Southern First Reports Fourth Quarter 2025 Results
GREENVILLE, S.C., Jan. 22, 2026 /PRNewswire/ -- Southern First Bancshares, Inc. (NASDAQ:SFST), holding company for Southern First Bank, today announced its financial results for the three and twelve months ended December 31, 2025.
"We are very pleased to report our fourth quarter financial performance, which was our strongest of 2025 and clearly demonstrates the continued momentum we achieved throughout the year. We maintained solid loan growth, funded by even stronger growth in client deposits. Our full banking relationship strategy continues to drive improving financial returns, including an expanding net interest margin that increased 10 basis points from last quarter and 36 basis points over last year. We continue to strengthen our balance sheet with higher capital levels and have again achieved outstanding asset quality. Our team remains highly motivated and intentional about improving financial performance while delivering client service at levels that are second to none, and that commitment was clearly reflected in our results this quarter and throughout the year. We are fortunate to operate in some of the strongest markets in the Southeast and will continue expanding our teams to grow our business in the disciplined manner that has defined our success. While we remain mindful of broader economic conditions and factors impacting our business, our markets have proven to be resilient and offer tremendous growth opportunities that we intend to fully capitalize on," stated Art Seaver, Chief Executive Officer. "Looking ahead to the new year, we are optimistic and have high expectations for continued financial performance improvement. Our business pipeline is strong and our team is ready. We expect to build on our track record of attracting experienced bankers who share our commitment to exceptional client service and to supporting our local communities, which remains at the core of everything we do."
2025 Fourth Quarter Highlights
Diluted earnings per common share of $1.21, up $0.14, or 13%, from Q3 2025, and up $0.51, or 73%, compared to Q4 2024
Net interest margin of 2.72%, compared to 2.62% for Q3 2025 and 2.25% for Q4 2024
Total loans of $3.8 billion, up 6% from Q4 2024; Total deposits of $3.7 billion, up 8% from Q4 2024; Core deposits of $2.9 billion, up 8% from Q4 2024
Nonperforming assets to total assets of 0.32% and past due loans to total loans of 0.13%
Book value per common share of $44.89 increased 3% from Q3 2025 and increased 11% compared to Q4 2024; Tangible Common Equity (TCE) ratio of 8.37%
Quarter Ended
December 31
September 30
June 30
March 31
December 31
2025
2025
2025
2025
2024
Earnings ($ in thousands, except per share data):
Net income available to common shareholders
$
9,857
8,662
6,581
5,266
5,627
Earnings per common share, diluted
1.21
1.07
0.81
0.65
0.70
Total revenue(1)
31,834
31,129
28,629
26,497
25,237
Net interest margin (tax-equivalent)(2)
2.72 %
2.62 %
2.50 %
2.41 %
2.25 %
Return on average assets(3)
0.90 %
0.80 %
0.63 %
0.52 %
0.54 %
Return on average equity(3)
10.77 %
9.78 %
7.71 %
6.38 %
6.80 %
Efficiency ratio(4)
57.85 %
60.86 %
67.54 %
71.08 %
73.48 %
Noninterest expense to average assets (3)
1.68 %
1.74 %
1.86 %
1.87 %
1.78 %
Balance Sheet ($ in thousands):
Total loans(5)
$
3,845,124
3,789,021
3,746,841
3,683,919
3,631,767
Total deposits
3,716,803
3,676,417
3,636,329
3,620,886
3,435,765
Core deposits(6)
2,884,163
2,884,604
2,867,193
2,820,194
2,661,736
Total assets
4,403,494
4,358,589
4,308,067
4,284,311
4,087,593
Book value per common share
44.89
43.51
42.23
41.33
40.47
Loans to deposits
103.45 %
103.06 %
103.04 %
101.74 %
105.70 %
Holding Company Capital Ratios(7):
Total risk-based capital ratio
12.89 %
12.79 %
12.63 %
12.69 %
12.70 %
Tier 1 risk-based capital ratio
11.44 %
11.26 %
11.11 %
11.15 %
11.16 %
Leverage ratio
8.93 %
8.72 %
8.73 %
8.79 %
8.55 %
Common equity tier 1 ratio(8)
11.06 %
10.88 %
10.71 %
10.75 %
10.75 %
Tangible common equity(9)
8.37 %
8.18 %
8.02 %
7.88 %
8.08 %
Asset Quality Ratios:
Nonperforming assets/total assets
0.32 %
0.27 %
0.27 %
0.26 %
0.27 %
Classified assets/tier one capital plus allowance for credit losses
4.22 %
3.90 %
4.28 %
4.24 %
4.25 %
Accruing loans 30 days or more past due/loans(5)
0.13 %
0.18 %
0.14 %
0.27 %
0.18 %
Net charge-offs (recoveries)/average loans(5) (YTD annualized)
0.00 %
0.00 %
0.00 %
0.00 %
0.04 %
Allowance for credit losses/loans(5)
1.10 %
1.10 %
1.10 %
1.10 %
1.10 %
Allowance for credit losses/nonaccrual loans
305.65 %
364.50 %
362.35 %
378.09 %
366.94 %
[Footnotes to table located on page 6]
INCOME STATEMENTS, Unaudited
Quarter Ended
Twelve Months Ended
Dec 31
Sept 30
Jun 30
Mar 31
Dec 31
December 31
(in thousands, except per share data)
2025
2025
2025
2025
2024
2025
2024
Interest income
Loans
$
51,069
50,999
48,992
47,085
47,163
198,145
186,863
Investment securities
1,268
1,342
1,357
1,403
1,504
5,370
5,812
Federal funds sold
2,193
2,645
1,969
1,159
2,465
7,966
8,537
Total interest income
54,530
54,986
52,318
49,647
51,132
211,481
201,212
Interest expense
Deposits
23,052
24,703
24,300
23,569
25,901
95,624
108,774
Borrowings
2,734
2,754
2,723
2,695
2,773
10,906
11,216
Total interest expense
25,786
27,457
27,023
26,264
28,674
106,530
119,990
Net interest income
28,744
27,529
25,295
23,383
22,458
104,951
81,222
Provision (reversal) for credit losses
650
850
700
750
(200)
2,950
125
Net interest income after provision for credit losses
28,094
26,679
24,595
22,633
22,658
102,001
81,097
Noninterest income
Mortgage banking income
1,689
1,600
1,569
1,424
1,024
6,282
5,560
Service fees on deposit accounts
634
625
567
539
499
2,365
1,764
ATM and debit card income
638
601
586
552
607
2,377
2,337
Income from bank owned life insurance
450
439
413
403
407
1,705
1,569
Loss on sale of securities
(515)
-
-
-
-
(515)
-
Other income
194
335
199
196
242
924
911
Total noninterest income
3,090
3,600
3,334
3,114
2,779
13,138
12,141
Noninterest expense
Compensation and benefits
10,529
11,299
11,674
11,304
10,610
44,806
43,546
Occupancy
2,465
2,447
2,523
2,548
2,587
9,983
10,291
Outside service and data processing costs
2,144
2,158
2,189
2,037
2,003
8,528
7,741
Insurance
994
961
910
1,010
1,077
3,875
4,022
Professional fees
732
605
609
509
656
2,455
2,404
Marketing
346
412
397
374
335
1,529
1,412
Other
1,206
1,064
1,034
