GREENVILLE, S.C., April 18, 2024 /PRNewswire/ -- Southern First Bancshares, Inc. (NASDAQ:SFST), holding company for Southern First Bank, today announced its financial results for the three-month period ended March 31, 2024. "Our team generated excellent performance during the first quarter in terms of growing profitable client relationships and continuing to manage our credit quality exceptionally well," stated Art Seaver, the Company's Chief Executive Officer. "Our disciplined approach to pricing both loans and deposits resulted in improvement in our net interest margin, and this focus will continue as we build on our success for the long-term benefit of our communities and stakeholders." 2024 First Quarter Highlights Net income was $2.5 million and diluted earnings per common share were $0.31 for Q1 2024 Total loans increased to $3.6 billion at Q1 2024, compared to $3.4 billion at Q1 2023 Total deposits increased to $3.5 billion at Q1 2024, compared to $3.4 billion at Q1 2023 Strong credit quality with nonperforming assets to total assets of 0.09% and past due loans to total loans of 0.36% at Q1 2024 Net interest margin was 1.94% for Q1 2024, compared to 2.36% for Q1 2023  Book value per common share increased to $38.65 at Q1 2024, or 4%, over Q1 2023   Quarter Ended March 31 December 31 September 30 June 30 March 31 2024 2023 2023 2023 2023 Earnings ($ in thousands, except per share data): Net income available to common shareholders $ 2,522 4,167 4,098 2,458 2,703 Earnings per common share, diluted 0.31 0.51 0.51 0.31 0.33 Total revenue(1) 21,309 21,390 22,094 21,561 22,468 Net interest margin (tax-equivalent)(2) 1.94 % 1.92 % 1.97 % 2.05 % 2.36 % Return on average assets(3) 0.25 % 0.40 % 0.40 % 0.26 % 0.30 % Return on average equity(3) 3.22 % 5.39 % 5.35 % 3.27 % 3.67 % Efficiency ratio(4) 84.94 % 79.61 % 78.31 % 80.67 % 76.12 % Noninterest expense to average assets (3) 1.81 % 1.64 % 1.69 % 1.82 % 1.89 % Balance Sheet ($ in thousands): Total loans(5) $ 3,643,766 3,602,627 3,553,632 3,537,616 3,417,945 Total deposits 3,460,681 3,379,564 3,347,771 3,433,018 3,426,774 Core deposits(6) 2,807,473 2,811,499 2,866,574 2,880,507 2,946,567 Total assets 4,105,704 4,055,789 4,019,957 4,002,107 3,938,140 Book value per common share 38.65 38.63 37.57 37.42 37.16 Loans to deposits 105.29 % 106.60 % 106.15 % 103.05 % 99.74 % Holding Company Capital Ratios(7): Total risk-based capital ratio 12.59 % 12.57 % 12.56 % 12.40 % 12.67 % Tier 1 risk-based capital ratio 10.63 % 10.60 % 10.58 % 10.42 % 10.66 % Leverage ratio 8.43 % 8.14 % 8.17 % 8.48 % 8.80 % Common equity tier 1 ratio(8) 10.22 % 10.19 % 10.17 % 10.00 % 10.23 % Tangible common equity(9) 7.68 % 7.70 % 7.56 % 7.53 % 7.60 % Asset Quality Ratios: Nonperforming assets/ total assets 0.09 % 0.10 % 0.11 % 0.08 % 0.12 % Classified assets/tier one capital plus allowance for credit losses 3.99 % 4.25 % 4.72 % 4.68 % 5.10 % Loans 30 days or more past due/ loans(5) 0.36 % 0.37 % 0.13 % 0.07 % 0.11 % Net charge-offs (recoveries)/average loans(5) (YTD annualized) 0.03 % 0.00 % 0.01 % 0.03 % 0.01 % Allowance for credit losses/loans(5) 1.11 % 1.13 % 1.16 % 1.16 % 1.18 % Allowance for credit losses/nonaccrual loans 1,109.13 % 1,026.58 % 953.25 % 1,363.11 % 854.33 % [Footnotes to table located on page 6]   INCOME STATEMENTS – Unaudited Quarter Ended Mar 31 Dec 31 Sept 30 Jun 30 Mar 31 (in thousands, except per share data) 2024 2023 2023 2023 2023 Interest income Loans $ 45,605 44,758 43,542 41,089 36,748 Investment securities 1,478 1,674 1,470 706 613 Federal funds sold 1,280 2,703 2,435 891 969   Total interest income 48,363 49,135 47,447 42,686 38,330 Interest expense Deposits 26,932 27,127 25,130 25,937 17,179 Borrowings 2,786 2,948 2,972 1,924 727   Total interest expense 29,718 30,075 28,102 23,861 17,906 Net interest income 18,645 19,060 19,345 18,825 20,424 Provision (reversal) for credit losses (175) (975) (500) 910 1,825 Net interest income after provision for credit losses 18,820 20,035 19,845 17,915 18,599 Noninterest income Mortgage banking income 1,164 868 1,208 1,337 622 Service fees on deposit accounts 387 371 356 331 325 ATM and debit card income 544 565 588 536 555 Income from bank owned life insurance 377 361 349 338 332 Other income 192 165 248 194 210   Total noninterest income 2,664 2,330 2,749 2,736 2,044 Noninterest expense Compensation and benefits 10,857 9,401 10,231 10,287 10,356 Occupancy 2,557 2,718 2,562 2,518 2,457 Outside service and data processing costs 1,846 2,000 1,744 1,705 1,629 Insurance 955 937 1,243 897 689 Professional fees 618 581 504 751 660 Marketing 369 364 293 335 366 Other 898 1,027 725 900 947   Total noninterest expenses 18,100 17,028 17,302 17,393 17,104 Income before provision for income taxes 3,384 5,337 5,293 3,258 3,539 Income tax expense 862 1,170 1,195 800 836 Net income available to common shareholders $ 2,522 4,167 4,098 2,458 2,703 Earnings per common share – Basic $ 0.31 0.51 0.51 0.31 0.34 Earnings per common share – Diluted 0.31