Greenville, South Carolina, January 28, 2025 – 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, 2024. 

“Our financial performance this quarter reflects continued momentum in margin and gives us great optimism as a starting point for 2025. Asset quality remained outstanding with excellent performance metrics and a positive outlook. Our balance sheet performed as we expected with the Fed’s interest rate cuts, and our margin continued to expand each quarter this year. Our capital ratios remain strong, and we are pleased with our growth in book value to $40.47 to end the year.” stated Art Seaver, Chief Executive Officer. “After 25 years, we are proud of the company we have built and our continued mission to impact lives in the communities we serve. We are well-positioned with a strong balance sheet and healthy pipelines to continue the positive trends in performance and generating value for our shareholders.”

2024 Fourth Quarter Highlights

• Net income of $5.6 million and diluted earnings per common share of $0.70, up 30% over last quarter and 37% compared to Q4 2023
• Total loans of $3.6 billion and total deposits of $3.4 billion
• Nonperforming assets to total assets of 0.27% and past due loans to total loans of 0.25%
• Net interest margin of 2.25%, compared to 2.08% for Q3 2024 and 1.92% for Q4 2023
• Book value per common share of $40.47 and a TCE ratio of 8.08%