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Southern First Releases Q4 Results


Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, today announced its financial results for the three-month period and year ended December 31, 2020.

“While 2020 was a year of unprecedented challenges, I am incredibly proud of our team as they embraced our mission of ‘impacting lives’ in this pandemic environment,” stated Art Seaver, the company’s Chief Executive Officer. “We continue to add talented bankers as we expand our footprint, and we are excited to announce our first team in the Charlotte, North Carolina market.”

2020 Fourth Quarter Highlights

  • Net income of $8.6 million, compared to $7.2 million for Q4 2019
  • Diluted earnings per common share of $1.10 per share, compared to $0.92 for Q4 2019
  • Net interest margin of 3.55%, compared to 3.41% for Q4 2019
  • Loan loss provision of $2.3 million, compared to $1.1 million for Q4 2019
  • Announced expansion into Charlotte, North Carolina market

COVID-19 Update

  • 96% of loan modifications, or $570.8 million, have returned to original payment status
  • Monitoring loans within two targeted industries which represent $128.8 million, or 6%, of total loans

For more information, and to read the press release in its entirety, please visit our Investor Relations page