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Southern First Bancshares, Inc. operates as the bank holding company for Southern First Bank that provides commercial, consumer, and mortgage loans to the general public in South Carolina, North Carolina, and Georgia. The company accepts various deposit products that include checking accounts, commercial checking accounts, and savings accounts, as well as other time deposits, including daily money market accounts and long-term certificates of deposit. Its loan portfolio comprises commercial real estate loans; construction real estate loans; commercial business loans for various lines of businesses, such as the manufacturing, service industry, and professional service areas; consumer real estate and home equity loans; and other consumer loans, including secured and unsecured installment loans and revolving lines of credit. In addition, the company offers other bank services, such as internet banking, cash management, safe deposit boxes, direct deposit, automatic drafts, bill payment, and mobile banking services. The company was incorporated in 1999 and is headquartered in Greenville, South Carolina.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $118M | - | $30M | $30M | 8.2% | 26.5% | 95.5% |
| 2024 | $93M | - | $16M | $25M | 4.7% | 6.7% | 15.7% |
| 2023 | $88M | - | $13M | $16M | 4.3% | -18.7% | -53.9% |
| 2022 | $108M | - | $29M | $36M | 9.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 107.59 | 87.51 | 93.36 | 118.09 |
| Pretax Income | 38.11 | 17.43 | 19.91 | 39.60 |
| Tax Provision | 9 | 4 | 4.38 | 9.24 |
| Net Income | 29.11 | 13.43 | 15.53 | 30.37 |
| Net Income Common Stockholders | 29.11 | 13.43 | 15.53 | 30.37 |
| Interest Expense | 20.04 | 99.94 | 119.99 | 106.53 |
| Interest Income | 117.66 | 177.60 | 201.21 | 211.48 |
| Selling General And Administration | 41.69 | 45.40 | 48.98 | 50.21 |
| Normalized Income | 29.42 | 13.43 | 15.53 | 30.37 |
| Basic EPS | 3.66 | 1.67 | 1.92 | 0 |
| Diluted EPS | 3.61 | 1.66 | 1.91 | 0 |
| Tax Effect Of Unusual Items | -0.09 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.24 | 0.23 | 0.22 | 0.23 |
| Total Unusual Items | -0.39 | 0 | 0.03 | 0 |
| Total Unusual Items Excluding Goodwill | -0.39 | 0 | 0.03 | 0 |
| Net Income From Continuing Operation Net Minority Interest | 29.11 | 13.43 | 15.53 | 30.37 |
| Reconciled Depreciation | 3.70 | 4.82 | 4.81 | 4.31 |
| Net Interest Income | 97.62 | 77.65 | 81.22 | 104.95 |
| Net Income From Continuing And Discontinued Operation | 29.11 | 13.43 | 15.53 | 30.37 |
| Diluted Average Shares | 8.07 | 8.08 | 8.12 | 0 |
| Basic Average Shares | 7.96 | 8.05 | 8.08 | 0 |
| Diluted NI Availto Com Stockholders | 29.11 | 13.43 | 15.53 | 30.37 |
| Net Income Including Noncontrolling Interests | 29.11 | 13.43 | 15.53 | 30.37 |
| Net Income Continuous Operations | 29.11 | 13.43 | 15.53 | 30.37 |
| Special Income Charges | -0.39 | 0 | 0.03 | 0 |
| Other Special Charges | 0.39 | 0 | -0.03 | 0 |
| Gain On Sale Of Security | 0.01 | 0 | 0 | -0.52 |
| Selling And Marketing Expense | 1.22 | 1.36 | 1.41 | 1.53 |
| General And Administrative Expense | 40.48 | 44.04 | 47.57 | 48.68 |
| Other Gand A | 0 | 0 | 0 | 0 |
| Insurance And Claims | 1.69 | 3.77 | 4.02 | 3.88 |
| Salaries And Wages | 38.79 | 40.27 | 43.55 | 44.81 |
| Operating Revenue | 107.59 | 87.51 | 93.36 | 118.09 |
| Occupancy And Equipment | 9.11 | 10.26 | 10.29 | 9.98 |
| Professional Expense And Contract Services Expense | 2.63 | 2.50 | 2.40 | 2.46 |
| Other Non Interest Expense | 9.50 | 10.68 | 11.65 | 12.89 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Southern First Bancshares, Inc.this co. | SFST | $528M | 13.11↑ premium | 1.24 | 8.2% | - |
| Northrim BanCorp, Inc. | NRIM | $543M | 8.45 | 1.65 | 19.8% | - |
| Flushing Financial Corporation | FFIC | $542M | 16.00 | 0.76 | 2.7% | - |
| Midland States Bancorp, Inc. | MSBI | $533M | 21.34 | 1.19 | -22.0% | - |
| Unity Bancorp, Inc. | UNTY |
| $524M |
| 8.79 |
| 1.46 |
| 16.8% |
| - |
| ACNB Corporation | ACNB | $523M | 10.23 | 1.23 | 8.8% | - |
| Civista Bancshares, Inc. | CIVB | $515M | 9.18 | 0.93 | 8.5% | - |
| AlTi Global, Inc. | ALTI | $512M | - | 1.38 | -13.7% | -20.39 |
| Kearny Financial Corp. | KRNY | $507M | 15.52 | 0.67 | 3.5% | - |
| Peer Median | - | 10.23 | 1.21 | 6.0% | -20.39 | |