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Southern First Reports First Quarter 2025 Results

1. SFST reports Q1 2025 net income of $5.3 million, up 109%. 2. Total loans increased 6% annualized, core deposits rose 23% annualized. 3. Net interest margin improved to 2.41%, reflecting solid performance. 4. Nonperforming assets to total assets stable at 0.26%, ensuring asset quality. 5. Strong capital ratios indicate resilience amid economic uncertainties.

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Why Very Bullish?

The significant increase in net income and deposits showcases growth potential, mirroring historical trends of rising profitability. For instance, SFST has previously seen stock price surges after strong quarterly performances.

How important is it?

The earnings report indicates strong performance metrics that are likely to attract investor interest, enhancing market confidence in SFST.

Why Short Term?

Investors typically respond swiftly to quarterly earnings announcements, as seen in past reactions to SFST's earnings, leading to immediate price adjustments.

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, /PRNewswire/ -- Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, today announced its financial results for the three months ended March 31, 2025. "We are pleased to report our first quarter results, which reflect our continued momentum and a great start to the year. We had exceptional loan and deposit growth and another quarter of solid margin expansion. We are well positioned for any additional Fed moves but are confident in our ability to increase profitability without them. Asset quality, which has always been a strength of our company, remains excellent. Our capital ratios are strong and provide the balance sheet strength and support we need for continued growth and increasing performance. We are prepared for the uncertainty and potential instability in our immediate operating environment and in the broader economy based on recent trade and tariff events," stated Art Seaver, Chief Executive Officer. "We recently celebrated the 25th anniversary of our grand opening, and I am extremely proud of our great team and the company they've built. Our people are highly energized and ready to drive our future success through impacting lives in our markets. Our business opportunities have continued to increase, we have continued to hire experienced and successful bankers to expand our markets, and we remain focused on supporting our communities and enhancing value for our shareholders." 2025 First Quarter Highlights  Net income of $5.3 million and diluted earnings per common share of $0.65, up 109% compared to Q1 2024  Net interest margin of 2.41%, compared to 2.25% for Q4 2024 and 1.94% for Q1 2024  Total loans of $3.7 billion, up 6% (annualized) over Q4 2024  Core deposits of $2.8 billion, up 23% (annualized) over Q4 2024  Nonperforming assets to total assets of 0.26% and past due loans to total loans of 0.27%  Book value per common share of $41.33 and a Tangible Common Equity (TCE) ratio of 7.88% Quarter Ended March 31 December 31 September 30 June 30 March 31 2025 2024 2024 2024 2024 Earnings ($ in thousands, except per share data): Net income available to common shareholders $ 5,266 5,627 4,382 2,999 2,522 Earnings per common share, diluted 0.65 0.70 0.54 0.37 0.31 Total revenue(1) 26,497 25,237 23,766 23,051 21,309 Net interest margin (tax-equivalent)(2) 2.41 % 2.25 % 2.08 % 1.98 % 1.94 % Return on average assets(3) 0.52 % 0.54 % 0.43 % 0.29 % 0.25 % Return on average equity(3) 6.38 % 6.80 % 5.40 % 3.81 % 3.22 % Efficiency ratio(4) 71.08 % 73.48 % 75.90 % 80.87 % 84.94 % Noninterest expense to average assets (3) 1.87 % 1.78 % 1.75 % 1.81 % 1.81 % Balance Sheet ($ in thousands): Total loans(5) $ 3,683,919 3,631,767 3,619,556 3,622,521 3,643,766 Total deposits 3,620,886 3,435,765 3,518,825 3,459,869 3,460,681 Core deposits(6) 2,820,194 2,661,736 2,705,429 2,788,223 2,807,473 Total assets 4,284,311 4,087,593 4,174,631 4,109,849 4,105,704 Book value per common share 41.33 40.47 40.04 39.09 38.65 Loans to deposits 101.74 % 105.70 % 102.86 % 104.70 % 105.29 % Holding Company Capital Ratios(7): Total risk-based capital ratio 12.69 % 12.70 % 12.61 % 12.77 % 12.59 % Tier 1 risk-based capital ratio 11.15 % 11.16 % 10.99 % 10.80 % 10.63 % Leverage ratio 8.79 % 8.55 % 8.50 % 8.27 % 8.44 % Common equity tier 1 ratio(8) 10.75 % 10.75 % 10.58 % 10.39 % 10.22 % Tangible common equity(9) 7.88 % 8.08 % 7.82 % 7.76 % 7.68 % Asset Quality Ratios: Nonperforming assets/total assets 0.26 % 0.27 % 0.28 % 0.27 % 0.09 % Classified assets/tier one capital plus allowance for credit losses 4.24 % 4.25 % 4.35 % 4.22 % 3.99 % Accruing loans 30 days or more past due/loans(5) 0.27 % 0.18 % 0.09 % 0.06 % 0.32 % Net charge-offs (recoveries)/average loans(5) (YTD annualized) 0.00 % 0.04 % 0.05 % 0.07 % 0.03 % Allowance for credit losses/loans(5) 1.10 % 1.10 % 1.11 % 1.11 % 1.11 % Allowance for credit losses/nonaccrual loans 378.09 % 366.94 % 346.78 % 357.95 % 1,109.13 %  [Footnotes to table located on page 6] INCOME STATEMENTS – Unaudited Quarter Ended Mar 31 2025 - Mar 31 Dec 31 Sept 30 Jun 30 Mar 31 Mar 31 2024 (in thousands, except per share data) 2025 2024 2024 2024 2024 % Change Interest income Loans $ 47,085 47,163 47,550 46,545 45,605 3.25 % Investment securities 1,403 1,504 1,412 1,418 1,478 (5.07 %) Federal funds sold 1,159 2,465 2,209 2,583 1,280 (9.45 %)   Total interest income 49,647 51,132 51,171 50,546 48,363 2.65 % Interest expense Deposits 23,569 25,901 27,725 28,216 26,932 (12.49 %) Borrowings 2,695 2,773 2,855 2,802 2,786 (3.27 %)   Total interest expense 26,264 28,674 30,580 31,018 29,718 (11.62 %) Net interest income 23,383 22,458 20,591 19,528 18,645 25.41 % Provision (reversal) for credit losses 750 (200) - 500 (175) (528.57 %) Net interest income after provision for credit losses 22,633 22,658 20,591 19,028 18,820 20.26 % Noninterest income Mortgage banking income 1,424 1,024 1,449 1,923 1,164 22.34 % Service fees on deposit accounts 539 499 455 423 387 39.28 % ATM and debit card income 552 607 599 587 544 1.47 % Income from bank owned life insurance 402 407 401 384 377 6.63 % Other income 197 242 271 206 192 2.60 %   Total noninterest income 3,114 2,779 3,175 3,523 2,664 16.89 % Noninterest expense Compensation and benefits 11,304 10,610 10,789 11,290 10,857 4.12 % Occupancy 2,548 2,587 2,595 2,552 2,557 (0.35 %) Outside service and data processing costs 2,037 2,003 1,930 1,962 1,846 10.35 % Insurance 1,010 1,077 1,025 965 955 5.76 % Professional fees 509 656 548 582 618 (17.64 %) Marketing 374 335 319 389 369 1.36 % Other 1,054 1,276 833 903 898 17.26 %   Total noninterest expenses 18,836 18,544 18,039 18,643 18,100 4.07 % Income before provision for income taxes 6,911 6,893 5,727 3,908 3,384 104.23 % Income tax expense 1,645 1,266 1,345 909 862 90.84 % Net income available to common shareholders $ 5,266 5,627 4,382 2,999 2,522 108.80 % Earnings per common share – Basic $ 0.65 0.70 0.54 0.37 0.31 Earnings per common share – Diluted 0.65 0.70 0.54 0.37 0.31 Basic weighted average common shares 8,078 8,023 8,064 8,126 8,110 Diluted weighted average common shares 8,111 8,097 8,089 8,141 8,142  [Footnotes to table located on page 6] Net income for the first quarter of 2025 was $5.3 million, or $0.65 per diluted share, a $361 thousand decrease from the fourth quarter of 2024 and a $2.7 million increase from the first quarter of 2024. Net interest income increased $925 thousand during the first quarter of 2025, compared to the fourth quarter of 2024, and increased $4.7 million, compared to the first quarter of 2024. The increase in net interest income from the prior quarter and prior year was primarily driven by a decrease in interest expense on deposits. In addition, an increase in loan interest income also drove the increase in net interest income from the first quarter of the prior year. The provision for credit losses was $750 thousand for the first quarter of 2025 compared to a reversal of $200 thousand for the fourth quarter of 2024 and a reversal of $175 thousand for the first quarter of 2024. The provision during the first quarter of 2025 includes a $750 thousand provision for credit losses and no provision for the reserve for unfunded commitments. The provision for credit losses in the first quarter of 2025 was primarily driven by a $52.2 million increase in our loan portfolio. Noninterest income was $3.1 million for the first quarter of 2025, compared to $2.8 million for the fourth quarter of 2024, and $2.7 million for the first quarter of 2024. Mortgage banking income continues to be the largest component of our noninterest income at $1.4 million in fee revenue for the first quarter of 2025, $1.0 million for the fourth quarter of 2024, and $1.2 million for the first quarter of 2024. Mortgage origination volume increased in the first quarter of 2025, driving the increase in revenue from the prior quarter and prior year. Noninterest expense for the first quarter of 2025 was $18.8 million, a $292 thousand increase from the fourth quarter of 2024, and a $736 thousand increase from the first quarter of 2024. The increase in noninterest expense from the previous quarter was driven by an increase in compensation and benefits, offset in part by decreases in professional fees and other noninterest expense. The increase in noninterest expense from the previous year related primarily to increases in compensation and benefits, outside service and data processing costs, and other noninterest expenses. Our effective tax rate was 23.8% for the first quarter of 2025, 18.4% for the fourth quarter of 2024, and 25.5% for the first quarter of 2024. The changes in the effective tax rate are driven by the effect of equity compensation transactions and return to provision differences on our actual tax rate during the quarter compared to what was estimated during the year. NET INTEREST INCOME AND MARGIN - Unaudited For the Three Months Ended  March 31, 2025 December 31, 2024 March 31, 2024 (dollars in thousands) AverageBalance Income/Expense Yield/Rate(3) AverageBalance Income/Expense Yield/Rate(3) AverageBalance Income/Expense Yield/Rate(3) Interest-earning assets Federal funds sold and interest-bearing deposits $     107,821 $     1,159 4.36 % $     203,065 $     2,465 4.83 % $     89,969 $     1,280 5.71 %   Investment securities, taxable 143,609 1,361 3.84 % 145,932 1,462 3.99 % 137,271 1,436 4.20 %   Investment securities, nontaxable(2) 7,914 55 2.80 % 7,988 55 2.72 % 8,097 55 2.70 %   Loans(10) 3,673,912 47,085 5.20 % 3,620,765 47,163 5.18 % 3,622,972 45,605 5.05 %     Total interest-earning assets 3,933,256 49,660 5.12 % 3,977,750 51,145 5.12 % 3,858,309 48,376 5.03 %   Noninterest-earning assets 157,053 158,779 159,813     Total assets $4,090,309 $4,136,529 $4,018,122 Interest-bearing liabilities NOW accounts $   306,707 597 0.79 % $   300,902 693 0.92 % $   295,774 660 0.90 % Savings & money market 1,520,632 12,750 3.40 % 1,492,534 13,525 3.61 % 1,620,521 16,299 4.03 % Time deposits 930,282 10,222 4.46 % 992,335 11,683 4.68 % 801,734 9,973 4.99 % Total interest-bearing deposits 2,757,621 23,569 3.47 % 2,785,771 25,901 3.70 % 2,718,029 26,932 3.97 % FHLB advances and other borrowings 240,000 2,244 3.79 % 240,000 2,295 3.80 % 241,319 2,229 3.71 % Subordinated debentures 24,903 451 7.34 % 24,903 478 7.64 % 36,333 557 6.15 % Total interest-bearing liabilities 3,022,524 26,264 3.52 % 3,050,674 28,674 3.74 % 2,995,681 29,718 3.98 % Noninterest-bearing liabilities 732,761 756,636 707,890 Shareholders' equity 335,024 329,219 314,551 Total liabilities and shareholders' equity $4,090,309 $4,136,529 $4,018,122 Net interest spread 1.60 % 1.38 % 1.05 % Net interest income (tax equivalent) / margin $23,396 2.41 % $22,471 2.25 % $18,658 1.94 % Less: tax-equivalent adjustment(2) 13 13 13 Net interest income $23,383 $22,458 $18,645 [Footnotes to table located on page 6] Net interest income was $23.4 million for the first quarter of 2025, a $925 thousand increase from the fourth quarter of 2024, driven by a $2.4 million decrease in interest expense, partially offset by a $1.5 million decrease in interest income. The decrease in interest expense was driven by a 23 basis point reduction in rate on our interest-bearing deposits over the previous quarter. In comparison to the first quarter of 2024, net interest income increased $4.7 million, resulting primarily from a 50 basis point decrease in the cost of our interest-bearing deposits. Our net interest margin, on a tax-equivalent basis, was 2.41% for the first quarter of 2025, a 16 basis point increase from 2.25% for the fourth quarter of 2024 and a 47 basis point increase from 1.94% for the first quarter of 2024. BALANCE SHEETS - Unaudited Ending Balance Mar 31 2025 – Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Mar 31 2024 (in thousands, except per share data) 2025 2024 2024 2024 2024 % Change Assets Cash and cash equivalents:   Cash and due from banks $ 24,904 22,553 25,289 21,567 13,925 78.84 %   Federal funds sold 263,612 128,452 226,110 164,432 144,595 82.31 %   Interest-bearing deposits with banks 16,541 11,858 9,176 8,828 8,789 88.20 %     Total cash and cash equivalents 305,057 162,863 260,575 194,827 167,309 82.33 % Investment securities:   Investment securities available for sale 131,290 132,127 134,597 121,353 125,996 4.20 %   Other investments 19,927 19,490 19,640 18,653 18,499 7.72 %     Total investment securities 151,217 151,617 154,237 140,006 144,495 4.65 % Mortgage loans held for sale 11,524 4,565 8,602 14,759 11,842 (2.69 %) Loans (5) 3,683,919 3,631,767 3,619,556 3,622,521 3,643,766 1.10 % Less allowance for credit losses (40,687) (39,914) (40,166) (40,157) (40,441) 0.61 %     Loans, net 3,643,232 3,591,853 3,579,390 3,582,364 3,603,325 1.11 % Bank owned life insurance 54,473 54,070 53,663 53,263 52,878 3.02 % Property and equipment, net 87,369 88,794 90,158 91,533 93,007 (6.06 %) Deferred income taxes 13,080 13,467 11,595 12,339 12,321 6.16 % Other assets 18,359 20,364 16,411 20,758 20,527 (10.56 %)     Total assets $ 4,284,311 4,087,593 4,174,631 4,109,849 4,105,704 4.35 % Liabilities Deposits $ 3,620,886 3,435,765 3,518,825 3,459,869 3,460,681 4.63 % FHLB Advances 240,000 240,000 240,000 240,000 240,000 0.00 % Subordinated debentures 24,903 24,903 24,903 36,376 36,349 (31.49 %) Other liabilities 60,924 56,481 64,365 54,856 53,418 14.05 %     Total liabilities 3,946,713 3,757,149 3,848,093 3,791,101 3,790,448 4.12 % Shareholders' equity Preferred stock - $.01 par value; 10,000,000 shares authorized - - - - - Common Stock - $.01 par value; 10,000,000 shares authorized 82 82 82 82 82 Nonvested restricted stock (3,372) (3,884) (4,219) (4,710) (5,257) (35.86 %) Additional paid-in capital 124,561 124,641 124,288 124,174 124,159 0.32 % Accumulated other comprehensive loss (10,016) (11,472) (9,063) (11,866) (11,797) (15.10 %) Retained earnings 226,343 221,077 215,450 211,068 208,069 8.78 %     Total shareholders' equity 337,598 330,444 326,538 318,748 315,256 7.09 %     Total liabilities and shareholders' equity $ 4,284,311 4,087,593 4,174,631 4,109,849 4,105,704 4.35 % Common Stock Book value per common share $ 41.33 40.47 40.04 39.09 38.65 6.99 % Stock price:   High 38.50 44.86 36.45 30.36 38.71 (0.54 %)   Low 31.88 33.26 27.70 25.70 29.80 6.98 %   Period end 32.92 39.75 34.08 29.24 31.76 3.65 % Common shares outstanding 8,169 8,165 8,156 8,155 8,156 0.16 % [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) 2025 2024 2024 2024 2024 Nonperforming Assets Commercial   Non-owner occupied RE $ 6,950 7,641 7,904 7,949 1,410   Commercial business 1,087 1,016 838 829 488 Consumer   Real estate 2,414 1,908 2,448 1,875 1,380   Home equity 310 312 393 565 367   Other - - - - 1 Total nonaccrual loans 10,761 10,877 11,583 11,218 3,646 Other real estate owned 275 - - - - Total nonperforming assets $ 11,036 10,877 11,583 11,218 3,646 Nonperforming assets as a percentage of:   Total assets 0.26 % 0.27 % 0.28 % 0.27 % 0.09 %   Total loans 0.30 % 0.30 % 0.32 % 0.31 % 0.10 % Classified assets/tier 1 capital plus allowance for credit losses 4.24 % 4.25 % 4.35 % 4.22 % 3.99 % Quarter Ended March 31 December 31 September 30 June 30 March 31 (dollars in thousands) 2025 2024 2024 2024 2024 Allowance for Credit Losses Balance, beginning of period $ 39,914 40,166 40,157 40,441 40,682 Loans charged-off (78) (143) (118) (1,049) (424) Recoveries of loans previously charged-off 101 141 127 15 183   Net loans (charged-off) recovered 23 (2) 9 (1,034) (241) Provision for (reversal of) credit losses 750 (250) - 750 - Balance, end of period $ 40,687 39,914 40,166 40,157 40,441 Allowance for credit losses to gross loans 1.10 % 1.10 % 1.11 % 1.11 % 1.11 % Allowance for credit losses to nonaccrual loans 378.09 % 366.94 % 346.78 % 357.95 % 1,109.13 % Net charge-offs (recoveries) to average loans QTD (annualized) 0.00 % 0.00 % 0.00 % 0.11 % 0.03 % Total nonperforming assets were $11.0 million at March 31, 2025, representing 0.26% of total assets compared to 0.27% for the fourth quarter of 2024 and 0.09% for the first quarter of 2024. In addition, our classified asset ratio remained stable at 4.24% for the first quarter of 2025 from 4.25% in the fourth quarter of 2024 and increased from 3.99% in the first quarter of 2024. At March 31, 2025, the allowance for credit losses was $40.7 million, or 1.10% of total loans, compared to $39.9 million, or 1.10% of total loans at December 31, 2024, and $40.4 million, or 1.11% of total loans, at March 31, 2024. We had net recoveries of $23 thousand, or 0.00% annualized, for the first quarter of 2025, compared to net charge-offs of $2 thousand for the fourth quarter of 2024 and net charge-offs of $241 thousand for the first quarter of 2024. There was a provision for credit losses of $750 thousand for the first quarter of 2025, compared to a reversal of provision for credit losses of $250 thousand for the fourth quarter of 2024 and no provision for credit losses for the first quarter of 2024. The provision during the first quarter was primarily driven by growth in our loan portfolio during the quarter. LOAN COMPOSITION - Unaudited Quarter Ended March 31 December 31 September 30 June 30 March 31 (dollars in thousands) 2025 2024 2024 2024 2024 Commercial Owner occupied RE $ 673,865 651,597 642,608 642,008 631,047 Non-owner occupied RE 926,246 924,367 917,642 917,034 944,530 Construction 90,021 103,204 144,665 144,968 157,464 Business 561,337 556,117 521,535 527,017 520,073 Total commercial loans 2,251,469 2,235,285 2,226,450 2,231,027 2,253,114 Consumer Real estate 1,147,357 1,128,629 1,132,371 1,126,155 1,101,573 Home equity 223,061 204,897 195,383 189,294 184,691 Construction 23,540 20,874 21,582 32,936 53,216 Other 38,492 42,082 43,770 43,109 51,172 Total consumer loans 1,432,450 1,396,482 1,393,106 1,391,494 1,390,652 Total gross loans, net of deferred fees     3,683,919 3,631,767 3,619,556 3,622,521 3,643,766 Less—allowance for credit losses (40,687) (39,914) (40,166) (40,157) (40,441) Total loans, net $ 3,643,232 3,591,853 3,579,390 3,582,364 3,603,325 DEPOSIT COMPOSITION - Unaudited Quarter Ended March 31 December 31 September 30 June 30 March 31 (dollars in thousands) 2025 2024 2024 2024 2024 Non-interest bearing $ 671,609 683,081 689,749 683,291 671,708 Interest bearing:    NOW accounts 371,052 314,588 339,412 293,875 293,064    Money market accounts 1,563,181 1,438,530 1,423,403 1,562,786 1,603,796    Savings 32,945 31,976 29,283 28,739 32,248    Time, less than $250,000 181,407 193,562 223,582 219,532 206,657    Time and out-of-market deposits, $250,000 and over 800,692 774,028 813,396 671,646 653,208 Total deposits $ 3,620,886 3,435,765 3,518,825 3,459,869 3,460,681 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 $800,692,000.  (7) March 31, 2025 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 BANCSHARESSouthern 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 $4.3 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 STATEMENTSCertain 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 and the office of the President 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) trade wars or a potential recession 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 SOURCE Southern First Bancshares, Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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