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Southern First Reports Results for Second Quarter 2023


Greenville, South Carolina, July 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 June 30, 2023.

“I am proud of our team’s performance during a volatile quarter for the banking industry,” stated Art Seaver, the Company’s Chief Executive Officer. “It was a strong quarter in terms of new deposit accounts, loan growth, mortgage production, and credit quality. We witnessed margin stabilization in the latter half of the quarter and expect continued momentum in the second half of the year.”

2023 Second Quarter Highlights

  • Net income was $2.5 million and diluted earnings per common share were $0.31 for Q2 2023
  • Total deposits increased 20% to $3.4 billion at Q2 2023, compared to $2.9 billion at Q2 2022
  • Total loans increased 24% to $3.5 billion at Q2 2023, compared to $2.8 billion at Q2 2022
  • Book value per common share increased to $37.42 at Q2 2023, or 6%, over Q2 2022
  • Credit quality remains strong with nonperforming assets to total assets of 0.08% and past due loans to total loans of 0.07% at Q2 2023
  • Core deposits decreased 2% to $2.9 billion at Q2 2023, compared to Q1 2023 and increased 11% from Q2 2022

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