Reported Earnings • Jul 21
Second quarter 2026 earnings: EPS in line with expectations, revenues disappoint Second quarter 2026 results: EPS: US$1.22 (up from US$0.81 in 2Q 2025). Revenue: US$34.9m (up 25% from 2Q 2025). Net income: US$11.2m (up 70% from 2Q 2025). Profit margin: 32% (up from 24% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 7.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 35% per year whereas the company’s share price has increased by 30% per year. Duyuru • Jul 21
Southern First Bancshares, Inc. Reports Charge Offs for the Second Quarter Ended June 30, 2026 Southern First Bancshares, Inc. reported charge offs for the second quarter ended June 30, 2026. For the period, the company reported net charge-offs of USD 96,000 against USD 52,000 a year ago. Duyuru • Jun 29
Southern First Bancshares, Inc.(NasdaqGM:SFST) dropped from Russell 2000 Dynamic Index Southern First Bancshares, Inc.(NasdaqGM:SFST) dropped from Russell 2000 Dynamic Index Duyuru • Jun 03
Southern First Bancshares, Inc. and Southern First Bank Announce Appointment of Bryan Kennedy as Director and Risk Committee Member, Effective June 1, 2026 Southern First Bancshares, Inc. and Southern First Bank had approved the appointment of Mr. Bryan Kennedy as a director, effective June 1, 2026. Mr. Kennedy served as a director of the Company and the Bank as well as on the Risk Committee of the Boards. Mr. Kennedy recently retired from a 43-year career in commercial banking, most recently serving SouthState Bank as Northern Banking Group President over North Carolina and Virginia. His experience included leadership positions at various financial institutions such as First Charlotte Bank, Park Meridian Bank and Regions Bank. In 2006, Mr. Kennedy founded Park Sterling Bank, the largest capitalized start-up in North Carolina history, which was sold to SouthState Bank in 2017. Mr. Kennedy also served as the Lead Independent Director of the Cato Corporation, an NYSE-traded women's specialty apparel retailer, where he had served as director since 2009. He received his undergraduate degree from the University of Virginia and his MBA from the University of North Carolina. The Boards believed Mr. Kennedy's ties to the Charlotte community, a key market for the Bank, and his extensive commercial banking and public company board experience would enhance his ability to serve as a director of the Company and the Bank. Duyuru • Apr 23
Southern First Bancshares, Inc. Announces Net Loans Charge-Offs for the First Quarter Ended March 31, 2026 Southern First Bancshares, Inc. announced net loans charge-offs for the first quarter ended March 31, 2026. For the quarter, the company reported Net loans charge-offs of $52,000. Net charge-offs were approximately $50,000, or 0.01% of average loans, annualized, consistent with linked quarter and year-over-year results. Duyuru • Apr 07
Southern First Bancshares, Inc., Annual General Meeting, May 19, 2026 Southern First Bancshares, Inc., Annual General Meeting, May 19, 2026. Location: 6 verdae boulevard, greenville, south carolina, United States Duyuru • Jan 22
Southern First Bancshares, Inc. Reports Unaudited Net Charge Offs for the Fourth Quarter Ended December 31, 2025 Southern First Bancshares, Inc. unaudited reported Net charge offs for the fourth quarter ended December 31, 2025. for the quarter, the company reported Net Charge offs of $69,000 against $2,000 a year ago. Duyuru • Jun 03
Southern First Bancshares, Inc. Announces New Appointments to Board of Directors, Effective June 1, 2025 Southern First Bancshares, Inc. announced the appointment of three new board members. Jennie Cluverius, Darrin Goss, and Billy McClatchey joined the company and the bank as Directors, effective June 1, 2025. Jennie Cluverius is an experienced trial lawyer who also provides daily advice and counsel to employers on employment, labor, and other business-related matters. She is a Shareholder with Maynard Nexsen, PC, previously Nexsen Pruet, LLC, serves on the firm's Board of Directors, and chairs its Labor & Employment Practice Group. Jennie is a South Carolina Supreme Court Certified Specialist in Labor and Employment Law. She is a Spartanburg, SC native who currently lives in Greenville, SC, and holds a bachelor's degree from Clemson University and J.D. from University of South Carolina School of Law. Darrin Goss has served as President and CEO of the Coastal Community Foundation in Charleston, SC since 2016. His previous roles include President and CEO of Capital Area United Way in Baton Rouge, VP of Community Impact at United Way of Greenville County, Assistant Dean of Students and Director of Career Services at Wofford College, and Training and Development Consultant at Sunoco. He is a U.S. Army veteran and earned a bachelor's degree from Wofford College and a master's degree from North Greenville University. Billy McClatchey is the CEO of Chaucer Creek Capital in Raleigh, NC and has focused on the Southeastern multifamily market during his real estate career. He previously founded, grew, and successfully exited McClatchey Broadcasting Company, which owned and operated radio stations across the Carolinas. He worked in mergers and acquisition groups for Bowles Hollowell Conner & Company and for Trident Financial Corporation helping financial institutions seeking an IPO raise capital. He completed his undergraduate degree at Duke University and MBA at University of North Carolina. Duyuru • Apr 08
Southern First Bancshares, Inc., Annual General Meeting, May 20, 2025 Southern First Bancshares, Inc., Annual General Meeting, May 20, 2025. Location: 6 verdae boulevard, south carolina, greenville, United States Duyuru • Feb 21
Southern First Bancshares, Inc. First Appoints Blair Miller as Chief Retail Experience Officer and Executive Vice President Southern First Bancshares, Inc. announce the appointment of Blair Miller as Chief Retail Experience Officer and Executive Vice President. Miller is a passionate leader with over 20 years of experience, most recently serving as Area Manager and Senior Vice President at Pinnacle Financial Partners for 12 years. As head of Southern First's retail banking team, he will enhance the level of exceptional service and authentic hospitality the bank provides for clients. Miller's life and career are aimed directly at serving others and fostering an engaged culture within the bank. Miller is active in the Upstate community, serving as Chairman of the Greer Chamber of Commerce Board and volunteering with Greer Relief. He is a graduate of the University of South Carolina and CBA Executive Banking School. Duyuru • Jan 29
Southern First Bancshares, Inc. Reports Net Charge Off for the Fourth Quarter Ended December 31, 2024 Southern First Bancshares, Inc. reported net charge off for the fourth quarter ended December 31, 2024. For the quarter, the company reported net charge-offs of $2,000, or 0.00% annualized, for the fourth quarter of 2024, compared to net recoveries of $191,000 for the fourth quarter of 2023. Recent Insider Transactions • May 14
Independent Director recently sold US$69k worth of stock On the 10th of May, Leighton Cubbage sold around 2k shares on-market at roughly US$27.58 per share. This transaction amounted to 3.7% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$164k. Insiders have been net sellers, collectively disposing of US$159k more than they bought in the last 12 months. Major Estimate Revision • Apr 26
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$96.6m to US$93.3m. EPS estimate also fell from US$2.01 per share to US$1.75 per share. Net income forecast to grow 31% next year vs 0.9% growth forecast for Banks industry in the US. Consensus price target down from US$40.75 to US$34.00. Share price was steady at US$27.29 over the past week. Price Target Changed • Apr 22
Price target decreased by 13% to US$35.50 Down from US$40.75, the current price target is an average from 2 analysts. New target price is 22% above last closing price of US$29.00. Stock is up 0.8% over the past year. The company is forecast to post earnings per share of US$2.01 for next year compared to US$1.67 last year. Duyuru • Apr 21
Southern First Bancshares, Inc. Reports Net Charge-Offs for the First Quarter Ended March 31, 2024 Southern First Bancshares, Inc. reported net charge-offs for the first quarter ended March 31, 2024. The company had net charge-offs of $241,000, or 0.03% annualized, for the first quarter of 2024 compared to $59,000 a year ago. Reported Earnings • Apr 20
First quarter 2024 earnings released: EPS: US$0.31 (vs US$0.34 in 1Q 2023) First quarter 2024 results: EPS: US$0.31 (down from US$0.34 in 1Q 2023). Revenue: US$21.5m (up 4.1% from 1Q 2023). Net income: US$2.52m (down 6.7% from 1Q 2023). Profit margin: 12% (down from 13% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Duyuru • Apr 04
Southern First Bancshares, Inc., Annual General Meeting, May 21, 2024 Southern First Bancshares, Inc., Annual General Meeting, May 21, 2024, at 09:30 US Eastern Standard Time. Location: The Bank’s principal executive office located at 6 Verdae Boulevard, Greenville South Carolina United States Agenda: To elect four directors to serve a one-year term; to approve an amendment to the Articles of Incorporation of Southern First Bancshares, Inc. to increase the number of authorized shares of common stock to 20,000,000; to approve an amendment to the Southern First Bancshares, Inc. 2020 Equity Incentive Plan to extend its term for an additional three years; to approve the compensation of the company's named executive officers; to ratify the appointment of Elliott Davis, LLC as the company's independent registered public accountant for the year ending December 31, 2024; and to transact any other business that may properly come before the meeting or any adjournment of the meeting. Recent Insider Transactions • Mar 20
CEO & Director recently sold US$147k worth of stock On the 15th of March, R. Seaver sold around 5k shares on-market at roughly US$31.07 per share. This transaction amounted to 5.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. R. has been a net seller over the last 12 months, reducing personal holdings by US$141k. Recent Insider Transactions Derivative • Mar 17
CEO & Director notifies of intention to sell stock R. Seaver intends to sell 3k shares in the next 90 days after lodging an Intent To Sell Form on the 14th of March. If the sale is conducted around the recent share price of US$31.01, it would amount to US$78k. For the year to December 2017, Seaver's total compensation was 55% salary and 45% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2023, Seaver's direct individual holding has increased from 75.14k shares to 93.47k. Company insiders have collectively bought US$755k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Mar 09
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: US$1.67 (down from US$3.66 in FY 2022). Revenue: US$86.3m (down 15% from FY 2022). Net income: US$13.4m (down 54% from FY 2022). Profit margin: 16% (down from 29% in FY 2022). The decrease in margin was primarily driven by lower revenue. Net interest margin (NIM): 2.07% (down from 3.19% in FY 2022). Cost-to-income ratio: 78.7% (up from 58.7% in FY 2022). Non-performing loans: 0.11% (up from 0.08% in FY 2022). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 8.5%. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 15% per year. Reported Earnings • Jan 21
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: US$1.67 (down from US$3.66 in FY 2022). Revenue: US$86.3m (down 15% from FY 2022). Net income: US$13.4m (down 54% from FY 2022). Profit margin: 16% (down from 29% in FY 2022). The decrease in margin was primarily driven by lower revenue. Non-performing loans: 0.11% (up from 0.08% in FY 2022). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 8.5%. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Price Target Changed • Dec 29
Price target increased by 14% to US$33.67 Up from US$29.50, the current price target is an average from 3 analysts. New target price is 9.4% below last closing price of US$37.15. Stock is down 20% over the past year. The company is forecast to post earnings per share of US$1.52 for next year compared to US$3.66 last year. Price Target Changed • Dec 14
Price target increased by 7.6% to US$30.83 Up from US$28.67, the current price target is an average from 3 analysts. New target price is 9.6% below last closing price of US$34.11. Stock is down 23% over the past year. The company is forecast to post earnings per share of US$1.52 for next year compared to US$3.66 last year. Major Estimate Revision • Oct 26
Consensus EPS estimates increase by 17% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from US$1.29 to US$1.52. Revenue forecast steady at US$88.4m. Net income forecast to shrink 3.3% next year vs 10% decline forecast for Banks industry in the US. Consensus price target up from US$28.67 to US$29.50. Share price was steady at US$26.42 over the past week. Reported Earnings • Oct 20
Third quarter 2023 earnings: EPS exceeds analyst expectations Third quarter 2023 results: EPS: US$0.51 (down from US$1.06 in 3Q 2022). Revenue: US$22.6m (down 17% from 3Q 2022). Net income: US$4.10m (down 51% from 3Q 2022). Profit margin: 18% (down from 31% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 57%. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 2% per year. Recent Insider Transactions • Jul 30
Executive VP & CFO recently bought US$56k worth of stock On the 28th of July, David Borrmann bought around 2k shares on-market at roughly US$29.50 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$193k. David has been a buyer over the last 12 months, purchasing a net total of US$274k worth in shares. Reported Earnings • Jul 25
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: US$0.30 (down from US$0.91 in 2Q 2022). Revenue: US$20.7m (down 19% from 2Q 2022). Net income: US$2.46m (down 66% from 2Q 2022). Profit margin: 12% (down from 28% in 2Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.1%. Revenue is forecast to grow 7.4% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 4% per year. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$28.87, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 9x in the Banks industry in the US. Total returns to shareholders of 15% over the past three years. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to US$27.87, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 8x in the Banks industry in the US. Total loss to shareholders of 2.4% over the past three years. Major Estimate Revision • May 20
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from US$1.27 to US$1.42. Revenue forecast unchanged at US$89.0m. Net income forecast to shrink 46% next year vs 6.0% decline forecast for Banks industry in the US. Consensus price target down from US$31.08 to US$28.83. Share price rose 8.8% to US$23.94 over the past week. Valuation Update With 7 Day Price Move • May 04
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to US$21.33, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 8x in the Banks industry in the US. Total loss to shareholders of 19% over the past three years. Recent Insider Transactions • May 03
Executive VP & CFO recently bought US$193k worth of stock On the 1st of May, David Borrmann bought around 7k shares on-market at roughly US$27.56 per share. This transaction increased David's direct individual holding by 5x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Reported Earnings • Apr 26
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: US$0.34 (down from US$1.01 in 1Q 2022). Revenue: US$20.6m (down 17% from 1Q 2022). Net income: US$2.70m (down 66% from 1Q 2022). Profit margin: 13% (down from 32% in 1Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 48%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 06
Price target decreased by 16% to US$38.25 Down from US$45.50, the current price target is an average from 3 analysts. New target price is 28% above last closing price of US$29.98. Stock is down 38% over the past year. The company is forecast to post earnings per share of US$2.94 for next year compared to US$3.66 last year. Price Target Changed • Mar 29
Price target decreased by 8.9% to US$42.50 Down from US$46.67, the current price target is an average from 3 analysts. New target price is 31% above last closing price of US$32.33. Stock is down 37% over the past year. The company is forecast to post earnings per share of US$2.95 for next year compared to US$3.66 last year. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to US$32.01, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 9x in the Banks industry in the US. Total returns to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$58.48 per share. Major Estimate Revision • Feb 03
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$117.9m to US$108.1m. EPS estimate also fell from US$4.00 per share to US$3.08 per share. Net income forecast to shrink 14% next year vs 9.0% growth forecast for Banks industry in the US . Consensus price target down from US$48.67 to US$46.67. Share price rose 2.9% to US$41.86 over the past week. Recent Insider Transactions • Feb 01
Independent Director recently bought US$184k worth of stock On the 30th of January, David Ellison bought around 5k shares on-market at roughly US$40.87 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$396k more in shares than they have sold in the last 12 months. Reported Earnings • Jan 24
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: US$3.66 (down from US$5.96 in FY 2021). Revenue: US$101.0m (down 14% from FY 2021). Net income: US$29.1m (down 38% from FY 2021). Profit margin: 29% (down from 40% in FY 2021). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 7.0%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Oct 26
Third quarter 2022 earnings: EPS misses analyst expectations Third quarter 2022 results: EPS: US$1.06 (down from US$1.78 in 3Q 2021). Revenue: US$27.2m (down 16% from 3Q 2021). Net income: US$8.41m (down 40% from 3Q 2021). Profit margin: 31% (down from 43% in 3Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.3%. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Duyuru • Aug 23
Southern First Bancshares, Inc. and Southern First Bank Appoint Calvin C. Hurst as President Effective August 18, 2022, the board of directors (the ‘Board’) of Southern First Bancshares, Inc. (the ‘company’), holding company for Southern First Bank (the ‘Bank’), appointed Calvin C. Hurst to serve as President of the Company and the Bank. Hurst has served as Chief Banking Officer and Executive Vice President of Southern First since 2019, contributing to the bank’s strategic growth and planning as well as overseeing the company’s retail banking, deposit operations, and marketing divisions. Hurst has over 16 years of experience in the banking industry and is passionate about positively impacting everyone he connects with. In addition to his work, Hurst is a highly engaged member of the Upstate community, serving on the Board of Directors for the Greenville Chamber, United Way of Greenville County, and Greenville First Steps. Price Target Changed • Aug 01
Price target decreased to US$50.63 Down from US$56.67, the current price target is an average from 2 analysts. New target price is 15% above last closing price of US$44.00. Stock is down 11% over the past year. The company is forecast to post earnings per share of US$4.13 for next year compared to US$5.96 last year. Duyuru • Jul 27
Southern First Bancshares, Inc. Reports Net Charge-Offs for the Second Quarter of 2022 Southern First Bancshares, Inc. reported net charge-offs for the Second Quarter of 2022. The company had net charge-offs of $277,000, or 0.04% annualized, for the second quarter of 2022. Reported Earnings • Jul 27
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: US$0.91 (down from US$1.32 in 2Q 2021). Revenue: US$25.4m (down 5.9% from 2Q 2021). Net income: US$7.24m (down 30% from 2Q 2021). Profit margin: 28% (down from 38% in 2Q 2021). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 17%. Over the next year, revenue is forecast to grow 4.1%, compared to a 15% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 12
Price target decreased to US$56.67 Down from US$63.00, the current price target is an average from 2 analysts. New target price is 31% above last closing price of US$43.14. Stock is down 17% over the past year. The company is forecast to post earnings per share of US$4.45 for next year compared to US$5.96 last year. Price Target Changed • Apr 28
Price target decreased to US$59.33 Down from US$65.00, the current price target is an average from 3 analysts. New target price is 27% above last closing price of US$46.88. Stock is down 8.6% over the past year. The company is forecast to post earnings per share of US$4.75 for next year compared to US$5.96 last year. Reported Earnings • Apr 27
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: US$1.01 (down from US$1.33 in 1Q 2021). Revenue: US$25.0m (down 9.1% from 1Q 2021). Net income: US$7.97m (down 23% from 1Q 2021). Profit margin: 32% (down from 38% in 1Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.5%. Over the next year, revenue is forecast to stay flat compared to a 11% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Duyuru • Apr 09
Southern First Bancshares, Inc., Annual General Meeting, May 17, 2022 Southern First Bancshares, Inc., Annual General Meeting, May 17, 2022, at 09:30 US Eastern Standard Time. Location: 100 Verdae Boulevard, Suite 100, Greenville, South Carolina Greenville South Carolina United States Agenda: To consider election of four directors to serve a three-year term; to approve the compensation of named executive officers as disclosed in the accompanying proxy statement; to ratify the appointment of Elliott Davis, LLC as independent registered public accountant for the year ending December 31, 2022; and to transact any other business that may properly come before the meeting or any adjournment of the meeting. Reported Earnings • Jan 27
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: US$5.96 (up from US$2.38 in FY 2020). Revenue: US$117.2m (up 51% from FY 2020). Net income: US$46.7m (up 155% from FY 2020). Profit margin: 40% (up from 24% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.5%. Over the next year, revenue is expected to shrink by 7.1% compared to a 4.2% growth forecast for the banks industry in the US. Over the last 3 years on average, earnings per share has increased by 17% per year and the company’s share price has also increased by 17% per year. Duyuru • Jan 26
Southern First Bancshares, Inc. Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2021 Southern First Bancshares, Inc. reported net charge-offs for the fourth quarter ended December 31, 2021. For the fourth quarter of 2021, there were net charge-offs of $1.5 million, or 0.24% annualized, compared to net recoveries of $163,000, or (0.03%) annualized, for the third quarter of 2021. Recent Insider Transactions • Nov 10
Executive VP recently sold US$115k worth of stock On the 5th of November, Michael Dowling sold around 2k shares on-market at roughly US$57.44 per share. In the last 3 months, there was an even bigger sale from another insider worth US$151k. Michael has been a seller over the last 12 months, reducing personal holdings by US$355k. Price Target Changed • Nov 05
Price target increased to US$63.67 Up from US$58.83, the current price target is an average from 3 analysts. New target price is 11% above last closing price of US$57.36. Stock is up 103% over the past year. The company is forecast to post earnings per share of US$5.54 for next year compared to US$2.37 last year. Reported Earnings • Oct 27
Third quarter 2021 earnings released: EPS US$1.78 (vs US$0.29 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$32.4m (up 89% from 3Q 2020). Net income: US$14.0m (up US$11.8m from 3Q 2020). Profit margin: 43% (up from 13% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 14% per year. Recent Insider Transactions • Sep 16
Independent Director recently sold US$151k worth of stock On the 15th of September, Rudolph Johnstone sold around 3k shares on-market at roughly US$50.25 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$756k more than they bought in the last 12 months. Reported Earnings • Jul 29
Second quarter 2021 earnings released: EPS US$1.32 (vs US$0.61 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$27.0m (up 44% from 2Q 2020). Net income: US$10.3m (up 121% from 2Q 2020). Profit margin: 38% (up from 25% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 4% per year. Reported Earnings • Apr 29
First quarter 2021 earnings released: EPS US$1.33 (vs US$0.37 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$27.5m (up 72% from 1Q 2020). Net income: US$10.4m (up 266% from 1Q 2020). Profit margin: 38% (up from 18% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 3% per year. Price Target Changed • Apr 01
Price target increased to US$56.83 Up from US$51.17, the current price target is an average from 3 analysts. New target price is 21% above last closing price of US$46.88. Stock is up 83% over the past year. Recent Insider Transactions Derivative • Mar 17
CEO & Director exercised options and sold US$584k worth of stock On the 12th of March, R. Seaver exercised 12k options at a strike price of around US$6.01 and sold these shares for an average price of US$54.28 per share. This trade did not impact their existing holding. For the year to December 2019, Seaver's total compensation was 51% salary and 49% non-salary (Indicating these sales could comprise a meaningful part of their income for the year). Since December 2020, Seaver's direct individual holding has increased from 76.89k shares to 78.89k. Company insiders have collectively sold US$1.5m more than they bought, via options and on-market transactions in the last 12 months. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improved over the past week After last week's 15% share price gain to US$52.99, the stock is trading at a trailing P/E ratio of 22.3x, up from the previous P/E ratio of 19.4x. This compares to an average P/E of 14x in the Banks industry in the US. Total returns to shareholders over the past three years are 16%. Recent Insider Transactions • Mar 10
Independent Director recently sold US$58k worth of stock On the 5th of March, Anne Ellefson sold around 1k shares on-market at roughly US$46.75 per share. In the last 3 months, there was an even bigger sale from another insider worth US$135k. Insiders have been net sellers, collectively disposing of US$516k more than they bought in the last 12 months. Reported Earnings • Mar 04
Full year 2020 earnings released: EPS US$2.38 (vs US$3.70 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: US$77.6m (down 4.7% from FY 2019). Net income: US$18.3m (down 34% from FY 2019). Profit margin: 24% (down from 34% in FY 2019). The decrease in margin was primarily driven by higher expenses. Net interest margin (NIM): 3.48% (up from 3.43% in FY 2019). Cost-to-income ratio: 50.1% (down from 54.1% in FY 2019). Non-performing loans: 0.38% (up from 0.35% in FY 2019). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Mar 04
Executive VP recently sold US$135k worth of stock On the 26th of February, Michael Dowling sold around 3k shares on-market at roughly US$45.01 per share. This was the largest sale by an insider in the last 3 months. Michael has been a seller over the last 12 months, reducing personal holdings by US$240k. Analyst Estimate Surprise Post Earnings • Mar 04
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 25%. Over the next year, revenue is forecast to grow 37%, compared to a 18% growth forecast for the Banks industry in the US. Is New 90 Day High Low • Feb 20
New 90-day high: US$42.84 The company is up 39% from its price of US$30.80 on 20 November 2020. The American market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 30% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$73.78 per share. Is New 90 Day High Low • Feb 04
New 90-day high: US$41.06 The company is up 45% from its price of US$28.30 on 05 November 2020. The American market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 30% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$75.14 per share. Recent Insider Transactions • Feb 04
Independent Director recently sold US$90k worth of stock On the 1st of February, Anne Ellefson sold around 2k shares on-market at roughly US$40.01 per share. In the last 3 months, there was an even bigger sale from another insider worth US$105k. Insiders have been net sellers, collectively disposing of US$536k more than they bought in the last 12 months. Major Estimate Revision • Feb 03
Analysts increase EPS estimates to US$3.74 The 2021 consensus revenue estimate increased from US$103.4m to US$106.2m. The earnings per share estimate also received an upgrade from US$3.17 to US$3.74 for the same period. Net income is expected to grow by 39% next year compared to 13% growth forecast for the Banks industry in the US. The consensus price target increased from US$42.33 to US$46.67. Share price is up 1.6% to US$40.56 over the past week. Price Target Changed • Jan 29
Price target raised to US$44.67 Up from US$40.00, the current price target is an average from 3 analysts. The new target price is 11% above the current share price of US$40.38. As of last close, the stock is up 0.3% over the past year. Reported Earnings • Jan 27
Full year 2020 earnings released: EPS US$2.37 (vs US$3.70 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: US$77.6m (down 4.7% from FY 2019). Net income: US$18.3m (down 34% from FY 2019). Profit margin: 24% (down from 34% in FY 2019). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Jan 27
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 25%. Over the next year, revenue is forecast to grow 33%, compared to a 17% growth forecast for the Banks industry in the US. Is New 90 Day High Low • Jan 09
New 90-day high: US$38.47 The company is up 40% from its price of US$27.47 on 09 October 2020. The American market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 34% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$78.89 per share. Price Target Changed • Dec 29
Price target raised to US$36.17 Up from US$32.17, the current price target is an average from 3 analysts. The new target price is close to the current share price of US$35.80. As of last close, the stock is down 16% over the past year. Is New 90 Day High Low • Dec 24
New 90-day high: US$35.60 The company is up 53% from its price of US$23.30 on 24 September 2020. The American market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 38% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$76.73 per share. Recent Insider Transactions • Dec 11
Executive VP recently sold US$105k worth of stock On the 9th of December, Michael Dowling sold around 3k shares on-market at roughly US$35.03 per share. This was the largest sale by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Is New 90 Day High Low • Dec 02
New 90-day high: US$33.52 The company is up 27% from its price of US$26.37 on 03 September 2020. The American market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$66.07 per share. Recent Insider Transactions Derivative • Nov 18
CEO & Director exercised options and sold US$277k worth of stock On the 13th of November, R. Seaver exercised 11.46k options at a strike price of around US$5.97 and sold these shares for an average price of US$30.18 per share. This trade did not impact their existing holding. For the year to December 2019, Seaver's total compensation was 51% salary and 49% non-salary (Indicating these sales could comprise a meaningful part of their income for the year). Since March 2020, Seaver has owned 76.89k shares directly. Company insiders have collectively sold US$1.1m more than they bought, via options and on-market transactions in the last 12 months. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 18% share price gain to US$31.94, the stock is trading at a trailing P/E ratio of 14.5x, up from the previous P/E ratio of 12.3x. This compares to an average P/E of 11x in the Banks industry in the US. Total return to shareholders over the past three years is a loss of 19%. Is New 90 Day High Low • Nov 10
New 90-day high: US$30.70 The company is up 10.0% from its price of US$27.96 on 12 August 2020. The American market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$66.57 per share. Reported Earnings • Nov 04
Third quarter 2020 earnings released: EPS US$0.29 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$17.1m (down 19% from 3Q 2019). Net income: US$2.22m (down 70% from 3Q 2019). Profit margin: 13% (down from 35% in 3Q 2019). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Nov 04
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) missed analyst estimates by 51%. Over the next year, revenue is forecast to grow 41%, compared to a 17% growth forecast for the Banks industry in the US. Analyst Estimate Surprise Post Earnings • Oct 30
Third-quarter earnings released: Earnings miss expectations Earnings per share (EPS) missed analyst estimates by 51% at US$0.28. Revenue is forecast to grow 35% over the next year, compared to a 18% growth forecast for the Banks industry in the US. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of US$16.9m, down 36% from the prior year. Total revenue was US$73.5m over the last 12 months, down 5.5% from the prior year. Is New 90 Day High Low • Oct 23
New 90-day high: US$28.09 The company is up 12% from its price of US$25.19 on 24 July 2020. The American market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$68.39 per share. Is New 90 Day High Low • Sep 24
New 90-day low: US$23.43 The company is down 7.0% from its price of US$25.08 on 26 June 2020. The American market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Banks industry, which is also down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$68.39 per share. 
