilities | 60,631 | 53,131 | 60,921 | 61,373 | 60,924 | (0.5%) | |||
| Total liabilities | 4,198,989 | 4,034,837 | 4,002,241 | 3,962,605 | 3,946,713 | 6.4% | |||
| Shareholders’ equity | |||||||||
| Preferred stock - $.01 par value; 10,000,000 shares authorized | - | - | - | - | - | 0.0% | |||
| Common Stock - $.01 par value; 10,000,000 shares authorized | 82 | 82 | 82 | 82 | 82 | 0.0% | |||
| Nonvested restricted stock | (1,302) | (1,338) | (1,929) | (2,774) | (3,372) | (61.4%) | |||
| Additional paid-in capital | 127,168 | 125,924 | 125,035 | 124,839 | 124,561 | 2.1% | |||
| Accumulated other comprehensive loss | (7,865) | (7,454) | (8,426) | (9,609) | (10,016) | (21.5%) | |||
| Retained earnings | 261,330 | 251,443 | 241,586 | 232,924 | 226,343 | 15.5% | |||
| Total shareholders’ equity | 379,413 | 368,657 | 356,348 | 345,462 | 337,598 | 12.4% | |||
| Total liabilities and shareholders’ equity | $ | 4,578,402 | 4,403,494 | 4,358,589 | 4,308,067 | 4,284,311 | 6.9% | ||
| Common Stock | |||||||||
| Book value per common share | $ | 46.00 | 44.89 | 43.51 | 42.23 | 41.33 | 11.3% | ||
| Stock price: | |||||||||
| High | 61.08 | 55.50 | 45.54 | 38.51 | 38.50 | 58.6% | |||
| Low | 51.26 | 41.15 | 38.74 | 30.61 | 31.88 | 60.8% | |||
| Period end | 54.50 | 51.52 | 44.12 | 38.03 | 32.92 | 65.6% | |||
| Common shares outstanding | 8,248 | 8,213 | 8,189 | 8,181 | 8,169 | 1.0% | |||
[Footnotes to table located on page 6]
5
Asset quality measures - Unaudited
| Quarter Ended | ||||||
| March 31 | December 31 | September 30 | June 30 | March 31 | ||
| (dollars in thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | |
| Nonperforming Assets | ||||||
| Commercial | ||||||
| Owner occupied RE | $ | 2,317 | 259 | 262 | - | - |
| Non-owner occupied RE | 1,712 | 6,917 | 6,911 | 6,941 | 6,950 | |
| Commercial business | 909 | 189 | 195 | 717 | 1,087 | |
| Consumer | ||||||
| Real estate | 5,786 | 5,763 | 3,394 | 3,028 | 2,414 | |
| Home equity | 745 | 705 | 705 | 708 | 310 | |
| Total nonaccrual loans | 11,469 | 13,833 | 11,467 | 11,394 | 10,761 | |
| Other real estate owned | 475 | 275 | 275 | 275 | 275 | |
| Total nonperforming assets | $ | 11,944 | 14,108 | 11,742 | 11,669 | 11,036 |
| Nonperforming assets as a percentage of: | ||||||
| Total assets | 0.26% | 0.32% | 0.27% | 0.27% | 0.26% | |
| Total loans | 0.30% | 0.37% | 0.31% | 0.31% | 0.30% | |
| Classified assets/Tier 1 capital plus allowance for credit losses | 3.14% | 4.22% | 3.90% | 4.28% | 4.24% | |
| Accruing loans 30 days or more past due/loans(4) | 0.20% | 0.14% | 0.18% | 0.14% | 0.27% | |
| Quarter Ended | ||||||
| March 31 | December 31 | September 30 | June 30 | March 31 | ||
| (dollars in thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | |
| Allowance for Credit Losses | ||||||
| Balance, beginning of period | $ | 42,280 | 41,799 | 41,285 | 40,687 | 39,914 |
| Loans charged-off | (78) | (150) | (55) | (68) | (78) | |
| Recoveries of loans previously charged-off | 26 | 81 | 69 | 16 | 101 | |
| Net loans (charged-off) recovered | (52) | (69) | 14 | (52) | 23 | |
| Provision for credit losses | 1,150 | 550 | 500 | 650 | 750 | |
| Balance, end of period | $ | 43,378 | 42,280 | 41,799 | 41,285 | 40,687 |
| Allowance for credit losses to gross loans | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% | |
| Allowance for credit losses to nonaccrual loans | 378.22% | 305.65% | 364.50% | 362.35% | 378.09% | |
| Net charge-offs (recoveries) to average loans QTD (annualized) | 0.01 % | 0.01 % | 0.00% | 0.01% | 0.00 % | |
[Footnotes to table located on page 6]
6
LOAN COMPOSITION - Unaudited
| Quarter Ended | Qtr | Yr | ||||||||
| March 31 | December 31 | September 30 | June 30 | March 31 | Over Qtr | Over Yr | ||||
| (dollars in thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | $ Change | $ Change | |||
| Commercial | ||||||||||
| Owner occupied RE | $ | 759,602 | 736,979 | 705,383 | 686,424 | 673,865 | 22,623 | 85,737 | ||
| Non-owner occupied RE | 950,696 | 956,812 | 943,304 | 939,163 | 926,246 | (6,116) | 24,450 | |||
| Construction | 69,463 | 63,666 | 71,928 | 68,421 | 90,021 | 5,797 | (20,558) | |||
| Business | 677,742 | 619,667 | 604,411 | 589,661 | 561,337 | 58,075 | 116,405 | |||
| Total commercial loans | 2,457,503 | 2,377,124 | 2,325,026 | 2,283,669 | 2,251,469 | 80,379 | 206,034 | |||
| Consumer | ||||||||||
| Real estate | 1,148,129 | 1,153,285 | 1,159,693 | 1,164,187 | 1,147,357 | (5,156) | 772 | |||
| Home equity | 262,530 | 248,685 | 239,996 | 234,608 | 223,061 | 13,845 | 39,469 | |||
| Construction | 33,879 | 24,997 | 25,842 | 25,210 | 23,540 | 8,882 | 10,339 | |||
| Other | 40,178 | 41,033 | 38,464 | 39,167 | 38,492 | (855) | 1,686 | |||
| Total consumer loans | 1,484,716 | 1,468,000 | 1,463,995 | 1,463,172 | 1,432,450 | 16,716 | 52,266 | |||
| Total gross loans, net of deferred fees | 3,942,219 | 3,845,124 | 3,789,021 | 3,746,841 | 3,683,919 | 97,095 | 258,300 | |||
| Less—allowance for credit losses | (43,378) | (42,280) | (41,799) | (41,285) | (40,687) | (1,098) | (2,691) | |||
| Total loans, net | $ | 3,898,841 | 3,802,844 | 3,747,222 | 3,705,556 | 3,643,232 | 95,997 | 255,609 | ||
| Yield on average loans | 5.33% | 5.29% | 5.35% | 5.28% | 5.20% | n/a | n/a | |||
DEPOSIT COMPOSITION - Unaudited
| Quarter Ended | Qtr | Yr | |||||||||
| March 31 | December 31 | September 30 | June 30 | March 31 | Over Qtr | Over Yr | |||||
| (dollars in thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | $ Change | $ Change | ||||
| Non-interest bearing | $ | 799,692 | 732,287 | 736,518 | 761,492 | 671,609 | 67,405 | 128,083 | |||
| Interest bearing: | |||||||||||
| NOW accounts | 495,657 | 423,270 | 343,615 | 341,903 | 371,052 | 72,387 | 124,605 | ||||
| Money market accounts | 1,652,125 | 1,573,039 | 1,572,738 | 1,537,400 | 1,563,181 | 79,086 | 88,944 | ||||
| Savings | 30,332 | 29,470 | 29,381 | 32,334 | 32,945 | 862 | (2,613) | ||||
| Time deposits, less than $250,000 | 170,496 | 180,783 | 202,353 | 194,064 | 181,407 | (10,287) | (10,911) | ||||
| Time deposits, $250,000 and over(10) | 725,153 | 777,954 | 791,812 | 769,136 | 800,692 | (52,801) | (75,539) | ||||
| Total deposits | $ | 3,873,455 | 3,716,803 | 3,676,417 | 3,636,329 | 3,620,886 | 156,652 | 252,569 | |||
| Total retail deposits | 3,371,721 | 3,163,914 | 3,108,411 | 3,075,631 | 3,020,392 | 207,807 | 351,329 | ||||
| Total wholesale deposits | 501,734 | 552,889 | 568,006 | 560,697 | 600,494 | (51,155) | (98,760) | ||||
| Cost of average deposits | 2.37% | 2.50% | 2.69% | 2.75% | 2.78% | n/a | n/a | ||||
| Cost of average retail deposits | 2.06% | 2.18% | 2.36% | 2.42% | 2.43% | n/a | n/a | ||||
| Loans to deposits | 101.78% | 103.45% | 103.06% | 103.04% | 101.74% | n/a | n/a | ||||
| Footnotes to tables: | |
| (1) | The tax-equivalent adjustment to net interest income adjusts the yield for assets earning tax-exempt income to a comparable yield on a taxable basis. |
| (2) | Annualized for the respective three-month period. |
| (3) | Noninterest expense divided by the sum of net interest income and noninterest income. |
| (4) | Excludes mortgage loans held for sale. |
| (5) | Excludes out of market (wholesale) deposits totaling $501.7 million. |
| (6) | March 31, 2026 ratios are preliminary. |
| (7) | The common equity Tier 1 ratio is calculated as the sum of common equity divided by risk-weighted assets. |
| (8) | The tangible common equity ratio is calculated as total equity less preferred stock divided by total assets. |
| (9) | Includes mortgage loans held for sale. |
| (10) | Includes out of market deposits |
About Southern First Bancshares
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 $4.6 billion and its common stock is traded on The NASDAQ Global Market under the symbol “SFST.” More information can be found at www.southernfirst.com.
7
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 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 this forward-looking information should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by our company 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; (5) the impact of changes to Congress and the office of the President on the regulatory landscape and capital markets; (6) 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; (7) 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; (8) 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; (9) any increase in FDIC assessments which have increased and may continue to increase our cost of doing business; and (10) 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 (http://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 its 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
SOURCE: Southern First Bancshares, Inc.
8
FIRST QUARTER 2026 INVESTOR PRESENTATION April 21, 2026 Exhibit 99.2
FORWARD - LOOKING STATEMENTS Greensboro Raleigh Charlotte Charleston Summerville Greenville Columbia Atlanta GEORGI A South Carolina North Carolina 2 During the course of this presentation, management may make projections and forward - looking statements regarding events or the future financial performance of Southern First Bancshares, Inc. We wish to caution you that these forward - looking statements involve certain risks and uncertainties, including a variety of factors (including a downturn in the economy, greater than expected interest and non - interest expenses, increased competition, fluctuations in interest rates, regulatory actions, excessive loan losses and other factors) that may cause Southern First’s actual results to differ materially from the anticipated results expressed or implied in these forward - looking statements. Therefore, we can give no assurance that the results contemplated in the forward - looking statements will be realized. Investors are cautioned not to place undue reliance on these forward - looking statements and are advised to review the risk factors that may affect Southern First’s operating results in documents filed by Southern First Bancshares, Inc. with the Securities and Exchange Commission, including the annual report on Form 10 - K and other required filings. Southern First assumes no duty to update the forward - looking statements made in this presentation.
Company Overview A CORPORATE PROFILE □ Headquartered in Greenville, SC x Founded in 2000 □ Efficient branch footprint in some of the most dynamic markets in the Southeast x 12 branches located in 8 fast - growing Southeast metropolitan markets □ Relationship - driven commercial banking model x Targeted clients include small to medium sized businesses, business owners and professionals x Supported by significant investment in technology □ Focused on organic growth versus M&A □ Simple business model OPERATING MARKETS Greensboro Raleigh Charlotte Charleston Summerville Greenville Columbia Atlanta GEORGI A South Carolina North Carolina Relationship Banking with 25+ Years of Service Excellence 3
Company Overview Greensboro Raleigh Charlotte Charleston Summerville Greenville Columbia Atlanta GEORGI A South Carolina North Carolina Market Data and Financial Snapshot for Q1 2026 Market Data MRQ Financial Metrics Q1 2026 Financial Highlights □ Diluted EPS of $1.19, up 83% YoY □ NIM of 2.88% ⁴, up 16 bps QoQ and 47 bps YoY □ Total loans ² of $3.9 billion, up 7% YoY □ Total deposits of $3.9 billion, up 7% YoY □ Retail deposits ⁵ of $3.4 billion, up 12% YoY □ Non - performing assets (“NPAs”) to total assets of 0.26% and past due loans to total loans of 0.20% □ Book value per share of $46.00, up 2% QoQ and 11% YoY □ Zero intangible assets $544 Million Market Capitalization 124% Price / Book Value Per Share 10.7x Price / Est. 2026 EPS ¹ 9.0x Price / Est. 2027 EPS ¹ $4.6 Billion Total Assets $3.9 Billion Total Loans ² $3.9 Billion Total Deposits 8.29% TCE / TA ³ 0.91% Return on Average Assets 10.67% Return on Average Equity 2.88% Net Interest Margin ⁴ 0.01% Net Charge - offs / Average Loans Note: Financial data as of or for the period ended March 31, 2026; market data as of April 17, 2026 1) Based on consensus Wall Street analyst estimates for diluted earnings per common share as of April 17, 2026 2) Excludes mortgage loans held for sale 3) The tangible common equity ratio is calculated as total equity less preferred stock divided by total assets 4) The tax - equivalent adjustment to net interest income adjusts the yield for assets earning tax - exempt income to a comparable yiel d on a taxable basis 5) Retail deposits defined as total deposits less wholesale deposits; wholesale deposits consist of brokered deposits totaling $ 501 .7 million as of March 31, 2026 4
Company Overview Key Investment Highlights Profitability momentum highlighted by continued balance sheet repricing opportunities, improving cost of funds, and efficient delivery model Experienced, founder - led management team with 25+ year focus on creating a unique client experience and producing returns for shareholders Strong asset quality results driven by a robust risk management culture and a focus on relationship banking Long track record and demonstrated ability to produce balance sheet growth organically and through de novo market expansion Operating in highly attractive dynamic Southeast metro markets, resulting in scarcity value and a differentiated growth profile 5
Company Overview Who We Are Our Mission Our mission is to impact lives in the communities we serve Our Culture We focus on the things that matter most: family, community, and teamwork Our Purpose We exist to enable dreams, earn trust, and exceed expectations Relationship driven with a focus on exceptional service and authentic hospitality Embrace technology and the evolution of our industry Committed to organic growth versus M&A Superb at managing risk – credit risk and enterprise risk Highly efficient delivery system – branch light footprint Located in major metro, high - growth Southeastern markets Dedicated to an entrepreneurial, team - focused culture that results in high career satisfaction Utilize a strong relationship mortgage component to augment noninterest income Proven and driven leadership team Lead and operate with wisdom and clarity 6
Company Overview Business Model Provides a Distinct Competitive Advantage A Relationship Model Commercial Real Estate Loans Commercial Business Loans Deposit and Treasury Services Other Consumer Loans Consumer Real Estate and Home Equity Loans Construction Real Estate Loans Relationship Team Client A Business Strategy □ Focus on profitable organic growth in our metro markets □ Provide a distinctive client experience □ Maintain a rigorous risk management infrastructure with an efficient delivery model □ Attract talented banking professionals with a relationship focus x Hired 30 new bankers in the last 4 years; 5 hires YTD in 2026 7
Company Overview Presence in High - growth Metro Markets 2025 2025 2026 20 - '26 26 - '31 Year Deposits Deposits Population Pop. Change Proj. Pop Market Entered Offices ($M) (%) (#000s) (%) Change (%) State South Carolina 2000 8 2,782 76% 5,593 9.3 6.1 Georgia 2017 1 470 13% 11,314 5.6 3.7 North Carolina 2016 3 405 11% 11,238 7.6 5.1 MSA Greenville, SC 2000 4 1,777 49% 1,018 9.7 6.6 Charleston, SC 1 2012 3 705 19% 893 11.7 7.5 Atlanta, GA 2017 1 470 13% 6,500 6.5 4.2 Columbia, SC 2007 1 300 8% 882 6.4 4.8 Raleigh, NC 2016 1 221 6% 1,612 14.0 8.3 Greensboro, NC 2018 1 128 4% 808 4.0 3.3 Charlotte, NC 2021 1 56 2% 2,959 11.2 7.2 Weighted Avg. SFST MSAs 9.5 6.3 Nationwide Average 3.5 2.6 Note: Deposit data as of June 30, 2025 1) Charleston, SC MSA includes the city of Summerville, SC, which SFST entered in 2018 Source: S&P Capital IQ Pro 8
$21.8 $20.2 $20.9 $20.5 $20.1 $21.1 $22.3 $24.2 $25.1 $27.1 $29.5 $30.1 $32.3 $17.1 $17.4 $17.3 $17.0 $18.1 $18.6 $18.0 $18.5 $18.8 $19.3 $18.9 $18.4 $20.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Core Revenue ¹ ($M) Noninterest Expense ($M) □ Core revenue ¹ has increased 60% since Q1 2024 □ Revenue momentum is expected to continue through NIM expansion and strong loan growth □ Noninterest expense has only increased 6% since Q1 2025 x Expense management, one of our core competencies, is enabled by our efficient operating model □ Our noninterest expense to average asset ratio has steadily improved Company Overview Operating Leverage Trends are Improving 1) Defined as net interest income, plus total noninterest income, less mortgage banking income 2023 2024 2025 2026 1.84% NIE / Avg. Assets +60% 9
$142 $164 $57 $28 $1 $122 $135 $134 3.43% 3.39% 3.45% 3.18% 1.69% 4.12% 4.02% 4.01% Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Retail CDs ($M) Wholesale CDs ($M) Weighted Avg Rate - Retail CDs Weighted Avg Rate - Wholesale CDs □ NIM increased 47 bps versus Q1 2025 and 16 bps versus Q4 2025 □ Balance sheet is well - positioned for the current interest rate and business environment □ Non - contractual loan payoffs with rates <6% were $23 million in Q1 2026, which added to the velocity of repricing □ Average yield on new loan production in Q1 2026 was 6.49% □ We are lowering deposit rates opportunistically and expect to benefit from maturities of higher cost CDs □ Average cost of new retail ¹ deposits in Q1 2026 was 2.55% Company Overview Substantial Balance Sheet Repricing Opportunities Exist Note: Illustrative of current balance sheet composition and contractual repricing characteristics based on existing asset and li ability positions as of March 31, 2026; information derived from the Company’s internal asset - liability management analysis and publicly reported balances 1) Retail deposits defined as total deposits less wholesale deposits; wholesale deposits consist of brokered deposits totaling $ 501 .7 million as of March 31, 2026 2) Loan repricing estimates include scheduled amortization, prepayments and rate resets * Year 2 represents April 2027 – March 2028; Year 3 represents April 2028 – March 2029 Fixed Rate Loan Repricing <6% ² Time Deposit Contractual Maturities 10 $116 $99 $94 $85 $295 $248 4.01% 3.88% 3.88% 3.75% 4.34% 3.66% Q2 2026 Q3 2026 Q4 2026 Q1 2027 Year 2* Year 3* Principal Balance ($M) Weighted Avg. Rate
Financial Highlights Demonstrated Ability to Drive Meaningful Balance Sheet Growth 1) Excludes loans held for sale Total Assets ($M) Total Loans ($M) ¹ Common Equity ($M) $2,483 $2,926 $3,692 $4,056 $4,088 $4,403 $4,578 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q1 2026 $2,143 $2,490 $3,273 $3,603 $3,632 $3,845 $3,942 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q1 2026 $228 $278 $295 $312 $330 $369 $379 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q1 2026 Total Deposits ($M) $2,143 $2,564 $3,134 $3,380 $3,436 $3,717 $3,873 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q1 2026 11
Financial Highlights Recent Profitability Improvement Has Been Substantial 1) Shown on a tax - equivalent basis; the tax - equivalent adjustment to net interest income adjusts the yield for assets earning tax - e xempt income to a comparable yield on a taxable basis 2) Noninterest expense divided by the sum of net interest income and noninterest income Return on Average Assets (%) Return on Average Equity (%) Efficiency Ratio (%) ² 0.76% 1.75% 0.90% 0.34% 0.38% 0.72% 0.91% 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q1 2026 8.49% 18.64% 10.20% 4.44% 4.84% 8.73% 10.67% 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q1 2026 50.15% 53.83% 58.71% 78.65% 78.54% 63.96% 59.22% 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q1 2026 Net Interest Margin - Tax - equivalent (%) ¹ 3.48% 3.45% 3.19% 2.07% 2.06% 2.57% 2.88% 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q1 2026 12
Financial Highlights History of Strong Earnings and Book Value Growth over Long Term 1) Q1 2026 diluted EPS is presented on both a quarterly actual and an annualized basis Diluted Earnings per Share ($) ¹ $1.55 $1.94 $1.76 $2.88 $3.58 $2.34 $5.85 $3.61 $1.66 $1.91 $3.72 $1.19 $4.76 2015Y 2016Y 2017Y 2018Y 2019Y 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q1 2026 Book Value per Share ($) $14.98 $17.00 $20.37 $23.29 $26.83 $29.37 $35.07 $36.76 $38.63 $40.47 $44.89 $46.00 2015Y 2016Y 2017Y 2018Y 2019Y 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q1 2026 13
□ NIM of 2.88% for Q1 2026, up 47 bps and 16 bps compared to Q1 2025 and Q4 2025, respectively □ Average loan yield has improved despite the Fed lowering interest rates, while deposit costs have declined from 2024 levels □ Average rate on new loan production remains above the average loan yield (+116 bps for Q1 2026) □ Continued NIM improvement is expected; additional interest rate cuts by the Fed would accelerate expansion Financial Highlights Net Interest Margin 1) Shown on a tax - equivalent basis; the tax - equivalent adjustment to net interest income adjusts the yield for assets earning tax - e xempt income to a comparable yield on a taxable basis Net Interest Margin Dynamics 14 3.48% 3.45% 3.19% 2.07% 2.06% 2.57% 2.88% 4.42% 3.96% 3.98% 4.75% 5.15% 5.28% 5.33% 0.63% 0.17% 0.64% 2.72% 3.15% 2.68% 2.37% 2020Y 2021Y 2022Y 2023Y 2024Y 2025Y Q1 2026 NIM ¹ Average Loan Yield Average Cost of Deposits
262% 271% 247% 236% 236% 77% 79% 57% 45% 49% 2022Y 2023Y 2024Y 2025Y Q1 2026 CRE Concentration ADC Concentration □ Well - diversified loan portfolio reflective of the balanced state of our markets □ Loan ¹ growth was 10.2% annualized for Q1 2026, with owner occupied real estate and business contributing ~83% of net growth Financial Highlights Diversified Loan Portfolio Note: Information as of March 31, 2026, unless otherwise noted 1) Excludes loans held for sale 2) Bank level financial information shown CRE and ADC Concentration Ratios 2 Loan Portfolio Composition ¹ Growth Over Time ($M) ¹ 2ZQHU RFFXSLHG5( 1RQ RZQHU RFFXSLHG5( &RQVWUXFWLRQ %XVLQHVV 5HDO(VWDWH +RPH HTXLW\ &RQVWUXFWLRQ 2WKHU Total Loans $3.94 Billion 15
□ Total deposit growth was 17.1% annualized for Q1 2026; retail ¹ deposit growth was 26.6% annualized for Q1 2026 □ Loan - to - deposit ratio 2 decreased 167 bps to 101.8% from year - end 2025 Financial Highlights Deposit Franchise Note: Information as of March 31, 2026, unless otherwise noted 1) Retail deposits defined as total deposits less wholesale deposits 2) Excludes mortgage loans held for sale Loan - to - Deposit Ratio 2 Deposit Composition Growth Over Time ($M) 1RQ ΖQWHUHVW %HDULQJ &KHFNLQJ ΖQWHUHVW %HDULQJ &KHFNLQJ 0RQH\ 0DUNHW 6DYLQJV 5HWDLO&'V :KROHVDOH &'V < < < < 4 Total Deposits $3.87 Billion 16
□ Q1 2026 noninterest income grew 13.7% YoY to $3.5 million, driven by deposit service fees within treasury management □ No planned acquisitions of fee income businesses (e.g., wealth management, insurance, etc.) Financial Highlights Noninterest Income Select Noninterest Income Metrics Composition Over Time ($000) Mortgage Activity ($M) < < < < 4 2WKHU %2/Ζ $70 'HELW&DUG)HHV 6HUYLFH)HHV 0RUWJDJH%DQNLQJ < < < < 4 1RQLQWHUHVWΖQFRPH 5HYHQXH 1RQLQWHUHVWΖQFRPH $YJ $VVHWV 17
< < < < 4 1RQLQWHUHVW([SHQVH $YJ $VVHWV (ɝFLHQF\5DWLR { □ 2025 noninterest expense increased 6.3% YoY to $20.0 million; driven primarily by seasonal expense increases mainly related to compensation and benefits; NIE / avg. assets of 1.84% for Q1 2026 □ Opportunistic approach to hiring; targeting top talent in the right markets at the right time Financial Highlights Noninterest Expense 1) Noninterest expense divided by the sum of net interest income and noninterest income 2) Retail deposits defined as total deposits less wholesale deposits; wholesale deposits consist of brokered deposits totaling $ 501 .7 million as of March 31, 2026 Select Noninterest Expense Metrics Composition Over Time ($000) Deposits per Branch ($M) < < < < 4 &RPSHQVDWLRQ 2FFXSDQF\ 'DWDFRVWV ΖQVXUDQFH 3URIHVVLRQDOIHHV 0DUNHWLQJ 2WKHU 18
$2.6 $4.0 $10.9 $14.1 $11.9 0.07% 0.10% 0.27% 0.32% 0.26% $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 2022Y 2023Y 2024Y 2025Y Q1 2026 Nonperforming Assets ($M) NPAs / Assets (%) ($1.4) $0.2 $1.3 $0.1 $0.1 (0.05%) 0.00% 0.04% 0.00% 0.01% ($1.5) ($1.0) ($0.5) $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 2022Y 2023Y 2024Y 2025Y Q1 2026 Net Charge-offs ($M) NCOs / Average Loans (%) $38.6 $40.7 $39.9 $42.3 $43.4 1.18% 1.13% 1.10% 1.10% 1.10% $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 $50.0 $55.0 $60.0 2022Y 2023Y 2024Y 2025Y Q1 2026 Allowance for Credit Losses ($M) ACL / Loans (%) □ NPAs / assets of 0.26% at March 31, 2026, and NCOs / average loans of 0.01% for Q1 2026 □ Commercial criticized and classified loans equal 0.68% and 0.17% of loans, respectively Financial Highlights Asset Quality Note: Information as of March 31, 2026, unless otherwise noted 1) NPAs / Assets = (Nonaccrual Loans + OREO) / Total Assets ACL / Gross Loans (%) NPAs / Assets (%) ¹ NCOs / Average Loans (%) 19
□ Regulatory capital ratios have increased as profitability has improved □ $11.5 million of subordinated notes due 2029 remain x Redeemed $11.5 million in Q3 2024 x Floating rate of 3 - month SOFR + 340.8 bps x Diminishing Tier 2 capital treatment □ Robust combination of on - balance sheet liquidity and contingent sources of liquidity Financial Highlights Capital Overview Note: Information as of March 31, 2026 and does not include the impact of our recent follow - on offering of common stock 1) The tangible common equity ratio is calculated as total equity less preferred stock divided by total assets Consolidated Capital Ratios 7.9% 8.3% 8.8% 9.1% 10.8% 11.0% 11.2% 11.4% 12.7% 12.8% Q1 2025 Q1 2026 Tangible Common Equity / Tangible Assets ¹ Tier 1 Leverage Ratio CET1 Ratio Tier 1 RBC Ratio Total RBC Ratio 20
□ Closed an underwritten public offering of common stock on April 17, 2026 x 1,207,500 shares of common stock sold at $54.00 per share, including 157,500 shares of common stock sold pursuant to the underwriters’ option x Represents gross proceeds of approximately $65.2 million before discounts and expenses □ Supports execution of SFST’s dynamic organic growth strategy □ Use of net proceeds includes redemption of $11.5 million of remaining subordinated notes due 2029 x Annual pre - tax interest expense savings of approximately $825k Financial Highlights Pro Forma Impact of Public Offering of Common Stock 21 As of March 31, 2026 In thousands, except per share data SFST SFST Balance Sheet Data As Reported Pro Forma ³ Total Assets $4,578,402 $4,628,184 Total Shareholders' Equity $379,413 $440,695 Common Shares Outstanding 8,248 9,456 Book Value per Share $46.00 $46.61 Capital Ratios Tangible Common Equity / Tangible Assets ¹ 8.29% 9.52% Tier 1 Leverage Ratio 9.05% 10.32% Common Equity Tier 1 Ratio 11.05% 12.77% Tier 1 Risk-Based Capital Ratio 11.42% 13.13% Total Risk-Based Capital Ratio 12.86% 14.37% CRE / Total Risk-Based Capital ² 237% 213% ADC / Total Risk-Based Capital ² 49% 44% 1) The tangible common equity ratio is calculated as total equity less preferred stock divided by total assets 2) Southern First Bank level Call Report data; based on preliminary information subject to change 3) Pro forma metrics are presented for illustrative purposes only and assume a $65.2 million common equity offering, a 5.25% und erw riting discount and approximately $500 thousand of offering expenses; the pro forma presentation assumes that 100% of net proceeds (after redemption of $11.5 million of subordinated not es) are downstreamed to Southern First Bank and deployed into assets assumed to carry a 20% risk weighting solely for modeling purposes
