Southern First reports results for first quarter of 2018

Southern First Bank reported net income available to common shareholders of $5.2 million, or $0.67 per diluted share, for the first quarter of 2018. In comparison, net income available to common shareholders was $3.1 million, or $0.46 per diluted share, for the first quarter of 2017.

2018 First Quarter Highlights

• Net income to common shareholders increased 68% to $5.2 million for Q1 2018 compared to $3.1 million for Q1 2017
• Total loans increased 20% to $1.46 billion at Q1 2018, compared to $1.22 billion at Q1 2017
• Total deposits increased 26% to $1.52 billion at Q1 2018, compared to $1.21 billion at Q1 2017
• Efficiency ratio improved to 55.9% for Q1 2018, compared to 61.2% for Q1 2017
• Added banking talent in Raleigh, Columbia, and Atlanta markets
• Entering the Greensboro/Triad region of North Carolina with a team of three new bankers

“The first quarter of 2018 was simply outstanding as the Southern First team generated record earnings of $5.2 million.   Our performance was highlighted by strong growth in new client relationships and retail deposits as well as excellent production by our mortgage team,” stated Art Seaver, the Company’s Chief Executive Officer. “We continue to add experienced bankers to our team, and we are excited to announce our expansion into the Greensboro, North Carolina market.”