Southern First reports results for 2018
January 22, 2019
Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, today reported net income available to common shareholders of $5.8 million, or $0.75 per diluted share, for the fourth quarter of 2018. In comparison, net income available to common shareholders was $2.1 million, or $0.27 per diluted share, for the fourth quarter of 2017. For the year ended December 31, 2018, net income available to common shareholders was $22.3 million, or $2.88 per diluted share. In comparison, net income to common shareholders for the year ended December 31, 2017 was $13.0 million, or $1.76 per diluted share.
2018 Fourth Quarter Highlights
• Net income available to common shareholders increased 178% to $5.8 million for Q4 2018 compared to $2.1 million for Q4 2017 (JOBS Act-related deferred tax asset adjustment recorded in Q4 2017)
• Total loans increased 21% to $1.68 billion at Q4 2018, compared to $1.39 billion at Q4 2017
• Total deposits increased 19% to $1.65 billion at Q4 2018, compared to $1.38 billion at Q4 2017
• Total core deposits increased 17% to $1.43 billion at Q4 2018, compared to $1.22 billion at Q4 2017
• Net interest margin remained at 3.59% for Q4 2018, the same as for Q4 2017
“2018 was a record year for Southern First as we generated net income of $22.3 million. Our team continues to focus on delivering a unique client experience, and we have been fortunate in building client relationships which have grown to be a $1.9 billion bank,” stated Art Seaver, the company’s Chief Executive Officer.
Website: www.southernfirst.com
