Southern First reports results for second quarter of 2017

Southern First Bancshares, Inc. (NASDAQ: SFST) holding company for Southern First Bank, reported net income available to the common shareholders of $3.6 million, or $0.49 per diluted share, for the second quarter of 2017. In comparison, net income available to common shareholders was $3.3 million, or $0.49 per diluted share, for the second quarter of 2016. For the six months ended June 30, 2017, net income to common shareholders was $6.7 million, or $0.95 per diluted share. In comparison, net income to common shareholders for the six months ended June 30, 2016 was $6.3 million, or $0.94 per diluted share.

2017 Second Quarter Highlights

• Net income to common shareholders increased 9% to $3.6 million for Q2 2017 compared to $3.3 million for Q2 2016
• Gross loans increased 22% to $1.30 billion at Q2 2017, compared to $1.07 billion at Q2 2016
• Total deposits increased 24% to $1.30 billion at Q2 2017, compared to $1.05 billion at Q2 2016
• Efficiency ratio remains stable at 58.8% for Q2 2017
• Completed $25 million capital raise during April 2017

“The investments in infrastructure are bearing fruit as we generated record growth in deposits, loans and reported quarterly income of $3.6 million during the second quarter,” stated Art Seaver, the company’s Chief Executive Officer. “We are excited as we continue to recruit additional talent with new bankers joining our Atlanta, Charleston and Columbia teams.”
About Southern First Bancshares

Southern First Bancshares, Inc., Greenville, South Carolina is a registered bank holding company incorporated under the laws of South Carolina. The Company’s wholly-owned subsidiary, Southern First Bank, is the third largest bank headquartered in South Carolina. Southern First Bancshares has been providing financial services since 1999 and now operates in ten locations in the Greenville, Columbia, and Charleston markets of South Carolina as well as Raleigh, North Carolina. Southern First Bancshares has assets of approximately $1.54 billion and its common stock is traded in the NASDAQ Global Market under the symbol “SFST.” More information can be found at www.southernfirst.com