Greenville, South Carolina, April 18, 2024 – 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, 2024.

“Our team generated excellent performance during the first quarter in terms of growing profitable client relationships and continuing to manage our credit quality exceptionally well,” stated Art Seaver, the Company’s Chief Executive Officer. “Our disciplined approach to pricing both loans and deposits resulted in improvement in our net interest margin, and this focus will continue as we build on our success for the long-term benefit of our communities and stakeholders.”

2024 First Quarter Highlights

• Net income was $2.5 million and diluted earnings per common share were $0.31 for Q1 2024
• Total loans increased to $3.6 billion at Q1 2024, compared to $3.4 billion at Q1 2023
• Total deposits increased to $3.5 billion at Q1 2024, compared to $3.4 billion at Q1 2023
• Strong credit quality with nonperforming assets to total assets of 0.09% and past due loans to total loans of 0.36% at Q1 2024
• Net interest margin was 1.94% for Q1 2024, compared to 2.36% for Q1 2023
• Book value per common share increased to $38.65 at Q1 2024, or 4%, over Q1 2023