Greenville, South Carolina, April 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 March 31, 2023.

“While the current interest rate environment continues to be challenging in terms of margin and earnings, we are excited about the outstanding retail deposit growth and record number of client accounts opened during the first quarter of 2023,” stated Art Seaver, the Company’s Chief Executive Officer. “We continue to enjoy strong momentum in attracting new clients and recruiting great bankers, which will have a lasting impact on the performance of our Company.”

2023 First Quarter Highlights

• Net income was $2.7 million and diluted earnings per common share were $0.33 for Q1 2023
• Total deposits increased 27% to $3.4 billion at Q1 2023, compared to $2.7 billion at Q1 2022
• Total loans increased 28% to $3.4 billion at Q1 2023, compared to $2.7 billion at Q1 2022
• Book value per common share increased to $37.16 at Q1 2023, or 6%, over Q1 2022
• Record number of new account openings during Q1 2023
  

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