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) has demonstrated steady financial growth and maintained solid operational performance over the last four years, as shown by its quarterly financial statements through Q4 2024.
Key Positive Trends:
- Consistent growth in net interest income: Net interest income increased from about $24.1 million in Q4 2022 to approximately $22.46 million in Q4 2024, showing resilience and stable core earning power.
- Increasing net income attributable to common shareholders: Net income rose from $4.16 million in Q4 2023 to $5.63 million in Q4 2024, indicating improved profitability.
- Improved earnings per share: Basic EPS increased from $0.51 in Q4 2023 to $0.70 in Q4 2024, reflecting effective earnings growth relative to share base.
- Strong equity position: Total common equity grew modestly, reaching over $326 million by Q3 2024, supporting financial stability.
- Provision for credit losses turned positive in Q4 2024 with a negative $200K provision (a credit), suggesting better asset quality and reduced credit risk.
- Substantial cash flow from operating activities, despite some fluctuations, notably positive $26.3 million in Q3 2024, supporting liquidity and operational efficiency.
Neutral Observations:
- Non-interest income shows moderate variability but remains a smaller portion of total revenue, indicating ongoing reliance on interest income.
- Loans and leases net balance has gradually increased, indicating steady lending activity, which underpins interest income but comes with credit risk.
- Total deposits have fluctuated significantly quarter to quarter, impacting interest expense and liquidity management.
- Capital expenditures on property and equipment remain relatively stable, reflecting ongoing investments in infrastructure.
Key Areas of Concern:
- Significant swings in cash flows from investing and financing activities, notably heavy investment in securities purchases and repayment of debt, causing net cash decline in some quarters.
- Interest expense on deposits and long-term debt remains substantial, rising to over $28 million in Q4 2024, which pressures net interest margin.
- Total non-interest expense has increased from about $16.4 million in Q4 2022 to $18.5 million in Q4 2024, indicating rising operating costs particularly in salaries, occupancy, and insurance claims, which could affect profitability if revenue growth slows.
- Large variability and spikes in net change in deposits may indicate potential instability or shifts in funding sources, which could affect liquidity.
Summary: Southern First Bancshares has shown consistent earnings growth, strong earnings per share improvement, and a solid equity base, supporting a positive investment outlook. Nevertheless, investors should watch the rising interest expense, non-interest costs, and fluctuations in cash flows and deposit balances. The improving credit loss provisions and stable loan growth are encouraging signs for credit quality and revenue sustainability. Overall, the company appears to be on a steady financial footing with manageable risks.
08/09/25 01:29 AMAI Generated. May Contain Errors.