Annual Income Statements for Southern First Bancshares
This table shows Southern First Bancshares' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.
Quarterly Income Statements for Southern First Bancshares
This table shows Southern First Bancshares' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Income / (Loss) Attributable to Common Shareholders |
|
8.41 |
5.49 |
2.70 |
2.46 |
4.10 |
4.17 |
2.52 |
3.00 |
4.38 |
5.63 |
Consolidated Net Income / (Loss) |
|
8.41 |
5.49 |
2.70 |
2.46 |
4.10 |
4.17 |
2.52 |
3.00 |
4.38 |
5.63 |
Net Income / (Loss) Continuing Operations |
|
8.41 |
5.49 |
2.70 |
2.46 |
4.10 |
4.17 |
2.52 |
3.00 |
4.38 |
5.63 |
Total Pre-Tax Income |
|
11 |
7.09 |
3.54 |
3.26 |
5.29 |
5.34 |
3.38 |
3.91 |
5.73 |
6.89 |
Total Revenue |
|
28 |
26 |
22 |
22 |
22 |
21 |
21 |
23 |
24 |
25 |
Net Interest Income / (Expense) |
|
25 |
24 |
20 |
19 |
19 |
19 |
19 |
20 |
21 |
22 |
Total Interest Income |
|
31 |
35 |
38 |
43 |
47 |
49 |
48 |
51 |
51 |
51 |
Loans and Leases Interest Income |
|
30 |
34 |
37 |
41 |
44 |
45 |
46 |
47 |
48 |
47 |
Investment Securities Interest Income |
|
0.51 |
0.56 |
0.61 |
0.71 |
1.47 |
1.67 |
1.48 |
1.42 |
1.41 |
1.50 |
Federal Funds Sold and Securities Borrowed Interest Income |
|
0.68 |
0.52 |
0.97 |
0.89 |
2.44 |
2.70 |
1.28 |
2.58 |
2.21 |
2.47 |
Total Interest Expense |
|
5.48 |
11 |
18 |
24 |
28 |
30 |
30 |
31 |
31 |
29 |
Deposits Interest Expense |
|
5.02 |
10 |
17 |
22 |
25 |
27 |
27 |
28 |
28 |
26 |
Long-Term Debt Interest Expense |
|
0.46 |
0.58 |
0.73 |
1.92 |
2.97 |
2.95 |
2.79 |
2.80 |
2.86 |
2.77 |
Total Non-Interest Income |
|
2.68 |
1.71 |
2.04 |
2.74 |
2.75 |
2.33 |
2.66 |
3.52 |
3.18 |
2.78 |
Service Charges on Deposit Accounts |
|
0.32 |
0.32 |
0.33 |
0.33 |
0.36 |
0.37 |
0.39 |
0.42 |
0.46 |
0.51 |
Other Service Charges |
|
0.82 |
0.76 |
0.77 |
0.73 |
0.84 |
0.73 |
0.74 |
0.80 |
0.87 |
0.81 |
Net Realized & Unrealized Capital Gains on Investments |
|
1.23 |
0.29 |
0.62 |
1.34 |
1.21 |
0.87 |
1.16 |
1.92 |
1.45 |
1.05 |
Other Non-Interest Income |
|
0.32 |
0.34 |
0.33 |
0.34 |
0.35 |
0.36 |
0.38 |
0.38 |
0.40 |
0.41 |
Provision for Credit Losses |
|
0.95 |
2.33 |
1.83 |
0.91 |
-0.50 |
-0.98 |
-0.18 |
0.50 |
0.00 |
-0.20 |
Total Non-Interest Expense |
|
16 |
16 |
17 |
17 |
17 |
17 |
18 |
19 |
18 |
19 |
Salaries and Employee Benefits |
|
9.84 |
9.58 |
10 |
10 |
10 |
9.40 |
11 |
11 |
11 |
11 |
Net Occupancy & Equipment Expense |
|
3.97 |
4.19 |
4.09 |
4.22 |
4.31 |
4.72 |
4.40 |
4.51 |
4.53 |
4.59 |
Marketing Expense |
|
0.34 |
0.28 |
0.37 |
0.34 |
0.29 |
0.36 |
0.37 |
0.39 |
0.32 |
0.34 |
Property & Liability Insurance Claims |
|
0.51 |
0.55 |
0.69 |
0.90 |
1.24 |
0.94 |
0.96 |
0.97 |
1.03 |
1.08 |
Other Operating Expenses |
|
1.39 |
1.82 |
1.61 |
1.65 |
1.23 |
1.61 |
1.52 |
1.49 |
1.38 |
1.93 |
Income Tax Expense |
|
2.73 |
1.60 |
0.84 |
0.80 |
1.20 |
1.17 |
0.86 |
0.91 |
1.35 |
1.27 |
Basic Earnings per Share |
|
$1.06 |
$0.69 |
$0.34 |
$0.31 |
$0.51 |
$0.51 |
$0.31 |
$0.37 |
$0.54 |
$0.70 |
Weighted Average Basic Shares Outstanding |
|
7.97M |
7.96M |
8.03M |
8.05M |
8.05M |
8.05M |
8.11M |
8.13M |
8.06M |
8.08M |
Diluted Earnings per Share |
|
$1.04 |
$0.69 |
$0.33 |
$0.31 |
$0.51 |
$0.51 |
$0.31 |
$0.37 |
$0.54 |
$0.69 |
Weighted Average Diluted Shares Outstanding |
|
8.07M |
8.07M |
8.09M |
8.07M |
8.07M |
8.08M |
8.14M |
8.14M |
8.09M |
8.12M |
Weighted Average Basic & Diluted Shares Outstanding |
|
8.00M |
8.05M |
8.05M |
8.08M |
8.09M |
8.16M |
8.16M |
8.16M |
8.16M |
8.18M |
Annual Cash Flow Statements for Southern First Bancshares
This table details how cash moves in and out of Southern First Bancshares' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.
Metric |
2022 |
2023 |
2024 |
Net Change in Cash & Equivalents |
3.67 |
-15 |
6.69 |
Net Cash From Operating Activities |
50 |
18 |
26 |
Net Cash From Continuing Operating Activities |
50 |
18 |
26 |
Net Income / (Loss) Continuing Operations |
29 |
13 |
16 |
Consolidated Net Income / (Loss) |
29 |
13 |
16 |
Provision For Loan Losses |
6.16 |
1.26 |
0.13 |
Depreciation Expense |
3.70 |
4.82 |
4.81 |
Amortization Expense |
0.69 |
0.06 |
0.55 |
Non-Cash Adjustments to Reconcile Net Income |
12 |
-2.48 |
3.46 |
Changes in Operating Assets and Liabilities, net |
-0.99 |
0.57 |
1.08 |
Net Cash From Investing Activities |
-793 |
-379 |
-29 |
Net Cash From Continuing Investing Activities |
-793 |
-379 |
-29 |
Purchase of Property, Leasehold Improvements and Equipment |
-14 |
-1.24 |
-0.79 |
Purchase of Investment Securities |
-823 |
-444 |
-59 |
Sale of Property, Leasehold Improvements and Equipment |
0.10 |
0.00 |
0.03 |
Sale and/or Maturity of Investments |
44 |
67 |
31 |
Net Cash From Financing Activities |
746 |
346 |
10.00 |
Net Cash From Continuing Financing Activities |
746 |
346 |
33 |
Net Change in Deposits |
570 |
246 |
56 |
Repayment of Debt |
175 |
100 |
-35 |
Other Financing Activities, Net |
0.91 |
0.52 |
12 |
Cash Interest Paid |
19 |
93 |
119 |
Cash Income Taxes Paid |
12 |
1.51 |
3.77 |
Quarterly Cash Flow Statements for Southern First Bancshares
This table details how cash moves in and out of Southern First Bancshares' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Change in Cash & Equivalents |
|
-21 |
10 |
101 |
-67 |
-53 |
3.78 |
11 |
28 |
66 |
-98 |
Net Cash From Operating Activities |
|
22 |
13 |
1.24 |
-6.59 |
16 |
6.86 |
-2.92 |
3.96 |
26 |
-1.81 |
Net Cash From Continuing Operating Activities |
|
22 |
13 |
1.24 |
-6.59 |
16 |
6.86 |
-2.92 |
3.96 |
26 |
-1.81 |
Net Income / (Loss) Continuing Operations |
|
8.41 |
5.49 |
2.70 |
2.46 |
4.10 |
4.17 |
2.52 |
3.00 |
4.38 |
5.63 |
Consolidated Net Income / (Loss) |
|
8.41 |
5.49 |
2.70 |
2.46 |
4.10 |
4.17 |
2.52 |
3.00 |
4.38 |
5.63 |
Provision For Loan Losses |
|
0.95 |
2.33 |
1.83 |
0.91 |
-0.50 |
-0.98 |
-0.18 |
0.50 |
- |
-0.20 |
Depreciation Expense |
|
1.18 |
1.18 |
1.20 |
1.19 |
1.21 |
1.21 |
1.21 |
1.20 |
1.21 |
1.19 |
Amortization Expense |
|
0.16 |
0.14 |
0.13 |
0.13 |
-0.12 |
-0.08 |
0.13 |
0.15 |
0.16 |
0.12 |
Non-Cash Adjustments to Reconcile Net Income |
|
9.93 |
5.57 |
-2.86 |
-8.59 |
8.89 |
0.08 |
-4.43 |
-2.70 |
6.38 |
4.22 |
Changes in Operating Assets and Liabilities, net |
|
1.84 |
-1.23 |
-1.77 |
-2.69 |
2.56 |
2.47 |
-2.19 |
1.81 |
14 |
-13 |
Net Cash From Investing Activities |
|
-185 |
-251 |
-143 |
-122 |
-79 |
-35 |
-32 |
24 |
-8.06 |
-13 |
Net Cash From Continuing Investing Activities |
|
-185 |
-251 |
-143 |
-122 |
-79 |
-35 |
-32 |
24 |
-8.06 |
-13 |
Purchase of Property, Leasehold Improvements and Equipment |
|
-4.15 |
-0.82 |
-0.18 |
-0.59 |
-0.35 |
-0.12 |
-0.28 |
-0.09 |
-0.20 |
-0.22 |
Purchase of Investment Securities |
|
-187 |
-259 |
-163 |
-144 |
-82 |
-56 |
-51 |
20 |
-12 |
-16 |
Sale and/or Maturity of Investments |
|
6.19 |
8.88 |
20 |
23 |
2.99 |
21 |
19 |
4.25 |
4.48 |
2.88 |
Net Cash From Financing Activities |
|
141 |
248 |
243 |
61 |
10 |
32 |
46 |
-0.81 |
47 |
-83 |
Net Cash From Continuing Financing Activities |
|
141 |
248 |
243 |
61 |
10 |
32 |
46 |
-0.81 |
47 |
-60 |
Net Change in Deposits |
|
131 |
132 |
293 |
6.24 |
-85 |
32 |
81 |
-0.81 |
59 |
-83 |
Other Financing Activities, Net |
|
0.09 |
0.11 |
0.02 |
0.17 |
0.31 |
0.02 |
0.17 |
- |
-11 |
23 |
Cash Interest Paid |
|
5.41 |
9.72 |
17 |
22 |
26 |
29 |
28 |
30 |
30 |
32 |
Cash Income Taxes Paid |
|
2.32 |
3.56 |
- |
- |
0.05 |
0.93 |
- |
- |
1.05 |
1.53 |
Annual Balance Sheets for Southern First Bancshares
This table presents Southern First Bancshares' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.
Metric |
2022 |
2023 |
2024 |
Total Assets |
3,692 |
4,056 |
4,088 |
Cash and Due from Banks |
19 |
28 |
23 |
Federal Funds Sold |
101 |
119 |
128 |
Interest Bearing Deposits at Other Banks |
51 |
8.80 |
12 |
Trading Account Securities |
93 |
135 |
132 |
Loans and Leases, Net of Allowance |
3,235 |
-41 |
-40 |
Allowance for Loan and Lease Losses |
39 |
41 |
40 |
Loans Held for Sale |
3.92 |
7.19 |
4.57 |
Premises and Equipment, Net |
99 |
94 |
89 |
Other Assets |
90 |
3,704 |
3,699 |
Total Liabilities & Shareholders' Equity |
3,692 |
4,056 |
4,088 |
Total Liabilities |
3,397 |
3,743 |
3,757 |
Non-Interest Bearing Deposits |
3,134 |
3,380 |
3,436 |
Long-Term Debt |
211 |
311 |
265 |
Other Long-Term Liabilities |
52 |
52 |
56 |
Total Equity & Noncontrolling Interests |
295 |
312 |
330 |
Total Preferred & Common Equity |
295 |
312 |
330 |
Preferred Stock |
0.00 |
0.00 |
0.00 |
Total Common Equity |
295 |
312 |
330 |
Common Stock |
119 |
122 |
125 |
Retained Earnings |
192 |
206 |
221 |
Accumulated Other Comprehensive Income / (Loss) |
-13 |
-11 |
-11 |
Other Equity Adjustments |
-3.31 |
-3.60 |
-3.88 |
Quarterly Balance Sheets for Southern First Bancshares
This table presents Southern First Bancshares' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Total Assets |
|
3,440 |
3,938 |
4,002 |
4,020 |
4,106 |
4,110 |
4,175 |
Cash and Due from Banks |
|
17 |
22 |
25 |
17 |
14 |
22 |
25 |
Federal Funds Sold |
|
140 |
243 |
170 |
128 |
145 |
164 |
226 |
Interest Bearing Deposits at Other Banks |
|
4.53 |
7.35 |
10 |
7.28 |
8.79 |
8.83 |
9.18 |
Trading Account Securities |
|
92 |
94 |
92 |
144 |
126 |
121 |
135 |
Loans and Leases, Net of Allowance |
|
2,994 |
3,378 |
3,497 |
3,513 |
3,603 |
3,582 |
3,579 |
Loans and Leases |
|
3,030 |
3,418 |
3,538 |
3,554 |
3,644 |
3,623 |
3,620 |
Allowance for Loan and Lease Losses |
|
36 |
40 |
41 |
41 |
40 |
40 |
40 |
Loans Held for Sale |
|
9.24 |
6.98 |
16 |
7.12 |
12 |
15 |
8.60 |
Premises and Equipment, Net |
|
100 |
98 |
97 |
96 |
93 |
92 |
90 |
Other Assets |
|
85 |
90 |
96 |
108 |
104 |
105 |
101 |
Total Liabilities & Shareholders' Equity |
|
3,440 |
3,938 |
4,002 |
4,020 |
4,106 |
4,110 |
4,175 |
Total Liabilities |
|
3,152 |
3,639 |
3,701 |
3,716 |
3,790 |
3,791 |
3,848 |
Non-Interest Bearing Deposits |
|
3,001 |
3,427 |
3,433 |
3,348 |
3,461 |
3,460 |
3,519 |
Long-Term Debt |
|
96 |
36 |
36 |
36 |
276 |
276 |
265 |
Other Long-Term Liabilities |
|
54 |
176 |
231 |
332 |
53 |
55 |
64 |
Total Equity & Noncontrolling Interests |
|
288 |
299 |
302 |
304 |
315 |
319 |
327 |
Total Preferred & Common Equity |
|
288 |
299 |
302 |
304 |
315 |
319 |
327 |
Preferred Stock |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Total Common Equity |
|
288 |
299 |
302 |
304 |
315 |
319 |
327 |
Common Stock |
|
119 |
121 |
121 |
122 |
124 |
124 |
124 |
Retained Earnings |
|
187 |
195 |
197 |
201 |
208 |
211 |
215 |
Accumulated Other Comprehensive Income / (Loss) |
|
-14 |
-12 |
-13 |
-15 |
-12 |
-12 |
-9.06 |
Other Equity Adjustments |
|
-3.35 |
-4.46 |
-4.05 |
-4.07 |
-5.26 |
-4.71 |
-4.22 |
Annual Metrics And Ratios for Southern First Bancshares
This table displays calculated financial ratios and metrics derived from Southern First Bancshares' official financial filings.
Metric |
2022 |
2023 |
2024 |
Growth Metrics |
- |
- |
- |
Revenue Growth |
2.26% |
-18.36% |
6.68% |
EBITDA Growth |
-33.65% |
-47.53% |
13.33% |
EBIT Growth |
-37.32% |
-54.28% |
14.26% |
NOPAT Growth |
-37.67% |
-53.89% |
15.67% |
Net Income Growth |
-37.67% |
-53.89% |
15.67% |
EPS Growth |
-38.29% |
-54.02% |
15.06% |
Operating Cash Flow Growth |
-35.56% |
-64.91% |
44.78% |
Free Cash Flow Firm Growth |
-839.24% |
35.65% |
142.02% |
Invested Capital Growth |
61.06% |
23.35% |
-4.56% |
Revenue Q/Q Growth |
-0.34% |
-4.83% |
4.30% |
EBITDA Q/Q Growth |
-16.13% |
-8.02% |
7.37% |
EBIT Q/Q Growth |
-18.36% |
-9.13% |
8.48% |
NOPAT Q/Q Growth |
-18.28% |
-8.98% |
10.38% |
Net Income Q/Q Growth |
-18.28% |
-8.98% |
10.38% |
EPS Q/Q Growth |
-18.33% |
-9.78% |
10.40% |
Operating Cash Flow Q/Q Growth |
-22.73% |
-27.23% |
-25.32% |
Free Cash Flow Firm Q/Q Growth |
-248.67% |
-278.78% |
118.54% |
Invested Capital Q/Q Growth |
31.71% |
83.36% |
0.66% |
Profitability Metrics |
- |
- |
- |
EBITDA Margin |
39.65% |
25.49% |
27.07% |
EBIT Margin |
35.55% |
19.91% |
21.33% |
Profit (Net Income) Margin |
27.16% |
15.34% |
16.63% |
Tax Burden Percent |
76.39% |
77.04% |
77.99% |
Interest Burden Percent |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
23.61% |
22.96% |
22.01% |
Return on Invested Capital (ROIC) |
7.10% |
2.38% |
2.55% |
ROIC Less NNEP Spread (ROIC-NNEP) |
7.10% |
2.38% |
2.55% |
Return on Net Nonoperating Assets (RNNOA) |
3.07% |
2.05% |
2.28% |
Return on Equity (ROE) |
10.17% |
4.42% |
4.83% |
Cash Return on Invested Capital (CROIC) |
-39.67% |
-18.53% |
7.21% |
Operating Return on Assets (OROA) |
1.15% |
0.45% |
0.49% |
Return on Assets (ROA) |
0.88% |
0.35% |
0.38% |
Return on Common Equity (ROCE) |
10.20% |
4.42% |
4.83% |
Return on Equity Simple (ROE_SIMPLE) |
9.89% |
4.30% |
4.70% |
Net Operating Profit after Tax (NOPAT) |
29 |
13 |
16 |
NOPAT Margin |
27.16% |
15.34% |
16.63% |
Net Nonoperating Expense Percent (NNEP) |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
51.51% |
67.38% |
67.47% |
Operating Expenses to Revenue |
58.71% |
78.65% |
78.54% |
Earnings before Interest and Taxes (EBIT) |
38 |
17 |
20 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
43 |
22 |
25 |
Valuation Ratios |
- |
- |
- |
Price to Book Value (P/BV) |
1.24 |
0.96 |
0.98 |
Price to Tangible Book Value (P/TBV) |
1.24 |
0.96 |
0.98 |
Price to Revenue (P/Rev) |
3.41 |
3.43 |
3.47 |
Price to Earnings (P/E) |
12.57 |
22.35 |
20.89 |
Dividend Yield |
0.00% |
0.00% |
0.00% |
Earnings Yield |
7.96% |
4.47% |
4.79% |
Enterprise Value to Invested Capital (EV/IC) |
0.80 |
0.73 |
0.72 |
Enterprise Value to Revenue (EV/Rev) |
3.79 |
5.20 |
4.57 |
Enterprise Value to EBITDA (EV/EBITDA) |
9.56 |
20.41 |
16.87 |
Enterprise Value to EBIT (EV/EBIT) |
10.66 |
26.12 |
21.41 |
Enterprise Value to NOPAT (EV/NOPAT) |
13.95 |
33.91 |
27.46 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
8.08 |
25.79 |
16.68 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
0.00 |
0.00 |
9.70 |
Leverage & Solvency |
- |
- |
- |
Debt to Equity |
0.72 |
1.00 |
0.80 |
Long-Term Debt to Equity |
0.72 |
1.00 |
0.80 |
Financial Leverage |
0.43 |
0.86 |
0.90 |
Leverage Ratio |
11.56 |
12.76 |
12.67 |
Compound Leverage Factor |
11.56 |
12.76 |
12.67 |
Debt to Total Capital |
41.76% |
49.91% |
44.50% |
Short-Term Debt to Total Capital |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
41.76% |
49.91% |
44.50% |
Preferred Equity to Total Capital |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
0.00% |
0.00% |
0.00% |
Common Equity to Total Capital |
58.24% |
50.09% |
55.50% |
Debt to EBITDA |
4.97 |
13.96 |
10.48 |
Net Debt to EBITDA |
0.95 |
6.96 |
4.04 |
Long-Term Debt to EBITDA |
4.97 |
13.96 |
10.48 |
Debt to NOPAT |
7.25 |
23.19 |
17.06 |
Net Debt to NOPAT |
1.39 |
11.56 |
6.57 |
Long-Term Debt to NOPAT |
7.25 |
23.19 |
17.06 |
Noncontrolling Interest Sharing Ratio |
-0.25% |
0.00% |
0.00% |
Liquidity Ratios |
- |
- |
- |
Cash Flow Metrics |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
-163 |
-105 |
44 |
Operating Cash Flow to CapEx |
363.08% |
1,421.34% |
3,376.22% |
Free Cash Flow to Firm to Interest Expense |
-8.11 |
-1.05 |
0.37 |
Operating Cash Flow to Interest Expense |
2.51 |
0.18 |
0.21 |
Operating Cash Flow Less CapEx to Interest Expense |
1.82 |
0.16 |
0.21 |
Efficiency Ratios |
- |
- |
- |
Asset Turnover |
0.03 |
0.02 |
0.02 |
Fixed Asset Turnover |
1.12 |
0.90 |
1.02 |
Capital & Investment Metrics |
- |
- |
- |
Invested Capital |
506 |
624 |
595 |
Invested Capital Turnover |
0.26 |
0.16 |
0.15 |
Increase / (Decrease) in Invested Capital |
192 |
118 |
-28 |
Enterprise Value (EV) |
406 |
455 |
426 |
Market Capitalization |
366 |
300 |
324 |
Book Value per Share |
$36.83 |
$38.63 |
$40.50 |
Tangible Book Value per Share |
$36.83 |
$38.63 |
$40.50 |
Total Capital |
506 |
624 |
595 |
Total Debt |
211 |
311 |
265 |
Total Long-Term Debt |
211 |
311 |
265 |
Net Debt |
40 |
155 |
102 |
Capital Expenditures (CapEx) |
14 |
1.24 |
0.76 |
Net Nonoperating Expense (NNE) |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
211 |
311 |
265 |
Total Depreciation and Amortization (D&A) |
4.39 |
4.88 |
5.36 |
Earnings Adjustments |
- |
- |
- |
Adjusted Basic Earnings per Share |
$3.66 |
$1.67 |
$1.92 |
Adjusted Weighted Average Basic Shares Outstanding |
7.96M |
8.05M |
8.08M |
Adjusted Diluted Earnings per Share |
$3.61 |
$1.66 |
$1.91 |
Adjusted Weighted Average Diluted Shares Outstanding |
8.07M |
8.08M |
8.12M |
Adjusted Basic & Diluted Earnings per Share |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
8.05M |
8.16M |
8.18M |
Normalized Net Operating Profit after Tax (NOPAT) |
29 |
13 |
16 |
Normalized NOPAT Margin |
27.16% |
15.34% |
16.63% |
Pre Tax Income Margin |
35.55% |
19.91% |
21.33% |
Debt Service Ratios |
- |
- |
- |
EBIT to Interest Expense |
1.90 |
0.17 |
0.17 |
NOPAT to Interest Expense |
1.45 |
0.13 |
0.13 |
EBIT Less CapEx to Interest Expense |
1.21 |
0.16 |
0.16 |
NOPAT Less CapEx to Interest Expense |
0.76 |
0.12 |
0.12 |
Payout Ratios |
- |
- |
- |
Dividend Payout Ratio |
0.00% |
0.00% |
0.00% |
Augmented Payout Ratio |
0.00% |
0.00% |
0.00% |
Quarterly Metrics And Ratios for Southern First Bancshares
This table displays calculated financial ratios and metrics derived from Southern First Bancshares' official financial filings.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
6.52% |
-1.40% |
-13.89% |
-20.58% |
-21.47% |
-17.18% |
-5.16% |
6.91% |
7.56% |
17.99% |
EBITDA Growth |
|
-34.68% |
-49.30% |
-56.09% |
-56.50% |
-48.77% |
-23.13% |
-2.92% |
14.84% |
10.92% |
26.87% |
EBIT Growth |
|
-39.38% |
-54.74% |
-65.64% |
-66.01% |
-52.48% |
-24.70% |
-4.38% |
19.95% |
8.20% |
29.16% |
NOPAT Growth |
|
-39.98% |
-54.25% |
-66.09% |
-66.05% |
-51.29% |
-24.13% |
-6.70% |
22.01% |
6.93% |
35.04% |
Net Income Growth |
|
-39.98% |
-54.25% |
-66.09% |
-66.05% |
-51.29% |
-24.13% |
-6.70% |
22.01% |
6.93% |
35.04% |
EPS Growth |
|
-40.57% |
-54.00% |
-66.33% |
-65.56% |
-50.96% |
-26.09% |
-6.06% |
19.35% |
5.88% |
35.29% |
Operating Cash Flow Growth |
|
40.73% |
-52.35% |
-84.28% |
-201.23% |
-28.15% |
-49.06% |
-336.38% |
160.11% |
63.11% |
-126.34% |
Free Cash Flow Firm Growth |
|
-123.99% |
-1,365.20% |
41.46% |
145.33% |
164.83% |
38.84% |
-1,290.44% |
-859.85% |
-615.63% |
129.91% |
Invested Capital Growth |
|
27.27% |
61.06% |
6.65% |
-8.41% |
-11.40% |
23.35% |
76.29% |
76.19% |
73.85% |
-4.56% |
Revenue Q/Q Growth |
|
3.63% |
-8.20% |
-13.01% |
-4.04% |
2.48% |
-3.19% |
-0.38% |
8.17% |
3.10% |
6.19% |
EBITDA Q/Q Growth |
|
18.42% |
-32.61% |
-42.05% |
-5.93% |
39.46% |
1.11% |
-26.81% |
11.27% |
34.70% |
15.65% |
EBIT Q/Q Growth |
|
16.19% |
-36.36% |
-50.07% |
-7.94% |
62.46% |
0.83% |
-36.59% |
15.48% |
46.55% |
20.36% |
NOPAT Q/Q Growth |
|
16.20% |
-34.72% |
-50.78% |
-9.06% |
66.72% |
1.68% |
-39.48% |
18.91% |
46.12% |
28.41% |
Net Income Q/Q Growth |
|
16.20% |
-34.72% |
-50.78% |
-9.06% |
66.72% |
1.68% |
-39.48% |
18.91% |
46.12% |
28.41% |
EPS Q/Q Growth |
|
15.56% |
-33.65% |
-52.17% |
-6.06% |
64.52% |
0.00% |
-39.22% |
19.35% |
45.95% |
27.78% |
Operating Cash Flow Q/Q Growth |
|
245.30% |
-40.05% |
-90.81% |
-632.42% |
345.10% |
-57.50% |
-142.62% |
235.40% |
565.07% |
-106.86% |
Free Cash Flow Firm Q/Q Growth |
|
-0.01% |
-152.17% |
90.21% |
283.60% |
43.03% |
-337.89% |
-122.56% |
-0.34% |
2.94% |
113.80% |
Invested Capital Q/Q Growth |
|
4.11% |
31.71% |
-33.64% |
0.65% |
0.71% |
83.36% |
-5.16% |
0.59% |
-0.62% |
0.66% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
44.33% |
32.54% |
21.68% |
21.25% |
28.92% |
30.21% |
22.19% |
22.83% |
29.82% |
32.48% |
EBIT Margin |
|
39.59% |
27.44% |
15.75% |
15.11% |
23.96% |
24.95% |
15.88% |
16.95% |
24.10% |
27.31% |
Profit (Net Income) Margin |
|
29.90% |
21.26% |
12.03% |
11.40% |
18.55% |
19.48% |
11.84% |
13.01% |
18.44% |
22.30% |
Tax Burden Percent |
|
75.53% |
77.48% |
76.38% |
75.45% |
77.42% |
78.08% |
74.53% |
76.74% |
76.51% |
81.63% |
Interest Burden Percent |
|
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
|
24.47% |
22.52% |
23.62% |
24.55% |
22.58% |
21.92% |
25.47% |
23.26% |
23.49% |
18.37% |
Return on Invested Capital (ROIC) |
|
9.38% |
5.56% |
3.83% |
3.16% |
4.71% |
3.02% |
2.20% |
2.45% |
3.54% |
3.42% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
9.38% |
5.56% |
3.83% |
3.16% |
4.71% |
3.02% |
2.20% |
2.45% |
3.54% |
3.42% |
Return on Net Nonoperating Assets (RNNOA) |
|
2.24% |
2.40% |
0.48% |
0.66% |
1.05% |
2.60% |
1.12% |
1.24% |
1.69% |
3.06% |
Return on Equity (ROE) |
|
11.62% |
7.96% |
4.31% |
3.82% |
5.76% |
5.62% |
3.33% |
3.69% |
5.24% |
6.48% |
Cash Return on Invested Capital (CROIC) |
|
-13.60% |
-39.67% |
0.90% |
14.18% |
16.16% |
-18.53% |
-52.37% |
-52.21% |
-50.92% |
7.21% |
Operating Return on Assets (OROA) |
|
1.37% |
0.89% |
0.47% |
0.41% |
0.59% |
0.56% |
0.34% |
0.37% |
0.53% |
0.63% |
Return on Assets (ROA) |
|
1.03% |
0.69% |
0.36% |
0.31% |
0.46% |
0.44% |
0.25% |
0.28% |
0.40% |
0.51% |
Return on Common Equity (ROCE) |
|
11.62% |
7.98% |
4.31% |
3.82% |
5.76% |
5.62% |
3.33% |
3.69% |
5.24% |
6.48% |
Return on Equity Simple (ROE_SIMPLE) |
|
12.38% |
0.00% |
7.97% |
6.32% |
4.85% |
0.00% |
4.20% |
4.33% |
4.31% |
0.00% |
Net Operating Profit after Tax (NOPAT) |
|
8.41 |
5.49 |
2.70 |
2.46 |
4.10 |
4.17 |
2.52 |
3.00 |
4.38 |
5.63 |
NOPAT Margin |
|
29.90% |
21.26% |
12.03% |
11.40% |
18.55% |
19.48% |
11.84% |
13.01% |
18.44% |
22.30% |
Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
|
50.30% |
54.38% |
65.91% |
68.85% |
67.12% |
67.70% |
73.34% |
70.25% |
65.78% |
61.56% |
Operating Expenses to Revenue |
|
57.03% |
63.55% |
76.13% |
80.67% |
78.31% |
79.61% |
84.94% |
80.88% |
75.90% |
73.48% |
Earnings before Interest and Taxes (EBIT) |
|
11 |
7.09 |
3.54 |
3.26 |
5.29 |
5.34 |
3.38 |
3.91 |
5.73 |
6.89 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
12 |
8.41 |
4.87 |
4.58 |
6.39 |
6.46 |
4.73 |
5.26 |
7.09 |
8.20 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
1.16 |
1.24 |
0.83 |
0.66 |
0.72 |
0.96 |
0.82 |
0.75 |
0.85 |
0.98 |
Price to Tangible Book Value (P/TBV) |
|
1.16 |
1.24 |
0.83 |
0.66 |
0.72 |
0.96 |
0.82 |
0.75 |
0.85 |
0.98 |
Price to Revenue (P/Rev) |
|
3.10 |
3.41 |
2.39 |
2.03 |
2.37 |
3.43 |
3.00 |
2.71 |
3.10 |
3.47 |
Price to Earnings (P/E) |
|
9.34 |
12.57 |
10.36 |
10.45 |
14.75 |
22.35 |
19.56 |
17.30 |
19.75 |
20.89 |
Dividend Yield |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Earnings Yield |
|
10.70% |
7.96% |
9.65% |
9.57% |
6.78% |
4.47% |
5.11% |
5.78% |
5.06% |
4.79% |
Enterprise Value to Invested Capital (EV/IC) |
|
0.70 |
0.80 |
0.03 |
0.09 |
0.30 |
0.73 |
0.62 |
0.54 |
0.48 |
0.72 |
Enterprise Value to Revenue (EV/Rev) |
|
2.50 |
3.79 |
0.11 |
0.31 |
1.10 |
5.20 |
4.26 |
3.64 |
3.15 |
4.57 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
5.30 |
9.56 |
0.31 |
1.00 |
4.19 |
20.41 |
16.61 |
14.01 |
11.99 |
16.87 |
Enterprise Value to EBIT (EV/EBIT) |
|
5.75 |
10.66 |
0.35 |
1.21 |
5.29 |
26.12 |
21.31 |
17.86 |
15.38 |
21.41 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
7.54 |
13.95 |
0.47 |
1.59 |
6.88 |
33.91 |
27.79 |
23.21 |
20.06 |
27.46 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
4.12 |
8.08 |
0.25 |
0.99 |
4.18 |
25.79 |
27.28 |
13.31 |
8.25 |
16.68 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
0.00 |
0.00 |
3.81 |
0.61 |
1.73 |
0.00 |
0.00 |
0.00 |
0.00 |
9.70 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
0.33 |
0.72 |
0.12 |
0.12 |
0.12 |
1.00 |
0.88 |
0.87 |
0.81 |
0.80 |
Long-Term Debt to Equity |
|
0.33 |
0.72 |
0.12 |
0.12 |
0.12 |
1.00 |
0.88 |
0.87 |
0.81 |
0.80 |
Financial Leverage |
|
0.24 |
0.43 |
0.13 |
0.21 |
0.22 |
0.86 |
0.51 |
0.50 |
0.48 |
0.90 |
Leverage Ratio |
|
11.25 |
11.56 |
12.13 |
12.48 |
12.61 |
12.76 |
13.09 |
13.08 |
13.00 |
12.67 |
Compound Leverage Factor |
|
11.25 |
11.56 |
12.13 |
12.48 |
12.61 |
12.76 |
13.09 |
13.08 |
13.00 |
12.67 |
Debt to Total Capital |
|
25.05% |
41.76% |
10.80% |
10.74% |
10.67% |
49.91% |
46.71% |
46.44% |
44.79% |
44.50% |
Short-Term Debt to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
|
25.05% |
41.76% |
10.80% |
10.74% |
10.67% |
49.91% |
46.71% |
46.44% |
44.79% |
44.50% |
Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Common Equity to Total Capital |
|
74.95% |
58.24% |
89.20% |
89.26% |
89.33% |
50.09% |
53.29% |
53.56% |
55.21% |
55.50% |
Debt to EBITDA |
|
1.90 |
4.97 |
1.00 |
1.20 |
1.50 |
13.96 |
12.47 |
12.10 |
11.25 |
10.48 |
Net Debt to EBITDA |
|
-1.27 |
0.95 |
-6.50 |
-5.57 |
-4.79 |
6.96 |
4.92 |
3.57 |
0.18 |
4.04 |
Long-Term Debt to EBITDA |
|
1.90 |
4.97 |
1.00 |
1.20 |
1.50 |
13.96 |
12.47 |
12.10 |
11.25 |
10.48 |
Debt to NOPAT |
|
2.70 |
7.25 |
1.52 |
1.90 |
2.46 |
23.19 |
20.86 |
20.05 |
18.83 |
17.06 |
Net Debt to NOPAT |
|
-1.81 |
1.39 |
-9.89 |
-8.85 |
-7.87 |
11.56 |
8.23 |
5.92 |
0.31 |
6.57 |
Long-Term Debt to NOPAT |
|
2.70 |
7.25 |
1.52 |
1.90 |
2.46 |
23.19 |
20.86 |
20.05 |
18.83 |
17.06 |
Noncontrolling Interest Sharing Ratio |
|
0.00% |
-0.25% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
-74 |
-186 |
-18 |
33 |
48 |
-114 |
-253 |
-254 |
-247 |
34 |
Operating Cash Flow to CapEx |
|
541.98% |
1,650.37% |
687.22% |
-1,121.98% |
4,572.80% |
5,622.95% |
-1,044.29% |
4,303.26% |
13,502.56% |
-828.90% |
Free Cash Flow to Firm to Interest Expense |
|
-13.48 |
-17.07 |
-1.02 |
1.40 |
1.70 |
-3.79 |
-8.53 |
-8.20 |
-8.07 |
1.19 |
Operating Cash Flow to Interest Expense |
|
4.10 |
1.23 |
0.07 |
-0.28 |
0.57 |
0.23 |
-0.10 |
0.13 |
0.86 |
-0.06 |
Operating Cash Flow Less CapEx to Interest Expense |
|
3.34 |
1.16 |
0.06 |
-0.30 |
0.56 |
0.22 |
-0.11 |
0.12 |
0.85 |
-0.07 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.03 |
0.03 |
0.03 |
0.03 |
0.02 |
0.02 |
0.02 |
0.02 |
0.02 |
0.02 |
Fixed Asset Turnover |
|
1.21 |
1.12 |
1.07 |
1.01 |
0.94 |
0.90 |
0.91 |
0.93 |
0.96 |
1.02 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
384 |
506 |
336 |
338 |
340 |
624 |
592 |
595 |
591 |
595 |
Invested Capital Turnover |
|
0.31 |
0.26 |
0.32 |
0.28 |
0.25 |
0.16 |
0.19 |
0.19 |
0.19 |
0.15 |
Increase / (Decrease) in Invested Capital |
|
82 |
192 |
21 |
-31 |
-44 |
118 |
256 |
257 |
251 |
-28 |
Enterprise Value (EV) |
|
269 |
406 |
11 |
30 |
101 |
455 |
368 |
320 |
282 |
426 |
Market Capitalization |
|
333 |
366 |
247 |
199 |
218 |
300 |
259 |
238 |
278 |
324 |
Book Value per Share |
|
$36.01 |
$36.83 |
$37.20 |
$37.46 |
$37.63 |
$38.63 |
$38.65 |
$39.08 |
$40.04 |
$40.50 |
Tangible Book Value per Share |
|
$36.01 |
$36.83 |
$37.20 |
$37.46 |
$37.63 |
$38.63 |
$38.65 |
$39.08 |
$40.04 |
$40.50 |
Total Capital |
|
384 |
506 |
336 |
338 |
340 |
624 |
592 |
595 |
591 |
595 |
Total Debt |
|
96 |
211 |
36 |
36 |
36 |
311 |
276 |
276 |
265 |
265 |
Total Long-Term Debt |
|
96 |
211 |
36 |
36 |
36 |
311 |
276 |
276 |
265 |
265 |
Net Debt |
|
-64 |
40 |
-236 |
-169 |
-116 |
155 |
109 |
82 |
4.33 |
102 |
Capital Expenditures (CapEx) |
|
4.15 |
0.82 |
0.18 |
0.59 |
0.35 |
0.12 |
0.28 |
0.09 |
0.20 |
0.22 |
Net Nonoperating Expense (NNE) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
|
96 |
211 |
36 |
36 |
36 |
311 |
276 |
276 |
265 |
265 |
Total Depreciation and Amortization (D&A) |
|
1.34 |
1.32 |
1.33 |
1.32 |
1.10 |
1.12 |
1.35 |
1.35 |
1.36 |
1.30 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$1.06 |
$0.69 |
$0.34 |
$0.31 |
$0.51 |
$0.51 |
$0.31 |
$0.37 |
$0.54 |
$0.70 |
Adjusted Weighted Average Basic Shares Outstanding |
|
7.97M |
7.96M |
8.03M |
8.05M |
8.05M |
8.05M |
8.11M |
8.13M |
8.06M |
8.08M |
Adjusted Diluted Earnings per Share |
|
$1.04 |
$0.69 |
$0.33 |
$0.31 |
$0.51 |
$0.51 |
$0.31 |
$0.37 |
$0.54 |
$0.69 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
8.07M |
8.07M |
8.09M |
8.07M |
8.07M |
8.08M |
8.14M |
8.14M |
8.09M |
8.12M |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
8.00M |
8.05M |
8.05M |
8.08M |
8.09M |
8.16M |
8.16M |
8.16M |
8.16M |
8.18M |
Normalized Net Operating Profit after Tax (NOPAT) |
|
8.41 |
5.49 |
2.70 |
2.46 |
4.10 |
4.17 |
2.52 |
3.00 |
4.38 |
5.63 |
Normalized NOPAT Margin |
|
29.90% |
21.26% |
12.03% |
11.40% |
18.55% |
19.48% |
11.84% |
13.01% |
18.44% |
22.30% |
Pre Tax Income Margin |
|
39.59% |
27.44% |
15.75% |
15.11% |
23.96% |
24.95% |
15.88% |
16.95% |
24.10% |
27.31% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
2.03 |
0.65 |
0.20 |
0.14 |
0.19 |
0.18 |
0.11 |
0.13 |
0.19 |
0.24 |
NOPAT to Interest Expense |
|
1.54 |
0.50 |
0.15 |
0.10 |
0.15 |
0.14 |
0.08 |
0.10 |
0.14 |
0.20 |
EBIT Less CapEx to Interest Expense |
|
1.28 |
0.58 |
0.19 |
0.11 |
0.18 |
0.17 |
0.10 |
0.12 |
0.18 |
0.23 |
NOPAT Less CapEx to Interest Expense |
|
0.78 |
0.43 |
0.14 |
0.08 |
0.13 |
0.13 |
0.08 |
0.09 |
0.14 |
0.19 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Augmented Payout Ratio |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Key Financial Trends
Southern First Bancshares (NASDAQ: SFST) Financial Summary and Trends Overview (2022 - 2024)
Over the last four years, Southern First Bancshares has demonstrated steady growth in its core banking operations, with evolving trends in earnings, balance sheet positioning, and cash flow activities. Below is a detailed analysis based on quarterly data from the most recent four years.
- Consistent increase in total interest income, primarily driven by growth in loans and leases interest income, which rose from approximately $33.9 million in Q4 2022 to $47.2 million in Q4 2024, indicating a strong loan book expansion and effective yield management.
- Net interest income continued to improve year-over-year, reaching $22.5 million in Q4 2024 from $19.1 million in Q4 2022, reflecting enhanced earnings from core banking activities.
- Non-interest income showed positive contribution, with net capital gains on investments and service charges increasing, adding diversification to revenue streams.
- Provision for credit losses has been generally manageable and even occasionally negative (credit), suggesting improving loan credit quality and lower expected losses, e.g., Q4 2024 recorded a negative provision of -$200k.
- Net income attributable to common shareholders increased steadily, from around $2.7 million in Q1 2023 to $5.6 million in Q4 2024, which supports earnings growth and possible dividend sustainability.
- Strong capital position observed with total common equity rising steadily to approximately $326.5 million by Q3 2024, supporting balance sheet strength and regulatory compliance.
- Total assets have grown steadily, reaching about $4.17 billion at the end of Q3 2024, driven by loans and leases growth and stable investment portfolios, consistent with bank expansion.
- Despite growth, deposit levels have shown some volatility, with significant net deposit outflows noted in Q4 2024 (-$83 million), though earlier quarters showed large inflows, indicating some funding mix adjustments.
- Non-interest expenses have increased over time with salaries, occupancy, and other operating expenses rising moderately, which may reflect increased scale but could pressure margins if revenue growth slows.
- Cash flows from operations have been negative in recent quarters (Q4 2024 operating cash flow was -$1.8 million), partly due to changes in operating assets and liabilities, which may raise concerns if sustained.
- The company has experienced significant cash outflows in investing activities, largely driven by substantial purchases of investment securities and property, plant and equipment, which may impact near-term liquidity.
- Significant net cash used in financing activities in Q4 2024 (-$59.9 million), primarily attributed to deposit withdrawals and other financing factors, pointing to potential challenges in funding or capital management.
- Increase in interest expense, especially on deposits and long-term debt, rising from $10.9 million in Q4 2022 to $28.7 million in Q4 2024, which could pressure net interest margins if not matched by income growth.
- Declining net cash and equivalents balance in recent quarters (down from $22.2 million in Q1 2023 to $13.9 million in Q1 2024), indicating tightening liquidity or deployment of cash resources.
Summary: Southern First Bancshares has shown solid growth in its lending business and earnings, with improving credit quality reflected by low or negative loan loss provisions. Capital and equity positions remain strong, supporting future growth. However, the bank needs to monitor cash flow pressures stemming from investing and financing activities, as well as rising interest expenses, which could squeeze margins. Deposit volatility and liquidity trends also warrant attention from investors.
Overall, SFST appears to be on a positive trajectory with growth and profitability gains but must carefully manage funding and expense trends to maintain financial health.
10/21/25 12:25 AM ETAI Generated. May Contain Errors.