Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, announced its financial results for the three-month period and year ended December 31, 2019.
2019 Fourth Quarter Highlights
- Net income improved to $7.2 million, a 24.5% increase over Q4 2018
- Diluted EPS improved to $0.92 per share, a 22.7% increase over Q4 2018
- Efficiency ratio of 51.9% for Q4 2019, compared to 56.3% for Q4 2018
- Total loans increased 15.9% to $1.94 billion at Q4 2019, compared to $1.68 billion at Q4 2018
- Total deposits increased 13.8% to $1.88 billion at Q4 2019, compared to $1.65 billion at Q4 2018
- Total core deposits increased 15.5% to $1.66 billion at Q4 2019, compared to $1.43 billion at Q4 2018
“I am proud of our Southern First team and our accomplishments in 2019 with record earnings of $27.9 million and significant growth in both loans and core deposits,” stated Art Seaver, the Company’s Chief Executive Officer. “Our team continues to focus on building client relationships in each of our markets and providing a unique client experience.”
Net income for the fourth quarter of 2019 was $7.2 million, a 24.5% increase over the fourth quarter of 2018. For the twelve months ended December 31, 2019, net income was $27.9 million, an increase of 25.0% over the twelve months ended December 31, 2018. Net interest income increased 10.2% for the fourth quarter of 2019 compared to the fourth quarter of 2018 and 11.8% for the year ended 2019 as compared to the year ended 2018. The increase in net interest income was driven by growth in interest-earning assets, partially offset by growth in interest-bearing deposits.
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 Bank has been providing financial services since 1999 and now operates in 13 locations in the Greenville, Columbia, and Charleston markets of South Carolina as well as the Triangle and Triad regions of North Carolina and Atlanta, Georgia. Southern First Bancshares has assets of approximately $2.3 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.