Southern First Releases Q3 Results
Greenville, South Carolina, October 27, 2020 – Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, today announced its financial results for the three- and nine-month period ended September 30, 2020.
“I am proud of our team’s performance in this COVID environment. Our team of bankers has generated excellent loan growth, maintained our margin, and closed record volume of mortgage originations,” stated Art Seaver, the company’s Chief Executive Officer.
2020 Third Quarter Highlights
- Net income of $2.2 million, compared to $7.4 million for Q3 2019
- Diluted earnings per common share of $0.28 per share, compared to $0.95 for Q3 2019
- Loan loss provision of $11.1 million, compared to $650 thousand for Q3 2019
- Payment modifications on 864 loans totaling $626.7 million as of September 30, 2020
- 68% of loan modifications, or $423.8 million, have returned to original payment status
- Loans within nine targeted industries represent 39% of total loan modifications as of September 30, 2020
- 64% of target industry modifications, or $157.3 million, have returned to original payment status
- Modified loans completing payment deferral period projected to total 89% by October 31, 2020
- Modified loans with remaining payment deferrals projected to be 3% of total loans by October 31, 2020
- Consolidation and sale of two Columbia, South Carolina offices complete
For more information, you can view the press release in its entirety.