Southern First Reports Results for First Quarter 2022
Greenville, South Carolina, April 26, 2022 – Southern First Bancshares, Inc. (NASDAQ:
SFST), holding company for Southern First Bank, today announced its financial results for the three-month period ended March 31, 2021.
"The first quarter represents the strongest loan growth quarter in our company's history and is a testimony to our exceptional team and the value we provide in our client relationships," stated Art Seaver, the company's Chief Executive Officer.
2022 First Quarter Highlights
- Net income was $8.0 million and diluted earnings per common share were $0.98 for Q1 2022
- Total loans increased 22% to $2.7 billion at Q1 2022, compared to $2.2 billion at Q1 2021
- Total deposits increased 20% to $2.7 billion at Q1 2022, compared to $2.3 billion at Q1 2021
- Net interest margin was 3.37%, compared to 3.60% for Q1 2021
- Book value per common share increased to $34.90, or 14%, over Q1 2021
- Early adoption of Current Expected Credit Losses (CECL) standard as of January 1, 2022
For more information, and to read the press release in its entirety, please visit our Investor Relations page.