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Southern First Bancshares (SFST) Financials

Southern First Bancshares logo
$45.08 -0.12 (-0.25%)
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Annual Income Statements for Southern First Bancshares

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.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 29 13 16
Consolidated Net Income / (Loss)		 29 13 16
Net Income / (Loss) Continuing Operations		 29 13 16
Total Pre-Tax Income 		38 17 20
Total Revenue		 107 88 93
Net Interest Income / (Expense)		 98 78 81
Total Interest Income		 118 178 201
Loans and Leases Interest Income		 114 166 187
Investment Securities Interest Income		 1.99 4.46 5.81
Federal Funds Sold and Securities Borrowed Interest Income		 1.44 7.00 8.54
Total Interest Expense		 20 100 120
Deposits Interest Expense		 18 91 109
Long-Term Debt Interest Expense		 1.94 8.57 11
Total Non-Interest Income		 9.58 9.86 12
Service Charges on Deposit Accounts		 1.27 1.38 1.76
Other Service Charges		 3.22 3.06 3.22
Net Realized & Unrealized Capital Gains on Investments		 3.80 4.04 5.59
Other Non-Interest Income		 1.29 1.38 1.57
Provision for Credit Losses		 6.16 1.26 0.13
Total Non-Interest Expense		 63 69 73
Salaries and Employee Benefits		 39 40 44
Net Occupancy & Equipment Expense		 15 17 18
Marketing Expense		 1.22 1.36 1.41
Property & Liability Insurance Claims		 1.69 3.77 4.02
Other Operating Expenses		 6.02 6.10 6.31
Income Tax Expense		 9.00 4.00 4.38
Basic Earnings per Share		 $3.66 $1.67 $1.92
Weighted Average Basic Shares Outstanding		 7.96M 8.05M 8.08M
Diluted Earnings per Share		 $3.61 $1.66 $1.91
Weighted Average Diluted Shares Outstanding		 8.07M 8.08M 8.12M
Weighted Average Basic & Diluted Shares Outstanding		 8.05M 8.16M 8.18M

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
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
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
Period end date 12/31/2022 12/31/2023 12/31/2024
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
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
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
Period end date 12/31/2022 12/31/2023 12/31/2024
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
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
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
Period end date 12/31/2022 12/31/2023 12/31/2024
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
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
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 operational performance over the past four years, as reflected in its quarterly income statements, cash flow statements, and balance sheets.

Key Positive Trends:

  • Consistent increase in loans and leases interest income from approximately $29.8 million in Q3 2022 to over $47 million by Q4 2024, indicating growth in core lending activities.
  • Net interest income steadily expanded from $25.4 million in Q3 2022 to a peak above $22 million in Q4 2024, despite fluctuations in interest expense.
  • Net income attributable to common shareholders grew from $2.45 million in Q2 2023 to $5.63 million in Q4 2024, reflecting improving profitability.
  • Basic and diluted earnings per share (EPS) showed a positive trend, increasing from around $0.31 in early 2023 to $0.70 in Q4 2024, benefiting shareholder value.
  • Total assets increased steadily, reaching over $4.17 billion by Q3 2024, supported by growth in loans, deposits, and investment securities.
  • Provision for credit losses has generally been low or negative (recoveries), indicating strong credit quality and effective risk management.
  • Operating efficiency maintained with salaries and employee benefits expense gradually rising to support growth but controlled relative to income increases.

Neutral Items:

  • Non-interest income components such as service charges and capital gains remained relatively stable, contributing modestly to total revenue fluctuations.
  • Marketing, occupancy and equipment expenses increased proportionately with scale, reflecting investment in business operations without significant cost overruns.
  • Weighted average shares outstanding have remained roughly stable, indicating no major dilution or share buybacks affecting EPS materially.

Areas of Concern:

  • Significant net cash outflow from investing activities, especially due to large purchases of investment securities, which may impact liquidity if sustained.
  • Deposits showed volatility with significant decreases in net change of deposits in recent quarters (e.g., -$83 million in Q4 2024), potentially reflecting depositor uncertainty or competition pressures.
  • Negative net cash from operating activities in Q4 2024 (-$1.8 million) could signal operational cash flow tightening compared to strong net income reported in the same period.
  • Interest expense on deposits increased, reflecting rising rates, squeezing net interest margins and potentially affecting future profitability if the trend continues.
  • Long-term debt levels remain relatively high (around $265 million), with consistent interest expenses near $2.7 million per quarter, posing leverage risk.

Summary: Southern First Bancshares has shown solid growth in loans, interest income, and net income over the past four years, accompanied by improving EPS. The bank maintains a reasonable control over credit losses and expenses, positioning it well for continued profitability. However, challenges in deposit stability, rising interest expenses, and significant investing cash outflows highlight areas for investor vigilance. Ongoing monitoring of liquidity metrics and deposit trends will be crucial to assess sustainability of the positive earnings trajectory.

08/29/25 11:20 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Southern First Bancshares' Financials

When does Southern First Bancshares' financial year end?

According to the most recent income statement we have on file, Southern First Bancshares' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Southern First Bancshares' net income changed over the last 2 years?

Southern First Bancshares' net income appears to be on a downward trend, with a most recent value of $15.53 million in 2024, falling from $29.12 million in 2022. The previous period was $13.43 million in 2023. See where experts think Southern First Bancshares is headed by visiting Southern First Bancshares' forecast page.

How has Southern First Bancshares' revenue changed over the last 2 years?

Over the last 2 years, Southern First Bancshares' total revenue changed from $107.20 million in 2022 to $93.36 million in 2024, a change of -12.9%.

How much debt does Southern First Bancshares have?

Southern First Bancshares' total liabilities were at $3.76 billion at the end of 2024, a 0.4% increase from 2023, and a 10.6% increase since 2022.

How much cash does Southern First Bancshares have?

In the past 2 years, Southern First Bancshares' cash and equivalents has ranged from $18.79 million in 2022 to $28.02 million in 2023, and is currently $22.55 million as of their latest financial filing in 2024.

How has Southern First Bancshares' book value per share changed over the last 2 years?

Over the last 2 years, Southern First Bancshares' book value per share changed from 36.83 in 2022 to 40.50 in 2024, a change of 10.0%.


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This page (NASDAQ:SFST) was last updated on 8/29/2025 by MarketBeat.com Staff
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