Greenville, South Carolina, January 18, 2024 – Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, today announced its financial results for the three and twelve months ended December 31, 2023.

“We are pleased with our fourth quarter results as we saw further growth in book value, stability in net interest margin and strong credit quality,” stated Art Seaver, the Company’s Chief Executive Officer. “We are beginning 2024 with excellent momentum and a proven ability to grow organic and high quality client relationships in every market we serve.”

2023 Fourth Quarter Highlights

• Net income was $4.2 million and diluted earnings per common share were $0.51 for Q4 2023
• Book value per common share increased to $38.63 at Q4 2023, or 5%, over Q4 2022
• Total loans increased 5% (annualized) to $3.6 billion at Q4 2023, compared to Q3 2023 and increased 10%, from $3.3 billion at Q4 2022
• Credit quality remains strong with nonperforming assets to total assets of 0.10% and past due loans to total loans of 0.37% at Q4 2023
• Total deposits increased to $3.4 billion at Q4 2023, compared to $3.3 billion at Q3 2023 and increased 8% from Q4 2022
• Net interest margin was 1.92% for Q4 2023, compared to 1.97% for Q3 2023 and 2.88% for Q4 2022

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