Southern First Bancshares (NASDAQ: SFST) extends $15M credit line to 2027
Rhea-AI Filing Summary
Southern First Bancshares, Inc. entered into a Modification of Loan with TIB, National Association to amend its existing revolving credit facility of up to $15.0 million. The agreement extends the revolving line of credit’s maturity date to March 5, 2027.
Under the Modification Agreement, the Company agrees to pay the lender a non-usage fee of 0.25%, stated as $37,500 less the interest accrued and paid under the Promissory Note, which will be collected on the maturity date. As of March 10, 2026, there was a zero principal balance outstanding under the Promissory Note.
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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
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ITEM 1.01 Entry into a Material Definitive Agreement.
On March 5, 2026, Southern First Bancshares, Inc. (the “Company”) entered into a Modification of Loan (the “Modification Agreement”) amending both the Loan Agreement (“Loan Agreement”) and the Promissory Note (the “Promissory Note”), each dated as of December 28, 2023, by and between the Company and TIB, National Association (the “Lender”). The Loan Agreement and Promissory Note provide for a revolving multiple advances loan of up to an aggregate principal amount of $15.0 million. Reference is made to Exhibits 10.1 and 10.2 to the Company’s Current Report on Form 8-K filed January 3, 2024, which are incorporated herein by reference, for a further description of the Loan Agreement and Promissory Note with the Lender. The definition of capitalized terms, if not so defined herein, may be found in the Modification Agreement.
The Modification Agreement extends the revolving line of credit to a maturity date of March 5, 2027. The Company also agrees under the Modification Agreement to pay the Lender a Non-Usage Fee of 0.25%, which fee shall be $37,500 less the interest accrued and paid under the Note, and collected on the Maturity Date. On March 10, 2026, there was a zero principal balance outstanding borrowed under the Promissory Note.
The description contained herein of the Modification Agreement does not purport to be complete and is qualified in its entirety by reference to the terms of such document.
ITEM 2.03 Creation of a Direct Financial Obligation.
The relevant disclosure set forth in Item 1.01 above is incorporated herein by reference in response to this Item 2.03.
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 |
| 10.1 | Modification of Loan, dated as of March 5, 2026, by and between the Company and TIB, National Association. |
| 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 | ||
March 10, 2026
FAQ
What did Southern First Bancshares (SFST) change in its credit facility?
What is the size of Southern First Bancshares' revolving credit line with TIB?
When does Southern First Bancshares’ modified line of credit now mature?
What non-usage fee will Southern First Bancshares pay on this facility?
How much was outstanding under Southern First Bancshares’ Promissory Note?
Which items of the 8-K does this loan modification relate to for SFST?
Filing Exhibits & Attachments
4 documents