Southern First reports results for 2017
January 24, 2018
Southern First Bancshares, Inc. (NASDAQ: SFST) holding company for Southern First Bank, reported net income available to common shareholders of $2.1 million, or $0.27 per diluted share, for the fourth quarter of 2017. In comparison, net income available to common shareholders was $3.3 million, or $0.49 per diluted share, for the fourth quarter of 2016. For the year ended December 31, 2017, net income to common shareholders was $13.0 million, or $1.76 per diluted share, compared to net income to common shareholders of $13.0 million, or $1.94 per diluted share for the year ended December 31, 2016.
Included in net income available to common shareholders for the 2017 periods, is $2.4 million, or $0.32 per diluted share, of income tax expense related to the revaluation of our deferred tax asset as a result of the Tax Cuts and Jobs Act (“Tax Act”). Excluding the deferred tax adjustment, net income was $4.5 million and $15.5 million, or $0.59 and $2.10 per diluted share, for the three and twelve months ended December 31, 2017.
2017 Fourth Quarter Highlights
- Net income to common shareholders of $2.1 million for Q4 2017, compared to $3.3 million for Q4 2016
- Total loans increased 19% to $1.39 billion at Q4 2017, compared to $1.16 billion at Q4 2016
- Total deposits increased 27% to $1.38 billion at Q4 2017, compared to $1.09 billion at Q4 2016
- Efficiency ratio improved to 54.6% for Q4 2017, compared to 59.6% for Q4 2016
- Deferred tax asset adjustment of $2.44 million due to new federal corporate tax rate of 21%
