Southern First Bancshares ( (SFST) ) has released its Q4 earnings. Here is a breakdown of the information Southern First Bancshares presented to its investors.
Southern First Bancshares, Inc., based in Greenville, South Carolina, is a registered bank holding company that operates Southern First Bank, the second largest bank headquartered in South Carolina, providing financial services across multiple locations in South Carolina, North Carolina, and Georgia.
Southern First Bancshares announced its financial results for the fourth quarter of 2024, highlighting a strong increase in net income and earnings per share compared to the previous quarter and the same period last year. The company’s financial performance demonstrated positive momentum in key metrics such as net interest margin and asset quality.
For the quarter ending December 31, 2024, Southern First reported a net income of $5.6 million, representing a 30% increase over the previous quarter and a 37% increase over the same period in 2023. The bank’s net interest margin improved to 2.25%, up from 2.08% in the previous quarter and 1.92% a year ago. Total loans and deposits were recorded at $3.6 billion and $3.4 billion, respectively, with a healthy loan-to-deposit ratio of 105.70%.
Asset quality remained robust with nonperforming assets at 0.27% of total assets, a slight improvement from the previous quarter. The bank also reported a book value per share of $40.47 and maintained strong capital ratios. Southern First’s strategic focus on managing expenses and optimizing interest margins contributed to its improved earnings performance.
Looking ahead, Southern First Bancshares is optimistic about its financial position entering 2025, supported by strong capital ratios and a solid balance sheet. The company aims to continue its mission of impacting the communities it serves while delivering value to its shareholders.