GREENVILLE, S.C., April 18, 2024 /PRNewswire/ -- 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.

Southern First logo. (PRNewsfoto/Southern First Bancshares, Inc.)

"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

 



Quarter Ended



March 31

December 31

September 30

June 30

March 31



2024

2023

2023

2023

2023

Earnings ($ in thousands, except per share data):







Net income available to common shareholders

$

2,522

4,167

4,098

2,458

2,703

Earnings per common share, diluted


0.31

0.51

0.51

0.31

0.33

Total revenue(1)


21,309

21,390

22,094

21,561

22,468

Net interest margin (tax-equivalent)(2)


1.94 %

1.92 %

1.97 %

2.05 %

2.36 %

Return on average assets(3)


0.25 %

0.40 %

0.40 %

0.26 %

0.30 %

Return on average equity(3)


3.22 %

5.39 %

5.35 %

3.27 %

3.67 %

Efficiency ratio(4)


84.94 %

79.61 %

78.31 %

80.67 %

76.12 %

Noninterest expense to average assets (3)


1.81 %

1.64 %

1.69 %

1.82 %

1.89 %

Balance Sheet ($ in thousands):







Total loans(5)

$

3,643,766

3,602,627

3,553,632

3,537,616

3,417,945

Total deposits


3,460,681

3,379,564

3,347,771

3,433,018

3,426,774

Core deposits(6)


2,807,473

2,811,499

2,866,574

2,880,507

2,946,567

Total assets


4,105,704

4,055,789

4,019,957

4,002,107

3,938,140

Book value per common share


38.65

38.63

37.57

37.42

37.16

Loans to deposits


105.29 %

106.60 %

106.15 %

103.05 %

99.74 %

Holding Company Capital Ratios(7):







Total risk-based capital ratio


12.59 %

12.57 %

12.56 %

12.40 %

12.67 %

Tier 1 risk-based capital ratio


10.63 %

10.60 %

10.58 %

10.42 %

10.66 %

Leverage ratio


8.43 %

8.14 %

8.17 %

8.48 %

8.80 %

Common equity tier 1 ratio(8)


10.22 %

10.19 %

10.17 %

10.00 %

10.23 %

Tangible common equity(9)


7.68 %

7.70 %

7.56 %

7.53 %

7.60 %

Asset Quality Ratios:







Nonperforming assets/ total assets


0.09 %

0.10 %

0.11 %

0.08 %

0.12 %

Classified assets/tier one capital plus allowance for credit losses


3.99 %

4.25 %

4.72 %

4.68 %

5.10 %

Loans 30 days or more past due/ loans(5)


0.36 %

0.37 %

0.13 %

0.07 %

0.11 %

Net charge-offs (recoveries)/average loans(5) (YTD annualized)


0.03 %

0.00 %

0.01 %

0.03 %

0.01 %

Allowance for credit losses/loans(5)


1.11 %

1.13 %

1.16 %

1.16 %

1.18 %

Allowance for credit losses/nonaccrual loans


1,109.13 %

1,026.58 %

953.25 %

1,363.11 %

854.33 %

[Footnotes to table located on page 6]

 

INCOME STATEMENTS – Unaudited









Quarter Ended



Mar 31

Dec 31

Sept 30

Jun 30

Mar 31

(in thousands, except per share data)


2024

2023

2023

2023

2023

Interest income







Loans

$

45,605

44,758

43,542

41,089

36,748

Investment securities


1,478

1,674

1,470

706

613

Federal funds sold


1,280

2,703

2,435

891

969

  Total interest income


48,363

49,135

47,447

42,686

38,330

Interest expense







Deposits


26,932

27,127

25,130

25,937

17,179

Borrowings


2,786

2,948

2,972

1,924

727

  Total interest expense


29,718

30,075

28,102

23,861

17,906

Net interest income


18,645

19,060

19,345

18,825

20,424

Provision (reversal) for credit losses


(175)

(975)

(500)

910

1,825

Net interest income after provision for credit losses


18,820

20,035

19,845

17,915

18,599

Noninterest income







Mortgage banking income


1,164

868

1,208

1,337

622

Service fees on deposit accounts


387

371

356

331

325

ATM and debit card income


544

565

588

536

555

Income from bank owned life insurance


377

361

349

338

332

Other income


192

165

248

194

210

  Total noninterest income


2,664

2,330

2,749

2,736

2,044

Noninterest expense







Compensation and benefits


10,857

9,401

10,231

10,287

10,356

Occupancy


2,557

2,718

2,562

2,518

2,457

Outside service and data processing costs


1,846

2,000

1,744

1,705

1,629

Insurance


955

937

1,243

897

689

Professional fees


618

581

504

751

660

Marketing


369

364

293

335

366

Other


898

1,027

725

900

947

  Total noninterest expenses


18,100

17,028

17,302

17,393

17,104

Income before provision for income taxes


3,384

5,337

5,293

3,258

3,539

Income tax expense


862

1,170

1,195

800

836

Net income available to common shareholders

$

2,522

4,167

4,098

2,458

2,703








Earnings per common share – Basic

$

0.31

0.51

0.51

0.31

0.34

Earnings per common share – Diluted


0.31

0.51

0.51

0.31

0.33

Basic weighted average common shares


8,110

8,056

8,053

8,051

8,026

Diluted weighted average common shares


8,142

8,080

8,072

8,069

8,092

[Footnotes to table located on page 6]

Net income for the first quarter of 2024 was $2.5 million, or $0.31 per diluted share, a $1.6 million decrease from the fourth quarter of 2023 and a $181 thousand decrease from the first quarter of 2023.  Net interest income decreased $415 thousand during the first quarter of 2024, compared to the fourth quarter of 2023, and decreased $1.8 million, compared to the first quarter of 2023. The decrease in net interest income from the prior quarter was driven by less interest income on our federal funds sold and interest-bearing deposits, while the decrease from the prior year was driven by an increase in deposit and funding costs.     

There was a reversal of the provision for credit losses of $175 thousand for the first quarter of 2024, compared to a reversal of $975 thousand during the fourth quarter of 2023 and a provision of $1.8 million during the first quarter of 2023.  The provision reversal of $175 thousand during the first quarter of 2024 relates to a reversal in the reserve for unfunded commitments, driven by a decrease in the balance of unfunded commitments at March 31, 2024.  As we continue to experience low net charge-offs, our expected loss rates continue to decline, resulting in a reduction in the allowance for credit losses as a percentage of total loans.

Noninterest income was $2.7 million for the first quarter of 2024, compared to $2.3 million for the fourth quarter of 2023, and $2.0 million for the first quarter of 2023. Mortgage banking income continues to be the largest component of our noninterest income at $1.2 million for the first quarter of 2024, $868 thousand for the fourth quarter of 2023, and $622 thousand for the first quarter of 2023.

Noninterest expense for the first quarter of 2024 was $18.1 million, a $1.1 million increase from the fourth quarter of 2023, and a $996 thousand increase from the first quarter of 2023. The increase in noninterest expense from the previous quarter was driven by an increase in compensation and benefits expense, while the increase from the prior year related not only to an increase in compensation and benefits expenses, but also to increases in outside service and data processing costs and insurance expenses. The increase in compensation and benefits expenses during the current quarter was due primarily to an increase in various benefit-related expenses.  In addition, the increase in outside service and data processing costs from the prior quarter and prior year was driven by an increase in software licensing and maintenance costs, while insurance costs increased over the prior year due to higher FDIC insurance premiums.

Our effective tax rate was 25.5% for the first quarter of 2024, 21.9% for the fourth quarter of 2023, and 23.6% for the first quarter of 2023. The higher tax rate in the first quarter of 2024 as compared to the prior quarter and prior year was primarily related to the effect of equity compensation transactions during the quarter.

NET INTEREST INCOME AND MARGIN - Unaudited







For the Three Months Ended


March 31, 2024

December 31, 2023

March 31, 2023

(dollars in thousands)

Average
Balance

Income/
Expense

Yield/
Rate(3)

Average
Balance

Income/
Expense

Yield/
Rate(3)

Average
Balance

Income/
Expense

Yield/
Rate(3)

Interest-earning assets










 Federal funds sold and interest-bearing deposits

$     89,969

$     1,280

5.71 %

$     197,482

$     2,703

5.43 %

$     85,966

$      969

4.57 %

  Investment securities, taxable

137,271

1,436

4.20 %

151,969

1,632

4.26 %

87,521

530

2.46 %

  Investment securities, nontaxable(2)

8,097

55

2.70 %

7,831

55

2.76 %

10,266

106

4.21 %

  Loans(10)

3,622,972

45,605

5.05 %

3,586,863

44,758

4.95 %

3,334,530

36,748

4.47 %

    Total interest-earning assets

3,858,309

48,376

5.03 %

3,944,145

49,148

4.94 %

3,518,283

38,353

4.42 %

  Noninterest-earning assets

159,813



174,717



161,310



    Total assets

$4,018,122



$4,118,862



$3,679,593



Interest-bearing liabilities










 NOW accounts

$   295,774

660

0.90 %

$   301,424

656

0.86 %

$   303,176

440

0.59 %

 Savings & money market

1,620,521

16,299

4.03 %

1,697,144

17,042

3.98 %

1,661,878

11,992

2.93 %

 Time deposits

801,734

9,973

4.99 %

759,839

9,429

4.92 %

543,425

4,747

3.54 %

Total interest-bearing deposits

2,718,029

26,932

3.97 %

2,758,407

27,127

3.90 %

2,508,479

17,179

2.78 %

 FHLB advances and other borrowings

241,319

2,229

3.71 %

257,880

2,387

3.67 %

18,243

200

4.45 %

 Subordinated debentures

36,333

557

6.15 %

36,305

561

6.13 %

36,224

527

5.90 %

Total interest-bearing liabilities

2,995,681

29,718

3.98 %

3,052,592

30,075

3.91 %

2,562,946

17,906

2.83 %

 Noninterest-bearing liabilities

707,890



759,413



818,123



 Shareholders' equity

314,551



306,857



298,524



Total liabilities and shareholders' equity

$4,018,122



$4,118,862



$3,679,593



 Net interest spread



1.05 %



1.04 %



1.59 %

 Net interest income (tax equivalent) / margin


$18,658

1.94 %


$19,073

1.92 %


$20,447

2.36 %

 Less:  tax-equivalent adjustment(2)


13



13



23


 Net interest income


$18,645



$19,060



$20,424


[Footnotes to table located on page 6]

Net interest income was $18.6 million for the first quarter of 2024, a $415 thousand decrease from the fourth quarter of 2023, driven by a $772 thousand decrease in interest income, on a tax-equivalent basis, partially offset by a $357 thousand decrease in interest expense. The decrease in interest income was driven by a $107.5 million decrease in average federal funds sold and interest-bearing deposit balances. In comparison to the first quarter of 2023, net interest income decreased $1.8 million, resulting primarily from a $432.7 million increase in average interest-bearing liabilities during the 12 months ended March 31, 2024, combined with a 115-basis point increase in the average cost.  Our net interest margin, on a tax-equivalent basis, was 1.94% for the first quarter of 2024, a two-basis point increase from 1.92% for the fourth quarter of 2023 and a 42-basis point decrease from 2.36% for the first quarter of 2023.  During the first quarter of 2024, the yield on our loan portfolio increased by 10-basis points, while the cost of our interest-bearing deposits increased by only seven basis points, as compared to the fourth quarter of 2023, resulting in a slight increase in net interest margin for the period.  The lower net interest margin during the first quarter of 2024, as compared to the first quarter of 2023, was a result of our deposit and borrowing costs increasing faster than our loan yield as our interest-bearing liabilities have been more sensitive to changes in the federal funds rate over the past two years. 

BALANCE SHEETS - Unaudited








Ending Balance



March 31

December 31

September 30

June 30

March 31

(in thousands, except per share data)


2024

2023

2023

2023

2023

Assets







Cash and cash equivalents:







  Cash and due from banks

$

13,925

28,020

17,395

24,742

22,213

  Federal funds sold


144,595

119,349

127,714

170,145

242,642

  Interest-bearing deposits with banks


8,789

8,801

7,283

10,183

7,350

    Total cash and cash equivalents


167,309

156,170

152,392

205,070

272,205

Investment securities:







  Investment securities available for sale


125,996

134,702

144,035

91,548

94,036

  Other investments


18,499

19,939

19,600

12,550

10,097

    Total investment securities


144,495

154,641

163,635

104,098

104,133

Mortgage loans held for sale


11,842

7,194

7,117

15,781

6,979

Loans (5)


3,643,766

3,602,627

3,553,632

3,537,616

3,417,945

Less allowance for credit losses


(40,441)

(40,682)

(41,131)

(41,105)

(40,435)

    Loans, net


3,603,325

3,561,945

3,512,501

3,496,511

3,377,510

Bank owned life insurance


52,878

52,501

52,140

51,791

51,453

Property and equipment, net


93,007

94,301

95,743

96,964

97,806

Deferred income taxes


12,321

12,200

13,078

12,356

12,087

Other assets


20,527

16,837

23,351

19,536

15,967

    Total assets

$

4,105,704

4,055,789

4,019,957

4,002,107

3,938,140

Liabilities







Deposits

$

3,460,681

3,379,564

3,347,771

3,433,018

3,426,774

FHLB Advances


240,000

275,000

275,000

180,000

125,000

Subordinated debentures


36,349

36,322

36,295

36,268

36,241

Other liabilities


53,418

52,436

56,993

51,307

50,775

    Total liabilities


3,790,448

3,743,322

3,716,059

3,700,593

3,638,790

Shareholders' equity







Preferred stock - $.01 par value; 10,000,000 shares authorized


-

-

-

-

-

Common Stock - $.01 par value; 10,000,000 shares authorized


82

81

81

81

80

Nonvested restricted stock


(5,257)

(3,596)

(4,065)

(4,051)

(4,462)

Additional paid-in capital


124,159

121,777

121,757

120,912

120,683

Accumulated other comprehensive loss


(11,797)

(11,342)

(15,255)

(12,710)

(11,775)

Retained earnings


208,069

205,547

201,380

197,282

194,824

    Total shareholders' equity


315,256

312,467

303,898

301,514

299,350

    Total liabilities and shareholders' equity

$

4,105,704

4,055,789

4,019,957

4,002,107

3,938,140

Common Stock







Book value per common share

$

38.65

38.63

37.57

37.42

37.16

Stock price:







  High


38.71

37.15

30.18

31.34

45.05

  Low


29.80

25.16

24.22

21.33

30.70

  Period end


31.76

37.10

26.94

24.75

30.70

Common shares outstanding


8,156

8,088

8,089

8,058

8,048

[Footnotes to table located on page 6]

 

ASSET QUALITY MEASURES - Unaudited






Quarter Ended



March 31

December 31

September 30

June 30

March 31

(dollars in thousands)


2024

2023

2023

2023

2023

Nonperforming Assets







Commercial







  Non-owner occupied RE

$

1,410

1,423

1,615

754

1,384

  Commercial business


488

319

404

137

1,196

Consumer







  Real estate


1,380

985

1,228

1,053

1,075

  Home equity


367

1,236

1,068

1,072

1,078

  Other


1

-

-

-

-

Total nonaccrual loans


3,646

3,963

4,315

3,016

4,733

Other real estate owned


-

-

-

-

-

Total nonperforming assets

$

3,646

3,963

4,315

3,016

4,733

Nonperforming assets as a percentage of:







  Total assets


0.09 %

0.10 %

0.11 %

0.08 %

0.12 %

  Total loans


0.10 %

0.11 %

0.12 %

0.09 %

0.14 %

Classified assets/tier 1 capital plus allowance for credit losses


3.99 %

4.25 %

4.72 %

4.68 %

5.10 %






Quarter Ended



March 31

December 31

September 30

June 30

March 31

(dollars in thousands)


2024

2023

2023

2023

2023

Allowance for Credit Losses







Balance, beginning of period

$

40,682

41,131

41,105

40,435

38,639

Loans charged-off


(424)

(119)

(42)

(440)

(161)

Recoveries of loans previously charged-off


183

310

168

15

102

  Net loans (charged-off) recovered


(241)

191

126

(425)

(59)

Provision for (reversal of) credit losses


-

(640)

(100)

1,095

1,855

Balance, end of period

$

40,441

40,682

41,131

41,105

40,435

Allowance for credit losses to gross loans


1.11 %

1.13 %

1.16 %

1.16 %

1.18 %

Allowance for credit losses to nonaccrual loans


1,109.13 %

1,026.58 %

953.25 %

1,363.11 %

854.33 %

Net charge-offs (recoveries) to average loans QTD (annualized)


0.03 %

(0.02 %)

(0.01 %)

0.05 %

0.01 %

Total nonperforming assets decreased by $317 thousand during the first quarter of 2024, and represented 0.09% of total assets, a decrease compared to 0.10% for the fourth quarter of 2023 and 0.12% for the first quarter of 2023. While we added three new relationships to nonaccrual during the first quarter of 2024, there were also three relationships either returned to accrual status or paid off during the quarter. In addition, our classified asset ratio decreased to 3.99% for the first quarter of 2024 from 4.25% in the fourth quarter of 2023 and from 5.10% in the first quarter of 2023.

At March 31, 2024, the allowance for credit losses was $40.4 million, or 1.11% of total loans, compared to $40.7 million, or 1.13% of total loans at December 31, 2023, and $40.4 million, or 1.18% of total loans, at March 31, 2023. We had net charge-offs of $241 thousand, or 0.03% annualized, for the first quarter of 2024, compared to net recoveries of $191 thousand for the fourth quarter of 2023 and net charge-offs of $59 thousand for the first quarter of 2023. There was no provision for credit losses recorded during the first quarter of 2024, compared to a reversal of $640 thousand for the fourth quarter of 2023 and a provision of $1.9 million for the first quarter of 2023. As we continue to experience low net charge-offs, the expected loss rates in our allowance for credit loss continue to decline, resulting in no provision for credit loss expense for the quarter.

LOAN COMPOSITION - Unaudited




Quarter Ended



March 31

December 31

September 30

June 30

March 31

(dollars in thousands)


2024

2023

2023

2023

2023

Commercial







Owner occupied RE

$

631,047

631,657

637,038

613,874

615,094

Non-owner occupied RE


944,530

942,529

937,749

951,536

928,059

Construction


157,464

150,680

119,629

115,798

94,641

Business


520,073

500,161

500,253

511,719

495,161

Total commercial loans


2,253,114

2,225,027

2,194,669

2,192,927

2,132,955

Consumer







Real estate


1,101,573

1,082,429

1,074,679

1,047,904

993,258

Home equity


184,691

183,004

180,856

185,584

180,974

Construction


53,216

63,348

54,210

61,044

71,137

Other


51,172

48,819

49,218

50,157

39,621

Total consumer loans


1,390,652

1,377,600

1,358,963

1,344,689

1,284,990

Total gross loans, net of deferred fees    


3,643,766

3,602,627

3,553,632

3,537,616

3,417,945

Less—allowance for credit losses


(40,441)

(40,682)

(41,131)

(41,105)

(40,435)

Total loans, net

$

3,603,325

3,561,945

3,512,501

3,496,511

3,377,510


DEPOSIT COMPOSITION - Unaudited




Quarter Ended



March 31

December 31

September 30

June 30

March 31

(dollars in thousands)


2024

2023

2023

2023

2023

Non-interest bearing

$

671,708

674,167

675,409

698,084

740,534

Interest bearing:







   NOW accounts


293,064

310,218

306,667

308,762

303,743

   Money market accounts


1,603,796

1,605,278

1,685,736

1,692,900

1,748,562

   Savings


32,248

31,669

34,737

36,243

39,706

   Time, less than $250,000


206,657

190,167

125,506

114,691

106,679

   Time and out-of-market deposits, $250,000 and over


653,208

568,065

519,716

582,338

487,550

  Total deposits

$

3,460,681

3,379,564

3,347,771

3,433,018

3,426,774



Footnotes to tables:


 (1) Total revenue is the sum of net interest income and noninterest income.

 (2) The tax-equivalent adjustment to net interest income adjusts the yield for assets earning tax-exempt income to a comparable yield on a taxable basis.

 (3) Annualized for the respective three-month period.

 (4) Noninterest expense divided by the sum of net interest income and noninterest income.

 (5) Excludes mortgage loans held for sale.

 (6) Excludes out of market deposits and time deposits greater than $250,000 totaling $653,208,000.

 (7) March 31, 2024 ratios are preliminary.

 (8) The common equity tier 1 ratio is calculated as the sum of common equity divided by risk-weighted assets.

 (9) The tangible common equity ratio is calculated as total equity less preferred stock divided by total assets.

(10) Includes mortgage loans held for sale.

ABOUT SOUTHERN FIRST BANCSHARES
Southern First Bancshares, Inc., Greenville, South Carolina is a registered bank holding company incorporated under the laws of South Carolina.  The company's wholly owned subsidiary, Southern First Bank, is the second largest bank headquartered in South Carolina.  Southern First Bank has been providing financial services since 1999 and now operates in 12 locations in the Greenville, Columbia, and Charleston markets of South Carolina as well as the Charlotte, Triangle and Triad regions of North Carolina and Atlanta, Georgia. Southern First Bancshares has consolidated assets of approximately $4.1 billion and its common stock is traded on The NASDAQ Global Market under the symbol "SFST."  More information can be found at www.southernfirst.com.

FORWARD-LOOKING STATEMENTS
Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective.  Such forward-looking statements are identified by words such as "believe," "expect," "anticipate," "estimate," "preliminary", "intend," "plan," "target," "continue," "lasting," and "project," as well as similar expressions.  Such statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.  Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate.  Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized.  The inclusion of this forward-looking information should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by our company will be achieved.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength of the United States economy in general and the strength of the local economies in which the company conducts operations may be different than expected; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for credit loss, the rates of loan and deposit growth as well as pricing of each product, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (4) changes in legislation, regulation, policies, or administrative practices, whether by judicial, governmental, or legislative action, including, but not limited to, changes affecting oversight of the financial services industry or consumer protection; (5) the impact of changes to Congress on the regulatory landscape and capital markets; (6) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) could continue to have a negative impact on the company; (7) changes in interest rates, which may continue to affect the company's net income, interest expense, prepayment penalty income, mortgage banking income, and other future cash flows, or the market value of the company's assets, including its investment securities; (8) elevated inflation which may cause adverse risk to the overall economy, and could indirectly pose challenges to our clients and to our business; (9) any increase in FDIC assessments which have increased and may continue to increase our cost of doing business; and (10) changes in accounting principles, policies, practices, or guidelines.  Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the SEC's Internet site (http://www.sec.gov).  All subsequent written and oral forward-looking statements concerning the company or any person acting on its behalf is expressly qualified in its entirety by the cautionary statements above.  We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

FINANCIAL & MEDIA CONTACT:
ART SEAVER  864-679-9010

WEB SITE: www.southernfirst.com

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SOURCE Southern First Bancshares, Inc.

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