Greenville, South Carolina, January 24, 2023 – Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, today announced its financial results for the three-month period ended December 31, 2022.

"Southern First continues to attract talented bankers, and clients are moving their relationships to Southern First at a record pace," stated Art Seaver, the company's Chief Executive Officer. "In the fourth quarter of 2022, our team generated the largest loan growth quarter in our company's history. While this transitional interest rate cycle of the Federal Reserve is weakening our current margin, we continue to grow book value and are excited about our momentum as we head into the new year." 

2022 Fourth Quarter Highlights

• Net income was $5.5 million, compared to $12.0 million for Q4 2021
• Diluted earnings per common share were $0.68 per share, compared to $1.49 for Q4 2021
• Total loans increased 31% to $3.3 billion, compared to $2.5 billion at Q4 2021
• Total deposits increased 22% to $3.1 billion at Q4 2022, compared to $2.6 billion at Q4 2021
• Book value per common share increased to $36.76, or 5%, over Q4 2021
  

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