Greenville, South Carolina, October 19, 2023 – Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, today announced its financial results for the three-month period ended September 30, 2023.

“Our team generated improved performance over the prior quarter as evidenced by the growth in book value, general margin stability, capital accretion, and outstanding credit quality,” stated Art Seaver, the Company’s Chief Executive Officer. “While the monetary policy of the Federal Reserve has increased interest rates dramatically and resulted in a significant decline in loan demand, we are proud of our efforts to grow client relationships and support the needs of our clients and communities.”

2023 Third Quarter Highlights

• Net income was $4.1 million and diluted earnings per common share were $0.51 for Q3 2023
• Core deposits remained at $2.9 billion at Q3 2023, compared to Q2 2023 and increased 5% from Q3 2022
• Total loans increased 2% (annualized) to $3.6 billion at Q3 2023, compared to Q2 2023 and increased 17%, from $3.0 billion at Q3 2022
• Book value per common share increased to $37.57 at Q3 2023, or 4%, over Q3 2022
• Credit quality remains strong with nonperforming assets to total assets of 0.11% and past due loans to total loans of 0.13% at Q3 2023
• Net interest margin was 1.97% for Q3 2023, compared to 2.05% for Q2 2023 and 3.19% for Q3 2022
• Improvement in common equity tier 1 and risk-based capital ratios during Q3 2023, compared to Q2 2023

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