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UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) |
July 25, 2023 |
Southern First Bancshares, Inc.
(Exact name of registrant as specified in its charter)
South Carolina
(State or other jurisdiction of incorporation)
000-27719 |
|
58-2459561 |
(Commission File Number) |
|
(IRS Employer Identification No.) |
|
|
|
6 Verdae Boulevard, Greenville, SC |
|
29607 |
(Address of principal executive offices) |
|
(Zip Code) |
(864) 679-9000
(Registrant's telephone number, including area code)
100 Verdae Boulevard, Suite 100, Greenville,
SC
(Former name or former address, if changed since
last report)
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) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12) |
| ¨ | 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 |
Common Stock |
|
SFST |
|
The Nasdaq Global Market |
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
growth company ¨
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 July 25, 2023, Southern First Bancshares, Inc., holding company for
Southern First Bank, issued a press release announcing its financial results for the period ended June 30, 2023. 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 June 30, 2023 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
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/ D. Andrew Borrmann |
|
Name: |
D. Andrew Borrmann |
|
Title: |
Chief Financial Officer |
July 25, 2023
Exhibit 99.1
Southern
First Reports Results for Second Quarter 2023
Greenville,
South Carolina, July 25, 2023 – Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First
Bank, today announced its financial results for the three-month period ended June 30, 2023.
“I
am proud of our team’s performance during a volatile quarter for the banking industry,” stated Art Seaver, the Company’s
Chief Executive Officer. “It was a strong quarter in terms of new deposit accounts, loan growth, mortgage production, and credit
quality. We witnessed margin stabilization in the latter half of the quarter and expect continued momentum in the second half of the
year.”
2023
Second Quarter Highlights
| ● | Net
income was $2.5 million and diluted earnings per common share were $0.31 for Q2 2023 |
| ● | Total
deposits increased 20% to $3.4 billion at Q2 2023, compared to $2.9 billion at Q2 2022 |
| ● | Total
loans increased 24% to $3.5 billion at Q2 2023, compared to $2.8 billion at Q2 2022 |
| ● | Book
value per common share increased to $37.42 at Q2 2023, or 6%, over Q2 2022 |
| ● | Credit
quality remains strong with nonperforming assets to total assets of 0.08% and past due loans
to total loans of 0.07% at Q2 2023 |
| ● | Core
deposits decreased 2% to $2.9 billion at Q2 2023, compared to Q1 2023 and increased 11% from
Q2 2022 |
|
|
Quarter
Ended |
|
|
June
30 |
|
March
31 |
|
December
31 |
|
September
30 |
|
June
30 |
|
|
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
Earnings
($ in thousands, except per share data): |
|
|
|
|
|
|
|
|
|
|
Net
income available to common shareholders |
$ |
2,458
|
|
2,703
|
|
5,492
|
|
8,413
|
|
7,240
|
Earnings
per common share, diluted |
|
0.31
|
|
0.33
|
|
0.68
|
|
1.05
|
|
0.90
|
Total
revenue(1) |
|
21,561 |
|
22,468 |
|
25,826 |
|
28,134 |
|
27,149 |
Net
interest margin (tax-equivalent)(2) |
|
2.05% |
|
2.36% |
|
2.88% |
|
3.19% |
|
3.35% |
Return
on average assets(3) |
|
0.26% |
|
0.30% |
|
0.63% |
|
1.00% |
|
0.92% |
Return
on average equity(3) |
|
3.27% |
|
3.67% |
|
7.44% |
|
11.57% |
|
10.31% |
Efficiency
ratio(4) |
|
80.67% |
|
76.12% |
|
63.55% |
|
57.03% |
|
58.16% |
Noninterest
expense to average assets (3) |
|
1.82% |
|
1.89% |
|
1.87% |
|
1.92% |
|
2.02% |
Balance
Sheet ($ in thousands): |
|
|
|
|
|
|
|
|
|
|
Total
loans(5) |
$ |
3,537,616 |
|
3,417,945 |
|
3,273,363 |
|
3,030,027 |
|
2,845,205 |
Total
deposits |
|
3,433,018 |
|
3,426,774 |
|
3,133,864 |
|
3,001,452 |
|
2,870,158 |
Core
deposits(6) |
|
2,880,507 |
|
2,946,567 |
|
2,759,112 |
|
2,723,592 |
|
2,588,283 |
Total
assets |
|
4,002,107 |
|
3,938,140 |
|
3,691,981 |
|
3,439,669 |
|
3,287,663 |
Book
value per common share |
|
37.42 |
|
37.16 |
|
36.76 |
|
35.99 |
|
35.39 |
Loans
to deposits |
|
103.05% |
|
99.74% |
|
104.45% |
|
100.95% |
|
99.13% |
Holding
Company Capital Ratios(7): |
|
|
|
|
|
|
|
|
|
|
Total
risk-based capital ratio |
|
12.38% |
|
12.67% |
|
12.91% |
|
13.58% |
|
13.97% |
Tier
1 risk-based capital ratio |
|
10.40% |
|
10.66% |
|
10.88% |
|
11.49% |
|
11.83% |
Leverage
ratio |
|
8.48% |
|
8.80% |
|
9.17% |
|
9.44% |
|
9.71% |
Common
equity tier 1 ratio(8) |
|
9.99% |
|
10.23% |
|
10.44% |
|
11.02% |
|
11.33% |
Tangible
common equity(9) |
|
7.53% |
|
7.60% |
|
7.98% |
|
8.37% |
|
8.60% |
Asset
Quality Ratios: |
|
|
|
|
|
|
|
|
|
|
Nonperforming
assets/ total assets |
|
0.08% |
|
0.12% |
|
0.07% |
|
0.08% |
|
0.09% |
Classified
assets/tier one capital plus allowance for credit losses |
|
4.68% |
|
5.10% |
|
4.71% |
|
5.24% |
|
7.29% |
Loans
30 days or more past due/ loans(5) |
|
0.07% |
|
0.11% |
|
0.11% |
|
0.07% |
|
0.10% |
Net
charge-offs (recoveries)/average loans(5) (YTD annualized) |
|
0.03% |
|
0.01% |
|
(0.05%) |
|
(0.06%) |
|
0.02% |
Allowance
for credit losses/loans(5) |
|
1.16% |
|
1.18% |
|
1.18% |
|
1.20% |
|
1.20% |
Allowance
for credit losses/nonaccrual loans |
|
1,363.11% |
|
854.33% |
|
1,470.74% |
|
1,388.87% |
|
1,166.70% |
[Footnotes
to table located on page 6]
income
statements – Unaudited
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended |
|
|
June
30 |
|
March
31 |
|
December
31 |
|
September
30 |
|
June
30 |
(in
thousands, except per share data) |
|
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
Interest
income |
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
41,089
|
|
36,748
|
|
33,939
|
|
29,752
|
|
26,610
|
Investment
securities |
|
706 |
|
613 |
|
562 |
|
506 |
|
448 |
Federal
funds sold |
|
891 |
|
969 |
|
525 |
|
676 |
|
180 |
Total
interest income |
|
42,686
|
|
38,330
|
|
35,026
|
|
30,934
|
|
27,238
|
Interest
expense |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
21,937 |
|
17,179 |
|
10,329 |
|
5,021 |
|
1,844 |
Borrowings |
|
1,924 |
|
727 |
|
578 |
|
459 |
|
510 |
Total
interest expense |
|
23,861 |
|
17,906 |
|
10,907
|
|
5,480
|
|
2,354
|
Net
interest income |
|
18,825 |
|
20,424 |
|
24,119 |
|
25,454 |
|
24,884 |
Provision
for credit losses |
|
910 |
|
1,825 |
|
2,325 |
|
950 |
|
1,775 |
Net
interest income after provision for credit losses |
|
17,915 |
|
18,599 |
|
21,794 |
|
24,504 |
|
23,109 |
Noninterest
income |
|
|
|
|
|
|
|
|
|
|
Mortgage
banking income |
|
1,337 |
|
622 |
|
291 |
|
1,230 |
|
1,184 |
Service
fees on deposit accounts |
|
331 |
|
325 |
|
316 |
|
318 |
|
327 |
ATM
and debit card income |
|
536 |
|
555 |
|
558 |
|
542 |
|
548 |
Income
from bank owned life insurance |
|
338 |
|
332 |
|
344 |
|
315 |
|
315 |
Loss
on disposal of fixed assets |
|
- |
|
- |
|
- |
|
- |
|
(394) |
Other
income |
|
194 |
|
210 |
|
198 |
|
275 |
|
285 |
Total
noninterest income |
|
2,736 |
|
2,044 |
|
1,707 |
|
2,680 |
|
2,265 |
Noninterest
expense |
|
|
|
|
|
|
|
|
|
|
Compensation
and benefits |
|
10,287 |
|
10,356 |
|
9,576 |
|
9,843 |
|
9,915 |
Occupancy |
|
2,518 |
|
2,457 |
|
2,666 |
|
2,442 |
|
2,219 |
Outside
service and data processing costs |
|
1,705 |
|
1,629 |
|
1,521 |
|
1,529 |
|
1,528 |
Insurance |
|
897 |
|
689 |
|
551 |
|
507 |
|
367 |
Professional
fees |
|
751 |
|
660 |
|
788 |
|
555 |
|
693 |
Marketing |
|
335 |
|
366 |
|
282 |
|
338 |
|
329 |
Other |
|
900 |
|
947 |
|
1,029 |
|
832 |
|
737 |
Total
noninterest expenses |
|
17,393
|
|
17,104
|
|
16,413
|
|
16,046
|
|
15,788
|
Income
before provision for income taxes |
|
3,258
|
|
3,539
|
|
7,088
|
|
11,138
|
|
9,586
|
Income
tax expense |
|
800
|
|
836
|
|
1,596
|
|
2,725
|
|
2,346
|
Net
income available to common shareholders |
$ |
2,458
|
|
2,703
|
|
5,492
|
|
8,413
|
|
7,240
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per common share – Basic |
$ |
0.31
|
|
0.34
|
|
0.69
|
|
1.06
|
|
0.91
|
Earnings
per common share – Diluted |
|
0.31
|
|
0.33
|
|
0.68 |
|
1.04
|
|
0.90
|
Basic
weighted average common shares |
|
8,051
|
|
8,026
|
|
7,971
|
|
7,972
|
|
7,945
|
Diluted
weighted average common shares |
|
8,069
|
|
8,092
|
|
8,071 |
|
8,065
|
|
8,075
|
[Footnotes
to table located on page 6]
Net
income for the second quarter of 2023 was $2.5 million, or $0.31 per diluted share, a $244 thousand decrease from the first quarter of
2023 and a $4.8 million decrease from the second quarter of 2022. Net interest income decreased $1.6 million for the second quarter of
2023, compared to the first quarter of 2023, and decreased $6.1 million, compared to the second quarter of 2022. The decrease in net
interest income from the prior quarter and prior year was driven primarily by an increase in interest expense on our deposit accounts
related to the Federal Reserve’s 500-basis point interest rate hikes during the past 16 months.
The
provision for credit losses was $910 thousand for the second quarter of 2023, compared to $1.8 million for the first quarter of 2023
and for the second quarter of 2022. The provision expense during the second quarter of 2023 includes a $1.1 million provision for loan
losses and a $185 thousand reversal of the reserve for unfunded commitments.
Noninterest
income totaled $2.7 million for the second quarter of 2023, a $692 thousand increase from the first quarter of 2023 and an $471 thousand
increase from the second quarter of 2022. Mortgage banking income is the largest component
of our noninterest income. For the second
quarter of 2023, mortgage banking income was $1.3 million, an increase of $715 thousand from the prior quarter income and an $153 thousand
increase from the second quarter of 2022.
Noninterest
expense for the second quarter of 2023 was $17.4 million, a $288 thousand increase from the first quarter of 2023, and a $1.6 million
increase from the second quarter of 2022. The increase in noninterest expense from the previous quarter was driven by increases in insurance
expense and professional fees, while the increase from the prior year related to increases in compensation and benefits, occupancy, and
insurance expenses. Compensation and benefits expense increased from the previous year, driven by annual salary increases and the hiring
of new team members. Occupancy expense increased from the prior year due primarily to increased depreciation and maintenance expense
on our new headquarters building, while insurance costs increased from the prior quarter and year due to higher FDIC insurance premiums.
Our
effective tax rate was 24.5% for the second quarter of 2023, 23.6% for the first quarter of 2023, and 24.5% for the second quarter of
2022. The higher tax rate in the second quarter of 2023 as compared to the first quarter of 2023 relates primarily to the effect of equity
compensation transactions on our tax rate during the quarter.
Net
interest income and margin - Unaudited
|
|
|
|
|
|
|
|
|
For
the Three Months Ended |
|
|
June
30, 2023 |
|
March
31, 2023 |
|
June
30,2022 |
(dollars
in thousands) |
|
Average
Balance |
|
Income/
Expense |
|
Yield/
Rate(3) |
|
Average
Balance |
|
Income/
Expense |
|
Yield/
Rate(3) |
|
Average
Balance |
|
Income/
Expense |
|
Yield/
Rate(3) |
Interest-earning
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
funds sold and interest-bearing deposits |
|
$ 71,004 |
|
$ 891 |
|
5.03% |
|
$ 85,966 |
|
$ 969 |
|
4.57% |
|
$ 80,909 |
|
$ 180 |
|
0.89% |
Investment securities, taxable |
|
93,922 |
|
623 |
|
2.66% |
|
87,521 |
|
530 |
|
2.46% |
|
98,527 |
|
404 |
|
1.64% |
Investment securities, nontaxable(2) |
|
10,200 |
|
108 |
|
4.24% |
|
10,266 |
|
106 |
|
4.21% |
|
10,382 |
|
56 |
|
2.16% |
Loans(10) |
|
3,511,225 |
|
41,089 |
|
4.69% |
|
3,334,530 |
|
36,748 |
|
4.47% |
|
2,795,274 |
|
26,610 |
|
3.82% |
Total interest-earning assets |
|
3,686,351 |
|
42,711 |
|
4.65% |
|
3,518,283 |
|
38,353 |
|
4.42% |
|
2,985,092 |
|
27,250 |
|
3.66% |
Noninterest-earning assets |
|
155,847 |
|
|
|
|
|
161,310 |
|
|
|
|
|
154,659 |
|
|
|
|
Total assets |
|
$3,842,198 |
|
|
|
|
|
$3,679,593 |
|
|
|
|
|
$3,139,751 |
|
|
|
|
Interest-bearing
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts |
|
$ 297,234 |
|
537 |
|
0.72% |
|
$ 303,176 |
|
440 |
|
0.59% |
|
$ 389,563 |
|
144 |
|
0.15% |
Savings
& money market |
|
1,727,009 |
|
15,298 |
|
3.55% |
|
1,661,878 |
|
11,992 |
|
2.93% |
|
1,267,174 |
|
1,200 |
|
0.38% |
Time
deposits |
|
573,095 |
|
6,102 |
|
4.27% |
|
543,425 |
|
4,747 |
|
3.54% |
|
278,101 |
|
500 |
|
0.72% |
Total
interest-bearing deposits |
|
2,597,338 |
|
21,937 |
|
3.39% |
|
2,508,479 |
|
17,179 |
|
2.78% |
|
1,934,838 |
|
1,844 |
|
0.38% |
FHLB
advances and other borrowings |
|
135,922 |
|
1,382 |
|
4.08% |
|
18,243 |
|
200 |
|
4.45% |
|
53,179 |
|
105 |
|
0.79% |
Subordinated
debentures |
|
36,251 |
|
542 |
|
6.00% |
|
36,224 |
|
527 |
|
5.90% |
|
36,143 |
|
405 |
|
4.49% |
Total
interest-bearing liabilities |
|
2,769,511 |
|
23,861 |
|
3.46% |
|
2,562,946 |
|
17,906 |
|
2.83% |
|
2,024,160 |
|
2,354 |
|
0.47% |
Noninterest-bearing
liabilities |
|
771,388 |
|
|
|
|
|
818,123 |
|
|
|
|
|
833,943 |
|
|
|
|
Shareholders’
equity |
|
301,299 |
|
|
|
|
|
298,524 |
|
|
|
|
|
281,648 |
|
|
|
|
Total
liabilities and shareholders’ equity |
|
$3,842,198 |
|
|
|
|
|
$3,679,593 |
|
|
|
|
|
$3,139,751 |
|
|
|
|
Net
interest spread |
|
|
|
|
|
1.19% |
|
|
|
|
|
1.59% |
|
|
|
|
|
3.19% |
Net
interest income (tax equivalent) / margin |
|
|
|
$18,850 |
|
2.05% |
|
|
|
$20,447 |
|
2.36% |
|
|
|
$24,896 |
|
3.35% |
Less:tax-equivalent adjustment(2) |
|
|
|
25 |
|
|
|
|
|
23 |
|
|
|
|
|
12 |
|
|
Net
interest income |
|
|
|
$18,825 |
|
|
|
|
|
$20,424 |
|
|
|
|
|
$24,884 |
|
|
[Footnotes
to table located on page 6]
Net
interest income was $18.8 million for the second quarter of 2023, a $1.6 million decrease from the first quarter of 2023, driven by a
$6.0 million increase in interest expense, partially offset by a $4.4 million increase in interest income, on a taxable basis. The increase
in interest expense was driven by $88.9 million growth in average interest-bearing deposit balances at an average rate of 3.39%, a 61-basis
points increase over the previous quarter, partially offset by $176.7 million growth in average loan balances at an average yield of
4.69%, an increase of 22-basis points from the first quarter of 2023. In comparison to the second quarter of 2022, net interest income
decreased $6.1 million, resulting primarily from $662.5 million growth in average interest-bearing deposit balances during the 12 months
ended June 30, 2023, combined with a 301-basis point increase in deposit rates. Our net interest margin, on a tax-equivalent basis, was
2.05% for the second quarter of 2023, a 31-basis point decrease from 2.36% for the first quarter of 2023 and a 130-basis point decrease
from 3.35% for the second
quarter of 2022. As a result of the Federal Reserve’s 500-basis point interest rate hikes during the
past 12 months, the rate on our interest-bearing liabilities has increased by 299-basis points during the second quarter of 2023 in comparison
to the second quarter of 2022. However, the yield on our interest-earning assets, driven by our loan portfolio, has increased by only
99-basis points during the same time period, resulting in the lower net interest margin during the second quarter of 2023.
Balance
sheets - Unaudited
|
|
|
|
|
|
|
Ending Balance |
|
|
June 30 |
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
(in thousands, except per share data) |
|
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
Assets |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
24,742 |
|
22,213 |
|
18,788 |
|
16,530 |
|
21,090 |
Federal funds sold |
|
170,145 |
|
242,642 |
|
101,277 |
|
139,544 |
|
124,462 |
Interest-bearing deposits with banks |
|
10,183 |
|
7,350 |
|
50,809 |
|
4,532 |
|
36,538 |
Total cash and cash equivalents |
|
205,070 |
|
272,205 |
|
170,874 |
|
160,606 |
|
182,090 |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
Investment securities available for sale |
|
91,548 |
|
94,036 |
|
93,347 |
|
91,521 |
|
98,991 |
Other investments |
|
12,550 |
|
10,097 |
|
10,833 |
|
5,449 |
|
5,065 |
Total investment securities |
|
104,098 |
|
104,133 |
|
104,180 |
|
96,970 |
|
104,056 |
Mortgage loans held for sale |
|
15,781 |
|
6,979 |
|
3,917 |
|
9,243 |
|
18,329 |
Loans (5) |
|
3,537,616 |
|
3,417,945 |
|
3,273,363 |
|
3,030,027 |
|
2,845,205 |
Less allowance for credit losses |
|
(41,105) |
|
(40,435) |
|
(38,639) |
|
(36,317) |
|
(34,192) |
Loans, net |
|
3,496,511 |
|
3,377,510 |
|
3,234,724 |
|
2,993,710 |
|
2,811,013 |
Bank owned life insurance |
|
51,791 |
|
51,453 |
|
51,122 |
|
50,778 |
|
50,463 |
Property and equipment, net |
|
96,964 |
|
97,806 |
|
99,183 |
|
99,530 |
|
96,674 |
Deferred income taxes |
|
12,356 |
|
12,087 |
|
12,522 |
|
18,425 |
|
15,078 |
Other assets |
|
19,536 |
|
15,967 |
|
15,459 |
|
10,407 |
|
9,960 |
Total assets |
$ |
4,002,107 |
|
3,938,140 |
|
3,691,981 |
|
3,439,669 |
|
3,287,663 |
Liabilities |
|
|
|
|
|
|
|
|
|
|
Deposits |
$ |
3,433,018 |
|
3,426,774 |
|
3,133,864 |
|
3,001,452 |
|
2,870,158 |
FHLB Advances |
|
180,000 |
|
125,000 |
|
175,000 |
|
60,000 |
|
50,000 |
Subordinated debentures |
|
36,268 |
|
36,241 |
|
36,214 |
|
36,187 |
|
36,160 |
Other liabilities |
|
51,307 |
|
50,775 |
|
52,391 |
|
54,245 |
|
48,708 |
Total liabilities |
|
3,700,593 |
|
3,638,790 |
|
3,397,469 |
|
3,151,884 |
|
3,005,026 |
Shareholders’ equity |
|
|
|
|
|
|
|
|
|
|
Preferred stock - $.01 par value; 10,000,000 shares authorized |
|
- |
|
- |
|
- |
|
- |
|
- |
Common Stock - $.01 par value; 10,000,000 shares authorized |
|
81 |
|
80 |
|
80 |
|
80 |
|
80 |
Nonvested restricted stock |
|
(4,051) |
|
(4,462) |
|
(3,306) |
|
(3,348) |
|
(3,230) |
Additional paid-in capital |
|
120,912 |
|
120,683 |
|
119,027 |
|
118,433 |
|
117,714 |
Accumulated other comprehensive loss |
|
(12,710) |
|
(11,775) |
|
(13,410) |
|
(14,009) |
|
(10,143) |
Retained earnings |
|
197,282 |
|
194,824 |
|
192,121 |
|
186,629 |
|
178,216 |
Total shareholders’ equity |
|
301,514 |
|
299,350 |
|
294,512 |
|
287,785 |
|
282,637 |
Total liabilities and shareholders’ equity |
$ |
4,002,107 |
|
3,938,140 |
|
3,691,981 |
|
3,439,669 |
|
3,287,663 |
Common Stock |
|
|
|
|
|
|
|
|
|
|
Book value per common share |
$ |
37.42 |
|
37.16 |
|
36.76 |
|
35.99 |
|
35.39 |
Stock price: |
|
|
|
|
|
|
|
|
|
|
High |
|
31.34 |
|
45.05 |
|
49.50 |
|
47.16 |
|
50.09 |
Low |
|
21.33 |
|
30.70 |
|
41.46 |
|
41.66 |
|
42.25 |
Period end |
|
24.75 |
|
30.70 |
|
45.75 |
|
41.66 |
|
43.59 |
Common shares outstanding |
|
8,058 |
|
8,048 |
|
8,011 |
|
7,997 |
|
7,986 |
[Footnotes
to table located on page 6]
Asset
quality measures - Unaudited
|
|
|
|
|
Quarter
Ended |
|
|
June
30 |
|
March
31 |
|
December
31 |
|
September
30 |
|
June
30 |
(dollars
in thousands) |
|
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
Nonperforming
Assets |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
|
|
|
|
|
|
|
|
Non-owner
occupied RE |
$ |
754
|
|
1,384
|
|
247
|
|
253
|
|
981
|
Commercial
business |
|
137
|
|
1,196
|
|
182
|
|
79
|
|
-
|
Consumer |
|
|
|
|
|
|
|
|
|
|
Real
estate |
|
1,053 |
|
1,075 |
|
1,099 |
|
904 |
|
552 |
Home
equity |
|
1,072 |
|
1,078 |
|
1,099 |
|
1,379 |
|
1,398 |
Total
nonaccrual loans |
|
3,016 |
|
4,733 |
|
2,627 |
|
2,615 |
|
2,931 |
Other
real estate owned |
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total
nonperforming assets |
$ |
3,016
|
|
4,733
|
|
2,627
|
|
2,615
|
|
2,931
|
Nonperforming
assets as a percentage of: |
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
0.08% |
|
0.12% |
|
0.07% |
|
0.08% |
|
0.09% |
Total
loans |
|
0.09% |
|
0.14% |
|
0.08% |
|
0.09% |
|
0.10% |
Classified
assets/tier 1 capital plus allowance for credit losses |
|
4.68% |
|
5.10% |
|
4.71% |
|
5.24% |
|
7.29% |
|
|
|
|
|
Quarter
Ended |
|
|
June
30 |
|
March
31 |
|
December
31 |
|
September
30 |
|
June
30 |
(dollars
in thousands) |
|
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
Allowance
for Credit Losses |
|
|
|
|
|
|
|
|
|
|
Balance,
beginning of period |
$ |
40,435
|
|
38,639
|
|
36,317
|
|
34,192
|
|
32,944
|
Loans
charged-off |
|
(440) |
|
(161) |
|
- |
|
- |
|
(316) |
Recoveries
of loans previously charged-off |
|
15
|
|
102
|
|
22
|
|
1,600
|
|
39
|
Net
loans (charged-off) recovered |
|
(425) |
|
(59) |
|
22 |
|
1,600 |
|
(277) |
Provision
for credit losses |
|
1,095 |
|
1,855 |
|
2,300 |
|
525
|
|
1,525
|
Balance,
end of period |
$ |
41,105
|
|
40,435
|
|
38,639
|
|
36,317
|
|
34,192
|
Allowance
for credit losses to gross loans |
|
1.16 % |
|
1.18 % |
|
1.18 % |
|
1.20 % |
|
1.20 % |
Allowance
for credit losses to nonaccrual loans |
|
1,363.11 % |
|
854.33 % |
|
1,470.74 % |
|
1,388.87 % |
|
1,166.70 % |
Net
charge-offs to average loans QTD (annualized) |
|
0.03
% |
|
0.01
% |
|
0.00
% |
|
(0.22
%) |
|
0.04
% |
Total
nonperforming assets decreased by $1.7 million during the second quarter of 2023, representing 0.08% of total assets, compared to 0.12%
in the first quarter of 2023. The decrease in nonperforming assets during the second quarter of 2023 results primarily from two commercial
loans that were sold and one commercial loan returning to accrual status. In addition, our classified asset ratio decreased to 4.68%
for the second quarter of 2023 from 5.10% in the first quarter of 2023 and from 7.29% in the second quarter of 2022.
On
June 30, 2023, the allowance for credit losses was $41.1 million, or 1.16% of total loans, compared to $40.4 million, or 1.18% of total
loans, at March 31, 2023, and $34.2 million, or 1.20% of total loans, at June 30, 2022. We had net charge-offs of $425 thousand, or 0.03%
annualized, for the second quarter of 2023, compared to net charge-offs of $59 thousand for the first quarter of 2023 and net charge-offs
of $277 thousand for the second quarter of 2022. There was a provision for credit losses of $1.1 million for the second quarter of 2023,
compared to a provision of $1.9 million for the first quarter of 2023 and a provision of $1.5 million for the second quarter of 2022.
LOAN
COMPOSITION - Unaudited
|
|
|
Quarter
Ended |
|
|
June
30 |
|
March
31 |
|
December
31 |
|
September
30 |
|
June
30 |
(dollars
in thousands) |
|
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
Commercial |
|
|
|
|
|
|
|
|
|
|
Owner
occupied RE |
$ |
613,874 |
|
615,094 |
|
612,901 |
|
572,972 |
|
551,544 |
Non-owner
occupied RE |
|
951,536 |
|
928,059 |
|
862,579 |
|
799,569 |
|
741,263 |
Construction |
|
115,798 |
|
94,641 |
|
109,726 |
|
85,850 |
|
84,612 |
Business |
|
511,719 |
|
495,161 |
|
468,112 |
|
419,312 |
|
389,790 |
Total
commercial loans |
|
2,192,927 |
|
2,132,955 |
|
2,053,318 |
|
1,877,703 |
|
1,767,209 |
Consumer |
|
|
|
|
|
|
|
|
|
|
Real
estate |
|
1,047,904 |
|
993,258 |
|
931,278 |
|
873,471 |
|
812,130 |
Home
equity |
|
185,584 |
|
180,974 |
|
179,300 |
|
171,904 |
|
161,512 |
Construction |
|
61,044 |
|
71,137 |
|
80,415 |
|
77,798 |
|
76,878 |
Other |
|
50,157 |
|
39,621 |
|
29,052 |
|
29,151 |
|
27,476 |
Total
consumer loans |
|
1,344,689 |
|
1,284,990 |
|
1,220,045 |
|
1,152,324 |
|
1,077,996 |
Total
gross loans, net of deferred fees |
|
3,537,616 |
|
3,417,945 |
|
3,273,363 |
|
3,030,027 |
|
2,845,205 |
Less—allowance
for credit losses |
|
(41,105) |
|
(40,435) |
|
(38,639) |
|
(36,317) |
|
(34,192) |
Total
loans, net |
$ |
3,496,511 |
|
3,377,510 |
|
3,234,724 |
|
2,993,710 |
|
2,811,013 |
DEPOSIT
COMPOSITION - Unaudited
|
|
|
Quarter
Ended |
|
|
June
30 |
|
March
31 |
|
December
31 |
|
September
30 |
|
June
30 |
(dollars
in thousands) |
|
2023 |
|
2023 |
|
2022 |
|
2022 |
|
2022 |
Non-interest
bearing |
$ |
698,084 |
|
740,534 |
|
804,115 |
|
791,050 |
|
799,169 |
Interest
bearing: |
|
|
|
|
|
|
|
|
|
|
NOW accounts |
|
308,762 |
|
303,743 |
|
318,030 |
|
357,862 |
|
364,189 |
Money market accounts |
|
1,692,900 |
|
1,748,562 |
|
1,506,418 |
|
1,452,958 |
|
1,320,329 |
Savings |
|
36,243 |
|
39,706 |
|
40,673 |
|
42,335 |
|
41,944 |
Time, less than $250,000 |
|
114,691 |
|
106,679 |
|
89,877 |
|
79,387 |
|
62,340 |
Time and out-of-market deposits, $250,000 and over |
|
582,338 |
|
487,550 |
|
374,751 |
|
277,860 |
|
282,187 |
Total
deposits |
$ |
3,433,018 |
|
3,426,774 |
|
3,133,864 |
|
3,001,452 |
|
2,870,158 |
Footnotes
to tables: |
|
(1)
Total revenue is the sum of net interest income and noninterest income. |
(2)
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. |
(3)
Annualized for the respective three-month period. |
(4)
Noninterest expense divided by the sum of net interest income and noninterest income. |
(5)
Excludes mortgage loans held for sale. |
(6)
Excludes out of market deposits and time deposits greater than $250,000. |
(7)
June 30, 2023 ratios are preliminary. |
(8)
The common equity tier 1 ratio is calculated as the sum of common equity divided by risk-weighted assets. |
(9)
The tangible common equity ratio is calculated as total equity less preferred stock divided by total assets. |
(10)
Includes mortgage loans held for sale. |
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 $4.0 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.
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 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) elevated inflation which causes 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 is 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.
FINANCIAL
& MEDIA CONTACT:
ART
SEAVER 864-679-9010
WEB
SITE: www.southernfirst.com
v3.23.2
Cover
|
Jul. 25, 2023 |
Entity Addresses [Line Items] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Jul. 25, 2023
|
Entity File Number |
000-27719
|
Entity Registrant Name |
Southern First Bancshares, Inc.
|
Entity Central Index Key |
0001090009
|
Entity Tax Identification Number |
58-2459561
|
Entity Incorporation, State or Country Code |
SC
|
Entity Address, Address Line One |
6 Verdae Boulevard
|
Entity Address, City or Town |
Greenville
|
Entity Address, State or Province |
SC
|
Entity Address, Postal Zip Code |
29607
|
City Area Code |
864
|
Local Phone Number |
679-9000
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Title of 12(b) Security |
Common Stock
|
Trading Symbol |
SFST
|
Security Exchange Name |
NASDAQ
|
Entity Emerging Growth Company |
false
|
Former Address [Member] |
|
Entity Addresses [Line Items] |
|
Entity Address, Address Line One |
100 Verdae Boulevard
|
Entity Address, Address Line Two |
Suite 100
|
Entity Address, City or Town |
Greenville
|
Entity Address, State or Province |
SC
|
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Southern First Bancshares (NASDAQ:SFST)
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Southern First Bancshares (NASDAQ:SFST)
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